EX-99.2 3 wab2q24earningspresentat.htm EX-99.2
S E C O N D Q U A R T ER 2 0 2 4 Wabtec Financial Results & Company Highlights

FORWARD LOOKING STATEMENTS & NON-GAAP FINANCIAL INFORMATION This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including statements regarding Wabtec’s plans, objectives, expectations and intentions; Wabtec’s expectations about future sales, earnings and cash conversion; Wabtec’s projected expenses and cost savings associated with its Integration 2.0 initiative; Wabtec’s 5-year outlook (established in March 2022); Wabtec’s expectations for evolving global industry, market and macro-economic conditions and their impact on Wabtec’s business; synergies and other expected benefits from Wabtec’s acquisitions; Wabtec’s expectations for production and demand conditions; and any assumptions underlying any of the foregoing, are forward looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward- looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) changes in general economic and/or industry specific conditions, including the impacts of tax and tariff programs, inflation, supply chain disruptions, foreign currency exchange, and industry consolidation; (2) changes in the financial condition or operating strategies of Wabtec's customers; (3) unexpected 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 from the imposition of economic sanctions on Russia resulting from the invasion of Ukraine; (12) cybersecurity and data protection risks and (13) other risk factors as detailed from time to time in Wabtec’s reports filed with the SEC, including Wabtec’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements. This presentation as well as Wabtec’s earnings release and 2024 financial guidance mention certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted income from operations, adjusted interest and other expense, adjusted net income, adjusted operating margin, adjusted gross margin, adjusted income tax expense, adjusted earnings per diluted share, EBITDA and adjusted EBITDA, net debt and operating cash flow conversion rate. Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted for restructuring costs. Wabtec defines operating cash flow conversion as net cash provided by operating activities divided by net income plus depreciation and amortization including deferred debt cost amortization. While Wabtec believes these are useful supplemental measures for investors, they are not presented in accordance with GAAP. Investors should not consider non-GAAP measures in isolation or as a substitute for net income, cash flows from operations, or any other items calculated in accordance with GAAP. In addition, the non-GAAP financial measures included in this presentation have inherent material limitations as performance measures because they add back certain expenses incurred by the Company to GAAP financial measures, resulting in those expenses not being taken into account in the applicable non-GAAP financial measure. Because not all companies use identical calculations, Wabtec’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Included in this presentation are reconciliation tables that provide details about how adjusted results relate to GAAP results. Wabtec is not presenting a quantitative reconciliation of its forecasted GAAP earnings per diluted share to forecasted adjusted earnings per diluted share as it is unable to predict with reasonable certainty and without unreasonable effort the impact and timing of restructuring-related and other charges, including acquisition-related expenses and the outcome of certain regulatory, legal and tax matters; the financial impact of these items is uncertain and is dependent on various factors, including the timing, and could be material to Wabtec’s Consolidated Statement of Earnings.

W A B T E C TODAY’S PARTICIPANTS J O H N O L I N Executive Vice President & Chief Financial Officer R A F A E L S A N T A N A President & Chief Executive Officer K Y R A Y A T E S Vice President, Investor Relations

W A B T E C 4 2Q 2024 OVERVIEW Up 9.8% YOY$ 2 . 6 4 BS A L E S 1 9 . 3 % Adjusted 1 6 . 3 % G A A P O P E R A T I N G M A R G I N $ 1 . 9 6 Adjusted $ 1 . 6 4 G A A P E A R N I N G S P E R S H A R E $ 2 3 5 M C A S H F L O W F R O M O P E R A T I O N S ( 1 ) $ 7 . 3 3 B1 2 - M O N T H B A C K L O G S T R O N G E X E C U T I O N A N D M O M E N T U M A C R O S S T H E B U S I N E S S 2 Q 2 0 2 4 H I G H L I G H T S Increased sales were driven by strong growth in the Freight Segment of 13.1% Operating margin benefited from sales growth and improved gross margin GAAP EPS up 54.7% YoY … Adjusted EPS up 39.0% YoY from higher sales and operating margin expansion Operating cash flow of $235M vs $115M in year ago quarter. 1st half cash flow ahead of prior year by $479M Backlog continues to provide strong visibility Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (1) The unfavorable impact from payments of accounts receivable securitization was $230 million in the 2nd quarter of 2024 and favorable impact from proceeds of $10 million in the prior year period

