FORWARD AIR Business Summary

Forward Air Corporation (FWRD) operates as a premier asset-light provider of regional, inter-regional, and national expedited less-than-truckload (LTL) services, global freight forwarding, and intermodal drayage. The company generates revenue through three primary segments: Expedited Freight, which utilizes a comprehensive national terminal network for time-definite ground transportation; Omni Logistics, a high-growth division providing global air and ocean forwarding, contract logistics, and warehousing; and Intermodal, focused on first- and last-mile container drayage. Following the transformative 2024 acquisition of Omni Logistics, the company has evolved into a multimodal logistics powerhouse, with the Omni segment now contributing over 50% of consolidated revenue. Forward Air competes directly with major LTL and logistics firms such as Old Dominion Freight Line, XPO, Saia, and Hub Group, positioning itself as a specialized, high-service alternative that bridges the gap between traditional trucking and premium air freight. Originally founded in 1981 by Scott Niswonger as Landair Services, the company is currently led by President and CEO Shawn Stewart, a logistics veteran with nearly 30 years of experience who previously served as President and Managing Director of North America for CEVA Logistics. The executive team includes CFO Jamie Pierson, a former CFO of Yellow Corporation and MV Transportation, and Executive Chairman Jerome Lorrain, who brings a deep pedigree as the former COO of CEVA Logistics. Other key leaders include Chief Legal Officer Michael L. Hance, who has been with the firm since 2006, and Chief Commercial Officer Eric Brandt. Notable institutional influence is maintained by Ridgemont Equity Partners and EVE Partners, both of whom became significant shareholders following the Omni merger. The Board of Directors, chaired by George Mayes with Paul Svindland as Lead Independent Director, remains focused on operational discipline and the continued integration of global multimodal capabilities.