# EDGAR Filing Document

**Accession Number:** 0000943452
**File Stem:** 0001628280-25-033032
**Filing Date:** 2025-6
**Character Count:** 35526
**Document Hash:** dfb3bfd228bd1502684044197f76ad05
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-033032.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001628280-25-033032

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
- **CENTRAL INDEX KEY:** 0000943452
- **STANDARD INDUSTRIAL CLASSIFICATION:** RAILROAD EQUIPMENT [3743]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 251615902
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-90866
- **FILM NUMBER:** 251074039

**BUSINESS ADDRESS:**
- **STREET 1:** 30 ISABELLA STREET
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15212
- **BUSINESS PHONE:** 4128251000

**MAIL ADDRESS:**
- **STREET 1:** 30 ISABELLA STREET
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WABTEC CORP
- **DATE OF NAME CHANGE:** 20000114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WESTINGHOUSE AIR BRAKE CO /DE/
- **DATE OF NAME CHANGE:** 19950404

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 11-K**

**(Mark One):** 

☒**&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended December 31, 2024**

**OR** 

☐**&nbsp;&nbsp;&nbsp;&nbsp;TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** 

**Commission file number 033-90866** 

**A.&nbsp;&nbsp;&nbsp;&nbsp;Full title of the plan and the address of the plan, if different from that of the issuer named below:** 

**Wabtec Savings Plan** 

**B.&nbsp;&nbsp;&nbsp;&nbsp;Name of issuer of the securities held pursuant to the plan and the address of the principal executive office.** 

**Westinghouse Air Brake Technologies Corporation** 

**30 Isabella Street** 

**Pittsburgh, PA 15212** 

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<u>WABTEC SAVINGS PLAN</u>

<u>ANNUAL REPORT ON FORM 11-K</u>

<u>DECEMBER 31, 2024 AND 2023</u>

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | Page |
| <u>[Report of Independent Registered Public Accounting Firm](#i0427121839174cd3ab0c27d6c9220fb8_7)</u> | <u>[3](#i0427121839174cd3ab0c27d6c9220fb8_7)</u> |
| Audited Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statements of Net Assets Available for Benefits](#i0427121839174cd3ab0c27d6c9220fb8_10)</u> | <u>[4](#i0427121839174cd3ab0c27d6c9220fb8_10)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statement of Changes in Net Assets Available for Benefits](#i0427121839174cd3ab0c27d6c9220fb8_13)</u> | <u>[5](#i0427121839174cd3ab0c27d6c9220fb8_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to Financial Statements](#i0427121839174cd3ab0c27d6c9220fb8_16)</u> | <u>[6](#i0427121839174cd3ab0c27d6c9220fb8_16)</u> |
| Supplemental Schedules |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Schedule H, Line 4i – Schedule of Assets (Held at End of Year)](#i0427121839174cd3ab0c27d6c9220fb8_34)</u> | <u>[11](#i0427121839174cd3ab0c27d6c9220fb8_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Signature](#i0427121839174cd3ab0c27d6c9220fb8_37)</u> | <u>[12](#i0427121839174cd3ab0c27d6c9220fb8_37)</u> |
| Exhibit |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 23 - <u>[Consent of Independent Registered Public Accounting Firm](wabex2311-k2024.htm)</u> |  |

---

Note: All other schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Committee for the Retirement Plans, Plan Administrator, and Plan Participants of the Wabtec Savings Plan:

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of the Wabtec Savings Plan (the Plan) as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Report on Supplemental Information**

The supplemental information in the accompanying schedule, Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Freed Maxick P.C.

We have served as the Plan's auditor since 2004.

Buffalo, NY

June 25, 2025

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<u>WABTEC SAVINGS PLAN</u> 

<u>STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS</u> 

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of registered investment companies | $1350322591 | $1114813124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer securities | 62406217 | 45113881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Self-directed brokerage | 34916470 | 23084142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common collective trust | 67978072 | 65076296 |
|  | 1515623350 | 1248087443 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 34478809 | 28945327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer contributions receivable | 29204672 | 27920570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee contributions receivable | 2277955 | 2303265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities in transit |  | 12070031 |
|  | 65961436 | 71239193 |
| Net assets available for benefits | $1581584786 | $1319326636 |

---

The accompanying notes are an integral part of these financial statements.

------

<u>WABTEC SAVINGS PLAN</u> 

<u>STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS</u>

---

| | |
|:---|:---|
| | **Year Ended December 31,**<br>**2024** |
| Sources of net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee contributions | $101671722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | 59465130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income | 38527432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on investment transactions | 62080410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | 132060751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total sources of net assets | 393805445 |
| Applications of net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Benefit payments | 130713742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses, net | 833553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total applications of net assets | 131547295 |
| Increase in net assets | 262258150 |
| Net assets available for benefits: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 1319326636 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of year | $1581584786 |

---

The accompanying notes are an integral part of these financial statements.

