EX-99.2 3 a3qpresentation2025.htm EX-99.2
1 Wabtec Financial Results & Company Highlights T H I R D Q UA RT E R 2 0 2 5

2 This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including statements regarding Wabtec’s plans, objectives, expectations and intentions; Wabtec’s expectations about future sales, earnings and cash conversion; Wabtec’s projected expenses and cost savings associated with its Integration 2.0 and 3.0 initiatives and its portfolio optimization; Wabtec’s 5-year outlook; Wabtec’s expectations for evolving global industry, market and macro-economic conditions and their impact on Wabtec’s business; synergies and other expected benefits from Wabtec’s acquisitions; Wabtec’s expectations for production and demand conditions; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) changes in general economic and/or industry specific conditions, including the impacts of significant recent shifts in trade policies (including the imposition of tariffs and retaliatory tariff measures) as well as tax programs, inflation, supply chain disruptions, foreign currency exchange and industry consolidation and market reactions to these factors; (2) changes in the financial condition or operating strategies of Wabtec's customers; (3) unexpected costs, charges or expenses resulting from acquisitions and potential failure to realize synergies and other anticipated benefits of acquisitions, including as a result of integrating acquired targets into Wabtec; (4) inability to retain and hire key personnel; (5) evolving legal, regulatory and tax regimes; (6) changes in the expected timing of projects; (7) a decrease in freight or passenger rail traffic; (8) an increase in manufacturing costs; (9) actions by third parties, including government agencies; (10) the impacts of epidemics, pandemics or similar public health crises on the global economy and, in particular, our customers, suppliers and end- markets, (11) potential disruptions, instability and volatility in global markets as a result of global military action, acts of terrorism or armed conflict, including Russia’s invasion of Ukraine; (12) cybersecurity and data protection risks and (13) other risk factors as detailed from time to time in Wabtec’s reports filed with the SEC, including Wabtec’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements. This presentation as well as Wabtec’s earnings release and financial guidance mention certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted income from operations, adjusted interest and other expense, adjusted 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. Forward Looking Statements & Non-GAAP Financial Information

Today’s Participants JOHN OLIN Executive Vice President & Chief Financial Officer RAFAEL SANTANA President & Chief Executive Officer KYRA YATES Vice President, Investor Relations 3

3Q 2025 Overview Up 8.4% YOY$2.89BSales 21.0% Adjusted 17.0% GAAP Operating Margin $1.81 GAAP Earnings Per Share $367M Cash Flow from Operations $8.27B12-Month Backlog STRON G UN DE RLY ING MOME NTUM CON TIN UES Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations Increased sales driven by Freight, including Inspection Technologies acquisition, and Transit segments Operating margin benefits from sales growth and improved gross margin GAAP EPS up 11.0% YoY … Adjusted EPS up 16.0% YoY Operating cash flow driven by higher net income … tempered by increased tariffs and higher working capital Backlog continues to provide strong visibility for 2025 and beyond … 12-month backlog up 8.4% $2.32 Adjusted 4

2025 Market Expectations 5 NORTH AMERICAN FREIGHT TRAFFIC F R E I G H T NA Traffic + Active Locomotive Fleet International Freight Volumes + NA Railcar Deliveries - Mining Commodities T R A N S I T Infrastructure Investment + Global Ridership /+ FAVORABLE / UNFAVORABLE NORTH AMERICAN AVERAGE ACTIVE LOCOMOTIVES NORTH AMERICAN RAILCAR DELIVERIES INTERNATIONAL FREIGHT VOLUMES Sources: Previous 3 months available for Brazil, China, India Ministry of Railways, South Africa, Kazakhstan Source: Association of American Railroads Source: Wabtec Source: Rail Supply Institute and FTR Associates 2.3% 3.0% 2.5% 1.4% 4Q24 1Q25 2Q25 3Q25 3Q22 3Q23 3Q24 3Q25 4 9 K H I S T O R I C A L 1 0 - Y E A R A V E R A G E 3.8% 4.1% 4.1% -1.6% 7.2% Brazil China India South Africa Kazakhstan2021 2022 2023 2024 2025F 30K 41K 45K 42K 28K