W A B T E C 5 -8.8% 0.9% 4.8% 4.6% -2.3% Brazil China India South Africa Kazakhstan2020 2021 2022 2023 2024F 33K 30K 41K 45K 38K 2024 MARKET EXPECTATIONS F R E I G H T +NA Carloads Active Locomotive Fleet + International Freight Volumes -NA Railcar Deliveries +/Mining Commodities T R A N S I T +Infrastructure Investment +/Global Ridership FAVORABLE / UNFAVORABLE N O R T H A M E R I C A N F R E I G H T C A R L O A D S I N T E R N A T I O N A L F R E I G H T V O L U M E S Sources: Previous 3 months available for China, Kazakhstan, India Ministry of Railways, Brazil: ANTT, South Africa Source: Association of American Railroads N O R T H A M E R I C A N A V G A C T I V E L O C O M O T I V E S 2Q21 2Q22 2Q23 2Q24 Source: Wabtec Source: Rail Supply Institute and FTR Associates 5 2 K H I S T O R I C A L 1 0 - Y E A R A V E R A G E N O R T H A M E R I C A N R A I L C A R D E L I V E R I E S -3.3% 2.8% 1.8% 2.1% 3Q23 4Q23 1Q24 2Q24

W A B T E C EXECUTING ON OUR VALUE CREATION FRAMEWORK DRIVERS OF PORTFOLIO GROWTH RECENT WINS Won a multi-year T4 locomotive order in NA for >$600 million 1st multi-year service contract with Vale for $244 million Strategic order for 15 modernizations from Pakistan Railway Green Friction braking solution begins commercial operations in Paris Accelerate innovation of scalable technologies Grow and refresh expansive global installed base Lead decarbonization of rail Expand high-margin recurring revenue streams Drive continuous operational improvement

W A B T E C 7 0 0.5 1 1.5 2 2.5 3 Chart Title 2Q 2024 FINANCIAL SUMMARY 0 100 200 300 400 500 600 Category 1 Chart Title (1) Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations INCREASED SALES, MARGIN EXPANSION AND EPS GROWTH 9.8% INCREASE (10.6% INCREASE EX-CURRENCY) SALES 2 0 2 3 2 0 2 4 2 0 2 3 GAAP 2 0 2 4 GAAP 2 0 2 3 ADJ(1) 2 0 2 4 ADJ(1) $312M 12.9% 16.3% $395M 16.4% $510M 19.3% OP INCOME / OP MARGIN $1.06 $1.64 $1.41 $1.96 0 0.5 1 1.5 2 2.5 Category 12 0 2 3 GAAP 2 0 2 4 GAAP 2 0 2 3 ADJ(1) 2 0 2 4 ADJ(1) +54.7% YOY +39.0% YOY EPS $2.41B $2.64B $430M

W A B T E C 8 2Q 2024 SALES (in millions) Y O Y2 Q 2 4P R O D U C T L I N E 36.4%$570Equipment 17.5%$322Components 2.1%$199Digital Intelligence 2.3%$829Services 13.1%$1,920Freight Segment 2.0%$724Transit Segment 9 . 8 %$ 2 , 6 4 4T O T A L S A L E S 2 Q K E Y D R I V E R S E Q U I P M E N T Higher locomotive deliveries and increased mining sales C O M P O N E N T S Increased demand for industrial products, higher international sales and the year-over-year impact of the L&M acquisition, partially offset by a lower North America railcar build (up 5.1% YoY excluding acquisitions) D I G I T A L I N T E L L I G E N C E Higher sales from International PTC, partially offset by lower North America sales S E R V I C E S Increased sales from overhauls and parts sales T R A N S I T Higher aftermarket sales … Sales up 3.4% on constant currency basis

W A B T E C 9 2Q 2024 CONSOLIDATED GROSS PROFIT ($ in millions) $ 7 3 1$ 7 2 32 0 2 3 G R O S S P R O F I T 30.4%30.1%% Gross Profit Margin ↑↑Volume ↑↑Mix/Pricing Raw Materials ↓↓Currency ↑↑Manufacturing/Other $ 8 8 0$ 8 7 42 0 2 4 G R O S S P R O F I T 33.3%33.0%% Gross Profit Margin GAAP Adjusted Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations 2 Q K E Y D R I V E R S V O L U M E Higher Freight segment sales M I X / P R I C I N G Favorable mix of products between and within segments, despite significant growth in loco/mod deliveries R A W M A T E R I A L S Largely flat input costs C U R R E N C Y Unfavorable foreign exchange decreased adjusted gross profit $5M (adjusted operating income unfavorable by $3M) M A N U F A C T U R I N G / O T H E R Favorable fixed cost absorption, increased productivity, benefits of Integration 2.0/Portfolio Optimization and lapping 2Q 2023 manufacturing inefficiencies (Erie strike)

