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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________________________

FORM 8-K

____________________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): October 22, 2025

____________________________________

WESTINGHOUSE AIR BRAKE TECHNOLOGIES

CORPORATION

(Exact name of registrant as specified in its charter)

____________________________________


Delaware
(State or other jurisdiction of incorporation or organization)
033-90866									25-1615902
(Commission File No.)									(I.R.S. Employer Identification No.)

30 Isabella Street									15212
Pittsburgh, PA									(Zip code)
(Address of principal executive offices)

412-825-1000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

____________________________________

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


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02			Results of Operations and Financial Condition

On October 22, 2025, Westinghouse Air Brake Technologies Corporation (the “Company”) issued a press release reporting, among other things, the Company’s 2025 third quarter results. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 2.02 by reference. The Company is also furnishing an investor presentation relating to its third quarter of 2025 (the “Presentation”), which will be used by the management team for presentations to investors and others. A copy of the Presentation is attached hereto as Exhibit 99.2 and incorporated into this Item 2.02 by reference. The Presentation is also available on the Company’s website at www.wabteccorp.com.

In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 2.02 in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.


Item 7.01.			Regulation FD Disclosure

On October 22, 2025, the Company issued a press release which, among other things, provided earnings guidance for fiscal year 2025. A copy of the press release is attached to this report as Exhibit 99.1 and the paragraph under the heading “2025 Financial Guidance” which discusses 2025 guidance is incorporated into this Item 7.01 by reference. The Company also furnished a Presentation relating to its third quarter of 2025, which is incorporated into this Item 7.01 by reference. A copy of the Presentation is attached to this report as Exhibit 99.2.

In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 7.01 in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.


Item 9.01.			Financial Statements and Exhibits

(d) Exhibits.

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


Exhibit No.			Description
99.1			Press release dated October 22 , 2025
99.2			Wabtec Earnings Presentation, Third Quarter 2025
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

Caution Concerning Forward-Looking Statements

This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including statements regarding Wabtec’s plans, objectives, expectations and intentions; Wabtec’s expectations about future sales, earnings and cash conversion; Wabtec’s projected expenses and cost savings associated with its Integration 2.0 and 3.0 initiatives and its portfolio optimization; Wabtec’s 5-year outlook; Wabtec’s expectations for evolving global industry, market and macro-economic conditions and their impact on Wabtec’s business; synergies and other expected benefits from Wabtec’s acquisitions; Wabtec’s expectations for production and demand conditions; and any assumptions underlying any of the foregoing, are forward looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved.

Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) changes in general economic and/or industry specific conditions, including the impacts of significant recent shifts in trade policies (including the imposition of tariffs and retaliatory tariff measures) as well as tax programs, inflation, supply chain disruptions, foreign currency exchange and industry consolidation and market reactions to these factors; (2) changes in the financial condition or operating strategies of Wabtec's customers; (3) unexpected costs, charges or expenses resulting from acquisitions and potential failure to realize synergies and other anticipated benefits of acquisitions, including as a result of integrating acquired targets into Wabtec; (4) inability to retain and hire key personnel; (5) evolving legal, regulatory and tax regimes; (6) changes in the expected timing of projects; (7) a decrease in freight or passenger rail traffic; (8) an increase in manufacturing costs; (9) actions by third parties, including government agencies; (10) the impacts of epidemics, pandemics, or similar public health crises on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability, and volatility in global markets as a result of global military action, acts of terrorism or armed conflict, including Russia’s invasion of Ukraine; (12) cybersecurity and data protection risks and (13) other risk factors as detailed from time to time in Wabtec’s reports filed with the SEC, including Wabtec’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

SIGNATURES

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


WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

By:			/s/ JOHN A. OLIN
			John A. Olin
			Executive Vice President and Chief Financial Officer

(Duly Authorized Officer and Principal Financial Officer)

DATE:			October 22, 2025

EX-99.1 2 a3q25pressreleaseword.htm EX-99.1 Document

Exhibit 99.1

Wabtec Reports Third Quarter 2025 Results

Raised And Tightened Adjusted EPS Guidance

SALES

GAAP DILUTED
EARNINGS PER SHARE

ADJUSTED DILUTED
EARNINGS PER SHARE

3Q’25

3Q YTD ’25

3Q’25

3Q YTD ’25

3Q’25

3Q YTD ’25

$2.89B

$8.20B

$1.81

$5.64

$2.32

$6.88

+8.4% YOY

+5.1%YOY

+11.0% YOY

+17.5% YOY

+16.0% YOY

+17.4% YOY

Q3 2025 HIGHLIGHTS


“The Wabtec team delivered a very strong quarter, evidenced by continued growth in our backlog, sales, margin, and earnings,” said Rafael Santana, Wabtec’s President and CEO.
“We continue to be encouraged by the pipeline of opportunities that remains ahead of us. Our team’s commitment to product innovation, disciplined cost management, focused execution and partnership with our customers has been instrumental in driving our ongoing success. Together with our strong results, these factors give us confidence to continue to deliver on profitable growth into the future.
“Our team’s dedication positions us to drive Wabtec’s success, even in a dynamic and uncertain economic environment.”
Rafael Santana President and CEO

