2026 COMPANY OVERVIEW Table of Contents | SECTION | SLIDE NO. | | | --- | --- | --- | | History and Business Overview | | 4 | | Railcar Leasing Business Model | | 14 | | Rail North America | | 21 | | Rail International | | 39 | | Engine Leasing | | 49 | | Trifleet | | 54 | | Financial Highlights | | 57 | | Reconciliation of Non-GAAP Measures | | 63 | 2 Forward-Looking Statements Statements in this presentation not based on historical facts are "forward-looking statements" within the meaning of the Private S ...

Core Insights - GATX Corporation reported strong Q4 and full-year 2025 earnings, highlighting increased net income, EPS, a dividend hike, and a new $300 million share-repurchase authorization [1] Financial Performance - Q4 revenue reached $449 million, exceeding the consensus forecast of $443.7 million, driven by higher lease revenue and asset disposition gains [2] - Quarterly diluted EPS was $2.66, surpassing Wall Street expectations by approximately 0.8%, attributed to higher segment profit, tax-adjustment benefits, and contributions from the Wells Fargo railcar acquisition [2] - For the full year, revenue totaled $1.74 billion, reflecting a year-over-year increase of about 9.8%, primarily from growth in rail leasing and engine leasing portfolios [3] - Full-year EPS was $9.12, marking a 17% year-over-year increase, supported by higher earnings, a $0.37 per-share positive tax-adjustment impact, and a $1.3 billion investment volume [3] Future Outlook - Management anticipates FY2026 EPS to be in the range of $9.50 to $10.10 per diluted share [4] - The board approved an 8.2% increase in the quarterly dividend to $0.66 per share, with the payout scheduled for March 31, 2026 [4] Company Overview - GATX Corporation is a US railcar leasing company that owns, leases, and manages a fleet of tank cars, freight cars, and locomotives, serving various industries including chemicals, petroleum, agriculture, and manufacturing [4]

Industry Overview - The 2026 Global Trade Report by Thomson Reuters indicates that global trade is facing significant challenges, primarily due to tariff volatility, with nearly 75% of trade professionals identifying U.S. tariffs as the most disruptive regulatory change, a sharp increase from 41% the previous year [1] - Supply chain concerns have nearly doubled, with companies now viewing issues like supplier reliability and customs delays as major enterprise risks rather than minor operational issues [1] Cost Pressures and Opportunities - Companies are experiencing real cost pressures, leading them to choose between raising prices or sacrificing margins, both of which are challenging positions [2] - Despite the disruptions, there are opportunities for companies that can navigate the current environment effectively, making them increasingly valuable and attracting investor interest [2] Stock Recommendations - A methodology was employed to identify U.S.-listed trading and distribution companies with market capitalizations above $2 billion and at least 15% upside potential, resulting in a shortlist of 10 stocks ranked by their upside [4] GATX Corp. Analysis - GATX Corp. (NYSE:GATX) is highlighted as one of the top trading and distribution stocks to buy [6] - Citigroup downgraded GATX from a Buy to a Neutral rating, raising the price target from $197 to $210, indicating a revised upside potential of nearly 18%, primarily due to valuation concerns [7] - Susquehanna increased its price target on GATX from $212 to $220 while maintaining a Positive rating, suggesting an upside potential of over 23% [8] - The upward adjustment in target price reflects confidence in GATX's market position, particularly in the supply-constrained railcar market, and highlights the company's unique opportunities and long-term visibility into fleet growth [9] - GATX is recognized as a global leader in railcar and engine leasing, providing essential transportation assets to various industries, and offers comprehensive maintenance and regulatory services for its rail fleet [10]

Group 1 - GATX Corp. is recognized as one of the best stocks to buy, with significant backing from billionaire Mario Gabelli, who has a notable position in GAMCO Investors' portfolio [1] - GAMCO Investors holds approximately 3.37% of GATX's outstanding stock, making it the eighth-largest institutional investor in the company [3] - The stock has shown weak performance recently, appreciating only around 2% from the end of September 2025 to March 9, 2026, and slightly more than 5% year-to-date [2] Group 2 - Analysts have mixed outlooks on GATX, with Citi downgrading the stock to Neutral but raising the price target to $210, indicating limited upside potential [3] - Susquehanna raised its price target to $220 while maintaining a Positive rating, with a consensus 1-year median price target of $215.50, suggesting a potential 25% upside from current levels [4] - GATX Corp. leases transportation assets and provides critical services globally, with a diverse portfolio that includes tank and freight railcars, aircraft spare engines, and tank containers [5]

