Financial Data and Key Metrics Changes - The company reported core FFO of $15.6 million for the quarter, an increase of $3 million compared to $12.6 million in the same quarter of the previous year [11] - Core FFO per share was $0.48, down from $0.50 in the comparable quarter of the prior year [11] - Same property NOI increased by 2.3% during the quarter, driven by leasing activity across the portfolio [12] Business Line Data and Key Metrics Changes - Year-to-date leasing activity reached 482,000 square feet, with 424,000 square feet being comparable leasing, achieving a weighted average base rent spread of 21.7% [4] - In the third quarter, the company executed 143,000 square feet of new retail leases, renewals, and extensions at an average base rent of $23 per square foot [4] - The lease percentage of the Shops at Legacy stands at approximately 85% following recent leasing activity [6] Market Data and Key Metrics Changes - The signed-not-open (SNO) pipeline is valued at $5.5 million, representing about 5.3% of annual cash base rents as of quarter-end [5] - Approximately 76% of the SNO pipeline is expected to be recognized in 2026, with 100% in 2027 [5] Company Strategy and Development Direction - The company is focused on enhancing liquidity through recent term loan financings and is actively pursuing acquisitions that align with its leasing and operating strengths [7][9] - The company aims to achieve a positive cash leasing spread of 40%-60% across its vacant anchor spaces [5] - The management is optimistic about the value creation from leasing activities and the potential for earnings growth [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leasing progress and the overall operating performance, highlighting strong demand in the retail sector [4][8] - The company anticipates additional deleveraging as vacant anchor boxes are released and tenants in the SNO pipeline commence paying rent [11] - Management noted that the acquisition of the South Florida shopping center is expected to close before year-end, which will further enhance the company's portfolio [7] Other Important Information - The company ended the quarter with approximately $170 million of liquidity, consisting of $161 million available under the revolving credit facility and $9 million in cash [10] - The company repurchased $9.3 million of common stock at a weighted average purchase price of $16.27 per share [10] Q&A Session Summary Question: What is the pro forma debt to EBITDA after the Florida acquisition and revenue from signed-not-open leases? - Management indicated that the Florida asset will be temporarily financed through the line of credit, and the signed-not-open pipeline would reduce debt to EBITDA by about half a turn as it comes online [15] Question: What is the timing for recognizing revenue from the signed-not-open pipeline? - Management expects to recognize about $4 million of the $5.5 million pipeline in 2026, ramping up throughout the year [17] Question: Where is the most significant vacancy currently? - The largest vacancy is a 40,000 square foot space at Carolina Pavilion, with management exploring options to fill it [18] Question: What is the status of structured investments maturing in early 2026? - Management stated that Founders Square will pay off, while Waters Creek may either extend or pay off [21] Question: How is the company approaching capital allocation between buybacks and structured investments? - Management expressed a preference for buying back shares given the current stock price and indicated that they would continue to do so within credit facility restrictions [25] Question: What is the status of leases expiring in the fourth quarter? - Management does not foresee any risk of non-renewal for the leases expiring, as many tenants are below market rent [32] Question: How much of the potential new base rent from anchor box releasing is already set? - Six closed leases represent about $2.5 million of the potential new base rent, with the remaining $2 million contingent on ongoing negotiations [48] Question: Are there any additional acquisitions expected in 2025? - Management does not expect additional acquisitions beyond the South Florida shopping center transaction due to time constraints [50]

