# EDGAR Filing Document

**Accession Number:** 0000943452
**File Stem:** 0001628280-23-003617
**Filing Date:** 2023-2
**Character Count:** 60209
**Document Hash:** 0dc4e24fd36caa2dc4807aa1e05109ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-23-003617.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001628280-23-003617

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20230215

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-90866
- **FILM NUMBER:** 23633590

**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

?xml version="1.0" ? wab-20230215

**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): February 15, 2023 (February 15, 2023)**

____________________________________

**WESTINGHOUSE AIR BRAKE TECHNOLOGIES** 

**CORPORATION** 

**(Exact name of registrant as specified in its charter)** 

____________________________________

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| | |
|:---|:---|
| **Delaware** | **Delaware** |
| **(State or other jurisdiction<br>of incorporation or organization)** | **(State or other jurisdiction<br>of incorporation or organization)** |
| **033-90866** | **25-1615902** |
| **(Commission<br>File No.)** | **(I.R.S. Employer<br>Identification No.)** |
| **30 Isabella Street** | **15212** |
| **Pittsburgh, PA** | **(Zip code)** |
| **(Address of principal executive offices)** | |

---

**412-825-1000** 

**(Registrant's telephone number, including area code)** 

**Not Applicable**

**(Former name, former address and former fiscal year, 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. below):

☐ 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 Act:

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| | | |
|:---|:---|:---|
| **Class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $.01 par value per share | WAB | New York Stock Exchange |

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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. ☐

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

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On February 15, 2023, Westinghouse Air Brake Technologies Corporation (the "Company") issued a press release reporting, among other things, the Company's 2022 fourth quarter results. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 2.02 by reference. The Company is also furnishing an investor presentation relating to its fourth quarter of 2022 (the "Presentation"), which will be used by the management team for presentations to investors and others. A copy of the Presentation is attached hereto as Exhibit 99.2 and incorporated into this Item 2.02 by reference. The Presentation is also available on the Company's web site at www.wabteccorp.com.

In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 2.02 in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, 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.

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| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure** |

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On February 15, 2023, the Company issued a press release which, among other things, provided earnings guidance for fiscal year 2023. A copy of the press release is attached to this report as Exhibit 99.1 and the paragraph under the heading "2023 Financial Guidance" which discusses 2023 guidance is incorporated into this Item 7.01 by reference. The Company also furnished a Presentation relating to its fourth quarter of 2022, which is incorporated into this Item 7.01 by reference. A copy of the Presentation is attached to this report as Exhibit 99.2.

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 Exhibits 99.1 and 99.2, 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.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits** |

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(d) Exhibits.

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

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 99.1 | <u>[Press release dated](earningsrelease4q22vfina.htm)[February](earningsrelease4q22vfina.htm)[15, 202](earningsrelease4q22vfina.htm)[3](earningsrelease4q22vfina.htm)</u> |
| 99.2 | <u>[Wabtec Earnings Presentation,](wab4q22earningsdeckvfina.htm)[Fourth](wab4q22earningsdeckvfina.htm)[Quarter 202](wab4q22earningsdeckvfina.htm)[3](wab4q22earningsdeckvfina.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**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, including statements regarding the impact of acquisitions by Wabtec, statements regarding Wabtec's expectations about future sales and earnings, and statements about the impact of evolving global conditions on Wabtec's business. All statements, other than historical facts, including statements regarding synergies and other expected benefits from acquisitions; statements regarding Wabtec's plans, objectives, expectations and intentions; and statements regarding macro-economic conditions and evolving production and demand conditions; 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 tax and tariff programs, inflation, supply chain disruptions, foreign currency exchange, and industry consolidation; (2) changes in the financial condition or operating strategies of Wabtec's customers; (3) unexpected

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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 severity and duration of the evolving COVID-19 pandemic and the resulting impact on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability, and volatility in global markets from the imposition of economic sanctions on Russia resulting from the 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.

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**SIGNATURES**

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

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| | |
|:---|:---|
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION |
| By: | /s/ JOHN A. OLIN |
|  | **John A. Olin** |
|  | **Executive Vice President and<br>Chief Financial Officer** |
| (Duly Authorized Officer and Principal Financial Officer) | (Duly Authorized Officer and Principal Financial Officer) |
| DATE: | February 15, 2023 |

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## Exhibit 99.1

![](earningsrelease4q22vfina001.jpg)

