Triton International (TRTN) Investor Presentation summary

Brookfield acquisition and investment highlights

• Brookfield Infrastructure acquired the company in September 2023 for $4.5 billion, making up about 40% of total capitalization with preferred equity included.

• The company is now part of Brookfield's $28 billion flagship infrastructure fund, benefiting from global scale and management depth.

• Brookfield manages over $200 billion in assets, with a diversified transport portfolio including 7 million intermodal containers.

• The company maintains a conservative capital structure with an investment grade rating, exceeding Brookfield's post-acquisition expectations.

Market and operational performance in 2024

• Market conditions improved in January 2024, with strong fleet and financial performance.

• Suez Canal disruptions led to rerouting, increasing voyage times and absorbing container capacity, boosting demand.

• Robust consumer spending and inventory restocking drove solid trade volume growth.

• Over 600,000 TEU booked to shipping line customers, reinforcing the company's role as a key container supplier.

• Fleet utilization exceeded 99%, with used container sales and prices rising year-to-date.

Key operating and financial metrics

• Fleet utilization for dry containers is near all-time highs, supported by strong demand and a robust disposal market.

• New dry container prices and disposal prices have shown resilience, with positive trends in 2024.

• Leasing revenue and cash flow before capex have remained strong through cycles, with robust performance during COVID.

• Adjusted net income and return on equity remain high, with a 15% CAGR decline in net income but stable profitability.

• Net debt to revenue-earning assets ratio remains within a prudent range, reflecting disciplined leverage.