Triton International Ltd. · NYSE:TRTN/PA
Triton International — Q1 2026 Earnings Presentation
14 slides from Triton International's earnings presentation, May 2026
Slide 1: Investor Presentation May 2026
Investor Presentation February 2023 May 2026 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: Key Investment Highlights
Key Investment Highlights 1 Attractive Market Containers revolutionized and standardized the shipping industry, facilitating rapid growth in global trade, and now form the backbone of the global economy Highly consolidated lessor market supports disciplined capacity management, with container de
Slide 4: Market Overview – 1Q 2026
Market Overview – 1Q 2026 • Triton achieved a high level of operating and financial performance in the first quarter of 2026 • Trade growth and container demand are solid • Container prices increasing modestly • Trade volumes remain strong • Conflict in the Middle East has modestly disrupted contain
Slide 5: Key Operating Metrics
Key Operating Metrics Strong demand for dry containers supports high level of utilization through the cycle coupled with a robust market for disposals 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 Sep-1
Slide 6: Financial Highlights
Financial Highlights Track record of strong cash flow generation and profitability through cycles, with robust performance during COVID CASH FLOW BEFORE CAPEX LEASING REVENUE (1) (EXCLUDING CERTAIN ITEMS)(1)(2)(3) 2,000 Owned Fleet Managed Fleet Owned Fleet Managed Fleet 2,000 1,500 220 288 1,500 1,
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) LEASE PORTFOLIO (NBV) 100 100% 3.0% 3.7% 80 90% 5.9% 60 Months 80% 40 70% Average Remaining Lease Term (NBV) 20 Avg remaining lease In
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 • Target leverage of ~75% Net Debt / Revenue Earning Assets STRUCTURE AS OF MAR 31, 2026(
Slide 9: Appendix
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Slide 10: Non-GAAP Financial Information
Non-GAAP Financial Information We use the terms “adjusted net income,“ “cash flow before capex (excluding certain items)”, “net debt” 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 alterna
Slide 11: Consolidated Statement of Adjusted Net Income
Consolidated Statement of Adjusted Net income(*) (In thousands, except earnings per share) 1Q26 4Q25 % Change 1Q26 1Q25 % Change Total leasing revenues $ 312,155 $ 326,071 (4.3%) $ 312,155 $ 383,040 (18.5%) Depreciation and amortization 87,591 89,597 (2.2%) 87,591 128,360 (31.8%) Interest and debt e
Slide 12: Reconciliation of Non-GAAP Financial Measures: Adjusted Net Income
Reconciliation of Non-GAAP Financial Measures: Adjusted Net Income (In thousands) 1Q25 2Q25 3Q25 4Q25 2025 Total 1Q26 LTM 1Q26 Net income attributable to common shareholders $ 130,029 $ 109,836 $ 101,441 $ 104,671 $ 445,977 $ 88,260 $ 404,208 Add (subtract): 0 Debt termination expense & unrealized l
Slide 13: 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) 1Q26 LTM 1Q26 Adjusted Net Income $ 408,134 $ 89,509 Add: Income Tax Expense 40,460 8,872 Tax Adjustments 7,488 - Preferred Stock Dividends 65,847 18,184 Adjusted inc
Slide 14: Reconciliation of Non-GAAP Financial Measures: Net Debt
Reconciliation of Non-GAAP Financial Measures: Net Debt Net Debt (In thousands) 2021 2022 2023 2024 2025 1Q26 Debt, net of deferred costs $ 8,562,517 $ 8,074,820 $ 7,470,634 $ 7,605,720 $ 6,567,688 $ 6,397,141 Unamortized costs and debt discounts 67,302 60,647 47,694 51,980 41,541 41,901 Debt, gross