W A B T E C 10 2Q 2024 CONSOLIDATED OPERATING INCOME $395$3122 0 2 3 O P I N C O M E 16.4%12.9%% Operating Margin 149151Gross Profit (30)(31)SG&A (4)(4)Engineering -2Amortization $510$4302 0 2 4 O P I N C O M E 19.3%16.3%% Operating Margin O P M A R G I N B E N E F I T E D F R O M H I G H E R S A L E S A N D I N C R E A S E D G R O S S M A R G I N Adjusted ($ in millions) GAAP Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations

W A B T E C 11 0 1 2 3 4 5 6 Chart Title 0 0.5 1 1.5 2 2.5 Chart Title 2Q 2024 FREIGHT SEGMENT PERFORMANCE 0 50 100 150 200 250 300 350 400 450 500 Category 1 13.1% INCREASE (13.6% INCREASE EX-CURRENCY) SALES 2 0 2 3 2 0 2 4 2 0 2 3 GAAP 2 0 2 4 GAAP 2 0 2 3 ADJ(1) 2 0 2 4 ADJ(1) $269M 15.9% $391M 20.4% $344M 20.3% $462M 24.1% OP INCOME / OP MARGIN 12-MONTH BACKLOG $1.70B $1.92B(2) Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (1) Freight segment operating income was positively impacted by below-market intangible amortization of $12 million; down $2 million versus 2nd quarter 2023 (2) Foreign exchange negatively impacted Freight sales by $8 million; Foreign exchange rates had a negative $167 million impact on segment multi-year backlog 4.0% INCREASE YOY 2.0% DECREASE MULTI-YEAR BACKLOG(2) YOY 2 0 2 3 2 0 2 4 $5.29B $5.50B

W A B T E C 12 0 0.5 1 1.5 2 2.5 Chart Title 0 100 200 300 400 500 600 700 800 Chart Title 2Q 2024 TRANSIT SEGMENT PERFORMANCE 0 10 20 30 40 50 60 70 80 90 100 Category 1 2.0% INCREASE (3.4% INCREASE EX-CURRENCY) SALES 2 0 2 3 2 0 2 4 2 0 2 3 GAAP 2 0 2 4 GAAP 2 0 2 3 ADJ(1) 2 0 2 4 ADJ(1) $68M 9.6% $82M 11.3% $78M 11.1% $91M 12.7% OP INCOME / OP MARGIN 12-MONTH BACKLOG $710M $724M(1) 5.0% DECREASE YOY 0.1% INCREASE MULTI-YEAR BACKLOG(1) YOY 2 0 2 3 2 0 2 4 $1.93B $1.83B Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (1) Foreign exchange negatively impacted Transit sales by $10 million; Foreign exchange rates had a negative $49 million impact on segment multi-year backlog

W A B T E C 13 RESILIENT BUSINESS ALLOWS FOR EXECUTION ON FINANCIAL PRIORITIES Strong balance sheet and financial position … liquidity of $2.09B FOCUSED ON CASH CONVERSION(1) YTD CASH FROM OPS DISCIPLINED CAPITAL ALLOCATION S T R O N G F I N A N C I A L P E R F O R M A N C E ; I N V E S T I N G F O R G R O W T H A N D M A X I M I Z I N G S H A R E H O L D E R R E T U R N S $569M Dividends Share repurchases Cash from Ops $375M First Half 2024 Capex Debt /Other $71M $77M $46M r repurchases 2nd quarter CFOA of $235M driven by strong growth in net income and improved working capital, partially offset by repayment of securitization 15% Cash Conv $90M 1H 2023 $569M 1 H 2 0 2 4 Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (1) Cash from Operations conversion % is defined as GAAP Cash from Operations divided by GAAP net income plus depreciation and amortization including deferred debt cost amortization (2) Leverage ratio is defined as net debt divided by trailing 12-month adjusted EBITDA (as defined in Wabtec’s credit agreements). Net debt is defined as total debt minus cash, restricted cash and cash equivalents (3) At June 30, 2024, the Company’s total available liquidity was $2.09 billion, which includes cash and cash equivalents of $0.59 billion, plus $1.50 billion available under current credit facilities (4) Payments of accounts receivable securitization was an unfavorable impact of $230 million in the 2nd quarter of 2024 and a favorable impact from proceeds of $10 million in the prior year period 70% Cash Conv Debt leverage ratio of 1.6x(2) versus 2.4x in year ago quarter Returning capital to shareholders … $446M returned through share repurchases and dividends (1) (1) (4) (4) (3)

