Wabtec · Earnings release · 8-K Exhibit 99

Wabtec Reports Second Quarter 2025 Results

Raises Adjusted EPS Guidance

SALES

GAAP DILUTED

EARNINGS PER SHARE

ADJUSTED DILUTED

EARNINGS PER SHARE

First Half ‘25

First Half ‘25

First Half ‘25

“The Wabtec team has delivered another strong quarter, highlighted by margin expansion and double digit earnings per share growth,” said Rafael Santana, Wabtec’s President and CEO.

“With the first half of the year complete, we remain focused on executing our priorities for the second half. Demand across our end markets and our pipeline of opportunities continues to be strong, with significant activity underway in key businesses.

“Alongside the strength of our core business, I am especially proud of our year to date progress on M&A. T1We have committed $3.5 billion to investments that are expected to create immediate value for Shareholders, with projected accretive growth profiles, higher adjusted EBITDA margins, increased adjusted EPS in the first year, and improving ROIC over time.

“T2While the broader economic environment remains uncertain, we are committed to maintaining discipline and taking the necessary actions to achieve our goals.”

Rafael Santana President and CEO

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

•GAAP Operating Margin at 17.4%; T3Adjusted Operating Margin Up 1.8 pts to 21.1%

•T4Strong 12-month backlog growth of 11.9%; Sales Growth of 2.3% to $2.71 billion, adversely impacted by timing of locomotive shipments

•T5Returned $94 million to Shareholders via Dividends and Share Repurchases

•T6Raises 2025 Adjusted Diluted Earnings Per Share range to $8.55 - $9.15 driven by first half performance, M&A, and focus on prudent cost management

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

2025 Second Quarter Consolidated Results

Wabtec Corporation Consolidated Financial Results

$ in millions except earnings per share and percentages; margin change in percentage points (pts)

Second Quarter

Change

Net Sales

%

GAAP Gross Margin

%

%

Adjusted Gross Margin

%

%

GAAP Operating Margin

%

%

Adjusted Operating Margin

%

%

GAAP Diluted EPS

%

Adjusted Diluted EPS

%

Cash Flow from Operations

Operating Cash Flow Conversion

%

%

•Sales increased 2.3% compared to the year-ago quarter driven by higher sales in the Transit segment partially offset by lower Equipment sales. T7Freight revenue was adversely impacted by lower locomotive deliveries than expected due to a supplied part issue.

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

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

2025 Second Quarter Freight Segment Results

Wabtec Corporation Freight Segment Financial Results

Net sales $ in millions; margin change in percentage points (pts)

Second Quarter

Change

Net Sales

%

GAAP Gross Margin

%

%

Adjusted Gross Margin

%

%

GAAP Operating Margin

%

%

Adjusted Operating Margin

%

%

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

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

2025 Second Quarter Transit Segment Results

Wabtec Corporation Transit Segment Financial Results

Net sales $ in millions; margin change in percentage points (pts)

Second Quarter

Change

Net Sales

%

GAAP Gross Margin

%

%

Adjusted Gross Margin

%

%

GAAP Operating Margin

%

%

Adjusted Operating Margin

%

%

•T8Transit segment sales for the second quarter were up 8.7% driven by higher OE and aftermarket sales.

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

Backlog

Wabtec Corporation Consolidated Backlog Comparison

Backlog $ in millions

Change

12-Month Backlog

%

Total Backlog

%

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

Cash Flow and Liquidity Summary

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

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

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

•G1Wabtec revenue guidance was increased by $200 million at the mid-point with a range of $10.925 billion to $11.225 billion, largely reflecting the acquisition of Evident Inspection Technologies Division completed on July 1, 2025.

•G2Wabtec increased its 2025 adjusted EPS guidance range to $8.55 to $9.15, up $0.20 at the mid-point.

•For full year 2025, Wabtec expects G3operating 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: 1965240).

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

Wabtec Media Contact

Appendix A

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)

(UNAUDITED)

Three Months Ended

Six Months Ended

Net sales

$

$

$

$

Cost of sales

Gross profit

Gross profit as a % of Net sales

%

%

%

%

Selling, general and administrative expenses

Engineering expenses

Amortization expense

Total operating expenses

Operating expenses as a % of Net sales

%

%

%

%

Income from operations

Income from operations as a % of Net sales

%

%

%

%

Interest expense, net

Other income, net

4

2

Income before income taxes

Income tax expense

Effective tax rate

%

%

%

%

Net income

Less: Net income attributable to noncontrolling interest

(3)

(2)

(8)

(7)

