The acquisition of 101,000 railcars from Wells Fargo Rail effectively doubles GATX's North American fleet to 208,000 cars, managed under a single commercial umbrella to provide seamless customer service. Management attributes the 11% EPS growth in 2025 to robust secondary market demand and record performance in the engine leasing segment, which saw its strongest growth to date. The North American rail market is characterized as 'supply-led,' where low new car production and steady scrapping are drivin ...

GATX (NYSE:GATX) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsAndrzej Tomczyk - VPBob Lyons - President and CEOHarrison Bauer - Equity Research AssociatePaul Titterton - EVP and President of Rail North AmericaShari Hellerman - Head of Investor RelationsTom Ellman - EVP and CFOConference Call ParticipantsBen Moore - Director and Equity Research AnalystBrendan McCarthy - Equity AnalystJustin Bergner - Manager and Research AnalystOperatorThank you for standing by. My name is Jordan, ...

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]

Trinity Industries (NYSE:TRN) Q4 2025 Earnings call February 12, 2026 08:00 AM ET Company ParticipantsEric Marchetto - CFOHarrison Bauer - Sell-Side Equity Research AssociateJean Savage - CEO and PresidentLeigh Anne Mann - VP of Investor RelationsConference Call ParticipantsAndrzej Tomczyk - AnalystOperatorGood day, and welcome to the Trinity Industries fourth quarter and full year ended December 31, 2025 results conference call. All participants will be in listen-only mode. Should you need assistance, plea ...

Trinity Industries (NYSE:TRN) Q4 2025 Earnings call February 12, 2026 08:00 AM ET Company ParticipantsEric Marchetto - CFOHarrison Bauer - Sell-Side Equity Research AssociateJean Savage - CEO and PresidentLeigh Anne Mann - VP of Investor RelationsConference Call ParticipantsAndrzej Tomczyk - AnalystOperatorGood day, and welcome to the Trinity Industries fourth quarter and full year ended December 31, 2025 results conference call. All participants will be in listen-only mode. Should you need assistance, plea ...

Trinity Industries (NYSE:TRN) Q4 2025 Earnings call February 12, 2026 08:00 AM ET Speaker5Good day, and welcome to the Trinity Industries fourth quarter and full year ended December 31, 2025 results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing Star, then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press Star, then one on your ...

Exhibit 99.3 Q4 2025 Investor Presentation February 12, 2026 – based on financial results as of December 31, 2025 Forward Looking Statements Some statements in this presentation, which are not historical facts, are "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements ...

Core Insights - The railroad equipment and railcar leasing industry is crucial for logistics, with companies like Wabtec and Caterpillar dominating the locomotive market and benefiting from recurring revenue streams [1] Group 1: Company Performance - **Trinity Industries**: Q3 revenue fell 43% to $454 million, with EPS of $0.38 missing estimates. Leasing grew 4% year-over-year with fleet utilization at 96.8%. Full-year EPS guidance raised to $1.55-$1.70, indicating confidence in leasing despite manufacturing challenges [1] - **Greenbrier Companies**: Q1 2026 revenue of $706.1 million exceeded estimates, with EPS of $1.14 beating expectations by 48%. Fleet utilization is at 98%, and the backlog stands at 16,300 units, providing revenue visibility for the next 12-18 months [1] - **Caterpillar**: Q4 revenue reached $19.13 billion, up 18% year-over-year, with EPS of $5.16 meeting expectations. Operating margin decreased to 13.9% from 18% the previous year due to cost pressures [1] - **Wabtec**: Q3 revenue of $2.89 billion increased by 8.4%, with EPS of $2.32 surpassing estimates. Freight equipment sales surged 32%, and digital sales grew 45.6% from acquisitions [1] Group 2: Market Position and Valuation - **Trinity Industries**: The stock trades at 23x earnings with a 4.2% dividend yield, reflecting income potential and exposure to railcar demand recovery [1] - **Greenbrier Companies**: The stock trades at 8.7x earnings, indicating a discount to industrials despite strong operational metrics. The company repurchased $13 million in shares and pays a $0.32 quarterly dividend [1] - **Caterpillar**: The stock trades at 35x earnings, reflecting its scale and diversification, with a significant buyback and dividend strategy in place [1] - **Wabtec**: The stock is valued at 34x earnings, with a forward P/E of 24x, indicating market expectations for continued growth [1] Group 3: Industry Trends - The railroad equipment sector benefits from regulatory replacement cycles and nearshoring trends, ensuring that freight movement remains a priority [1] - The combination of manufacturing strength, digital solutions, and backlog visibility positions Wabtec as a leading choice in the railroad equipment market [1]