News Release Wabtec Reports Strong Fourth Quarter 2022 Results  Sales Growth of 11.2% to $2.31 Billion; Sales Up 15.7% Excluding Impacts of Foreign Currency Exchange  Fourth Quarter Reported GAAP Earnings Per Share of $0.86; Adjusted Earnings Per Share of $1.30  Fourth Quarter Operating Cash Flow of $410 Million; Full-Year Operating Cash Flow of $1.04 Billion  Announced $750 Million Share Buyback Reauthorization and 13% Increase in Quarterly Dividend  Strong Visibility From $22.4 Billion Multi-Year Backlog PITTSBURGH, February 15, 2023 – Wabtec Corporation (NYSE: WAB) today reported fourth quarter 2022 GAAP earnings per diluted share of $0.86, down 15.7% versus the fourth quarter of 2021. Adjusted earnings per diluted share were $1.30, up 10.2% versus the same quarter a year ago. Fourth quarter sales were $2.31 billion and cash from operations was $410 million. "The Wabtec team finished a strong 2022 as evidenced by higher sales, margin expansion and increased earnings," said Rafael Santana, Wabtec's President and CEO. "We remained resilient by focusing on operational excellence as we continued to deliver for our customers and shareholders. The team's relentless focus on execution combined with underlying business momentum enabled us to deliver strong results despite a volatile environment that included significant headwinds from the impact of Russia sanctions, negative foreign currency exchange, supply chain constraints and higher input costs." "Looking ahead, Wabtec enters 2023 with momentum across the business and is well- positioned to drive profitable growth as the team continues to deliver for our customers and shareholders. Our differentiated portfolio of products and technologies, expansive global installed base, and multi-year backlog position us to remain highly resilient in an increasingly dynamic and challenging macro environment." 2022 Fourth Quarter Consolidated Results $ in millions except earnings per share and percentages; margin change in percentage points (pts) Fourth Quarter 2022 2021 Change Net Sales $2,306 $2,073 11.2% GAAP Gross Margin 28.3% 31.5% (3.2 pts) Adjusted Gross Margin 29.6% 31.7% (2.1 pts)

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![](earningsrelease4q22vfina002.jpg)

News Release GAAP Operating Margin 10.7% 12.7% (2.0 pts) Adjusted Operating Margin 15.3% 16.1% (0.8 pts) GAAP Diluted EPS $0.86 $1.02 (15.7%) Adjusted Diluted EPS $1.30 $1.18 10.2% Cash Flow from Operations $410 $314 30.6% Operating Cash Flow Conversion 147% 99%  Sales increased 11.2% compared to the year-ago quarter driven by significantly higher Freight segment sales, partially offset by lower Transit segment sales. On a constant currency basis, consolidated sales were up 15.7%.  GAAP operating margin was down 2.0 percentage points due to higher restructuring costs. Adjusted operating margin was lower due to unfavorable sales mix and increased technology spend in the quarter.  GAAP EPS declined due to higher restructuring costs related to the Integration 2.0 program. Adjusted EPS increased from the year-ago quarter primarily due to higher sales and disciplined cost management. 2022 Fourth Quarter Freight Segment Results Net sales $ in millions; margin change in percentage points (pts) Fourth Quarter 2022 2021 Change Net Sales $1,669 $1,425 17.1% GAAP Gross Margin 28.9% 31.9% (3.0 pts) Adjusted Gross Margin 29.4% 32.1% (2.7 pts) GAAP Operating Margin 12.5% 14.5% (2.0 pts) Adjusted Operating Margin 17.0% 18.7% (1.7 pts)  Freight segment sales for the fourth quarter were up across all product groups, with very strong growth in Digital Electronics, Services, and Equipment. On a constant currency basis, sales were up 18.6%.  GAAP operating margins and adjusted operating margin were lower as a result of unfavorable mix and increased technology spend during the quarter, partially offset by operational efficiencies and disciplined cost management. 2022 Fourth Quarter Transit Segment Results Net sales $ in millions; margin change in percentage points (pts) Fourth Quarter 2022 2021 Change Net Sales $637 $648 (1.7%) GAAP Gross Margin 26.7% 30.6% (3.9 pts) Adjusted Gross Margin 30.3% 30.9% (0.6 pts)

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![](earningsrelease4q22vfina003.jpg)

News Release GAAP Operating Margin 9.9% 12.2% (2.3 pts) Adjusted Operating Margin 14.8% 13.6% 1.2 pts  Transit segment sales for the fourth quarter were down versus last year due to unfavorable foreign currency exchange. On a constant currency basis, sales were up 9.3%.  GAAP operating margin was down as a result of higher restructuring costs, while adjusted operating margin benefited from increased productivity and a strong cost discipline. Backlog Backlog $ in millions December 31, 2022 2021 Change 12-Month Backlog $6,760 $6,268 7.8% Total Backlog $22,441 $22,169 1.2% At December 31, 2022 the multi-year backlog was $272 million higher than December 31, 2021 and excluding unfavorable foreign currency exchange, the multi-year backlog increased $680 million, up 3.1%. Cash Flow and Liquidity Summary  During the fourth quarter, the Company generated cash from operations of $410 million versus $314 million in the year ago period. Cash from operations was driven by favorable working capital changes.  At the end of the quarter, the Company had cash, cash equivalents, and restricted cash of $541 million and total debt of $4.0 billion. At December 31, 2022, the Company's total available liquidity was $2.29 billion, which includes cash, cash equivalents, and restricted cash plus $1.75 billion available under current credit facilities.  During the fourth quarter, the Company repurchased $73 million of Wabtec shares, bringing the full year total to $473 million.  Wabtec's Board of Directors announced a $750 million share buyback reauthorization and a 13% increase in the quarterly dividend to 17 cents per share. The Board of Directors also declared a regular quarterly common dividend of 17 cents per share, payable on March 10, 2023 to holders of record on February 24, 2023. 2023 Financial Guidance  Wabtec issues 2023 financial guidance with sales expected to be in a range of $8.7 billion to $9.0 billion. Adjusted earnings per diluted share is expected to be in a range of $5.15 to $5.55.  For full year 2023, Wabtec expects strong cash flow generation with operating cash flow conversion greater than 90 percent. Conference Call Information Wabtec will host a call with analysts and investors at 8:30 a.m., ET, today. To listen via webcast, go to Wabtec's new website at www.WabtecCorp.com and click on "Events &

