Form 8-K

8-K — WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP

Accession: 0001628280-26-026384

Filed: 2026-04-22

Period: 2026-04-22

CIK: 0000943452

SIC: 3743 (RAILROAD EQUIPMENT)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — wab-20260422.htm (Primary)

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8-K

8-K (Primary)

Filename: wab-20260422.htm · Sequence: 1

wab-20260422

0000943452FALSE00009434522026-04-222026-04-22

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): April 22, 2026

____________________________________

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 April 22, 2026, Westinghouse Air Brake Technologies Corporation (the “Company”) issued a press release reporting, among other things, the Company’s 2026 first 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 first quarter of 2026 (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 April 22, 2026, the Company issued a press release which, among other things, provided earnings guidance for fiscal year 2026. A copy of the press release is attached to this report as Exhibit 99.1 and the paragraph under the heading “2026 Financial Guidance” which discusses 2026 guidance is incorporated into this Item 7.01 by reference. The Company also furnished a Presentation relating to its first quarter of 2026, 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 April 22, 2026

99.2

Wabtec Earnings Presentation, First Quarter 2026

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 actual or threatened 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: April 22, 2026

EX-99.1

Filename: a1q26pressreleaseword.htm · Sequence: 2

Document

Exhibit 99.1

Wabtec Reports First Quarter 2026 Results

Strong Start with Backlog Expansion, Double Digit Sales & EPS Growth and Announces Increase in Full-Year EPS Guidance

SALES GAAP DILUTED

EARNINGS PER SHARE ADJUSTED DILUTED

EARNINGS PER SHARE

1Q’26 1Q’26 1Q’26

$2.95B $2.12 $2.71

+13.0% YOY +12.8% YOY +18.9% YOY

Q1 2026 HIGHLIGHTS

“Wabtec delivered a strong start to 2026, with solid first quarter execution across our businesses driving double digit sales and adjusted EPS growth,” said Rafael Santana, Wabtec’s President and CEO.

“During the quarter we secured significant wins across multiple businesses, executed integration plans for our recent acquisitions, advanced key innovation initiatives, and further strengthened our portfolio, reinforcing Wabtec’s position as a leading industrial technology company.

“With a strong pipeline of opportunities that continues to strengthen our visibility, a resilient installed base, and a committed global team, we remain well positioned to deliver profitable growth and continue compounding long-term value for our shareholders.”

Rafael Santana President and CEO

•Sales Growth of 13.0% to $2.95 Billion Driven by Both the Freight and Transit Segments

•GAAP Operating Margin at 17.5%; Adjusted Operating Margin Up 0.2 pts to 21.9%

•Strong Multi-year Backlog at $30.80 billion; 12-month Backlog Growth at 12.8%

•GAAP Earnings Per Share of $2.12, Up 12.8%; Adjusted Earnings Per Share of $2.71, Up 18.9%

PITTSBURGH, April 22, 2026 – Wabtec Corporation (NYSE: WAB) today reported first quarter 2026 GAAP earnings per diluted share of $2.12, up 12.8% versus the first quarter of 2025. Adjusted earnings per diluted share were $2.71, up 18.9% versus the same quarter a year ago. First quarter sales were $2.95 billion and cash from operations was $199 million.

2026 First Quarter Consolidated Results

Wabtec Corporation Consolidated Financial Results

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

2026 2025 Change

Net Sales $2,950 $2,610 13.0 %

GAAP Gross Margin 36.0 % 34.5 % 1.5 pts

Adjusted Gross Margin 36.9 % 34.6 % 2.3 pts

GAAP Operating Margin 17.5 % 18.2 % (0.7) pts

Adjusted Operating Margin 21.9 % 21.7 % 0.2 pts

GAAP Diluted EPS $2.12 $1.88 12.8 %

Adjusted Diluted EPS $2.71 $2.28 18.9 %

Cash Flow from Operations $199 $191 $8

Operating Cash Flow Conversion 40 % 43 %

•Sales increased 13.0% compared to the year-ago quarter driven by higher sales in the Freight and Transit segments, which includes the acquisitions of Inspection Technologies, Frauscher Sensor Technologies, and Dellner Couplers.

