Wabtec (NYSE: WAB) details 2025 performance and 2029 outlook

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Form Type

8-K

Rhea-AI Filing Summary

Westinghouse Air Brake Technologies Corporation furnished an investor presentation highlighting its strategy, 2025 performance, and 2025–2029 outlook. For 2025, the company reports $11.17 billion in sales, a 20.3% adjusted operating margin, 16.1% GAAP operating margin, and $1.76 billion of cash flow from operations, reflecting 104% cash conversion. Adjusted EPS was $8.97 versus $6.83 GAAP EPS.

The presentation outlines a five-year plan targeting mid single-digit organic sales growth, double-digit adjusted EPS growth, cash from operations conversion above 90%, and more than 350 basis points of adjusted operating margin expansion from 2025 to 2029. Management emphasizes a resilient freight and transit rail portfolio, growing high-margin recurring revenue streams, disciplined capital deployment, and sustainability and technology initiatives such as fleet modernization, digital solutions, and lower-emission locomotive technologies.

Insights

Wabtec pairs solid 2025 results with ambitious but structured 5-year targets.

Wabtec presents a detailed long-term plan anchored by 2025 metrics of $11.17B sales, $1.76B cash from operations, and a 20.3% adjusted operating margin. Management highlights a diversified freight and transit rail portfolio with substantial recurring revenue and a strong 12-month backlog.

The 2025–2029 outlook calls for mid single-digit organic sales CAGR, double-digit adjusted EPS CAGR, cash conversion above 90%, and over 350 bps of adjusted margin expansion. Drivers include fleet renewal, international growth, digital solutions, and cost programs (Integration 2.0/3.0 and portfolio optimization).

Execution will depend on rail volume trends, macro conditions, and realizing integration and restructuring savings at the levels described. Subsequent filings and updates to the 5-year framework will show how actual results track against these stated financial and operational goals.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

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Accepted by SEC EDGAR 03/03/2026 - 06:28 AM

FAQ

What did Wabtec (WAB) disclose in this Form 8-K filing?

Wabtec furnished an investor presentation detailing its strategy, 2025 financial performance, and 2025–2029 outlook. The presentation covers sales, margins, cash flow, long-term growth targets, capital allocation priorities, sustainability initiatives, and integration and portfolio optimization programs across its freight and transit rail businesses.

How did Wabtec (WAB) perform financially in 2025 according to the presentation?

The company reports 2025 sales of $11.17 billion, a 20.3% adjusted operating margin and 16.1% GAAP operating margin. Cash flow from operations was $1.76 billion with 104% cash conversion, and adjusted earnings per share were $8.97 versus $6.83 on a GAAP EPS basis.

What long-term financial guidance did Wabtec (WAB) provide for 2025–2029?

Wabtec’s five-year outlook targets mid single-digit organic sales CAGR, double-digit adjusted EPS CAGR, cash from operations conversion above 90%, and more than 350 basis points of adjusted operating margin expansion, based on technology-led growth, rail fleet renewal, international expansion, and ongoing cost and integration programs.

How important are recurring revenues in Wabtec’s (WAB) business model?

The presentation states that recurring revenues, such as services, replacement parts, digital offerings and consumables, generated 56% of company profit in 2025. This recurring base is supported by Wabtec’s large installed fleet of locomotives and transit assets and is intended to help reduce exposure to economic cycles.

What capital allocation priorities did Wabtec (WAB) outline in the investor presentation?

Management highlights maintaining an investment-grade balance sheet, funding organic growth with capex and technology spend, increasing dividends with a 10–15% adjusted net income payout target, pursuing strategic M&A and portfolio optimization, and returning excess free cash flow through share repurchases under an expanded $1.2 billion authorization.

What sustainability and technology initiatives is Wabtec (WAB) pursuing?

Wabtec describes a path to lower-emission locomotives, including Tier 4 engines, modernizations, biofuels, hydrogen-capable internal combustion engines and FLXDrive battery-electric locomotives. Digital solutions like Trip Optimizer, Movement Planner and Locotrol target up to 30% fuel and emissions reductions across rail networks over time.

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): March 3, 2026

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or other Jurisdiction

of Incorporation)

033-90866		25-1615902
(Commission File No.)		(I.R.S. Employer Identification No.)

30 Isabella Street Pittsburgh, Pennsylvania		15212
(Address of Principal Executive Offices)		(Zip Code)

(412) 825-1000

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report.)

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 (see General Instruction A.2.):

☐	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 Exchange Act:

Title of Each Class		Trading Symbol		Name of Each Exchange on Which Registered
Common Stock, $0.01 par value per share		WAB		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 7.01.

Regulation FD Disclosure.

