# EDGAR Filing Document

**Accession Number:** 0000943452
**File Stem:** 0001628280-25-035831
**Filing Date:** 2025-7
**Character Count:** 59225
**Document Hash:** 42df113f236ff8c74c614c3b5ea56c58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-035831.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001628280-25-035831

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20250724

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 033-90866
- **FILM NUMBER:** 251144477

**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' encoding='ASCII'? wab-20250724

**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): July 24, 2025** 

____________________________________

**WESTINGHOUSE AIR BRAKE TECHNOLOGIES** 

**CORPORATION** 

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

____________________________________

---

| | |
|:---|:---|
| **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 or former address, if changed since last report)** 

____________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the 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 |

---

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** |

---

On July 24, 2025, Westinghouse Air Brake Technologies Corporation (the "Company") issued a press release reporting, among other things, the Company's 2025 second 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 second quarter of 2025 (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 website 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.

---

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

---

On July 24, 2025, the Company issued a press release which, among other things, provided earnings guidance for fiscal year 2025. A copy of the press release is attached to this report as Exhibit 99.1 and the paragraph under the heading "2025 Financial Guidance" which discusses 2025 guidance is incorporated into this Item 7.01 by reference. The Company also furnished a Presentation relating to its second quarter of 2025, 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.

---

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

---

(d) Exhibits.

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

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 99.1 | <u>[Press release dated](a2q25pressreleaseword.htm)[July](a2q25pressreleaseword.htm)[2](a2q25pressreleaseword.htm)[4](a2q25pressreleaseword.htm)[, 2025](a2q25pressreleaseword.htm)</u> |
| 99.2 | <u>[Wabtec Earnings Presentation,](a2qpresentation2025.htm)[Second](a2qpresentation2025.htm)[Quarter 2025](a2qpresentation2025.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**Caution Concerning Forward-Looking Statements**

This communication contains "forward-looking" statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including statements regarding Wabtec's plans, objectives, expectations and intentions; Wabtec's expectations about future sales, earnings and cash conversion; Wabtec's projected expenses and cost savings associated with its Integration 2.0 and 3.0 initiatives and its portfolio optimization; Wabtec's 5-year outlook; 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, are forward looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "project," "predict," "continue," "target" or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) changes in general economic and/or industry specific conditions, including the impacts of significant recent shifts in trade policies (including the imposition of tariffs and retaliatory tariff measures) as well as tax programs, inflation, supply chain disruptions, foreign currency exchange and industry consolidation and market reactions to these factors; (2) changes in the

------

financial condition or operating strategies of Wabtec's customers; (3) unexpected costs, charges or expenses resulting from acquisitions and potential failure to realize synergies and other anticipated benefits of acquisitions, including as a result of integrating acquired targets into Wabtec; (4) inability to retain and hire key personnel; (5) evolving legal, regulatory and tax regimes; (6) changes in the expected timing of projects; (7) a decrease in freight or passenger rail traffic; (8) an increase in manufacturing costs; (9) actions by third parties, including government agencies; (10) the impacts of epidemics, pandemics, or similar public health crises on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability, and volatility in global markets as a result of global military action, acts of terrorism or armed conflict, including Russia's invasion of Ukraine; (12) cybersecurity and data protection risks and (13) other risk factors as detailed from time to time in Wabtec's reports filed with the SEC, including Wabtec's annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

------

**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.

---

| | |
|:---|:---|
| 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: | July 24, 2025 |

---

## Exhibit 99.1

![wabteclogoa.jpg](wabteclogoa.jpg)

**Exhibit 99.1**

**Wabtec Reports Second Quarter 2025 Results** 

**Raises Adjusted EPS Guidance**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SALES** | **SALES** | **GAAP DILUTED<br>EARNINGS PER SHARE** | **GAAP DILUTED<br>EARNINGS PER SHARE** | **ADJUSTED DILUTED<br>EARNINGS PER SHARE** | **ADJUSTED DILUTED<br>EARNINGS PER SHARE** |
| **2Q'25** | **First Half '25** | **2Q'25** | **First Half '25** | **2Q'25** | **First Half '25** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| $2.71B | $5.32B | $1.96 | $3.84 | $2.27 | $4.55 |
| +2.3% YOY | +3.4%YOY | +19.5% YOY | +21.1%YOY | +15.8% YOY | +18.2% YOY |

---

**Q2 2025 HIGHLIGHTS**

---

| |
|:---|
| &nbsp;&nbsp;"The Wabtec team has delivered another strong quarter, highlighted by margin expansion and double digit earnings per share growth," said Rafael Santana, Wabtec's President and CEO. |
| &nbsp;&nbsp;"With the first half of the year complete, we remain focused on executing our priorities for the second half. Demand across our end markets and our pipeline of opportunities continues to be strong, with significant activity underway in key businesses. |
| &nbsp;&nbsp;"Alongside the strength of our core business, I am especially proud of our year to date progress on M&A. We have committed $3.5 billion to investments that are expected to create immediate value for Shareholders, with projected accretive growth profiles, higher adjusted EBITDA margins, increased adjusted EPS in the first year, and improving ROIC over time. |
| &nbsp;&nbsp;"While the broader economic environment remains uncertain, we are committed to maintaining discipline and taking the necessary actions to achieve our goals." |
| &nbsp;&nbsp;**Rafael Santana President and CEO** |

