EX-99.1 2 wabtec2022investorday.htm EX-99.1

2 W A B T E C 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, including the acquisition of GE Transportation (the “GE Transportation merger”) and Nordco, 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 synergies and other 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) unexpected costs, charges or expenses resulting from acquisitions, including the GE Transportation merger; (2) uncertainty of Wabtec’s expected financial performance; (3) failure to realize the anticipated benefits of acquisitions, including as a result of integrating acquired targets into Wabtec; (4) Wabtec’s ability to implement its business strategy; (5) difficulties and delays in achieving revenue and cost synergies; (6) inability to retain and hire key personnel; (7) evolving legal, regulatory and tax regimes; (8) changes in general economic and/or industry specific conditions, including the impacts of tax and tariff programs, supply chain disruptions, industry consolidation and changes in the financial condition or operating strategies of our customers; (9) changes in the expected timing of projects; (10) a decrease in freight or passenger rail traffic; (11) an increase in manufacturing costs; (12) actions by third parties, including government agencies; (13) 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; (14) the imposition of economic sanctions on Russia resulting from the invasion of Ukraine could lead to disruption, instability, and volatility in global markets and negatively impact our operations and financial performance; and (15) 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, periodic current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements. This presentation mentions certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted income from operations, adjusted interest and other expense, adjusted 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. 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 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.

3 W A B T E C Our agenda Wabtec Overview & Our Path Forward Portfolio Spotlights Market-Led Growth Drivers Disciplined Value Creation Wabtec Overview & Our Path Forward Rafael Santana President & CEO Technology Eric Gebhardt Chief Technology Officer Unleashing Further Growth Gina Trombley Executive Vice President & Chief Commercial Officer – Americas Global Operations Greg Sbrocco Executive Vice President, Global Operations Segment Overview Rafael Santana President & CEO Equipment Rogerio Mendonca President, Equipment Services Pascal Schweitzer President, Services Components Mike Fetsko President, Components Digital Electronics Nalin Jain President, Digital Electronics Transit Lilian Leroux President, Transit Disciplined Value Creation John Olin Chief Financial Officer Closing Comments Rafael Santana President & CEO Q&A

4 W A B T E C What you will hear today 02 Innovative, sustainable technologies expanding Wabtec’s market size 03 Growth strategy driving strong cash flow and margin expansion 04 Strong business fundamentals driving long-term value creation for shareholders 01 Portfolio positioned to drive long-term profitable growth

5 W A B T E C Leadership team R A F A E L S A N T A N A President & Chief Executive Officer D A V E D E N I N N O Executive Vice President, General Counsel & Secretary J O H N O L I N Executive Vice President Finance & Chief Financial Officer M I K E F E T S K O President, Components R O G E R I O M E N D O N C A President, Equipment E R I C G E B H A R D T Executive Vice President & Chief Technology Officer G I N A T R O M B L E Y Executive Vice President, & Chief Commercial Officer – Americas N A L I N J A I N President, Digital Electronics L I L I A N L E R O U X President, Transit G R E G S B R O C C O Executive Vice President, Global Operations P A S C A L S C H W E I T Z E R President, Services N I C O L E T H E O P H I L U S Executive Vice President & Chief Human Resources Officer

6 O U R P U R P O S E I S C L E A R Move and improve the world 6

7 W A B T E C We’re committed to creating a more sustainable future SUSTAINABILITY PRINCIPLES Innovating with Purpose We are committed to developing responsible and sustainable products that minimize the impact on the planet SUSTAINABILITY PRINCIPLES Driving Responsible Operations We are committed to providing safe work environments and products that enable productive and efficient use of resources SUSTAINABILITY PRINCIPLES Empowering People and Communities We are committed to driving a diverse and inclusive culture and investing in the communities where our teams live and work

8 W A B T E C Delivering strong financial performance GE Transportation synergy run-rate achieved 15 months ahead of schedule$250M Transit margin increase310BPS Annual investment in technology (% of rev.)6-7% Adjusted net debt EBITDA leverage ratio (down from 3.0 post-merger)(1)2.5x Share repurchases and dividends returned to shareholders~$800M Cash generated for an average cash conversion of over 100%~$3B P R O G R E S S S I N C E G E T R A N S P O R T A T I O N M E R G E R Investment in strategic M&A… Nordco, Relco, MASU~$500M Net debt is defined as total debt minus cash and cash equivalents; adjusted leverage is defined as net debt divided by adjusted EBITDA

9 Building a solid foundation for growth I N T E G R A T I O N O F 3 R A I L L E A D E R S ✓ Merged 3 market-leading rail companies ✓ Delivered on $250M synergies 15 months ahead schedule W E L L - P O S I T I O N E D T O G R O W , L E V E R A G E C O M P A N Y ’ S I N F R A S T R U C T U R E , D R I V E P R O D U C T I V I T Y A N D G E N E R A T E C A S H N A V I G A T E D T H R O U G H T H E T R O U G H O F T H E M A R K E T ✓ Covid-19, global supply chain, and labor disruptions ✓ Reduced capital budgets by railroads / PSR ✓ Zero locomotive orders in NAM ✓ Freight carloads down… storage up ✓ Transit ridership declines C U L T U R A L T R A N S F O R M A T I O N ✓ Strengthened Company leadership ✓ Meritocracy… pay for performance ✓ Strengthened talent framework ✓ Focus on diversity and inclusion I N V E S T E D I N T H E F U T U R E O F R A I L ✓ Modernization business scaled ✓ International expansion / execution ✓ Digital and energy management ✓ ESG focus and acceleration W A B T E C

10 Wabtec is well-positioned to lead the industry and deliver shareholder value W H E R E W E A R E W H E R E W E A R E G O I N GW H E R E W E H A V E B E E N 2019-2021 Lay the foundation 2022-2023 Lead the recovery 2024+ Deliver the future of sustainable rail W A B T E C 10

11 + Strong international pipeline… Australia, Brazil, Egypt, CIS + Reduced parking of locos and freight car build recovery in NAM + Transit operating levels improving in high speed, regional/metro + Continued global infrastructure spending on sustainable rail ̶ Significant inflationary pressures and labor shortages ̶ Continued customer CapEx / OpEx constraints… orders continue to push out ̶ COVID volatility remains… ridership volumes and budget constraints pressuring Transit M A R K E T C O N D I T I O N S K E Y A S S U M P T I O N S 2021 2022-2023 Locos ̶ ̶ ++ # Parkings + + Mods ++ ++ NAM Freight Car Build ̶ + Transit Rolling Stock ̶ + Mining Wheels ++ ++ 2 0 2 2 - 2 0 2 3 O U T L O O K Where we are… leading the recovery I M P R O V I N G I N D U S T R Y F U N D A M E N T A L S

12 Where we are going… lead the future of sustainable rail R E N E W I N G A G I N G F L E E T S 2 0 2 4 + O U T L O O K O P P O R T U N I T Y T O G R O W R E V E N U E A N D E A R N I N G S F A S T E R T H A N I N D U S T R Y V O L U M E S E N A B L I N G C U S T O M E R P R O D U C T I V I T Y T A C K L I N G D E C A R B O N I Z A T I O N CUSTOMER OUTCOMES LOWER OPERATING RATIO + CO 2 REDUCTION 12 CUSTOMER GOALS: PRODUCTIVITY, GROWTH, SUSTAINABILITY

13 Accelerate innovation of scalable technologies Build high-margin, innovative and scalable products to increase customer productivity, automation, utilization, and capacity Grow and refresh expansive global installed base Increase share across asset lifecycle (Locos/Mining, Freight Cars & Transit) Lead decarbonization of rail Drive the industry in innovative, low-carbon technologies and transformative solutions Expand high-margin recurring revenue streams Increase revenues and expand margins while reducing exposure to economic cycles Drive continuous operational improvement Accelerate Lean; drive cost competitiveness; deploy capital efficiently; build a stronger, better Wabtec Extending the lead as #1 rail technology company in the world Value creation framework for delivering the future of rail W A B T E C D R I V E R S O F P O R T F O L I O O P T I M I Z A T I O N A N D G R O W T H 13 2 3 4 1 5

14 ENHANCE EXISTING PRODUCTS ~6-7% target annual organic investment in technology as % of sales W A B T E C INVENT, TEST AND SCALE FUTURE TECHNOLOGIES Accelerate innovation of scalable technologies 14

15 ✓ Opportunity for pantograph pull through on FLXdrive ✓ High-margin friction products T R A N S I T ✓ Pull-through content of up to $250K per new loco ✓ Recurring software services D I G I T A L E L E C T R O N I C S ✓ 120+ service events over asset life ✓ >1,000 Mod units in operation ✓ High market share with Class I customers F R E I G H T S E R V I C E S ✓ Average $6K+ on freight car ✓ Opportunity to pull through new deliveries, manufacturing & aftermarket sales F R E I G H T C A R C O M P O N E N T S Customers projected to spend 1-1.5X the original price of loco on service alone IB Age (years) WAB% 2022-2026 NORTH AMERICA 31K 20 51% APAC 20K 16 9% RUSSIA/CIS/EU 47K 22 3% LATAM 3K 19 61% SUB-SAHARAN AFRICA 4K 17 28% DIGITAL COMPONENTS MODS MAINTENANCE W A B T E C Grow and refresh expansive global installed base L O C O M O T I V E M A R K E T 

16 W A B T E C Lead the decarbonization of rail 2x Global demand for transport growing fast… freight and passenger activity projected to grow more than double by 2050 G R O W I N G D E M A N D 22x fewer deaths and injuries per year than trucking SAFER T O D A Y ~300MT O N S Decarbonization drives strong customer returns FLXdrive Price ROI 2-3x vs. T4 Double-digit returns E N V I R O N M E N T A L I M P A C T Sources: AAR sustainability Fact Sheet, Wabtec internal data 75% reduction in carbon emissions per ton-mile than trucking CARBON REDUCTION 3-4x more fuel efficient than trucking MORE EFFICIENT Annual CO2 Reduction Globally 16