Financial Data and Key Metrics Changes - The company reported consolidated net revenues of $2.9 billion and adjusted EBITDA of $884 million for Q3 2025, with hold-normalized EBITDA at $927 million [5][6] - Regional EBITDA grew by 4% on a hold-normalized basis during the quarter [8] - The Las Vegas segment reported same-store adjusted EBITDA of $379 million and hold-normalized EBITDA of $398 million, with occupancy at 92% compared to 97% last year [7][8] Business Line Data and Key Metrics Changes - The digital segment generated net revenue of $311 million and adjusted EBITDA of $28 million, with hold-normalized adjusted EBITDA at $40 million [10] - iCasino saw a 29% net revenue growth driven by increased volume and average monthly active users [11] - The Las Vegas segment experienced a decline in average daily rate (ADR) by 5% due to city-wide visitation weakness [7] Market Data and Key Metrics Changes - Regional revenues increased year over year, particularly in Danville and New Orleans, contributing to same-store net revenue growth [7] - The Las Vegas segment faced a decline in visitation, impacting occupancy and ADR, but showed sequential improvement as the quarter progressed [6][15] Company Strategy and Development Direction - The company is focused on reinvesting in its assets, with recent CapEx investments at the Flamingo Las Vegas exceeding return expectations [8] - Upcoming projects include a new Omnia Day Club at Caesars Palace and the rebranding of The Cromwell to the Vanderpump Hotel [8] - The company aims to drive 20% top-line growth with 50% flow-through to EBITDA, maintaining a focus on spending efficiency [12] Management's Comments on Operating Environment and Future Outlook - Management noted a soft summer in Las Vegas but expects recovery in the fourth quarter, driven by group business and improved leisure trends [15][18] - The company anticipates a record EBITDA year in 2025, supported by strong booking pace for Q4 [7][18] - Management expressed confidence in the regional segment's performance, with solid demand and improved marketing flow-through [19][20] Other Important Information - The company redeemed $546 million of senior notes and repurchased $100 million of stock during the quarter, reducing its share base by 6% [14] - The balance sheet remains strong, with a weighted average cost of debt just over 6% [14] Q&A Session Summary Question: Insights on Las Vegas leisure demand recovery - Management indicated that leisure demand is improving, with group activity helping to compress rates better than in Q3 [22][24] Question: Regional performance and promotional strategy - Management expects improved flow-through from marketing strategies as they refine their approach and focus on effective promotions [25][28] Question: Digital segment performance and customer acquisition - Management noted that higher acquisition marketing spend was expected and resulted in increased customer acquisition, although it impacted flow-through in the short term [51][52] Question: Future outlook for Las Vegas and capital investments - Management highlighted the importance of consumer demand recovery and the impact of upcoming conferences on performance in 2026 [46][47] Question: Impact of prediction markets on digital segment - Management has not seen significant impact from prediction markets yet and is monitoring the situation closely [60][62]

InvestorRelations@gbrx.com www.gbrx.com NYSE: GBX 4Q25 Earnings Slides & Supplemental Information Forward Looking Statements This presentation and the accompanying oral presentation contain forward-looking statements, including statements that are not purely statements of historical fact. The Greenbrier Companies, Inc. (the "Company," "we," "us" or "our") uses words, and variations of words, such as "backlog," "believe," "capacity," "commit," "continue," "drive," "estimate," "expect," "focus," "future," "gr ...