---

**• GAAP Diluted Earnings Per Share of $1.96, Up 19.5%; Adjusted Diluted Earnings Per Share of $2.27, Up 15.8%** 

**• GAAP Operating Margin at 17.4%; Adjusted Operating Margin Up 1.8 pts to 21.1%**

**• Strong 12-month backlog growth of 11.9%; Sales Growth of 2.3% to $2.71 billion, adversely impacted by timing of locomotive shipments**

**• Returned $94 million to Shareholders via Dividends and Share Repurchases**

**• Raises 2025 Adjusted Diluted Earnings Per Share range to $8.55 - $9.15 driven by first half performance, M&A, and focus on prudent cost management**

PITTSBURGH, July 24, 2025 – Wabtec Corporation (NYSE: WAB) today reported second quarter 2025 GAAP earnings per diluted share of $1.96, up 19.5% versus the second quarter of 2024. Adjusted earnings per diluted share were $2.27, up 15.8% versus the same quarter a year ago. Second quarter sales were $2.71 billion and cash from operations was $209 million.

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

**2025 Second Quarter Consolidated Results**

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| | | | |
|:---|:---|:---|:---|
| Wabtec Corporation Consolidated Financial Results | Wabtec Corporation Consolidated Financial Results | Wabtec Corporation Consolidated Financial Results | Wabtec Corporation Consolidated Financial Results |
| $ in millions except earnings per share and percentages; margin change in percentage points (pts) | **Second Quarter** | **Second Quarter** | **Second Quarter** |
| $ in millions except earnings per share and percentages; margin change in percentage points (pts) | **2025** | **2024** | **Change** |
| Net Sales | $2706 | $2644 | 2.3% |
| *GAAP Gross Margin* | *34.7 %* | *33.0 %* | *1.7 pts* |
| *Adjusted Gross Margin* | *34.8 %* | *33.3 %* | *1.5 pts* |
| *GAAP Operating Margin* | *17.4 %* | *16.3 %* | *1.1 pts* |
| *Adjusted Operating Margin* | *21.1 %* | *19.3 %* | *1.8 pts* |
| GAAP Diluted EPS | $1.96 | $1.64 | 19.5% |
| Adjusted Diluted EPS | $2.27 | $1.96 | 15.8% |
| Cash Flow from Operations | $209 | $235 | $(26) |
| *Operating Cash Flow Conversion* | *46 %* | *57 %* |  |

---

• Sales increased 2.3% compared to the year-ago quarter driven by higher sales in the Transit segment partially offset by lower Equipment sales. Freight revenue was adversely impacted by lower locomotive deliveries than expected due to a supplied part issue.

• GAAP operating margin was higher than the prior year at 17.4%, and adjusted operating margin was higher than the prior year at 21.1%. Both GAAP and adjusted operating margins benefited from higher sales and improved gross margins.

• GAAP EPS and adjusted EPS increased from the year-ago quarter primarily due to higher sales, operating margin expansion and benefits from share repurchases.

**2025 Second Quarter Freight Segment Results**

---

| | | | |
|:---|:---|:---|:---|
| Wabtec Corporation Freight Segment Financial Results | Wabtec Corporation Freight Segment Financial Results | Wabtec Corporation Freight Segment Financial Results | Wabtec Corporation Freight Segment Financial Results |
| Net sales $ in millions; margin change in percentage points (pts) | **Second Quarter** | **Second Quarter** | **Second Quarter** |
| Net sales $ in millions; margin change in percentage points (pts) | **2025** | **2024** | **Change** |
| Net Sales | $1919 | $1920 | (0.1)% |
| *GAAP Gross Margin* | *36.3 %* | *34.8 %* | *1.5 pts* |
| *Adjusted Gross Margin* | *36.4 %* | *35.1 %* | *1.3 pts* |
| *GAAP Operating Margin* | *21.6 %* | *20.4 %* | *1.2 pts* |
| *Adjusted Operating Margin* | *25.0 %* | *24.1 %* | *0.9 pts* |

---

• Freight segment sales for the second quarter were largely flat compared to the year ago quarter. Services sales were up 6.0% due to higher parts sales and modernization deliveries; however, this was largely offset with the impact of lower locomotive deliveries in the quarter due to a supplied part issue and lower mining sales. These deliveries are expected to shift to the 2nd half of 2025.

• GAAP operating margin and adjusted operating margin benefited from improved gross margin.

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

**2025 Second Quarter Transit Segment Results**

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| | | | |
|:---|:---|:---|:---|
| Wabtec Corporation Transit Segment Financial Results | Wabtec Corporation Transit Segment Financial Results | Wabtec Corporation Transit Segment Financial Results | Wabtec Corporation Transit Segment Financial Results |
| Net sales $ in millions; margin change in percentage points (pts) | **Second Quarter** | **Second Quarter** | **Second Quarter** |
| Net sales $ in millions; margin change in percentage points (pts) | **2025** | **2024** | **Change** |
| Net Sales | $787 | $724 | 8.7% |
| *GAAP Gross Margin* | *30.7 %* | *28.3 %* | *2.4 pts* |
| *Adjusted Gross Margin* | *30.9 %* | *28.6 %* | *2.3 pts* |
| *GAAP Operating Margin* | *13.9 %* | *11.3 %* | *2.6 pts* |
| *Adjusted Operating Margin* | *15.2 %* | *12.7 %* | *2.5 pts* |

---

• Transit segment sales for the second quarter were up 8.7% driven by higher OE and aftermarket sales.

