Triton International (TRTN) Investor Presentation summary

Market and operational overview

• Macro conditions remain uncertain, but performance stayed strong in Q1 2025.

• Leasing activity slowed as customers paused fleet additions.

• Fleet utilization averaged 99% for Q1, with drop-off volumes well controlled.

• Disposal volumes and prices held up well despite market conditions.

• Acquisition of Global Container International announced, adding ~500k TEU and ~$1bn in assets.

Financial performance

• Q1 2025 leasing revenue was $383M, up 3.2% year-over-year but down 2.6% sequentially.

• Adjusted net income attributable to common shareholders for Q1 2025 was $131M, a 9.7% increase year-over-year.

• Cash flow before capex (excluding certain items) for Q1 2025 was $364M.

• Net debt to revenue earning assets ratio remained stable, reflecting strong leverage management.

• Non-GAAP measures are used to provide a clearer view of operating performance.

Lease portfolio and utilization

• 86% of the lease portfolio is underpinned by long-term contracts.

• Average remaining lease term exceeds 6.5 years, supporting revenue stability.

• Over 60% of the portfolio is on lifecycle leases, ensuring containers reach sale age at lease expiration.

• Utilization rates have remained high, averaging around 99% in Q1 2025.

• Historical lease structuring and pricing strategies are aligned with recent acquisitions.