•GAAP operating margin was lower than the prior year at 17.5%, and adjusted operating margin was modestly higher than the prior year at 21.9%. Both GAAP and adjusted operating margins benefited from strong sales growth in the quarter. GAAP operating margins were impacted by the exit of a low margin Digital project, restructuring costs, purchase accounting adjustments, and transaction costs associated with recent acquisitions.

•GAAP EPS and adjusted EPS increased from the year-ago quarter primarily due to higher sales, and non-operational benefits primarily related to currency fluctuation and timing of tax expense.

2026 First Quarter Freight Segment Results

Wabtec Corporation Freight Segment Financial Results

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

2026 2025 Change

Net Sales $2,115 $1,901 11.3 %

GAAP Gross Margin 37.3 % 36.0 % 1.3 pts

Adjusted Gross Margin 38.3 % 36.2 % 2.1 pts

GAAP Operating Margin 21.3 % 22.1 % (0.8) pts

Adjusted Operating Margin 26.0 % 25.7 % 0.3 pts

•Freight segment sales for the first quarter were up 11.3%. Equipment sales were up 52.5% driven by higher locomotive deliveries, while Services sales were down 17.3% due to lower modernization deliveries as expected. Digital sales were up 75.7% driven by the acquisitions of Inspection Technologies & Frauscher.

•GAAP and adjusted operating margin benefited from gross margin improvements which was partially offset by higher operating expenses as a percentage of revenue. In addition, GAAP operating margin was impacted by the exit of a low margin Digital project, restructuring costs, and purchase accounting adjustments.

2026 First Quarter Transit Segment Results

Wabtec Corporation Transit Segment Financial Results

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

2026 2025 Change

Net Sales $835 $709 17.8 %

GAAP Gross Margin 32.7 % 30.3 % 2.4 pts

Adjusted Gross Margin 33.2 % 30.4 % 2.8 pts

GAAP Operating Margin 14.5 % 12.7 % 1.8 pts

Adjusted Operating Margin 16.6 % 14.6 % 2.0 pts

•Transit segment sales for the first quarter were up 17.8% driven by the acquisition of Dellner, higher OE and aftermarket sales, and favorable foreign currency exchange. Sales were up 11.0% on a constant currency basis.

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

Backlog

Wabtec Corporation Consolidated Backlog Comparison

Backlog $ in millions March 31,

2026 2025 Change

12-Month Backlog $9,247 $8,196 12.8 %

Total Backlog $30,802 $22,302 38.1 %

•The Company’s multi-year backlog continues to provide strong visibility. At March 31, 2026, the 12-month backlog was $1.05 billion higher than the prior year period. At March 31, 2026, the multi-year backlog was $8.50 billion higher than the prior year period, and excluding foreign currency exchange, the multi-year backlog was $8.07 billion higher, up 36.2%.

Cash Flow and Liquidity Summary

•During the first quarter, the Company generated cash from operations of $199 million versus $191 million in the year ago period. The increase in cash was driven by higher net income.

•At the end of the quarter, the Company had cash, cash equivalents and restricted cash of $0.53 billion and total debt of $6.54 billion. At March 31, 2026, the Company’s total available liquidity was $2.09 billion, which includes $0.52 billion in cash and cash equivalents plus $1.57 billion available under current credit facilities.

•During the quarter, the Company repurchased $242 million of Wabtec shares and paid $53 million in dividends.

2026 Financial Guidance

•Wabtec raised its 2026 adjusted EPS guidance range to $10.25 - $10.65, raising it $0.20 at the midpoint, or up 16.5%.

•Wabtec continues to expect revenues to be between $12.19 billion to 12.49 billion, up 10.5% at the midpoint.

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 because 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 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 1-855-669-9658 or 1-412-317-0088 (access code: 4354537).