17 R E C U R R I N G R E V E N U E S 41% 59% Recurring Revenues W A B T E C Expand high-margin recurring revenue streams Driven by expansive installed base of locomotives and significant content on transit / freight cars Includes service businesses, replacement parts, software licenses, digital services and consumables ~ 6 0 % O F C O M P A N Y P R O F I T D R I V E N B Y R E C U R R I N G R E V E N U E S * 2021 FY results

18 A C C E L E R A T E L E A N D R I V E C O S T C O M P E T I T I V E N E S S C A P I T A L E F F I C I E N C Y M E T R I C S Continual Focus on Fixed Asset Productivity 4.9 4.7 5.3 2019 2020 2021 Improve ROIC 3.3% 3.7% 4.6% 2019 2020 2021 Cash Conversion in Line With Long-Term Targets 141% 89% 102% 2019 2020 2021 W A B T E C Drive continuous operational improvement Deliver best-in-class manufacturing cost productivity and material cost deflation >90% on-time delivery Engineering productivity focus; yr/yr cost improvement >20% flexible workforce capacity Achieve over-the-cycle working capital cycle improvement ~135 manufacturing sites… drive best cost footprint >25% sites in best-cost countries >30% of engineers in best-cost countries “Should cost” analysis & competitive product benchmarking Total net sales/property, plant, and equipment, net

19 W A B T E C Operational rigor underpins financial performance S T R A T E G Y D E P L O Y M E N T CUSTOMER + SHAREHOLDER VALUE Product & Project Management

20 C A P I T A L D E P L O Y M E N T P R I O R I T I E S Maintain Strong Balance Sheet Maintain investment-grade rating Invest In Sustainable Growth R&D and CapEx Increase Dividends $0.03 quarterly dividend increase in Q1 ‘22 Supplement Organic Growth with M&A Portfolio optimization; accretive investments Repurchase Shares Return excess cash through repurchases Continued disciplined capital deployment W A B T E C C A P I T A L D E P L O Y M E N T P L A N ( 2 0 2 2 - 2 0 2 6 ) Cash From Operations Sources Uses M&A and Share Repurchases CapEx Dividends Debt GE TMA A C C R E T I V E E A R N I N G S → S T R O N G C A S H F L O W C O N V E R S I O N → R E I N V E S T & R E T U R N

21 Attractive long-term financial profile Resiliency tested and validated over past 5 years; proven track record of delivering growth Attractive end markets… building momentum, renewal of locomotive fleets, strong and growing backlog Leading market position and innovative, customer- focused solutions across major rail and industrial segments Exceptional quality and reliability delivering leading market shares Disciplined capital deployment generating strong returns W A B T E C 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

22 Attractive long-term investment with a clear profitable growth model Strong organic growth profile driven by our industry-leading installed base and services Relentless focus on innovation, customer productivity, efficiency and safety Unwavering focus on and commitment to execution Demonstrated ability to deliver strong cash flow generation and margin expansion Disciplined capital allocation with strategic alignment to our core capabilities Key takeaways W A B T E C 22

23 E R I C G E B H A R D T Technology 23

24 Global technology leadership and scale 4,000+ Engineers 7,000+ Patents* L E G A C Y O F O N G O I N G I N V E N T I O N … F R O M F O U N D E R S T O T O D A Y 1 8 6 9 Westinghouse Air Brake Company founded 1 9 2 3 Faiveley introduced pantograph 2 0 2 0 Introduced advanced Metroflexx braking system 1 8 8 0 Thomas Edison conducts first test of the electrified railway 2 0 0 4 Introduced Electronic Train Management System (ETMS) 2 0 0 9 Launched Trip Optimizer™ and Movement Planner 1 9 9 5 Introduced AC electric drive system for mining trucks 2 0 2 1 Launched first long- haul battery-electric diesel locomotive 25+ Years Avg. Experience (leadership team) T E C H N O L O G Y A M E R I C A S ~ 1 , 6 0 0 A S I A / O C E A N I A ~ 1 , 3 0 0 E U R O P E ~ 1 , 1 0 0 24 * Includes issued and non-issued patents

25 T E C H N O L O G Y Focused on making customers more productive while achieving sustainability goals E Q U I P M E N T Objective Reliability Power / haulability Fuel efficiency Carbon reduction T R A I N O P E R A T I O N S Objective Automation Smart train & network optimization Improved train handling C U S T O M E R O U T C O M E S LOWER OPERATING RATIO + CO 2 REDUCTION E C O N O M I C P A T H S T O R E D U C E C O 2 A R E C R I T I C A L F O R C U S T O M E R S

26 Customer science-based targets for CO2 reduction TARGETS T E CH N OL OGY B E N E F IT F O R CUS T O M E RS TECHNOLOGY CO2 BENEFIT U P G R A D E O P E R A T IO N A L N E W A S S E T +Trip Optimizer Engine Advantage + +Biodiesel 20% Renewable Diesel ++ ++FLXdrive Consist Hydrogen +++ COST BENEFIT +++ +++ + - ++ -/+ 0% 10% 20% 30% 40% 50% % CO2 REDUCTION TARGET C L A S S 1 C U S T O M E R S 2021 Achievement to Date Remaining to Target T E C H N O L O G Y 26

27 30% Digital solutions FUEL SAVINGS ACROSS THE ENTERPRISE NETWORK 3% → 4% FUEL SAVINGS ON DISTRIBUTED POWER TRAINS 4% →6% FUEL SAVINGS PER LOCOMOTIVE 15% → 22% MOVEMENT PLANNER Optimizes the use of slack time to reduce overall fuel consumption LOCOTROL Optimizes the distribution of power to reduce total horsepower required TRIP OPTIMIZER SUITE Plans the most fuel efficient way to arrive on time ® TM U P T O IMPACT UP TO ~ 30% Reduction in diesel emissions and fuel utilization o 22% efficiencies today … 18% EPA certified PRODUCTS INTEGRATED FUEL OPTIMIZATION Movement Planner LOCOTROL Trip Optimizer Platform T E C H N O L O G Y CAP AB I L I T Y E V O L UT I ON T O T A L S A V I N G S * * Non-EPA certified reductions reflect current estimates

28 Engine advantage FDL - ADVANTAGE >5% fuel savings Leverage high-pressure common rail Available now EVO - ADVANTAGE >5% fuel savings Harvest exhaust energy Available 2023-25 D E L I V E R I N G S I G N I F I C A N T E F F I C I E N C Y A N D G H G R E D U C T I O N S T E C H N O L O G Y * Fuel reductions reflect current estimates

29 Systems focus … the Wabtec differentiator W A B T E C V S T H E C O M P E T I T I O N Safety & reliability Fleet integration Performance & efficiency Overall life cycle cost P R O D U C T S O P T I M I Z E D F O R ENERGY MGT HAULAGE RELIABILITY NA FREIGHT UNITS Tier 4 +++ + ++ >1,000 vs <100 Mods +++ ++ +++ ~1,200 vs ~100 W O R L D - C L A S S S Y S T E M S O P T I M I Z A T I O N D R I V I N G M A R K E T A D V A N T A G E T E C H N O L O G Y 29

30 Bio/renewable diesel F UL L W AB T E C E N GI NE P O R T F O L IO B I O DI ESEL DE V E L OPM ENT P L AN TARGETS BIODIESEL B5 / R30 TODAY Industry partnership to validate performance, durability, and emissions impact FDL Fleet T E S T P A R T N E R S EVO Fleet 20% BIODIESEL 55%+ HDRD T E C H N O L O G Y A D V A N C I N G D I E S E L T E C H N O L O G Y F O R R E D U C E D E M I S S I O N S 30

31 FLXdrive development progress F L XDRI V E 2 . 0 V S 1 . 0 Energy Density Battery Life Cycle Cost Fuel & CO2 Reduction W A B T E C + G M T E C H N O L O G Y D E L I V E R I N G B E S T I N C L A S S : Safety Overall system performance Reliability Locomotive layout & maintainability Ongoing product evolution Life cycle cost & recycling +++ +++ +++ T E C H N O L O G Y 31 S T R A T E G I C I N V E S T M E N T S A C C E L E R A T I N G F L X P O R T F O L I O C O M P E T I T I V E N E S S

32 Alternative propulsion – hydrogen H 2 F O R F R E I GHT Longer range option for low/zero emissions Fuel generation cost  through public & private investment Complementary to FLX technology… hybrid unit + hybrid consist T E CH N OL OGY O P T I O NS H2 Fuel Cells H2 ICE Dual Fuel T E C H N O L O G Y P A T H T O A Z E R O - E M I S S I O N R A I L N E T W O R K 32

33 Locomotive technology road map for sustainability DIESEL ELECTRIC BATTERY ( H Y B R I D C O N S I S T ) HYDROGEN DIGITAL 2 0 1 6 2 0 2 1 2 0 2 6 2 0 3 0 + C O 2 R E D U C T I O N T A R G E T M O V E M E N T P L A N N E R L O C O T R O L T R I P O P T I M I Z E R S U I T E TIER 4 FDL Advantage EVO Advantage BEL Demo FLX drive 2.0 FLX drive 3.0 FLX H2 Demo FLX H2 HHP/tender Launch 7 MWh ~ 8% fuel reduction 10+ MW Switcher / Short line Main line locomotive ~4MW fuel cell; 1 MWh battery; ICE 1,100 in service ~ 5% fuel reduction 2.4 MWh MODS FLXswitch FLXhybrid ~8% ~5-8% Up to 40% Up to 92% T E C H N O L O G Y F L E X I B L E P O R T F O L I O T O S U P P O R T C U S T O M E R S U S T A I N A B I L I T Y G O A L S BIOFUELS B 5 B 2 0 Up to 30% ~14%