Executing On Our Value Creation Framework VA L U E C R E AT I O N F R A M E W O R K Accelerate innovation of scalable technologies Grow and refresh expansive global installed base Drive fuel efficiencies thru emerging technologies Expand high-margin recurring revenue streams Drive continuous operational improvement 6 R E C E N T W I N S S T R O N G P I P E L I N E O F O P P O R T U N I T I E S C O N T I N U E S … M U L T I - Y E A R B A C K L O G U P 1 5 % V S P Y ▪ Awarded the largest locomotive contract in history with Kazakhstan Rail … valued at $4.2 billion ▪ Ultra class mining order signed for $125 million ▪ $140 million of Transit Brake orders in quarter driven by strength in India ▪ First Simandou Locomotives reach Guinea, marking the first exports from India locomotive facility

2022 2023 2024 2025 Transit’s Attractive Value Creation Framework 7 I N D U S T R Y O R D E R S M O M E N T U M ▪ Record backlog at Car builders – avg ~6 yrs of sales ▪ Passenger growth … Europe & India driven ▪ Public investment in rail continues ▪ Transit Segment’s Quality of backlog (Margin) increasing C O M P E T I T I V E N E S S & I N N O V A T I O N ▪ Excellence in tendering and project execution ▪ Target leadership positions in segments with clear differentiation / value creation potential ▪ Simplification & cost out … Integration 2.0 & 3.0 P O R T F O L I O M A N A G E M E N T ▪ Portfolio optimization efforts ongoing ▪ Accretive bolt-on acquisitions … Fanox, Kompozitum & Dellner ▪ Synergies with Wabtec operating model R E V E N U E G R O W T H A D J . M A R G I N E X P A N S I O N 2022 2023 2024 2025 $2,383 $2,754 $2,919 12.2% 12.8% 13.7% OP MA RGIN S E XPECTE D TO E XPA N D IN TO H IGH TE E N S OVE R PL A N N IN G H OR I ZON +2.4pts 3Q25 YTD +7.5% 3Q25 YTD

2 0 2 4 GAAP 2 0 2 5 GAAP 2 0 2 4 ADJ(1) 2 0 2 5 ADJ(1) OP INCOME / OP MARGIN $433M 16.3% 17.0% $524M 19.7% $607M 21.0% $491M 8 3Q 2025 Financial Summary SALES EARNINGS PER SHARE (1) Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations IN CR E AS ED SA LE S, OPE R ATIN G MA RGIN A N D E PS GROWTH 8.4% INCREASE (7.5% EX-CURRENCY) 2 0 2 4 2 0 2 5 2 0 2 4 GAAP 2 0 2 5 GAAP 2 0 2 4 ADJ(1) 2 0 2 5 ADJ(1) $2.89B $2.66B $1.63 $1.81 $2.00 $2.32 +11.0% YOY +16.0% YOY

3Q 2025 Sales ($ in millions) P R O D U C T L I N E 3 Q ’ 2 5 Y O Y Services(1) $744 (11.6)% Equipment $677 32.0% Components(1) $375 1.1% Digital Intelligence $297 45.6% Freight Segment $2,093 8.4% Transit Segment $793 8.2% T O T A L S A L E S $ 2 , 8 8 6 8 . 4 % 3 Q K E Y D R I V E R S S E R V I C E S Lower sales driven by fewer modernization deliveries as expected E Q U I P M E N T Higher locomotive deliveries C O M P O N E N T S Industrial products growth offsetting lower North America rail car build and portfolio optimization initiatives D I G I T A L I N T E L L I G E N C E Increased sales driven by Inspection Technologies acquisition (down ~7% YoY excluding Inspection Technologies) T R A N S I T Higher OE & aftermarket sales … Sales up 5.2% on constant currency basis 9 (1) During the first quarter of 2025, Management realigned businesses within the Freight Segment. Historical amounts have been reclassified to conform to the current period presentation. R E VE N UE GROW TH OF 8.9% E X - PORTFOLIO OPTIMIZATION

