On this page of StockholderLetter.com we present the latest annual shareholder letter from GREENBRIER COMPANIES INC — ticker symbol GBX. Reading current and past GBX letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT
2025 ANNUAL REPORT CEO LETTER Dear Shareholders, Greenbrier s performance was outstanding in fiscal 2025, making it our best year yet by several measures. Driven by disciplined execution across our business, we achieved records for net earnings, Core earnings per share, and Core EBITDA. A commitment to streamline operations and our broader pursuit of our long-term strategic financial targets are yielding results. Aggregate gross margin reached nearly 19%, while our return on invested capital stood close to 11%, within our long-term target range. We remain focused on disciplined growth and are on track to double our recurring revenues by fiscal 2028. Better Together Financial Targets Established 2023 Starting Point Target FY 2025 Status $113M Double within five years $169M Nearly 50% growth; on track to achieve target Recurring Revenue Aggregate Gross Margin % 10.7% Mid-teens by FY26 18.7% Target Achieved Core Return on Invested Capital (ROIC) 8.3% 10 14% by FY26 10.9% Target Achieved Disciplined execution and efficient operations enabled us to achieve powerful outcomes from the transformation we began nearly three years ago. Today, Greenbrier is a stronger and more agile company, well-positioned to deliver robust performance. Our Manufacturing business delivered consistently strong margins, with our network operating more efficiently and precisely than ever before. Ongoing process improvements, balanced production lines and cost control measures have contributed to sustained margin expansion in Manufacturing. The insourcing capacity expansion in Manufacturing is effectively complete and the full value of this initiative will be realized as production scales through fiscal 2026 and beyond.
Importantly, flexible production capacity enables quick response to fluctuations in demand while maximizing operational efficiency. This agility is a competitive advantage for Greenbrier, allowing us to achieve our strategic goals and create value as we encounter dynamic market conditions. We have also made significant strides in our Leasing & Fleet Management business, which has become a central component of our overall performance. Our lease fleet continues to enjoy high utilization rates and strong renewals. It has also grown by 10% to 17,000 units in fiscal 2025 and by 40% since the end of fiscal 2022. Through their collaborative, entrepreneurial spirit, our employees make Greenbrier s achievements possible. Attracting and retaining top talent is essential for developing and delivering the best products and services. I m incredibly proud of our employees who delivered outstanding results for fiscal 2025. We are resolute that our talented workforce will always operate in a safe and protective environment. In fiscal 2025, we implemented key metrics measuring proactive safety behaviors. This increased engagement and realigned expectations across our facilities. Our 2025 Sustainability Report provides additional details on our safety performance and safety culture targets. As we look ahead, operational advancements and recurring earnings position Greenbrier at a structurally higher level of resilience. Our results this year illustrate that our efficiency initiatives and recurring revenue streams have raised our performance baseline, enabling us to achieve higher lows and consistent shareholder value over the years. As always, we remain dedicated to operational excellence, innovation and responsiveness to market changes. Our model is designed for steady performance, yielding durable returns while allowing us the flexibility to respond to future market demand. Thank you for your support and for your confidence in our leadership team and organization. Sincerely, Lorie Tekorius CEO & President The Greenbrier Companies
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GBX Shareholder/Stockholder Letter Transcript:

2025
ANNUAL
REPORT

2025
ANNUAL REPORT CEO LETTER
Dear Shareholders,
Greenbrier   s performance was outstanding in fiscal 2025, making it our best year yet by several measures.
Driven by disciplined execution across our business, we achieved records for net earnings, Core earnings per
share, and Core EBITDA.
A commitment to streamline operations and our broader pursuit of our long-term strategic financial targets
are yielding results. Aggregate gross margin reached nearly 19%, while our return on invested capital stood
close to 11%, within our long-term target range. We remain focused on disciplined growth and are on track to
double our recurring revenues by fiscal 2028.
Better Together Financial Targets
Established 2023
Starting Point
Target
FY 2025
Status
$113M
Double within
five years
$169M
Nearly 50%
growth; on track
to achieve
target
Recurring Revenue
Aggregate Gross Margin %
10.7%
Mid-teens by
FY26
18.7%
Target Achieved
Core Return on Invested
Capital (ROIC)
8.3%
10     14% by
FY26
10.9%
Target Achieved
Disciplined execution and efficient operations enabled us to achieve powerful outcomes from the
transformation we began nearly three years ago. Today, Greenbrier is a stronger and more agile company,
well-positioned to deliver robust performance.
Our Manufacturing business delivered consistently strong margins, with our network operating more
efficiently and precisely than ever before. Ongoing process improvements, balanced production lines and
cost control measures have contributed to sustained margin expansion in Manufacturing. The insourcing
capacity expansion in Manufacturing is effectively complete and the full value of this initiative will be realized as
production scales through fiscal 2026 and beyond.

Importantly, flexible production capacity enables quick response to fluctuations in demand while maximizing
operational efficiency. This agility is a competitive advantage for Greenbrier, allowing us to achieve our
strategic goals and create value as we encounter dynamic market conditions.
We have also made significant strides in our Leasing & Fleet Management business, which has become a
central component of our overall performance. Our lease fleet continues to enjoy high utilization rates and
strong renewals. It has also grown by 10% to 17,000 units in fiscal 2025 and by 40% since the end of fiscal
2022.
Through their collaborative, entrepreneurial spirit, our employees make Greenbrier   s achievements possible.
Attracting and retaining top talent is essential for developing and delivering the best products and services.
I   m incredibly proud of our employees who delivered outstanding results for fiscal 2025.
We are resolute that our talented workforce will always operate in a safe and protective environment. In fiscal
2025, we implemented key metrics measuring proactive safety behaviors. This increased engagement and
realigned expectations across our facilities. Our 2025 Sustainability Report provides additional details on our
safety performance and safety culture targets.
As we look ahead, operational advancements and recurring earnings position Greenbrier at a structurally
higher level of resilience. Our results this year illustrate that our efficiency initiatives and recurring revenue
streams have raised our performance baseline, enabling us to achieve    higher lows    and consistent
shareholder value over the years.
As always, we remain dedicated to operational excellence, innovation and responsiveness to market
changes. Our model is designed for steady performance, yielding durable returns while allowing us the
flexibility to respond to future market demand.
Thank you for your support and for your confidence in our leadership team and organization.
Sincerely,
Lorie Tekorius
CEO & President
The Greenbrier Companies

[THIS PAGE INTENTIONALLY LEFT BLANK]



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