• GAAP and adjusted operating margins were up as a result of higher sales and improved gross margins.

**Backlog**

---

| | | | |
|:---|:---|:---|:---|
| Wabtec Corporation Consolidated Backlog Comparison | Wabtec Corporation Consolidated Backlog Comparison | Wabtec Corporation Consolidated Backlog Comparison | Wabtec Corporation Consolidated Backlog Comparison |
| Backlog $ in millions | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **Change** |
| 12-Month Backlog | $8210 | $7334 | *11.9 %* |
| Total Backlog | *$21828* | *$22075* | *(1.1) %* |

---

• The Company's multi-year backlog continues to provide strong visibility. At June 30, 2025, the 12-month backlog was $876 million higher than the prior year period. At June 30, 2025, the multi-year backlog was $247 million lower than the prior year period, and excluding foreign currency exchange, the multi-year backlog was $448 million lower, down 2.0%.

**Cash Flow and Liquidity Summary**

• During the second quarter, cash provided by operations was $209 million versus $235 million in the year ago period partially due to higher working capital, which was affected by higher inventories due to the delay in Q2 locomotive deliveries and timing of customer deposits.

• At the end of the quarter, the Company had cash, cash equivalents and restricted cash of $1.50 billion and total debt of $4.78 billion. At June 30, 2025, the Company's total available liquidity was $4.09 billion, which includes cash and cash equivalents plus $2.25 billion available under current credit facilities and $350 million borrowings available under our Revolving Receivables Program.

• During the quarter, the Company paid $44 million in dividends and repurchased $50 million of Wabtec shares.

**2025 Financial Guidance** 

• Wabtec revenue guidance was increased by $200 million at the mid-point with a range of $10.925 billion to $11.225 billion, largely reflecting the acquisition of Evident Inspection Technologies Division completed on July 1, 2025.

• Wabtec increased its 2025 adjusted EPS guidance range to $8.55 to $9.15, up $0.20 at the mid-point.

• For full year 2025, Wabtec expects operating cash flow conversion of greater than 90 percent.

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

![page4graphsv-1a.jpg](page4graphsv-1a.jpg)

![page4circlegrapha.jpg](page4circlegrapha.jpg)

**About Wabtec**

Wabtec Corporation (NYSE: WAB) is revolutionizing the way the world moves for future generations. 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 155 years and has a vision to achieve a sustainable rail system in the U.S. and worldwide. Visit Wabtec's website at **www.wabteccorp.com**.

**Forecasted GAAP Earnings Reconciliation**

Wabtec is not presenting a quantitative reconciliation of our forecasted GAAP earnings per diluted share to forecasted adjusted earnings per diluted share in reliance on the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K. Wabtec is unable to predict with reasonable certainty and without unreasonable effort the impact and timing of restructuring-related and other charges, including acquisition-related expenses and the outcome of certain regulatory, legal and tax matters. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings.

**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 website at www.WabtecCorp.com and click on "Events & 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: 1965240).

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

**Information about non-GAAP Financial Information and Forward-Looking Statements**

Wabtec's earnings release and 2025 financial guidance mentions certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted operating margin, adjusted gross margin, EBITDA, adjusted EBITDA, adjusted income tax expense, adjusted income from operations, adjusted interest and other expense, adjusted net income, adjusted earnings per diluted share and operating cash flow conversion. Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted by restructuring costs. Wabtec defines operating cash flow conversion as net cash provided by operating activities divided by net income plus depreciation and amortization including deferred debt cost amortization. While Wabtec believes these are useful supplemental measures for investors, they are not presented in accordance with GAAP. Investors should not consider non-GAAP measures in isolation or as a substitute for net income, cash flows from operations, or any other items calculated in accordance with GAAP. In addition, the non-GAAP financial measures included in this 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.

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

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

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.

**Wabtec Investor Contact** 

Kyra Yates / Kyra.Yates@wabtec.com / 817-349-2735

**Wabtec Media Contact**

Tim Bader / Tim.Bader@wabtec.com / 682-319-7925

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**Appendix A**

**WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

**FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024**

**(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)**

**(UNAUDITED)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net sales | $2706 | $2644 | $5316 | $5141 |
| Cost of sales | (1768) | (1770) | (3478) | (3452) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 938 | 874 | 1838 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Gross profit as a % of Net sales* | *34.7 %* | *33.0 %* | *34.6 %* | *32.8 %* |
| Selling, general and administrative expenses | (347) | (316) | (654) | (597) |
| Engineering expenses | (50) | (57) | (96) | (105) |
| Amortization expense | (69) | (71) | (142) | (145) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | (466) | (444) | (892) | (847) |
| &nbsp;&nbsp;&nbsp;&nbsp;*Operating expenses as a % of Net sales* | *17.2 %* | *16.8 %* | *16.8 %* | *16.5 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from operations | 472 | 430 | 946 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Income from operations as a % of Net sales* | *17.4 %* | *16.3 %* | *17.8 %* | *16.4 %* |
| Interest expense, net | (46) | (49) | (92) | (96) |
| Other income, net | 24 | 4 | 22 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 450 | 385 | 876 | 748 |
| Income tax expense | (111) | (94) | (210) | (180) |
| &nbsp;&nbsp;&nbsp;&nbsp;*Effective tax rate* | *24.8 %* | *24.5 %* | *24.0 %* | *24.1 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 339 | 291 | 666 | 568 |
| Less: Net income attributable to noncontrolling interest | (3) | (2) | (8) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Wabtec shareholders | $336 | $289 | $658 | $561 |
| **Earnings Per Common Share** |  |  |  |  |
| Basic |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Wabtec shareholders | $1.96 | $1.64 | $3.84 | $3.18 |
| Diluted |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Wabtec shareholders | $1.96 | $1.64 | $3.84 | $3.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 170.6 | 175.4 | 170.6 | 176.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 171.2 | 176.0 | 171.2 | 176.6 |

