Triton International Ltd. · NYSE:TRTN/PA
Triton International — Q1 2025 Earnings Presentation
12 slides from Triton International's earnings presentation, May 2025
Slide 1: Investor Presentation May 2025
Investor Presentation February 2023 May 2025 1
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements Certain statements in this presentation, other than statements of historical facts, including statements regarding our strategy, future operations, future financial position, future revenues, future costs, prospects, plans and objectives of management are "forw
Slide 3: 1Q25 Overview
1Q25 Overview • Macro conditions uncertain, but Triton’s performance remained strong • Leasing activity slowed in Q1 as customers paused fleet additions • Triton’s fleet well protected by our long-term lease portfolio • Drop-off volumes well controlled • Utilization averaged ~99% for Q1 • Disposal v
Slide 4: Key Operating Metrics
Key Operating Metrics TOTAL FLEET UTILIZATION (CEU)(1) NEW DRY CONTAINER PRICES 100% $4,000 $3,500 95% $3,000 90% $2,500 85% $2,000 $1,500 80% $1,000 75% $500 70% $0 (1) CEU is a cost equivalent unit Source: Drewry Container Equipment Forecaster and internal data TOTAL FLEET PICK-UP / DROP-OFF (CEU)
Slide 5: Financial Highlights
Financial Highlights CASH FLOW BEFORE CAPEX LEASING REVENUE (1) (EXCLUDING CERTAIN ITEMS)(1)(2)(3) 1,800 1,800 1,600 1,600 1,680 1,607 1,400 1,534 1,544 1,535 1,532 1,400 1,521 1,479 1,464 1,457 1,200 1,308 1,200 1,000 1,000 1,191 $MM $MM 800 800 600 600 400 400 200 200 - - 2020 2021 2022 2023 2024
Slide 6: Strong Lease Portfolio
Strong Lease Portfolio LEASE PORTFOLIO (NBV)(1) SUSTAINED BY EXTENDED LEASE DURATIONS(3)(4) 100 Avg remaining lease term over 6.5 yrs(2) 100% 80 3.5% 3.2% 60 Months 90% 7.2% 80% 40 Average Remaining Lease Term (NBV) 70% 20 Including Expected Build-Down Period 60% 0 50% 70.0% 86.1% 40% CEU NBV % of U
Slide 7: Investment Grade Capital Structure
Investment Grade Capital Structure • Our balance sheet remains in great shape DIVERSIFIED AND CONSERVATIVE CAPITAL • Leverage in target range STRUCTURE AS OF MARCH 31, 2025 (2) • Credit metrics strong • Debt maturities well spread and covered by our cash flow • ~$2bn of undrawn commitments on revolv
Slide 8: Appendix
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Slide 9: Consolidated Statement of Adjusted Net Income
Consolidated Statement of Adjusted Net income(*) (In thousands, except earnings per share) Q1 '25 Q4 '24 % Change Q1 '25 Q1 '24 % Change Total leasing revenues $ 383,040 $ 393,244 (2.6%) $ 383,040 $ 371,285 3.2% Depreciation and amortization 128,360 134,899 (4.8%) 128,360 136,081 (5.7%) Interest and
Slide 10: Non-GAAP Financial Information
Non-GAAP Financial Information We use the terms "Adjusted net income,“ “cash flow before capex”, and other non-GAAP financial measures throughout this presentation. These items are not presented in accordance with U.S. GAAP and should not be considered as alternatives to, or more meaningful than, am
Slide 11: Reconciliation of Non-GAAP Financial Measures: Adjusted Net Income
Reconciliation of Non-GAAP Financial Measures: Adjusted Net Income (In thousands, except earnings per share) 2023 Total Q1 '24 Q2 '24 Q3 '24 Q4 '24 2024 Total Q1 '25 Net income attributable to common shareholders $ 421,977 $ 112,515 $ 64,408 $ 137,625 $ 151,535 $ 466,083 $ 130,029 Add (subtract): De
Slide 12: Reconciliation of Non-GAAP Financial Measures: Cash Flow Before Capex
Reconciliation of Non-GAAP Financial Measures: Cash Flow Before Capex (Excluding Certain Items) Cash Flow Before Capex (In thousands) LTM 03-'25 03-'25 Income (loss) before income taxes $ 587,314 $ 158,666 Add: Unrealized (gain) loss on derivative instruments, net (7) (1) Finance Lease Valuation Adj