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![](earningsrelease4q22vfina004.jpg)

News Release Presentations" in the "Investor Relations" section. Also, an audio replay of the call will be available by calling 1-877-344-7529 or 1-412-317-0088 (access code: 9828578). About Wabtec Corporation Wabtec Corporation (NYSE: WAB) is focused on creating transportation solutions that move and improve the world. The Company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 150 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide. Visit Wabtec's website at: www.WabtecCorp.com Information about non-GAAP Financial Information and Forward-Looking Statements Wabtec's earnings release and 2023 financial guidance mentions certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted operating margin, EBITDA, adjusted EBITDA, adjusted effective tax rate, adjusted income tax expense, adjusted income from operations, adjusted interest and other expense, adjusted earnings per diluted share and operating cash flow conversion. Wabtec is not presenting a quantitative reconciliation of our forecasted GAAP earnings per diluted share to forecasted adjusted earnings per diluted share as we are 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 timing, and could be material to our Consolidated Statements of Earnings. Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted for restructuring and transaction 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 release 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 release are reconciliation tables that provide details about how adjusted results relate to GAAP results.

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![](earningsrelease4q22vfina005.jpg)

News Release 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 statements of historical facts, are forward-looking statements. Forward-looking statements include statements regarding: Wabtec's plans, objectives and intentions; Wabtec's expectations about future sales, earnings and cash conversion; Wabtec's expectations for evolving global industry, market and macro-economic conditions and their impact on Wabtec business; synergies and other expected benefits from Wabtec's acquisitions; Wabtec's expectations for production and demand conditions; and any assumptions underlying any of the foregoing. 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 tax and tariff programs, inflation, supply chain disruptions, foreign currency exchange, and industry consolidation; (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 severity and duration of the evolving COVID-19 pandemic and the resulting impact on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability, and volatility in global markets from the imposition of economic sanctions on Russia resulting from the 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.

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![](earningsrelease4q22vfina006.jpg)

News Release Wabtec Investor Contact Kristine Kubacki, CFA / kristine.kubacki@wabtec.com / 412-450-2033 Wabtec Media Contact Tim Bader / tim.bader@wabtec.com / 682-319-7925

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## Exhibit 99.2

![](wab4q22earningsdeckvfina001.jpg)

1 F O U R T H Q U A R T E R 2 0 2 2 Wabtec Financial Results and Company Highlights

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![](wab4q22earningsdeckvfina002.jpg)

2 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 including statements regarding the impact of acquisitions by Wabtec, statements regarding Wabtec's expectations about future sales and earnings and statements about the impact of evolving global conditions on Wabtec's business. All statements, other than historical facts, including statements regarding synergies and other expected benefits from acquisitions; statements regarding Wabtec's plans, objectives, expectations and intentions; and statements regarding macro-economic conditions and evolving production and demand conditions; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward looking statements include statements regarding: Wabtec's plans, objectives and intention; Wabtec's expectations about future sales, earnings and cash conversion; Wabtec's projected expenses and cost savings associated with its Integration 2.0 initiative; Wabtec's 5-year outlook (established in March 2022); Wabtec's expectations for evolving global industry, market and macro-economic conditions and their impact on Wabtec's business; synergies and other expected benefits from Wabtec's acquisitions; Wabtec's expectations for production and demand conditions; and any assumptions underlying any of the foregoing. 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 tax and tariff programs, inflation, supply chain disruptions, foreign currency exchange, and industry consolidation; (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 severity and duration of the evolving COVID-19 pandemic and the resulting impact on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability, and volatility in global markets from the imposition of economic sanctions on Russia resulting from the 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 as well as Wabtec's earnings release and financial guidance mention certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted income from operations, adjusted interest and other expense, adjusted operating 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. 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 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 the timing, and could be material to Wabtec's Consolidated Statement of Earnings.

