# EDGAR Filing Document

**Accession Number:** 0000923120
**File Stem:** 0001193125-25-154013
**Filing Date:** 2025-7
**Character Count:** 43044
**Document Hash:** a41e54ed13fa345b7e28efc30da3d5ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154013.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001193125-25-154013

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250701

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GREENBRIER COMPANIES INC
- **CENTRAL INDEX KEY:** 0000923120
- **STANDARD INDUSTRIAL CLASSIFICATION:** RAILROAD EQUIPMENT [3743]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 930816972
- **STATE OF INCORPORATION:** OR
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13146
- **FILM NUMBER:** 251096523

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CENTERPOINTE DR
- **STREET 2:** STE 200
- **CITY:** LAKE OSWEGO
- **STATE:** OR
- **ZIP:** 97035
- **BUSINESS PHONE:** 5036847000

**MAIL ADDRESS:**
- **STREET 1:** ONE CENTERPOINTE DR
- **STREET 2:** STE 200
- **CITY:** LAKE OSWEGO
- **STATE:** OR
- **ZIP:** 97035

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### Form 8-K

#### Current Report

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported) July 1, 2025

## THE GREENBRIER COMPANIES, INC.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Oregon** | **001-13146** | **93-0816972** |
| **(State**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

#### One Centerpointe Drive, Suite 200, Lake Oswego, OR 97035

#### (Address of principal executive offices) (Zip Code)
(503) 684-7000

#### Registrant's telephone number, including area code

#### Former name or former address, if changed since last report: N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock without par value | GBX | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition**  |

---

On July 1, 2025, The Greenbrier Companies, Inc. (the "Company") issued an earnings release reporting the Company's financial results for the third fiscal quarter ended May 31, 2025. A copy of the release is furnished herewith as Exhibit 99.1 and is incorporated into this Item 2.02 by reference.

The information contained in this Item 2.02 of this Current Report on Form 8-K, including the exhibit, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits**  |

---

(d) Exhibits

---

| | |
|:---|:---|
| Exhibit<br>No. | Description |
| 99.1 | [Earnings Release dated July 1, 2025 of The Greenbrier Companies, Inc. reporting the Company's financial results for the third fiscal quarter ended May 31, 2025.](d867478dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **THE GREENBRIER COMPANIES, INC.** | **THE GREENBRIER COMPANIES, INC.** |
| Date: July 1, 2025 | By: | /s/ Michael J. Donfris |
|  |  | Michael J. Donfris |
|  |  | Senior Vice President, Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1** 

---

| | |
|:---|:---|
| **Earnings Release** | ![LOGO](g867478g0701041333400.jpg) |

---

<u>*One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035 503-684-7000*</u>   <u>*www.gbrx.com*</u>

July 1, 2025 *Contact:* JustinRoberts, Investor Relations Jack Isselmann, Media Relations Ph: 503-684-7000

**Greenbrier Reports Third Quarter Results** 

*Diluted EPS of $1.86* 

*Operating Cash Flow of nearly $140 million* 

*Aggregate Gross Margin of 18%* 

*Raises FY25 margin guidance; Affirms outlook on deliveries and revenue* 

The Greenbrier Companies, Inc. (NYSE: GBX) ("Greenbrier"), a leading international supplier of equipment and services to global freight transportation markets, today reported financial results for its third fiscal quarter ended May 31, 2025.

**<u>Third Quarter Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net earnings attributable to Greenbrier of $60 million, or $1.86 per diluted share, on revenue of
$843 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aggregate gross margin of 18%; Seventh consecutive quarter meeting or exceeding mid-teens gross margin goal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating margin of $93 million or 11% of revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA of $129 million, or 15% of revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating cash flow of nearly $140 million reflecting increased earnings and working capital efficiencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong lease fleet utilization of 98%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New railcar orders for 3,900 units valued at more than $500 million and deliveries of 5,600 units, resulting
in a new railcar backlog of 18,900 units with an estimated value of $2.5 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, renewed and extended $850 million of bank facilities into 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased 507 thousand shares for nearly $22 million in the quarter. $78 million remaining under
current share repurchase program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed one manufacturing facility in our European joint venture as announced in Q2. Upon completion of plant
closure and consolidation activities, annual savings of at least $10 million are expected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board approves quarterly dividend of $0.32 per share, payable on August 7, 2025 to shareholders of record as
of July 17, 2025, representing Greenbrier's 45th consecutive quarterly dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to quarter end, Greenbrier added two new independent directors with more than 50 years of combined
rail industry operations experience.

