Overview Key strengths Key risks One of the leading railcar lessors in Europe with a diversified customer base. Substantial fleet concentration in Europe, where the vast majority of operations take place. Capital-intensive nature of the sector and presence in the highly regulated European market serve as entry barriers for new entrants. Comparatively low profitability (EBIT margin) if compared with operating lease industry benchmarks, constrained by the typically lower-margin logistics business. Ability to offer in-house maintenance and production services enhances the competitive position. Significant capital expenditure (capex) along with an aggressive financial policy could constrain cash flow generation. An infrastructure investors consortium managed by Global Infrastructure Partners (GIP) and Abu Dhabi Investment Authority (ADIA)'s infrastructure division acquired a 72.55% stake in