---

------

**Appendix A**

**WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)**

**FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024**

**(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)**

**(UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Segment Information** |  |  |  |  |
| Freight Net sales | $1919 | $1920 | $3820 | $3744 |
| Freight Income from operations | $415 | $391 | $835 | $759 |
| Freight Operating margin | 21.6% | 20.4% | 21.9% | 20.3% |
| Transit Net sales | $787 | $724 | $1496 | $1397 |
| Transit Income from operations | $109 | $82 | $199 | $156 |
| Transit Operating margin | 13.9% | 11.3% | 13.3% | 11.2% |
| **Backlog Information (Note: 12-month is a sub-set of total)** | **June 30, 2025** | **March 31, 2025** | **June 30, 2024** |  |
| Freight Total | $17136 | $17851 | $17929 |  |
| Transit Total | 4692 | 4451 | 4146 |  |
| Wabtec Total | $21828 | $22302 | $22075 |  |
| Freight 12-month | $6024 | $6069 | $5504 |  |
| Transit 12-month | 2186 | 2127 | 1830 |  |
| Wabtec 12-month | $8210 | $8196 | $7334 |  |

---

------

**Appendix B**

**WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION** 

**CONDENSED CONSOLIDATED BALANCE SHEETS** 

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| ***<u>In millions</u>*** | | |
| Cash, cash equivalents and restricted cash | $1499 | $715 |
| Receivables, net | 1999 | 1702 |
| Inventories, net | 2571 | 2314 |
| Other current assets | 285 | 212 |
| &nbsp;&nbsp;**Total current assets** | 6354 | 4943 |
| Property, plant and equipment, net | 1476 | 1447 |
| Goodwill | 8936 | 8710 |
| Other intangible assets, net | 2889 | 2934 |
| Other noncurrent assets | 736 | 668 |
| &nbsp;&nbsp;**Total Assets** | $20391 | $18702 |
| Current liabilities | $3606 | $3792 |
| Long-term debt | 4784 | 3480 |
| Other long-term liabilities | 1156 | 1297 |
| &nbsp;&nbsp;**Total Liabilities** | 9546 | 8569 |
| Shareholders' equity | 10801 | 10091 |
| Noncontrolling interest | 44 | 42 |
| &nbsp;&nbsp;**Total Equity** | 10845 | 10133 |
| &nbsp;&nbsp;**Total Liabilities and Equity** | $20391 | $18702 |

---

------

**Appendix C**

**WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION** 

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** |
| ***<u>In millions</u>*** |  |  |
| Operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $666 | $568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash expense | 219 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | (243) | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (180) | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 74 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | (136) | (72) |
| **Net cash provided by operating activities** | **400** | **569** |
| **Net cash used for investing activities** | **(98)** | **(57)** |
| **Net cash provided by (used for) financing activities** | **454** | **(523)** |
| Effect of changes in currency exchange rates | 28 | (14) |
| Increase (decrease) in cash | 784 | (25) |
| Cash, cash equivalents and restricted cash, beginning of period | 715 | 620 |
| Cash, cash equivalents and restricted cash, end of period | $1499 | $595 |