*- More -* 

------

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| | |
|:---|:---|
| **Greenbrier Reports Third Quarter Results *(Cont.)*** | **Page 2** |

---

"For the third quarter, Greenbrier achieved strong financial performance, with net earnings rising both sequentially and year-over-year. Our aggregate gross margin percent continues to surpass our mid-teens long-term target," said Lorie L. Tekorius, CEO and President. "These results reflect our continued progress on operational initiatives across the business, including footprint optimization in Europe, insourcing expansion in Mexico, and disciplined execution in our Leasing & Fleet Management segment, which is steadily building recurring revenue."

"In a dynamic trade and economic environment, our focus on efficiency, agility, and strategic investment is yielding positive results. The renewal and extension of two key North American credit facilities during the quarter further strengthened our balance sheet and enhanced financial flexibility. As a market leader with a healthy backlog, refreshed liquidity, and consistent margin performance, Greenbrier is well-positioned to deliver resilient results and long-term shareholder value," Tekorius concluded.

**<u>Business Update & Outlook</u>**

Based on current trends and production schedules, Greenbrier is updating its guidance for fiscal 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **FY 2024**<br>**Actuals** | **FY 2025 April**<br>**Guidance** | **FY 2025 Updated**<br>**Guidance** |
|  **Operating Metrics** | **Operating Metrics** | **Operating Metrics** |  |
|  Deliveries<sup>(1)</sup> | 23,700 units | 21,500 – 23,500 units | 21,500 – 23,500 units |
|  Revenue | $3.54B | $3.15B - $3.35B | $3.15B - $3.35B |
|  Aggregate Gross Margin % | 15.8% | 17.0% - 17.5% | 17.7% - 18.3% |
|  Operating Margin %<sup>(2)</sup> | 9.2% | 10.2% - 10.7% | 10.6% - 11.0% |
|  **Capital Expenditures** |  |  |  |
|  Manufacturing | $122M | $120M | $145M |
|  Leasing & Fleet Management<sup>(3)</sup> | 343M | 300M | 270M |
|  **Gross Capital Expenditures** | **465M** | **420M** | **415M** |
|  Equipment Sales Proceeds | 75M | 60M | 75M |
|  **Net Capital Expenditures** | $**390M** | $**360M** | $**340M** |

---

(1) Includes approximately 1,400 units and 1,600 units of deliveries for FY2024 and FY2025 guidance, respectively,
associated with Brazil.

(2) Earnings from operations divided by revenue.

(3) Included in FY2024 Actuals and FY2025 guidance are capital expenditures and transfers for railcars into the
lease fleet that were manufactured and subsequently held on the balance sheet in 2023 and 2024, respectively.

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Third Quarter Results *(Cont.)*** | **Page 3** |

---

**<u>Financial Summary</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Q3 FY25** | **Q2 FY25** | **Sequential Comparison – Main Drivers** |
|  Revenue | $842.7M | $762.1M | Primarily higher deliveries reflecting increased syndication activity |
|  Aggregate Gross margin | $151.5M | $138.6M | Strong Manufacturing performance and syndication activity |
|  Aggregate Gross margin % | 18.0% | 18.2% | Strong Manufacturing performance and syndication activity |
|  Net gain on disposition of equipment | $7.0M | $9.6M | Ongoing gains from lease fleet optimization |
|  Earnings from operations | $92.6M | $83.6M | Strong operating performance |
|  Operating margin % | 11.0% | 11.0% | Strong operating performance |
|  Core EBITDA<sup>(1)</sup> | $128.5M | $123.9M |  |
|  Effective tax rate | 22.8% | 32.3% | Geographic mix of earnings and favorable net discrete items primarily related to foreign currency fluctuations |
|  Core Net earnings attributable to Greenbrier | $60.1M | $56.1M<sup>(1)</sup> | Higher revenue and profitability as described above |
|  Core Diluted EPS | $1.86 | $1.69<sup>(1)</sup> | Higher revenue and profitability as described above |

---

(1) See reconciliation at conclusion of Supplemental Information.