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

Wabtec’s earnings release and 2026 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; 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 actual or threatened 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 MONTHS ENDED MARCH 31, 2026 AND 2025

(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)

(UNAUDITED)

Three Months Ended

March 31,

2026 2025

Net sales $ 2,950 $ 2,610

Cost of sales (1,889) (1,710)

Gross profit 1,061 900

Gross profit as a % of Net sales 36.0 % 34.5 %

Selling, general and administrative expenses (401) (307)

Engineering expenses (56) (46)

Amortization expense (87) (73)

Total operating expenses (544) (426)

Operating expenses as a % of Net sales 18.4 % 16.3 %

Income from operations 517 474

Income from operations as a % of Net sales 17.5 % 18.2 %

Interest expense, net (71) (46)

Other income (expense), net 23 (2)

Income before income taxes 469 426

Income tax expense (106) (99)

Effective tax rate 22.7 % 23.2 %

Net income 363 327

Less: Net income attributable to noncontrolling interest (1) (5)

Net income attributable to Wabtec shareholders $ 362 $ 322

Earnings Per Common Share

Basic

Net income attributable to Wabtec shareholders $ 2.12 $ 1.88

Diluted

Net income attributable to Wabtec shareholders $ 2.12 $ 1.88

Weighted average shares outstanding

Basic 170.0 170.5

Diluted 170.7 171.3

Appendix A

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)

(UNAUDITED)

Three Months Ended

March 31,

2026 2025

Segment Information

Freight Net sales $ 2,115 $ 1,901

Freight Income from operations $ 450 $ 420

Freight Operating margin 21.3 % 22.1 %

Transit Net sales $ 835 $ 709

Transit Income from operations $ 121 $ 90

Transit Operating margin 14.5 % 12.7 %

Backlog Information (Note: 12-month is a sub-set of total) March 31, 2026 December 31, 2025 March 31, 2025

Freight Total $ 25,175 $ 22,493 $ 17,851

Transit Total 5,627 4,914 4,451

Wabtec Total $ 30,802 $ 27,407 $ 22,302

Freight 12-month $ 6,679 $ 6,022 $ 6,069

Transit 12-month 2,568 2,212 2,127

Wabtec 12-month $ 9,247 $ 8,234 $ 8,196

Appendix B

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

March 31, 2026 December 31, 2025

In millions

Cash, cash equivalents and restricted cash $ 531 $ 789

Receivables, net 2,252 1,897

Inventories, net 2,850 2,745

Other current assets 340 263

Total current assets 5,973 5,694

Property, plant and equipment, net 1,653 1,616

Goodwill 10,625 10,216

Other intangible assets, net 4,239 3,838

Other noncurrent assets 706 705

Total Assets $ 23,196 $ 22,069

Current liabilities $ 5,835 $ 5,150

Long-term debt 4,708 4,291

Other long-term liabilities 1,502 1,438

Total Liabilities 12,045 10,879

Shareholders' equity 11,103 11,142

Noncontrolling interest 48 48

Total Equity 11,151 11,190

Total Liabilities and Equity $ 23,196 $ 22,069

Appendix C

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Three Months Ended

March 31,

2026 2025

In millions

Operating activities

Net income $ 363 $ 327

Non-cash expense 151 127

Receivables (305) (226)

Inventories (28) (29)

Accounts payable 20 13

Other operating activities (2) (21)

Net cash provided by operating activities 199 191

Net cash used for investing activities (1,105) (44)

Net cash provided by (used for) financing activities 656 (172)

Effect of changes in currency exchange rates (8) 8

Decrease in cash (258) (17)

Cash, cash equivalents and restricted cash, beginning of period 789 715

Cash, cash equivalents and restricted cash, end of period $ 531 $ 698

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)

First Quarter 2026 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 $ 2,950 $ 1,061 $ (544) $ 517 $ (48) $ (106) $ 363 $ (1) $ 362 $ 2.12

Restructuring and Portfolio Optimization costs — 3 2 5 — (1) 4 — 4 $ 0.02

Inventory Purchase Accounting charge — 23 — 23 — (5) 18 — 18 $ 0.11

Transaction costs — — 13 13 (2) — 11 — 11 $ 0.06

Non-cash Amortization expense — — 87 87 — (20) 67 — 67 $ 0.40

Adjusted Results $ 2,950 $ 1,087 $ (442) $ 645 $ (50) $ (132) $ 463 $ (1) $ 462 $ 2.71

