Slide 1: Q1 2026 Investor Presentation
Exhibit 99.3 Q1 2026 Investor Presentation April 30, 2026 – based on financial results as of March 31, 2026
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 – Q1 2026
Investor Presentation – Q1 2026 I. Quarter Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 II. Company Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Slide 4: Quarter Results
Quarter Results Investor Presentation 4
Slide 5: Key Takeaways from Q1 2026
Key Takeaways from Q1 2026 Quarterly EPS from continuing operations of $0.32, up 10% year over year Strength in leasing metrics; Utilization 97.3%, FLRD +1.2% LTM Adjusted Return on Equity (ROE) of 24.6%* Raising 2026 EPS guidance to a range of $2.20 to $2.40, reflecting higher gains on railcar sale
Slide 6: Financial Results Highlights
Financial Results Highlights Q1 2026 – Year over Year Revenues EPS Cash Flow from Adjusted ROE* Cont. Operations $492M $0.32 $100M 24.6% (16)% $+0.03 $+21M LTM Q1-26 Investor Presentation 6 * See appendix for reconciliation of non-GAAP measures
Slide 7: 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 as scrappings have outpaced new
Slide 8: Segment Performance: Railcar Leasing & Services Group
Segment Performance: Railcar Leasing & Services Group Leasing & Services Segment Revenue Drivers Leasing & Services Revenue and Operating Profit Margin (1) • Revenues were down year over year as a result of the fourth quarter $360 125.0% 2025 divestiture of a partially-owned leasing subsidiary, part
Slide 9: Segment Performance: Rail Products Group
Segment Performance: Rail Products Group Rail Products Revenue and Operating Profit Margin Rail Products Segment Revenue Drivers $450 10.0% • Quarterly revenues down year over year due to lower deliveries 7.5% $300 (in millions) Rail Products Margin Performance Drivers 5.0% • Operating margin of 7.4
Slide 10: Total Company Results
Total Company Results Revenues Reflect Lower External Deliveries Q1 2026 Financial Summary: $700 $2.50 Income Statement: • Total revenues of $492M reflect lower external deliveries in the Rail $2.00 Products Group (in millions) $1.50 • GAAP EPS from continuing operations of $0.32 $350 • Lease portfo
Slide 11: Balance Sheet Positioning
Balance Sheet Positioning Strategically Positioned for Value Creation LIQUIDITY DEBT STRUCTURE CAPITAL LEVERS Cash & Equivalents Recourse Debt Unencumbered Railcars $133M $599M @ ~7.8%(1) $923M LTV of 69.1% for the wholly-owned lease Revolver Availability Non-recourse Debt portfolio as of Q1-26 $596
Slide 12: 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 $350M – $450M purchases;
Slide 13: Company Overview
Company Overview Investor Presentation 13
Slide 14: 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 $3.20 ~ 101,960 railcars under ownership ~ 44
Slide 15: 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 16: 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 17: Establishing New Value Streams Across Railcar Life Cycle
Establishing New Value Streams Across Railcar Life Cycle Investor Presentation 17
Slide 18: 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 19: 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 TRN, 15% 13% 10% 9% 17% TRN Lessor GATX Railroad UnionTank 4% Shipper 55% All other
Slide 20: 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 21: 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 22: Financial Positioning and Strategic Initiatives
Financial Positioning and Strategic Initiatives Investor Presentation 22
Slide 23: 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 24: 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 25: Trinity’s Operating Model and Company Purpose
Trinity’s Operating Model and Company Purpose Investor Presentation 25
Slide 26: Appendix
Appendix Investor Presentation 26
Slide 27: Reconciliation: Adjusted Operating Results
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 28: Reconciliation: Cash Flow from Operations with Net Gains on Lease Portfolio Sales
Reconciliation: Cash Flow from Operations with Net Gains on Lease Portfolio Sales Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 (in millions) Net cash provided by operating activities – continuing operations $ 78.4 $ 63.5 $ 45.3 $ 179.7 $ 99.6 Net gains on lease portfolio sales 5.9 7.8 21.7 56.0 22.0 Cash flow from
Slide 29: Reconciliation: Adjusted Return on Equity
Reconciliation: Adjusted Return on Equity LTM March 31, 2026 March 31, 2025 ($ in millions) Numerator: Income from continuing operations $ 282.1 Net income attributable to noncontrolling interest (19.8) Net income from continuing operations attributable to Trinity Industries, Inc. $ 262.3 Denominato
Slide 30: Reconciliation: EBITDA
Reconciliation: EBITDA LTM March 31, 2026 (in millions) Net income $ 275.0 Less: Loss from discontinued operations, net of income taxes (7.1) Income from continuing operations 282.1 Interest expense 284.6 Provision for income taxes 92.0 Depreciation and amortization expense 303.4 EBITDA 962.1 “EBITD
Slide 31: Presentation Footnotes
Presentation Footnotes Slide 2 – Forward-Looking Statements (1) LTM is calculated as the year ended December 31, 2025, less the three months ended March 31, 2025, plus the three months ended March 31, 2026, representing the financial information from April 1, 2025 to March 31, 2026. Slide 8 – Segmen
Slide 32: 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 32