Financial Data and Key Metrics Changes - Revenue for Q1 was $706 million, in line with expectations, with an aggregate gross margin of 15% reflecting lower production rates and deliveries compared to Q4 [15][18] - Operating income was $61 million, approximately 9% of revenue, with diluted EPS at $1.14 and EBITDA for the quarter at $98 million, or 14% of revenue [15][18] - Liquidity reached over $895 million, the highest in 20 quarters, consisting of more than $300 million in cash and $535 million in available borrowing capacity [16] Business Line Data and Key Metrics Changes - Global orders for approximately 3,700 railcars valued at roughly $550 million were received, with a backlog of approximately 16,300 units valued at about $2.2 billion [11][12] - The leasing and fleet management business showed high utilization at nearly 98%, with strong retention and improving economics on renewals [13][14] - The size of the fleet remained stable, with capital recycled through opportunistic asset sales in a strong secondary market [14] Market Data and Key Metrics Changes - Customers in North America and Europe are cautious about capital investments due to current freight volumes and trade policy considerations, impacting the timing of new railcar orders [6][7] - Market conditions in Europe remain complex, affecting performance due to operational inefficiencies, while Brazil's economic conditions are stable with consistent customer engagement [8] Company Strategy and Development Direction - The company is focused on aligning manufacturing with current demand levels while investing in efficiency and cost discipline [8][9] - Capital allocation priorities include maintaining balance sheet strength, returning capital to shareholders, and deploying capital where returns are strongest [9][17] - The company reiterated its Fiscal 2026 guidance, projecting new railcar deliveries of 17,500-20,500 units and revenue between $2.7-$3.2 billion [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current market conditions and positioning for long-term value creation, emphasizing the importance of execution [5][10] - The company noted that while trade and tariff policies influence customer decisions, they do not change the long-term fundamentals of the railcar replacement cycle [7][39] - Management highlighted the need for discipline and teamwork in the current environment, recognizing employee commitment and flexibility [10] Other Important Information - The company announced a dividend of $0.32 per share, marking the 47th consecutive quarterly dividend [17] - The methodology for allocating syndication activity was changed, reflecting syndication in the manufacturing segment instead of leasing and fleet management, with no impact on consolidated results [16] Q&A Session Summary Question: Visibility into second half delivery growth - Management indicated good visibility into the second half, with opportunities for year-over-year growth expected as production ramps up [22] Question: Impact of Venezuela on manufacturing - Management stated there are no expected impacts from Venezuela on their business, as there is no overlap with operations in Brazil [23] Question: Customer ordering behavior and delivery expectations - Management noted an increase in order activity towards the end of Q3 and into Q1, with December showing unusually high deliveries [25] Question: Lease rates and renewal expectations - Lease rates for specialty cars have remained stable, with double-digit increases seen in renewals [28][30] Question: Tariff impacts on business - Management indicated tariffs have been neutral to financial performance but have created uncertainty affecting customer capital commitments [37][39] Question: Engagement in USMCA review - Management expressed strong support for USMCA, emphasizing the importance of the free flow of rail cars across borders for the economy [45][46]

Financial Data and Key Metrics Changes - Revenue for Q1 was $706 million, in line with expectations, with an aggregate gross margin of 15% reflecting lower production rates and deliveries compared to Q4 [15][18] - Operating income was $61 million, approximately 9% of revenue, with diluted EPS at $1.14 and EBITDA for the quarter at $98 million, or 14% of revenue [15][18] - Liquidity reached over $895 million, the highest in 20 quarters, consisting of more than $300 million in cash and $535 million in available borrowing capacity [16] Business Line Data and Key Metrics Changes - Global orders for approximately 3,700 railcars valued at roughly $550 million were received, with a backlog of approximately 16,300 units valued at about $2.2 billion [11][12] - The leasing and fleet management business maintained high utilization at nearly 98%, with strong retention and improving economics on renewals [12][13] - The size of the fleet remained stable, with capital recycled through opportunistic asset sales in a strong secondary market [13] Market Data and Key Metrics Changes - Customers in North America and Europe are cautious about capital investments due to current freight volumes and trade policy considerations, impacting the timing of new railcar orders [6][8] - Market conditions in Europe remain complex, affecting performance due to operational inefficiencies, while Brazil's economic conditions are stable with steady customer engagement [8] Company Strategy and Development Direction - The company is focused on aligning manufacturing with current demand levels while investing in efficiency and cost discipline [7][9] - Capital allocation priorities include maintaining balance sheet strength, returning capital to shareholders, and deploying capital where returns are strongest [9][17] - The company reiterated its Fiscal 2026 guidance, projecting new railcar deliveries of 17,500-20,500 units and revenue between $2.7-$3.2 billion [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current market conditions and positioning for long-term value creation, emphasizing the importance of execution [5][10] - The uncertainty surrounding trade and tariff policies has created a cautious environment for customers, but pent-up demand is beginning to release [6][38] - Management remains optimistic about the durability of customer demand and the company's competitive position despite intense competition [6][11] Other Important Information - The company declared a dividend of $0.32 per share, marking the 47th consecutive quarterly dividend [17] - The methodology for allocating syndication activity was changed, reflecting syndication in the manufacturing segment instead of leasing and fleet management, with no impact on consolidated results [16] Q&A Session Summary Question: Visibility into second half delivery growth - Management indicated good visibility into the second half of the year, expecting year-over-year growth due to ramping up production [22] Question: Impact of Venezuela on manufacturing - Management stated there are no expected impacts from Venezuela on their business, as there is no overlap with operations in Brazil [23] Question: Customer ordering behavior in December and January - Management noted an increase in order activity towards the end of Q3 and continuing into Q1, with December showing unusually high deliveries [25] Question: Lease rates and renewal expectations - Lease rates for specialty cars have remained stable, with double-digit increases in renewal rates year-over-year [27][29] Question: Tariff impacts on business - Management described tariffs as neutral to financial performance but noted that uncertainty has caused customers to pause on capital commitments [36][38] Question: Engagement in USMCA review - Management expressed strong support for USMCA and emphasized the importance of the free flow of rail cars across borders for the economy [44] Question: Production cadence and visibility for the year - Management confirmed that order activity is improving, and they are planning to ramp up production in the back half of the year [49]