PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS

PENSKE AUTOMOTIVE GROUP REPORTS QUARTERLY RESULTS July 29, 2026 New and Used Automotive Units Delivered Increase 5% to Over 125,000 Quarterly Revenue Increases 6% to $8.5 Billion Income Before Taxes of $354 Million; Net Income of $260 Million; Earnings Per Share of $3.96 Adjusted Income Before Taxes of $323 Million; Adjusted Net Income of $238 Million; Adjusted Earnings Per Share of $3.62 , /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced financial results for the second quarter of 2026. For the quarter, revenue increased 6% to $8.5 billion when compared to $8.0 billion for the same period in 2025. Net income attributable to common stockholders was $260.4 million compared to $266.6 million for the same period in 2025, and related earnings per share was $3.96 compared to $4.03 for the same period in 2025. These GAAP results include a gain on the sale of dealerships, as well as the full quarterly results of Penske Motor Group in both periods, which are required by GAAP for common control transactions (see Non-GAAP reconciliations below). Excluding the gain on the sale of dealerships, as reconciled in the attached schedules, adjusted income before taxes was $323.3 million, adjusted net income was $237.7 million, and adjusted earnings per share was $3.62. Foreign currency exchange positively impacted revenue by $47.2 million, net income attributable to common stockholders by $1.7 million, and earnings per share by $0.02. Commenting on the Company's results, Chair Roger Penske said, "In the second quarter of 2026, our diversified business delivered over 125,000 retail automotive units and more than 5,400 commercial truck units. Retail automotive same-store revenue increased 6%. Retail automotive new and used vehicle gross profit per unit remained strong and consistent when compared to the first quarter of 2026, and service and parts gross margin increased by 80 basis points. Additionally, I am encouraged with the trends we are experiencing across the commercial truck market from an improved freight environment, driving strong orders of Class 8 trucks." For the six months ended June 30, 2026, revenue was $16.4 billion compared to $16.0 billion for the same period in 2025. Net income attributable to common stockholders was $494.9 million compared to $524.3 million for the same period in 2025, and related earnings per share was $7.52 compared to $7.89 for the same period in 2025. These GAAP results include a gain on the sale of dealerships, certain disposals and other charges, as well as the full results of Penske Motor Group in both periods, which are required by GAAP for common control transactions (see Non-GAAP reconciliations below). Excluding the gain on the sale of dealerships and certain disposals and other charges, as reconciled in the attached schedules, adjusted income before taxes was $599.6 million, adjusted net income was $438.3 million, and adjusted earnings per share was $6.66. Foreign currency exchange positively impacted revenue by $274.8 million, net income attributable to common stockholders by $5.1 million, and earnings per share by $0.07. Retail Automotive Dealerships For the three months ended June 30, 2026, total new units delivered increased 5% and used units delivered increased 4%. The increase in new units is attributed to resilient consumer demand, coupled with improved new vehicle availability from certain manufacturers. Total retail automotive revenue increased 6% to $7.3 billion and increased 6% on a same-store basis. On a sequential basis when compared to the first quarter of 2026, new vehicle gross profit per unit decreased $1 and used vehicle gross profit per unit increased $19. When compared to the prior year period, same-store retail automotive service and parts revenue increased 2%, gross profit increased 3%, and gross margin improved 80 basis points to 59.5%. For the six months ended June 30, 2026, total new units delivered remained flat and used units delivered increased 2%. Total retail automotive revenue increased 3% to $14.3 billion and increased 3% on a same-store basis. When compared to the prior year period, same-store retail automotive service and parts revenue increased 3%, gross profit increased 5%, and gross margin improved 60 basis points to 59.2%. Retail Commercial Truck Dealerships For the three