3Q 2025 Consolidated Gross Profit ($ in millions) 2 0 2 4 G R O S S P R O F I T $ 8 8 0 $ 8 8 7 % Gross Profit Margin 33.0% 33.3% Volume ↑ ↑ Mix/Pricing ↑ ↑ Raw Materials ↓ ↓ Currency ↑ ↑ Manufacturing/Other ↑ ↑ 2 0 2 5 G R O S S P R O F I T $ 1 , 0 0 2 $ 1 , 0 2 8 % Gross Profit Margin 34.7% 35.6% GAAP Adjusted Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations 3 Q K E Y D R I V E R S V O L U M E Higher Freight, including Inspection Technologies acquisition, & Transit segments sales M I X / P R I C I N G Cost recovery thru contract escalation, partially offset by unfavorable mix within the Freight segment R A W M A T E R I A L S Unfavorable raw material costs and increased tariffs C U R R E N C Y Foreign currency exchange increased adjusted gross profit $5M (adjusted operating income increased marginally) M A N U F A C T U R I N G / O T H E R Integration 2.0/3.0 on-going savings, proactive cost management, and increased productivity 10

3Q 2025 Consolidated Operating Income OP MA RGIN BE N E F ITE D F ROM IN CR E AS ED GROS S MA RGIN 11 2 0 2 4 O P I N C O M E $433 $524 % Operating Margin 16.3% 19.7% Gross Profit 122 141 SG&A (57) (49) Engineering (9) (9) Amortization 2 - 2 0 2 5 O P I N C O M E $491 $607 % Operating Margin 17.0% 21.0% Adjusted ($ in millions) GAAP Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations

12 3Q 2025 Freight Segment Performance SALES 8.4% INCREASE (8.4% INCREASE EX-CURRENCY) 2 0 2 4 2 0 2 5 2 0 2 4 GAAP 2 0 2 5 GAAP 2 0 2 4 ADJ(1) 2 0 2 5 ADJ(1) OP INCOME / OP MARGIN $2.09B(2) $1.93B $390M 20.2% 19.8% $467M 24.1% $513M 24.5% $414M 12-MONTH BACKLOG 8.9% INCREASE YOY (9.5% Excluding Currency) 17.7% INCREASE MULTI-YEAR BACKLOG(2) YOY (18.4% Excl. Currency) 2 0 2 4 2 0 2 5 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 $14 million which was up $3 million compared to 3rd quarter 2024 (2) Foreign exchange positively impacted Freight sales by $1 million; Foreign exchange rates had an unfavorable $108 million impact on segment multi-year backlog $6.09B $5.59B

3Q 2025 Transit Segment Performance SALES 8.2% INCREASE (5.2% INCREASE EX-CURRENCY) 2 0 2 4 2 0 2 5 2 0 2 4 GAAP 2 0 2 5 GAAP 2 0 2 4 ADJ 2 0 2 5 ADJ OP INCOME / OP MARGIN $793M(1) $733M $79M 10.8% 14.5% $93M 12.8% $123M 15.5% $115M 12-MONTH BACKLOG 7.2% INCREASE YOY (3.9% Excluding Currency) 4.3% INCREASE MULTI-YEAR BACKLOG(1) YOY (1.0% Excl. Currency) 2 0 2 4 2 0 2 5 $2.18B $2.04B Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (1) Foreign exchange positively impacted Transit sales by $22 million; Foreign exchange rates had a favorable $148 million impact on segment multi-year backlog 13

