Greenbrier Companies, Inc. (the) · NYSE:GBX
Greenbrier Companies, Inc. (the) — The Greenbrier Companies — Investor Presentation (August 2026)
38 slides from Greenbrier Companies, Inc. (the)'s investor presentation, August 2026
Slide 1: Investor Overview August 2026
Investor Overview August 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation and the accompanying oral presentation contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. The Greenbrier Companies, Inc. (the “Company,” “we,” “us” or “our”) uses words, and variations of words,
Slide 3: An Established Industry Leader Across Three Continents
An Established Industry Leader Across Three Continents
Slide 4: Investment Highlights
Investment Highlights Leading railcar manufacturer and lessor with #1 or #2 position in end markets 16,700 ~20,600 LTM railcar deliveries Railcars in lease fleet Long track record of growth and increasing through-cycle profitability Good visibility with $2.0 billion backlog and $2.0B 51% growing str
Slide 5: Delivering Value to Our Customers Throughout Railcar Life Cycle
Delivering Value to Our Customers Throughout Railcar Life Cycle Railcar Manufacturing Railcar Leasing Produce virtually all types of Greenbrier has a fleet of ~20,600 (1) railcars for the North American, railcars in North America, covering European and Brazilian markets. numerous car types which ser
Slide 6: Leadership in Each of Our Geographic End Markets
Leadership in Each of Our Geographic End Markets European Wagon North American Backlog Share of Brazilian Production Building Capacity 8% 5% 9% 9% 9% 12% 6% 4% 4% 1% 1% 5% 99% 100% 33% 50% 50% 93% 51% 47% 88% 5+ Small 54% 76% 77% 78% builders, 24% Top 5, excl. GBX, 51% 50% 38% 40% 40% 40% 34% 25% 20
Slide 7: Strong Position Across All Major Product Types in North America
Strong Position Across All Major Product Types in North America Description GBX RAIL TRN NSC UTLX Auto Rack Boxcar Refrigerated Flatcar Covered Hopper Gondola Intermodal Open-Top Hopper Tank Car Primary Position Secondary Position 7
Slide 8: An Industry Leader on Three Continents with a Strategic Operational Footprint
An Industry Leader on Three Continents with a Strategic Operational Footprint (1) ✓ Scaled in our end markets ✓ Close to our customers ✓ Aligned with trend towards onshoring (1) Reflects European footprint rationalization announced in fiscal 2025 (Arad, Romania; Olawa and Tarnobrzeg, Poland; and Tur
Slide 9: Our Integrated Business Model Leads to Multiple Client Touchpoints and Revenue Opportunities
Our Integrated Business Model Leads to Multiple Client Touchpoints and Revenue Opportunities RAILCAR ORDERS DELIVERIES AFTERMARKET REPAIRS & MANUFACTURING CAPACITY MAINTENANCE DIRECT DIRECT BUYERS BUYERS LONG TERM FLEET Long-lived asset creates cash flows LONG TERM while building equity FEES LESSEES
Slide 10: Solid Foundation is in Place for the Continued Growth of Greenbrier's Lease Fleet
Solid Foundation is in Place for the Continued Growth of Greenbrier’s Lease Fleet (1) As of May 31, 2026 Staggered Lease Expirations Provide Strong Visibility ~20,600 2.7 Yrs 5,000 4,400 Railcars in lease fleet Avg. remaining term 3,900 3,700 1,600 700 700 600 ~$1.7B 169 2026 2027 2028 2029 2030 203
Slide 11: Proven History of Delivering Strong Performance
An Established Industry Leader Across Three Continents Proven History of Delivering Strong Performance Clear Strategy to Create Shareholder Value
Slide 12: Proven History of Growing EBITDA and Achieving Higher Highs and Lows Through Cycles
Proven History of Growing EBITDA and Achieving Higher Highs and Lows Through Cycles 1.3x higher than Core EBITDA(1) ($ millions) ’17 – ’20 period average EBITDA 2.7x higher than ’09 – ’10 trough average EBITDA $512 $474 $434 $451 $340 $342 $317 $318 $310 $291 $254 $231 $161 $163 $129 $145 $112 $113
Slide 13: Strategic Execution has Led to Strong Margin Expansion