Fully Diluted Shares Outstanding 170.7

Wabtec Corporation

Reconciliation of Reported Results to Adjusted Results

(in millions)

First 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 $ 2,610 $ 900 $ (426) $ 474 $ (48) $ (99) $ 327 $ (5) $ 322 $ 1.88

Restructuring and Portfolio Optimization costs — 3 6 9 — (2) 7 — 7 $ 0.04

Transaction costs — — 10 10 — (2) 8 — 8 $ 0.04

Non-cash Amortization expense — — 72 72 — (17) 55 — 55 $ 0.32

Adjusted Results $ 2,610 $ 903 $ (338) $ 565 $ (48) $ (120) $ 397 $ (5) $ 392 $ 2.28

Fully Diluted Shares Outstanding 171.3

Appendix D

Wabtec Corporation

Reconciliation of Reported Results to Adjusted Results

(in millions) Fourth 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 $ 11,167 $ 3,806 $ (2,013) $ 1,793 $ (201) $ (409) $ 1,183 $ (13) $ 1,170 $ 6.83

Restructuring and Portfolio Optimization costs — 12 64 76 — 1 77 — 77 $ 0.45

Inventory Purchase Accounting charge — 53 — 53 — (13) 40 — 40 $ 0.23

Transaction costs — — 49 49 (19) (4) 26 — 26 $ 0.15

Non-cash Amortization expense — — 296 296 — (72) 224 — 224 $ 1.31

Adjusted Results $ 11,167 $ 3,871 $ (1,604) $ 2,267 $ (220) $ (497) $ 1,550 $ (13) $ 1,537 $ 8.97

Fully Diluted Shares Outstanding 171.1

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

Appendix E

Wabtec Corporation

First Quarter 2026 EBITDA Reconciliation

(in millions)

Reported Income + Other Income + Depreciation & = EBITDA + Restructuring & = Adjusted

from Operations (Expense) Amortization Transaction Costs EBITDA

Consolidated Results $ 517 $ 23 $ 137 $ 677 $ 39 $ 716

Wabtec Corporation

First Quarter 2025 EBITDA Reconciliation

(in millions)

Reported Income + Other Income + Depreciation & = EBITDA + Restructuring & = Adjusted

from Operations (Expense) Amortization Transaction Costs EBITDA

Consolidated Results $ 474 $ (2) $ 119 $ 591 $ 17 $ 608

Appendix F

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

SALES BY PRODUCT LINE

(UNAUDITED)

Three Months Ended March 31,

In millions 2026 2025

Freight Segment

Services $ 714 $ 863

Equipment 726 476

Components 357 381

Digital Intelligence 318 181

Total Freight Segment $ 2,115 $ 1,901

Transit Segment

Original Equipment Manufacturer $ 381 $ 322

Aftermarket 454 387

Total Transit Segment $ 835 $ 709

Appendix G

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT

(UNAUDITED)

Three Months Ended March 31,

2026 2025

In millions Gross Profit Income from Operations Gross Profit Income from Operations

Freight Segment Reported Results $ 788 $ 450 $ 685 $ 420

Freight Segment Reported Margin 37.3 % 21.3 % 36.0 % 22.1 %

Restructuring and Portfolio Optimization costs 2 3 2 3

Inventory Purchase Accounting charge 20 20 — —

Transaction costs — 1 — —

Non-cash Amortization expense — 76 — 65

Freight Segment Adjusted Results $ 810 $ 550 $ 687 $ 488

Freight Segment Adjusted Margin 38.3 % 26.0 % 36.2 % 25.7 %

Transit Segment Reported Results $ 273 $ 121 $ 215 $ 90

Transit Segment Reported Margin 32.7 % 14.5 % 30.3 % 12.7 %

Restructuring and Portfolio Optimization costs 1 3 1 6

Inventory Purchase Accounting charge 3 3 — —

Non-cash Amortization expense — 11 — 7

Transit Segment Adjusted Results $ 277 $ 138 $ 216 $ 103

Transit Segment Adjusted Margin 33.2 % 16.6 % 30.4 % 14.6 %

Appendix H

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT

(UNAUDITED)