FOCUSED ON CASH CONVERSION (1 ) CASH FROM OPS Resilient Business Allows For Execution On Financial Priorities STRON G F IN A NCIAL PE R FORMAN CE; IN VE STIN G FOR GROW TH A N D MA XIMIZIN G S H A R EH OLDER R E TUR NS 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) The favorable impact from proceeds of accounts receivable securitization was $75 million in the prior year period (3) At September 30, 2025, the Company’s total available liquidity was $2.75 billion, which includes cash and cash equivalents of $0.50 billion, plus $2.00 billion available under current credit facilities and $0.25 billion borrowings available under our Revolving Receivables Program (4) Leverage ratio presented is calculated as net debt divided by trailing 12-month adjusted EBITDA. Net debt presented used for calculation is total debt minus cash, restricted cash and cash equivalents Strong balance sheet and financial position … liquidity of $2.75B DISCIPLINED CAPITAL ALLOCATION $767M Share repurchases Cash from Ops $1,752M Year to Date 2025 Capex/Other Dividends$130M $159M Change in cash 3rd quarter cash from operations of $367M was down $175M year-over-year due to higher tariffs and increased working capital 90% Cash Conv $1,111M $767M YTD 2025 57% Cash Conv Debt leverage ratio of 2.0x(4) Returning capital to shareholders … $278M returned through dividends and share repurchases (2) (3) YTD 2024 $148M 14 $1,235M Net Debt Proceeds Acquisitions/Dispositions $187M Closed on the purchase of Inspection Technologies on July 1st

2025 Updated Financial Guidance(1,2) I N C R E A S E D A N D T I G H T E N E D A D J U S T E D E P S R A N G E T O $ 8 . 8 5 - $ 9 . 0 5 … U P 1 8 . 4 % AT M I D P O I N T (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 - Excludes Dellner & Frauscher acquisitions; includes Inspection Technologies - Assumes tariffs in effect at the end of Q3’25 - Adjusted operating margin up - Favorable productivity/absorption - Benefits of Integration 2.0 & 3.0/Portfolio Optimization - Lower SG&A & Engineering expenses as % of sales (excluding acquisitions) - Tax rate ~24.5%; Capex ~2% of sales K E Y A S S U M P T I O N S : R E V E N U E S $10.925B to $11.225B A D J U S T E D D I L U T E D E P S $8.55 to $9.15 C A S H C O N V E R S I O N (3) >90% U P D A T E D G U I D A N C EP R I O R G U I D A N C E R E V E N U E S $10.925B to $11.225B A D J U S T E D D I L U T E D E P S $8.85 to $9.05 C A S H C O N V E R S I O N (3) >90% 15

Key Expectations 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 & 3.0 savings Wabtec is well-positioned to drive higher returns and create top quartile long-term value for shareholders over time Strong revenue growth, margin expansion and increased earnings 5-YEAR OUTLOOK Mid Single Digit ORGANIC SALES CAGR Double Digit ADJUSTED EPS CAGR >90%(1) CASH FROM OPS CONVERSION 350+ bps ADJUSTED OPERATING MARGIN EXPANSION 1 2 3 4 (1) Cash conversion to average >90% thru 2029 16

Income Statement 17 Appendix A (1 of 2) 2025 2024 2025 2024 Net sales 2,886$ 2,663$ 8,202$ 7,804$ Cost of sales (1,884) (1,783) (5,362) (5,235) Gross profit 1,002 880 2,840 2,569 Gross profit as a % of Net Sales 34.7% 33.0% 34.6% 32.9% Selling, general and administrative expenses (375) (318) (1,029) (915) Engineering expenses (59) (50) (155) (155) Amortization expense (77) (79) (219) (224) Total operating expenses (511) (447) (1,403) (1,294) Operating expenses as a % of Net Sales 17.7% 16.8% 17.1% 16.6% Income from operations 491 433 1,437 1,275 Income from operations as a % of Net Sales 17.0% 16.3% 17.5% 16.3% Interest expense, net (65) (52) (157) (148) Other (expense) income, net (1) (3) 21 (1) Income before income taxes 425 378 1,301 1,126 Income tax expense (112) (92) (322) (272) Effective tax rate 26.4% 24.2% 24.8% 24.1% Net income 313 286 979 854 Less: Net income attributable to noncontrolling interest (3) (3) (11) (10) Net income attributable to Wabtec shareholders 310$ 283$ 968$ 844$ Earnings Per Common Share Basic Net income attributable to Wabtec shareholders 1.81$ 1.63$ 5.66$ 4.81$ Diluted Net income attributable to Wabtec shareholders 1.81$ 1.63$ 5.64$ 4.80$ Basic 170.5 173.4 170.5 175.1 Diluted 171.1 174.1 171.2 175.7 September 30, September 30, Three Months Ended Nine Months Ended WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED)