Strategic Execution has Led to Strong Margin Expansion Aggregate Gross Margin Mid-to-high 15.1% teens Further Initiatives High-margin Underway Recurring Revenue Insourcing Production of Key 12.1% Components Optimized Manufacturing Footprint 2019 LTM1 Long-term Range (1) LTM Aggregate Gross Margin as
Slide 14: Recurring Revenue Up ~51% Since Fiscal 2023
Recurring Revenue Up ~51% Since Fiscal 2023 Owned Fleet Recurring Revenue ($ millions) $171 20,600 $113 12,300 Feb 2023 May 2026 Feb 2023 LTM - May 2026 14
Slide 15: Updated Fiscal 2026 Guidance
Updated Fiscal 2026 Guidance Previous FY26 Updated FY26 Guidance Guidance Revenues $2.4 - $2.5 billion $2.4 - $2.5 billion Deliveries 15,350 – 16,350 units 15,650 – 15,850 units Aggregate Gross Margin 14.8% - 15.2% 13.8% - 14.2% Operating Margin 7.0% - 7.8% 6.5% - 6.8% Diluted EPS $3.00 - $3.50 $3.0
Slide 16: Clear Strategy to Create Shareholder Value
Clear Strategy to Create Shareholder Value
Slide 17: Strategic Priorities to Drive Shareholder Value
Strategic Priorities to Drive Shareholder Value 1 2 3 4 Optimize for a Continued Growth of Balanced recovery in manufacturing recurring approach to demand excellence revenue capital allocation 17
Slide 18: Tariffs & Geopolitical Unrest Weigh On Near-term Outlook but Demand is Poised to Grow
Tariffs & Geopolitical Unrest Weigh On Near-term Outlook but Demand is Poised to Grow “Deferred demand” could lead to a stronger increase in deliveries than projected. North American Railcar Deliveries 44,754 42,486 42,101 42,750 40,735 40,601 33,417 31,205 31,395 29,280 23,000 2020 2021 2022 2023 2
Slide 19: Railcars in Storage Back Below 5-Year Average
Railcars in Storage Back Below 5-Year Average North American Railcars in Storage 450,000 400,000 5-year average 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 Railcar retirements forecasted to outpace new builds, leading to a contraction in the North American fleet size Source: RSI, August
Slide 20: Our Business Strategy Aligns Well With the Evolving Nature of Railcar Ownership
Our Business Strategy Aligns Well With the Evolving Nature of Railcar Ownership Railcar Ownership Shifts to Leasing Companies From Railroads 28% 14% 44% 58% 19% 17% 9% 11% (2008) (2026) (2008) (2026) (2008) (2026) (2008) (2026) RAILROADS LESSORS SHIPPERS TTX POOL • Overall Class 1 ownership • Shift
Slide 21: Positive Long-Term Outlook in Europe Due to Expectation for Eventual Economic Recovery
Positive Long-Term Outlook in Europe Due to Expectation for Eventual Economic Recovery European Freight Wagon Deliveries GBX facility rationalization expected to deliver $20 million in annualized savings 16,100 15,900 in normalized demand environment 14,400 13,700 13,000 Intermodal recovery underway
Slide 22: Brazil Demand Expected to Increase Meaningfully on the Back of New Infrastructure Investment
Brazil Demand Expected to Increase Meaningfully on the Back of New Infrastructure Investment Brazilian Freight Wagon Deliveries Brazil expected to benefit from U.S. tariff activity 14% 3,092 CAGR 2,862 2,692 Infrastructure investments highlight commitment to economic growth 1,966 2,039 1,611 Railcar
Slide 23: Disciplined Approach to Capital Allocation
Disciplined Approach to Capital Allocation • Preserve strong liquidity position Maintain Strong 1. Balance Sheet • Structure debt facilities to align with business • Reduce non-leasing (recourse) debt • Grow our lease fleet and recurring revenue targeting mid-double- Drive Growth and digit returns 2
Slide 24: Balance Sheet & Cash Flow Trends
Balance Sheet & Cash Flow Trends ($ in millions) Operating Cash Flow (LTM) (1) Net Funded Debt(2) $1,480 $1,458 $1,551 $472 $1,417 $1,258 $407 $465 $478 $472 $439 $359 $204 $266 $1,003 $987 $978 $1,054 $1,086 $106 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 Lease Fleet & Other Non-Recourse All
Slide 25: Enhancing Through Cycle Earnings by Investing in Our Leasing Fleet
