The Greenbrier Companies (GBX) Corporate presentation summary

Market leadership and operational footprint

• Holds a leading position in railcar manufacturing and leasing across North America, Europe, and Brazil, with #1 or #2 market share in key segments.

• Operates a diversified manufacturing, maintenance, and management network close to customers, supporting onshoring trends.

• Maintains a lease fleet of approximately 20,600 railcars with high utilization and a net book value of $1.7 billion.

• Backlog stands at $2.0 billion, providing strong revenue visibility and supporting recurring revenue growth.

• Strategic facility rationalization in Europe is expected to deliver $20 million in annualized savings.

Financial performance and capital allocation

• Achieved 51% growth in recurring revenue since fiscal 2023, driven by expansion of the lease fleet and management services.

• Core EBITDA reached $512 million LTM as of May 2026, with a long-term trend of higher highs and lows through cycles.

• Aggregate gross margin improved to 15.1% LTM, reflecting manufacturing optimization and increased high-margin recurring revenue.

• Returned $635 million to shareholders since 2014 through dividends and share repurchases, with a 127% dividend increase.

• Maintains robust liquidity of ~$890 million and targets up to $300 million annual net investment in the lease fleet.

Strategic priorities and market outlook

• Focuses on optimizing for demand recovery, manufacturing excellence, recurring revenue growth, and balanced capital allocation.

• North American railcar deliveries are expected to grow as deferred demand materializes, despite near-term headwinds from tariffs and geopolitical unrest.

• European outlook is positive long-term, with intermodal recovery and increased infrastructure spending anticipated.

• Brazilian demand is set to rise due to infrastructure investment and favorable tariff activity, with a projected 14% CAGR in freight wagon deliveries.

• Industry shift from railroad to lessor ownership of railcars aligns with the business model, supporting recurring revenue streams.