34 G I N A T R O M B L E Y Unlocking further growth 34

35 Source: Worldbank.org, SCI 2020 Worldwide Market for Railway Industries ; UNIFE World Market for Rail Supply, ITF (2021), ITF Transport Outlook 2021, OECD Publishing, Paris K E Y T R E N D S I N F L U E N C I N G G R O W T H G L O B A L R A I L F O R E C A S T Mainline Psgr ‘21-30 ‘21-’30: 2.8% CAGR ‘30-’50: 2.3% CAGR Rail Freight ‘21-’30 ‘21-’30: 2.2% CAGR ‘30-’50: 3.4% CAGR Forecast Consistent, positive outlook ahead for next 15+ years. Market for rail continues to expand Increased focus on environmental sustainability and decarbonization Improved rail infrastructure … enabling economic growth in developing regions. In NA, increased government funding and Class I CAPEX Digitization and automation driving improvements in productivity and efficiency Continued urbanization and globalization driving greater overall demand for freight and passenger transportation W A B T E C R A I L F R E I G H T & P A S S E N G E R T R A F F I C E X P E C T E D T O D O U B L E B Y 2 0 5 0 . . . L E D B Y I N C R E A S E D I N F R A S T R U C T U R E I N V E S T M E N T & F O C U S O N E S G Urban Passenger ‘21-’30: 3.4% CAGR ‘30-’50: 2.0% CAGR 0 50 100 150 200 250 2007 2009 2011 2013 2015 2017 2019 2021 20232024 Rail Freight Mainline Passenger Urban Passenger

36 Railroads well-positioned to expand share vs. truck W A B T E C G L O B A L R A I L V S . R O A D O U T L O O K Sustain existing share and focus on customer needs to capture flexible freight commodities Create a diversified supply chain and railcar visibility to help shippers handle variability in demand Collaborate with the government on key policies focused on decarbonization and automation Invest in cleaner energy, and digitalization to improve transport efficiency and reduce shipper scope 3 emissions Accelerate the adoption of automation technologies to unlock latent capacity, efficiency and cost gains C U S T O M E R I N I T I A T I V E S T O G A I N S H A R E Graph sources: ITF (2021), ITF Transport Outlook 2021, OECD Publishing, Paris Assumed Class I Rail operations to calculate these metrics - 5 10 15 20 25 30 35 40 45 2015 2020 2030 2050 Rail Freight Road Freight FLEXIBLE Key Rail battleground Flexible share represents ~50M carloads, ~$400B revenue Ton-mile (trillions) P R O D U C T I V I T Y , E F F I C I E N C Y , & S U S T A I N A B I L I T Y T O C A P T U R E ” F L E X I B L E S H A R E ”

37 Freight railroad imperatives W A B T E C G R O W T HP R O D U C T I V I T Y S U S T A I N A B I L I T Y P R O J E C T E D F R E I G H T C A G R % G L O B A L T O N - K M <60% 70-75% >80% S T A T E - O W N E D C L A S S I I N T ’ L P R I V A T E OPERAT ING RAT I O% 2 0 2 1 2 0 3 0 2 0 3 0 2 0 5 0 2-3% P R O J E C T E D M O D A L S H I F T R A I L V S R O A D 2 0 3 0 2 0 5 0 33% 36% 40% Sources: FTR January Report Improved visibility/reliability Supply chain integration/resilience Asset/network optimization to unlock latent capacity Safety and productivity Asset utilization Fuel efficiency Rail more energy efficient Reduce road congestion Economically attractive alternative power Sources: Customer Annual Reports, ITF (2021), ITF Transport Outlook 2021, OECD Publishing, Paris 1 2 3 W A B T E C P O R T F O L I O P O S I T I O N E D T O E N A B L E R A I L R O A D + W A B T E C G R O W T H 2 0 2 0 3-4%

38 W A B T E C GO-FORWARD OUTCOMES CLASS I LOCOMOTIVE ILLUSTRATIVE EXAMPLE 36% Longer trains driven by Class I AC adoption Gross ton mile per locomotive for AC adoption 20% 40% Reliability improvement from modernization Wabtec enabling NAM railroads competitiveness R E V E N U E T O N M I L E ( B ) F U E L G A L L O N S P E R 1 0 0 0 R T M E M P L O Y E E P E R 1 0 0 0 R T M 2 0 0 0 2 0 1 9 ( P R E - C O V I D ) V % 1 , 4 6 6 1 , 6 1 4 + 1 0 % 2 . 4 2 . 1 ( 1 6 ) % 1 1 4 . 8 8 6 . 7 ( 2 5 ) % Sources: FTR January Report In carbon emissions through FLXdrive in a consist 40% Fuel consumption for T1 to T4 conversion 8%~ T E C H N O L O G I E S S U P P O R T I N G S A F E S T & M O S T P R O D U C T I V E R A I L O P E R A T I O N 38 up to

39 Reimagining rail yards … impacting rail communities W A B T E C T O N S O F C O 2 E L I M I N A T E D = 2 K C A R S O F F T H E H I G H W A Y R E D U C T I O N I N L O C O M O T I V E N O I S E P A R T N E R W I T H C O M M U N I T I E S T R A D E S C H O O L S 4 T O N S O F P A R T I C U L A T E M A T T E R & 1 9 0 T O N S O F N I T R O G E N O X I D E S 10K70% Local4T / 190T THE YARD SOLUTI ON Annual estimate for converting a yard with 20 Tier 1 Switchers LOCAL SOCIAL IMPACT ( I L L U S T R A T I V E E X A M P L E ) E L E C T R I F Y A S S E T S Tangible immediate impact on emissions reduction I M P R O V E C A P A C I T Y & E N H A N C E S A F E T Y F O C U S O N E F F I C I E N C Y & T H R O U G H P U T Create capacity in yards to handle variability in demand & loads from trucks Derive insights from operations to minimize waste & enhance safety 39

40 G R E G S B R O C C O Global Operations 40

41 PEOPLE DEVELOPMENT Talent reviews & succession planning Talent acquisition & leadership Employee learning & development STRATEGY Strategic annual planning M&A INNOVATION IP strategy & protection Technology incubation/disruption Investment in strong IRR projects & products COMMERCIAL EXCELLENCE Strategic selling process Customer knowledge & relationships Commercial operations (bidding & contracting) OPERATIONAL EXCELLENCE Strategic sourcing Productivity & footprint optimization Working capital efficiency FINANCE Annual operating plan Safeguarding assets & asset utilization Balanced capital allocation and returns to shareholders PRODUCT & PROJECT MANAGEMENT Rigorous tollgate process Multi-generational product plan Enterprise view G L O B A L O P S Wabtec operating model S T R A T E G Y D E P L O Y M E N T CUSTOMER + SHAREHOLDER VALUE Product & Project Management A R E A O F E X C E L L E N C E P R O C E S S R I G O R

42 Wabtec operating model… operational excellence Of shared values and mindset of problem solving and continuous improvement CUSTOMER + SHAREHOLDER VALUE CULTURE Operating reviews monitoring pulse.... Site and division level CADENCE STRATEGY DEVELOPMENT CORE OF COMMON KPI WABTEC MANAGEMENT SYSTEM OPERATIONAL EXCELLENCE Safety & Sustainability Customer Commitments Q u a lit y & R e lia b ili ty C o s t O p tim iz a tio n G L O B A L O P S

43 rising fuel cost+43% ~30% Responsible operations S AF E T Y Y E A R S O F I N J U R Y R A T E R E D U C T I O N S ( 1 2 O F 1 3 Y E A R S ) 12 Employee safety Regulatory compliance excellence Environmentally responsible manufacturing Leadership development GH G R E D U C T I O N I N G H G S C O P E 1 & 2 E M I S S I O N S 2 0 2 0 V S 2 0 1 9 12% E N E R GY I N T E N SIT Y R E D U C T I O N I N E N E R G Y I N T E N S I T Y 2 0 2 0 V S 2 0 1 9 18% 2 0 3 0 G O A L R E D U C T I O N * S A F E T Y A N D S U S T A I N A B I L I T Y 2 0 2 1 R E S U L T S G L O B A L O P S * Reduction goal reflects targeted safety, GHG, and energy intensity targets outlined in Wabtec’s 2021 Sustainability Report

44 Quality + reliability Continuous improvement mindset Knowledge sharing Best in class quality performance Fleet performance monitoring + prognostics Commercial partnerships and risk-based commercial tollgates Prevention & responsiveness Minimizing waste & rework Continuous improvement and automation Leadership engagement, rigor and reviews Measure key process indicators W H A T H O W G L O B A L O P S D R I V I N G F O R C O N T I N U O U S C U S T O M E R S A T I S F A C T I O N … D E L I V E R I N G Q U A L I T Y A S A D I F F E R E N T I A T O R 44 EXCEEDING CUSTOMER EXECTATIONS BY 20% ON 95% LOCO FLEET 15% AVG COST OF QUALITY REDUCTION OVER LAST 3 YEARS

45 Customer commitments Strategic commodity evaluations (geographic & sole/single source) Business planning/lean rigor (forecasting, scheduling, inventory, labor planning excellence & tollgate adherence) Strategy and Planning Risk Mitigation Delivery Monitoring (tools to proactively monitor supply base spend across risks: business continuity, geopolitical, financial health) “What if” planning (mitigation activities of critical materials risks and shop disruptions) Customer focus (on-time delivery to support our customers and enable future growth) >90% H I S T O R I C A L O N - T I M E D E L I V E R Y O F L O C O M O T I V E S A N D M O D E R N I Z A T I O N S G L O B A L O P S O N G O I N G C U L T U R E O F S O L U T I O N A N D R E S O L V E W H A T H O W 45

46 Cost optimization 3-5% H I S T O R I C A L A V E R A G E M A N U F A C T U R I N G V A R I A B L E C O S T P R O D U C T I V I T Y / Y E A R S I N C E 2 0 1 9 2-3% H I S T O R I C A L A V E R A G E M A T E R I A L C O S T D E F L A T I O N / Y E A R S I N C E 2 0 1 9 (excl. commodities) 30% R O O F T O P R E D U C T I O N S I N C E G E T R A N S P O R T A T I O N A C Q U I S I I T O N Lean/continuous improvement and industry 4.0 Rooftop reductions, make vs. buy, local production Manufacturing competitiveness Should-cost analysis, total landed cost, low-cost country Supplier cost reduction ideas, long-term contracts with shared benefits Material cost reduction Value-add process enablement System and tools to eliminate/automate transactional work Connected production cycle (quote to delivery) Rigorous planning and evaluation connected to sales through delivery 3-D model-based engineering designs, connected systems to enable change management G L O B A L O P S P R O V E N T R A C K R E C O R D O F M A R G I N E X P A N S I O N T H R O U G H P R O G R A M M A T I C C O S T R E D U C T I O N A N D E F F I C I E N T E X E C U T I O N W H A T H O W 46