------

<u>WABTEC SAVINGS PLAN</u> 

<u>NOTES TO THE FINANCIAL STATEMENTS</u> 

<u>DECEMBER 31, 2024 AND 2023</u> 

**1. DESCRIPTION OF PLAN** 

The following description of the Wabtec Savings Plan (the "Plan") provides only general information. Participants should refer to the Plan document and Summary Plan Description for a more complete description of the Plan's provisions.

<u>General</u> 

The Plan, effective March 9, 1990, amended and restated effective January 1, 2022, is a contributory plan intended to comply with the provisions of Sections 401(a), 401(k) and 401(m) of the Internal Revenue Code (the "Code"). Except for certain collectively bargained employees as described below, all regular United States employees of Westinghouse Air Brake Technologies Corporation and its subsidiaries ("Wabtec" or the "Company") are eligible to participate upon their hire date. Subject to the terms of applicable collective bargaining agreements, collectively bargained employees (1) in Greensburg, Pennsylvania (and for periods prior to July 1, 2024 employees who were formerly employed at Wabtec's legacy Wilmerding, Pennsylvania location) are eligible to participate in the Plan upon their hire date, but those hired before October 1, 2004 are not eligible for employer contributions, and (2) of Barber Spring, Pennsylvania are eligible to participate in the Plan if they are age 18 or older and have completed six months of service and also are eligible for discretionary matching and discretionary annual profit sharing contributions. As a result of collective bargaining, effective as of May 1, 2024, collectively bargained employees at Wabtec's Barber Spring, Pennsylvania location are eligible to participate in the Plan upon their hire date and are eligible to receive the same matching contributions as Wabtec's non-collectively bargained employees.

Generally, former employees of companies acquired by Wabtec, who become employees of Wabtec or its affiliates immediately upon the completion of the acquisition, and who otherwise meet the general eligibility requirements of the Plan are eligible to participate in the Plan.

A committee appointed by Wabtec's Board of Directors or its authorized delegates (the "Committee") is responsible for the administration and operation of the Plan. In this capacity, the Committee selects and monitors the Plan's investment options and otherwise takes such steps as may be necessary and appropriate for the effective administration of the Plan.

<u>Contributions</u> 

Participants may contribute, through payroll deductions, employee elective pre-tax and after-tax "Roth" contributions from 1% to 50% of their eligible compensation, subject to the current Code limit which was $23,000 for 2024. New eligible employees are automatically enrolled in the Plan with 3% of eligible compensation contributed to the Plan as employee pre-tax contributions, unless such employees elect a different contribution percentage or elect not to contribute. This automatic enrollment provision does not apply to certain employee groups such as certain collectively bargained employees. In addition, participants may contribute employee after-tax contributions from 1% to 50% of their compensation. Participants who are 50 years of age or older during the plan year may contribute additional pre-tax or Roth catch up contributions, up to $7,500 in 2024. Participants' total annual contributions may not exceed the contribution limits under Section 415(c) of the Code. In addition, the combination of an employee's elective pre-tax, Roth and after-tax contributions may not exceed 50% of their eligible compensation. Active participants are able to convert all or a portion of their vested account balance in the Plan into after-tax Roth contributions.

For those participants that are eligible, the Company makes an annual basic contribution of 3% of a participant's eligible compensation, with the general requirement that the Company employs the participant on the last work day of the year for which the basic contribution is made. In addition, the Company will match 100% of the participant's pre-tax, Roth and/or after-tax contributions to the Plan up to a total of 3% of eligible compensation. Different levels of annual basic contributions and matching contributions may apply to certain collectively bargained employees.

Participants may elect to roll over account balances from other eligible retirement plans in accordance with the Code. Rollover contributions are included within Employee contributions on the Statements of Changes in Net Assets Available for Benefits. For the year ended December 31, 2024, rollovers from other qualified plans totaled $16,213,452.

The Plan allows participants to direct their contributions, and contributions made on their behalf, to any of the investment alternatives offered under the Plan, which includes a self-directed brokerage account through which participants can access a broad range of mutual funds not offered directly through the Plan. The Plan permits participants to invest in Wabtec common stock. The Plan limits participants' investments in Wabtec common stock such that (1) participants with more than 20% of their account invested in Wabtec common stock may not elect to transfer additional portions of their account into Wabtec common stock, and (2) participants may not elect to invest more than 20% of their future contributions to the Plan (or future contributions made to the Plan on their behalf by Wabtec) in Wabtec common stock.