months ended June 30, 2026, the Company's retail commercial truck dealerships retailed 5,431 new and used units and generated $927.8 million in revenue and $47.2 million in income before taxes. This compares to 5,339 new and used units, $943.6 million of revenue, and $54.2 million in income before taxes during the same period in the prior year as lower order intake related to the weak freight environment in the third and fourth quarters of 2025 impacted truck deliveries during the second quarter of 2026. The Class 8 market order activity began to increase in late 2025 as the freight recession started to show signs of improvement. For the six months ended June 30, 2026, North American Class 8 commercial truck orders increased 118% when compared to the same period in the prior year according to industry sources. In addition, our retail commercial truck dealership operations experienced a 5% increase in service and parts revenue during the quarter. For the six months ended June 30, 2026, the Company's retail commercial truck dealerships retailed 9,014 new and used units and generated $1.6 billion in revenue and $83.5 million in income before taxes. This compares to 10,053 new and used units, $1.8 billion in revenue, and $99.3 million in income before taxes during the same period in the prior year. Penske Transportation Solutions Investment Penske Transportation Solutions ("PTS") is a leading provider of full-service truck leasing, truck rental, contract maintenance, and logistics services. PTS operates a managed fleet with over 379,200 trucks, tractors, and trailers under lease, rental and/or maintenance contracts. Penske Automotive Group has a 28.9% ownership interest in PTS and accounts for its ownership interest using the equity method of accounting. For the three and six months ended June 30, 2026, PTS' results reflect the improved freight environment, and the Company recorded a 7% increase in earnings to $57.4 million and a 14% increase in earnings to $98.5 million, respectively, driven by growth in full-service leasing, improved fleet utilization, lower operating expenses, and lower interest costs, partially offset by continued challenges in the rental market and by a lower gain on the sale of used trucks. Corporate Development, Capital Allocation, Liquidity, and Leverage The Company's strong balance sheet, cash flow generation, and best-in-class leverage continue to support our flexible capital allocation approach. In February 2026, the Company announced that it completed the acquisition of Lexus of Orlando and Lexus of Winter Park, both located in the Orlando metropolitan area of Central Florida. The acquisition is expected to add $450 million in estimated annualized revenue. Coupled with the acquisitions in November 2025, the Company has acquired two Toyota and four Lexus dealerships in the last nine months, which are expected to generate approximately $2 billion in estimated annualized revenue. During the six months ended June 30, 2026, the Company repurchased 265,104 shares of common stock for approximately $42.5 million. As of June 30, 2026, $221.2 million remained outstanding and available for repurchases under our securities repurchase program. As of June 30, 2026, the Company had approximately $1.4 billion in liquidity, including $70 million in cash and $1.3 billion of availability under its U.S. and international credit agreements and revolving mortgage facilities. The Company's leverage ratio at June 30, 2026 was 1.7x. During July 2026, the Board of Directors approved an increase in the quarterly dividend of 1.4%, or $0.02 per share, to $1.44 per share, representing a forward dividend yield of 2.7%. The increase represents the Company's 23rd consecutive quarterly increase. On a trailing twelve month basis, the dividend payout ratio is 41%. The dividend is payable September 1, 2026, to shareholders of record as of August 14, 2026. Conference Call Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2026 on Wednesday, July 29, 2026, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (833) 461-5787 [International, please dial (585) 542-9983] using access code 895612473. The call will also be simultaneously broadcast over the Internet, available through the Investors section of the Penske Automotive Group website. Additionally, an investor presentation relating to the second quarter 2026 financial