•Strong Multi-year backlog at $25.6 billion; 12-month backlog growth at 8.4%

•Sales Growth of 8.4% to $2.89 billion

•GAAP Operating Margin at 17.0%; Adjusted Operating Margin Up 1.3 pts to 21.0%

•GAAP Earnings Per Share of $1.81, Up 11.0%; Adjusted Earnings Per Share of $2.32, Up 16.0%

•Raised 2025 Adjusted Earnings Per Share; up 18.4% at the midpoint

PITTSBURGH, October 22, 2025 – Wabtec Corporation (NYSE: WAB) today reported third quarter 2025 GAAP earnings per diluted share of $1.81, up 11.0% versus the third quarter of 2024. Adjusted earnings per diluted share were $2.32, up 16.0% versus the same quarter a year ago. Third quarter sales were $2.89 billion and cash from operations was $367 million.

2025 Third Quarter Consolidated Results


Wabtec Corporation Consolidated Financial Results
$ in millions except earnings per share and percentages; margin change in percentage points (pts)	Third Quarter
	2025		2024		Change
Net Sales	$2,886		$2,663		8.4	%

GAAP Gross Margin	34.7	%	33.0	%	1.7 pts
Adjusted Gross Margin	35.6	%	33.3	%	2.3 pts
GAAP Operating Margin	17.0	%	16.3	%	0.7 pts
Adjusted Operating Margin	21.0	%	19.7	%	1.3 pts

GAAP Diluted EPS	$1.81		$1.63		11.0	%
Adjusted Diluted EPS	$2.32		$2.00		16.0	%

Cash Flow from Operations	$367		$542		$(175)
Operating Cash Flow Conversion	83	%	129	%

•Sales increased 8.4% compared to the year-ago quarter driven by higher sales in the Freight segment, which includes the acquisition of Inspection Technologies, and in the Transit segment.

•GAAP operating margin was higher than the prior year at 17.0%, and adjusted operating margin was higher than the prior year at 21.0%. Both GAAP and adjusted operating margins benefited from higher sales and improved gross margins, partially offset by higher operating expenses as a percent of revenue.

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

2025 Third Quarter Freight Segment Results


Wabtec Corporation Freight Segment Financial Results
Net sales $ in millions; margin change in percentage points (pts)	Third Quarter
	2025		2024		Change
Net Sales	$2,093		$1,930		8.4	%
GAAP Gross Margin	35.8	%	35.0	%	0.8 pts
Adjusted Gross Margin	37.0	%	35.1	%	1.9 pts
GAAP Operating Margin	19.8	%	20.2	%	(0.4) pts
Adjusted Operating Margin	24.5	%	24.1	%	0.4 pts

•Freight segment sales for the third quarter were up 8.4%. Equipment sales were up 32.0% driven by higher locomotive deliveries, while Digital sales were up 45.6% driven by the acquisition of Inspection Technologies. Components sales were up slightly and, as expected, Services sales were down 11.6% due to the timing of modernization deliveries.

•GAAP operating margin benefited from improved gross margin which was offset by higher operating expenses as a percentage of revenue and purchase accounting adjustments resulting from the Inspection Technologies acquisition.

•Adjusted operating margin benefited from improved gross margin which was partially offset by higher operating expenses as a percentage of revenue.

2025 Third Quarter Transit Segment Results


Wabtec Corporation Transit Segment Financial Results
Net sales $ in millions; margin change in percentage points (pts)	Third Quarter
	2025		2024		Change
Net Sales	$793		$733		8.2	%
GAAP Gross Margin	31.7	%	28.2	%	3.5 pts
Adjusted Gross Margin	31.8	%	28.8	%	3.0 pts
GAAP Operating Margin	14.5	%	10.8	%	3.7 pts
Adjusted Operating Margin	15.5	%	12.8	%	2.7 pts

•Transit segment sales for the third quarter were up 8.2% driven by higher OE and aftermarket sales.

•GAAP operating margins were up as a result of improved gross margins and lower operating expenses as a percent of revenue.