**<u>Segment Summary</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Q3 FY25** | **Q2 FY25** | **Sequential Comparison – Main Drivers** |
|  **Manufacturing** | **Manufacturing** | **Manufacturing** | **Manufacturing** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue | $778.2M | $700.3M | Higher syndicated deliveries |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross margin % | 13.6% | 13.6% | Continued robust operating performance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings from operations | $83.3M | $69.0M | Continued robust operating performance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating margin % <sup>(1)</sup> | 10.7% | 9.9% | Continued robust operating performance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deliveries (units) <sup>(2)</sup> | 5200 | 5000 |  |
|  **Leasing & Fleet Management** | **Leasing & Fleet Management** | **Leasing & Fleet Management** | **Leasing & Fleet Management** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue | $64.5M | $61.8M | Increased syndication activity and fleet growth |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross margin % | 71.2% | 70.7% | Increased syndication activity and fleet growth |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings from operations | $45.3M | $45.6M | Higher revenue partially offset by modestly lower gains from lease fleet equipment sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating margin % <sup>(1)</sup> | 70.2% | 73.8% | Higher revenue partially offset by modestly lower gains from lease fleet equipment sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owned fleet (units) | 16800 | 16600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fleet utilization | 98.2% | 98.3% |  |

---

(1) See supplemental segment information in Supplemental Information.

(2) Excludes Brazil deliveries which are not consolidated into Manufacturing revenue and margins.

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Third Quarter Results *(Cont.)*** | **Page 4** |

---

**<u>Conference Call</u>**

Greenbrier will host a teleconference to discuss its third quarter 2025 results. In conjunction with this release, Greenbrier has posted a supplemental earnings presentation to our website. Teleconference details are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• July 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2:00 p.m. Pacific Daylight Time

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phone: 1-888-317-6003 (Toll Free), 1-412-317-6061 (International), Entry Number "3278879"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Webcast access at <u>http://www.gbrx.com</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Please access the site 10-15 minutes prior to the start time.

**<u>About Greenbrier</u>**

Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Through its wholly-owned subsidiaries and joint ventures, Greenbrier designs, builds and markets freight railcars in North America, Europe and Brazil. We are a leading provider of freight railcar wheel services, parts, maintenance and retrofitting services in North America. Greenbrier owns a lease fleet of approximately 16,800 railcars that originate primarily from Greenbrier's manufacturing operations. Greenbrier offers railcar management, regulatory compliance services and leasing services to railroads and other railcar owners in North America. Learn more about Greenbrier at <u>www.gbrx.com</u>.

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Third Quarter Results *(Cont.)*** | **Page 5** |

---

**THE GREENBRIER COMPANIES, INC.** 

**CONSOLIDATED BALANCE SHEETS** 

*(In millions, unaudited)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **May 31,**<br>**2025** | **February 28,<br>2025** | **November 30,<br>2024** | **August 31,**<br>**2024** | **May 31,**<br>**2024** |
|  **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $296.8 | $263.5 | $300.0 | $351.8 | $271.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 45.2 | 38.4 | 12.9 | 16.8 | 20.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 507.7 | 535.4 | 583.0 | 523.8 | 488.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax receivable | 33.7 | 31.5 | 26.7 | 45.1 | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 707.6 | 692.5 | 753.8 | 770.9 | 812.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leased railcars for syndication | 248.6 | 260.4 | 228.1 | 130.7 | 155.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equipment on operating leases, net | 1300.4 | 1259.0 | 1234.1 | 1243.5 | 1226.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment, net | 711.7 | 702.6 | 695.5 | 711.7 | 648.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in unconsolidated affiliates | 95.0 | 88.2 | 83.9 | 87.3 | 90.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangibles and other assets, net | 277.3 | 268.5 | 242.1 | 244.4 | 254.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 129.2 | 127.0 | 127.4 | 128.5 | 128.0 |
|  | $4353.2 | $4267.0 | $4287.5 | $4254.5 | $4115.8 |
|  **Liabilities and Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolving notes | $378.8 | $372.0 | $444.9 | $351.6 | $348.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | 696.2 | 669.0 | 653.1 | 731.4 | 652.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 151.9 | 144.4 | 131.4 | 130.1 | 82.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | 32.5 | 35.0 | 45.5 | 58.9 | 74.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes payable, net | 1383.9 | 1384.9 | 1394.5 | 1404.2 | 1413.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingently redeemable noncontrolling interest | 40.1 | 41.2 | 43.1 | 41.7 | 56.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity – Greenbrier | 1504.0 | 1460.2 | 1412.7 | 1376.1 | 1329.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest | 165.8 | 160.3 | 162.3 | 160.5 | 158.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 1669.8 | 1620.5 | 1575.0 | 1536.6 | 1487.4 |
|  | $4353.2 | $4267.0 | $4287.5 | $4254.5 | $4115.8 |