Market Overview - Futures are trading higher after a poor start to the trading week, influenced by a risk-off bias due to tariff increases and a rotation out of technology stocks [1] - The Dow Jones closed down 1.66% at 48,804, S&P 500 down 1.04% at 6,837, Nasdaq down 1.13% at 22,627, and Russell 2000 down 1.60% at 2,621 [1] Treasury Bonds - Treasury yields decreased across the curve, indicating a flight to safety amid stock market declines [2] - The 30-year bond closed at 4.70% and the benchmark 10-year note at 4.03% [2] Oil and Gas - Oil prices saw a slight decline after a strong previous week, with Brent Crude closing at $71.58 (down 0.25%) and West Texas Intermediate at $66.41 (down 0.11%) [3] - Natural gas closed down 1.77% at $2.99 despite a significant storm on the East Coast [3] Gold - Gold experienced solid buying, closing at $5,227 (up 2.38%), driven by Middle East concerns and UBS raising its target price for gold to $6,200 by mid-2026 [4] - Silver also saw gains, closing up 4.23% at $88.10 [4] Cryptocurrency - Cryptocurrency prices, particularly Bitcoin, fell sharply, with Bitcoin dropping 3% to 5% to below $65,000, reaching lows around $64,200 to $64,800 [5] - Bitcoin is currently trading at $63,012, while Ethereum is at $1,824, marking a decline of over 25% for Bitcoin this year [5] Analyst Upgrades - Booking Holdings Inc. was upgraded to Overweight from Equal Weight at Morgan Stanley, with a target price of $5,500 [7] - Domino's Pizza Inc. was upgraded to Overweight from Neutral at JPMorgan, with a target price of $450 [10] - Fox Corporation was raised to Buy from Neutral at Seaport Research, with a target price of $64 [10] - Qualcomm Inc. was upgraded to Equal Weight from Underweight at Wells Fargo, with a target price raised to $150 from $135 [10] Analyst Downgrades - Blue Owl Capital Inc. was downgraded to Hold from Buy at Deutsche Bank, with a target price lowered to $10 from $15 [10] - Cable One Inc. was cut to Underperform from Neutral at BNP Paribas, with a target price slashed to $80 from $125 [10] - Comcast Corp. was downgraded to Underperform at BNP Paribas, with a target price of $27 [10] Analyst Initiations - Alkermes Plc. was initiated with an Outperform rating and a target price of $45 at Wolfe Research [10] - Blackstone Inc. was started with an Outperform rating at RBC Capital, with a target price of $179 [10] - Bloom Energy Inc. was initiated with a Neutral rating at Citigroup, with a target price of $162 [10] - Neurocrine Biosciences Inc. was initiated with an Outperform rating at Wolfe Research, with a target price of $160 [10]

Fleet and Assets - As of December 31, 2025, GATX Rail Europe owned a total of 36,484 railcars with an average age of approximately 17 years[37]. - GATX Rail North America has a fleet of approximately 107,625 railcars, with an average remaining lease term of about 43 months[27]. - Rail India owned 12,165 railcars as of December 31, 2025, with an average remaining lease term of approximately 75 months[42]. - GATX Rail North America operates an extensive maintenance network, performing approximately 36,000 service events in 2025[32]. - GATX has a long-term railcar supply agreement with Trinity to purchase 15,000 newly built railcars through 2028, with 8,133 railcars ordered as of December 31, 2025[29]. - As of December 31, 2025, GATX Rail North America's total assets amounted to $18.0 billion, largely composed of railcars[19]. - The average remaining lease term for Trifleet's tank containers was approximately 23 months as of December 31, 2025[52]. - As of December 31, 2025, Trifleet had commitments to acquire 930 newly manufactured tank containers from third parties, scheduled for delivery in 2026 and 2027[53]. Customer Base and Revenue - In 2025, one customer accounted for more than 5% of Rail North America's total lease revenue, while the top ten customers combined accounted for approximately 25%[27]. - Rail North America has a diverse customer base of approximately 800 customers, primarily in the transportation, chemical, petroleum, and food/agriculture industries[21]. - GATX's business is not materially impacted by seasonality, and it does not depend on a single customer or have significant customer concentrations[55][56]. Maintenance and Operations - The third-party maintenance network accounted for approximately 23% of Rail North America's total maintenance expenses in 2025[32]. Employment and Compensation - GATX employed 2,371 persons globally as of December 31, 2025, with approximately 39% being union workers covered by collective bargaining agreements[59]. - GATX provides comprehensive compensation and benefits