results has been posted to the Investors section of the Company's website. To access the presentation or to listen to the Company's webcast, please refer to www.penskeautomotive.com. About Penske Automotive Penske Automotive Group, Inc. (NYSE: PAG), headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 28,600 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs over 40,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 379,200 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com. Non-GAAP Financial Measures This release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted revenue, adjusted gross profit, adjusted net income, adjusted earnings per share, adjusted income before taxes, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), adjusted EBITDA, adjusted selling, general, and administrative expenses, and leverage ratio. The Company has reconciled these measures to the most directly comparable GAAP measures in the release. The Company believes that these widely accepted financial measures of operating profitability improve the transparency of the Company's disclosures and provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations and improve the period-to-period comparability of the Company's results from its core business operations. These non-GAAP financial measures are not substitutes for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. Caution Concerning Forward Looking Statements Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations, acquisition activity, future plans, and future revenues. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, those related to macro-economic, geo-political, and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third-party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in the values of used trucks, which affect PTS' profitability on truck sales, and regulatory risks and related compliance costs; our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicle sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; risks and uncertainties relating to an unsolicited, preliminary and non-binding take private proposal received from Penske Corporation and Mitsui & Co., Ltd. and their affiliates to acquire all of the shares of the Company not already owned by them, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeline, or at all; the outcome of legal and administrative matters and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2025, its Form 10-Q for the quarterly period ended March 31, 2026, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein. Inquiries should contact: Shelley Hulgrave Anthony Pordon Executive Vice President and Executive Vice President Investor Relations Chief Financial Officer and Corporate Development Penske Automotive Group, Inc. Penske Automotive Group, Inc. 248-648-2812 248-648-2540 [email protected] [email protected] PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Statements of Income (Amounts In Millions, Except Per Share Data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 Change 2026 2025 Change Revenue $ 8,512.7 $ 8,032.5 6.0 % $ 16,376.3 $ 15,986.3 2.4 % Cost of Sales 7,155.7 6,680.3 7.1 % 13,719.9 13,312.7 3.1 % Gross Profit $ 1,357.0 $ 1,352.2 0.4 % $ 2,656.4 $ 2,673.6 (0.6) % SG&A Expenses 974.0 943.8 3.2 % 1,939.6 1,895.2 2.3 % Depreciation 45.4 43.1 5.3 % 90.2 83.7 7.8 % Operating Income $ 337.6 $ 365.3 (7.6) % $ 626.6 $ 694.7 (9.8) % Floor Plan Interest Expense (38.5) (43.8) (12.1) % (76.6) (85.8) (10.7) % Other Interest Expense (33.1) (21.6) 53.2 % (61.5) (44.1) 39.5 % Gain on Sale of Dealerships 30.5 — nm 90.9 52.3 73.8 % Equity in Earnings of Affiliates 57.3 53.6 6.9 % 98.1 86.9 12.9 % Income Before Income Taxes $ 353.8 $ 353.5 0.1 % $ 677.5 $ 704.0 (3.8) % Income Taxes (92.6) (86.0) 7.7 % (181.4) (178.1) 1.9 % Net Income $ 261.2 $ 267.5 (2.4) % $ 496.1 $ 525.9 (5.7) % Less: Income Attributable to Non-Controlling Interests 0.8 0.9 (11.1) % 1.2 1.6 (25.0) % Net Income Attributable to Common Stockholders $ 260.4 $ 266.6 (2.3) % $ 494.9 $ 524.3 (5.6) % Amounts Attributable to Common Stockholders: Net Income $ 261.2 $ 267.5 (2.4) % $ 496.1 $ 525.9 (5.7) % Less: Income Attributable to Non-Controlling Interests 0.8 0.9 (11.1) % 1.2 1.6 (25.0) % Net Income Attributable to Common Stockholders $ 260.4 $ 266.6 (2.3) % $ 494.9 $ 524.3 (5.6) % Earnings Per Share $ 3.96 $ 4.03 (1.7) % $ 