Financial Data and Key Metrics Changes - The company reported net income of $16.3 million for Q3 2025, with earnings per share at $0.77, a return on average assets of 1.44%, and a return on average equity of 15.35% [3][4] - Net interest margin expanded by three basis points to 3.56%, while the cost of total deposits decreased by two basis points to 2.44% [3][4] - The efficiency ratio for the third quarter was 40.13% [4] Business Line Data and Key Metrics Changes - Loans held for investment grew by $129.2 million, or 14% on an annualized basis, while total deposits increased by approximately $208.8 million, or 21% on an annualized basis [4] - Non-wholesale deposits increased by $359 million, or 11%, whereas wholesale deposits decreased by $150.2 million, or 23% [4] - Non-performing loans represented only five basis points of total loans held for investment, indicating strong asset quality [4][5] Market Data and Key Metrics Changes - Total assets increased by $228.3 million, primarily driven by loan growth in the commercial real estate portfolio, which grew by $77.7 million [5] - Non-interest-bearing deposits remained consistent at 26% of total deposits as of September 30, 2025, with approximately 60% of deposit relationships totaling more than $5 million [6] Company Strategy and Development Direction - The company is focused on organic growth and maintaining a differentiated client experience, with a commitment to community partners throughout Northern California [3][4] - The opening of a new full-service office in Walnut Creek is part of the strategy to expand in the San Francisco Bay Area, which has shown significant growth potential [8] - The company aims to eliminate brokered deposits over time while optimizing its funding base through core deposit growth [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and ability to adapt to changing economic conditions while focusing on long-term strategy execution [9] - The company anticipates deposit growth of 1%-2% in Q4 2025, acknowledging that replicating the strong growth seen in Q3 may be challenging [13] - Management highlighted the importance of maintaining strong credit quality and conservative underwriting practices to support future growth [5][8] Other Important Information - A cash dividend of $0.20 per share was declared by the board, expected to be paid in November [4] - The company recorded a $2.5 million provision for credit losses during the quarter, primarily due to loan growth [5] Q&A Session Summary Question: Core deposit growth and optimization - Management noted exceptional core deposit growth in Q3, driven by new clients across all platforms, but anticipates slower growth in Q4 due to efforts to reduce brokered deposits [12][13] Question: Loan payoffs and paydowns - Management explained that payoffs are influenced by the business model, particularly in MHC and RV park lending, and expect this trend to continue [18][21] Question: Growth opportunities and team expansion - Management highlighted growth in the ag team and other segments, with a focus on larger credits that significantly impact both deposits and loans [22][24] Question: Net interest margin outlook - Management expressed optimism about margin expansion in a down rate environment, with expectations of continued loan repricings contributing positively [31][33] Question: M&A landscape - Management indicated a preference for organic growth but remains open to opportunistic M&A if a compelling opportunity arises [60][61]

Financial Data and Key Metrics Changes - The company reported net income of $106 million, or $1.54 per diluted share in the third quarter, with a return on assets at 1.56% and return on tangible common equity at 14.6% [9] - The efficiency ratio improved to 49.19% from 51.63% in the previous quarter, driven by a strong 17.8% annualized revenue growth [9][12] - Tangible book value per share grew to $42.90, reflecting a strong 15.2% annualized growth [9] Business Line Data and Key Metrics Changes - Loan portfolio production topped $2 billion in the quarter, with a 4% annualized loan growth primarily from C&I and CRE [6][7] - Non-interest income increased by $7.4 million, mainly from better equipment finance fees and a non-recurring gain on securities [11] - The company repurchased about $8.5 million of common stock, with a new share repurchase plan of $200 million approved [10] Market Data and Key Metrics Changes - Deposits increased by $295 million, with core deposits growing by $355 million, maintaining non-interest-bearing deposits at over 30% [13][14] - The company anticipates loan and deposit growth in the mid-single-digit range going forward [14] Company Strategy and Development Direction - The company remains focused on growing its core deposit base and tangible book value per share, with a strong emphasis on revenue growth and positive operating leverage [4][8] - The management is optimistic about capitalizing on growth opportunities and disruption within the Southeastern markets [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding loan demand and the potential for growth, particularly in light of favorable macroeconomic conditions [20][50] - The company