47 T RAN S F O RM AT I O NAL L E AN B Y 2025 90% CO GS CO V E R AGE Spotlight on: Lean and continuous improvement Wabtec views Lean as the way: We align on strategic deployment We unify the “One Wabtec Culture” We problem solve and eliminate waste We drive productivity We drive velocity in cycle and responsiveness Leader led… team ownership L E A N I S B E I N G E M B E D D E D I N T O W A B T E C ’ S C U L T U R E A N D F U N D A M E N T A L T O H O W W E E X E C U T E O U R S T R A T E G Y P R O GR E SS T O DAT E 33% CO GS CO V E RAGE G L O B A L O P S E X P A N D I N G T R A N S F O R M A T I O N A L L E A N A N D D R I V I N G C O N T I N U O U S I M P R O V E M E N T M I N D S E T

48 G E T R A N S P O R T A T I O N S Y N E R G Y P L A N I N T E G R A T I O N E N A B L E M E N T Consolidated operations…120 sites reduced Exited GE Services Agreement…..100+ workstreams Eliminated headcount redundancy Consolidated material/service buy Vertical integration of product lines Transit transformation initiated Intercompany transfer pricing ERP migration Common chart of accounts Outsourcing many back-office operations Deployment of manufacturing centers playbook Systems harmonization $250M D E L I V E R E D 1 5 M O N T H S A H E A D O F P L A N Spotlight on consolidation and integration P R O G R E S S S I N C E G E T R A N S P O R T A T I O N A C Q U I S I T I O N S T R O N G D E L I V E R Y O N L O N G - T E R M B U S I N E S S O P T I M I Z A T I O N P L A N … I N C R E A S I N G C O M M I T M E N T T O D E L I V E R A D D I T I O N A L V A L U E G L O B A L O P S 48

49 I N T E G R A T I O N 2 . 0 C O N S O L I D A T E / S T R E A M L I N E / S I M P L I F Y 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 $135-165M E X P E N S E * $ 2 5 M N O N - C A S H $75-90M A D D I T I O N A L B E N E F I T T A R G E T E D B Y 2 0 2 5 Ready to embark on next phase of restructuring G L O B A L O P S 49 * Restructuring expense and one-time charges

50 R A F A E L S A N T A N A Wabtec’s business segments 50

51 Wabtec operates its business in two segments 50+ ~25K C O U N T R I E S E M P L O Y E E S FREIGHT: 67% TRANSIT: 33% 3 1 % Services $7.8B ~60% Aftermarket P O R T F O L I O 2 0 2 1 R E V I E W 1 1 % Components 1 7 % Equipment 3 3 % Transit 8 % Digital Electronics W A B T E C G L O B A L L E A D E R I N F R E I G H T A N D T R A N S I T R A I L T E C H N O L O G I E S

52 Industry-leading scale across major rail segments MARKET LEADER IN FREIGHT LOCOMOTIVES BROADEST TRANSIT PRODUCT PORTFOLIO IN INDUSTRY 1st HEAVY-HAUL BATTERY-ELECTRIC LOCOMOTIVE RAIL SUPPLIER TO CAR BUILDERS LEADER IN LOCO MODERNIZATIONS LEADER IN FUEL EFFICIENCY AND ENERGY MANAGEMENT LEADER IN FRICTION PRODUCTS #1 W A B T E C 52

53 F R E I G H T S E G M E N T T R A N S I T S E G M E N T ~20% Of the world’s rail freight is moved by a Wabtec locomotive E Q U I P M E N T ~1.5B Miles traveled by Wabtec’s fleet of locomotives in 2021 S E R V I C E S ~20% Of global freight cars have Wabtec products on them C O M P O N E N T S $1.3B D I G I T A L E L E C T R O N I C S T R A N S I T >90% Provide equipment to nearly every major transit system in the world* Wabtec has been a partner in rail innovation for over 150 years Of fuel savings achieved through Wabtec’s digital solutions W A B T E C 53 * In accessible transit markets Source: Internal Wabtec data

54 50% 58% 42% 44% Attractive revenue profile A T T R A C T I V E E N D M A R K E T S R O B U S T A F T E R M A R K E T P O R T F O L I O B R O A D S C A L E I N G L O B A L M A R K E T S S T R O N G M I X O F R E C U R R I N G R E V E N U E S S T R O N G G L O B A L I N D U S T R I A L P O R T F O L I O W I T H T R A C K R E C O R D O F I N N O V A T I O N A N D S I G N I F I C A N T R E C U R R I N G R E V E N U E W A B T E C Freight Transit All Other (Industrial and Mining) 34% 16% Aftermarket OE Americas (42% in U.S.) EMEA APAC 53% 29% 18% Non-Recurring Recurring 56% * 2021 FY results

55 Primary growth drivers W A B T E C Rail cycle recovery International expansion / share gains Increase customer productivity, capacity and safety Locomotive fleet renewal Innovative digital technology Lead decarbonization of rail Integration 2.0 Strategic M&A 1 2 3 4 5 55 Equipment Digital Electronics Services Transit Components 5 - Y E A R G R O W T H E X P E C T A T I O N S

56 R O G E R I O M E N D O N C A Equipment 56

57 Diversified global base to drive growth 24% R E V E N U E B Y G E O G R A P H Y 87% 13% R E C U R R I N G R E V E N U E Non-Recurring Recurring Americas EMEA APAC56% 44% R E V E N U E B Y E N D M A R K E T 83% 17% A F T E R M A R K E T R E V E N U E OE Aftermarket Locomotive Mining, Marine, Drilling, Other E Q U I P M E N T 37% 39% K E Y C U S T O M E R S 57 * 2021 FY results $1.3B 2 0 2 1 R E V E N U E

58 Business dynamics I N D U S T R Y T R E N D S S T R A T E G Y I N A C T I O N R O A D A H E A D • Best-in-class Tier 4 technology • Alternative fuels for internal combustion • FLXdrive locomotives leading decarbonization • Mining truck systems flexibility to alternative power sources • Integration with Digital portfolio • Intermodal growth • Decarbonization, sustainability, automation • Government funding • Mining electrification • Continue strong international orders • North American fleet upgrade • Accelerate FLXdrive adoption • Hybrid solutions for ICE locomotive • Mining truck renewal and growth • Hydrogen solutions … ICE, fuel cell E Q U I P M E N T

59 Primary growth drivers SURFACE MINING TRUCK ELECTRIFICATION & FLEET RENEWAL… VOLUME UP Trolley assist & power agnostic propulsion Sustained copper & iron ore production growth EXPAND FLXDRIVE WINS - CAPITALIZE ON GHG GOALS Product design fit for application, energy & power needs Investor oversight to progress on decarbonization Successful deployment of FLXdrive launch orders NORTH AMERICA FLEET UPGRADE Intermodal growth Aging fleet Higher haulage and efficiency needs INTERNATIONAL DIESEL ELECTRIC GROWTH Commodities and global trade Leverage local partnerships CAPTURE GROWTH IN NEW SEGMENTS Leverage FLX technology for shunting applications Zero emissions opens door to Europe Government & local funding E Q U I P M E N T 59 1 2 4 5 3

60 2011-2015 Locomotive international markets NAM Intl International fleet renewal & upgrades with EVO technology Expand battery electric mainline & switcher Strategic partnership for light weight applications Drive supply chain productivity through regional footprint S T R A T E G Y I N A C T I O N R E V E N U E P R O F I L E 2016-2021 NAM Intl G R O W T H D R I V E R S A U S T R A L I A Mining growth Decarbonization targets B R A Z I L New concessions Agriculture growth C I S Gateway Asia → Europe Fleet renewal & efficiency I N D I A Economic growth Dedicated freight corridors E Q U I P M E N T 60 I N T E R N A T I O N A L F L E E T S G R O W I N G 5 % C A G R S I N C E 2 0 1 6 … W E L L - P O S I T I O N E D T O C A P I T A L I Z E O N C O N T I N U E D G R O W T H

61 C O N T I N U E T O I N V E S T / G R O W T H E C O R E D I E S E L E L E C T R I C North America fleet renewal opportunity S T R A T E G Y I N A C T I O N FLEET BY EMISSION T1 T3 T4 T2 FLEET BY TRACTION DC AC Enable & support alternative fuels Continue to invest in fuel improvement technologies Hybrid battery upgrade for additional fuel & GHG reduction Enabling locomotive automation with Modular control architecture Leverage regulation & subsidies C U S T O M E R O U T C O M E S SUSTAINABILITYFUEL EFFICIENCYPRODUCTIVITY 20 YRS A V E R A G E 6K UNITS > 2 0 Y R S F L E E T P R O F I L E Alternative fuel New technology Engine improvements Digital solutions AC traction Reliability E Q U I P M E N T 61

62 Growth driven by fleet renewal & technology mix 20502030 2040 Efficiency w/ AC Fuel economy GHG SBTi targets Low impact to operations Operational flexibility 20% GHG  Technology readiness Fleet productivity Net zero commitments Technology maturity Infrastructure availability F L E E T R E N E W A L M A I N L I N E & S W I T C H E R D R I V E R S ALTERNATIVE TECH (INCL. BATTERY + HYDROGEN) DIESEL E Q U I P M E N T T R A N S I T I O N T O M O R E E F F I C I E N T A N D S U S T A I N A B L E F L E E T

