Triton International Ltd. · NYSE:TRTN/PA
Triton International — Q2 2025 Earnings Presentation
13 slides from Triton International's earnings presentation, September 2025
Slide 1: Investor Presentation
Investor Presentation February 2023 September 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: 2Q25 Overview
2Q25 Overview • Triton is performing well in 2025 • Strong financial performance • Excellent fleet performance • Tangible progress on key strategic initiatives • Triton’s strong performance has been achieved against a challenging market backdrop • Global economic growth and trade activity have been
Slide 4: GCI Acquisition
GCI Acquisition • Triton acquired GCI on July 1 • GCI formed in 2018 by experienced industry executives in partnership with investment vehicles managed by Wafra • Represents attractive investment opportunity in a year where organic capex has been limited • Purchase price of ~1.07bn, including transa
Slide 5: Key Operating Metrics
Key Operating Metrics Strong demand for dry containers supports high level of utilization coupled with a robust market for disposals TOTAL FLEET UTILIZATION (CEU)(1) NEW DRY CONTAINER PRICES $4,000 100% $3,500 95% $3,000 90% $2,500 $2,000 85% $1,500 80% $1,000 75% $500 70% $0 Source: Drewry Containe
Slide 6: Financial Highlights
Financial Highlights Track record of strong cash flow generation and profitability through cycles, with robust performance during COVID LEASING REVENUE (1) CASH FLOW BEFORE CAPEX TIL TCF VIII (EXCLUDING CERTAIN ITEMS)(1)(2)(3) 1,800 1,800 TIL TCF VIII 1,600 1,600 75 1,607 63 1,400 1,400 1,521 1,479
Slide 7: Strong Lease Portfolio
Strong Lease Portfolio Well structured long-term lease portfolio limits re-leasing risk and generates strong cash flow SUSTAINED BY EXTENDED LEASE DURATIONS(1)(2)(3)(4) LEASE PORTFOLIO (NBV)(1) 100 Avg remaining lease 100% term over 6.5 yrs(2) 3.8% 80 3.4% 90% 5.8% 60 Months 80% 40 70% 20 Average Re
Slide 8: Investment Grade Capital Structure
Investment Grade Capital Structure Conservatively capitalized balance sheet with strong cash flow coverage for upcoming maturities • Our balance sheet remains in great shape DIVERSIFIED AND CONSERVATIVE CAPITAL • Leverage in target range STRUCTURE AS OF JUNE 30, 2025 (3) • Credit metrics strong • De
Slide 9: Appendix
Faroe a te) eT 4 Bes a Sati iat \ ek SGT anit ae Pa rOZ ee _—— TRITON
Slide 10: Consolidated Statement of Adjusted Net income
Consolidated Statement of Adjusted Net income(*) (In thousands, except earnings per share) Q2 '25 Q1 '25 % Change Q2 '25 Q2 '24 % Change Total leasing revenues $ 309,878 $ 383,040 (19.1%) $ 309,878 $ 378,989 (18.2%) Depreciation and amortization 79,368 128,360 (38.2%) 79,368 135,536 (41.4%) Interest
Slide 11: 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 12: 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 Q2 '25 Net income attributable to common shareholders $ 421,977 $ 112,515 $ 64,408 $ 137,625 $ 151,535 $ 466,083 $ 130,029 $ 109,836 A
Slide 13: Reconciliation of Non-GAAP Financial Measures: Cash Flow Before Capex (Excluding Certain Items)
Reconciliation of Non-GAAP Financial Measures: Cash Flow Before Capex (Excluding Certain Items) Cash Flow Before Capex (In thousands) LTM Jun-25 2Q25 Income (loss) before income taxes $ 635,902 $ 139,177 Add: Unrealized (gain) loss on derivative instruments, net (8) - Finance Lease Valuation Adjustm