On March 3, 2026, Westinghouse Air Brake Technologies Corporation (the “Company”) posted an investor presentation (the “Investor Presentation”) to the investor relations section of its website. A copy of the Investor Presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 7.01 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are furnished with this report on Form 8-K:

Exhibit No.	Description
99.1	Investor Presentation dated March 3, 2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Caution Concerning Forward-Looking Statements

This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including statements regarding Wabtec’s plans, objectives, expectations and intentions; Wabtec’s expectations about future sales, earnings and cash conversion; Wabtec’s projected expenses and cost savings associated with its Integration 3.0 initiatives and its portfolio optimization; Wabtec’s 5-year outlook (established in February 2025); Wabtec’s expectations for evolving global industry, market and macro-economic conditions and their impact on Wabtec’s business; anticipated drivers of growth and margin expansion; planned capital deployment priorities; synergies and other expected benefits from Wabtec’s acquisitions; Wabtec’s expectations for production and demand conditions; Wabtec’s sustainability initiatives and their potential outcomes and impacts; and any assumptions underlying any of the foregoing, are forward looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) changes in general economic and/or industry specific conditions, including the impacts of significant recent shifts in trade policies (including the actual or threatened imposition of tariffs and retaliatory measures) as well as tax programs, inflation, supply chain disruptions, foreign currency exchange and industry consolidation and market reactions to these factors; (2) changes in the financial condition or operating strategies of Wabtec's customers; (3) unexpected costs, charges or expenses resulting from acquisitions and potential failure to realize synergies and other anticipated benefits of acquisitions, including as a result of integrating acquired targets into Wabtec; (4) inability to retain and hire key personnel; (5) evolving legal, regulatory and tax regimes; (6) changes in the expected timing of projects; (7) a decrease in freight or passenger rail traffic; (8) an increase in manufacturing costs; (9) actions by third parties, including government agencies; (10) the impacts of epidemics, pandemics, or similar public health crises on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability, and volatility in global markets as a result of global military action, acts of terrorism or armed conflict, including Russia’s invasion of Ukraine; (12) cybersecurity and data protection risks and (13) other risk factors as detailed from time to time in Wabtec’s reports filed with the SEC, including Wabtec’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

SIGNATURE

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

	WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

	By:	/s/ JOHN A. OLIN
		John A. Olin
		Executive Vice President and Chief Financial Officer
Date: March 3, 2026

Exhibit 99.1

2026 A Vision & Strategy Built on Performance

Forward Looking Statements & Non-GAAP Financial Information This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including statements regarding Wabtec’s plans, objectives, expectations and intentions; Wabtec’s expectations about future sales, earnings and cash conversion; Wabtec’s projected expenses and cost savings associated with its Integration 3.0 initiatives and its portfolio optimization; Wabtec’s 5-year outlook (established in February 2025); Wabtec’s expectations for evolving global industry, market and macro-economic conditions and their impact on Wabtec’s business; anticipated drivers of growth and margin expansion; planned capital deployment priorities; synergies and other expected benefits from Wabtec’s acquisitions; Wabtec’s expectations for production and demand conditions; Wabtec’s sustainability initiatives and their potential outcomes and impacts; and any assumptions underlying any of the foregoing, are forward looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) changes in general economic and/or industry specific conditions, including the impacts of significant recent shifts in trade policies (including the actual or threatened imposition of tariffs and retaliatory measures) as well as tax programs, inflation, supply chain disruptions, foreign currency exchange and industry consolidation and market reactions to these factors; (2) changes in the financial condition or operating strategies of Wabtec's customers; (3) unexpected costs, charges or expenses resulting from acquisitions and potential failure to realize synergies and other anticipated benefits of acquisitions, including as a result of integrating acquired targets into Wabtec; (4) inability to retain and hire key personnel; (5) evolving legal, regulatory and tax regimes; (6) changes in the expected timing of projects; (7) a decrease in freight or passenger rail traffic; (8) an increase in manufacturing costs; (9) actions by third parties, including government agencies; (10) the impacts of epidemics, pandemics, or similar public health crises on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability, and volatility in global markets as a result of global military action, acts of terrorism or armed conflict, including Russia’s invasion of Ukraine; (12) cybersecurity and data protection risks and (13) other risk factors as detailed from time to time in Wabtec’s reports filed with the SEC, including Wabtec’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements. This presentation mentions certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted income from operations, adjusted interest and other expense, adjusted net income, adjusted operating margin, adjusted gross margin, adjusted income tax expense, adjusted effective tax rate, adjusted earnings per diluted share, EBITDA and adjusted EBITDA, net debt and operating cash flow conversion rate. Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted for restructuring costs. Wabtec defines operating cash flow conversion as net cash provided by operating activities divided by net income plus depreciation and amortization including deferred debt cost amortization. While Wabtec believes these are useful supplemental measures for investors, they are not presented in accordance with GAAP. Investors should not consider non-GAAP measures in isolation or as a substitute for net income, cash flows from operations, or any other items calculated in accordance with GAAP. In addition, the non-GAAP financial measures included in this presentation have inherent material limitations as performance measures because they add back certain expenses incurred by the Company to GAAP financial measures, resulting in those expenses not being taken into account in the applicable non-GAAP financial measure. Because not all companies use identical calculations, Wabtec’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Included in this presentation are reconciliation tables that provide details about how adjusted results relate to GAAP results. Wabtec is not presenting a quantitative reconciliation of its forecasted GAAP earnings per diluted share to forecasted adjusted earnings per diluted share as it is unable to predict with reasonable certainty and without unreasonable effort the impact and timing of restructuring-related and other charges, including acquisition-related expenses and the outcome of certain regulatory, legal and tax matters. The financial impact of these items is uncertain and is dependent on various factors, including their timing, and could be material to Wabtec’s consolidated statements of earnings. 2

Table of Contents 4 Why Wabtec 11 Company Profile & Key Growth Drivers 16 Value Creation Framework 26 Drive Efficiencies Through Emerging Technologies 32 Strategies to Drive Profitable Growth 43 Disciplined Value Creation 48 Long-Term Guidance 52 Appendix Page 3

