Slide 1: Q4 2025 Investor Presentation
Exhibit 99.3 Q4 2025 Investor Presentation February 12, 2026 – based on financial results as of December 31, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements Some statements in this presentation, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intent
Slide 3: Investor Presentation – Q4 2025
Investor Presentation – Q4 2025 I. Quarter and Full Year Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 II. Company Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 I
Slide 4: Quarter and Full Year Results
Quarter and Full Year Results Investor Presentation 4
Slide 5: Key Takeaways from Q4 2025
Key Takeaways from Q4 2025 Full year EPS from continuing operations of $3.14, up 73% year over year Strength in repricing lease rates; FLRD +6.0%, utilization 97.1% Adjusted Return on Equity (ROE) of 24.4%* up 67% over 2024 driven by the $194M gain on divestiture of partially- owned leasing subsidia
Slide 6: Financial Results Highlights – Q4 2025
Financial Results Highlights Q4 2025 – Year over Year Revenues EPS Cash Flow from Adjusted ROE* Cont. Operations $611M $2.31 $180M 24.4% (3)% $+1.93 $(25)M FY 2025 Investor Presentation 6 * See appendix for reconciliation of non-GAAP measures
Slide 7: Financial Results Highlights – FY 2025
Financial Results Highlights FY 2025 – Year over Year Revenues EPS Cash Flow from Net Fleet Cont. Operations Investment $2,157M $3.14 $367M $350M (30)% $+1.33 $(221)M $+169M Investor Presentation 7
Slide 8: North American Railcar Market In Balance
North American Railcar Market In Balance North American Railcar Fleet and Railcars in Storage 20,000 25% RAILCAR FLEET Change in North American Railcar Fleet (railcars Y/Y) Share of Railcars in Storage (Monthly %) 10,000 20% The railcar fleet has continued to contract with scrapping rates outpacing
Slide 9: Segment Performance: Railcar Leasing & Services Group
Segment Performance: Railcar Leasing & Services Group Leasing & Services Revenue and Operating Profit Margin (1) Leasing & Services Segment Revenue Drivers $360 125.0% • Revenues were up year over year due to favorable pricing on external repairs and higher lease rates, partially offset by a lower v
Slide 10: Segment Performance: Rail Products Group
Segment Performance: Rail Products Group Rail Products Revenue and Operating Profit Margin Rail Products Segment Revenue Drivers $600 10.0% • Quarterly revenues down year over year due to lower deliveries 7.5% $400 (in millions) Rail Products Margin Performance Drivers 5.0% • Operating margin of 4.6
Slide 11: Total Company Results
Total Company Results Revenues Reflect Lower External Deliveries Q4 2025 Financial Summary: $700 $2.50 Income Statement: • Total revenues of $611M reflect lower external deliveries in the Rail $2.00 Products Group (in millions) $1.50 • GAAP EPS from continuing operations of $2.31 $350 • Lease portfo
Slide 12: Balance Sheet Positioning
Balance Sheet Positioning Strategically Positioned for Value Creation LIQUIDITY DEBT STRUCTURE CAPITAL LEVERS Cash & Equivalents Recourse Debt Unencumbered Railcars $201M $599M @ ~7.8%(1) $831M LTV of 70.2% for the wholly-owned lease Revolver Availability Non-recourse Debt portfolio as of Q4-25 $593
Slide 13: Management Outlook for Business Performance
Management Outlook for Business Performance FY 2026 Summary Detail Industry Deliveries Approximately 25K Does not include sustainable railcar conversions Includes deliveries to our lease fleet, railcar modifications and betterments, and secondary market Net Fleet Investment $450M – $550M purchases;
Slide 14: Company Overview
Company Overview Investor Presentation 14
Slide 15: Trinity Industries, Inc. Overview
Trinity Industries, Inc. Overview External Revenue by Business Segment (2) Trinity Industries, Inc. is a market leading railcar leasing business that provides rail transportation products and services in North America $3,500 $4.00 – Top 5 Leasing company $3.00 ~ 101,485 railcars under ownership ~ 44
Slide 16: Trinity's Platform Built for Superior Performance
Trinity’s Platform Built for Superior Performance Create an unmatched rail platform that provides a full suite of customer solutions to make a Trinity leased railcar the “railcar of choice” for our shipper customers for higher fleet utilization, more value streams per railcar, and higher shareholder
Slide 17: Platform Capabilities Support Optimized Lease Fleet Returns
Platform Capabilities Support Optimized Lease Fleet Returns Fee income from Rail Investment Lease origination capabilities Vehicle partnerships worth an Asset give customer flexibility and average of 100bp to Adjusted Management / RIV Lease Originations unlock multiple monetization ROE over last 5 y
Slide 18: Establishing New Value Streams Across Railcar Life Cycle
