FORWARD AIR CORP

Ticker: FWRD CUSIP: 34986A104 Class: Common Stock

PSquared Asset Management AG's Holding History (CIK: 0001623624)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 175,760 Value ($000) $4,394 Avg Close $22.51 Range $15.75 - $26.70

Q3 2025

Shares 69,300 Value ($000) $1,777 Avg Close $28.77 Range $24.20 - $32.47

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	175,760	$4,394	$22.51	$15.75 - $26.70
Q3 2025	69,300	$1,777	$28.77	$24.20 - $32.47