7.52 $ 7.89 (4.7) % Weighted Average Shares Outstanding 65.7 66.2 (0.8) % 65.8 66.5 (1.1) % nm – not meaningful PENSKE AUTOMOTIVE GROUP, INC. Consolidated Condensed Balance Sheets (Amounts In Millions) (Unaudited) June 30, December 31, 2026 2025 Assets: Cash and Cash Equivalents $ 69.5 $ 64.7 Accounts Receivable, Net 1,061.9 1,070.3 Inventories 5,109.7 4,814.7 Other Current Assets 269.9 242.9 Total Current Assets 6,511.0 6,192.6 Property and Equipment, Net 3,289.8 3,224.6 Operating Lease Right-of-Use Assets 2,493.2 2,543.8 Intangibles 4,107.9 3,599.9 Other Long-Term Assets 2,083.4 2,036.8 Total Assets $ 18,485.3 $ 17,597.7 Liabilities and Equity: Floor Plan Notes Payable $ 2,700.7 $ 2,532.8 Floor Plan Notes Payable – Non-Trade 1,664.4 1,561.5 Accounts Payable 915.2 899.8 Accrued Expenses and Other Current Liabilities 1,017.3 930.0 Current Portion Long-Term Debt 377.3 355.0 Total Current Liabilities 6,674.9 6,279.1 Long-Term Debt 2,118.7 1,810.5 Long-Term Operating Lease Liabilities 2,389.8 2,461.5 Other Long-Term Liabilities 1,468.5 1,465.7 Total Liabilities 12,651.9 12,016.8 Equity 5,833.4 5,580.9 Total Liabilities and Equity $ 18,485.3 $ 17,597.7 PENSKE AUTOMOTIVE GROUP, INC. Consolidated Operations Selected Data (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Geographic Revenue Mix: North America 62.2 % 63.6 % 60.3 % 62.4 % U.K. 26.1 % 26.0 % 27.9 % 27.6 % Other International 11.7 % 10.4 % 11.8 % 10.0 % Total 100.0 % 100.0 % 100.0 % 100.0 % Revenue: (Amounts in Millions) Retail Automotive $ 7,301.0 $ 6,887.7 $ 14,268.1 $ 13,806.3 Retail Commercial Truck 927.8 943.6 1,622.4 1,767.3 Commercial Vehicle Distribution and Other 283.9 201.2 485.8 412.7 Total $ 8,512.7 $ 8,032.5 $ 16,376.3 $ 15,986.3 Gross Profit: (Amounts in Millions) Retail Automotive $ 1,156.5 $ 1,164.4 $ 2,281.5 $ 2,300.6 Retail Commercial Truck 142.8 143.6 271.0 284.6 Commercial Vehicle Distribution and Other 57.7 44.2 103.9 88.4 Total $ 1,357.0 $ 1,352.2 $ 2,656.4 $ 2,673.6 Gross Margin: Retail Automotive 15.8 % 16.9 % 16.0 % 16.7 % Retail Commercial Truck 15.4 % 15.2 % 16.7 % 16.1 % Commercial Vehicle Distribution and Other 20.3 % 22.0 % 21.4 % 21.4 % Total 15.9 % 16.8 % 16.2 % 16.7 % Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Operating Items as a Percentage of Revenue: Gross Profit 15.9 % 16.8 % 16.2 % 16.7 % Selling, General, and Administrative Expenses 11.4 % 11.7 % 11.8 % 11.9 % Operating Income 4.0 % 4.5 % 3.8 % 4.3 % Income Before Income Taxes 4.2 % 4.4 % 4.1 % 4.4 % Operating Items as a Percentage of Total Gross Profit: Selling, General, and Administrative Expenses 71.8 % 69.8 % 73.0 % 70.9 % Adjusted Selling, General, and Administrative Expenses(1) 71.8 % 69.9 % 72.5 % 70.0 % Operating Income 24.9 % 27.0 % 23.6 % 26.0 % Three Months Ended Six Months Ended June 30, June 30, (Amounts in Millions) 2026 2025 2026 2025 EBITDA(1) $ 432.3 $ 418.2 $ 829.2 $ 831.8 Adjusted EBITDA(1) $ 401.8 $ 400.6 $ 751.3 $ 773.0 Floor Plan Credits $ 17.7 $ 16.3 $ 32.8 $ 32.1 Property Rent Expense $ 71.1 $ 70.3 $ 144.0 $ 139.9 (1) See the following Non-GAAP reconciliation table. PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 Change 2026 2025 Change Retail Automotive Units: New Retail 55,136 52,985 4.1 % 105,172 108,509 (3.1) % New Agency 11,195 10,079 11.1 % 24,206 20,765 16.6 % Total New Delivered 66,331 63,064 5.2 % 129,378 129,274 0.1 % Used Retail 59,070 56,802 4.0 % 119,196 117,289 1.6 % Total New and Used Delivered 125,401 119,866 4.6 % 248,574 246,563 0.8 % Retail Automotive Revenue: (Amounts in Millions) New Vehicles $ 3,375.4 $ 3,188.1 5.9 % $ 6,456.1 $ 6,436.1 0.3 % Used Vehicles 2,471.9 2,259.4 9.4 % 4,901.3 4,523.5 8.4 % Finance and Insurance, Net 211.0 208.2 1.3 % 413.3 413.6 (0.1) % Service and Parts 867.1 853.4 1.6 % 1,731.0 1,679.0 3.1 % Fleet and Wholesale 375.6 378.6 (0.8) % 766.4 754.1 1.6 % Total Revenue $ 7,301.0 $ 6,887.7 6.0 % $ 14,268.1 $ 13,806.3 3.3 % Retail Automotive Gross Profit: (Amounts in Millions) New Vehicles $ 290.1 $ 306.4 (5.3) % $ 560.4 $ 608.9 (8.0) % Used Vehicles 123.8 130.6 (5.2) % 248.6 258.7 (3.9) % Finance and Insurance, Net 211.0 208.2 1.3 % 413.3 413.6 (0.1) % Service and Parts 517.0 501.4 3.1 % 1,026.7 983.8 4.4 % Fleet and Wholesale 14.6 17.8 (18.0) % 32.5 35.6 (8.7) % Total Gross Profit $ 1,156.5 $ 1,164.4 (0.7) % $ 2,281.5 $ 2,300.6 (0.8) % Retail Automotive Revenue Per Vehicle