---

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Third Quarter Results *(Cont.)*** | **Page 6** |

---

**THE GREENBRIER COMPANIES, INC**.

**CONSOLIDATED STATEMENTS OF INCOME** 

*(In millions, except number of shares which are reflected in thousands and per share amounts, unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**May 31,** | **Three Months Ended**<br>**May 31,** | **Nine Months Ended**<br>**May 31,** | **Nine Months Ended**<br>**May 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | $778.2 | $755.0 | $2298.9 | $2325.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing & Fleet Management | 64.5 | 65.2 | 181.8 | 166.0 |
|  | 842.7 | 820.2 | 2480.7 | 2491.7 |
|  **Cost of revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 672.6 | 672.2 | 1958.4 | 2070.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing & Fleet Management | 18.6 | 24.2 | 58.6 | 54.3 |
|  | 691.2 | 696.4 | 2017.0 | 2124.4 |
|  **Margin** | 151.5 | 123.8 | 463.7 | 367.3 |
|  Selling and administrative expense | 65.9 | 59.3 | 192.5 | 179.2 |
|  Net gain on disposition of equipment | (7.0) | (7.8) | (16.8) | (12.6) |
|  **Earnings from operations** | 92.6 | 72.3 | 288.0 | 200.7 |
|  Interest and foreign exchange | 13.2 | 24.7 | 58.3 | 72.5 |
|  Earnings before income tax and earnings from unconsolidated affiliates | 79.4 | 47.6 | 229.7 | 128.2 |
|  Income tax expense | (18.1) | (10.7) | (71.5) | (30.0) |
|  Earnings before earnings from unconsolidated affiliates | 61.3 | 36.9 | 158.2 | 98.2 |
|  Earnings from unconsolidated affiliates | 6.2 | 3.7 | 14.6 | 9.2 |
|  **Net earnings** | 67.5 | 40.6 | 172.8 | 107.4 |
|  Net earnings attributable to noncontrolling interest | (7.4) | (6.7) | (5.5) | (8.9) |
|  **Net earnings attributable to Greenbrier** | $60.1 | $33.9 | $167.3 | $98.5 |
|  **Basic earnings per common share:** | $1.92 | $1.09 | $5.35 | $3.17 |
|  **Diluted earnings per common share:** | $1.86 | $1.06 | $5.18 | $3.05 |
|  **Weighted average common shares**: |  |  |  |  |
|  Basic | 31186 | 31131 | 31269 | 31091 |
|  Diluted | 32184 | 32021 | 32272 | 32456 |
|  Dividends per common share | $0.32 | $0.30 | $0.92 | $0.90 |

---

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Third Quarter Results *(Cont.)*** | **Page 7** |

---

**THE GREENBRIER COMPANIES, INC.** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

*(In millions, unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended**<br>**May 31,** | **Nine Months Ended**<br>**May 31,** |
|  | **2025** | **2024** |
|  **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings | $172.8 | $107.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 8.7 | (33.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 89.3 | 82.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain on disposition of equipment | (16.8) | (12.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock based compensation expense | 13.4 | 12.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest adjustments | 9.1 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 2.6 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease (increase) in assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 15.2 | 43.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax receivable | 11.4 | 22.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 39.3 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leased railcars for syndication | (133.5) | (29.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 0.8 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | (17.8) | (94.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | (26.8) | 27.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 167.7 | 138.4 |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of assets | 75.4 | 67.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | (209.1) | (324.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash distribution from unconsolidated affiliates and other | 6.2 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | (127.5) | (254.3) |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in revolving notes with maturities of 90 days or less | 12.3 | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from revolving notes with maturities longer than 90 days | 48.2 | 176.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of revolving notes with maturities longer than 90 days | (34.2) | (145.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of notes payable | 48.8 | 180.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of notes payable | (71.5) | (78.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt issuance costs | (5.0) | (2.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase of stock | (21.8) | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | (29.7) | (29.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash distribution to joint venture partner | (10.9) | (7.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax payments for net share settlement of restricted stock | (5.6) | (5.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities | (69.4) | 106.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange rate changes | 2.6 | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in cash, cash equivalents and restricted cash | (26.6) | (10.9) |
|  **Cash and cash equivalents and restricted cash** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 368.6 | 302.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $342.0 | $291.8 |
|  **Balance Sheet Reconciliation** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $296.8 | $271.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 45.2 | 20.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Cash and cash equivalents and restricted cash | $342.0 | $291.8 |

