Forward Air Corporation Customer Update and MOU

Forward Air Corporation has entered into a non-binding Memorandum of Understanding (MOU) with one of its largest customers. This MOU is expected to retain at least 50% of the approximate $250 million in annual revenue from this customer, with a potential to retain an additional 25%. The agreement also extends the contract term for the retained services to a minimum of two years. Services expected to transition to other providers will begin later this year, with the majority occurring in December 2026 and throughout 2027. The company views this as a positive development, building on a 20-year relationship and highlighting the quality of service provided.