Why Wabtec 4

Wabtec Has Been a Partner In Rail Innovation For Over 155 Years FREIGHT SEGMENT TRANSIT SEGMENT ~20% Of the world’s railfreight is moved by a Wabteclocomotive ~12M Messages monitoreddaily on Wabteclocomotives ~30% Of global freight cars have Wabtec products on them ~1B >85% Of every major transit system in the world has Wabtec products on them Gallons of fuel saved with Trip Optimizer … avoiding ~10M metric tons CO2e Equipment services components Digital INTELLIGENCE 5

6 Wabtec’s Financial Performance 5-YEAR OUTLOOK 2025 through 2029 Mid Single Digit ORGANIC SALES CAGR Double Digit ADJUSTED EPS CAGR >90%(2) CASH FROM OPS CONVERSION(1) 350+ bps ADJUSTED OPERATING MARGIN EXPANSION Cash from Operations conversion % is defined as GAAP Cash from Operations divided by GAAP net income plus depreciation and amortization including deferred debt cost amortization. 5-year long term guidance as of February 12, 2025. Cash conversion expected to average >90% through 2029 2025 KEY HIGHLIGHTS $11.17B SALES 20.3% ADJUSTED OPERATING MARGIN $1.76B CASH FLOW FROM OPERATIONS 7.5% YOY 140 bps YOY 18.7% YOY 104% Cash Conversion (1) 16.1% GAAP OPERATING MARGIN $8.97 ADJUSTED EPS $6.83 GAAP EPS ADJUSTED OPERATING MARGIN ADJUSTED EPS

7 Resilient Portfolio Through The Cycle Demonstrated Execution Robust Backlog & Recurring Revenue Strong Cash Generation Expanded margins over the last 5 years despite significant headwinds Growing backlogs, aggressively managing costs, driving lean actions, and executing on Integration 2.0 and 3.0 16.2% OPERATING MARGIN 18.9% 17.0% 15.5% 13.1% 12.1% GAAP Adjusted 15.9% 16.1% 20.3% 11.2% Strong 12-month backlog provides resiliency and visibility despite macro uncertainty Significant recurringrevenue base drives56% of profit 4Q21 4Q24 $7.7B $7.5B 45% recurring revenue 4Q22 4Q23 $6.8B $6.3B Based on 2025 sales +8% CAGR 4Q25 $8.2B SOLID OUTLOOK SUPPORTED BY STRONGER AND RESILIENT EARNINGS Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations; (1) Cash from Operations conversion % is defined as GAAP Cash from Operations divided by GAAP net income plus depreciation and amortization including deferred debt cost amortization $1.1B $1.0B $1.2B $1.8B 2021 2022 2023 2024 2025 $1.8B CASH FROM OPERATIONS Average cash conversion of 99% from 2020 through 2025 despite significant business growth, supply chain disruptions and tariffs Executing on working capital improvements with a focus on inventory turns and account receivable collections 104% 102% 93% 89% 117% Cash Conv(1) % 12-MONTH BACKLOG $5.5B 4Q20 $0.8B 89% 2020 15.1% 9.9%

Driving Continuous Operational Improvement 2021 2023 FIXED ASSET PRODUCTIVITY 2024 2025 Total net sales/property, plant, and equipment, net 8 RETURN ON INVESTED CAPITAL(1) (1) Represents a non-GAAP financial measure. See Appendix for details and reconciliation CAPITAL EFFICIENCY METRICS 2022 2021 2023 2024 2025 2022 Both Metrics remain strong when adjusting for Recent Acquisitions

Disciplined Capital Deployment RETURNING CAPITAL TO SHAREHOLDERS … 45% RETURNED Through DIVIDENDS AND SHARE REPURCHASES 9 1 2 3 4 5 Maintain Strong Balance SheetMaintain investment-grade rating Invest In Sustainable GrowthR&D and CapEx Increase Dividends Target dividend payout ratio of 10-15% of adj. NI Supplement Organic Growth with M&APortfolio optimization; accretive investments Repurchase SharesReturn excess cash through repurchases Capital Deployment Priorities 2020 – 2025 Capital allocation $7.7B Cash from Operations Share repurchases 35% Net Acquisitions / Divestitures 46% CapEx/Debt/Other 9% Dividends 10%

Driving Long-Term Value Through Strategic Acquisitions Accretive Adj. EBITDA Margins Accretive Adj. EPS Accretive ROIC over time Accretive Growth Profile Inspection Technologies Dellner Couplers Frauscher Sensor Technology 10 $3.5B in Strategic acquisitions enhancing Digital & Transit’s technology platforms while supporting long-term value creation Building a stronger technology platform Value creation Highlights Global leader in non-destructive testing, remote visual inspection, and analytical instruments solutions for mission critical assets Global leader in highly engineered safety-critical train connection systems & services for passenger rail Global leader in train detection, wayside object control solutions and axle counting systems

Company Profile & Key Growth Drivers 11

Wabtec Operates Its Business In Two Segments FREIGHT: 72% TRANSIT: 28% 12 50+ Countries ~31K Employees GLOBAL LEADER IN FREIGHT AND TRANSIT RAIL TECHNOLOGIES 28% Services $11.2B portfolio 2025 revenues 21% Equipment 28% Transit 14% Components 9% Digital Intelligence

