Trinity Industries (TRN) investor relations material

Executive summary

• Q2 2025 EPS from continuing operations was $0.19 per share, with revenues of $506 million and lease fleet utilization at 96.8%.

• New railcar orders totaled 2,310, deliveries were 1,815, and backlog stood at $2.0 billion.

• Management highlighted robust leasing performance and ongoing recovery in new railcar demand, though revenues and operating profit declined year-over-year.

• Full-year EPS guidance remains at $1.40–$1.60, with improved performance expected in the second half.

• Lease rates and fleet utilization remain strong despite lower deliveries and macroeconomic uncertainty.

Financial highlights

• Q2 2025 revenues were $506 million, down nearly 40% year-over-year due to lower external deliveries.

• Net income for Q2 2025 was $20 million, with diluted EPS of $0.17–$0.19.

• Year-to-date cash flow from continuing operations reached $142 million.

• Lease portfolio sales generated $29 million in proceeds and $8 million in gains during the quarter.

• Total committed liquidity at quarter-end was $792 million.

Outlook and guidance

• Full-year 2025 EPS guidance maintained at $1.40–$1.60, with stronger H2 performance expected.

• Industry deliveries forecast at 28,000–33,000 railcars; net fleet investment projected at $250–$350 million.

• Operating and administrative capex guidance remains at $45–$55 million.

• Segment margin guidance for Rail Products at 5–6% for the year, with improvement expected in H2.

• 36.7% of railcar backlog value expected to be delivered in the remainder of 2025.