---

------

**Appendix D**

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.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Wabtec Corporation** | | | | | | | | | | |
| **Reconciliation of Reported Results to Adjusted Results** | **Reconciliation of Reported Results to Adjusted Results** | **Reconciliation of Reported Results to Adjusted Results** | | | | | | | | |
| **(in millions)** | **Second Quarter 2025 Actual Results** | **Second Quarter 2025 Actual Results** | **Second Quarter 2025 Actual Results** | **Second Quarter 2025 Actual Results** | **Second Quarter 2025 Actual Results** | **Second Quarter 2025 Actual Results** | **Second Quarter 2025 Actual Results** | **Second Quarter 2025 Actual Results** | **Second Quarter 2025 Actual Results** | **Second Quarter 2025 Actual Results** |
| | **Net**<br>**Sales** | **Gross**<br>**Profit** | **Operating**<br>**Expenses** | **Income from**<br>**Operations** | **Interest &**<br>**Other Exp** |<br>**Tax** | **Net**<br>**Income** | **Noncontrolling**<br>**Interest** | **Wabtec**<br>**Net Income** |<br>**EPS** |
| **Reported Results** | $**2706** | $**938** | $**(466)** | $**472** | $**(22)** | $**(111)** | $**339** | $**(3)** | $**336** | $**1.96** |
| Restructuring and Portfolio Optimization costs |  | 3 | 3 | 6 |  | (2) | 4 |  | 4 | $**0.02** |
| Transaction costs |  |  | 25 | 25 | (32) | 4 | (3) |  | (3) | $**(0.02)** |
| Non-cash Amortization expense |  |  | 69 | 69 |  | (17) | 52 |  | 52 | $**0.31** |
| **Adjusted Results** | $**2706** | $**941** | $**(369)** | $**572** | $**(54)** | $**(126)** | $**392** | $**(3)** | $**389** | $**2.27** |
| **Fully Diluted Shares Outstanding** |  |  |  |  |  |  |  |  |  | **171.2** |
| **Wabtec Corporation** |  |  |  |  |  |  |  |  |  |  |
| **Reconciliation of Reported Results to Adjusted Results** | **Reconciliation of Reported Results to Adjusted Results** | **Reconciliation of Reported Results to Adjusted Results** |  |  |  |  |  |  |  |  |
| **(in millions)** | **Second Quarter Year-to-Date 2025 Actual Results** | **Second Quarter Year-to-Date 2025 Actual Results** | **Second Quarter Year-to-Date 2025 Actual Results** | **Second Quarter Year-to-Date 2025 Actual Results** | **Second Quarter Year-to-Date 2025 Actual Results** | **Second Quarter Year-to-Date 2025 Actual Results** | **Second Quarter Year-to-Date 2025 Actual Results** | **Second Quarter Year-to-Date 2025 Actual Results** | **Second Quarter Year-to-Date 2025 Actual Results** | **Second Quarter Year-to-Date 2025 Actual Results** |
|  | **Net** | **Gross** | **Operating** | **Income from** | **Interest &** |  | **Net** | **Noncontrolling** | **Wabtec** |  |
|  | **Sales** | **Profit** | **Expenses** | **Operations** | **Other Exp** | **Tax** | **Income** | **Interest** | **Net Income** | **EPS** |
| **Reported Results** | $**5316** | $**1838** | $**(892)** | $**946** | $**(70)** | $**(210)** | $**666** | $**(8)** | $**658** | $**3.84** |
| Restructuring and Portfolio Optimization costs |  | 6 | 9 | 15 |  | (4) | 11 |  | 11 | $**0.06** |
| Transaction costs |  |  | 35 | 35 | (32) | 2 | 5 |  | 5 | $**0.03** |
| Non-cash Amortization expense |  |  | 141 | 141 |  | (34) | 107 |  | 107 | $**0.62** |
| **Adjusted Results** | $**5316** | $**1844** | $**(707)** | $**1137** | $**(102)** | $**(246)** | $**789** | $**(8)** | $**781** | $**4.55** |
| **Fully Diluted Shares Outstanding** |  |  |  |  |  |  |  |  |  | **171.2** |

---

------

**Appendix D**

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.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Wabtec Corporation** | | | | | | | | | | |
| **Reconciliation of Reported Results to Adjusted Results** | **Reconciliation of Reported Results to Adjusted Results** | **Reconciliation of Reported Results to Adjusted Results** | | | | | | | | |
| **(in millions)** | **Second Quarter 2024 Actual Results** | **Second Quarter 2024 Actual Results** | **Second Quarter 2024 Actual Results** | **Second Quarter 2024 Actual Results** | **Second Quarter 2024 Actual Results** | **Second Quarter 2024 Actual Results** | **Second Quarter 2024 Actual Results** | **Second Quarter 2024 Actual Results** | **Second Quarter 2024 Actual Results** | **Second Quarter 2024 Actual Results** |
| | **Net**<br>**Sales** | **Gross**<br>**Profit** | **Operating**<br>**Expenses** | **Income from**<br>**Operations** | **Interest &**<br>**Other Exp** |<br>**Tax** | **Net**<br>**Income** | **Noncontrolling**<br>**Interest** | **Wabtec**<br>**Net Income** |<br>**EPS** |
| **Reported Results** | $**2644** | $**874** | $**(444)** | $**430** | $**(45)** | $**(94)** | $**291** | $**(2)** | $**289** | $**1.64** |
| Restructuring and Portfolio Optimization costs |  | 6 | 4 | 10 | (4) | (2) | 4 |  | 4 | $**0.02** |
| Non-cash Amortization expense |  |  | 70 | 70 |  | (17) | 53 |  | 53 | $**0.30** |
| **Adjusted Results** | $**2644** | $**880** | $**(370)** | $**510** | $**(49)** | $**(113)** | $**348** | $**(2)** | $**346** | $**1.96** |
| **Fully Diluted Shares Outstanding** |  |  |  |  |  |  |  |  |  | **176.0** |
| **Wabtec Corporation** |  |  |  |  |  |  |  |  |  |  |
| **Reconciliation of Reported Results to Adjusted Results** | **Reconciliation of Reported Results to Adjusted Results** | **Reconciliation of Reported Results to Adjusted Results** |  |  |  |  |  |  |  |  |
| **(in millions)** | **Second Quarter Year-to-Date 2024 Actual Results** | **Second Quarter Year-to-Date 2024 Actual Results** | **Second Quarter Year-to-Date 2024 Actual Results** | **Second Quarter Year-to-Date 2024 Actual Results** | **Second Quarter Year-to-Date 2024 Actual Results** | **Second Quarter Year-to-Date 2024 Actual Results** | **Second Quarter Year-to-Date 2024 Actual Results** | **Second Quarter Year-to-Date 2024 Actual Results** | **Second Quarter Year-to-Date 2024 Actual Results** | **Second Quarter Year-to-Date 2024 Actual Results** |
|  | **Net** | **Gross** | **Operating** | **Income from** | **Interest &** |  | **Net** | **Noncontrolling** | **Wabtec** |  |
|  | **Sales** | **Profit** | **Expenses** | **Operations** | **Other Exp** | **Tax** | **Income** | **Interest** | **Net Income** | **EPS** |
| **Reported Results** | $**5141** | $**1689** | $**(847)** | $**842** | $**(94)** | $**(180)** | $**568** | $**(7)** | $**561** | $**3.17** |
| Restructuring and Portfolio Optimization costs |  | 12 | 8 | 20 | (4) | (4) | 12 |  | 12 | $**0.07** |
| Non-cash Amortization expense |  |  | 143 | 143 |  | (34) | 109 |  | 109 | $**0.61** |
| **Adjusted Results** | $**5141** | $**1701** | $**(696)** | $**1005** | $**(98)** | $**(218)** | $**689** | $**(7)** | $**682** | $**3.85** |
| **Fully Diluted Shares Outstanding** |  |  |  |  |  |  |  |  |  | **176.6** |