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![](wab4q22earningsdeckvfina003.jpg)

3 RAFAEL SANTANA President and Chief Executive Officer W A B T E C Today's participants JOHN OLIN Executive Vice President and Chief Financial Officer KRISTINE KUBACKI Vice President, Investor Relations 3

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![](wab4q22earningsdeckvfina004.jpg)

4 4Q 2022 overview Increased sales were driven by strong Freight segment growth … excluding impacts of FX, sales were up 15.7% YoY Op margin lower despite higher sales growth and increased productivity … offset by unfavorable mix and higher input costs GAAP EPS down 15.7% YoY on higher restructuring charges … adjusted EPS up 10.2% YoY from higher Freight sales Full-year cash flow from operations of $1.04B … strong cash generation enabling investment for future growth and maximizing shareholder returns Backlog provides improved multi-year visibility … up $272M YoY and up $680M excluding FX impacts W A B T E C S ALE S O PE RATIN G MAR GIN E AR N IN GS PE R S HAR E CAS H FLO W FR O M O PE RATIO N S (1) MULTI-Y E AR BACK LO G $2.31B 15.3% $0.86 $410M $22.44B S T R O N G U N D ER L Y I NG M O M ENT U M I N T O 2 0 2 3 (1) Year-over-year 4th quarter cash flow impact from securitization of accounts receivable was unfavorable $8 million (2) Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations 4Q 2022 HIGHLIGHTS Up 11.2% YoY 10.7% GAAP Adjusted(2) $1.30 GAAP Adjusted(2)

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5 3.2% 5.1% 20.2% (0.1%) (4.9%) (3.7%) (3.3%) 0.2% (0.8%) 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 F R E I G H T NA Carloads ↔/- Locomotive and Railcars Unparkings ↔/- International Freight Volumes + NA Railcar Deliveries + Mining Commodities ↔/- T R A N S I T Infrastructure Investment + Global Ridership +/↔ W A B T E C 2023 Market Expectations N O R TH AME R ICAN FR E IGHT CAR LO ADS 2022 FR E IGHT VO LUME SA V G . N O R T H A M E R I C A N P A R K E D L O C O M O T I V E S 2018 2019 2020 2021 Sources: China, Kazakhstan, India Ministry of Railways, Brazil: ANTT, South Africa (1.3%) 5.0% 8.0% (8.7%) (0.7%) Brazil China India South Africa Kazakhstan 2022 Source: Association of American Railroads Source: Wabtec

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6 DRIVERS OF PORTFOLIO GROWTH RECENT WINS Secured additional tier 4 new locomotive orders in North America now totaling over 100 units …. delivery in 2023 and 2024 Signed key international orders for locomotives and kits Signed multi-year international locomotive service contracts (South America and Kazakhstan) FLXdrive locomotive recognized for advanced sustainable technology by S&P Global and Business Intelligence Group W A B T E C Executing on our value creation framework Accelerate innovation of scalable technologies Grow and refresh expansive global installed base Lead decarbonization of rail Expand high-margin recurring revenue streams Drive continuous operational improvement 6

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7  Strong 12-month and multi-year backlog provides resiliency and visibility despite macro volatility  Significant recurring revenue base drives ~60% of profits W A B T E C Resilient portfolio through the cycle Favorable end-markets Robust backlog & recurring revenue Demonstrated execution S T R O N G O U T L O O K U N D E R P I N N E D B Y R E S I L I E N T A N D P R E D I C T A B L E E A R N I N G S ~70% Freight ~30% Transit FREIGHT + Accelerating investment in the fleet + Strong international order pipeline + Growing installed base TRANSIT + Increased global investment in infrastructure + Mega trends favor increasing ridership 4Q19 4Q22 $22.4B $22.4B  Expanded margins despite higher input costs, supply chain disruptions and loss of business in Russia  Aggressively managing costs and accelerating lean actions  Launched Integration 2.0 44%\* recurring revenue 2020 2021 2022 15.1% OP MARGIN 16.2% 15.9% 4Q20 4Q21 (1) Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (1) $22.2B $21.6B \*based on 2022 sales 9.9% 12.1%11.2% GAAP Adjusted 2020 2021 2022 \*based on 2022 sales

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8 Current active main-line locomotive fleet size Increasing visibility into 2023 and beyond WABTE C N O R TH AME R ICA LO CO MO TIVE S N E W & MO DE R N IZATIO N S DE LIVE R IE S >500 units per year <300 units per year W A B T E C 2008 2017 2023 - 2025 ~16K ~25 years >600 locos N O R TH AME R ICA LO N G-TE R M LO CO MO TIVE FLE E T R E N E WAL Expected life of locomotive Expected industry average annual replacement rate

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9 STRONG SALES GROWTH DESPITE DISRUPTIONS AND MACRO VOLATILITY (1) Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations 4Q 2022 financial summary W A B T E C OP INCOME/OP MARGIN 11.2% INCREASE $264M 12.7% 2021 GAAP SALES EPS $2.07B 2021 $2.31B 2022 $247M 10.7% 2022 GAAP $334M 16.1% 2021 ADJ(1) $352M 15.3% 2022 ADJ(1) $1.02 2021 GAAP $0.86 2022 GAAP $1.18 2021 ADJ(1) $1.30 2022 ADJ(1) (UP 15.7% YoY EX-CURRENCY)