---

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| | |
|:---|:---|
| **Greenbrier Reports Third Quarter Results *(Cont.)*** | **Page 8** |

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**THE GREENBRIER COMPANIES, INC.** 

**SUPPLEMENTAL LEASING & FLEET MANAGEMENT INFORMATION** 

*(In millions, except owned fleet, unaudited)* 

Greenbrier's leasing strategy provides an additional "go to market" element to Greenbrier's Commercial strategy of direct sales, partnerships with operating leasing companies, and origination of leases for syndication partners as well as providing a platform for further growth at scale. Investing in leasing assets also provides a recurring stream of revenue and tax-advantaged cash flows, however in the short-term it reduces Greenbrier's Manufacturing revenue and margin as a result of deferring revenue recognition.

During the April 2023 Investor Day, Greenbrier provided a long-term target to more than double recurring revenue from leasing and management fees by investing up to $300 million net annually for the next five years. Recurring revenue is defined as Leasing & Fleet Management revenue excluding the impact of syndication activity, which is more transactional in nature.

**Key information for the Leasing & Fleet Management segment:** 

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
| **Greenbrier Lease Fleet** *(Units)<sup>(1)</sup>* | May 31,<br>2025 | February 28,<br>2025 |
|  Beginning balance | 16600 | 16700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Railcars added | 1900 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Railcars sold / scrapped | (1700) | (1500) |
|  Ending balance | 16800 | 16600 |

---

---

| | | |
|:---|:---|:---|
|  | May 31,<br>2025 | February 28,<br>2025 |
|  Equipment on operating lease<sup>(2)</sup> | $1300.4 | $1259.0 |
|  Non-recourse warehouse | $231.4 | $233.0 |
|  ABS non-recourse notes | 459.9 | 463.8 |
|  Non-recourse term loan | 311.3 | 314.3 |
|  Total Leasing non-recourse debt | $1002.6 | $1011.1 |
|  **Fleet leverage %<sup>(3)(4)</sup>** | **77%** | **80%** |

---

(1) Owned fleet includes Leased railcars for syndication

(2) The $600 million U.S. corporate revolver borrowing base includes Equipment on operating lease assets that
do not currently secure the Leasing non-recourse term loan

(3) Total Leasing non-recourse debt / Equipment on operating lease

(4) Fleet assets are leveraged at Fair Market Value based on independent appraisals while they are shown at net
book value on Greenbrier's Consolidated Balance Sheet

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| | |
|:---|:---|
| **Greenbrier Reports Third Quarter Results *(Cont.)*** | **Page 9** |