expects some margin compression in the coming quarters due to rising deposit costs, but remains focused on growing net interest income [11][42] Other Important Information - The provision for credit losses was $22.6 million, with a strong reserve level of 162% [12] - The company is well-positioned to take advantage of future growth opportunities and disruption in its markets [65] Q&A Session Summary Question: Loan demand and pipeline trends - Management noted strong demand across all verticals and steady payoffs, contributing to optimism for future growth [20] Question: Competition landscape - Competition is primarily on pricing, but management believes disruption will help garner additional volume [22] Question: Equipment finance production and demand - Demand in equipment finance is picking up, with strong fee income growth expected to continue [25][28] Question: Expense growth rate outlook - Management anticipates a reasonable expense growth rate of about 5.5% going into next year [37] Question: Margin outlook and deposit costs - Management expects some margin compression due to deposit costs catching up to loan rates, but overall growth remains accretive to margin [41][44] Question: Investment portfolio size - The investment portfolio is expected to stabilize around 9%-10%, with a focus on deposit growth [52] Question: M&A versus organic growth - Management prioritizes organic growth opportunities over M&A at this time [54] Question: Mortgage activity and demand - Management is optimistic about increased mortgage activity if interest rates decline further [61]

Financial Data and Key Metrics Changes - The company reported net income of $106 million, or $1.54 per diluted share, in the third quarter, with a return on assets at 1.56% and return on tangible common equity at 14.6% [9] - The efficiency ratio improved to 49.19% from 51.63% in the previous quarter, driven by a strong 17.8% annualized revenue growth [9][12] - Tangible book value per share grew to $42.90, reflecting a strong 15.2% annualized growth [9] Business Line Data and Key Metrics Changes - Loan growth was 4% annualized, primarily driven by a mix of commercial and industrial (C&I) and commercial real estate (CRE) [5][13] - Non-interest income increased by $7.4 million, mainly from better equipment finance fees and a non-recurring gain on securities [11] - The company repurchased approximately $8.5 million of common stock during the quarter [10] Market Data and Key Metrics Changes - Deposits grew at a 5% annualized rate, with non-interest-bearing deposits remaining over 30% [5][13] - The loan portfolio production topped $2 billion, the highest level since 2022 [6] - The company maintained a strong capital position, with common equity tier one at 13.2% and tangible common equity at 11.3% [5] Company Strategy and Development Direction - The company remains focused on growing its core deposit base and tangible book value per share, with an emphasis on revenue growth and positive operating leverage [4][8] - The management expressed optimism about capitalizing on growth opportunities and disruptions in the Southeastern markets [6][8] - The company plans to continue its share repurchase program, with a new authorization of $200 million [10] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about loan demand and growth potential, particularly looking towards the end of 2025 and into 2026 [18][42] - The company anticipates some margin compression in the coming quarters due to rising deposit costs [11][34] - Asset quality remains stable, with low levels of net charge-offs and non-performing assets [12] Other Important Information - The company’s efficiency ratio is expected to return above 50% in the fourth quarter [12] - The provision for credit losses was $22.6 million, with over half related to reserves for unfunded commitments, indicating positive future loan growth potential [12] Q&A Session Summary Question: How is loan demand trending and what is the outlook? - Management expressed optimism about loan demand across all verticals, with steady payoffs indicating a healthy market [18] Question: How is competition affecting the loan landscape? - Competition is primarily on pricing, but management believes disruption in the market will provide additional volume opportunities [19] Question: What are the trends in equipment finance? - Demand in equipment finance is picking up, with strong fee income growth expected to continue [20][24] Question: What is the outlook for expenses and efficiency ratio? - A 5-5.5% increase in expenses is anticipated for next year, with a focus on maintaining a strong efficiency ratio [30][31] Question: What is the expectation for margin compression? - Management expects some margin compression due to deposit costs catching up with loan rates, but overall growth in net interest income is anticipated [34][36] Question: Is there potential for M&A activity? - The company is prioritizing organic growth opportunities over M&A at this time [45] Question: What is the outlook for mortgage activity? - Management is optimistic about increased mortgage activity if interest rates decline, with significant purchase volume currently [52]