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10 W A B T E C 4Q 2022 sales P R O D U C T L I N E 4 Q 2 2 Y O Y Equipment $430 14.1% Components $241 10.6% Digital Electronics $225 34.7% Services $773 16.6% Freight Segment $1,669 17.1% Transit Segment $637 (1.7%) T O T A L S A L E S $2,306 11.2% E Q U I P M E N T Significantly higher international locomotives sales C O M P O N E N T S Higher due to improving OE railcar build and increased railcars in operation D I G I T A L E L E C T R O N I C S Higher demand for on-board locomotive products, software upgrades and acquisitions of Beena Vision and ARINC (22% YoY growth excluding acquisitions) S E R V I C E S Larger active locomotive fleet and higher sales of MODs T R A N S I T Decreased as a result of unfavorable foreign currency exchange … sales up 9.3% on constant currency basis 4 Q K E Y D R I V E R S ($ in millions)

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11 W A B T E C 4Q 2022 consolidated gross profit 4 Q K E Y D R I V E R S 2 0 2 1 G R O S S P R O F I T $652 $657 % Gross Profit Margin 31.5% 31.7% Volume ↑↑ ↑↑ Mix/Pricing ↑ ↑ Raw Materials ↓ ↓ Currency ↓ ↓ Manufacturing/Other ↑ ↑ 2 0 2 2 G R O S S P R O F I T $652 $683 % Gross Profit Margin 28.3% 29.6% V O L U M E Freight segment sales growth of 17.1% M I X / P R I C I N G Higher pricing partially offset by a less rich mix of products within business groups (Equipment and Services) R A W M A T E R I A L S Cost pressures from higher input costs C U R R E N C Y Unfavorable foreign exchange impacted gross profit $21M (operating income negatively impacted by $6M) M A N U F A C T U R I N G / O T H E R Productivity and absorption gains partially offset by higher transportation costs ($ in millions) (1) Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations GAAP Adjusted (1)

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12 2 0 2 1 O P I N C O M E $264 $334 % Operating Margin 12.7% 16.1% Gross Profit - 26 SG&A (8) - Engineering (8) (8) Amortization (1) - 2 0 2 2 O P I N C O M E $247 $352 % Operating Margin 10.7% 15.3% W A B T E C 4Q 2022 consolidated operating income (1) Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations A S E X P E C T E D , L O W E R O P E R A T I N G M A R G I N D R I V E N B Y I N C R E A S E D T E C H N O L O G Y A N D I N T E G R A T I O N 2 . 0 I N I T I A T I V E S Adjusted (1) ($ in millions) GAAP

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13 (1) Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (2) Freight segment operating income was positively impacted by below-market intangible amortization of $14 million; flat versus 4th quarter 2021 (3) Foreign exchange negatively impacted Freight sales by $21 million; Foreign exchange rates had a negative $205 million impact on segment backlog 4Q 2022 Freight segment performance W A B T E C 17.1% INCREASE OP INCOME/OP MARGIN $207M 14.5% 2021 GAAP SALES BACKLOG 0.8% INCREASE YoY $1.43B 2021 $1.67B(3) 2022 $209M 12.5% 2022 GAAP $267M 18.7% 2021 ADJ(1,2) $284M 17.0% 2022 ADJ(1,2) $18.50B 2021 $18.64B(3) 2022 (UP 1.9% YoY EX-CURRENCY)(UP 18.6% YoY EX-CURRENCY)

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14 (1) Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (2) Foreign exchange negatively impacted Transit sales by $71 million; Foreign exchange rates had a negative $203 million impact on segment backlog 4Q 2022 Transit segment performance W A B T E C OP INCOME/OP MARGIN 1.7% DECREASE $79M 12.2% 2021 GAAP SALES BACKLOG 3.6% INCREASE YoY $648M 2021 $637M(2) 2022 $63M 9.9% 2022 GAAP $88M 13.6% 2021 ADJ(1) $95M 14.8% 2022 ADJ(1) $3.67B 2021 $3.80B(2) 2022 (UP 9.2% YoY EX-CURRENCY)(UP 9.3% YoY EX-CURRENCY)

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15 W A B T E C Integration 2.0 on track to deliver savings by 2025 C O N S O L I D A T E F O O T P R I N T 15+ facilities Headcount redundancy Office/facility rationalization S T R E A M L I N E M A N U F A C T U R I N G Restructure NAM distribution Reman localization Best-cost-country capacity expansion S I M P L I F Y T H R O U G H S Y S T E M S E N A B L E M E N T Rewire indirect source-to-pay Data/process simplification 2022 2023 2024 2025 $75-90M BY 2025 Realized $5M Cumulative savings(2) Unrealized (1) Restructuring expense and restructuring related one-time charges (2) Savings include Bochum restructuring announced in the 4th quarter 2021 with a $23 million charge Restructuring charges (1) $46M $135-165MExpected total thru 2024

