The Greenbrier Companies, Inc.

Hello, and welcome to the Greenbrier Companies third quarter fiscal 2026 earnings conference call. Following today's presentation, we will conduct a question and answer session. Until that time, all lines will be in a listen-only mode. At the request of the Greenbrier Companies, this conference call is being recorded for instant replay purposes. At this time, I would like to turn the conference over to Travis Williams, Head of Investor Relations. Mr. Williams, you may begin.

Thank you, Operator. Good afternoon, and everyone, welcome to our third quarter fiscal 2026 conference call. Today, I'm joined by Lorie Tekorius, Greenbrier's CEO and President, Brian Comstock, Executive Vice President and President of the Americas, and Michael Donfris, Senior Vice President and CFO. Following our update on Greenbrier's Q3 performance, our outlook for fiscal 2026, we will open a call for questions. Our earnings release and supplemental slides can be found on the IR section of our website. Matters discussed on today's conference call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act 1995. Throughout our discussion today, we will describe some of the important factors that could cause Greenbrier's actual results in 2026 and beyond to differ materially from those expressed in the forward-looking statements made by or on behalf of Greenbrier. We will refer to recurring revenue throughout our comments today. Recurring revenue is defined as leasing and management services revenue, excluding the impact of syndication transactions. With that, I will turn it over to Lorie.

Thank you, Travis, and good afternoon, everyone. We appreciate you joining us today. Greenbrier delivered solid commercial, operational, and financial results in the third quarter. Global macroeconomic conditions in our markets support freight rail car lease rates and utilization, where Greenbrier is further strengthening as we serve our shipper customers. Those same conditions pressure demand for new freight rail cars. Though maintenance and replacement needs continue, and provide a foundation for future orders. This combination of market dynamics and a dedicated focus on operational efficiency led to sequentially improved gross margin and earnings. The improvements that have been made across Greenbrier over the last several years are yielding benefits and combined with operating discipline, cost control and commercial excellence create a more resilient earnings profile through cycles. or in other words, we're demonstrating our ability to deliver higher lows across the cycle due to the strength of our business platform. Our commercial team continues to expand Greenbrier's market reach, adding new customers while strengthening relationships with longstanding partners supported by our lease origination capabilities. These proficiencies leverage our integrated go-to-market model across direct sales, Leasing Partnerships, and Syndication. Turning to the market, in our core North American market, railcar deliveries have averaged about 35,000 per year since 2020. The current industry forecasts indicate less than 25,000 new railcars for calendar 2026, which will be the lowest level recorded since 2010. And the projection for calendar 2027 shows an increase to over 34,000 deliveries. Rail loading trends are up in several key commodity categories, including grain, petroleum products, chemicals, and intermodal. Although intermodal activity is uneven, as some commodities are shifting towards trucking to navigate service-related friction in the rail network. And while the uptick in freight rail modal share is uneven, We believe the longer-term outlook is positive. Our experience tells us it's a matter of when, not if, new rail car demand will increase. And activity coming out of a trough tends to arrive sooner and more robustly than anticipated. In Europe, wagon deliveries are expected to be around 9,000 units for calendar 2026 and the next several years. We're utilizing our lease origination capabilities strategically in this market as well to serve our customers while managing productivity and reducing costs. Our manufacturing segment, which includes maintenance, wheels, and parts activity in North America, executed well in the third quarter. Operating efficiency, cost discipline, and solid program and maintenance work helped drive the overall performance in the current macro environment. Our lease origination capabilities provide key flexibility to manage new car production and support utilization across our manufacturing footprint. In addition, our insourcing investment is delivering broad-based, sustained efficiency gains that will further improve earnings power as demand grows. In leasing and fleet management, We saw significant expansion of our own lease fleet with continued high utilization. We remain focused on growing this platform and doubling our recurring revenue base by 2028 through both our own manufacturing operations and secondary market opportunities as they arise. The enterprise-wide improvements that have been made at Greenbrier are supported by a strong financial foundation. A healthy and well-capitalized balance sheet and ample liquidity provides flexibility to support operations, invest in the business, return capital to shareholders and execute our strategy. As we look ahead, our focus remains squarely on operational execution, commercial discipline, capital allocation and ongoing enhancement of through cycle performance. You can expect Greenbrier's solid results across the cycle to continue driving long-term shareholder value. Finally, I want to thank our employees for their focus, commitment, and execution. Each and every one of their efforts demonstrates the strength of Greenbrier's culture and the durability of the platform that we've built. And with that, I'll turn the call over to Brian to discuss our operations in more detail.