63 FLXdrive pilot Spanned >13,000 miles 6,000 gallons of fuel saved 0 major failures 2 0 2 4 + E X P A N D P O R T F O L I O & P A R T N E R S Tier 4 Hybrid Diesel hybrid FLXdrive 3.0 Integrated charging solutions Wabtec FLX Smart Control Interface Moving AC Charging Option S U C C E S S F U L C A R B D E M O C O M M E R C I A L L A U N C H 2 0 1 8 - 2 0 2 1 2 0 2 0 - 2 0 2 3 FLXdrive 1.0 FLXdrive 2.02.4 MWh 7-8 MWh 20-30% fuel & emissions savings 10%+ fuel & emissions savings FLXswitch 2-4 MWhLocal yard emissions Hybrid Transit 700 kWhFuel & emissions FLXswitch 4 axle Industrial and short lines S O L U T I O N S T O H E L P A C H I E V E C U S T O M E R D E C A R B O N I Z A T I O N G O A L S E Q U I P M E N T Commercialization of FLXdrive 2.0

64 FLX value proposition TRAIN PERFORMANCE & AUTOMATION RAIL PURPOSE BATTERY FLX360 ECOSYSTEM WABTEC DIFFERENCE L E V E R A G I N G P O R T F O L I O T O D E L I V E R A N O P T I M I Z E D T O T A L E N G I N E E R E D S Y S T E M E Q U I P M E N T 64 FLX optimizer… train-level energy management Modular Control Architecture… next gen micro-processing with over-the-air capability PTC… #1 train safety Reliability & serviceability… designed for heavy haul application Safety… battery thermal management pack and design Future Proof… modular design Up to 40% fuel savings on battery consist … “zero cost fuel” through regenerative breaking Recharging solutions… smart control interface and moving charging Sustainability… battery pack remanufacturing, renewable electricity, battery recycling

65 Comprehensive locomotive portfolio… short & long term D I E S E L E L E C T R I C DIESEL, HYBRID OPTION Fuel efficiency Reliability Availability F U E L E C O N O M Y & G H G R E D U C T I O N B A T T E R Y E L E C T R I C Safety & energy optimization Operational flexibility REGEN, PLUG-IN Z E R O - E M I S S I O N & S A V E E N E R G Y F U E L C E L L E L E C T R I C Performance Reliability H2 fuel price & carbon intensity HYDROGEN Z E R O - E M I S S I O N & R A N G E BIO, HDRD, LNG Emissions & sustainability Reliability Availability S H O R T - M E D I U M T E R M G H G  A L T E R N A T I V E F U E L S T E C H N O L O G Y K E Y M E T R I C S O U T C O M E P O L I C Y & I N C E N T I V E S I N V E S T M E N T S & C A P A C I T Y P A R T N E R S H I P S & E C O S Y S T E M E X T E R N A L F A C T O R S E Q U I P M E N T I N V E S T I N G I N B A L A N C E D P O R T F O L I O T O P R O V I D E C U S T O M E R P R O D U C T I V I T Y A N D D E C A R B O N I Z A T I O N

66 Mining truck propulsion path to electrification D I E S E L P O W E R DIESEL ENGINE ONLY ELECTRIC, MECHANICAL E L E C T R I C P O W E R E D TROLLEY ASSIST, BATTERY, FUEL CELL DIESEL ENGINE & BATTERY H Y B R I D P O W E R E D PRI ME MOVER PROPULSION E L E C T R I C D R I V E A D V A N T A G E Fuel efficiency Lower maintenance Better traction, 4-wheel drive Supports automation ELECTRIC Recapture energy Lower emissions Boost or auxiliary power from battery Easy transition to zero emissions Lower noise Lower life cycle cost Higher productivity ELECTRIC-POWER AGNOSTIC E Q U I P M E N T W A B T E C A T T H E C E N T E R O F S U R F A C E T R U C K E L E C T R I F I C A T I O N

67 Key takeaways E Q U I P M E N T 02 03 04 01 Introducing new technologies to accelerate customer transition to cleaner power Proven technologies that deliver safety, reliability, productivity and reduced emissions Leverage partnerships to accelerate technology development Globally positioned for locomotive and mining growth, fleet renewal and supply chain productivity

68 P A S C A L S C H W E I T Z E R Services 68

69 Accelerating growth across Services 80% 8% 4% 8% R E V E N U E B Y G E O G R A P H Y 68% 32% R E C U R R I N G R E V E N U E Recurring Non-recurring North America EMEA LATAM APAC 74% 8% R E V E N U E B Y E N D M A R K E T 78% 22% A F T E R M A R K E T R E V E N U E OE Aftermarket S E R V I C E S K E Y C U S T O M E R S 69 18% Freight Maintenance Modernizations Maintenance of Way * 2021 FY results $2.4B 2 0 2 1 R E V E N U E

70 Business dynamics I N D U S T R Y T R E N D S S T R A T E G Y I N A C T I O N R O A D A H E A D • Leverage technology to achieve targeted outcomes … partner with customers around comprehensive fleet strategies • Grow MoW to enable productivity gains in engineering • LEAN and cost reduction • Relentless focus on safety, cost, and productivity • ESG fast becoming top priority for customers • Improving intermodal product to drive road to rail • Introduce new solutions targeting younger fleets • Leverage data analytics and new tools to invent the services of the future • Leverage fleet growth to continue international expansion -- Egypt, India, CIS S E R V I C E S A U N I Q U E S E R V I C E F R A N C H I S E

71 Primary growth drivers GLOBAL REMANUFACTURING 20+ global remanufacturing locations for critical components including engines & traction motors PERFORMANCE UPGRADES Leveraging technology to deliver on fuel efficiency and reliability MAINTENANCE TECHNOLOGIES Asset management, material management, remote monitoring and technical advisory capabilities MODERNIZATIONS Fleet transformation (haulage, reliability, fuel, & carbon) through modernizations to help customers achieve operational outcomes MAINTENANCE OF WAY Diverse portfolio of maintenance equipment and material movers to support the rail industry INTERNATIONAL EXPANSION Accelerating portfolio footprint specifically across APAC & CIS regions S E R V I C E S 71

72 Modernizations Maximize asset value and fleet performance by transforming 20+ year old locomotives to extend life and step-change their performance. Solutions jointly defined with each customer based on modular technology building blocks. Enabling structural changes in railroad dispatch strategies. 50% more tractive effort 25% less fuel & carbon 40% more reliability C U S T O M E R O U T C O M E S * Developed and scaled Mods business Turning underutilized assets into preferred fleet Significant content pull-through Customer partner of choice W A B T E C I M P A C T 15,000+ available market | <10% penetration Install Wabtec T4 engine on competitor’s switcher Alternative fuels Alternative energy: battery, hydrogen, fuel cell L O O K I N G A H E A D S E R V I C E S 72 * Source: Internal Wabtec data

73 Leading rail technical innovation Developing solutions that align with our customers’ desired outcomes, with a focus on operating ratio savings ̶ fuel, asset availability, and labor P R I M E M O V E R T4 engine family with best reliability and no aftertreatment FDL Advantage offering 5-8% fuel efficiency Safe batteries and fuel cells P R O P U L S I O N AC traction Individual axle control and high tractive effort software Improved gearcase with no oil leakage C O N T R O L S MCA Digital suite of solutions R E L I A B I L I T Y A N D A V A I L A B I L I T Y Predictive maintenance Work scopes customized at asset level; 50% less shop dwell Locomotive allocation to priority trains S E R V I C E S

74 International expansion Introducing world-class fleet maintenance 2 fully designed, staffed and operated maintenance sheds Dedicated remote monitoring and diagnostics center … reliability team delivering world-class performance I N D I A Organized territory coverage supporting fleet expansion while leveraging scale Leveraging technology to decarbonize mining fleet A U S T R A L I A Full-fledged maintenance and engineering capabilities Parts distribution Engine overhauls K A Z A K H S T A N Homebase Execution center capabilities: commercial and customer support; application engineering; parts distribution; remanufacturing Other markets with locomotives in service S E R V I C E S

75 FLXdrive will accelerate Services growth Integrated system designed for safety, reliability, performance, and maintainability … proprietary spares Service support key to the successful launch and early performance Battery lifecycle economics attractive to customer and Wabtec Total lifecycle cost (including fuel) lower than diesel-electric locomotive … higher lifecycle service revenue Opportunity to leverage battery technology for next generation of Modernization … 70% of DC-to-AC content reusable Accelerated growth of battery locomotive fleet presents Services with a sizeable growth opportunity S E R V I C E S 75 P O S I T I O N E D A S P R E F E R E D S E R V I C E P R O V I D E R F O R B A T T E R Y T E C H N O L O G Y

76 Maintenance of way… path to accelerate growth R O A D W A Y W O R K E Q U I P M E N T I N D U S T R I A L I N S P E C T I O N T E C H N O L O G I E S N O R D C O I S A S T R O N G P L A T F O R M F O R G R O W T H T H R O U G H W O R L D - C L A S S P R O D U C T S A N D E N G I N E E R I N G G R O W T H S T R E A M S I N N O V A T I O N New Product Introduction Electrification – decarbonization Automation – labor & productivity E X P A N S I O N Leverage Wabtec relationships & footprint to increase penetration with Class 1 & international customers M & A Acquire technology that complements existing portfolio S E R V I C E S 0 1 0 2 0 3

77 Key takeaways S E R V I C E S 02 Fast-growing, high-quality recurring revenues through cycles 03 Clear path for further growth: leveraging the fleet; continued innovation; international expansion Nordco is a strong foundation to grow in maintenance of way 01

78 M I K E F E T S K O Components 78

79 Diversified portfolio brings new growth 73% 9% 18% R E V E N U E B Y G E O G R A P H Y 71% 29% R E C U R R I N G R E V E N U E Non-Recurring Recurring Americas EMEA APAC 60% 40% R E V E N U E B Y E N D M A R K E T 53% 47% A F T E R M A R K E T R E V E N U E OE Aftermarket Freight / Other Industrial C O M P O N E N T S NATIONAL STEEL CAR K E Y C U S T O M E R S 79 * 2021 FY results $0.9B 2 0 2 1 R E V E N U E