---

------

**Appendix D**

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.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Wabtec Corporation** | **Wabtec Corporation** | **Wabtec Corporation** | **Wabtec Corporation** | **Wabtec Corporation** | **Wabtec Corporation** | **Wabtec Corporation** | **Wabtec Corporation** | **Wabtec Corporation** | **Wabtec Corporation** | **Wabtec Corporation** |
| **Reconciliation of Reported Results to Adjusted Results** | **Reconciliation of Reported Results to Adjusted Results** | **Reconciliation of Reported Results to Adjusted Results** | | | | | | | | |
| **(in millions)** | **Fourth Quarter Year-to-Date 2024 Actual Results** | **Fourth Quarter Year-to-Date 2024 Actual Results** | **Fourth Quarter Year-to-Date 2024 Actual Results** | **Fourth Quarter Year-to-Date 2024 Actual Results** | **Fourth Quarter Year-to-Date 2024 Actual Results** | **Fourth Quarter Year-to-Date 2024 Actual Results** | **Fourth Quarter Year-to-Date 2024 Actual Results** | **Fourth Quarter Year-to-Date 2024 Actual Results** | **Fourth Quarter Year-to-Date 2024 Actual Results** | **Fourth Quarter Year-to-Date 2024 Actual Results** |
| | **Net**<br>**Sales** | **Gross**<br>**Profit** | **Operating**<br>**Expenses** | **Income from**<br>**Operations** | **Interest &**<br>**Other Exp** |<br>**Tax** | **Net**<br>**Income** | **Noncontrolling**<br>**Interest** | **Wabtec**<br>**Net Income** |<br>**EPS** |
| **Reported Results** | $**10387** | $**3366** | $**(1757)** | $**1609** | $**(199)** | $**(343)** | $**1067** | $**(11)** | $**1056** | $**6.04** |
| Restructuring and Portfolio Optimization costs |  | 37 | 33 | 70 | (4) | (16) | 50 |  | 50 | $**0.28** |
| Non-cash Amortization expense |  |  | 288 | 288 |  | (70) | 218 |  | 218 | $**1.24** |
| **Adjusted Results** | $**10387** | $**3403** | $**(1436)** | $**1967** | $**(203)** | $**(429)** | $**1335** | $**(11)** | $**1324** | $**7.56** |
| **Fully Diluted Shares Outstanding** |  |  |  |  |  |  |  |  |  | **174.8** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Wabtec Corporation** | | | | | | | | | | |
| **Reconciliation of Reported Results to Adjusted Results** | **Reconciliation of Reported Results to Adjusted Results** | **Reconciliation of Reported Results to Adjusted Results** | | | | | | | | |
| **(in millions)** | **Fourth Quarter Year-to-Date 2023 Actual Results** | **Fourth Quarter Year-to-Date 2023 Actual Results** | **Fourth Quarter Year-to-Date 2023 Actual Results** | **Fourth Quarter Year-to-Date 2023 Actual Results** | **Fourth Quarter Year-to-Date 2023 Actual Results** | **Fourth Quarter Year-to-Date 2023 Actual Results** | **Fourth Quarter Year-to-Date 2023 Actual Results** | **Fourth Quarter Year-to-Date 2023 Actual Results** | **Fourth Quarter Year-to-Date 2023 Actual Results** | **Fourth Quarter Year-to-Date 2023 Actual Results** |
| | **Net**<br>**Sales** | **Gross**<br>**Profit** | **Operating**<br>**Expenses** | **Income from**<br>**Operations** | **Interest &**<br>**Other Exp** |<br>**Tax** | **Net**<br>**Income** | **Noncontrolling**<br>**Interest** | **Wabtec**<br>**Net Income** |<br>**EPS** |
| **Reported Results** | $**9677** | $**2944** | $**(1678)** | $**1266** | $**(174)** | $**(267)** | $**825** | $**(10)** | $**815** | $**4.53** |
| Restructuring and Portfolio Optimization costs |  | 38 | 41 | 79 |  | (17) | 62 |  | 62 | $**0.34** |
| Gain on LKZ investment |  |  |  |  | (35) |  | (35) |  | (35) | $**(0.19)** |
| Non-cash Amortization expense |  |  | 298 | 298 |  | (74) | 224 |  | 224 | $**1.24** |
| **Adjusted Results** | $**9677** | $**2982** | $**(1339)** | $**1643** | $**(209)** | $**(358)** | $**1076** | $**(10)** | $**1066** | $**5.92** |
| **Fully Diluted Shares Outstanding** |  |  |  |  |  |  |  |  |  | **179.5** |