W A B T E C 14 2024 Updated F inanc ial Guidance ( 1 , 2 ) - Adjusted operating margin up - Favorable productivity/absorption - Benefits of Integration 2.0/Portfolio Optimization - Lower SG&A & Engineering expenses as % of sales g K E Y A S S U M P T I O N S - Tax rate ~24.5% (previously 25%) - Capex ~2% of sales R E V E N U E S $10.25B to $10.55B A D J U S T E D D I L U T E D E P S $7.00 to $7.40 C A S H C O N V E R S I O N (3) >90% UPDATED GUIDANCEPRIOR GUIDANCE R E V E N U E S $10.25B to $10.55B A D J U S T E D D I L U T E D E P S $7.20 to $7.50 C A S H C O N V E R S I O N (3) >90% (1) See Forward looking statements and non-GAAP financial information (2) 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. (3) Cash from operations conversion % is defined as GAAP cash from operations divided by GAAP net income plus depreciation and amortization including deferred debt cost amortization I N CR EAS ED A ND TI GHT EN ED ADJ US T ED EPS RAN GE TO $ 7 .20 - $7 . 50

W A B T E C 15 KEY TAKEAWAYS (1) Long-term guidance as of March 9, 2022 (on an adjusted earnings basis) Continued momentum across the portfolio and strong order pipeline and backlog, internationally and in North America Positive productivity driven by continuous cost improvement combined with realization of Integration 2.0 savings Wabtec is well-positioned to drive higher returns and create significant long-term value for shareholders Strong revenue growth, margin expansion, increased earnings, and improved cash flow01 02 03 04 5 - Y E A R O U T L O O K ( 1 ) MSD CORE ORGANIC GROWTH CAGR 250 – 300 BPS MARGIN EXPANSION DISCIPLINED CAPITAL DEPLOYMENT 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 % + )

APPENDIX A ( 1 of 2)INCOME STATEMENT 2024 2023 2024 2023 Net sales 2,644$ 2,407$ 5,141$ 4,601$ Cost of sales (1,770) (1,684) (3,452) (3,213) Gross profit 874 723 1,689 1,388 Gross profit as a % of Net Sales 33.0% 30.1% 32.8% 30.2% Selling, general and administrative expenses (316) (285) (597) (548) Engineering expenses (57) (53) (105) (104) Amortization expense (71) (73) (145) (148) Total operating expenses (444) (411) (847) (800) Operating expenses as a % of Net Sales 16.8% 17.1% 16.5% 17.4% Income from operations 430 312 842 588 Income from operations as a % of Net Sales 16.3% 12.9% 16.4% 12.8% Interest expense, net (49) (55) (96) (103) Other income, net 4 2 2 7 Income before income taxes 385 259 748 492 Income tax expense (94) (66) (180) (126) Effective tax rate 24.5% 25.5% 24.1% 25.5% Net income 291 193 568 366 Less: Net income attributable to noncontrolling interest (2) (2) (7) (6) Net income attributable to Wabtec shareholders 289$ 191$ 561$ 360$ Earnings Per Common Share Basic Net income attributable to Wabtec shareholders 1.64$ 1.06$ 3.18$ 2.00$ Diluted Net income attributable to Wabtec shareholders 1.64$ 1.06$ 3.17$ 2.00$ Basic 175.4 178.9 176.0 179.4 Diluted 176.0 179.4 176.6 180.0 Three Months Ended Six Months Ended June 30, June 30, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED)

INCOME STATEMENT (CONT.) APPENDIX A ( 2 of 2) Segment Information Freight Net Sales 1,920$ 1,697$ 3,744$ 3,253$ Freight Income from Operations 391$ 269$ 759$ 495$ Freight Operating Margin 20.4% 15.9% 20.3% 15.2% Transit Net Sales 724$ 710$ 1,397$ 1,348$ Transit Income from Operations 82$ 68$ 156$ 138$ Transit Operating Margin 11.3% 9.6% 11.2% 10.3% Backlog Information (Note: 12-month is a sub-set of total) June 30, 2024 March 31, 2024 June 30, 2023 Freight Total 17,929$ 17,898$ 18,290$ Transit Total 4,146 4,185 4,141 Wabtec Total 22,075$ 22,083$ 22,431$ Freight 12-Month 5,504$ 5,667$ 5,293$ Transit 12-Month 1,830 2,043 1,927 Wabtec 12-Month 7,334$ 7,710$ 7,220$ 2024 2023 2024 2023 Three Months Ended Six Months Ended June 30, June 30, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED)