programs, including competitive salaries, annual bonuses, stock awards, and a matched 401(k) plan[62]. Sustainability and Environmental Impact - GATX is committed to sustainability, with a multi-functional team assessing and prioritizing sustainability topics important to the business and stakeholders[67]. - Environmental costs were not material to GATX's financial position, results of operations, or cash flows as of December 31, 2025[69]. - GATX continues to evaluate climate-related risks that may impact its leasing businesses and maintenance operations, reporting on key environmental data[70]. - GATX has been recognized as a Responsible Care Partner by the American Chemistry Council and participates in initiatives to prepare communities for hazardous materials transportation incidents[64]. Financial Risks - A hypothetical increase in market interest rates of 100 basis points would cause an increase in after-tax interest expense of $10.8 million in 2026, compared to a $5.3 million increase in 2025[304]. - A uniform and hypothetical 10% strengthening in the U.S. dollar versus applicable foreign currencies would decrease after-tax income in 2026 by $11.7 million, compared to a decrease of $9.6 million in 2025[305]. - The company is exposed to interest rate and foreign currency exchange rate risks that could impact financial results, managed through derivative transactions[303].

Financial Data and Key Metrics Changes - GATX reported fourth quarter 2025 net income of $97 million or $2.66 per diluted share, an increase from $76.5 million or $2.10 per diluted share in Q4 2024, reflecting an EPS growth of 11% over 2024 [3][4] - For the full year 2025, net income was $333.3 million or $9.12 per diluted share, compared to $284.2 million or $7.78 per diluted share in 2024, indicating a significant increase [4] - The full year results for 2025 included a net positive impact of $0.37 per diluted share from tax adjustments, while 2024 had a net negative impact of $0.11 per diluted share [4] Business Line Data and Key Metrics Changes - Rail North America maintained utilization at 99% and closed over $640 million in new investments, optimizing the portfolio and generating substantial remarketing income [7] - Rail International faced challenges but managed to raise lease rates and maintain solid utilization levels, closing a significant transaction by acquiring nearly 6,000 rail cars from DB Cargo [8] - GATX India grew its portfolio to over 12,000 wagons, with strong demand for spare aircraft engines leading to significant earnings growth in engine leasing [8] Market Data and Key Metrics Changes - The economic environment in India was strong, contributing positively to GATX's results, while Rail International in Europe faced a challenging economic backdrop [17] - The secondary market for railcars remained robust, with strong demand for GATX leased assets, which allowed the company to capitalize on portfolio optimization [7] Company Strategy and Development Direction - GATX's strategy includes integrating the Wells Fargo rail portfolio and management activities into daily operations, with a focus on maintaining a conservatively structured balance sheet [6][10] - The company plans to consolidate the newly formed joint venture into its financial statements, managing a combined fleet of 208,000 rail cars to enhance operational efficiency [11][12] - GATX aims to leverage its increased scale to optimize and rebalance its portfolio, with expectations of continued strong demand in the secondary market [15][80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong EPS growth in 2026, targeting a range of $9.50-$10.10 per diluted share, marking another year of record EPS [21] - The company anticipates a similar operating environment in North America as experienced in 2025, with expectations for high utilization rates and positive lease pricing [12][13] - Management highlighted the importance of maintaining tight control over maintenance spending and managing potential disruptions in the global economy [33] Other Important Information - The board approved an 8.2% increase in the quarterly dividend, reflecting confidence in cash flow strength and business outlook [25] - A new $300 million share repurchase authorization was also approved, indicating a commitment to returning capital to shareholders [26] Q&A Session Summary Question: EPS Guidance and Gains on Sales - Management indicated that the $200 million target for gains on sales is subject to variability, with historical trends suggesting a potential range of $10 million to $15 million [30][31] Question: Variability Across Business Segments - The biggest sources of variability in financial results are projected remarketing gains and maintenance spending, which could significantly impact overall performance [33] Question: Synergies from Wells Fargo Acquisition - Initial synergies