Attractive Revenue Profile 13 STRONG GLOBAL INDUSTRIAL PORTFOLIO WITH TRACK RECORD OF INNOVATION AND SIGNIFICANT RECURRING REVENUE *2025 FY results 53% 50% 50% 45% Attractiveend markets Robust aftermarket portfolio Broad scale in global markets Strong mix of recurring revenues Freight Transit All Other (Industrial and Mining) 30% 17% OE Aftermarket 55% 18% 14% Non-Recurring Recurring 55% North America (48% in U.S.) Europe APAC CIS, MENA, SSA South America 8% 5%

Sales Growth Expected To Drive Incremental Margins Of ~31% Based On Wabtec’s Fixed-Cost Structure 15-20% SG&A 80-85% 66% of 2025 Revenue 15-20% FIXED MANUFACTURING 80-85% FIXED SG&A ~31% INCREMENTAL MARGIN COST OF GOODS SOLD 12% of 2025 Revenue Variable Costs Variable Costs 15-20% 80-85% Fixed Costs Fixed Costs 14 (1) Long-term guidance as of February 12, 2025; excludes acquisitions of Inspection Technology, Frauscher Sensor Technologies, & Dellner Couplers

Mix Dynamics Changing As Industry Renews Aging Locomotive Fleet 15 EQUIPMENT TO GROW FASTER THAN AVERAGE ACROSS WABTEC PORTFOLIO 5 – YEAR GROWTH EXPECTATIONS(1) Sensitivity to the cycle Equipment High Components Medium Services Medium Digital Intelligence Medium Transit Low PRODUCT MIX Digital Intelligence Services Components Equipment Transit Margin Drivers Margin accretion Long-term guidance as of February 12, 2025 Represents core Services growth expectations (excluding modernizations) (2)

Value Creation Framework 16

Growth Drivers 17 DIVERSE PORTFOLIO WITH UNIQUE STRATEGIES TO DRIVE GROWTH VALUE CREATION FRAMEWORK FOR DELIVERING THE FUTURE OF RAIL Extending our position as a leader in rail technology around the world 1 2 3 4 5 Drive efficiencies through emerging technologies Lead the industry in innovative, fuel efficient technologies and transformative solutions Grow and refresh expansive global installed base Increase share across asset lifecycle (Locomotives, Mining, Freight Cars & Transit) Expand high-margin recurring revenue streams Increase revenues and expand margins while reducing exposure to economic cycles Accelerate innovation of scalable technologies Build high-margin, innovative and scalable products to increase customer productivity, automation, utilization, and capacity Drive continuous operational improvement Accelerate Lean; drive cost competitiveness; deploy capital efficiently; build a stronger, better Wabtec

Accelerate Innovation of Scalable Technologies Growth Driver #1 ENHANCE EXISTING PRODUCTS INVENT, TEST AND SCALE FUTURE technologies ~6-7% target annual organic investment in technology as % of sales TECHNOLOGY 18

Grow and Refresh Expansive Global Installed Base Growth Driver #2 Opportunity for pantograph High-margin friction products transit Pull-through content of up to $250K per new loco Recurring software services DigitalIntelligence 120+ service events over loco life >2,500 Mod units in operation Strong position with Class I customers Freightservices ~ $7K+ content on freight car Opportunity to pull through new deliveries, manufacturing & aftermarket sales Freight Car Components Installed Base Avg Age (years) NORTH AMERICA 30K 24 APAC 21K 22 CIS/EU 27K 27 LATAM 3K 24 SUB-SAHARAN AFRICA 5K 21 LOCOMOTIVE market (Includes Parked Locos) Customers projected to spend ~1-1.6X the original price of loco on service alone DIGITAL COMPONENTS MODS MAINTENANCE Source: SCI and Wabtec 19

Wabtec North America Locomotives New & Modernizations deliveries ~ 525 units per year ~ 400 units per year 2008 2017 2027 - 2029 North America Fleet Replenishment Growth Driver #2 Current active main-line locomotive fleet size ~15K ~25 years ~600 locos North America long-term locomotive fleet renewal Expected life of locomotive Expected industry average annual replacement rate 20 2026E

North America Fleet RenewalOpportunity Growth Driver #2 21 T1 T4 DC fleet profile T3 Fleet renewal: A catalyst for ROI, Reliability & Productivity 21 ~14K+ Locomotives EVO FDL AC DC/AC Opportunity ~4,900 Failure Per Locomotive Year Maintenance Cost / Year Age of Locomotive Age of Locomotive WABTEC’S TOTAL FLEET BREAKDOWN >25% Over 20 Yrs Old >25% DC Traction ACTIVE FLEET (2) (1) Source Wabtec (2) Adjusted for ~2,500 modernizations completed since 2015 Maintenance $ Failures (1) New EVO Products Launching in 2026 1 Productivity AC traction Availability 2 Fuel efficiency Engine improvements Digital solutions 3 Reliability Best-In-Class Failure Rate Diagnostics & Service Network Customer outcomes