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16 W A B T E C Resilient business allows for execution on financial priorities STRONG FINANCIAL POSITION LEVERAGE FOCUSED ON CASH CONVERSION (1) CASH FROM OPS RETURN CAPITAL TO SHAREHOLDERS 4Q cash generation of $410M … cash conv of 147% YoY cash conversion impacted by proactive inventory build ahead of higher sales and managing supply chain disruptions of critical parts Debt leverage (2) improved ... committed to maintaining investment grade ratings Strengthening balance sheet … strong liquidity of $2.29B (3) Returning capital to shareholders … $584M returned through share repurchases and dividends Announced 13% dividend increase … from $0.15 to $0.17 per quarter S T R O N G F I N A N C I A L P O S I T I O N ; I N V E S T I N G I N F U T U R E G R O W T H A N D M A X I M I Z I N G S H A R E H O L D E R R E T U R N S (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 (2) Leverage 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 (3) At December 31, 2022, the Company's total available liquidity was $2.29 billion, which includes cash, cash equivalents and restricted cash of $0.54 billion plus $1.75 billion available under current credit facilities 102% cash conv $1.07B 2 0 2 1 93% cash conv $1.04B 2 0 2 2 Leverage 2.5x 4 Q 2 1 Leverage 2.2x 4 Q 2 2 $92M Dividends $300M Share repurchases $111M 2 0 2 1 2 0 2 2 $473M

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17 2022 overview Increased sales were driven by strong Freight segment growth … excluding impacts of FX, sales were up 10.8% Op margin up from higher sales growth and improved productivity … partially offset by unfavorable mix and higher input costs EPS driven by strong Freight segment sales … GAAP EPS up 16.9% and adjusted EPS up 14.1% YoY Strong cash generation enabling investment for future growth and maximizing shareholder returns W A B T E C S ALE S O PE RATIN G MAR GIN E AR N IN GS PE R S HAR E CAS H FLO W FR O M O PE RATIO N S (1) $8.36B 16.2% $3.46 $1.04B S T R O N G E X E C U T I O N I N H I G H L Y V O L A T I L E E N V I R O NM EN T (1) Year-over-year cash flow benefit from securitization of accounts receivable was $113 million (2) Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations 2022 HIGHLIGHTS Up 6.9% YoY 12.1% GAAP Adjusted(2) $4.86 GAAP Adjusted(2)

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18 Adjusted operating margin up - Favorable productivity/absorption offset by mix - SG&A as % of sales down - Engineering as % of sales flat Tax rate ~25.5% Capex ~2% of sales W A B T E C 2023 outlook and guidance R E V E N U E S $8.7B to $9.0B (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 STRONG MOMENTUM ACROSS THE PORTFOLIO A D J U S T E D E P S $5.15 to $5.55 C A S H C O N V E R S I O N (1) >90% E Q U I P M E N T Higher deliveries of locomotives C O M P O N E N T S Higher railcar build and improved demand for industrial components S E R V I C E S Continued demand for reliable, efficient power and higher deliveries of MODs … partially offset by uptick in locomotive parkings D I G I T A L E L E C T R O N I C S Growth driven by next gen technologies, international expansion and 2022 acquisitions T R A N S I T Increased global infrastructure investment K E Y A S S U M P T I O N S

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19 W A B T E C Key takeaways 02 Well-positioned to drive profitable growth with strong momentum across the portfolio and increased multi-year visibility 03 Continuous cost improvement combined with initial realization of Integration 2.0 savings driving margin expansion 04 Strong long-term business fundamentals driving higher returns and maximizing long-term value creation for shareholders 01 Revenue and margin growth in 2022 ... delivering on our full-year financial commitments despite geopolitical and macro challenges M S D C O R E O R G A N I C G R O W T H C A G R 2 5 0 - 3 0 0 B P S M A R G I N E X P A N S I O N + + D I S C I P L I N E D C A P I T A L D E P L O Y M E N T = D O U B L E - D I G I T E P S G R O W T H W I T H S T R O N G O P E R A T I N G C A S H F L O W C O N V E R S I O N (9 0 % +) 5 - Y E A R O U T L O O K (1) (1) Long-term guidance as of March 9, 2022 19