Net income attributable to Wabtec shareholders

$

$

$

$

Earnings Per Common Share

Basic

Net income attributable to Wabtec shareholders

$

$

$

$

Diluted

Net income attributable to Wabtec shareholders

$

$

$

$

Weighted average shares outstanding

Basic

Diluted

Appendix A

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)

(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)

(UNAUDITED)

Three Months Ended

Six Months Ended

Segment Information

Freight Net sales

$

$

$

$

Freight Income from operations

$

$

$

$

Freight Operating margin

%

%

%

%

Transit Net sales

$

$

$

$

Transit Income from operations

$

$

$

$

Transit Operating margin

%

%

%

%

Backlog Information (Note: 12-month is a sub-set of total)

Freight Total

$

$

$

Transit Total

Wabtec Total

$

$

$

Freight 12-month

$

$

$

Transit 12-month

Wabtec 12-month

$

$

$

Appendix B

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

In millions

Cash, cash equivalents and restricted cash

$

$

Receivables, net

Inventories, net

Other current assets

Total current assets

Property, plant and equipment, net

Goodwill

Other intangible assets, net

Other noncurrent assets

Total Assets

$

$

Current liabilities

$

$

Long-term debt

Other long-term liabilities

Total Liabilities

Shareholders' equity

Noncontrolling interest

Total Equity

Total Liabilities and Equity

$

$

Appendix C

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Six Months Ended

In millions

Operating activities

Net income

$

$

Non-cash expense

Receivables

Inventories

Accounts payable

Other assets and liabilities

Net cash provided by operating activities

Net cash used for investing activities

Net cash provided by (used for) financing activities

Effect of changes in currency exchange rates

Increase (decrease) in cash

Cash, cash equivalents and restricted cash, beginning of period

Cash, cash equivalents and restricted cash, end of period

$

$

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)

Second 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

$

$

$

$

$

$

$

$

(3)

$

$

Restructuring and Portfolio Optimization costs

—

3

3

6

—

(2)

4

—

4

$

Transaction costs

—

—

4

(3)

—

(3)

$

Non-cash Amortization expense

—

—

—

—

$

Adjusted Results

$

$

$

$

$

$

$

$

(3)

$

$

Fully Diluted Shares Outstanding

Wabtec Corporation

Reconciliation of Reported Results to Adjusted Results

(in millions)

Second Quarter Year-to-Date 2025 Actual Results

Net

Gross

Operating

Income from

Interest &

Net

Noncontrolling

Wabtec

Sales

Profit

Expenses

Operations

Other Exp

Tax

Income

Interest

Net Income

EPS

Reported Results

$

$

$

$

$

$

$

$

(8)

$

$

Restructuring and Portfolio Optimization costs

—

6

9

—

(4)

—

$

Transaction costs

—

—

2

5

—

5

$

Non-cash Amortization expense

—

—

—

—

$

Adjusted Results

$

$

$

$

$

$

$

$

(8)

$

$

Fully Diluted Shares Outstanding

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)

Second 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)

$

$

Restructuring and Portfolio Optimization costs

—

6

4

(4)

(2)

4

—

4

$

Non-cash Amortization expense

—

—

—

—

$

Adjusted Results

$

$

$

$

$

$

$

$

(2)

$

$

Fully Diluted Shares Outstanding

Wabtec Corporation

Reconciliation of Reported Results to Adjusted Results

(in millions)

Second Quarter Year-to-Date 2024 Actual Results

Net

Gross

Operating

Income from

Interest &

Net

Noncontrolling

Wabtec

Sales

Profit

Expenses

Operations

Other Exp

Tax

Income

Interest

Net Income

EPS

Reported Results

$

$

$

$

$

$

$

$

(7)

$

$

Restructuring and Portfolio Optimization costs

—

8

(4)

(4)

—

$

Non-cash Amortization expense

—

—

—

—

$

Adjusted Results

$

$

$

$

$

$

$

$

(7)

$

$

Fully Diluted Shares Outstanding

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)

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

$

$

$

$

$

$

$

$

$

$

Restructuring and Portfolio Optimization costs

—

(4)

—

$

Non-cash Amortization expense

—

—

—

—

$

Adjusted Results

$

$

$

$

$

$

$

$

$

$

Fully Diluted Shares Outstanding

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

$

$

$

$

$

$

$

$

$

$

Restructuring and Portfolio Optimization costs

—

—

—

$

Gain on LKZ investment

—

—

—

—

—

—

$

Non-cash Amortization expense

—

—

—

—

$

Adjusted Results

$

$

$

$

$

$

$

$

$

$

Fully Diluted Shares Outstanding

Appendix E

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

Wabtec Corporation

Second Quarter 2025 EBITDA Reconciliation

(in millions)