INTERNATIONAL MOMENTUM WITH A HIGHER PROFIT MARGIN THAN NORTH aMERICA International Revenue Growth(1) Growth Driver #2 22 REGIONAL Revenue Europe South America SSA / MENA CIS APAC Resilient Growth in the International INSTALLED BASE 4.8% CAGR 8.6% CAGR International Revenue growth International Revenue 2025 by Business 2025 by Region Digital Transit Equipment Services Components 19% 51% 14% 8% 8% 39% 33% 9% 10% 9% Europe APAC CIS South America SSA / MENA 10.6% CAGR 15.1% CAGR 11.4% CAGR 2.6% CAGR 5.6% CAGR (1) International excludes North America

ENABLE ANNUAL CO2 REDUCTION GLOBALLY Driving Efficiency Improvements Growth Driver #3 23 2x Global demand for transport growing fast…freight and passenger activity projected to grow more than double by 2050 GROWING DEMAND Source: ITF Transport Outlook (1) Estimated annual benefit by 2050 22x fewer deaths and injuries per year than trucking SAFER 75% reduction in carbon emissions per ton-mile versus trucking CARBON REDUCTION 3-4x more fuel efficientthan trucking MORE EFFICIENT Environmental BENEFIT ~300M TONS(1) TODAY

Expand High-Margin Recurring Revenue Streams Growth Driver #4 24 56% OF COMPANY PROFIT IN 2025 DRIVEN BY RECURRING REVENUES Driven by expansive installed base of locomotives and significant content on transit / freight cars Includes such items as service businesses, replacement parts, software licenses, digital services and consumables 45% 55% Recurring Revenues 2025 FY results

Manufacturing excellence Lean/continuous improvement and Industry 4.0, 90% On Time Delivery, Rooftop reductions, make vs. buy, local production, Working capital cycle improvement Cost competitiveness Material cost reduction ~145 manufacturing sites. . . Drive best cost footprint ~25% sites in best-cost-countries >35% of engineers in best-cost-countries Should-cost analysis, total landed cost, low-cost country Supplier cost reduction ideas, long-term contracts with shared benefits Connected production cycle (quote to delivery) Rigorous planning and evaluation connected to sales through delivery 3-D model-based engineering designs, connected systems to enable change management Value-add process enablement System and tools to eliminate/automate transactional work PROVEN TRACK RECORD OF MARGIN EXPANSION THROUGH PROGRAMMATIC COST REDUCTION AND EFFICIENT EXECUTION Drive Continuous Operational Improvement Growth Driver #5 25 3-5% Historical average mfg cost productivity / year since 2019 ~60% of COGS covered by LEAN 2-3% Historical average material cost deflation / year since 2019 (excl. commodities & tariffs) >30% Rooftop reduction since 2019 (excl. acquisitions during 2019-2025) WHAT HOW

Drive Efficiencies Through Emerging Technologies 26

We’re Committed To Creating A More Sustainable Future SUSTAINABILITY PRINCIPLES INNOVATING WITH PURPOSE DRIVING RESPONSIBLE OPERATIONS EMPOWERING PEOPLE AND COMMUNITIES We are committed to developing responsible and sustainable products that minimize the impact on the planet We are committed to providing safe work environments and products that enable productive and efficient use of resources We are committed to driving a culture built on integrity, empowering our people, and investing in the communities where our teams live and work 27

AS OFQ1 2024 TARGETED DATE ACHIEVED BIODIESEL 11% 20% Q4 2025 RENEWABLE 50% 100% Q4 2025 ICE HYDROGEN (T3/T4) 0% 50% Wabtec’s Path To Lower Emission Locomotives Up to 60% CO2 Up to 80% CO2 DEVELOP BEST-IN-CLASS ZERO EMISSIONS Technology FDL FLEET EVO FLEET Wabtec Advantage: Fleet replacement with Tier 4 locomotives & mods improves fuel efficiency by up to 18%. Wabtec locomotives are up to 6% more fuel efficient versus competitors (excluding digital benefits) Wabtec Strategy: Provide best-in-class heavy haul locomotives and railyard switchers. Wabtec investment paced with market adoption Development of Battery-Electric Locomotives: Introduced the World’s First Zero Emissions Heavy Haul Battery Electric Loco First units shipped to customer in Australia in 2025 Step 1 - Fleet Renewal through Tier 4 & Mods Battery Electric (FLXDRIVE) (1) ICE (Internal Combustion Engine) Hydrogen specific to EVO Engines Wabtec Strategy: Enabling Wabtec’s installed base to utilize alternative fuels providing customers a secure energy transition with reversibility back to diesel. Wabtec’s 4-stroke engine architecture allows for ICE hydrogen(1) & increased engine efficiency Step 2 – Enable Wabtec Engines for Alternative Fuels ENABLE TRANSITION TOWARD NEAR ZERO Emissions 28

Locomotive Technology Road Map For Sustainability Engine Tier 4 76% NOx & 70% PM reductions1 8% CO2 reduction Modernization 8% CO2 reduction Biofuels >60% CO2 reduction Up to 80% CO2 reduction Alternative Power 100% CO2 and constituent emissions reduction Noise reduction Digital Solutions 30% CO2 reduction Significant fuel & time savings Past 2025 Future Introduced Evolution Tier 4 locomotive in 2013 Tier 4 High Efficiency Potential Sustainability Outcomes Delivered first DC to AC modernization in 2015 EVO Mods & EVO Advantage FDL Advantage Advancing the adoption of biofuel Immediate Scope 1 and 3 GHG reductions, minimal operational disruption for customers Launched Trip OptimizerTM (TO) in 2009 Demo FLXdrive 2.0 & FLXswitch FLXdrive 3.0 Battery Mainline Hybrid Consists & Switcher and Local NextFuelTM Alternative fuels Smart Cruise & Power Control Solutions Liquid natural gas-powered locomotive Fuel agnostic locomotive (hydrogen, ethanol, methanol) TO with LOCOTROL®, Smart HPT, and PTC2 1 Compared to U.S. Environmental Protection Agency Tier 3 emissions standards. 2 Smart HPT optimizes train performance for a given horsepower per ton (HPT) target. Positive Train Control (PTC) communication solutions offer improved reporting and data analytics capabilities. Network Pacing and Zero-to-Zero Air Brake Control 29

Digital Technical Solutions 30% UP TO Total savings* CAPABILITY EVOLUTION Fuel savings across the enterprise network 3%  4% Fuel savings on distributed power trains 4%  6% 15%  22% MOVEMENT PLANNER DISPATCH SYSTEM Optimizes the use of slack time to reduce overall fuel consumption LOCOTROL DISTRIBUTED POWER SYSTEM Optimizes the distribution of power to reduce total horsepower required TRIP OPTIMIZER ENERGY MANAGEMENT SYSTEMPlans the most fuel-efficient way to arrive on time * Non-EPA certified reductions reflect current estimates impact Up to ~30% reduction in emissions and fuel utilization 22% efficiencies today … 18% EPA certified products Integrated FUEL Optimization Movement Planner system Locotrol distributed power Trip Optimizer Platform 30 Fuel savings PER LOCOMOTIVE

Transit – Government Funding, Decarbonizing Passenger Transport UNIQUELY POSITIONED TO CAPTURE GROWTH ACROSS VAST PORTFOLIO AND GEOGRAPHICAL REACH TAILWIND TO TRANSIT SYSTEMS PORTFOLIO U.S. $290B in 2022 -2032 for passenger rail EUROPEAN UNION $104B in 2021-2027 for rail INDIA $150B in 2024-2029 for rail GERMANY $109B in 2020-2030 for rail PASSENGER RAIL (28 CO2/PKM) ROAD (102 CO2/PKM) AIR (244 CO2/PKM) Grams of CO2 PKM 31

Strategies to Drive Profitable Growth 32

Equipment – Primary Growth Drivers 1 2 3 4 SURFACE MINING TRUCK ELECTRIFICATION & FLEET RENEWAL Continued shift from mechanical drives to electric drives Maintain strong position in Ultra Class segment Sustained copper & iron ore production growth NORTH AMERICA FLEET UPGRADE Higher haulage, asset reliability and efficiency needs Aging fleet Intermodal growth INTERNATIONAL LOCOMOTIVE GROWTH Commodities, regional development, and global trade Emphasis on rail for sustainability & productivity TECHNOLOGY ADVANCEMENTS Asset productivity – availability and reliability of assets Alternative fuels, high fuel efficiency technologies 33

Equipment REVENUE BY END MARKET REVENUE BY GEOGRAPHY AFTERMARKET REVENUE RECURRING REVENUE 60% 17% 87% 13% 17% 83% OE Aftermarket Non-Recurring Recurring North America APAC CIS, MENA, SSA South America 7% 16% $2.4B 2025 Revenue Key customers DIVERSIFIED GLOBAL BASE TO DRIVE GROWTH 60% Locomotive Mining, Marine, Drilling, Other 40% 34

Services – Primary Growth Drivers 1 2 3 4 INTERNATIONAL EXPANSION Accelerating portfolio footprint and product penetration PERFORMANCE UPGRADESLeveraging technology to deliver on fuel & emissions efficiency and reliability MAINTENANCE TECHOLOGIES Asset management, material management, remote monitoring and technical advisory capabilities MODERNIZATIONS Fleet transformation (haulage, reliability, fuel & emissions) through modernizations to help customers achieve operational outcomes GLOBAL REMANUFACTURING 20+ global remanufacturing locations for critical components including engines & traction motors 5 35

Services REVENUE BY END MARKET REVENUE BY GEOGRAPHY AFTERMARKET REVENUE RECURRING REVENUE 77% 9% 73% 27% 27% 73% OE Aftermarket Non-Recurring Recurring North America APAC CIS, MENA, SSA South America 5% 9% $3.1B 2025 Revenue Key customers ACCELERATING core GROWTH ACROSS THE PORTFOLIO 73% Services / Maintenance Modernizations 27% 36 (1) Reclassed overhauls for Modernizations … 2024 Modernizations 28% / Services & Maintenance 72% on a comparable basis (1) (1) (1)

Components – Primary Growth Drivers 1 2 3 4 STRENGTHEN OUR CORE IN NORTH AMERICA Market freight car product offerings with car builders & Class 1s Consolidate industrial go-to-market approach DRIVE INNOVATION INTO NEW PRODUCTS & SOLUTIONS Sensing/digitalization to improve product performance Health monitoring to reduce maintenance cycles Apply advanced material technology to engine cooling INTERNATIONAL EXPANSION USING ONE WABTEC NETWORK Freight and loco opportunities in South America, APAC, SSA/MENA, & Europe Industrial expansion and global partnerships to support ESG Scaling and developing new products for energy solutions, carbon reduction, and renewable energy CONTINUOUS OPERATIONAL IMPROVEMENT Leverage best-cost country sources Rationalize and simplify structure to drive profitability Footprint consolidation to drive out duplication Increasing railcar content per car + Strong product position + Operating leverage REVENUE GROWTH AND MARGIN ACCRETION 37

Components REVENUE BY END MARKET REVENUE BY GEOGRAPHY AFTERMARKET REVENUE RECURRING REVENUE 11% 74% 11% 77% 23% 44% 56% OE Aftermarket Non-Recurring Recurring North America Europe APAC CIS, MENA, SSA South America 2% 2% $1.6B 2025 Revenue Key customers DIVERSIFIED PORTFOLIO BRINGS NEW GROWTH Nationalsteel car 58% 42% Freight Industrial 38

Digital Intelligence – Primary Growth Drivers 1 2 3 4 LAUNCHING I-ETMS(1) PROTECT PTC 2.0, precision reference, moving block, vital stand-alone technology NEXT-GEN NETWORK SOLUTIONSPrecision Dispatch 2.0, migrate to Cloud, Pacing & Service Design EXPAND TRIP OPTIMIZER SUITE Zero-to-Zero, TO Innovation for higher availability of auto-miles using AI AI DRIVEN ASSET MANAGEMENT KinetiX, Telematics and Inspection Technologies for condition monitoring & analytics EVOLVE LOCOTROL PLATFORM Locotrol Expanded Architecture (LXA); Road Remote Control Locomotive (Road RCL) system; Teleoperations INTERNATIONAL MARKETS Expand Train Automation, PTC 2.0, KinetiX and Digital Mining across South America, Europe, and APAC 5 (1) I-ETMS = Interoperable Electronic Train Management System 6 39

Digital Intelligence REVENUE BY END MARKET REVENUE BY GEOGRAPHY RECURRING REVENUE 60% 40% Non-Recurring Recurring North America Europe APAC CIS, MENA, SSA South America $1.0B 2025 Revenue Key customers WELL-POSITIONED FOR GROWTH 38% 24% Onboard Optimization, KinetiX (Inspection Technologies) 38% Signaling 63% 19% 6% 5% 7% 40

Transit – Primary Growth Drivers 1 2 3 INDUSTRY ORDERS MOMENTUM Record backlog at Car builders – avg ~6 yrs of sales Passenger growth … Europe & India driven Public investment in rail continues Transit Segment’s quality of backlog (margin) increasing COMPETITIVENESS & INNOVATION Excellence in tendering and project execution Target leadership positions in segments with clear differentiation / value creation potential Simplification & cost out … Integration 2.0 & 3.0 PORTFOLIO MANAGEMENT Portfolio optimization efforts ongoing Accretive bolt-on acquisitions … Fanox, Kompozitum & Dellner Synergies with Wabtec operating model 41

Transit REVENUE BY END MARKET REVENUE BY GEOGRAPHY AFTERMARKET REVENUE RECURRING REVENUE 56% 18% 43% 19% 19% 48% 52% 44% 56% OE Aftermarket Non-Recurring Recurring Rolling Stock Components Transit Services Brakes & Couplers 23% Power & Mobility 16% North America Europe APAC CIS, MENA, SSA South America 4% 2% $3.1B 2025 Revenue Key customers SAFETY, EFFICIENCY & PASSENGER COMFORT 42

Disciplined Value Creation 43

Path To The Future …Maximize Shareholder Value INVEST INTHE BUSINESS Driving long-term profitable growth DRIVERS INVEST IN THE FUTURE Through M&A with strategic fit& accretive returns; Portfolio Optimization RETURN VALUE TO SHAREHOLDERS Through disciplined capital allocation M&A as core competency Strategic markets… bolt-ons, adjacencies Attractive assets / end markets that drive growth Valuations that are accretive to earnings and ROIC Capital allocation priorities Increasing asset productivity Improving ROIC Robust cash generation and cash flow Deploy proven strategies / accelerate growth drivers Execute on increasing backlog Mix headwinds driven by fleet renewal Invest in innovative technologies that drive profitable growth Best-in-class productivity & integration 44

Capital Allocation Priorities PRIORITIES OBJECTIVES ACTIONS Maintain strong balance sheet to manage through economic cycles & world crises Net leverage(1) ratio of 2.0 to 2.5x. Maintain investment-grade ratings Net leverage ratio of 1.9x (1) at end of 4Q25 Appropriately invest in the business for revenue & profit growth CAPEX ~2% of sales Working capital(2) ~20% of sales Tech spend ~6-7% of sales Execute 2025-2029 plan Increase dividends Target dividend payout ratio of 10-15% of adjusted net income Grow dividends modestly in excess of earnings over time Increased quarterly dividend 24% to $0.31/share … $1.24 annually Supplement organic growth with M&A Optimize portfolio through bolt-ons and adjacencies, as well as improving/exiting non-strategic, low margin product lines Execute accretive M&A… manage pipeline of opportunities; purchased Evident’s Inspection Technologies Division, Frauscher Sensor Technologies, Continental Rail & Dotnetix in 2025 Return excess FCF after dividends and M&A through share repurchases Offset incentive plan dilution and supplement EPS growth Increased existing share repurchase authorization to $1.2B Net leverage ratio is defined as net debt divided by trailing 12-month adjusted EBITDA. Net debt is defined as total debt minus cash, restricted cash and cash equivalents; represents a non-GAAP financial measure. See Appendix for additional details and reconciliation Working capital includes customer deposits 45

Invest In The Future Through Strategic M&A 46 FOCUSED ON ACQUISITIONS THAT ARE A STRATEGIC FIT AND DRIVE ATTRACTIVE RETURNS STRATEGIC MARKETS COMPELLING VALUATIONS ATTRACTIVE ASSETS Accretive earnings within 2 years ROIC enhancing (ROIC > WACC) Above-average synergies (as % of revenue) Similar capital intensity / workingcapital requirements to core business Complements Wabtec’s strategic plan Highly competitive market position Product leadership Technology & engineering leadership Leading market shares Revenue growth and/or margin enhancement Operating cash conversion strength and/or opportunities Bolt-ons / adjacencies focused on: Highly engineered products Rail & industrial services Digital technologies & solutions Secular growth profile/sustainable end-markets Geographic reach High aftermarket & recurring revenue streams Complementary customer base & technologies

Key Investment Highlights 47 1 2 3 4 Continued momentum across the portfolio and strong orders, backlog, and pipeline … internationally and in North America Positive productivity driven by continuous cost improvement combined with realization of Integration 2.0/3.0 savings and Portfolio Optimization Wabtec is well-positioned to drive higher returns and create top quartile long-term value for shareholders over time Strong revenue growth, margin expansion, increased earnings and cash flow generation

Long-Term Guidance 48

49 Long-Term Guidance Drive efficiencies through emerging technologies Lead the industry in innovative, fuel efficient technologies and transformative solutions Grow and refresh expansive global installed base Increase share across asset lifecycle (Locos/Mining, Freight Cars & Transit) Expand high-margin recurring revenue streams Increase revenues and expand margins while reducing exposure to economic cycles Accelerate innovation of scalable technologies Build high-margin, innovative and scalable products to increase customer productivity, automation, utilization, and capacity Drive continuous operational improvement Accelerate Lean; drive cost competitiveness; deploy capital efficiently; build a stronger, better Wabtec 1 2 3 4 5 CONTINUING Value Creation Framework 5-YEAR OUTLOOK 2025 through 2029 Mid Single Digit ORGANIC SALES CAGR Double Digit ADJUSTED EPS CAGR >90%(2) CASH FROM OPS CONVERSION(1) 350+ bps ADJUSTED OPERATING MARGIN EXPANSION Cash from Operations conversion % is defined as GAAP Cash from Operations divided by GAAP net income plus depreciation and amortization including deferred debt cost amortization. 5-year long term guidance as of February 12, 2025. Cash conversion expected to average >90% through 2029

ADJUSTED MARGIN IMPROVEMENT EXPECTATIONS 2025 – 2029: 350+ BPS Future Revenue Growth & Margin Expansion +2.0 - 3.0% + 1.0% 1.0-2.0% + Innovation-Led Drivers 225 BPS + 85 BP + 40 BPS ANNUAL REVENUE GROWTH EXPECTATIONS 2025 – 2029: MID-SINGLE DIGITS ACCELERATED GROWTH Technology-driven growth Pricing for value Portfolio optimization headwinds Transit selectivity headwinds N.A. LOCO FLEET RENEWAL / INTL GROWTH New Locomotives (Tier 4 in U.S.) Mods (FDL Advantage, EVO Advantage) Alternative fuels Next Generation technologies UNDERLYING RAIL INDUSTRY GROWTH TRENDS Freight carloads Railcar build Passenger ridership Economic fundamentals (GDP) CAPITAL & TECHNOLOGY INVESTMENT IRR capital projects Technology/Innovation REVENUE GROWTH MSD growth CAGR Pricing for value Mix headwinds due to faster Mod/Loco growth COST IMPROVEMENT Continuous improvement, lean Integration 2.0 of ~$10M / 3.0 savings of $100M - $125M Manufacturing fixed cost absorption SG&A leverage (SG&A growth < revenue growth) Portfolio optimization tailwinds Note: 5-Year long-term guidance as of February 12, 2025; excludes Inspection Technologies, Frauscher Sensor Technologies, & Dellner Couplers acquisitions 50

51 Integration 2.0, 3.0 & Portfolio Optimization Update Integration 2.0 Update Integration 3.0 Update $5M RUN-RATE SAVINGS(2) Unrealized Restructuring charges (1) $46M $3M $22M $49M $87M $28M $103M Realized Original expectations were for $75-$90M savings & $110-$135M in charges Restructuring expense and restructuring related one-time charges Savings & restructuring charges include Bochum restructuring announced in the 4th quarter 2021 with a $23 million charge (3) Of the total anticipated expense, restructuring expense and restructuring related one-time charges are estimated at $80 million to $100 million. 2022 2023 2024 2025 $49M RUN-RATE SAVINGS Unrealized Anticipated Expenses (3) (4) $40M $125M-$155M $115M - $140M Realized Run rate savings estimate increased to $115-$140M from $100-$125M 2025 2026 2027 2028 Portfolio Optimization Update Pruned $72M of low margin, non-strategic revenue in 2025 50% of total reduction from Freight 50% of total reduction from Transit Expect to execute additional pruning of $60M low margin, non-strategic revenue in 2026 Delivering value through a Culture of continuous improvement (4) Program to date expenses total $50 million, which includes $10 million incurred in 2024; Program to date restructuring charges total $36 million, which includes $9 million incurred in 2024