Financial Data and Key Metrics Changes - The company reported net income available to common shareholders of $20.1 million or $0.99 per diluted share for Q3 2025, reflecting strong financial results [4] - Return on average assets (ROAA) and return on average equity (ROAE) improved to 132 basis points and 13.31% respectively, both up notably from previous periods [5] - Full year 2025 guidance for ROAA is now expected to exceed 115 basis points, up from 110 basis points, and ROAE is expected to be greater than 12%, up from 11.25% [5] Business Line Data and Key Metrics Changes - Loan growth was 1.2%, driven by commercial lending, while total deposits increased by 3.9% [4] - Total commercial loans reached approximately $3 billion, reflecting a 1.6% increase from the previous quarter and an 8.3% increase year over year [6] - Consumer indirect balances increased by 0.6% from the previous quarter but were down 4.1% year over year [9] Market Data and Key Metrics Changes - The company experienced strong commercial growth in Upstate New York, particularly in the Syracuse region, supported by significant investments in the area [7] - The housing market remains tight in Rochester and Buffalo, with home prices continuing to rise, although new listings and inventory have increased year over year [10] Company Strategy and Development Direction - The company aims for profitable organic growth and anticipates a strong finish to 2025, with incremental performance expected in 2026 [25] - The opening of a satellite office in Sarasota, Florida, is part of the strategy to better serve clients and tap into new markets [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about maintaining momentum heading into 2026, anticipating that pent-up demand for credit will be released with future rate cuts [8] - The company is focused on expense management to maintain positive operating leverage and a favorable efficiency ratio [22] Other Important Information - The company expects total deposits at year-end 2025 to be generally flat compared to the previous year [14] - Noninterest income for the year is expected to exceed the original guidance of up to $42 million [21] Q&A Session Summary Question: Margin outlook with potential rate cuts - Management indicated that while margins may decline modestly in the fourth quarter, they expect a recovery in 2026 as new loan production and cost management continue [27][30] Question: Buyback activity - Management expressed satisfaction with the board's approval of the buyback plan, indicating it as an option to support shares [31] Question: Loan growth expectations - Management is optimistic about achieving mid-single-digit growth rates as they build out their financial plan for 2026 [32][33]

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Financial Data and Key Metrics Changes - In Q3, net income was $388 million, or $4.73 per share, compared to $303 million, or $3.44 per share a year ago, representing a significant increase [4] - Net operating income for the quarter was $394 million, or $4.81 per share, an increase of 38% over the $3.49 per share from a year ago [4] - Return on equity through September 30 is 21.9%, and book value per share is $69.52, with a 12% increase in book value per share from a year ago [4] Business Line Data and Key Metrics Changes - Total premium revenue in Q3 grew 5% over the year-ago quarter [6] - Life premium revenue for Q3 increased 3% from the year-ago quarter to $844 million, with life underwriting margin up 24% to $482 million [7] - Health insurance premium revenue grew 9% in the quarter to $387 million, with health underwriting margin up 25% to $108 million [7][8] - Administrative expenses were $90 million for the quarter, an increase of 1% over the third quarter of 2024, maintaining 7.3% of premium [8] Market Data and Key Metrics Changes - The company serves the lower middle to middle-income market, which is vastly underserved and has significant growth potential [5] - The average producing agent count for the third quarter was 12,230, up 2% from a year ago, indicating growth in the agency force [10] Company Strategy and Development Direction - The company aims to surpass 28,000 exclusive agents and $1.4 billion in annual sales by 2030 [10] - New initiatives include a worksite enrollment platform and a recruiting CRM to enhance agent productivity and training [11][50] - The company anticipates total premium revenue growth of approximately 5% for the full year 2025, consistent with its 10-year average growth rate [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of the agent force and sales, citing a strong recruiting pipeline and improved agent productivity [42] - The company expects net operating earnings per diluted share for 2025 to be in the range of $14.40-$14.60, representing 17% growth at the midpoint [36] - Management noted that while there is uncertainty in the U.S. economy, the company is well-positioned to withstand economic downturns due to its conservative investment portfolio [23] Other Important Information - The company repurchased approximately 840,000 shares for a total cost of approximately $113 million in Q3 [26] - The company anticipates