---

------

**Appendix E**

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.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Wabtec Corporation** | | | | | | | | | | | |
| **Second Quarter 2025 EBITDA Reconciliation** | **Second Quarter 2025 EBITDA Reconciliation** | **Second Quarter 2025 EBITDA Reconciliation** | **Second Quarter 2025 EBITDA Reconciliation** | | | | | | | | |
| **(in millions)** | | | | | | | | | | | |
|  | **Reported Income** | + | **Other Income** | **+** | **Depreciation &** | **=** | **EBITDA** | **+** | **Restructuring &** | **=** | **Adjusted** |
|  | **from Operations** | + | **(Expense)** | **+** | **Amortization** | **=** | **EBITDA** | **+** | **Transaction Costs** | **=** | **EBITDA** |
| **Consolidated Results** | $**472** |  | $**24** |  | $**115** |  | $**611** |  | $**(3)** |  | $**608** |
| **Wabtec Corporation** |  |  |  |  |  |  |  |  |  |  |  |
| **Second Quarter 2025 YTD EBITDA Reconciliation** | **Second Quarter 2025 YTD EBITDA Reconciliation** | **Second Quarter 2025 YTD EBITDA Reconciliation** | **Second Quarter 2025 YTD EBITDA Reconciliation** |  |  |  |  |  |  |  |  |
| **(in millions)** |  |  |  |  |  |  |  |  |  |  |  |
|  | **Reported Income** | + | **Other Income** | **+** | **Depreciation &** | **=** | **EBITDA** | **+** | **Restructuring &** | **=** | **Adjusted** |
|  | **from Operations** | + | **(Expense)** | **+** | **Amortization** | **=** | **EBITDA** | **+** | **Transaction Costs** | **=** | **EBITDA** |
| **Consolidated Results** | $**946** |  | $**22** |  | $**234** |  | $**1202** |  | $**14** |  | $**1216** |
| **Wabtec Corporation** |  |  |  |  |  |  |  |  |  |  |  |
| **Second Quarter 2024 EBITDA Reconciliation** | **Second Quarter 2024 EBITDA Reconciliation** | **Second Quarter 2024 EBITDA Reconciliation** | **Second Quarter 2024 EBITDA Reconciliation** |  |  |  |  |  |  |  |  |
| **(in millions)** |  |  |  |  |  |  |  |  |  |  |  |
|  | **Reported Income** | + | **Other Income** | **+** | **Depreciation &** | **=** | **EBITDA** | **+** | **Restructuring** | **=** | **Adjusted** |
|  | **from Operations** | + | **(Expense)** | **+** | **Amortization** | **=** | **EBITDA** | **+** | **Costs** | **=** | **EBITDA** |
| **Consolidated Results** | $**430** |  | $**4** |  | $**116** |  | $**550** |  | $**5** |  | $**555** |
| **Wabtec Corporation** |  |  |  |  |  |  |  |  |  |  |  |
| **Second Quarter 2024 YTD EBITDA Reconciliation** | **Second Quarter 2024 YTD EBITDA Reconciliation** | **Second Quarter 2024 YTD EBITDA Reconciliation** | **Second Quarter 2024 YTD EBITDA Reconciliation** |  |  |  |  |  |  |  |  |
| **(in millions)** |  |  |  |  |  |  |  |  |  |  |  |
|  | **Reported Income** | + | **Other Income** | **+** | **Depreciation &** | **=** | **EBITDA** | **+** | **Restructuring** | **=** | **Adjusted** |
|  | **from Operations** | + | **(Expense)** | **+** | **Amortization** | **=** | **EBITDA** | **+** | **Costs** | **=** | **EBITDA** |
| **Consolidated Results** | $**842** |  | $**2** |  | $**238** |  | $**1082** |  | $**13** |  | $**1095** |

---

------

**Appendix F**

**WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION**

**SALES BY PRODUCT LINE**

**(UNAUDITED)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| ***<u>In millions</u>*** | **2025** | **2024** |
| Freight Segment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | $781 | $737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment | 546 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Components | 401 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Intelligence | 191 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Freight Segment** | $**1919** | $**1920** |
| Transit Segment |  |  |
| &nbsp;&nbsp;Original Equipment Manufacturer | $353 | $310 |
| &nbsp;&nbsp;Aftermarket | 434 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Transit Segment** | $**787** | $**724** |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| ***<u>In millions</u>*** | **2025** | **2024** |
| Freight Segment |  |  |
| &nbsp;&nbsp;Services | $1644 | $1475 |
| &nbsp;&nbsp;Equipment | 1022 | 1096 |
| &nbsp;&nbsp;Components | 782 | 798 |
| &nbsp;&nbsp;Digital Intelligence | 372 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Freight Segment** | $**3820** | $**3744** |
| Transit Segment |  |  |
| &nbsp;&nbsp;Original Equipment Manufacturer | $675 | $620 |
| &nbsp;&nbsp;Aftermarket | 821 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Transit Segment** | $**1496** | $**1397** |