80 Business dynamics I N D U S T R Y T R E N D S S T R A T E G Y I N A C T I O N R O A D A H E A D • Leverage Wabtec products to expand North American freight car market share • Expand content pull-through on locomotives • Drive innovation into new products and solutions • Extend core competencies and technologies into new industrial applications/products • Increase international market share of freight and industrial components • Recovering demand for freight cars and locomotive builds • Strong industrial end markets • International expansion & market growth … APAC, LATAM, INDIA, EMEA • Increasing demand for clean energy solutions • Market demand and penetration driving profitable freight and locomotive products growth • Developing technologies to drive profitable growth in existing and new industrial markets • Continued focus on operational improvement & portfolio rationalization • M&A focused on extending reach and acquiring new technology C O M P O N E N T S D E L I V E R I N G R E S U L T S F O R C U S T O M E R S A C R O S S D I V E R S E F R E I G H T & I N D U S T R I A L P R O D U C T P O R T F O L I O

81 Primary growth drivers INTERNATIONAL EXPANSION USING ONE WABTEC NETWORK Freight and loco opportunities in LATAM, APAC, India, and EMEA Industrial expansion and global partnerships to support ESG Scaling and developing new products for wind, grid solutions, carbon reduction, and energy storage DRIVE INNOVATION INTO NEW PRODUCTS & SOLUTIONS Sensing/digitalization to improve product performance Health monitoring to reduce maintenance cycles Apply advanced material technology to engine cooling STRENGTHEN OUR CORE IN NORTH AMERICA Package freight car product offerings with car builders Leverage full Wabtec portfolio in aftermarket Consolidate industrial go-to-market approach CONTINUOUS OPERATIONAL IMPROVEMENT Leverage best-cost country sources Rationalize and simplify structure to drive profitability Footprint consolidation to drive out duplication C O M P O N E N T S 81

82 Well-positioned to capitalize on increasing North American car build volume N O R T H A M E R I C A N C A R B U I L D V O L U M E 2019 2020 2021 2022F 58K 33K 30K >40K 5 4 K H I S T O R I C A L 1 0 - Y E A R A V E R A G E Increasing railcar build + Strong share position + Operating leverage REVENUE GROWTH AND MARGIN ACCRETION C O M P O N E N T S 82

83 The power of one Wabtec B A T T E R Y P A C K A I R C O M P R E S S O R C O N T R O L S Y S T E M B O G I E B R A K E E Q U I P M E N T P O W E R S U P P L Y C O U P L E R S H V A C A I R B R A K E C O M P O N E N T S

84 Industrial growth opportunities M A R K E T T R E N D S W A B T E C S T R A T E G Y Capture market share … leveraging bundled product packages Capitalize renewables growth with new / existing products Displace competition with aluminum brazing technology Enhance strategic partnerships with selective end-customers Launch new products to facilitate customer productivity Global shift to renewable energy sources to drive decarbonization Growing demand for data centers & power generation Industry transition to advanced material technology for engine cooling Product innovation & productivity for next-gen turbochargers C O M P O N E N T S C A P I T A L I Z I N G O N M A R K E T G R O W T H W I T H F O C U S E D I N D U S T R I A L S T R A T E G Y 84

International growth opportunities F R E I GH T AN D I N DUS T R IAL o Growing international opportunities in APAC, LATAM, India, and EMEA o Leveraging one Wabtec to scale across the globe o Develop strategic partnerships to win international share F O C U S E D O N I N T E R N A T I O N A L G R O W T H C O M P O N E N T S FREIGHT REVENUE BY GEOGRAPHY 85 85% 15% North America International 52% 48% North America International * 2021 FY results INDUSTRIAL REVENUE BY GEOGRAPHY

86 Key takeaways C O M P O N E N T S 02 03 04 01 Well-positioned to drive profitable growth over growing freight & locomotive demand globally Leverage consolidated industrial go-to-market strategy to grow share in traditional and emerging end markets in domestic and international regions Push our strong innovative product development pipeline to help customers improve safety and operational efficiency with cost-efficient solutions Grow profitability through continuous improvement culture by driving Lean and cost-out

87 N A L I N J A I N Digital Electronics 87

Ports Shippers Mainline Mines Intermodal Terminals Signaling & Wayside Rail Back Office Yard Short Lines Connecting the physical + digital rail logistics network D I G I T A L E L E C T R O N I C S 88

89 D I G I T A L E L E C T R O N I C S Well-positioned for growth K E Y C U S T O M E R S R E V E N U E B Y G E O G R A P H Y 41% 44% R E V E N U E B Y E N D M A R K E T Train Automation Offboard, Back Office Adjacencies 15% 75% 4% 15% 6% North America ANZ Rest of World LATAM 70% 30% R E C U R R I N G R E V E N U E Non-Recurring Recurring 89 * 2021 FY results $0.6B 2021 REVENUE

90 I N D U S T R Y T R E N D S S T R A T E G Y I N A C T I O N R O A D A H E A D Business dynamics U N P A R A L L E L E D P O R T F O L I O O F D I G I T A L P R O D U C T S A N D S O L U T I O N S E N A B L I N G P R O D U C T I V I T Y A N D S U S T A I N A B I L I T Y F O R C U S T O M E R S D I G I T A L E L E C T R O N I C S • Continued R&D investment in Automation • International focus on LATAM, APAC, Europe • Growth in asset management and logistics solutions • Bolt-on M&A ... drive increased customer value • Continued productivity • Focus on sustainability • Changing mix… increasing role of Intermodal • Continued investment on safety • Growing investment around asset management… rolling stock, track • Leveraging installed base to expand recurring revenues (SaaS and subscription models) • Next-gen products & enhancements driving growth • Grow in international markets • Expand portfolio offering and grow in adjacent markets

91 PTC Trip Optimizer Suite Locotrol Platform Network Solutions INTEGRATED PRODUCT SUITE F UE L O P T I M IZ AT ION H E L P I N G C U S T O M E R S M E E T E S G & P R O D U C T I V I T Y C O M M I T M E N T S D I G I T A L E L E C T R O N I C S Digital solutions impact operations and fuel emissions PRODUCTIVITY IMPACT ESG IMPACT CO2/NOx/PM UP T O ~ 30% Reduction in diesel emissions and fuel utilization Asset utilization Fuel savings Crew utilization

92 Primary growth drivers 92 D I G I T A L E L E C T R O N I C S NEXT-GEN NETWORK SOLUTIONS Precision Dispatch 2.0, migrate to Cloud Pacing, Service Design & Yard Planner INTERNATIONAL MARKETS Expand digital capabilities across Latin America, Europe, and Asia Pacific EVOLVE LOCOTROL PLATFORM Locotrol Expanded Architecture (LXA); Road Remote Control Locomotive (RoadRCL); Drone Trains EXPAND TRIP OPTIMIZER Zero-to-Zero & Smart Horse Power/Ton (SHPT); TO on non-Wabtec locos, FLXDrive, Alt fuels LEVERAGE PTC PTC 2.0, precision reference, moving block; NAM upgrades & international expansion KEY ADJACENCIES Expand reach in digital mining; logistics, asset management & analytics

93 STRONG NORTH AMERICA PRODUCT PENETRATI O N TO New Products 94% Penetrated 5% Penetrated 93% Penetrated LOCOTROL New Products 10% Penetrated 73% Penetrated 12% Penetrated NEW PRODUCT PENETRATI ON OPPORTU NITIE S 100% Penetrated PTC International & Additional Features (US) 2% Penetrated New Network/TMS Products D I G I T A L E L E C T R O N I C S Pillar apps are foundation for 2-3x industry growth TO Platform on Wabtec Fleet Locotrol Platform Network/TMS Solutions PTC USA F UE L E F F I CI EN CY Energy Management T E RM I N AL DW E L L Remote Control Locomotive L AB O R O P T I M I Z AT I ON Drone Control, Remote Control Locomotive, Energy Management, PTC AS S E T UT I L I Z AT I O N Distributed Power K E Y P R O DUCT AR E AS 93

94 R E D U C T I O N I N T R A I N D E L A Y S 25% P O T E N T I A L P R O D U C T I V I T Y S A V I N G S 50% R E D U C T I O N I N A C C I D E N T S D U E T O H U M A N E R R O R S 75% F U E L E F F I C I E N C Y I M P R O V E M E N T 30% PTC Trip Optimizer Distributed Power Movement Planner PTC + Trip Optimizer Zero-to-Zero SmartHPT Pacing Full Situational Awareness High Availability Systems Technology Foundation Attended Automation Full Automation Path To Crew Efficiencies Advanced Dispatch Road RCL-Drone Train Vital Standalone PTC Yard Automation 5G Communication D I G I T A L E L E C T R O N I C S Automation will unlock the next generation of PSR   Up to:

95 Market-leading position… long-term service agreements driving recurring revenues International market opportunity to expand PTC and other Digital technologies 2x On track toward goal of increasing international sales 2X over 5 years G R O W I N G D E M A N D Leveraging PTC,TO and Track IQ to drive international expansion D I G I T A L E L E C T R O N I C S 95

96 D I G I T A L E L E C T R O N I C S Key takeaways 02 Leverage digital pillar-apps and enhancements to drive recurring revenues 03 International expansion led by PTC, Trip Optimizer and Track IQ 04 Bolt-on M&As to drive increased customer value 01 Digital expected to grow 2-3X the industry growth rate

97 L I L I A N L E R O U X Transit 97

98 T R A N S I T Safety, efficiency & passenger comfort K E Y C U S T O M E R S 63% R E V E N U E B Y G E O G R A P H Y 60% 40% R E C U R R I N G R E V E N U E Non-Recurring Recurring Americas EMEA APAC 53% 42% R E V E N U E B Y E N D M A R K E T 46% A F T E R M A R K E T R E V E N U E Transit Systems Services 17%20% OE Aftermarket 54% 5% Industrial 98 * 2021 FY results $2.6B 2 0 2 1 R E V E N U E

99 I N D U S T R Y T R E N D S S T R A T E G Y I N A C T I O N R O A D A H E A D T R A N S I T Business dynamics E N A B L I N G T H E S H I F T T O R A I L • Product development focused on sustainability • Digitalization of operations, digital asset management, and solutions for automated trains • Journey to mid-teens adjusted EBIT • Beneficiary of worldwide climate economic policies • Rail digitization and train automation • Transit operators and car builders seeking efficiencies and OPEX optimization • Ridership expected to increase in post-Covid era • Lead innovation: o Breakthrough sustainable solutions o Productivity gains to transit operators • Journey to automation and digitization • Drive productivity through lean culture and integration 2.0