---

**SUPPLEMENTAL INFORMATION** 

*(In millions, except per share amounts, unaudited)* 

**Operating Results by Quarter for Fiscal 2025 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First** | **Second** | **Third** | **Total** |
|  **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | $820.4 | $700.3 | $778.2 | $2298.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing & Fleet Management | 55.5 | 61.8 | 64.5 | 181.8 |
|  | 875.9 | 762.1 | 842.7 | 2480.7 |
|  **Cost of revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 680.4 | 605.4 | 672.6 | 1958.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing & Fleet Management | 21.9 | 18.1 | 18.6 | 58.6 |
|  | 702.3 | 623.5 | 691.2 | 2017.0 |
|  **Margin** | 173.6 | 138.6 | 151.5 | 463.7 |
|  Selling and administrative expense | 62.0 | 64.6 | 65.9 | 192.5 |
|  Net gain on disposition of equipment | (0.2) | (9.6) | (7.0) | (16.8) |
|  **Earnings from operations** | 111.8 | 83.6 | 92.6 | 288.0 |
|  **Other costs** |  |  |  |  |
|  Interest and foreign exchange | 23.4 | 21.7 | 13.2 | 58.3 |
|  Earnings before income tax and earnings from unconsolidated affiliates | 88.4 | 61.9 | 79.4 | 229.7 |
|  Income tax expense | (33.4) | (20.0) | (18.1) | (71.5) |
|  Earnings before earnings from unconsolidated affiliates | 55.0 | 41.9 | 61.3 | 158.2 |
|  Earnings from unconsolidated affiliates | 4.1 | 4.3 | 6.2 | 14.6 |
|  **Net earnings** | 59.1 | 46.2 | 67.5 | 172.8 |
|  Net (earnings) loss attributable to noncontrolling interest | (3.8) | 5.7 | (7.4) | (5.5) |
|  **Net earnings attributable to Greenbrier** | $55.3 | $51.9 | $60.1 | $167.3 |
|  **Basic earnings per common share** <sup>(1)</sup> | $1.77 | $1.66 | $1.92 | $5.35 |
|  **Diluted earnings per common share** <sup>(1)</sup> | $1.72 | $1.56 | $1.86 | $5.18 |
|  Dividends per common share | $0.30 | $0.30 | $0.32 | $0.92 |

---

<sup>(1)</sup> Quarterly amounts may not total to the year-to-date amount as each period is calculated discretely. 

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| | |
|:---|:---|
| **Greenbrier Reports Third Quarter Results *(Cont.)*** | **Page 10** |

---

**THE GREENBRIER COMPANIES, INC.** 

**SUPPLEMENTAL INFORMATION** 

*(In millions, except per share amounts, unaudited)* 

**Operating Results by Quarter for Fiscal 2024 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First** | **Second** | **Third** | **Fourth** | **Total** |
|  **Revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | $759.7 | $811.0 | $755.0 | $986.7 | $3312.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing & Fleet Management | 49.1 | 51.7 | 65.2 | 66.3 | 232.3 |
|  | 808.8 | 862.7 | 820.2 | 1053.0 | 3544.7 |
|  **Cost of revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manufacturing | 672.5 | 725.4 | 672.2 | 842.9 | 2913.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leasing & Fleet Management | 15.0 | 15.1 | 24.2 | 18.9 | 73.2 |
|  | 687.5 | 740.5 | 696.4 | 861.8 | 2986.2 |
|  **Margin** | 121.3 | 122.2 | 123.8 | 191.2 | 558.5 |
|  Selling and administrative expense | 56.3 | 63.6 | 59.3 | 67.9 | 247.1 |
|  Net loss (gain) on disposition of equipment | 0.1 | (4.9) | (7.8) | (0.5) | (13.1) |
|  **Earnings from operations** | 64.9 | 63.5 | 72.3 | 123.8 | 324.5 |
|  Interest and foreign exchange | 23.2 | 24.6 | 24.7 | 28.3 | 100.8 |
|  Earnings before income tax and earnings from unconsolidated affiliates | 41.7 | 38.9 | 47.6 | 95.5 | 223.7 |
|  Income tax expense | (10.0) | (9.3) | (10.7) | (32.0) | (62.0) |
|  Earnings before earnings from unconsolidated affiliates | 31.7 | 29.6 | 36.9 | 63.5 | 161.7 |
|  Earnings from unconsolidated affiliates | 1.5 | 4.0 | 3.7 | 1.8 | 11.0 |
|  **Net earnings** | 33.2 | 33.6 | 40.6 | 65.3 | 172.7 |
|  Net earnings attributable to noncontrolling interest | (2.0) | (0.2) | (6.7) | (3.7) | (12.6) |
|  **Net earnings attributable to Greenbrier** | $31.2 | $33.4 | $33.9 | $61.6 | $160.1 |
|  **Basic earnings per common share** <sup>(1)</sup> | $1.00 | $1.08 | $1.09 | $1.98 | $5.15 |
|  **Diluted earnings per common share** <sup>(1)</sup> | $0.96 | $1.03 | $1.06 | $1.92 | $4.96 |
|  Dividends per common share | $0.30 | $0.30 | $0.30 | $0.30 | $1.20 |

---

<sup>(1)</sup> Quarterly amounts may not total to the year-to-date amount as each period is calculated discretely. 