Three Months Ended March 31,

In millions Freight Transit Consolidated

2025 Net sales

$ 1,901 $ 709 $ 2,610

Acquisitions 184 41 225

Portfolio Optimization (Divestitures/Exits) (10) (3) (13)

Foreign Exchange 20 48 68

Organic 20 40 60

2026 Net sales

$ 2,115 $ 835 $ 2,950

Change ($) 214 126 340

Change (%) 11.3 % 17.8 % 13.0 %

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

2026 First Quarter Cash Conversion Calculation

(in millions)

Reported Cash from Operations ÷ (Net Income + Depreciation & Amortization) = Cash Conversion

Consolidated Results $199 $363 $139 40%

Wabtec Corporation

2025 First Quarter Cash Conversion Calculation

(in millions)

Reported Cash from Operations ÷ (Net Income + Depreciation & Amortization) = Cash Conversion

Consolidated Results $191 $327 $120 43%

EX-99.2

Filename: a1q2026earningspresentat.htm · Sequence: 3

a1q2026earningspresentat

FIRST QUARTER 2026 Wabtec Financial Results & Company Highlights Exhibit 99.2

Forward Looking Statements & Non-GAAP Financial Information This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933 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 actual or threatened 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. 2

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

4 1Q 2026 Overview WAB T E C ’ S S T R O N G U N D E R LY I N G M O M E N T U M C O N T I N U E S Sales Increased sales driven by both Freight and Transit segments (including acquisitions) Adj. operating margin up despite tariff headwinds Adjusted EPS improvement driven by strong revenue growth and modest margin expansion; as well as non-operational benefits 1Q operating cash flow at 40% cash conversion (1) Backlog continues to provide strong visibility for 2026 and beyond … 12-month up 12.8%; multi- year up 38.1% Cash Flow from Operations $199M Backlog $9.25B 12-Month Operating Margin 17.5% GAAP 0.7 pts 21.9% Adjusted 0.2 pts Earnings Per Share $2.12 GAAP 12.8% $2.71 Adjusted 18.9% $2.95B 13.0% 1 Q 2 0 2 6 H I G H L IG H T S 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

2.5% 1.4% 0.0% 1.8% 5 2026 Key Metrics 2Q25 3Q25 4Q25 1Q26 Industry Active Locomotives 1Q23 1Q24 1Q25 1Q26 Source: Association of American Railroads Source: Wabtec Industry Freight Traffic Source: UIC & Operator Reports (U.S., Europe & India) 2022 2023 2024 2025 Wabtec Installed Base 2022 2023 2024 2025 Industry Freight Volumes Sources: Previous 3 months available for Brazil, China, India Ministry of Railways, South Africa, Kazakhstan Brazil China India South Africa Kazakhstan Source: Wabtec TRANSIT RIDERSHIP NORTH AMERICA INTERNATIONAL NA RAILCAR DELIVERIES Source: Rail Supply Institute & FTR Associates 2022 2023 2024 2025 2026E 41K 45K 42K 31K 44K HISTORICAL 10-YEAR AVERAGE 24K 2026E 2026E 5.3% 0.1% 3.8% 8.9% 8.0%

6 RECENT WINS Accelerate innovation of scalable technologies Grow and refresh expansive global installed base Drive efficiencies through emerging technologies Expand high-margin recurring revenue streams Drive continuous operational improvement Executing On Our Value Creation Framework P I P E L I N E C O N V E R S I O N R E M A I N S R O B U S T … M U LT I - Y E A R B A C K L O G U P 3 8 % V S P Y  Secured a multi-billion-dollar, multi-year mining contract for drive systems and aftermarket parts  Won $210 million multi-year modernization order with Massachusetts Bay Transit Authority  Executing the first EVO modernization build to support commercial rollout  Signed $54 million Transit Brake and Couplers order with Kawasaki for New York City Transit