------

Contributions receivable as of December 31, 2024, include contributions from Wabtec and Wabtec employees that were due to the Plan but had not yet been deposited into the Plan's assets by December 31, 2024.

<u>Withdrawals</u>

Participants may make the following types of withdrawals:

In-Service Withdrawals – Once every six months, a participant may withdraw all or any portion of his or her account attributable to employee after-tax contributions or rollover contributions. Once every six months, a participant may withdraw the vested portion of his or her account attributable to employer matching, or employer basic contributions contributed to the Plan before October 1, 2016. Once a participant has reached age 59½, he or she can withdraw any portion of his or her vested account.

Hardship Withdrawals – In the case of hardship, as defined in the plan document, the participant can elect to withdraw up to 100% of his or her account attributable to employee elective or Roth contributions. Hardship withdrawals are limited to once in any six-month period.

<u>Notes Receivable from Participants</u> 

Notes receivable from participants (loans) are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. Delinquent participant loans are reclassified as distributions based upon the terms of the plan document. A participant may borrow from his or her fund accounts a maximum loan amount equal to the lesser of 50% of the value of the participant's vested balance of his or her account, reduced by any outstanding loan balance, or $50,000. The loans bear interest based on the Reuters Prime Rate adjusted periodically, plus one percent. The interest rates on participant loans for the year ending December 31, 2024, range from 3.13% to 10.50%. Principal and interest are paid ratably through monthly payroll deductions.

<u>Participant Accounts</u> 

Each participant's account is credited with the participant's contributions and allocations of (a) the Company's contribution and (b) Plan earnings which may be charged with an allocation of administrative expenses and other applicable Plan expenses (such as for initiating a Plan loan). The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

<u>Plan Termination</u> 

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time as well as terminate the Plan subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). In the event the Plan is terminated, the Company will direct either (a) that the investment manager and trustee continue to hold the participants' accounts in accordance with the Plan, or (b) that the investment manager and trustee immediately distribute to each participant all amounts in the participant's account in a single lump-sum payment. In the event of Plan termination, participants would become 100% vested in their employer contributions.

<u>Vesting</u> 

Employee pre-tax, Roth, after-tax and rollover contributions are at all times 100% vested and non-forfeitable. Plan participants become 100% vested in employer contributions after three years of service as described in the Plan document. Special vesting rules may apply to amounts held on behalf of certain union employees and on amounts transferred into the Plan from another qualified retirement plan.

<u>Forfeitures</u>

Amounts forfeited by participants are used to reduce employer contributions or if the employer has made such contributions in full, to pay the Plan's administrative expenses. Forfeitures used to reduce employer contributions and pay plan administrative expenses during the year ended December 31, 2024 amounted to $1,740,104. As of December 31, 2024, the amount in the forfeited non-vested accounts totaled $3,220,291 ($1,600,182 as of December 31, 2023).

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

<u>Basis of Accounting</u> 

The accounts of the Plan are maintained on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (US GAAP).

<u>Accounting Estimates</u> 

The process of preparing financial statements in conformity with US GAAP requires management to use estimates and assumptions that affect certain types of assets, liabilities and changes therein. Such estimates primarily relate to unsettled

------

transactions and events as of the date of the financial statements. Accordingly, actual results may differ from estimated amounts.

<u>Investment Valuation and Income Recognition</u> 

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan's Committee determines the Plan's valuations policies utilizing information provided by the investment advisers and custodian. See Note 3 for a discussion of fair value measurements.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan's gains and losses on investments bought and sold, as well as held, during the year.

<u>Payment of Benefits</u>

Benefits are recorded when paid.

<u>Expenses</u>

Certain expenses of maintaining the Plan are paid by the Plan, unless otherwise paid by the Company. Expenses that are paid by the Company are excluded from these financial statements. Fees related to the administration of notes receivable from participants are charged directly to the participant's account and are included in administrative expenses.

<u>Income Taxes</u> 

The Plan has received a favorable determination letter dated August 24, 2022 stating that the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. This determination letter applies to all amendments dated through June 23, 2021. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. Since the June 23, 2021 amendment, the Plan has been restated and amended, but the plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan is qualified and the related trust is tax-exempt.

US GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the tax authorities. Management has evaluated the Plan's tax positions and concluded that as of December 31, 2024, the Plan had maintained its tax-exempt status and had taken no uncertain tax positions that required an adjustment to the financial statements. Therefore, no provision or liability for income taxes has been included in the Plan's financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

<u>Risks and Uncertainties</u> 

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the value of investment securities will occur in the near term and that such changes could materially affect the participants' account balances and the amounts reported in the statements of Net Assets Available for Benefits.