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20 Income statement Appendix A (1 of 2) 2022 2021 2022 2021 Net sales 2,306$2,073$8,362$7,822$ Cost of sales (1,654) (1,421) (5,822) (5,453) Gross profit 652 652 2,540 2,369 Gross profit as a % of Net Sales 28.3% 31.5% 30.4% 30.3% Selling, general and administrative expenses (272) (264) (1,029) (1,030) Engineering expenses (60) (52) (209) (176) Amortization expense (73) (72) (291) (287) Total operating expenses (405) (388) (1,529) (1,493) Operating expenses as a % of Net Sales 17.5% 18.7% 18.3% 19.1% Income from operations 247 264 1,011 876 Income from operations as a % of Net Sales 10.7% 12.7% 12.1% 11.2% Interest expense, net (51) (42) (186) (177) Other income, net 14 13 29 38 Income before income taxes 210 235 854 737 Income tax expense (51) (42) (213) (172) Effective tax rate 24.3% 17.4% 25.0% 23.2% Net income 159 193 641 565 Less: Net income attributable to noncontrolling interest (1) (3) (8) (7) Net income attributable to Wabtec shareholders 158$190$633$558$ Earnings Per Common Share Basic Net income attributable to Wabtec shareholders 0.87$1.02$3.46$2.96$ Diluted Net income attributable to Wabtec shareholders 0.86$1.02$3.46$2.96$ Basic 181.0 186.0 182.2 187.7 Diluted 181.7 186.5 182.8 188.1 December 31, December 31, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 AND 2021 (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended Twelve Months Ended

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21Appendix A (2 of 2) Income statement (cont.) 2022 2021 2022 2021 Segment Information Freight Net Sales 1,669$1,425$6,012$5,239$ Freight Income from Operations 209$207$864$717$ Freight Operating Margin 12.5% 14.5% 14.4% 13.7% Transit Net Sales 637$648$2,350$2,583$ Transit Income from Operations 63$79$231$238$ Transit Operating Margin 9.9% 12.2% 9.8% 9.2% Backlog Information (Note: 12-month is a sub-set of total) December 31, 2022 September 30, 2022 December 31, 2021 Freight Total 18,641$19,173$18,502$ Transit Total 3,800 3,437 3,667 Wabtec Total 22,441$22,610$22,169$ Freight 12-Month 4,901$4,567$4,520$ Transit 12-Month 1,859 1,700 1,748 Wabtec 12-Month 6,760$6,267$6,268$ December 31, December 31, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 AND 2021 (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended Twelve Months Ended

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22Balance sheet Appendix B December 31, 2022 December 31, 2021 In mill ions Cash, cash equivalents and restricted cash 541$473$ Receivables, net 1,519 1,477 Inventories 2,034 1,689 Other current assets 233 193 Total current assets 4,327 3,832 Property, plant and equipment, net 1,429 1,497 Goodwill 8,508 8,587 Other intangible assets, net 3,402 3,705 Other noncurrent assets 850 833 Total assets 18,516$18,454$ Current liabilities 3,467$2,910$ Long-term debt 3,751 4,056 Long-term liabilities - other 1,151 1,249 Total liabilities 8,369 8,215 Shareholders' equity 10,102 10,201 Noncontrolling interest 45 38 Total shareholders' equity 10,147 10,239 Total Liabilities and Shareholders' Equity 18,516$18,454$ WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

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23Appendix C Cash flow 2022 2021 In mill ions Operating activities Net income 641$565$ Non-cash expense 506 571 Receivables (52) (76) Inventories (368) (41) Accounts Payable 306 109 Other assets and liabilities 5 (55) Net cash provided by operating activities 1,038 1,073 Net cash used for investing activities (235) (540) Net cash used for financing activities (708) (653) Effect of changes in currency exchange rates (27) (6) Increase (decrease) in cash 68 (126) Cash, cash equivalents and restricted cash, beginning of period 473 599 Cash, cash equivalents and restricted cash, end of period 541$473$ WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Twelve Months Ended December 31,

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24 EPS and non-GAAP Reconciliation Appendix D (1 of 2) Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results 2,306$652$(405)$247$(37)$(51)$159$(1)$158$0.86$ Restructuring costs - 31 1 32 - (8) 24 - 24 0.14$ Non-cash Amortization expense - - 73 73 - (19) 54 - 54 0.30$ Adjusted Results 2,306$683$(331)$352$(37)$(78)$237$(1)$236$1.30$ Fully Diluted Shares Outstanding 181.7 Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results 8,362$2,540$(1,529)$1,011$(157)$(213)$641$(8)$633$3.46$ Restructuring costs - 43 9 52 - (13) 39 - 39 0.21$ Non-cash Amortization expense - - 291 291 - (73) 218 - 218 1.19$ Adjusted Results 8,362$2,583$(1,229)$1,354$(157)$(299)$898$(8)$890$4.86$ Fully Diluted Shares Outstanding 182.8 Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. Fourth Quarter 2022 Actual Results Fourth Quarter Year-to-Date 2022 Actual Results

