Record Retail Automotive Service and Parts Revenue up 8% and Record Related Gross Profit up 9%

BLOOMFIELD HILLS, MI, July 30, 2025 – 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 quarterly results for the second quarter of 2025. For the quarter, revenue remained flat at $7.7 billion compared to the same period in 2024. Net income attributable to common stockholders increased 4% to $250.0 million compared to $241.2 million in the prior year period, and related earnings per share increased 5% to $3.78 compared to $3.61 for the same period in 2024. Foreign currency exchange positively impacted revenue by $136.6 million, net income attributable to common stockholders by $1.6 million, and earnings per share by $0.03.

•Retail Automotive Same-Store Revenue – decreased 1%

•New Vehicle -2%; Used Vehicle -1%; Finance & Insurance -2%; Service & Parts +7%

•Retail Automotive Same-Store Gross Profit – increased 3%

•New Vehicle -4%; Used Vehicle +8%; Finance & Insurance -2%; Service & Parts +9%

•Overall Gross Margin – 16.9%, improved by 50 bps

•SG&A as a Percentage of Gross Profit – 69.9%, improved by 30 bps

•New and Used Retail Commercial Truck Units – increased 2%

•New Vehicle +3%; Used Vehicle -8%

•Retail Commercial Truck Revenue – increased 6%

Commenting on the Company's second quarter financial results, Chair Roger Penske said, "I am pleased with the performance of our diversified international transportation services business in the second quarter. The second quarter represented the third consecutive quarter of year-over-year earnings growth driven by an overall gross margin increase of 50 basis points, an increase of 50 basis points in retail automotive service and parts gross margin, and a 30-basis point improvement in selling, general and administrative expenses as a percentage of gross profit. New and used vehicle gross profit per unit retailed remained stable and strong while retail automotive same-store service and parts revenue increased 7%.” Penske continued, “While we continue to monitor the potential impact to our business from tariffs, the benefits provided by our premium brand mix, geographic diversification across the North American retail commercial truck, the U.S. and international automotive markets, and the diversification of our gross profit across new and used vehicles, service and parts, and finance and

insurance, coupled with our highly variable cost structure, provide us with opportunities to flex our business to meet the changing automotive and commercial truck landscape."

For the six months ended June 30, 2025, revenue increased 1% from the same period in 2024 to a record of $15.3 billion. Net income attributable to common stockholders increased 8% to $494.3 million compared to $456.4 million in the prior year period, and related earnings per share increased 9% to $7.44 compared to $6.81 for the same period in 2024. As reconciled in the attached schedules, adjusted net income increased 4% to $476.3 million and adjusted earnings per share increased 5% to $7.17. Foreign currency exchange positively impacted revenue by $96.2 million, net income attributable to common stockholders by $1.1 million, and earnings per share by $0.02.

For the three months ended June 30, 2025, total new units delivered decreased 6%. Used units delivered decreased 16%, consisting of a 3% decrease in the U.S. and a 27% decrease internationally. The decrease in used units internationally is largely attributable to the previously announced realignment of the Company's U.K. used only dealerships to Sytner Select which focuses on retailing fewer units at better margin and lower costs. Excluding the performance of the U.K. Sytner Select dealerships in both periods, used units delivered decreased 5%. Total retail automotive revenue decreased 1% to $6.5 billion and decreased 1% on a same-store basis. Total retail automotive gross profit increased 3% to $1.1 billion, and same-store gross profit increased 3%, driven by a 9% increase in same-store service and parts.

For the six months ended June 30, 2025, total new units delivered were nearly 119,000 and were consistent with last year. Used units delivered declined 16%. Total retail automotive revenue was $13.1 billion, consistent with the prior year period. Same-store revenue was also consistent with the prior year period. Retail automotive gross profit and same-store gross profit each increased 3%, driven by an 8% increase in service & parts gross profit.