*- More -* 

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| | |
|:---|:---|
| **Greenbrier Reports Third Quarter Results *(Cont.)*** | **Page 11** |

---

**THE GREENBRIER COMPANIES, INC.** 

**SUPPLEMENTAL INFORMATION** 

*(In millions, unaudited)* 

**Segment Information** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  Three months ended May 31, 2025: | Three months ended May 31, 2025: | Three months ended May 31, 2025: | Three months ended May 31, 2025: | Three months ended May 31, 2025: | Three months ended May 31, 2025: | Three months ended May 31, 2025: |
|  | Revenue | Revenue | Revenue | Earnings (loss) from operations | Earnings (loss) from operations | Earnings (loss) from operations |
|  | External | Intersegment | Total | External | Intersegment | Total |
|  Manufacturing | $778.2 | $15.2 | $793.4 | $83.3 | $1.5 | $84.8 |
|  Leasing & Fleet Management | 64.5 |  | 64.5 | 45.3 |  | 45.3 |
|  Eliminations |  | (15.2) | (15.2) |  | (1.5) | (1.5) |
|  Corporate |  |  |  | (36.0) |  | (36.0) |
|  | $842.7 | $— | $842.7 | $92.6 | $— | $92.6 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  Three months ended February 28, 2025: | Three months ended February 28, 2025: | Three months ended February 28, 2025: |  |  |  |  |
|  | Revenue | Revenue | Revenue | Earnings (loss) from operations | Earnings (loss) from operations | Earnings (loss) from operations |
|  | External | Intersegment | Total | External | Intersegment | Total |
|  Manufacturing | $700.3 | $53.1 | $753.4 | $69.0 | $9.7 | $78.7 |
|  Leasing & Fleet Management | 61.8 | 0.2 | 62.0 | 45.6 |  | 45.6 |
|  Eliminations |  | (53.3) | (53.3) |  | (9.7) | (9.7) |
|  Corporate |  |  |  | (31.0) |  | (31.0) |
|  | $762.1 | $— | $762.1 | $83.6 | $— | $83.6 |

---

---

| | | |
|:---|:---|:---|
|  | Total assets | Total assets |
|  | May 31,<br>2025 | February 28,<br>2025 |
|  Manufacturing | $2071.2 | $2042.0 |
|  Leasing & Fleet Management | 1858.2 | 1854.9 |
|  Unallocated, including cash | 423.8 | 370.1 |
|  | $4353.2 | $4267.0 |

---

**BACKLOG AND DELIVERY INFORMATION** 

*(Unaudited)* 

---

| | |
|:---|:---|
| | Three Months Ended<br>May 31, |
| | 2025 |
|  **Backlog Activity (units)** <sup>(1)</sup>  |  |
|  Beginning backlog | 20400 |
|  Orders received | 3900 |
|  Production held on the Balance Sheet | (1500) |
|  Production sold to third parties | (3900) |
|  Ending backlog | 18900 |
|  **Delivery Information (units)** <sup>(1)</sup>  |  |
|  Direct sales | 3900 |
|  Sale of Leased railcars for syndication | 1700 |
|  Total deliveries | 5600 |

---

<sup>(1)</sup> Includes Greenbrier-Maxion, our Brazilian railcar manufacturer, which is accounted for under the equity method

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| | |
|:---|:---|
| **Greenbrier Reports Third Quarter Results *(Cont.)*** | **Page 12** |

---

**THE GREENBRIER COMPANIES, INC.** 

**SUPPLEMENTAL INFORMATION** 

*(In millions, unaudited)* 

**Reconciliation of Net earnings to Core EBITDA** 

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | May 31,<br>2025 | February 28,<br>2025 |
|  Net earnings | $67.5 | $46.2 |
|  Interest and foreign exchange | 13.2 | 21.7 |
|  Income tax expense | 18.1 | 20.0 |
|  Depreciation and amortization | 29.7 | 29.4 |
|  Facility-related rationalization costs<sup>(1)</sup>  |  | 6.6 |
|  Core EBITDA | $128.5 | $123.9 |

