Covenant Logistics Group, Inc.

”   Capitalization, Liquidity and Capital Expenditures   Tripp Grant, the Company’s Chief Financial Officer, added the following comments: “At September 30, 2026, our total indebtedness, comprised of total debt and finance lease obligations, net of cash (“net indebtedness”), decreased by $12.4 million to approximately $283.9 million as compared to December 31, 2025.

SEC original ↗Covenant Logistics Group, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2026

Under our ABL credit facility, we had $35.0 million in outstanding borrowings, undrawn letters of credit outstanding of $19.8 million, and immediate available borrowing capacity of $75.2 million.

SEC original ↗Covenant Logistics Group, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2026

   “Our net capital expenditures for the first three quarters of the year were approximately $18.4 million, as proceeds from fleet downsizing and selling excess used equipment kept pace with the investment in new replacement equipment.

SEC original ↗Covenant Logistics Group, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2026

Consistent with our strategy, which reduced volatility during the recent freight market downturn, we intend to remain disciplined and patient in pursuing customers and markets that support sustainable long-term value creation.

SEC original ↗Covenant Logistics Group, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2026

Average freight revenue per tractor per week increased 6.2% as a result of the expansion of our agricultural protein-related business and exiting non-specialized dedicated business that has struggled to meet profitability thresholds.

SEC original ↗Covenant Logistics Group, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2026

We are also focused on reducing overhead and other controllable costs as a percentage of revenue, which we expect will support gradual margin expansion.

SEC original ↗Covenant Logistics Group, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2026

Longer term, we believe our strategy can materially improve Combined Truckload operating margins through continued world-class customer service and disciplined asset reallocation to operations offering higher margins and returns.

SEC original ↗Covenant Logistics Group, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2026

In this press release, statements relating to equipment age, net capital equipment expenditures and related priorities, benefits, and returns, capital allocation alternatives, expectations for the general freight market, including rates, demand, and capacity, our ability to achieve our desired business mix, future margin and return on capital, future expenses and the impact of inflation, including maintenance, wages, benefits, technology, and insurance and claims, progress toward our strategic goals and the expected impact of achieving such goals, and the statements under “ Outlook ” are forward-looking statements.

SEC original ↗Covenant Logistics Group, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2026

Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.

SEC original ↗Covenant Logistics Group, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2026

Revenue — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Covenant Logistics Group, Inc. — Earnings release (8-K exhibit)EX-99Oct 29, 2026