TRINITY INDUSTRIES INC

Except as described below, there have been no material changes from the risk factors previously disclosed in Item 1A of our 2025 Annual Report on Form 10-K.

The regulatory environment relating to U.S. tariffs, customs administration, and trade policy has continued to evolve.

Since the filing of our Annual Report on Form 10-K, the regulatory environment relating to U.S. tariffs, customs administration, and trade policy has continued to evolve. We continue to monitor these developments, including governmental actions and interpretations relating to Section 232 of the Trade Expansion Act of 1962 tariffs and other trade measures, including the antidumping and countervailing duty proceedings described in Note 12 of the Consolidated Financial Statements. These developments may increase uncertainty regarding cross-border operations, customer demand, commercial arrangements, and supply chain planning. Tariffs, duties, or related cash deposit requirements could increase costs, disrupt our integrated U.S.-Mexico manufacturing operations, and adversely affect our results of operations and cash flows. Although certain customer contracts provide for recovery of tariffs or duties, these provisions may not fully mitigate these effects.