As of June 30, 2025, Premier Truck Group operated 45 North American retail commercial truck locations. For the three months ended June 30, 2025, retail unit sales increased 2% to 5,339 from 5,248 but declined 4% on a same-store basis. Revenue increased 6% to $943.6 million from $892.3 million and was flat on a same-store basis. Earnings before taxes was $54.2 million compared to $51.7 million in the prior year period. For the six months ended June 30, 2025, revenue increased 5% to $1.8 billion from $1.7 billion and declined 2% on a same-store basis, and earnings before taxes was $99.3 million compared to $102.2 million in the prior year period.

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 414,000 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, 2025, the Company recorded $53.5 million and $86.7 million in earnings compared to $52.9 million and $85.4 million for the same periods in 2024, driven by an increase in revenue from leasing and maintenance, partially offset by a decline in truck rental revenue and lower gain on sale of used trucks associated with continued weakness in the freight market.

During the six months ended June 30, 2025, the Company repurchased 885,272 shares of common stock, or approximately 1.3% of its outstanding shares, consisting of 750,679 shares of common stock for approximately $111.2 million under our securities repurchase program and 134,593 shares of our common stock for $22.1 million from employees in connection with a net share settlement feature of employee equity awards. On May 14, 2025, our Board of Directors delegated to management an

additional $250 million in securities repurchase authority. As of June 30, 2025, $295.7 million remained outstanding and available for repurchases under our securities repurchase program. As of June 30, 2025, the Company had approximately $2.3 billion in liquidity, including $155 million in cash and $2.2 billion of availability under its U.S. and international credit agreements. The Company’s leverage ratio at June 30, 2025 was 1.2x.

During July 2025, we completed the acquisition of a Ferrari dealership in Italy with expected estimated annualized revenue of $40 million. Also, the Board of Directors approved an increase in the quarterly dividend of 4.8%, or $0.06 per share, to $1.32 per share representing a forward dividend yield of 3.1%. The increase represents the Company’s 19th consecutive quarterly increase. On a trailing twelve month basis, the dividend payout ratio is 34.7%. The dividend is payable September 3, 2025, to shareholders of record as of August 15, 2025.

Penske Automotive Group will host a conference call discussing financial results relating to the second quarter of 2025 on Wednesday, July 30, 2025, at 2:00 p.m. Eastern Daylight Time. To listen to the conference call, participants must dial (800) 715-9871 [International, please dial (646) 307-1963] using access code 9658297. 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 2025 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.

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 28,400 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs nearly 44,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 414,000 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.

This release contains certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income, adjusted earnings per share, adjusted earnings 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 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.

Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations and future plans. 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 or 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 EVs; 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; changes in interest rates and foreign currency exchange rates; 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, continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various government mandates concerning the electrification of its vehicle fleet, changes in values of used trucks which affects 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 vehicles sales, including those related to the sales process, emissions standards or electrification, as well as changes in consumer sentiment relating to commercial truck sales that may hinder our or PTS' ability to maintain, acquire, sell, or operate trucks; 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; 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 risk and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2024, its Form 10-Q for the quarterly period ended March 31, 2025, 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.

# # #

Consolidated Condensed Statements of Income

(Amounts In Millions, Except Per Share Data)

(Unaudited)