Retailed: New Vehicles (excluding agency) $ 60,701 $ 59,691 1.7 % $ 60,798 $ 58,836 3.3 % Used Vehicles 41,847 39,776 5.2 % 41,120 38,567 6.6 % Retail Automotive Gross Profit Per Vehicle Retailed: New Vehicles (excluding agency) $ 4,782 $ 5,337 (10.4) % $ 4,782 $ 5,172 (7.5) % New Agency 2,772 2,701 2.6 % 2,790 2,659 4.9 % Used Vehicles 2,095 2,298 (8.8) % 2,085 2,206 (5.5) % Finance and Insurance (excluding agency) 1,807 1,863 (3.0) % 1,797 1,798 (0.1) % Retail Automotive Gross Margin: New Vehicles 8.6 % 9.6 % (100)bps 8.7 % 9.5 % (80)bps Used Vehicles 5.0 % 5.8 % (80)bps 5.1 % 5.7 % (60)bps Service and Parts 59.6 % 58.8 % +80bps 59.3 % 58.6 % +70bps Fleet and Wholesale 3.9 % 4.7 % (80)bps 4.2 % 4.7 % (50)bps Total Gross Margin 15.8 % 16.9 % (110)bps 16.0 % 16.7 % (70)bps Retail Automotive Revenue Mix Percentages: New Vehicles 46.2 % 46.3 % (10)bps 45.2 % 46.6 % (140)bps Used Vehicles 33.9 % 32.8 % +110bps 34.4 % 32.8 % +160bps Finance and Insurance, Net 2.9 % 3.0 % (10)bps 2.9 % 3.0 % (10)bps Service and Parts 11.9 % 12.4 % (50)bps 12.1 % 12.2 % (10)bps Fleet and Wholesale 5.1 % 5.5 % (40)bps 5.4 % 5.4 % —bps Total 100.0 % 100.0 % 100.0 % 100.0 % Retail Automotive Gross Profit Mix Percentages: New Vehicles 25.1 % 26.3 % (120)bps 24.6 % 26.5 % (190)bps Used Vehicles 10.7 % 11.2 % (50)bps 10.9 % 11.2 % (30)bps Finance and Insurance, Net 18.2 % 17.9 % +30bps 18.1 % 18.0 % +10bps Service and Parts 44.7 % 43.1 % +160bps 45.0 % 42.8 % +220bps Fleet and Wholesale 1.3 % 1.5 % (20)bps 1.4 % 1.5 % (10)bps Total 100.0 % 100.0 % 100.0 % 100.0 % PENSKE AUTOMOTIVE GROUP, INC. Retail Automotive Operations Same-Store (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 Change 2026 2025 Change Retail Automotive Same-Store Units: New Retail 53,774 51,847 3.7 % 102,305 105,889 (3.4) % New Agency 11,195 10,079 11.1 % 24,206 20,765 16.6 % Total New Delivered 64,969 61,926 4.9 % 126,511 126,654 (0.1) % Used Retail 57,802 55,034 5.0 % 116,007 112,858 2.8 % Total New and Used Delivered 122,771 116,960 5.0 % 242,518 239,512 1.3 % Retail Automotive Same-Store Revenue: (Amounts in Millions) New Vehicles $ 3,281.9 $ 3,126.4 5.0 % $ 6,269.3 $ 6,299.4 (0.5) % Used Vehicles 2,422.6 2,204.3 9.9 % 4,792.5 4,392.7 9.1 % Finance and Insurance, Net 207.1 203.9 1.6 % 404.7 403.4 0.3 % Service and Parts 852.1 835.7 2.0 % 1,693.4 1,639.7 3.3 % Fleet and Wholesale 356.2 367.0 (2.9) % 730.0 728.9 0.2 % Total Revenue $ 7,119.9 $ 6,737.3 5.7 % $ 13,889.9 $ 13,464.1 3.2 % Retail Automotive Same-Store Gross Profit: (Amounts in Millions) New Vehicles $ 280.6 $ 301.4 (6.9) % $ 542.1 $ 598.2 (9.4) % Used Vehicles 120.7 127.5 (5.3) % 242.4 252.3 (3.9) % Finance and Insurance, Net 207.1 203.9 1.6 % 404.7 403.4 0.3 % Service and Parts 507.3 490.8 3.4 % 1,003.3 960.4 4.5 % Fleet and Wholesale 14.6 17.8 (18.0) % 32.5 35.7 (9.0) % Total Gross Profit $ 1,130.3 $ 1,141.4 (1.0) % $ 2,225.0 $ 2,250.0 (1.1) % Retail Automotive Same-Store Revenue Per Vehicle Retailed: New Vehicles (excluding agency) $ 60,500 $ 59,810 1.2 % $ 60,676 $ 59,001 2.8 % Used Vehicles 41,912 40,054 4.6 % 41,312 38,922 6.1 % Retail Automotive Same-Store Gross Profit Per Vehicle Retailed: New Vehicles (excluding agency) $ 4,726 $ 5,358 (11.8) % $ 4,737 $ 5,199 (8.9) % New Agency 2,772 2,558 8.4 % 2,790 2,467 13.1 % Used Vehicles 2,088 2,317 (9.9) % 2,090 2,236 (6.5) % Finance and Insurance (excluding agency) 1,815 1,887 (3.8) % 1,808 1,828 (1.1) % Retail Automotive Same-Store Gross Margin: New Vehicles 8.5 % 9.6 % (110)bps 8.6 % 9.5 % (90)bps Used Vehicles 5.0 % 5.8 % (80)bps 5.1 % 5.7 % (60)bps Service and Parts 59.5 % 58.7 % +80bps 59.2 % 58.6 % +60bps Fleet and Wholesale 4.1 % 4.9 % (80)bps 4.5 % 4.9 % (40)bps Total Gross Margin 15.9 % 16.9 % (100)bps 16.0 % 16.7 % (70)bps Retail Automotive Same-Store Revenue Mix Percentages: New Vehicles 46.1 % 46.4 % (30)bps 45.1 % 46.8 % (170)bps Used Vehicles 34.0 % 32.7 % +130bps 34.5 % 32.6 % +190bps Finance and Insurance, Net 2.9 % 3.0 % (10)bps 2.9 % 3.0 % (10)bps Service and Parts 12.0 % 12.4 % (40)bps 12.2 % 12.2 % —bps Fleet and Wholesale 5.0 % 5.5 % (50)bps 5.3 % 5.4 % (10)bps Total 100.0 % 100.0 % 100.0 % 100.0 % Retail Automotive Same-Store Gross Profit Mix Percentages: New Vehicles 24.8 % 26.4 % (160)bps 24.4 % 26.6 % (220)bps Used Vehicles 10.7 % 11.2 % (50)bps 10.9 % 11.2 % (30)bps Finance and Insurance, Net 18.3 % 17.9 % +40bps 18.2 % 17.9 % +30bps Service and Parts 44.9 % 43.0 % +190bps 45.1 % 42.7 % +240bps Fleet and Wholesale 1.3 % 1.5 % (20)bps 1.4 % 1.6 % (20)bps Total 100.0 % 100.0 % 100.0 % 100.0 % PENSKE AUTOMOTIVE GROUP, INC. Retail Commercial Truck Operations (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 Change 2026 2025 Change Retail Commercial Truck Units: New Retail 4,276 4,638 (7.8) % 7,062 8,377 (15.7) % Used Retail 1,155 701 64.8 % 1,952 1,676 16.5 % Total 5,431 5,339 1.7 % 9,014 10,053 (10.3) % Retail Commercial Truck Revenue: (Amounts in Millions) New Vehicles $ 594.3 $ 655.6 (9.4) % $ 995.5 $ 1,182.8 (15.8) % Used Vehicles 86.6 52.7 64.3 % 138.8 116.5 19.1 % Finance and Insurance, Net 4.5 4.0 12.5 % 8.0 8.5 (5.9) % Service and Parts 237.7 226.7 4.9 % 469.9 448.7 4.7 % Wholesale and Other 4.7 4.6 2.2 % 10.2 10.8 (5.6) % Total Revenue $ 927.8 $ 943.6 (1.7) % $ 1,622.4 $ 1,767.3 (8.2) % Retail Commercial Truck Gross Profit: (Amounts in Millions) New Vehicles $ 30.3 $ 36.6 (17.2) % $ 53.4 $ 70.1 (23.8) % Used Vehicles 10.3 4.9 110.2 % 15.8 12.2 29.5 % Finance and Insurance, Net 4.5 4.0 12.5 % 8.0 8.5 (5.9) % Service and Parts 94.5 94.9 (0.4) % 187.8 187.5 0.2 % Wholesale and Other 3.2 3.2 — % 6.0 6.3 (4.8) % Total Gross Profit $ 142.8 $ 143.6 (0.6) % $ 271.0 $ 284.6 (4.8) % Retail Commercial Truck Revenue Per Vehicle Retailed: New Vehicles $ 138,979 $ 141,345 (1.7) % $ 140,967 $ 141,186 (0.2) % Used Vehicles 74,991 75,223 (0.3) % 71,114 69,548 2.3 % Retail Commercial Truck Gross Profit Per Vehicle Retailed: New Vehicles $ 7,083 $ 7,889 (10.2) % $ 7,568 $ 8,367 (9.5) % Used Vehicles 8,923 7,037 26.8 % 8,092 7,278 11.2 % Finance and Insurance 833 741 12.4 % 887 839 5.7 % Retail Commercial Truck Gross Margin: New Vehicles 5.1 % 5.6 % (50)bps 5.4 % 5.9 % (50)bps Used Vehicles 11.9 % 9.3 % +260bps 11.4 % 10.5 % +90bps Service and Parts 39.8 % 41.9 % (210)bps 40.0 % 41.8 % (180)bps Wholesale and Other 68.1 % 69.6 % (150)bps 58.8 % 58.3 % +50bps Total Gross Margin 15.4 % 15.2 % +20bps 16.7 % 16.1 % +60bps Retail Commercial Truck Revenue Mix Percentages: New Vehicles 64.1 % 69.5 % (540)bps 61.4 % 66.9 % (550)bps Used Vehicles 9.3 % 5.6 % +370bps 8.6 % 6.6 % +200bps Finance and Insurance, Net 0.5 % 0.4 % +10bps 0.5 % 0.5 % —bps Service and Parts 25.6 % 24.0 % +160bps 29.0 % 25.4 % +360bps Wholesale and Other 0.5 % 0.5 % —bps 0.5 % 0.6 % (10)bps Total 100.0 % 100.0 % 100.0 % 100.0 % Retail Commercial Truck Gross Profit Mix Percentages: New Vehicles 21.2 % 25.5 % (430)bps 19.7 % 24.6 % (490)bps Used Vehicles 7.2 % 3.4 % +380bps 5.8 % 4.3 % +150bps Finance and Insurance, Net 3.2 % 2.8 % +40bps 3.0 % 3.0 % —bps Service and Parts 66.2 % 66.1 % +10bps 69.3 % 65.9 % +340bps Wholesale and Other 2.2 % 2.2 % —bps 2.2 % 2.2 % —bps Total 100.0 % 100.0 % 100.0 % 100.0 % PENSKE AUTOMOTIVE GROUP, INC. Retail Commercial Truck Operations Same-Store (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 Change 2026 2025 Change Retail Commercial Truck Same-Store Units: New Retail 4,276 4,638 (7.8) % 7,062 8,377 (15.7) % Used Retail 1,155 701 64.8 % 1,952 1,676 16.5 % Total 5,431 5,339 1.7 % 9,014 10,053 (10.3) % Retail Commercial Truck Same-Store Revenue: (Amounts in Millions) New Vehicles $ 594.3 $ 655.6 (9.4) % $ 995.5 $ 1,182.8 (15.8) % Used Vehicles 86.6 52.7 64.3 % 138.8 116.5 19.1 % Finance and Insurance, Net 4.5 4.0 12.5 % 8.0 8.4 (4.8) % Service and Parts 235.5 226.0 4.2 % 465.7 447.2 4.1 % Wholesale and Other 4.6 4.6 — % 10.2 10.9 (6.4) % Total Revenue $ 925.5 $ 942.9 (1.8) % $ 1,618.2 $ 1,765.8 (8.4) % Retail Commercial Truck Same-Store Gross Profit: (Amounts in Millions) New Vehicles $ 30.3 $ 36.6 (17.2) % $ 53.4 $ 70.1 (23.8) % Used Vehicles 10.3 4.9 110.2 % 15.8 12.2 29.5 % Finance and Insurance, Net 4.5 4.0 12.5 % 8.0 8.4 (4.8) % Service and Parts 93.4 94.5 (1.2) % 185.5 186.8 (0.7) % Wholesale and Other 2.9 2.9 — % 5.6 6.0 (6.7) % Total Gross Profit $ 141.4 $ 142.9 (1.0) % $ 268.3 $ 283.5 (5.4) % Retail Commercial Truck Same-Store Revenue Per Vehicle Retailed: New Vehicles $ 138,979 $ 141,345 (1.7) % $ 140,967 $ 141,186 (0.2) % Used Vehicles 74,991 75,223 (0.3) % 71,114 69,548 2.3 % Retail Commercial Truck Same-Store Gross Profit Per Vehicle Retailed: New Vehicles $ 7,083 $ 7,889 (10.2) % $ 7,568 $ 8,367 (9.5) % Used Vehicles 8,923 7,037 26.8 % 8,092 7,278 11.2 % Finance and Insurance 833 742 12.3 % 887 839 5.7 % Retail