Establishing New Value Streams Across Railcar Life Cycle Investor Presentation 18
Slide 19: Diversified Portfolio of Railcar Equipment
Diversified Portfolio of Railcar Equipment ~ 900 Different Commodities ~ 270 Different Railcar Designs Commercial End Markets / Commodities Refined Products & Energy Agriculture Construction & Metals Consumer Products Chemicals Aggregates, Steel and Open Open Hoppers Hoppers & & Gondolas Gondolas Co
Slide 20: Capitalizing on Structural Change in the Rail Market
Capitalizing on Structural Change in the Rail Market Lessors Make Up A Growing Share of the North American Fleet Railcar Lessor Ownership Profile Presents Consolidation Opportunity Operating Financial Lessors Lessors 10% TRN, 15% 13% 9% TRN 17% Lessor GATX Railroad UnionTank 4% Shipper 55% All other
Slide 21: Commitment to Premier Performance and Sustainability
Commitment to Premier Performance and Sustainability Governance Excellence Social Responsibility Promoting the long-term interests of stakeholders, Attracting and retaining a diverse and empowered workforce strengthening accountability and inspiring trust • Fostering an inclusive and collaborative w
Slide 22: Integral Part of North American Supply Chain
Integral Part of North American Supply Chain 25% of U.S. Freight Ton Miles move by rail U.S. Freight Ton Miles by Mode of Transportation(2) • 1.7 million railcars in North America(1) Pipe, 22% • 1.4 trillion ton miles moved by rail in 2025 (2) • 3,500+ commodities moved by rail(3) Truck, 44% 5.4 tri
Slide 23: Financial Positioning and Strategic Initiatives
Financial Positioning and Strategic Initiatives Investor Presentation 23
Slide 24: Capital Allocation Strategy Focused on Returns
Capital Allocation Strategy Focused on Returns Fleet investment generates highest returns for Trinity HIGHER RETURNS Fleet Capital Investment Investments Return of and M&A Debt Capital Hold Repayment LOWER Cash RETURNS Committed to Current debt Committed to Requires Strong FLRD maintaining profile s
Slide 25: Railcars are Sustainable Long-Term Investments
Railcars are Sustainable Long-Term Investments Stable and Predictable Hard Asset Value with Tax-advantaged Investment Cash Flows Inflation Benefits • Long-term leases • Accelerated depreciation for tax • 35-50 year useful life purposes • High renewal success rates • Positive yield relationship to in
Slide 26: Trinity's Operating Model and Company Purpose
Trinity’s Operating Model and Company Purpose Investor Presentation 26
Slide 27: Appendix
Appendix Investor Presentation 27
Slide 28: Reconciliation: Adjusted Operating Results (2024)
Reconciliation: Adjusted Operating Results Year Ended December 31, 2024 (in millions, except per share amounts) Gains on dispositions Interest of property – Restructuring expense, GAAP other (1) activities, net net (2) Adjusted Operating profit $ 491.5 $ (2.7) $ 4.3 $ — $ 493.1 Income from continuin
Slide 29: Reconciliation: Adjusted Operating Results (2023)
Reconciliation: Adjusted Operating Results Year Ended December 31, 2023 (in millions, except per share amounts) Selling, engineering, Gains on and dispositions administrative of property – Restructuring Interest GAAP expenses (1) other (2) activities, net expense, net (3) Adjusted Operating profit $
Slide 30: Cash Flow from Operations Reconciliation
Reconciliation: Cash Flow from Operations with Net Gains on Lease Portfolio Sales FY 2023 FY 2024 Q4-25 FY 2025 (in millions) Net cash provided by operating activities – continuing operations $ 309.0 $ 588.1 $ 179.7 $ 366.9 Net gains on lease portfolio sales 82.8 57.3 56.0 91.4 Cash flow from operat
Slide 31: Reconciliation: Adjusted Return on Equity
Reconciliation: Adjusted Return on Equity December 31, December 31, December 31, 2025 2024 2023 ($ in millions) Numerator: Income from continuing operations $ 284.5 $ 171.4 Net income attributable to noncontrolling interest (24.2) (18.7) Net income from continuing operations attributable to Trinity
Slide 32: Reconciliation: EBITDA
Reconciliation: EBITDA Year Ended December 31, 2025 (in millions) Net income $ 277.3 Less: Loss from discontinued operations, net of income taxes (7.2) Income from continuing operations 284.5 Interest expense 285.2 Provision (benefit) for income taxes 90.9 Depreciation and amortization expense 305.1
Slide 33: Presentation Footnotes
Presentation Footnotes Slide 9 – Segment Performance: Railcar Leasing & Services Group (1) OP margin for the Railcar Leasing and Services Group includes a non-cash gain on divestiture of a partially-owned subsidiary of $194M in Q4-25 and gains from insurance recoveries of $2.7M in Q4-24. (2) Future
Slide 34: Contact Information
Contact Information Leigh Anne Mann, Vice President of Investor Relations 214-631-4420 TrinityInvestorRelations@trin.net Investor Website: www.trin.net/investor-relations Investor Presentation 34