Triton International Ltd. · NYSE:TRTN/PA
Triton International — Q4 2025 Earnings Presentation
12 slides from Triton International's earnings presentation, February 2026
Slide 1: Investor Presentation
Investor Presentation February 2023 February 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: Market Overview
Market Overview • Triton performed well in 2025 • Strong financial performance • Excellent fleet performance • Tangible progress on key strategic initiatives • Triton’s excellent fleet performance being sustained by our well-protected long-term lease portfolio • Fleet utilization remains above 97% •
Slide 4: 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 Jun-1
Slide 5: 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 TIL TCF VIII 1,800 1,600 1,607 1,400 1,479 1,521 182 1,500 220 1,464 1,200 1,191
Slide 6: 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) 100 100% 3.0% 3.4% 80 90% 5.8% Months 60 80% 40 70% Average Remaining Lease Term (NBV) 20 Avg remaining le
Slide 7: 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 DEC 31, 2025(
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) Q4 '25 Q3 '25 % Change 2025 2024 % Change Total leasing revenues $ 326,071 $ 333,838 (2.3%) $ 1,352,826 $ 1,534,836 (11.9%) Depreciation and amortization 89,597 89,233 0.4% 386,558 541,468 (28.6%) Interest and
Slide 10: Non-GAAP Financial Information
Non-GAAP Financial Information We use the terms "Adjusted net income,“ “cash flow before capex”, “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 alternatives to, or more meaningf
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) Q1 '24 Q2 '24 Q3 '24 Q4 '24 2024 Total Q1 '25 Q2 '25 Q3 '25 Q4 '25 2025 Total Net income attributable to common shareholders $ 112,515 $ 64,408 $ 137,625 $ 151,535 $ 466,083 $ 130,029 $ 109,8
Slide 12: 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) 2025 4Q25 Income (loss) before income taxes $ 553,864 $ 124,919 Add: Unrealized (gain) loss on derivative instruments, net (2) (1) Finance Lease Valuation Adjustment