Reported Income

+

Other Income

+

Depreciation &

=

EBITDA

+

Restructuring &

=

Adjusted

from Operations

(Expense)

Amortization

Transaction Costs

EBITDA

Consolidated Results

$

$

$

$

$

(3)

$

Wabtec Corporation

Second Quarter 2025 YTD EBITDA Reconciliation

(in millions)

Reported Income

+

Other Income

+

Depreciation &

=

EBITDA

+

Restructuring &

=

Adjusted

from Operations

(Expense)

Amortization

Transaction Costs

EBITDA

Consolidated Results

$

$

$

$

$

$

Wabtec Corporation

Second Quarter 2024 EBITDA Reconciliation

(in millions)

Reported Income

+

Other Income

+

Depreciation &

=

EBITDA

+

Restructuring

=

Adjusted

from Operations

(Expense)

Amortization

Costs

EBITDA

Consolidated Results

$

$

4

$

$

$

5

$

Wabtec Corporation

Second Quarter 2024 YTD EBITDA Reconciliation

(in millions)

Reported Income

+

Other Income

+

Depreciation &

=

EBITDA

+

Restructuring

=

Adjusted

from Operations

(Expense)

Amortization

Costs

EBITDA

Consolidated Results

$

$

2

$

$

$

$

Appendix F

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

SALES BY PRODUCT LINE

(UNAUDITED)

Three Months Ended June 30,

In millions

Freight Segment

Services

$

$

Equipment

Components

Digital Intelligence

Total Freight Segment

$

$

Transit Segment

Original Equipment Manufacturer

$

$

Aftermarket

Total Transit Segment

$

$

Six Months Ended June 30,

In millions

Freight Segment

Services

$

$

Equipment

Components

Digital Intelligence

Total Freight Segment

$

$

Transit Segment

Original Equipment Manufacturer

$

$

Aftermarket

Total Transit Segment

$

$

Appendix G

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT

(UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

In millions

Gross Profit

Income from Operations

Gross Profit

Income from Operations

Gross Profit

Income from Operations

Gross Profit

Income from Operations

Freight Segment Reported Results

$

$

$

$

$

$

$

$

Freight Segment Reported Margin

%

%

%

%

%

%

%

%

Restructuring and Portfolio Optimization costs

2

1

5

5

4

4

8

8

Transaction costs

—

1

—

—

—

1

—

—

Non-cash Amortization expense

—

—

—

—

Freight Segment Adjusted Results

$

$

$

$

$

$

$

$

Freight Segment Adjusted Margin

%

%

%

%

%

%

%

%

Transit Segment Reported Results

$

$

$

$

$

$

$

$

Transit Segment Reported Margin

%

%

%

%

%

%

%

%

Restructuring and Portfolio Optimization costs

1

5

1

5

2

4

Non-cash Amortization expense

—

6

—

4

—

—

9

Transit Segment Adjusted Results

$

$

$

$

$

$

$

$

Transit Segment Adjusted Margin

%

%

%

%

%

%

%

%

Appendix H

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT

(UNAUDITED)

Three Months Ended June 30,

In millions

Freight

Transit

Consolidated

$

$

$

Acquisitions

9

Foreign Exchange

Organic

(8)

$

$

$

Change ($)

(1)

Change (%)

%

%

%

Six Months Ended June 30,

$

$

$

Acquisitions

Foreign Exchange

5

Organic

$

$

$

Change ($)

Change (%)

%

%

%

Appendix I

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

Wabtec Corporation

2025 Second Quarter Cash Conversion Calculation

(in millions)

Reported Cash from Operations

÷

(Net Income

+

Depreciation & Amortization)

=

Cash Conversion

Consolidated Results

Wabtec Corporation

2025 Second Quarter YTD Cash Conversion Calculation

(in millions)

Reported Cash from Operations

÷

(Net Income

+

Depreciation & Amortization)

=

Cash Conversion

Consolidated Results

Wabtec Corporation

2024 Second Quarter Cash Conversion Calculation

(in millions)

Reported Cash from Operations

÷

(Net Income

+

Depreciation & Amortization)

=

Cash Conversion

Consolidated Results

Wabtec Corporation

2024 Second Quarter YTD Cash Conversion Calculation

(in millions)

Reported Cash from Operations

÷

(Net Income

+

Depreciation & Amortization)

=

Cash Conversion

Consolidated Results