100 T R A N S I T Primary growth drivers G O V E R N M E N T F U N D I N G … F U E L I N G T R A N S I T T R A N S P O R T Investment in rail technologies to decarbonize transport and reduce congestion I N N O V A T I O N A N D S C A L A B L E T E C H N O L O G I E S Enhancing train performance; maintenance optimization through digitization for transit operators S H I F T T O G R E E N … S U S T A I N A B I L I T Y A N D E S G Suite of energy management, pollution/CO2 reduction, charging, and electrification solutions S E R V I C E S Leveraging a significant install base and wide geographic footprint to help transit operators gain efficiencies, reliability, and productivity 10 1 2 3 4

101 T R A N S I T Government funding, decarbonizing passenger transport TAILWIND TO TRANSIT SYSTEMS PORTFOLI O U N I Q U E L Y P O S I T I O N E D T O C A P T U R E G R O W T H A C R O S S V A S T P O R T F O L I O A N D G E O G R A P H I C A L R E A C H U . S . $109B over 5 years for passenger E U R O P E A N U N I O N $63B in 2021-2026 for rail I N D I A $330B in 2021-2051 for passenger G E R M A N Y $95B in 2020-2030 for rail P A S S E N G E R R A I L ( 2 8 C O 2 / P K M ) R O A D ( 1 0 2 C O 2 / P K M ) A I R ( 2 4 4 C O 2 / P K M ) Grams of CO2

102 Comparison of the current generation of Brakes, HVAC, Doors, Couplers, and Passenger Information Systems offered vs previous generations. Source, internal analysis based on an illustrative EMU and metro T R A N S I T Enhancing train performance L A T E S T P O R T F O L I O O F R A I L T E C H N O L O G I E S D E L I V E R S S I G N I F I C A N T I M P R O V E M E N T S 12% P R O D U C T W E I G H T R E D U C T I O N … 3 T O N S P E R T R A I N 20-25% L I F E C Y C L E C O S T R E D U C T I O N 15% E N E R G Y R E D U C T I O N DI GI T AL I Z AT I O N E XP E CT E D T O R E DUCE L I F E CY CL E CO S T S B Y A N A D D I T I O N A L 2 0 % 102

T R A N S I T Innovations supporting a more attractive commute G R E E N F R I C T I O N Reduce brake dust and emissions by up to 90% M E T R O F L E X X & R E G I O F L E X X Industry’s most advanced braking system … 50% less weight, 95% recyclability, greater performance G R E E N A I R 1st air conditioning system using natural R290 refrigerant REDUCE EMISSIONS REDUCE ENERGY CONSUMPTION INCREASE RECYCLABILITY REDUCE WEIGHT & SIZE 103 B L U E F I L T E R Removes more than 99.9% of contaminants in minutes

104 T R A N S I T Redefining braking distance to improve performance, reduce cost and prepare for automation Wabtec Distance Master o Breakthrough braking performance in fall and winter conditions o 90% reduction in braking distance degradation o 50% reduction in costs generated by wheel sliding o Improve train availability, punctuality, and assets utilization for transit operators W I T H B R A K I N G D I S T A N C E R E D U C T I O N *P R O D U C T I V I T Y G A I N S Wabtec Distance Master Current norm max extension (12 axles) + 20% Standard Wabtec Solution + 12% Partial Wabtec Distance Master + 6% Dry braking distance Braking distance degradation +0.4 % FIELD TESTED LAB TESTED *Results evaluated in low conditions adhesion (0,05-0,08) according to EN15595

105 T R A N S I T Spotlight on adjacent opportunities: charging and electrification solutions M A R I N E M I N I N GP A S S E N G E R B U S

106 A D J U S T E D E B I T M A R G I N 2019 2020 2021 9.2% 11.2% 12.3% • Backlog margin ↑ • Project execution ↑ • Engineering in best-cost countries ↑ • Cost of poor quality ↓ • Lean and integration 2.0 ↑ T R A N S I T Successfully turned around business and continuing journey to mid-teens adjusted EBIT margins 106 Adjusted numbers represent non-GAAP financial metrics, see appendix for additional details and reconciliations

107 T R A N S I T Key takeaways 02 Sustainability and productivity… new technology as differentiator to win share03 Leveraging installed base and footprint to capture attractive and profitable growth 04 01 Transit rail is benefitting from government transport policies Driving lean culture to continuously improve operations and competitiveness

108 J O H N O L I N Disciplined value creation 108

109 Resiliency tested and validated over past 5 years; proven track record of delivering growth Attractive end markets… building momentum, renewal of locomotive fleets, strong and growing backlog Leading market position and innovative, customer-focused solutions across major rail and industrial segments Exceptional quality and reliability delivering leading market shares Disciplined capital deployment generating strong returns 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 W A B T E C Attractive long-term financial profile

110 I N V E S T I N T H E B U S I N E S S Driving long-term profitable growth D R I V E R S Deploy proven strategies / exploit growth drivers Execute on increasing backlog Mix headwinds driven by fleet renewal Invest in innovative technologies that drive profitable growth Best-in-class productivity & integration I N V E S T I N T H E F U T U R E Through M&A with strategic fit & accretive returns R E T U R N V A L U E T O S H A R E H O L D E R S Through disciplined capital allocation M&A as core competency Strategic markets… bolt-ons, adjacencies Attractive assets / end markets that drive growth Valuations that are accretive to earnings and ROIC Capital allocation priorities Increasing asset productivity Improving ROIC Robust cash generation and cash flow W A B T E C Path to the future… maximize shareholder value 1 0

111 Delivering profitable growth R E V E N UE GR O W T H M AR GI N E XP AN S I ON S T R A T E G Y D E P L O Y M E N T G R O W T H D R I V E R S Accelerate innovation of scalable technology Grow & refresh expansive installed base Lead decarbonization of rail Expand high-margin recurring revenue streams Drive continuous operational improvement Rail cycle recovery Increase customer productivity, capacity and safety ✓ Locomotive fleet renewal ✓ Innovative digital technology ✓ Lead decarbonization of rail International expansion / share gains Best-in-class productivity Integration 2.0 W A B T E C CAS H GE N E R AT I ON I M P RO V ED R O I C D E P L O Y I N G P R O V E N S T R A T E G I E S W H I L E E X E C U T I N G O N G R O W T H D R I V E R S 1

112 $22.2 $21.6 $8.7B in orders in 2021… $5.9B in Freight and $2.8B in Transit 13.5% increase in 12-month backlog 75% of 2022 midpoint revenue guidance covered in backlog… 5 points higher than 2021 ‘ 2 2 B A C K L O G D Y N A M I C S W A B T E C Expanding long-term backlog while converting near-term orders M U L T I - Y E A R B A C K L O G P R O V I D E S S T A B I L I T Y A N D V I S I B I L I T Y 1 2 +5 pts of coverage ’22 vs ‘21 $5.5 $6.3 2020 2021 2026 Next 12 months 12 months + ’ 2 0 - ‘ 2 1 B A C K L O G ( $ B )

113 P R O D U C T M I X Digital Electronics Services Components Equipment Transit Margin Drivers Sensitivity to the cycle Equipment High Digital Electronics Medium Services Low Transit Low Components High M A R G I N A C C R E T I O N 5 - Y E A R G R O W T H E X P E C T A T I O N S W A B T E C Mix dynamics changing as industry renews aging locomotive fleet 1 3 E Q U I P M E N T + D I G I T A L T O G R O W F A S T E R T H A N A V E R A G E A C R O S S W A B T E C P O R T F O L I O

114 H I GH RE T URN S O N CAP I T AL DE P L O Y M ENT L O N G - T E R M P R O F I T AB L E GR O W T H C A P I T A L T E C H N O L O G Y Funding business model with capex of ~2% of revenue Managing working capital investment below 20% of sales Continue to invest in engineering & technology at ~6-7% of sales Invest-in-the-future technology breakthroughs Product innovation Engineering as a competitive advantage W A B T E C Investing in the core business D R I V I N G S T R O N G R E T U R N S O N C A P I T A L A N D T E C H N O L O G Y I N V E S T M E N T S 1 4

115 I N F L AT I O N M I T I GAT I O N M AR GI N E XP AN S I ON C O N T I N U O U S I M P R O V E M E N T C O N S O L I D A T I O N & I N T E G R A T I O N Objective: Cover normal cost inflation and drive sustainable margin expansion Manufacturing productivity Continuous improvement & lean initiatives Best cost country Quality improvement Manufacturing absorption Supply chain & deflation projects Purchasing efficiencies “Should” cost Low-cost sourcing Non-manufacturing cost reductions Engineering efficiencies Office productivity Objective: Drive sustainable margin expansion GE Transportation synergies Achieved $250M of run-rate synergies 15-months ahead of schedule Integration 2.0 Target benefit of $75-90M by 2025 Consolidate footprint Streamline manufacturing Simplify through systems enablement W A B T E C Best-in-class productivity and aggressive cost management 1 5

116 UNDERLYING RAIL INDUSTRY GROWTH TRENDS Freight carloads Railcar build Passenger ridership Economic strength (GDP) AN N UAL R E V E N UE GR O W T H E XP E CT AT I O N S: MID-SINGLE DIGITS ACCELERATED GROWTH Share gains in portfolio International expansion Technology-driven growth Digital revenue growth 2-3X industry LONG-TERM LOCO FLEET RENEWAL Mods Tier 4 Alternative fuels Battery electric W A B T E C Future revenue growth target

117 15-20% 80-85% 8 2 % O F T O T A L C O S T S 15-20% FIXED MANUFACTURING 80-85% FIXED SG&A 25-30% INCREMENTAL MARGIN C O S T O F G O O D S S O L D S G & A 1 8 % O F T O T A L C O S T S Variable Costs Variable Costs W A B T E C Sales growth expected to drive incremental margins of 25-30% based on Wabtec’s fixed-cost structure 1 7 15-20% 80-85% Fixed Costs Fixed Costs