			Three Months Ended																		Six Months Ended
			June 30,																		June 30,
			2025						2024						Change						2025						2024						Change
Revenue			$	7,662.3					$	7,696.7					(0.4)		%				$	15,266.8					$	15,144.5					0.8		%
Cost of Sales			6,365.7						6,432.6						(1.0)		%				12,701.2						12,635.2						0.5		%
Gross Profit			$	1,296.6					$	1,264.1					2.6		%				$	2,565.6					$	2,509.3					2.2		%
SG&A Expenses			906.3						887.5						2.1		%				1,819.9						1,767.3						3.0		%
Depreciation			42.1						38.6						9.1		%				82.0						76.4						7.3		%
Operating Income			$	348.2					$	338.0					3.0		%				$	663.7					$	665.6					(0.3)		%
Floor Plan Interest Expense			(43.3)						(46.6)						(7.1)		%				(84.8)						(91.4)						(7.2)		%
Other Interest Expense			(21.6)						(19.9)						8.5		%				(44.1)						(41.2)						7.0		%
Gain on Sale of Dealership			—						—						nm						52.3						—						nm
Equity in Earnings of Affiliates			53.6						54.0						(0.7)		%				86.9						87.3						(0.5)		%
Income Before Income Taxes			$	336.9					$	325.5					3.5		%				$	674.0					$	620.3					8.7		%
Income Taxes			(86.0)						(82.6)						4.1		%				(178.1)						(161.2)						10.5		%
Net Income			$	250.9					$	242.9					3.3		%				$	495.9					$	459.1					8.0		%
Less: Income Attributable to Non-Controlling Interests			0.9						1.7						(47.1)		%				1.6						2.7						(40.7)		%
Net Income Attributable to Common Stockholders			$	250.0					$	241.2					3.6		%				$	494.3					$	456.4					8.3		%
Amounts Attributable to Common Stockholders:
Net Income			$	250.9					$	242.9					3.3		%				$	495.9					$	459.1					8.0		%
Less: Income Attributable to Non-Controlling Interests			0.9						1.7						(47.1)		%				1.6						2.7						(40.7)		%
Net Income Attributable to Common Stockholders			$	250.0					$	241.2					3.6		%				$	494.3					$	456.4					8.3		%
Income Per Share			$	3.78					$	3.61					4.7		%				$	7.44					$	6.81					9.3		%
Weighted Average Shares Outstanding			66.2						66.9						(1.1)		%				66.5						67.0						(0.7)		%

Consolidated Condensed Balance Sheets

(Amounts In Millions)

(Unaudited)

Consolidated Operations

Selected Data

(Unaudited)

Retail Automotive Operations

(Unaudited)