Enhancing Through Cycle Earnings by Investing in Our Leasing Fleet • Drives manufacturing volume Annual Margin • Drives repair / management Increasing net volume $10 – 15+M investment in • Expanded market share owned fleet up to • Strengthens customer relations • Reduces volatility in market ~$300M
Slide 26: Committed to Returning Value Through Dividends & Share Repurchases
Committed to Returning Value Through Dividends & Share Repurchases Aggregate Dividends & Share Repurchases $385 million in dividends paid since 2014 Dividend has grown by 127% since 2014 $635M Committed to regularly growing the dividend Over $250 million in share repurchase since 2014 $65 million re
Slide 27: Appendix
( Better Appendix TOGETHER
Slide 28: We are Driven by Our Values and Commitments We Have Made to Our Stakeholders
We are Driven by Our Values and Commitments We Have Made to Our Stakeholders 2025 Sustainability Update Report Overview: • Key topics: Product Safety & Quality, People, Environmental Sustainability, Governance & Ethics, Communities • Hosted a double materiality assessment in preparation for upcoming
Slide 29: 2025 Sustainability Update Highlights
2025 Sustainability Update Highlights Product Safety Environmental Governance Our People Communities & Quality Sustainability & Ethics Launched the GBX Published Scope 3 Training Tank Added new safety Invested nearly greenhouse gas Received “Best CarTM, bringing culture metrics $700k in local emissi
Slide 30: We Strive to be the Standard Setter in the Freight Transportation Industry
We Strive to be the Standard Setter in the Freight Transportation Industry 30
Slide 31: Policy Advocacy to Protect & Promote Model Growth of Freight Rail
Policy Advocacy to Protect & Promote Model Growth of Freight Rail Regulatory Agencies, Trade Associations & Coalitions Congress & The Administration AAR Interchange Agreement are the “rules of the railroad.” Both regulator and trade association. ▪ Engage Congress on vital legislative and AAR executi
Slide 32: Income Statement Metrics
Income Statement Metrics Revenue ($ millions) Core EBITDA ($ millions)(1) Core Diluted EPS(1) $842.7 $759.5 $706.1 $587.5 $576.5 $128.5 $1.86 $114.8 $97.6 $1.26 $1.14 $69.1 $60.8 $0.60 $0.47 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 Solid Core EBITDA and Core Diluted
Slide 33: Key Operational Metrics
Key Operational Metrics Backlog(1) Railcar Deliveries(1) 18,900 5,600 16,600 16,300 4,900 15,200 1,700 4,400 13,800 1,200 3,800 1,000 3,600 800 1,000 3,900 3,700 3,400 3,000 2,600 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 Deliveries Syndicated Deliveries Secured diverse new railcar orders of
Slide 34: Annual Core EBITDA Reconciliation
Annual Core EBITDA Reconciliation Reconciliation of Net Earnings (loss) to Core EBITDA (In millions) Year Ending LTM 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5/31/26 $29.8 $39.0 $18.5 $14.2 ($57.9) $8.3 $8.4 $61.2 ($5.4) $149.8 $265.3 $
Slide 35: Quarterly Core EBITDA Reconciliation
Quarterly Core EBITDA Reconciliation Supplemental Disclosure Reconciliation of Net Earnings to Core EBITDA (In millions, unaudited) Three Months Ended May 31, Aug. 31, Nov. 30, Feb. 28, May 31, 2025 2025 2025 2026 2026 Net earnings $67.5 $40.3 $37.3 $13.9 $17.5 Interest and foreign 13.2 17.4 15.5 13
Slide 36: Quarterly Core Diluted EPS Reconciliation
Quarterly Core Diluted EPS Reconciliation Supplemental Disclosure Reconciliation of Net Earnings Attributable to Greenbrier to Core Net Earnings Attributable to Greenbrier (In millions, except per share amounts, unaudited) Three Months Ended May 31, Aug. 31, Nov. 30, Feb. 28, May 31, 2025 2025 2025
Slide 37: Non-GAAP Financial Measures
Non-GAAP Financial Measures Core EBITDA, Core net earnings attributable to Greenbrier, and Core diluted earnings per share (EPS) are not financial measures under generally accepted accounting principles (GAAP). These metrics are performance measurement tools used by rail supply companies and Greenbr
Slide 38: Investor Overview July 2026
Investor Overview July 2026
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