from the acquisition are expected to contribute $0.20-$0.30 to EPS, with further benefits anticipated as integration progresses [36][38] Question: Engine Leasing Market Dynamics - The global aviation market remains strong, with supply constraints positively impacting engine leasing profitability [42][43] Question: Railcar Shortages - Management confirmed that while there are no outright shortages, the market is supportive due to reduced new car production and stable pricing [48][49] Question: LPI Trends - Management noted that a 21.9% LPI is still considered positive, with expectations for continued strong performance in core segments despite some economic sensitivity [50][51] Question: Wells Fargo Fleet Integration - The integration of the Wells Fargo fleet is progressing well, with management confident in the quality and saleability of the acquired assets [59][82]

Financial Data and Key Metrics Changes - GATX reported fourth quarter 2025 net income of $97 million or $2.66 per diluted share, an increase from $76.5 million or $2.10 per diluted share in Q4 2024, reflecting an EPS growth of 11% over 2024 [3][4] - For the full year 2025, net income was $333.3 million or $9.12 per diluted share, compared to $284.2 million or $7.78 per diluted share in 2024, indicating a significant year-over-year increase [4] - The full year results for both 2025 and 2024 included impacts from tax adjustments, with a net positive impact of $0.37 per diluted share in 2025 and a net negative impact of $0.11 per diluted share in 2024 [4] Business Line Data and Key Metrics Changes - Rail North America maintained utilization at 99% and closed on over $640 million of new investments, optimizing the portfolio and generating substantial remarketing income [7] - Rail International faced challenges but managed to raise lease rates and maintain solid utilization levels, closing a significant transaction by acquiring nearly 6,000 rail cars from DB Cargo [8] - GATX India grew its portfolio to over 12,000 wagons, with robust demand for spare aircraft engines leading to strong earnings growth in engine leasing [8] Market Data and Key Metrics Changes - The economic environment in India was strong, contributing positively to GATX's results, while Rail International in Europe faced a challenging economic backdrop [17] - The secondary market for railcars remained robust, with strong demand for GATX leased assets, which allowed the company to capitalize on portfolio optimization [7] Company Strategy and Development Direction - GATX's strategy includes integrating the Wells Fargo rail acquisition, which added 101,000 rail cars to its portfolio, creating a consolidated fleet of 208,000 rail cars [10][12] - The company aims to maintain a conservatively structured balance sheet with leverage steady at 3.3 to 1 while continuing to find investment opportunities [6] - GATX plans to manage the combined fleet as a single entity, providing a unified commercial contact for customers [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong EPS growth in 2026, targeting a range of $9.50-$10.10 per diluted share, marking another year of record EPS [21] - The company anticipates a similar operating environment in North America as experienced in 2025, with expectations for lease revenue to reach approximately $1.6 billion in 2026 [14] - Management highlighted the importance of maintaining tight control over maintenance spending, which is projected to be around $500 million in 2026 [33] Other Important Information - The board approved an 8.2% increase in the quarterly dividend, reflecting confidence in the strength and quality of cash flow [25] - A new $300 million share repurchase authorization was also approved, indicating a commitment to returning capital to shareholders [26] Q&A Session Summary Question: Can you frame up the magnitude of gains on sales factored into the EPS guidance? - Management indicated targeting around $200 million for gains on sales, noting historical variability in these figures [31] Question: What areas of the business could see more variability in results for 2026? - Variability is expected primarily in remarketing gains and maintenance spending, which could significantly impact financial results [33] Question: Can you provide more detail on synergies from the Wells Fargo acquisition? - Initial guidance suggests $0.20-$0.30 accretion from the transaction, with further synergies expected to materialize over time [36] Question: Are there any potential railcar shortages being observed? - Management confirmed a stable and supportive market but did not report outright shortages, indicating a net fleet shrinkage in North America [48] Question: How do you expect the Wells Fargo fleet to impact remarketing income? - The Wells Fargo fleet is expected to contribute significantly to the $200 million target for remarketing income, with a focus on quality saleable deals [79][82]