Income Statement (cont.) 18 Appendix A (2 of 2) 2025 2024 2025 2024 Segment Information Freight Net Sales 2,093$ 1,930$ 5,913$ 5,674$ Freight Income from Operations 414$ 390$ 1,249$ 1,149$ Freight Operating Margin 19.8% 20.2% 21.1% 20.2% Transit Net Sales 793$ 733$ 2,289$ 2,130$ Transit Income from Operations 115$ 79$ 314$ 235$ Transit Operating Margin 14.5% 10.8% 13.7% 11.0% Backlog Information (Note: 12-month is a sub-set of total) September 30, 2025 June 30, 2025 September 30, 2024 Freight Total 20,907$ 17,136$ 17,756$ Transit Total 4,670 4,692 4,478 Wabtec Total 25,577$ 21,828$ 22,234$ Freight 12-Month 6,085$ 6,024$ 5,589$ Transit 12-Month 2,182 2,186 2,035 Wabtec 12-Month 8,267$ 8,210$ 7,624$ September 30, September 30, Three Months Ended Nine Months Ended WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED)

Balance Sheet 19 Appendix B September 30, 2025 December 31, 2024 In millions Cash, cash equivalents and restricted cash 528$ 715$ Receivables, net 2,198 1,702 Inventories, net 2,747 2,314 Other current assets 315 212 Total current assets 5,788 4,943 Property, plant and equipment, net 1,534 1,447 Goodwill 9,853 8,710 Other intangible assets, net 3,546 2,934 Other noncurrent assets 806 668 Total assets 21,527$ 18,702$ Current liabilities 4,064$ 3,792$ Long-term debt 5,034 3,480 Long-term liabilities - other 1,334 1,297 Total liabilities 10,432 8,569 Shareholders' equity 11,048 10,091 Noncontrolling interest 47 42 Total shareholders' equity 11,095 10,133 Total Liabilities and Shareholders' Equity 21,527$ 18,702$ WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

Cash Flow 20 Appendix C 2025 2024 In millions Operating activities Net income 979$ 854$ Non-cash expense 359 387 Receivables (368) (92) Inventories (228) (115) Accounts Payable 76 87 Other operating activities (51) (10) Net cash provided by operating activities 767 1,111 Net cash used for investing activities (1,887) (106) Net cash provided by (used for) financing activities 907 (1,209) Effect of changes in currency exchange rates 26 (6) Decrease in cash (187) (210) Cash, cash equivalents and restricted cash, beginning of period 715 620 Cash, cash equivalents and restricted cash, end of period 528$ 410$ WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended September 30,