•Adjusted operating margins were up as a result of improved gross margins, partially offset by higher operating expenses as a percent of revenue.

Backlog


Wabtec Corporation Consolidated Backlog Comparison
Backlog $ in millions	September 30,
	2025	2024	Change
12-Month Backlog	$8,267	$7,624	8.4	%
Total Backlog	$25,577	$22,234	15.0	%

•The Company’s multi-year backlog continues to provide strong visibility. At September 30, 2025, the 12-month backlog was $643 million higher than the prior year period. At September 30, 2025, the multi-year backlog was $3.34 billion higher than the prior year period, and excluding foreign currency exchange, the multi-year backlog was $3.30 billion higher, up 14.9%.

Cash Flow and Liquidity Summary

•During the third quarter, cash provided by operations was $367 million versus $542 million in the year ago period, partially due to increased tariffs and higher working capital.

•At the end of the quarter, the Company had cash, cash equivalents and restricted cash of $528 million and total debt of $5.29 billion. At September 30, 2025, the Company’s total available liquidity was $2.75 billion, which includes $500 million in cash and cash equivalents plus $2.00 billion available under current credit facilities and $250 million of borrowings available under our Revolving Receivables Program.

•During the quarter, the Company paid $43 million in dividends.

2025 Financial Guidance

•Wabtec raised and tightened its 2025 adjusted EPS guidance range to $8.85 to $9.05, up $0.10 at the mid-point.

•For full year 2025, Wabtec continues to expect revenues to be between $10.925 billion - $11.225 billion, up 6.6% at the midpoint. Also, Wabtec expects operating cash flow conversion of greater than 90 percent.

About Wabtec

Wabtec Corporation (NYSE: WAB) is revolutionizing the way the world moves for future generations. The company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 155 years and has a vision to achieve a sustainable rail system in the U.S. and worldwide. Visit Wabtec’s website at www.wabteccorp.com.

Forecasted GAAP Earnings Reconciliation

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

Conference Call Information

Wabtec will host a call with analysts and investors at 8:30 a.m. ET, today. To listen via webcast, go to Wabtec’s website at www.WabtecCorp.com and click on “Events & Presentations” in the “Investor Relations” section. Also, an audio replay of the call will be available by calling 1-877-344-7529 or 1-412-317-0088 (access code: 5713644).

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

Wabtec’s earnings release and 2025 financial guidance mentions certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted operating margin, adjusted gross margin, EBITDA, adjusted EBITDA, adjusted income tax expense, adjusted income from operations, adjusted interest and other expense, adjusted net income, adjusted earnings per diluted share and operating cash flow conversion. Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted by restructuring costs. Wabtec defines operating cash flow conversion as net cash provided by operating activities divided by net income plus depreciation and amortization including deferred debt cost amortization. While Wabtec believes these are useful supplemental measures for investors, they are not presented in accordance with GAAP. Investors should not consider non-GAAP measures in isolation or as a substitute for net income, cash flows from operations, or any other items calculated in accordance with GAAP. In addition, the non-GAAP financial measures included in this release have inherent material limitations as performance measures because they add back certain expenses incurred by the Company to GAAP financial measures, resulting in those expenses not being taken into account in the applicable non-GAAP financial measure. Because not all companies use identical calculations, Wabtec’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Included in this release are reconciliation tables that provide details about how adjusted results relate to GAAP results.

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

Wabtec Investor Contact

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

Wabtec Media Contact

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


						Appendix A

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)


	Three Months Ended September 30,						Nine Months Ended September 30,

	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

Weighted average shares outstanding
Basic	170.5			173.4			170.5			175.1
Diluted	171.1			174.1			171.2			175.7


						Appendix A

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)

(UNAUDITED)


	Three Months Ended September 30,						Nine Months Ended September 30,

	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


						Appendix B

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	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
Other long-term liabilities	1,334		1,297
Total Liabilities	10,432		8,569
Shareholders' equity	11,048		10,091
Noncontrolling interest	47		42
Total Equity	11,095		10,133
Total Liabilities and Equity	$	21,527	$	18,702


						Appendix C

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Nine Months Ended September 30,
	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


						Appendix D

Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec’s reported results prepared in accordance with GAAP.


Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions)	Third Quarter 2025 Actual Results
	Net		Gross		Operating		Income from		Interest &				Net		Noncontrolling		Wabtec
	Sales		Profit		Expenses		Operations		Other Exp		Tax		Income		Interest		Net Income		EPS

Reported Results	$	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)	Third Quarter Year-to-Date 2025 Actual Results
	Net		Gross		Operating		Income from		Interest &				Net		Noncontrolling		Wabtec
	Sales		Profit		Expenses		Operations		Other Exp		Tax		Income		Interest		Net Income		EPS

Reported Results	$	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


						Appendix D


Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions)	Third Quarter 2024 Actual Results
	Net		Gross		Operating		Income from		Interest &				Net		Noncontrolling		Wabtec
	Sales		Profit		Expenses		Operations		Other Exp		Tax		Income		Interest		Net Income		EPS

Reported Results	$	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)	Third Quarter Year-to-Date 2024 Actual Results
	Net		Gross		Operating		Income from		Interest &				Net		Noncontrolling		Wabtec
	Sales		Profit		Expenses		Operations		Other Exp		Tax		Income		Interest		Net Income		EPS

Reported Results	$	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


						Appendix D


Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions)	Fourth Quarter Year-to-Date 2024 Actual Results
	Net		Gross		Operating		Income from		Interest &				Net		Noncontrolling		Wabtec
	Sales		Profit		Expenses		Operations		Other Exp		Tax		Income		Interest		Net Income		EPS

Reported Results	$	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


Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions)	Fourth Quarter Year-to-Date 2023 Actual Results
	Net		Gross		Operating		Income from		Interest &				Net		Noncontrolling		Wabtec
	Sales		Profit		Expenses		Operations		Other Exp		Tax		Income		Interest		Net Income		EPS

Reported Results	$	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

Appendix E

Wabtec Corporation

Third Quarter 2025 EBITDA Reconciliation

(in millions)

Reported Income

Other Income

Depreciation &

EBITDA

Restructuring &

Adjusted

from Operations

(Expense)

Amortization

Transaction Costs

EBITDA

Consolidated Results

491

(1)

127

617

658

Wabtec Corporation

Third Quarter 2025 YTD EBITDA Reconciliation

(in millions)

Reported Income

Other Income

Depreciation &

EBITDA

Restructuring &

Adjusted

from Operations

(Expense)

Amortization

Transaction Costs

EBITDA

Consolidated Results

1,437

361

1,819

1,874

Wabtec Corporation

Third Quarter 2024 EBITDA Reconciliation

(in millions)

Reported Income

Other Income

Depreciation &

EBITDA

Restructuring

Adjusted

from Operations

(Expense)

Amortization

Costs

EBITDA

Consolidated Results

433

(3)

133

563

567

Wabtec Corporation

Third Quarter 2024 YTD EBITDA Reconciliation

(in millions)

Reported Income

Other Income

Depreciation &

EBITDA

Restructuring

Adjusted

from Operations

(Expense)

Amortization

Costs

EBITDA

Consolidated Results

1,275

(1)

371

1,645

1,662

Appendix F

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

SALES BY PRODUCT LINE

(UNAUDITED)


	Three Months Ended September 30,
In millions	2025		2024
Freight Segment
Services	$	744	$	842
Equipment	677		513
Components	375		371
Digital Intelligence	297		204
Total Freight Segment	$	2,093	$	1,930

Transit Segment
Original Equipment Manufacturer	$	367	$	349
Aftermarket	426		384
Total Transit Segment	$	793	$	733
	Nine Months Ended September 30,
In millions	2025		2024
Freight Segment
Services	$	2,388	$	2,317
Equipment	1,699		1,609
Components	1,157		1,169
Digital Intelligence	669		579
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

Appendix G

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,
	2025						2024						2025						2024
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		%

Appendix H

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT

(UNAUDITED)


	Three Months Ended September 30,
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		%


	Nine Months Ended September 30,
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		%

Appendix I

Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP.

Wabtec Corporation

2025 Third Quarter Cash Conversion Calculation

(in millions)

Reported Cash from Operations

(Net Income

Depreciation & Amortization)

Cash Conversion

Consolidated Results

$367

$313

$128

83%

Wabtec Corporation

2025 Third Quarter YTD Cash Conversion Calculation

(in millions)

Reported Cash from Operations

(Net Income

Depreciation & Amortization)

Cash Conversion

Consolidated Results

$767

$979

$365

57%

Wabtec Corporation

2024 Third Quarter Cash Conversion Calculation

(in millions)

Reported Cash from Operations

(Net Income

Depreciation & Amortization)

Cash Conversion

Consolidated Results

$542

$286

$134

129%

Wabtec Corporation

2024 Third Quarter YTD Cash Conversion Calculation

(in millions)

Reported Cash from Operations

(Net Income

Depreciation & Amortization)

Cash Conversion

Consolidated Results

$1,111

$854

$375

90%

EX-99.2 3 a3qpresentation2025.htm EX-99.2 a3qpresentation2025

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) =