Financial Data and Key Metrics Changes - GATX reported Q4 2025 net income of $97 million or $2.66 per diluted share, an increase from $76.5 million or $2.10 per diluted share in Q4 2024, representing a 27% increase in net income and a 27% increase in EPS [3][4] - For the full year 2025, net income was $333.3 million or $9.12 per diluted share, compared to $284.2 million or $7.78 per diluted share in 2024, marking a 17% increase in net income and a 17% increase in EPS [4] - The full year results included a net positive impact from tax adjustments of $0.37 per diluted share in 2025, compared to a net negative impact of $0.11 per diluted share in 2024 [4] Business Line Data and Key Metrics Changes - Rail North America maintained utilization at 99% and closed on over $640 million of new investments, with a strong secondary market for leased assets [7][8] - Rail International faced challenges but managed to raise lease rates and maintain solid utilization levels, with a significant acquisition of nearly 6,000 rail cars from DB Cargo [9] - GATX India grew its portfolio to over 12,000 wagons, benefiting from a strong economic environment, and saw robust demand for spare aircraft engines, leading to the strongest earnings growth among GATX businesses in 2025 [9] Market Data and Key Metrics Changes - The economic environment in North America is expected to remain stable, with a projected utilization rate of 98%-99% for the consolidated fleet by year-end 2026 [14] - The lease pricing index (LPI) is expected to be in the high teens to low 20% positive range, following a 21.9% posted in Q4 2025 [14] - The secondary market for railcars is expected to remain robust, with GATX anticipating approximately $200 million of net gains on asset dispositions in 2026, up from $130 million in 2025 [16] Company Strategy and Development Direction - GATX is focused on integrating the Wells Fargo rail portfolio and management activities into its operations, with a consolidated fleet of 208,000 rail cars [10][13] - The company aims to maintain a conservatively structured balance sheet with leverage steady at 3.3 to 1 while pursuing investment opportunities [6] - GATX's capital allocation strategy prioritizes acquiring hard assets at attractive valuations, managing the balance sheet prudently, and returning excess capital to shareholders through dividends and share repurchases [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong EPS growth in 2026, projecting EPS in the range of $9.50-$10.10 per diluted share, marking a 10% increase [21] - The integration of the Wells Fargo acquisition is progressing well, with expectations of capturing synergies and benefits over time [22][38] - Management highlighted the importance of maintaining tight control over maintenance spending and managing potential disruptions in the global economy [34] Other Important Information - The board approved an 8.2% increase in the quarterly dividend, reflecting confidence in cash flow strength and business outlook [26] - A new $300 million share repurchase authorization was also approved, indicating a commitment to returning capital to shareholders [27] Q&A Session Summary Question: EPS guidance and gains on sales - Management indicated that the $200 million target for gains on sales is subject to variability, with historical trends suggesting a potential range of $10 million to $15 million [30][31] Question: Variability across business segments - The biggest sources of variability in financial results are projected remarketing gains and maintenance spending, with management emphasizing the importance of managing these factors tightly [34] Question: Synergies from the Wells Fargo acquisition - Initial guidance for synergies from the acquisition is estimated at $0.20-$0.30 per share, with expectations for modest accretion in year two [36][37] Question: Engine leasing market conditions - The global aviation market remains strong, with supply constraints contributing to increased value in the existing engine portfolio [45][46] Question: Railcar shortages and market dynamics - Management confirmed a stable and supportive market for railcars, with no outright shortages but a net fleet shrinkage due to fewer new cars being produced [51][52]