EPS and Non-GAAP Reconciliation 21 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 2,886$ 1,002$ (511)$ 491$ (66)$ (112)$ 313$ (3)$ 310$ 1.81$ Restructuring and Portfolio Optimization costs - 2 4 6 - (1) 5 - 5 0.02$ Inventory Purchase Accounting charge - 24 - 24 - (6) 18 - 18 0.11$ Transaction costs - - 9 9 2 (3) 8 - 8 0.05$ Non-cash Amortization expense - - 77 77 - (20) 57 - 57 0.33$ Adjusted Results 2,886$ 1,028$ (421)$ 607$ (64)$ (142)$ 401$ (3)$ 398$ 2.32$ Fully Diluted Shares Outstanding 171.1 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 8,202$ 2,840$ (1,403)$ 1,437$ (136)$ (322)$ 979$ (11)$ 968$ 5.64$ Restructuring and Portfolio Optimization costs - 8 13 21 - (5) 16 - 16 0.09$ Inventory Purchase Accounting charge - 24 - 24 - (6) 18 - 18 0.11$ Transaction costs - - 44 44 (30) (1) 13 - 13 0.08$ Non-cash Amortization expense - - 218 218 - (54) 164 - 164 0.96$ Adjusted Results 8,202$ 2,872$ (1,128)$ 1,744$ (166)$ (388)$ 1,190$ (11)$ 1,179$ 6.88$ Fully Diluted Shares Outstanding 171.2 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. Third Quarter 2025 Actual Results Third Quarter Year-to-Date 2025 Actual Results

EPS and Non-GAAP Reconciliation 22 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 2,663$ 880$ (447)$ 433$ (55)$ (92)$ 286$ (3)$ 283$ 1.63$ Restructuring and Portfolio Optimization costs - 7 11 18 - (4) 14 - 14 0.07$ Non-cash Amortization expense - - 73 73 - (19) 54 - 54 0.30$ Adjusted Results 2,663$ 887$ (363)$ 524$ (55)$ (115)$ 354$ (3)$ 351$ 2.00$ Fully Diluted Shares Outstanding 174.1 Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results 7,804$ 2,569$ (1,294)$ 1,275$ (149)$ (272)$ 854$ (10)$ 844$ 4.80$ Restructuring and Portfolio Optimization costs - 19 19 38 (4) (8) 26 - 26 0.14$ Non-cash Amortization expense - - 216 216 - (53) 163 - 163 0.92$ Adjusted Results 7,804$ 2,588$ (1,059)$ 1,529$ (153)$ (333)$ 1,043$ (10)$ 1,033$ 5.86$ Fully Diluted Shares Outstanding 175.7 Third 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. Third Quarter 2024 Actual Results

EPS and Non-GAAP Reconciliation 23 Appendix D (3 of 3) Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period- to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (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 10,387$ 3,366$ (1,757)$ 1,609$ (199)$ (343)$ 1,067$ (11)$ 1,056$ 6.04$ Restructuring and Portfolio Optimization costs - 37 33 70 (4) (16) 50 - 50 0.28$ Non-cash Amortization expense - - 288 288 - (70) 218 - 218 1.24$ Adjusted Results 10,387$ 3,403$ (1,436)$ 1,967$ (203)$ (429)$ 1,335$ (11)$ 1,324$ 7.56$ Fully Diluted Shares Outstanding 174.8 Fourth Quarter Year-to-Date 2024 Actual Results 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 Fourth Quarter Year-to-Date 2023 Actual Results

EBITDA Reconciliation 24 Appendix E Wabtec Corporation 2025 Q3 EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring & Adjusted from Operations (Expense) Amortization Transaction Costs EBITDA Consolidated Results $491 ($1) $127 $617 $41 $658 Wabtec Corporation 2025 Q3 YTD EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring & Adjusted from Operations (Expense) Amortization Transaction Costs EBITDA Consolidated Results $1,437 $21 $361 $1,819 $55 $1,874 Wabtec Corporation 2024 Q3 EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results $433 ($3) $133 $563 $4 $567 Wabtec Corporation 2024 Q3 YTD EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results $1,275 ($1) $371 $1,645 $17 $1,662 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 + + + = EBITDA + =+ + = EBITDA +