---

------

**Appendix G**

**WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION**

**RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT**

**(UNAUDITED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
|<br>***<u>In millions</u>*** | **<u>Gross Profit</u>** | **<u>Income from Operations</u>** | **<u>Gross Profit</u>** | **<u>Income from Operations</u>** | **<u>Gross Profit</u>** | **<u>Income from Operations</u>** | **<u>Gross Profit</u>** | **<u>Income from Operations</u>** |
| **Freight Segment Reported Results** | $**697** | $**415** | $**669** | $**391** | $**1382** | $**835** | $**1294** | $**759** |
| *Freight Segment Reported Margin* | *36.3 %* | *21.6 %* | *34.8 %* | *20.4 %* | *36.2 %* | *21.9 %* | *34.6 %* | *20.3 %* |
| Restructuring and Portfolio Optimization costs | 2 | 1 | 5 | 5 | 4 | 4 | 8 | 8 |
| Transaction costs |  | 1 |  |  |  | 1 |  |  |
| Non-cash Amortization expense |  | 63 |  | 66 |  | 128 |  | 134 |
| **Freight Segment Adjusted Results** | $**699** | $**480** | $**674** | $**462** | $**1386** | $**968** | $**1302** | $**901** |
| *Freight Segment Adjusted Margin* | *36.4 %* | *25.0 %* | *35.1 %* | *24.1 %* | *36.3 %* | *25.3 %* | *34.8 %* | *24.1 %* |
| **Transit Segment Reported Results** | $**241** | $**109** | $**205** | $**82** | $**456** | $**199** | $**395** | $**156** |
| *Transit Segment Reported Margin* | *30.7 %* | *13.9 %* | *28.3 %* | *11.3 %* | *30.5 %* | *13.3 %* | *28.3 %* | *11.2 %* |
| Restructuring and Portfolio Optimization costs | 1 | 5 | 1 | 5 | 2 | 11 | 4 | 12 |
| Non-cash Amortization expense |  | 6 |  | 4 |  | 13 |  | 9 |
| **Transit Segment Adjusted Results** | $**242** | $**120** | $**206** | $**91** | $**458** | $**223** | $**399** | $**177** |
| *Transit Segment Adjusted Margin* | *30.9 %* | *15.2 %* | *28.6 %* | *12.7 %* | *30.7 %* | *14.9 %* | *28.6 %* | *12.7 %* |

---

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**Appendix H**

**WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION**

**RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT**

**(UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|<br>***<u>In millions</u>*** | **Freight** | **Transit** | **Consolidated** |
| **2024 Net sales** | $**1920** | $**724** | $**2644** |
| Acquisitions | 18 | 9 | 27 |
| Foreign Exchange | (11) | 22 | 11 |
| Organic | (8) | 32 | 24 |
| **2025 Net sales** | $**1919** | $**787** | $**2706** |
| *Change ($)* | *(1)* | *63* | *62* |
| *Change (%)* | *(0.1) %* | *8.7 %* | *2.3 %* |
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **2024 Net sales** | $**3744** | $**1397** | $**5141** |
| Acquisitions | 33 | 17 | 50 |
| Foreign Exchange | (37) | 5 | (32) |
| Organic | 80 | 77 | 157 |
| **2025 Net sales** | $**3820** | $**1496** | $**5316** |
| *Change ($)* | *76* | *99* | *175* |
| *Change (%)* | *2.0 %* | *7.1 %* | *3.4 %* |

---

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**Appendix I**

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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Wabtec Corporation** | | | | | | | |
| **2025 Second Quarter Cash Conversion Calculation** | **2025 Second Quarter Cash Conversion Calculation** | **2025 Second Quarter Cash Conversion Calculation** | | | | | |
| **(in millions)** | | | | | | | |
| | **Reported Cash from Operations** | **÷** | **(Net Income** | **+** | **Depreciation & Amortization)** | **=** | **Cash Conversion** |
| **Consolidated Results** | **$209** |  | **$339** |  | **$117** |  | **46%** |
| **Wabtec Corporation** |  |  |  |  |  |  |  |
| **2025 Second Quarter YTD Cash Conversion Calculation** | **2025 Second Quarter YTD Cash Conversion Calculation** | **2025 Second Quarter YTD Cash Conversion Calculation** |  |  |  |  |  |
| **(in millions)** |  |  |  |  |  |  |  |
|  | **Reported Cash from Operations** | **÷** | **(Net Income** | **+** | **Depreciation & Amortization)** | **=** | **Cash Conversion** |
| **Consolidated Results** | **$400** |  | **$666** |  | **$237** |  | **44%** |
| **Wabtec Corporation** |  |  |  |  |  |  |  |
| **2024 Second Quarter Cash Conversion Calculation** | **2024 Second Quarter Cash Conversion Calculation** | **2024 Second Quarter Cash Conversion Calculation** |  |  |  |  |  |
| **(in millions)** |  |  |  |  |  |  |  |
|  | **Reported Cash from Operations** | **÷** | **(Net Income** | **+** | **Depreciation & Amortization)** | **=** | **Cash Conversion** |
| **Consolidated Results** | **$235** |  | **$291** |  | **$118** |  | **57%** |
| **Wabtec Corporation** |  |  |  |  |  |  |  |
| **2024 Second Quarter YTD Cash Conversion Calculation** | **2024 Second Quarter YTD Cash Conversion Calculation** | **2024 Second Quarter YTD Cash Conversion Calculation** |  |  |  |  |  |
| **(in millions)** |  |  |  |  |  |  |  |
|  | **Reported Cash from Operations** | **÷** | **(Net Income** | **+** | **Depreciation & Amortization)** | **=** | **Cash Conversion** |
| **Consolidated Results** | **$569** |  | **$568** |  | **$241** |  | **70%** |

---

## Exhibit 99.2

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