share repurchases will total $685 million in 2025 [27] - The overall impact of life and health assumption changes reduced policy obligations by $134 million, indicating an improved outlook for future policy obligations [33] Q&A Session Summary Question: What is driving muted sales growth in recent quarters? - Management indicated that the challenge is related to agent productivity and onboarding new agents, not consumer demand [40][41] Question: Does the $600 million-$700 million cash flow guidance include benefits from the Bermuda entity? - The guidance does not include any benefits from the Bermuda affiliate, which is expected to take at least two accounting periods for reciprocal jurisdiction [44][45] Question: Can you elaborate on the new worksite enrollment platform and recruiting CRM? - The new platform enhances agents' ability to customize coverage for clients, while the CRM system provides real-time data for managing the recruiting pipeline [47][50] Question: What are the expectations for claims trends and sales in the health business? - Management expects favorable trends in Medicare Supplement and group retiree health, with anticipated rate increases to improve margins [65][66] Question: What is the outlook for health sales given the aging baby boomer generation? - Management believes there will be continued demand for Medicare Supplement products, supported by demographic trends [74][78] Question: What is the status of the EEOC investigation? - The EEOC findings are not binding, and there is no pending litigation, with the company prepared to defend its classification of sales agents [80][81]

Financial Data and Key Metrics Changes - The company reported a 25% growth in adjusted EPS, reaching $5.01 for the quarter, an increase of nearly $1 from the previous year [5][20] - Total revenue for the quarter was $7 billion, reflecting a 7% increase year-over-year [16] - Adjusted net income increased by 18% to $191 million compared to $162 million a year ago [20] Business Line Data and Key Metrics Changes - Same store sales of new vehicles increased by 4.5%, with domestic segment growth leading at 11% [8] - Used vehicle gross profit increased by 3%, with unit sales up 4% overall [10][23] - Customer financial services gross profit reached a record high, increasing by 12% from the previous year [11] Market Data and Key Metrics Changes - Industry inventory of new and used vehicles remains low at about 2.6 million units, down 6% year-to-date [5][6] - New vehicle sales year-to-date have a light vehicle SAAR averaging 16.3 million units, with retail SAAR at around 13.6 million [6] - The company experienced a significant increase in hybrid vehicle sales, up 25%, and BEVs, up 40% [8][21] Company Strategy and Development Direction - The company is focusing on acquisitions to improve franchise density, having acquired stores in key markets like Denver and Chicago [14][33] - There is an ongoing emphasis on enhancing customer retention through aftersales and financial services [12][25] - The company is exploring M&A opportunities to add scale and density in existing markets [33] Management's Comments on Operating Environment and Future Outlook - Management noted that while the operating environment is challenging, they expect improved dynamics in supply and demand for BEVs in Q4 [39] - The company anticipates tougher comparisons in Q4 due to higher year-over-year sales figures [6] - Management expressed confidence in the strength of their sourcing strategy for used vehicles despite competitive pressures [80] Other Important Information - The company maintained a leverage ratio of 2.35 times EBITDA, down from 2.45 times at the end of the previous year [34] - Adjusted free cash flow for the nine months of the year totaled $786 million, reflecting strong operational performance [31] Q&A Session Summary Question: Can you quantify the variable gross per unit changes from Q2 to Q3? - Management indicated that the decline was primarily due to a mix shift towards domestic combustion sales, which saw compression in margins [37][38] Question: Is there any reason to believe the record level of financing insurance per unit won't continue? - Management expressed confidence in the continued growth of financing contributions, driven by value-added products [41] Question: What are the trends in auto credit and consumer health? - Management reported no concerning trends in delinquencies or losses, with metrics performing in line with expectations [49] Question: Can you provide an update on the used car business initiatives? - Management confirmed that they are focused on growing the used car business above industry levels, maintaining higher inventory levels to support sales [52][56] Question: What is driving the gross margin expansion in service and parts? - Management attributed the expansion to a balance of volume and price increases, alongside effective technician hiring and training initiatives [62] Question: How is the company viewing competition in the used car market? - Management acknowledged competition for retail-grade used inventory but emphasized their strong sourcing strategy and confidence in used car volumes [80][82]