Market risks include global events which could impact the value of investment securities, such as a pandemic or international conflict.

**3. FAIR VALUE MEASUREMENT** 

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 inputs are unobservable inputs based on the Company's assumptions used to measure assets and liabilities at fair value.

A financial asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. There have been no changes in the methodologies used at December 31, 2024 and 2023.

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The Plan's assets are invested in the common stock of Wabtec, a common collective trust, a self-directed brokerage fund, and shares of registered investment companies (mutual funds) held by Fidelity Management Trust Company ("Fidelity"), the Plan custodian and trustee, and various other issuers. The following is a description of the valuation methodologies used for assets measured at fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of registered investment companies – Valued at the quoted Net Asset Value ("NAV") of shares held by the Plan at year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer securities – These investments consist of a unitized stock fund which consists of Wabtec common stock valued at the closing price reported on the active market on which the individual securities are traded and a small money market fund for liquidity purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Self-directed brokerage funds – These investments consist of cash equivalents and shares of registered investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Common collective trust – This investment is comprised of fully benefit-responsive investment contracts issued by insurance companies and other financial institutions ("Contracts"), fixed income securities and money market funds. Under the terms of the Contracts, the assets of the fund are invested in fixed income securities (which may include, but are not limited to, U.S. Treasury and agency bonds, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, asset backed securities, collective investment vehicles, shares of investment companies that invest primarily in fixed income securities) and shares of money market funds. The NAV is used as a practical expedient to estimate fair value. This practical expedient would not be used if it is determined to be probable that the common collective trust will sell the investment for an amount different from the reported NAV. Participant transactions (purchases and sales) may occur daily.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan's management believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table sets forth by level, within the fair value hierarchy, the Plan's assets at fair value as of December 31, 2024 and 2023.

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| | | | |
|:---|:---|:---|:---|
| | | **December 31, 2024** | **December 31, 2024** |
| <u>Assets</u> | **Total** | **Level 1** | **NAV** |
| Shares of registered investment companies | $1350322591 | $1350322591 | $— |
| Employer securities | 62406217 | 62406217 |  |
| Self-directed brokerage funds | 34916470 | 34916470 |  |
| Common collective trust <sup>(a)</sup> | 67978072 |  | 67978072 |
| Total | $1515623350 | $1447645278 | $67978072 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **December 31, 2023** | **December 31, 2023** |
| <u>Assets</u> | **Total** | **Level 1** | **NAV** |
| Shares of registered investment companies | $1114813124 | $1114813124 | $— |
| Employer securities | 45113881 | 45113881 |  |
| Self-directed brokerage funds | 23084142 | 23084142 |  |
| Common collective trust <sup>(a)</sup> | 65076296 |  | 65076296 |
| Total | $1248087443 | $1183011147 | $65076296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In accordance with FASB ASC 820-10, certain investments that are measured at fair value using NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits.

The Common Collective Trust is measured at fair value using the NAV per share practical expedient. There are no participant redemption restrictions for these investments; the redemption notice period of 12 months is applicable only to the Plan; unfunded commitments are not applicable; and redemption frequency is daily.

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**4. PARTY-IN-INTEREST TRANSACTIONS** 

Plan investments are shares of mutual funds managed by Fidelity. Fidelity is the trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest transactions. Fees paid by the Plan for professional, legal, accounting, and other expenses are paid through revenue sharing and, in accordance with the Plan's terms, by direct payment from the Plan's forfeitures account and amounted to $422,655 for the year ended December 31, 2024. The total revenue used to offset these expenses under the Revenue Credit Program (revenue sharing) was $558,011 for the year ended December 31, 2024. The majority of the remaining expenses represents fees paid by the participants for recordkeeping expenses and fees for individual plan activities, including the setup and maintenance of loans, which amounted to $968,909. The Plan also invests in Wabtec stock. Wabtec is the plan sponsor, and therefore, transactions qualify as party-in-interest transactions. Investment income from parties-in-interest transactions and interest from notes receivable from participants amounted to $217,908,091 for the year ended December 31, 2024.

**5. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500** 

The following is a reconciliation of net assets available for benefits per the Plan's financial statements to the Form 5500:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2024** | **2023** |
| Net assets available for benefits per the financial statements | $1581584786 | $1319326636 |
| Investments | 34478809 | 28945327 |
| Notes receivable from participants | (34478809) | (28945327) |
| Net assets available for benefits per the Form 5500 | $1581584786 | $1319326636 |

---

As permitted under ERISA, the reconciling items shown above are due to the difference in the method of accounting used under government reporting requirements in preparing the Form 5500 as compared to the Plan's financial statements.