Financial Performance - Fourth-quarter 2025 net income was $97.0 million or $2.66 per diluted share, up from $76.5 million or $2.10 per diluted share in Q4 2024, reflecting a 27% increase [2][5] - Full-year 2025 net income reached $333.3 million or $9.12 per diluted share, compared to $284.2 million or $7.78 per diluted share in 2024, marking a 17% increase [3][5] - Net income attributable to GATX for the year 2025 was $333.3 million, a 17.3% increase from $284.2 million in 2024 [31] - Net income attributable to GATX for the three months ended December 31, 2025, was $97.0 million, an increase of 27.3% from $76.5 million in 2024 [47] - Diluted earnings per share (GAAP) for the twelve months ended December 31, 2025, rose to $9.12, up 17.3% from $7.78 in 2024 [48] Revenue and Profitability - Total revenues for Q4 2025 reached $449.0 million, an increase of 8.5% compared to $413.5 million in Q4 2024 [31] - Lease revenue increased to $380.7 million in Q4 2025, up from $356.5 million in Q4 2024, representing a growth of 6.5% [31] - Total revenues for GATX in the latest quarter reached $413.5 million, with lease revenue contributing $356.5 million, representing a significant portion of total revenues [38] - Segment profit for GATX was $157.5 million, with Rail North America contributing $84.5 million and Rail International contributing $30.6 million [38] - Engine Leasing segment profit for 2025 was $181.5 million, up from $117.3 million in 2024, reflecting strong performance in the aircraft spare engine market [22][23] Asset Management - The company reported a net gain on asset dispositions of $39.9 million in Q4 2025, compared to $28.0 million in Q4 2024, a growth of 42.5% [31] - GATX achieved a net gain on asset dispositions of $28.0 million, showcasing effective asset management strategies [38] - The company reported a net gain on Specialized Gas Vessels at Engine Leasing of $(0.6) million for the twelve months ended December 31, 2024 [47] Investments and Acquisitions - The company completed a significant acquisition of approximately 101,000 railcars from Wells Fargo for about $4.2 billion, marking the largest acquisition in its history [7] - GATX initiated 2026 earnings guidance of $9.50–$10.10 per diluted share, including an expected income contribution of $0.20-$0.30 per diluted share from the Wells Fargo transaction [5][11] - Total investment volume for Rail International was $502.4 million for the full year 2025 [20] - Investment volume for Q4 2025 was $439.7 million, reflecting a significant increase from previous periods [35] - Investment volume for the twelve months was $1,316.7 million, reflecting continued investment in fleet expansion and modernization [41] Dividends and Shareholder Returns - The board of directors approved an 8.2% increase in the quarterly dividend to $0.66 per common share, payable on March 31, 2026 [12][13] Fleet Utilization and Performance - Rail North America's fleet utilization remained strong at 99.0%, with a Lease Price Index (LPI) of 21.9% in Q4 2025 [5][16] - Rail North America reported segment profit of $95.7 million in Q4 2025, compared to $84.5 million in Q4 2024, driven by higher gains on asset dispositions [14] - The average renewal lease rate change for Rail North America was 21.9% for the three months ended December 31, 2025, compared to 26.7% in the same period of 2024 [55] - The renewal success rate for Rail North America improved to 91.4% in Q4 2025, up from 89.1% in Q4 2024 [55] Balance Sheet and Financial Position - Cash and cash equivalents as of December 31, 2025, were $743.0 million, significantly up from $401.6 million in 2024 [33] - Total assets increased to $17,999.5 million in 2025, compared to $12,296.5 million in 2024, marking a growth of 46.8% [33] - Total liabilities rose to $14,364.4 million in 2025, up from $9,857.6 million in 2024, indicating a 45.5% increase [33] - Total debt and lease obligations, net of unrestricted cash, increased to $11,945.2 million as of December 31, 2025, from $8,004.1 million in 2024 [52] - Total expenses for the twelve months were $953.7 million, with significant costs in maintenance and depreciation totaling $427.7 million and $431.8 million respectively [41] International Operations - The ending balance of railcars in Europe increased to 36,484 from 30,027 year-over-year, reflecting a growth of 21.3% [57] - Railcars added in Europe for the quarter totaled 6,145, a significant increase compared to 196 in the same quarter last year [57] - Utilization rate for the European fleet is at 94.7%, showing a slight increase from 93.7% in the previous quarter [57] - The ending balance of railcars in India reached 12,165, up from 10,583 year-over-year, representing a growth of 15.0% [57] - Railcars added in India for the quarter were 453, compared to 222 in the same quarter last year, indicating a 103.6% increase [57] - The utilization rate for the Indian fleet remains at 100.0%, consistent with the previous quarter [57] - Average active railcars in Europe increased to 32,671 from 28,812 year-over-year, marking a growth of 13.3% [57] - Average active railcars in India rose to 11,905 from 10,460 year-over-year, reflecting a growth of 13.8% [57] - The total number of railcars scrapped or sold in Europe was 233, a slight increase from 122 in the same quarter last year [57] - The company continues to focus on fleet expansion and utilization improvements across both European and Indian markets [57]