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25 EPS and non-GAAP Reconciliation Appendix D (2 of 2) Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results 2,073$652$(388)$264$(29)$(42)$193$(3)$190$1.02$ Restructuring costs - 5 (7) (2) - 5 3 - 3 0.01$ Non-cash Amortization expense - - 72 72 - (18) 54 - 54 0.29$ Foreign Exchange Gain - - - - (1) - (1) - (1) (0.01)$ Amended Return, net - - - - - (25) (25) - (25) (0.13)$ Adjusted Results 2,073$657$(323)$334$(30)$(80)$224$(3)$221$1.18$ Fully Diluted Shares Outstanding 186.5 Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results 7,822$2,369$(1,493)$876$(139)$(172)$565$(7)$558$2.96$ Restructuring costs - 53 25 78 - (15) 63 - 63 0.33$ Non-cash Amortization expense - - 287 287 - (74) 213 - 213 1.13$ Foreign Exchange Gain - - - - (8) 2 (6) - (6) (0.03)$ Amended Return, net - - - - - (25) (25) - (25) (0.13)$ Adjusted Results 7,822$2,422$(1,181)$1,241$(147)$(284)$810$(7)$803$4.26$ Fully Diluted Shares Outstanding 188.1 Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. Fourth Quarter 2021 Actual Results Fourth Quarter Year-to-Date 2021 Actual Results

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26 EBITDA reconciliation Appendix E Wabtec Corporation 2022 Q4 EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results $247 $14 $119 $380 $29 $409 Wabtec Corporation 2022 Q4 YTD EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results $1,011 $29 $473 $1,513 $49 $1,562 Wabtec Corporation 2021 Q4 EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results $264 $13 $121 $398 ($2) $396 Wabtec Corporation 2021 Q4 YTD EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results $876 $38 $485 $1,399 $78 $1,477 = + + = EBITDA + = + + = EBITDA + = Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. + + = EBITDA + = + + = EBITDA +

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27 Sales by product line Appendix F In millions 2022 2021 Freight Segment Equipment 430$377$ Components 241 218 Digital Electronics 225 167 Services 773 663 Total Freight Segment 1,669$1,425$ Transit Segment Original Equipment Manufacturer 280$299$ Aftermarket 357 349 Total Transit Segment 637$648$ In millions 2022 2021 Freight Segment Equipment 1,528$1,302$ Components 936 867 Digital Electronics 729 640 Services 2,819 2,430 Total Freight Segment 6,012$5,239$ Transit Segment Original Equipment Manufacturer 1,095$1,193$ Aftermarket 1,255 1,390 Total Transit Segment 2,350$2,583$ Twelve Months Ended December 31, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION SALES BY PRODUCT LINE (UNAUDITED) Three Months Ended December 31,

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28Segment gross margin & operating margin reconciliation Appendix G In mill ions Gross Profit Income from Operations Gross Profit Income from Operations Gross Profit Income from Operations Gross Profit Income from Operations Freight Segment Reported Results 482$209$454$207$1,896$864$1,667$717$ Freight Segment Reported Margin 28.9% 12.5% 31.9% 14.5% 31.5% 14.4% 31.8% 13.7% Restructuring costs 8 7 3 (7) 15 15 8 9 Non-cash Amortization expense - 68 - 67 - 272 - 267 Freight Segment Adjusted Results 490$284$457$267$1,911$1,151$1,675$993$ Freight Segment Adjusted Margin 29.4% 17.0% 32.1% 18.7% 31.8% 19.1% 32.0% 19.0% Transit Segment Reported Results 170$63$198$79$644$231$702$238$ Transit Segment Reported Margin 26.7% 9.9% 30.6% 12.2% 27.3% 9.8% 27.2% 9.2% Restructuring costs 23 27 2 4 28 37 45 59 Non-cash Amortization expense - 5 - 5 - 19 - 20 Transit Segment Adjusted Results 193$95$200$88$672$287$747$317$ Transit Segment Adjusted Margin 30.3% 14.8% 30.9% 13.6% 28.6% 12.2% 28.9% 12.3% 2022 2021 2022 2021 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT (UNAUDITED) Three Months Ended December 31, Twelve Months Ended December 31,

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29 Segment sales reconciliation Appendix H In mil lions Freight Transit Consolidated 2021 Net Sales 1,425$648$2,073$ Acquisitions 21 1 22 Foreign Exchange (21) (71) (92) Organic 244 59 303 2022 Net Sales 1,669$637$2,306$ Change ($) 244 (11) 233 Change (%) 17.1% -1.7% 11.2% Freight Transit Consolidated 2021 Net Sales 5,239$2,583$7,822$ Acquisitions 83 4 87 Foreign Exchange (62) (242) (304) Organic 752 5 757 2022 Net Sales 6,012$2,350$8,362$ Change ($) 773 (233) 540 Change (%) 14.8% -9.0% 6.9% Twelve Months Ended December 31, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT (UNAUDITED) Three Months Ended December 31,

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30 Cash conversion reconciliation Appendix I Wabtec Corporation 2022 Q4 Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $410 $159 $120 147% Wabtec Corporation 2022 Q4 YTD Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $1,038 $641 $479 93% Wabtec Corporation 2021 Q4 Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $314 $193 $123 99% Wabtec Corporation 2021 Q4 YTD Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $1,073 $565 $491 102% Cash Conversion Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. ÷ (Net Income + Depreciation & Amortization) = Cash Conversion ÷ (Net Income + Depreciation & Amortization) = Cash Conversion ÷ (Net Income + Depreciation & Amortization) = Cash Conversion ÷ (Net Income + Depreciation & Amortization) =

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