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<u>WABTEC SAVINGS PLAN</u>

<u>PLAN NUMBER 004</u>

<u>EMPLOYER IDENTIFICATION NUMBER 25-1615902</u>

<u>SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)</u>

<u>DECEMBER 31, 2024</u>

---

| | | |
|:---|:---|:---|
| **Identity of Issuer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Description of Asset&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Fair Value** |
| *Fidelity* | *Fidelity Blue Chip Growth Commingled Pool\** | $*275931909* |
| *Fidelity* | *Fidelity 500 Index Fund \** | *156269221* |
| *Fidelity* | *Fidelity Freedom 2035 Fund K6 \** | *119809642* |
| *Fidelity* | *Fidelity Freedom 2030 Fund K6 \** | *113545382* |
| *Fidelity* | *Fidelity Freedom 2040 Fund K6 \** | *97109531* |
| *Fidelity* | *Fidelity Freedom 2025 Fund K6 \** | *70897268* |
| *Fidelity* | *Fidelity Freedom 2045 Fund K6 \** | *68891739* |
| *Fidelity* | *Fidelity Managed Income Portfolio II Class II \** | *67978072* |
| *Fidelity* | *Fidelity Freedom 2050 Fund K6 \** | *64781898* |
| *Wabtec* | *Wabtec Stock Fund \** | *62406217* |
| *Fidelity* | *Fidelity Freedom 2055 Fund K6 \** | *46823793* |
| *Vanguard* | *Equity Income Fund Admiral* | *43110337* |
| *Fidelity* | *Brokeragelink \** | *34916470* |
| *Wabtec Savings Plan* | *Participant Loan Fund\* (interest rates range from 3.13% to 10.50%)* | *34478809* |
| *Vanguard* | *Mid Cap Index Fund* | *29628490* |
| *Allspring* | *Allspring Core Bond II CIT E* | *25709823* |
| *Vanguard* | *Total Bond Market Index Fund* | *24539736* |
| *Fidelity* | *Fidelity® Small Cap Growth K6 Fund \** | *24202550* |
| *Fidelity* | *Fidelity Freedom 2020 Fund K6 \** | *21538862* |
| *Fidelity* | *Fidelity Freedom 2060 Fund K6 \** | *21280787* |
| *Vanguard* | *Total International Stock Index Fund* | *19169167* |
| *Fidelity* | *Fidelity Overseas Fund K \** | *18797482* |
| *Fidelity* | *Fidelity Small Cap Index \** | *18494848* |
| *Vanguard* | *Emerging Markets Stock Index Fund* | *13577067* |
| *BlackRock* | *BlackRock High Yield Portfolio Fund K* | *13052139* |
| *Allspring* | *Allspring Special Mid Cap Value Fund - Class R6* | *12638838* |
| *Fidelity* | *Fidelity Low-Priced Stock K6 Fund \** | *12444500* |
| *Fidelity* | *Fidelity Freedom 2015 Fund K6 \** | *10462504* |
| *Capital Research and Management Company* | *American Funds EuroPacific Growth Fund Class R-6* | *9863551* |
| *Fidelity* | *Fidelity Freedom 2065 Fund K6 \** | *8048378* |
| *Fidelity* | *Fidelity Freedom Income Fund K6 \** | *5525341* |
| *Fidelity* | *Fidelity Freedom 2010 Fund K6 \** | *3329087* |
| *Fidelity* | *Fidelity Money Market Trust Retirement Government Money Market II \** | *801082* |
| *Fidelity* | *Fidelity Freedom 2070 Fund K6 \** | *47639* |
|  |  | $*1550102159* |

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\* Offered by an issuer considered to be a party-in-interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on behalf of the Plan by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| Wabtec Savings Plan | Wabtec Savings Plan |
| By: | /s/ Nicole Theophilus |
|  | Nicole Theophilus |
|  | Executive Vice President and Chief Administrative Officer and Plan Administrator of the Wabtec Savings Plan |

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June 25, 2025

## Exhibit 23.1

**Exhibit 23.1** 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statement No. 333-35744 on Form S-8 of Westinghouse Air Brake Technologies Corporation of our report dated June 25, 2025, relating to our audit of financial statements and supplemental schedule of the Wabtec Savings Plan, which appears in this Annual Report on Form 11-K of Wabtec Savings Plan for the year ended December 31, 2024.

/s/ Freed Maxick P.C.

Buffalo, New York

June 25, 2025

<br>