			Three Months Ended																								Six Months Ended
			June 30,																								June 30,
			2025									2024									Change						2025									2024									Change
Retail Automotive Units:
New Retail						47,546									50,861						(6.5)		%							98,148									99,528						(1.4)		%
Used Retail						54,999									65,571						(16.1)		%							113,485									134,836						(15.8)		%
Total Retail						102,545									116,432						(11.9)		%							211,633									234,364						(9.7)		%
New Agency						10,079									10,221						(1.4)		%							20,765									19,153						8.4		%
Total Retail and Agency						112,624									126,653						(11.1)		%							232,398									253,517						(8.3)		%
Retail Automotive Revenue: (Amounts in Millions)
New Vehicles			$			2,941.8						$			2,995.8						(1.8)		%				$			5,963.9						$			5,798.4						2.9		%
Used Vehicles						2,200.5									2,275.8						(3.3)		%							4,401.0									4,612.0						(4.6)		%
Finance and Insurance, Net						200.5									208.7						(3.9)		%							398.7									414.7						(3.9)		%
Service and Parts						816.6									752.8						8.5		%							1,606.0									1,498.9						7.1		%
Fleet and Wholesale						358.1									382.3						(6.3)		%							717.2									769.4						(6.8)		%
Total Revenue			$			6,517.5						$			6,615.4						(1.5)		%				$			13,086.8						$			13,093.4						(0.1)		%
Retail Automotive Gross Profit: (Amounts in Millions)
New Vehicles			$			282.4						$			291.0						(3.0)		%				$			562.4						$			563.4						(0.2)		%
Used Vehicles						127.9									119.5						7.0		%							253.6									249.4						1.7		%
Finance and Insurance, Net						200.5									208.7						(3.9)		%							398.7									414.7						(3.9)		%
Service and Parts						481.0									439.6						9.4		%							943.7									872.0						8.2		%
Fleet and Wholesale						17.0									16.2						4.9		%							34.2									32.7						4.6		%
Total Gross Profit			$			1,108.8						$			1,075.0						3.1		%				$			2,192.6						$			2,132.2						2.8		%
Retail Automotive Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)			$			61,340						$			58,437						5.0		%				$			60,237						$			57,820						4.2		%
Used Vehicles						40,010									34,707						15.3		%							38,780									34,204						13.4		%
Retail Automotive Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)			$			5,443						$			5,302						2.7		%				$			5,245						$			5,267						(0.4)		%
Used Vehicles						2,326									1,822						27.7		%							2,235									1,849						20.9		%
Finance and Insurance (excluding agency)						1,919									1,766						8.7		%							1,848									1,742						6.1		%
Agency						2,701									2,390						13.0		%							2,659									2,381						11.7		%
Retail Automotive Gross Margin:
New Vehicles						9.6		%							9.7		%				(10)bps									9.4		%							9.7		%				(30)bps
Used Vehicles						5.8		%							5.3		%				+50bps									5.8		%							5.4		%				+40bps
Service and Parts						58.9		%							58.4		%				+50bps									58.8		%							58.2		%				+60bps
Fleet and Wholesale						4.7		%							4.2		%				+50bps									4.8		%							4.3		%				+50bps
Total Gross Margin						17.0		%							16.2		%				+80bps									16.8		%							16.3		%				+50bps
Retail Automotive Revenue Mix Percentages:
New Vehicles						45.1		%							45.3		%				(20)bps									45.6		%							44.3		%				+130bps
Used Vehicles						33.8		%							34.4		%				(60)bps									33.6		%							35.2		%				(160)bps
Finance and Insurance, Net						3.1		%							3.2		%				(10)bps									3.0		%							3.2		%				(20)bps
Service and Parts						12.5		%							11.4		%				+110bps									12.3		%							11.4		%				+90bps
Fleet and Wholesale						5.5		%							5.7		%				(20)bps									5.5		%							5.9		%				(40)bps
Total						100.0		%							100.0		%													100.0		%							100.0		%
Retail Automotive Gross Profit Mix Percentages:
New Vehicles						25.5		%							27.1		%				(160)bps									25.6		%							26.4		%				(80)bps
Used Vehicles						11.5		%							11.1		%				+40bps									11.6		%							11.7		%				(10)bps
Finance and Insurance, Net						18.1		%							19.4		%				(130)bps									18.2		%							19.4		%				(120)bps
Service and Parts						43.4		%							40.9		%				+250bps									43.0		%							40.9		%				+210bps
Fleet and Wholesale						1.5		%							1.5		%				—bps									1.6		%							1.6		%				—bps
Total						100.0		%							100.0		%													100.0		%							100.0		%

Retail Automotive Operations Same-Store

(Unaudited)