BALANCE SHEET APPENDIX B June 30, 2024 December 31, 2023 In millions Cash, cash equivalents and restricted cash 595$ 620$ Receivables, net 1,801 1,684 Inventories, net 2,364 2,284 Other current assets 267 267 Total current assets 5,027 4,855 Property, plant and equipment, net 1,439 1,485 Goodwill 8,706 8,780 Other intangible assets, net 3,031 3,205 Other noncurrent assets 673 663 Total assets 18,876$ 18,988$ Current liabilities 3,647$ 4,056$ Long-term debt 3,494 3,288 Long-term liabilities - other 1,215 1,120 Total liabilities 8,356 8,464 Shareholders' equity 10,477 10,487 Noncontrolling interest 43 37 Total shareholders' equity 10,520 10,524 Total Liabilities and Shareholders' Equity 18,876$ 18,988$ WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

CASH FLOW APPENDIX C 2024 2023 In millions Operating activities Net income 568$ 366$ Non-cash expense 246 245 Receivables (146) (150) Inventories (120) (248) Accounts Payable 93 (5) Other assets and liabilities (72) (118) Net cash provided by operating activities 569 90 Net cash used for investing activities (57) (293) Net cash (used for) provided by financing activities (523) 30 Effect of changes in currency exchange rates (14) 3 Decrease in cash (25) (170) Cash, cash equivalents and restricted cash, beginning of period 620 541 Cash, cash equivalents and restricted cash, end of period 595$ 371$ Six Months Ended June 30, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

EPS AND NON-GAAP RECONCILIATION APPENDIX D (1 of 3) Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results 2,644$ 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 2,644$ 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 (in millions) Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results 5,141$ 1,689$ (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 5,141$ 1,701$ (696)$ 1,005$ (98)$ (218)$ 689$ (7)$ 682$ 3.85$ Fully Diluted Shares Outstanding 176.6 Second Quarter Year-to-Date 2024 Actual Results 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. Second Quarter 2024 Actual Results

EPS AND NON-GAAP RECONCILIATION APPENDIX D (2 of 3) Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results 2,407$ 723$ (411)$ 312$ (53)$ (66)$ 193$ (2)$ 191$ 1.06$ Restructuring costs - 8 2 10 - (3) 7 - 7 0.04$ Non-cash Amortization expense - - 73 73 - (17) 56 - 56 0.31$ Adjusted Results 2,407$ 731$ (336)$ 395$ (53)$ (86)$ 256$ (2)$ 254$ 1.41$ Fully Diluted Shares Outstanding 179.4 Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results 4,601$ 1,388$ (800)$ 588$ (96)$ (126)$ 366$ (6)$ 360$ 2.00$ Restructuring costs - 12 7 19 - (5) 14 - 14 0.08$ Non-cash Amortization expense - - 148 148 - (37) 111 - 111 0.61$ Adjusted Results 4,601$ 1,400$ (645)$ 755$ (96)$ (168)$ 491$ (6)$ 485$ 2.69$ Fully Diluted Shares Outstanding 180.0 Second Quarter Year-to-Date 2023 Actual Results 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. Second Quarter 2023 Actual Results

EPS AND NON-GAAP RECONCILIATION APPENDIX D (3 of 3) Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results 9,677$ 2,944$ (1,678)$ 1,266$ (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 9,677$ 2,982$ (1,339)$ 1,643$ (209)$ (358)$ 1,076$ (10)$ 1,066$ 5.92$ Fully Diluted Shares Outstanding 179.5 Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results 8,362$ 2,540$ (1,529)$ 1,011$ (157)$ (213)$ 641$ (8)$ 633$ 3.46$ Restructuring costs - 43 9 52 - (13) 39 - 39 0.21$ Non-cash Amortization expense - - 291 291 - (73) 218 - 218 1.19$ Adjusted Results 8,362$ 2,583$ (1,229)$ 1,354$ (157)$ (299)$ 898$ (8)$ 890$ 4.86$ Fully Diluted Shares Outstanding 182.8 Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. Fourth Quarter Year-to-Date 2023 Actual Results Fourth Quarter Year-to-Date 2022 Actual Results