Sales by Product Line 25 Appendix F In millions 2025 2024 Freight Segment Equipment 677$ 513$ Components 375 371 Digital Intelligence 297 204 Services 744 842 Total Freight Segment 2,093$ 1,930$ Transit Segment Original Equipment Manufacturer 367$ 349$ Aftermarket 426 384 Total Transit Segment 793$ 733$ In millions 2025 2024 Freight Segment Equipment 1,699$ 1,609$ Components 1,157 1,169 Digital Intelligence 669 579 Services 2,388 2,317 Total Freight Segment 5,913$ 5,674$ Transit Segment Original Equipment Manufacturer 1,042$ 969$ Aftermarket 1,247 1,161 Total Transit Segment 2,289$ 2,130$ Nine Months Ended September 30, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION SALES BY PRODUCT LINE (UNAUDITED) Three Months Ended September 30,

Segment Gross Margin & Operating Margin Reconciliation 26 Appendix G 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 750$ 414$ 673$ 390$ 2,132$ 1,249$ 1,967$ 1,149$ Freight Segment Reported Margin 35.8% 19.8% 35.0% 20.2% 36.1% 21.1% 34.7% 20.2% Restructuring and Portfolio Optimization costs 1 2 2 10 5 6 10 18 Transaction costs - 1 - - - 2 - - Inventory Purchase Accounting charge 24 24 - - 24 24 - - Non-cash Amortization expense - 72 - 67 - 200 - 201 Freight Segment Adjusted Results 775$ 513$ 675$ 467$ 2,161$ 1,481$ 1,977$ 1,368$ Freight Segment Adjusted Margin 37.0% 24.5% 35.1% 24.1% 36.5% 25.0% 34.8% 24.1% Transit Segment Reported Results 252$ 115$ 207$ 79$ 708$ 314$ 602$ 235$ Transit Segment Reported Margin 31.7% 14.5% 28.2% 10.8% 30.9% 13.7% 28.2% 11.0% Restructuring and Portfolio Optimization costs 1 3 5 8 3 14 9 20 Non-cash Amortization expense - 5 - 6 - 18 - 15 Transit Segment Adjusted Results 253$ 123$ 212$ 93$ 711$ 346$ 611$ 270$ Transit Segment Adjusted Margin 31.8% 15.5% 28.8% 12.8% 31.0% 15.1% 28.7% 12.7% 2025 2024 2025 2024 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT (UNAUDITED) Three Months Ended September 30, Nine Months Ended September 30,

Segment Sales Reconciliation 27 Appendix H In millions Freight Transit Consolidated 2024 Net Sales 1,930$ 733$ 2,663$ Acquisitions 128 6 134 Portfolio Optimization (Divestitures/Exits) (7) (6) (13) Foreign Exchange 1 22 23 Organic 41 38 79 2025 Net Sales 2,093$ 793$ 2,886$ Change ($) 163 60 223 Change (%) 8.4% 8.2% 8.4% Freight Transit Consolidated 2024 Net Sales 5,674$ 2,130$ 7,804$ Acquisitions 161 23 184 Portfolio Optimization (Divestitures/Exits) (34) (17) (51) Foreign Exchange (36) 27 (9) Organic 148 126 274 2025 Net Sales 5,913$ 2,289$ 8,202$ Change ($) 239 159 398 Change (%) 4.2% 7.5% 5.1% Nine Months Ended September 30, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT (UNAUDITED) Three Months Ended September 30,

Cash Conversion Reconciliation 28 Appendix I Wabtec Corporation 2025 Q3 Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $367 $313 $128 83% Wabtec Corporation 2025 Q3 YTD Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $767 $979 $365 57% Wabtec Corporation 2024 Q3 Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $542 $286 $134 129% Wabtec Corporation 2024 Q3 YTD Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $1,111 $854 $375 90% Cash Conversion Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. ÷ (Net Income + Depreciation & Amortization) = Cash Conversion ÷ (Net Income + Depreciation & Amortization) = Cash Conversion ÷ (Net Income + Depreciation & Amortization) = Cash Conversion ÷ (Net Income + Depreciation & Amortization) =