118 250 – 300 BPS CAPITAL & TECHNOLOGY INVESTMENT Strong IRR capital projects Technology to expand margins REVENUE GROWTH MSD annual growth CAGR Opportunistic pricing International expansion COST IMPROVEMENT Continuous improvement, lean Integration 2.0 savings of $75-$90M Manufacturing fixed cost absorption 5 - Y E AR ADJ US T E D M AR GI N I M P R O V EM ENT W A B T E C Growing sales and aggressive cost management expected to expand adjusted margins

119 I N V E S T I N T H E B U S I N E S S Driving long-term profitable growth D R I V E R S Deploy proven strategies / exploit growth drivers Execute on increasing backlog Mix headwinds driven by fleet renewal Invest in innovative technologies that drive profitable growth Best-in-class productivity & integration I N V E S T I N T H E F U T U R E Through M&A with strategic fit & accretive returns R E T U R N V A L U E T O S H A R E H O L D E R S Through disciplined capital allocation M&A as core competency Strategic markets… Bolt-ons, adjacencies Attractive assets / end markets that drive growth Valuations that are accretive to earnings and ROIC Capital allocation priorities Increasing asset productivity Improving ROIC Robust cash generation and cash flow W A B T E C Path to the future … maximize shareholder value 1 9

120 Bolt-ons/adjacencies focused on: o Highly engineered products o Rail & industrial services o Digital technologies & solutions Secular growth profile/sustainable end- markets Geographic reach High aftermarket & recurring revenue streams Complimentary customer base & technologies Accretive earnings within 2 years ROIC enhancing (ROIC > WACC) Above-average synergies (% of revenue) Similar capital intensity / working capital requirements to core business Complements Wabtec’s strategic plan Revenue growth and/or margin enhancement Highly competitive market position o Product leadership o Technology & engineering leadership o Leading market shares Cash conversion strength and/or opportunities F O C U S E D O N A C Q U I S I T I O N S T H A T A R E A S T R A T E G I C F I T A N D D R I V E A T T R A C T I V E R E T U R N S W A B T E C Invest in the future through strategic M&A S T R A T E G I C M A R K E T S C O M P E L L I N G V A L U A T I O N S A T T R A C T I V E A S S E T S

121 W A B T E C Spotlight on acquisitions 02 Large installed base… mission critical products and services… 58% aftermarket revenues 03 Sizeable cost synergy opportunity… >$10M+ run-rate within 3-years with limited integration risk 04 Compelling financial profile… accretive to EBITDA % margin, EPS & cash flow in 2022 01 Significant levers to drive profitable growth… adjacent MOW & railcar movers markets, international expansion with leading technology portfolio $400M T R A N S A C T I O N

122 I N V E S T I N T H E B U S I N E S S Driving long-term profitable growth D R I V E R S Deploy proven strategies / exploit growth drivers Execute on increasing backlog Mix headwinds driven by fleet renewal Invest in innovative technologies that drive profitable growth Best-in-class productivity & integration I N V E S T I N T H E F U T U R E Through M&A with strategic fit & accretive returns R E T U R N V A L U E T O S H A R E H O L D E R S Through disciplined capital allocation M&A as core competency Strategic markets… bolt-ons, adjacencies Attractive assets / end markets that drive growth Valuations that are accretive to earnings and ROIC Capital allocation priorities Increasing asset productivity Improving ROIC Robust cash generation and cash flow W A B T E C Path to the future… maximize shareholder value 12

123 PRIORITY #1 PRIORITY #2 C O N T I N U E T O I N V E S T I N T H E B U S I N E S S M A I N T A I N S T R O N G B A L A N C E S H E E T PRIORITY #3 I N C R E A S E D I V I D E N D S PRIORITY #4 S U P P L E M E N T O R G A N I C G R O W T H W I T H M & A PRIORITY #5 R E T U R N E X C E S S C A S H T H R O U G H S H A R E R E P U R C H A S E S W A B T E C Return value to shareholders through disciplined capital allocation

124 P R I O R I T I E S O B J E C T I V E S A C T I O N S Maintain strong balance sheet to manage through economic cycles & world crises Adjusted net debt leverage ratio of 2.0 to 2.5x. Maintain investment-grade ratings Current ratio at 2.5x… hold debt levels in 2022 as we grow EBITDA Appropriately invest in the business for revenue & profit growth CAPEX ~2% of sales Working capital ~20% of sales Tech spend ~6-7% of sales Execute 2022-2026 plan Increase dividends Target dividend payout ratio of 10-15% of adjusted net income Grow dividends in-line with earnings over time Increased Q1 ‘22 dividend to $0.15/share… $0.60 annually Supplement organic growth with M&A Optimize portfolio through bolt-ons and adjacencies, as well as divestitures Execute accretive M&A… manage pipeline of opportunities Return excess FCF after dividends and M&A through share repurchases Offset incentive plan dilution and supplement EPS growth Authorized $750M share repurchase program in Q1 ‘22 W A B T E C Capital allocation priorities 124

125 F I X E D A S S E T P R O D U C T I V I T Y 4.9 4.7 5.3 W A B T E C Disciplined capital allocation highlighted by improving productivity Revenue growth Growth capex = higher return, faster payback, low risk growth projects Capacity utilization Disciplined capex (capex </= depreciation) Maintain low-cost operating model D R I V E R S 2020 20212019 O B J E C T I V E : I N C R E A S E R E V E N U E P E R E V E R Y D O L L A R O F F I X E D A S S E T S I N V E S T E D Total net sales/property, plant, and equipment, net

126 R E T U R N O N I N V E S T E D C A P I T A L 2020 20212019 3.3% 3.7% 4.6% Revenue growth Margin expansion Cash efficiencies Working capital improvement Capital utilization Accretive M&A Return of cash to shareholders through dividends and share repurchases D R I V E R S O B J E C T I V E : I N C R E A S E R O I C T O D O U B L E - D I G I T R E T U R N S W A B T E C Improving returns on invested capital

127 Tax step-up associated with the GET transaction drives average annual cash tax benefit of ~$150M through 2034 ~$150M First $470M of gross cash tax benefits to be paid to GE by Wabtec (expected to be realized during first 4-5 years) Remaining cash tax benefits accrue to Wabtec A S O F F E B R U A R Y 2 0 1 9 A S O F D E C E M B E R 2 0 2 1 A V G . C A S H T A X B E N E F I T O V E R 1 5 Y E A R S ~$150M A V E R A G E C A S H T A X B E N E F I T O V E R 1 3 Y E A R S ~$470M I N I T I A L B E N E F I T T O B E P A I D T O G E ~$256M R E M A I N I N G B E N E F I T T O B E P A I D T O G E ~$1.1B N P V B E N E F I T T O W A B T E C ~$1.1B N P V B E N E F I T T O W A B T E C S I GN I F ICAN T V AL UE CR E AT I O N W A B T E C Spotlight on cash tax benefits … $1.1 billion value

128 Strong returns are coupled with strong focus on cash generation W A B T E C 140% 89% 102% >90% 2019 2020 2021 2022-2026 CAS H CO N V E RS ION ( 1 ) 128 (1) Cash from operations conversion % is defined as GAAP cash from operations divided by GAAP net income plus depreciation & amortization

129 129 EXPECTED TO BE INVESTED IN THE BUSINESS, INVESTED IN THE FUTURE, AND RETURNED TO SHAREHOLDERS 2021 2026 $1.07B A N N U A L C A S H G E N E R A T I O N A C C R E T I V E E A R N I N G S → S T R O N G C A S H F L O W C O N V E R S I O N → R E I N V E S T & R E T U R N W A B T E C Future cash flows C A P I T A L D E P L O Y M E N T P L A N ( 2 0 2 2 - 2 0 2 6 ) Cash From Operations Sources Uses M&A and Share Repurchases CapEx Dividends Debt GE TMA

130 R A F A E L S A N T A N A Closing comments 130

131 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 W A B T E C Attractive long-term financial profile Resiliency tested and validated over past 5 years; proven track record of delivering growth Attractive end markets… building momentum, renewal of locomotive fleets, strong and growing backlog Leading market position and innovative, customer-focused solutions across major rail and industrial segments Exceptional quality and reliability delivering leading market shares Disciplined capital deployment generating strong returns

132 W A B T E C Key takeaways 02 Innovative, sustainable technologies expanding Wabtec’s market size 03 Growth strategy driving strong cash flow and margin expansion 04 Strong long-term business fundamentals driving long-term value creation for shareholders 01 Portfolio positioned to drive long-term profitable growth

133

134 W A B T E C Appendix

135 Transit segment operating margin reconciliation Appendix A In millions 2019 2020 2021 Reported Income from Operations 214$ 230$ 238$ Reported Margin 7.8% 9.3% 9.2% Restructuring & Transaction costs 48 27 59 Non-cash Amortization expense 19 20 20 Adjusted Income from Operations 281$ 277$ 317$ Adjusted Margin 9.2% 11.2% 12.3% WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - TRANSIT SEGMENT (UNAUDITED) W A B T E C

136 W A B T E C Cash conversion reconciliation Appendix B Wabtec Corporation 2021 Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $1,073 $565 $491 102% Wabtec Corporation 2020 Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $784 $412 $473 89% Wabtec Corporation 2019 Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $1,016 $327 $401 140% Cash Conversion ÷ (Net Income + Depreciation & Amortization) = Cash Conversion ÷ (Net Income + Depreciation & Amortization) = 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

137 W A B T E C Return on invested capital reconciliation Appendix C Wabtec Corporation Return on invested capital calculation (in millions) 2019 2020 2021 Income from operations 663$ 745$ 876$ Annual effective tax rate 26.9% 26.0% 23.2% Net operating profit after tax 485$ 551$ 673$ Total Debt 4,429$ 4,239$ 4,058$ Operating lease liability 273 295 318 Wabtec Equity 9,957 10,123 10,201 Noncontrolling interest 37 30 38 Allowance for doubtful accounts 20 37 32 Net pension liabilities 84 87 48 Total Invested Capital 14,800$ 14,811$ 14,695$ Return on Invested Capital 3.3% 3.7% 4.6% 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.