EBITDA RECONCILIATION APPENDIX E Wabtec Corporation 2024 Q2 EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results $430 $4 $116 $550 $5 $555 Wabtec Corporation 2024 Q2 YTD EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results $842 $2 $238 $1,082 $13 $1,095 Wabtec Corporation 2023 Q2 EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results $312 $2 $122 $436 $8 $444 Wabtec Corporation 2023 Q2 YTD EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results $588 $7 $243 $838 $14 $852 = + =+ = EBITDA + + + = EBITDA + + = Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. + + = EBITDA + = EBITDA + =+

SALES BY PRODUCT LINE APPENDIX F In millions 2024 2023 Freight Segment Equipment 570$ 418$ Components 322 274 Digital Intelligence 199 195 Services 829 810 Total Freight Segment 1,920$ 1,697$ Transit Segment Original Equipment Manufacturer 310$ 334$ Aftermarket 414 376 Total Transit Segment 724$ 710$ In millions 2024 2023 Freight Segment Equipment 1,096$ 822$ Components 615 532 Digital Intelligence 375 382 Services 1,658 1,517 Total Freight Segment 3,744$ 3,253$ Transit Segment Original Equipment Manufacturer 620$ 623$ Aftermarket 777 725 Total Transit Segment 1,397$ 1,348$ Six Months Ended June 30, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION SALES BY PRODUCT LINE (UNAUDITED) Three Months Ended June 30,

In millions Gross Profit Income from Operations Gross Profit Income from Operations Gross Profit Income from Operations Gross Profit Income from Operations Freight Segment Reported Results 669$ 391$ 538$ 269$ 1,294$ 759$ 1,016$ 495$ Freight Segment Reported Margin 34.8% 20.4% 31.8% 15.9% 34.6% 20.3% 31.2% 15.2% Restructuring and Portfolio Optimization costs 5 5 5 6 8 8 6 8 Non-cash Amortization expense - 66 - 69 - 134 - 137 Freight Segment Adjusted Results 674$ 462$ 543$ 344$ 1,302$ 901$ 1,022$ 640$ Freight Segment Adjusted Margin 35.1% 24.1% 32.0% 20.3% 34.8% 24.1% 31.4% 19.7% Transit Segment Reported Results 205$ 82$ 185$ 68$ 395$ 156$ 372$ 138$ Transit Segment Reported Margin 28.3% 11.3% 26.0% 9.6% 28.3% 11.2% 27.6% 10.3% Restructuring costs 1 5 3 6 4 12 6 11 Non-cash Amortization expense - 4 - 4 - 9 - 11 Transit Segment Adjusted Results 206$ 91$ 188$ 78$ 399$ 177$ 378$ 160$ Transit Segment Adjusted Margin 28.6% 12.7% 26.5% 11.1% 28.6% 12.7% 28.1% 11.9% WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT (UNAUDITED) 2024 2023 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 SEGMENT GROSS MARGIN & OPERATING MARGIN RECONCILIATION APPENDIX G

SEGMENT SALES RECONCILIATION APPENDIX H In millions Freight Transit Consolidated 2023 Net Sales 1,697$ 710$ 2,407$ Acquisitions 34 - 34 Foreign Exchange (8) (10) (18) Organic 197 24 221 2024 Net Sales 1,920$ 724$ 2,644$ Change ($) 223 14 237 Change (%) 13.1% 2.0% 9.8% Freight Transit Consolidated 2023 Net Sales 3,253$ 1,348$ 4,601$ Acquisitions 70 - 70 Foreign Exchange (7) (6) (13) Organic 428 55 483 2024 Net Sales 3,744$ 1,397$ 5,141$ Change ($) 491 49 540 Change (%) 15.1% 3.6% 11.7% (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT

APPENDIX ICASH CONVERSION RECONCILIATION Wabtec Corporation 2024 Q2 Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $235 $291 $118 57% Wabtec Corporation 2024 Q2 YTD Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $569 $568 $241 70% Wabtec Corporation 2023 Q2 Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $115 $193 $123 36% Wabtec Corporation 2023 Q2 YTD Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $90 $366 $246 15% ÷ + = Cash Conversion(Net Income Depreciation & Amortization) ÷ + = 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. ÷ + = Cash Conversion(Net Income Depreciation & Amortization)