Trinity Industries Raises Full-Year EPS Outlook to $3.05–$3.20 After Railcar Restructuring

Trinity Industries, Inc. (NYSE:TRN) ("Trinity" or the "Company") today announced that on December 30, 2025 it completed a strategic restructuring of its railcar investment partnerships with Napier Park, a leading alternative credit platform. These transactions deliver an anticipated 2025 EPS impact of $1.50. As a result, Trinity is raising its full year EPS guidance to a range of $3.05 to $3.20.

Before the restructuring, Trinity held a 43% stake in TRIP Rail Holdings LLC ("TRIP Holdings"), which owned over 17,000 railcars through its subsidiaries Tribute Rail LLC ("Tribute") and Triumph Rail LLC ("Triumph"). Trinity also owned 31% of RIV 2013 Rail Holdings LLC ("RIV 2013"), which owns more than 6,200 railcars via its subsidiary TRP 2021 LLC ("TRP 2021").

Through this transaction, Napier Park acquired 99.8% ownership of Triumph's immediate parent company, Triumph Rail Holdings LLC ("Triumph Holdings"), and Trinity acquired sole ownership of RIV 2013 and TRP 2021. TRP 2021 and Triumph hold similarly diversified railcar fleets with attractive, below-market interest rates on their debt with anticipated repayment dates in 2027. Trinity now wholly owns RIV 2013 and 0.2% of Triumph Holdings, while Napier Park owns 99.8% of Triumph Holdings. Tribute remains a subsidiary of TRIP Holdings under the current joint venture ownership structure, with Napier Park owning 57% and Trinity owning 43% of TRIP Holdings.

In the fourth quarter, Trinity preliminarily expects to recognize a non-cash pre-tax gain of approximately $190 million from the sale of its equity stake in Triumph Holdings, which highlights the intrinsic market value of Trinity's lease fleet above book value and the long-term appreciation of rail assets.