---

<sup>(1)</sup> Includes $1.0 million of Depreciation & amortization 

**Share Calculations for Core diluted earnings per share (*in thousands*)** 

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | May 31,<br>2025 | February 28,<br>2025 |
|  Basic Shares | 31186 | 31376 |
|  Dilutive effect of performance awards | 998 | 959 |
|  Dilutive effect of convertible notes due 2028 |  | 893 |
|  Diluted weighted average shares outstanding | 32184 | 33228 |

---

**Reconciliation of Net earnings attributable to Greenbrier to Core net earnings attributable to Greenbrier** 

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | May 31,<br>2025 | February 28,<br>2025 |
|  Net earnings attributable to Greenbrier | $60.1 | $51.9 |
|  Facility-related rationalization costs<sup>(1)</sup>  |  | 4.2 |
|  Core net earnings attributable to Greenbrier | $60.1 | $56.1 |

---

<sup>(1)</sup> Net of $2.4 million of tax and non-controlling interest 

**Reconciliation of Diluted earnings per share to Core diluted earnings per share** 

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | May 31,<br>2025 | February 28,<br>2025 |
|  Diluted earnings per share | $1.86 | $1.56 |
|  Facility-related rationalization costs |  | 0.13 |
|  Core diluted earnings per share | $1.86 | $1.69 |

---

**Debt Summary** 

---

| | | |
|:---|:---|:---|
|  | May 31,<br>2025 | February 28,<br>2025 |
|  Total Leasing non-recourse debt | $1002.6 | $1011.1 |
|  Total other debt | 774.5 | 760.7 |
|  | 1777.1 | 1771.8 |
|  Debt discount and issuance costs | (14.4) | (14.9) |
|  Total consolidated debt | $1762.7 | $1756.9 |

---

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| | |
|:---|:---|
| **Greenbrier Reports Third Quarter Results *(Cont.)*** | **Page 13** |

---

**Forward-Looking Statements** 

This press release may contain forward-looking statements, including statements that are not purely statements of historical fact. Greenbrier uses words, and variations of words, such as "affect," "approximately," "are," "backlog," "believe," "continue," "drive," "estimate," "grow," "long-term," "may," "position," "recurring," "resilient," "result," "schedule," "strategy," "strong," "target," and similar expressions to identify forward-looking statements. These forward-looking statements include, without limitation, statements about our guidance and outlook, backlog and other orders, leasing performance, leasing strategy, financing, cash flow, tax treatment, and other information regarding future performance and strategies and appear throughout this press release. These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, the following: an economic downturn and economic uncertainty; changes to tariffs or import duties, including retaliatory tariffs; changes in macroeconomic policies; inflation (including rising energy prices, interest rates, wages and other escalators) and policy reactions thereto (including actions by central banks); disruptions in the supply of materials and components used in the production of our products; labor disputes; loss of market share to other modes of freight shipment; geopolitical unrest including the war in Ukraine and conflict in the Middle East. Our backlog of railcar units and other orders not included in backlog are not necessarily indicative of future results of operations. Certain orders in backlog are subject to customary documentation which may not occur. More information on potential factors that could cause our results to differ from our forward-looking statements is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed periodic report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Except as otherwise required by law, the Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date hereof.

**Financial Metric Definitions** 

Core EBITDA, Core net earnings attributable to Greenbrier, and Core diluted earnings per share (EPS) are not financial measures under generally accepted accounting principles (GAAP). These metrics are performance measurement tools used by rail supply companies and Greenbrier. You should not consider these metrics in isolation or as a substitute for other financial statement data determined in accordance with GAAP. In addition, because these metrics are not measures of financial performance under GAAP and are susceptible to varying calculations, the measures presented may differ from and may not be comparable to similarly titled measures used by other companies.

We define Core EBITDA as Net earnings before Interest and foreign exchange, Income tax expense, Depreciation and amortization and the impact associated with items we do not believe are indicative of our core business or which affect comparability. We believe the presentation of Core EBITDA provides useful information as it excludes the impact of financing, foreign exchange, income taxes and the accounting effects of capital spending and other items. These items may vary for different companies for reasons unrelated to the overall operating performance of a company's core business. We believe this assists in comparing our performance across reporting periods.

Core net earnings attributable to Greenbrier and core diluted EPS excludes the impact associated with items we do not believe are indicative of our core business or which affect comparability. We believe this assists in comparing our performance across reporting periods.

*###*