Commercial Truck Same-Store Gross Margin: New Vehicles 5.1 % 5.6 % (50)bps 5.4 % 5.9 % (50)bps Used Vehicles 11.9 % 9.3 % +260bps 11.4 % 10.5 % +90bps Service and Parts 39.7 % 41.8 % (210)bps 39.8 % 41.8 % (200)bps Wholesale and Other 63.0 % 63.0 % —bps 54.9 % 55.0 % (10)bps Total Gross Margin 15.3 % 15.2 % +10bps 16.6 % 16.1 % +50bps Retail Commercial Truck Same-Store Revenue Mix Percentages: New Vehicles 64.2 % 69.5 % (530)bps 61.5 % 67.0 % (550)bps Used Vehicles 9.4 % 5.6 % +380bps 8.6 % 6.6 % +200bps Finance and Insurance, Net 0.5 % 0.4 % +10bps 0.5 % 0.5 % —bps Service and Parts 25.4 % 24.0 % +140bps 28.8 % 25.3 % +350bps Wholesale and Other 0.5 % 0.5 % —bps 0.6 % 0.6 % —bps Total 100.0 % 100.0 % 100.0 % 100.0 % Retail Commercial Truck Same-Store Gross Profit Mix Percentages: New Vehicles 21.4 % 25.6 % (420)bps 19.9 % 24.7 % (480)bps Used Vehicles 7.3 % 3.4 % +390bps 5.9 % 4.3 % +160bps Finance and Insurance, Net 3.2 % 2.8 % +40bps 3.0 % 3.0 % —bps Service and Parts 66.1 % 66.1 % —bps 69.1 % 65.9 % +320bps Wholesale and Other 2.0 % 2.1 % (10)bps 2.1 % 2.1 % —bps Total 100.0 % 100.0 % 100.0 % 100.0 % PENSKE AUTOMOTIVE GROUP, INC. Supplemental Data (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Retail Automotive Revenue Mix: Premium: BMW / MINI 24 % 25 % 24 % 26 % Porsche 10 % 10 % 10 % 9 % Audi 8 % 9 % 9 % 9 % Mercedes-Benz 8 % 8 % 8 % 8 % Land Rover / Jaguar 7 % 7 % 7 % 7 % Lexus 6 % 5 % 6 % 5 % Ferrari / Maserati 4 % 3 % 3 % 3 % Acura 1 % 1 % 1 % 1 % Bentley 1 % 1 % 1 % 1 % Others 1 % 2 % 2 % 2 % Total Premium 70 % 71 % 71 % 71 % Volume Non-U.S.: Toyota 13 % 13 % 13 % 13 % Honda 5 % 5 % 5 % 5 % Volkswagen 2 % 2 % 2 % 2 % Hyundai 1 % 2 % 1 % 2 % Others 3 % 1 % 2 % 1 % Total Volume Non-U.S. 24 % 23 % 23 % 23 % U.S.: General Motors / Stellantis / Ford 2 % 3 % 2 % 2 % Used Vehicle Dealerships 4 % 3 % 4 % 4 % Total 100 % 100 % 100 % 100 % Three Months Ended Six Months Ended June 30, June 30, Cash Flow and Other Highlights: 2026 2025 2026 2025 ($ Amounts in Millions) Capital expenditures $ 72.3 $ 72.9 $ 134.9 $ 157.6 Cash paid for acquisitions, including $115 million for property and floor plan $ — $ — $ 669.7 $ — Proceeds from sale of dealerships $ 73.7 $ 1.4 $ 150.7 $ 79.2 Dividends $ 93.6 $ 83.6 $ 186.2 $ 165.4 Stock repurchases: Aggregate purchase price $ 16.1 $ 93.3 $ 42.5 $ 133.3 Shares repurchased 94,711 630,044 265,104 885,272 Balance Sheet and Other Highlights: June 30, 2026 December 31, 2025 (Amounts in Millions) Cash and Cash Equivalents $ 69.5 $ 64.7 Inventories $ 5,109.7 $ 4,814.7 Total Floor Plan Notes Payable $ 4,365.1 $ 4,094.3 Total Long-Term Debt $ 2,496.0 $ 2,165.5 Equity $ 5,833.4 $ 5,580.9 Debt to Total Capitalization Ratio 30.0 % 28.0 % Leverage Ratio (1) 1.7 x 1.5 x New vehicle days' supply 51 days 49 days Used vehicle days' supply 44 days 49 days (1) See the following Non-GAAP reconciliation table PENSKE AUTOMOTIVE GROUP, INC. Consolidated Non-GAAP Reconciliations (Unaudited) The following table reconciles reported net income to earnings before interest, taxes, depreciation, and amortization ("EBITDA") and adjusted EBITDA for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 vs. 2025 (Amounts in Millions) 2026 2025 Change % Change Net Income $ 261.2 $ 267.5 $ (6.3) (2.4) % Add: Depreciation 45.4 43.1 2.3 5.3 % Other Interest Expense 33.1 21.6 11.5 53.2 % Income Taxes 92.6 86.0 6.6 7.7 % EBITDA $ 432.3 $ 418.2 $ 14.1 3.4 % Less: Gain on Sale of Dealerships (30.5) — (30.5) nm Add: Disposals and Other Charges — — — nm Less: Common Control — (17.6) 17.6 nm Adjusted EBITDA $ 401.8 $ 400.6 $ 1.2 0.3 % Six Months Ended June 30, 2026 vs. 2025 (Amounts in Millions) 2026 2025 Change % Change Net Income $ 496.1 $ 525.9 $ (29.8) (5.7) % Add: Depreciation 90.2 83.7 6.5 7.8 % Other Interest Expense 61.5 44.1 17.4 39.5 % Income Taxes 181.4 178.1 3.3 1.9 % EBITDA $ 829.2 $ 831.8 $ (2.6) (0.3) % Less: Gain on Sale of Dealerships (90.9) (52.3) (38.6) 73.8 % Add: Disposals and Other Charges 13.0 25.2 (12.2) nm Less: Common Control — (31.7) 31.7 nm Adjusted EBITDA $ 751.3 $ 773.0 $ (21.7) (2.8) % nm – not meaningful The following table reconciles the leverage ratio as of June 30, 2026, and December 31, 2025: Six Six Trailing Twelve Twelve Months Ended Months Ended Months Ended Months Ended (Amounts in Millions) December 31, 2025 June 30, 2026 June 30, 2026 December 31, 2025 Net Income $ 412.0 $ 496.1 $ 908.1 $ 937.9 Add: Depreciation 88.6 90.2 178.8 172.3 Other Interest Expense 47.5 61.5 109.0 91.6 Income Taxes 147.7 181.4 329.1 325.8 EBITDA $ 695.8 $ 829.2 $ 1,525.0 $ 1,527.6 Less: Gain on Sale of Dealerships — (90.9) (90.9) (52.3) Add: Disposals and Other Charges 7.3 13.0 20.3 32.5 Less: Common Control (16.9) — (16.9) (48.6) Adjusted EBITDA $ 686.2 $ 751.3 $ 1,437.5 $ 1,459.2 Total Non-Vehicle Long-Term Debt $ 2,496.0 $ 2,165.5 Leverage Ratio 1.7 x 1.5 x The following tables present key adjusted financial line items excluding the gain on the sale of dealerships and certain disposals and other charges. Management believes this presentation is useful to investors in evaluating the Company's operating performance and comparability across periods. Three Months Ended June 30, 2026 ($ Amounts in millions, except per share data) As Reported Gain on Sale of Dealerships Disposals and Other Charges Adjusted Revenue $ 8,512.7 $ — $ — $ 8,512.7 Gross Profit $ 1,357.0 $ — $ — $ 1,357.0 Selling, General, & Administrative Expenses $ 974.0 $ — $ — $ 974.0 EBITDA $ 432.3 $ (30.5) $ — $ 401.8 Income Before Taxes $ 353.8 $ (30.5) $ — $ 323.3 Net Income Attributable to Common Stockholders $ 260.4 $ (22.7) $ — $ 237.7 Earnings Per Share $ 3.96 $ (0.34) $ — $ 3.62 SG&A to Gross Profit 71.8 % 71.8 % Six Months Ended June 30, 2026 ($ Amounts in millions, except per share data) As Reported Gain on Sale of Dealerships Disposals and Other Charges Adjusted Revenue $ 16,376.3 $ — $ — $ 16,376.3 Gross Profit $ 2,656.4 $ — $ — $ 2,656.4 Selling, General, & Administrative Expenses $ 1,939.6 $ — $ (13.0) $ 1,926.6 EBITDA $ 829.2 $ (90.9) $ 13.0 $ 751.3 Income Before Taxes $ 677.5 $ (90.9) $ 13.0 $ 599.6 Net Income Attributable to Common Stockholders $ 494.9 $ (67.5) $ 10.9 $ 438.3 Earnings Per Share $ 7.52 $ (1.03) $ 0.17 $ 6.66 SG&A to Gross Profit 73.0 % 72.5 % Our results include the impact of the gain on the sale of a dealership and certain disposals and other charges, as well as the full quarterly and year-to-date results of Penske Motor Group in all periods, which are required by GAAP for common control transactions. The following tables present key adjusted financial line items excluding these items and present the acquisition of Penske Motor Group as if we acquired it on November 1, 2025, without common control accounting. Management believes this presentation is useful to investors in evaluating the Company's operating performance and comparability across periods. Three Months Ended June 30, 2025 ($ Amounts in millions, except per share data) As Reported Gain on Sale of Dealership Disposals and Other Charges Adjusted Common Control Adjusted Excluding Common Control Revenue $ 8,032.5 $ — $ — $ 8,032.5 $ (370.2) $ 7,662.3 Gross Profit $ 1,352.2 $ — $ — $ 1,352.2 $ (55.6) $ 1,296.6 Selling, General, & Administrative Expenses $ 943.8 $ — $ — $ 943.8 $ (37.5) $ 906.3 EBITDA $ 418.2 $ — $ — $ 418.2 $ (17.6) $ 400.6 Income Before Taxes $ 353.5 $ — $ — $ 353.5 $ (16.6) $ 336.9 Net Income Attributable to Common Stockholders $ 266.6 $ — $ — $ 266.6 $ (16.6) $ 250.0 Earnings Per Share $ 4.03 $ — $ — $ 4.03 $ (0.25) $ 3.78 SG&A to Gross Profit 69.8 % 69.8 % 69.9 % New Retail Automotive Units 52,985 — — 52,985 (5,439) 47,546 Used Retail Automotive Units 56,802 — — 56,802 (1,803) 54,999 Six Months Ended June 30, 2025 ($ Amounts in millions, except per share data) As Reported Gain on Sale of Dealership Disposals and Other Charges Adjusted Common Control Adjusted Excluding Common Control Revenue $ 15,986.3 $ — $ — $ 15,986.3 $ (719.5) $ 15,266.8 Gross Profit $ 2,673.6 $ — $ — $ 2,673.6 $ (108.0) $ 2,565.6 Selling, General, & Administrative Expenses $ 1,895.2 $ — $ (25.2) $ 1,870.0 $ (75.3) $ 1,794.7 EBITDA $ 831.8 $ (52.3) $ 25.2 $ 804.7 $ (31.7) $ 773.0 Income Before Taxes $ 704.0 $ (52.3) $ 25.2 $ 676.9 $ (30.0) $ 646.9 Net Income Attributable to Common Stockholders $ 524.3 $ (38.9) $ 20.9 $ 506.3 $ (30.0) $ 476.3 Earnings Per Share $ 7.89 $ (0.58) $ 0.31 $ 7.62 $ (0.45) $ 7.17 SG&A to Gross Profit 70.9 % 69.9 % 70.0 % New Retail Automotive Units 108,509 — — 108,509 (10,361) 98,148 Used Retail Automotive Units 117,289 — — 117,289 (3,804) 113,485 View original content to download multimedia:https://www.prnewswire.com/news-releases/penske-automotive-group-reports-quarterly-results-302837495.html SOURCE Penske Automotive Group, Inc.