			Three Months Ended																								Six Months Ended
			June 30,																								June 30,
			2025									2024									Change						2025									2024									Change
Retail Automotive Same-Store Units:
New Retail						46,014									49,465						(7.0)		%							94,857									96,564						(1.8)		%
Used Retail						53,602									61,146						(12.3)		%							110,164									124,913						(11.8)		%
Total Retail						99,616									110,611						(9.9)		%							205,021									221,477						(7.4)		%
New Agency						10,079									9,591						5.1		%							20,765									17,660						17.6		%
Total Retail and Agency						109,695									120,202						(8.7)		%							225,786									239,137						(5.6)		%
Retail Automotive Same-Store Revenue: (Amounts in Millions)
New Vehicles			$			2,850.0						$			2,919.9						(2.4)		%				$			5,754.4						$			5,630.9						2.2		%
Used Vehicles						2,140.1									2,168.0						(1.3)		%							4,249.1									4,357.6						(2.5)		%
Finance and Insurance, Net						198.0									201.1						(1.5)		%							391.4									397.0						(1.4)		%
Service and Parts						792.7									741.5						6.9		%							1,552.7									1,472.0						5.5		%
Fleet and Wholesale						338.1									370.1						(8.6)		%							683.9									737.3						(7.2)		%
Total Revenue			$			6,318.9						$			6,400.6						(1.3)		%				$			12,631.5						$			12,594.8						0.3		%
Retail Automotive Same-Store Gross Profit: (Amounts in Millions)
New Vehicles			$			272.7						$			284.5						(4.1)		%				$			540.1						$			548.0						(1.4)		%
Used Vehicles						124.3									115.5						7.6		%							244.9									239.0						2.5		%
Finance and Insurance, Net						198.0									201.1						(1.5)		%							391.4									397.0						(1.4)		%
Service and Parts						469.0									431.1						8.8		%							916.3									852.6						7.5		%
Fleet and Wholesale						16.1									16.2						(0.6)		%							33.4									32.9						1.5		%
Total Gross Profit			$			1,080.1						$			1,048.4						3.0		%				$			2,126.1						$			2,069.5						2.7		%
Retail Automotive Same-Store Revenue Per Vehicle Retailed:
New Vehicles (excluding agency)			$			61,385						$			58,570						4.8		%				$			60,118						$			57,883						3.9		%
Used Vehicles						39,927									35,455						12.6		%							38,570									34,885						10.6		%
Retail Automotive Same-Store Gross Profit Per Vehicle Retailed:
New Vehicles (excluding agency)			$			5,413						$			5,340						1.4		%				$			5,191						$			5,291						(1.9)		%
Used Vehicles						2,320									1,889						22.8		%							2,223									1,913						16.2		%
Finance and Insurance (excluding agency)						1,966									1,804						9.0		%							1,892									1,782						6.2		%
Agency						2,558									2,283						12.0		%							2,466									2,224						10.9		%
Retail Automotive Same-Store Gross Margin:
New Vehicles						9.6		%							9.7		%				(10)bps									9.4		%							9.7		%				(30)bps
Used Vehicles						5.8		%							5.3		%				+50bps									5.8		%							5.5		%				+30bps
Service and Parts						59.2		%							58.1		%				+110bps									59.0		%							57.9		%				+110bps
Fleet and Wholesale						4.8		%							4.4		%				+40bps									4.9		%							4.5		%				+40bps
Total Gross Margin						17.1		%							16.4		%				+70bps									16.8		%							16.4		%				+40bps
Retail Automotive Same-Store Revenue Mix Percentages:
New Vehicles						45.1		%							45.6		%				(50)bps									45.6		%							44.7		%				+90bps
Used Vehicles						33.9		%							33.9		%				—bps									33.6		%							34.6		%				(100)bps
Finance and Insurance, Net						3.1		%							3.1		%				—bps									3.1		%							3.2		%				(10)bps
Service and Parts						12.5		%							11.6		%				+90bps									12.3		%							11.7		%				+60bps
Fleet and Wholesale						5.4		%							5.8		%				(40)bps									5.4		%							5.8		%				(40)bps
Total						100.0		%							100.0		%													100.0		%							100.0		%
Retail Automotive Same-Store Gross Profit Mix Percentages:
New Vehicles						25.2		%							27.1		%				(190)bps									25.4		%							26.5		%				(110)bps
Used Vehicles						11.5		%							11.0		%				+50bps									11.5		%							11.5		%				—bps
Finance and Insurance, Net						18.3		%							19.2		%				(90)bps									18.4		%							19.2		%				(80)bps
Service and Parts						43.4		%							41.1		%				+230bps									43.1		%							41.2		%				+190bps
Fleet and Wholesale						1.6		%							1.6		%				—bps									1.6		%							1.6		%				—bps
Total						100.0		%							100.0		%													100.0		%							100.0		%

Retail Commercial Truck Operations

(Unaudited)

Retail Commercial Truck Operations Same-Store

(Unaudited)

Supplemental Data

(Unaudited)

Consolidated Non-GAAP Reconciliations

(Unaudited)

The following tables reconcile reported net income and earnings per share to adjusted net income and adjusted earnings per share for the six months ended June 30, 2025, and 2024:

The following table reconciles reported selling, general, and administrative expenses ("SG&A") and SG&A to gross profit to adjusted SG&A and adjusted SG&A to gross profit for the six months ending June 30, 2025, and 2024:

The following table reconciles net income before taxes to adjusted net income before taxes for the six months ending June 30, 2025, and 2024: