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

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

Equity strategy analyst

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.

falseWESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP000094345200009434522026-03-032026-03-03

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 

 Appendix  52 

 Cash Conversion Reconciliation  53 

 Operating Margin Reconciliation  54 

 Return On Invested Capital Reconciliation  55 

 Net Leverage Ratio  56 

 Earnings Per Share Reconciliation  (1 of 2)  57 

 Earnings Per Share Reconciliation  (2 of 2)  58 

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.

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