~$4.6B of Capital Deployed Since 2020 W A B T E C C O M P O U N D I N G VA L U E T H R O U G H TA R G E T E D , H I G H R O I C M & A … S U P P O R T E D B Y A R E P E ATA B L E I N T E G R AT I O N M O D E L Disciplined, Very High Return M&A Driving Portfolio Strength 7 PORTFOLIO ENHANCING BOLT-ONS & NEAR-IN ADJACENCIES WITH … ROBUST FINANCIALS, ATTRACTIVE SYNERGIES, & ACCRETIVE ROIC I N T E G R AT I O N U P DAT E 2020-2024 2025 2026 YTD ($’s in Billions) $1.0 $2.5 $1.1 Anticipated Synergy Run Rate Savings  Executed 20 acquisitions since 2020 with overall IRRs > deal models & first year EPS accretion  Continued focus on high quality assets that build a stronger technology platform  Strong track record of consistent capital deployment that enhances portfolio resilience 2026E 2027E 2028E 2029E Disciplined M&A Approach Integration Status Synergies Financial Plan Integration Inspection Tech Frauscher Dellner $3M 2025A $60M $14M 15 4 1 Early stages # of Acquisitions:

$1.88 $2.12 $2.28 $2.71 8 1Q 2026 Financial Summary I N C R E AS E D S AL E S , AD J . O P E R AT I N G M AR G I N AN D E P S G R O W T H (1) Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations 2 0 2 5 GAAP 2 0 2 6 GAAP 2 0 2 5 ADJ(1) 2 0 2 6 ADJ(1) $474M 18.2% 17.5% $565M 21.7% $645M 21.9% $517M 2 0 2 5 2 0 2 6 2 0 2 5 GAAP 2 0 2 6 GAAP 2 0 2 5 ADJ(1) 2 0 2 6 ADJ(1) $2.95B $2.61B 13.0% YOY 12.8% YOY 18.9% YOY 10.4% Ex-Currency OP. INCOME / OP. MARGIN EARNINGS PER SHARESALES 0.7 pts YOY 0.2 pts YOY

1Q 2026 Sales 9 P RO D U CT L I N E 1 Q 2 6 YOY 1Q K E Y DR IV E RS (in millions) Equipment $ 726 52.5% Services $ 714 (17.3)% Components $ 357 (6.3)% Digital Intelligence $ 318 75.7% Freight segment $ 2,115 11.3% Transit segment $ 835 17.8% TOTAL SALES $ 2,950 13.0% Sales growth in core services offset by lower modernization deliveries as expected Higher locomotive deliveries & increased mining sales Lower North America rail car build and lower revenue due to portfolio optimization, partially offset by strong industrial demand Increased sales driven by acquisitions, partially offset by the exit of a low margin project Increased sales driven by Dellner acquisition, organic growth, and favorable currency exchange … Sales up 11.0% on constant currency basis

10 1Q 2026 Consolidated Operating Income ($ in millions) $ 9 0 3$ 9 0 02 0 2 5 G R O S S P R O F I T 34.6%34.5%% Gross Profit Volume Mix/Pricing Raw Materials/Tariffs Currency Manufacturing/Other $ 1 , 0 8 7$ 1 , 0 6 12 0 2 6 G R O S S P R O F I T 36.9%36.0%% Gross Profit $ 5 6 5$ 4 7 42 0 2 5 O P I N C O M E 21.7%18.2%% Operating Margin 184161Gross Profit (94)(94)SG&A (10)(10)Engineering -(14)Amortization $ 6 4 5$ 5 1 72 0 2 6 O P I N C O M E 21.9%17.5%% Operating Margin GAAP Adjusted Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations V O L U M E Higher sales in Equipment & Transit, and acquisitions M I X / P R I C I N G Cost recovery through contract escalation and partial tariff recovery & favorable acquisition mix; partially offset by unfavorable mix within the Freight segment R AW M AT E R I A L S Increased tariffs and unfavorable raw material costs C U R R E N C Y Foreign exchange increased gross profit $21M (operating income increased $9M) M A N U F A C T U R I N G / O T H E R Integration 3.0 ongoing savings and increased productivity offset by higher general inflation S G & A / E N G I N E E R I N G Increase mainly driven by acquisitions 1Q OPERATING INCOME KEY DRIVERS

11 1Q 2026 Freight Segment Performance 2 0 2 5 GAAP 2 0 2 6 GAAP 2 0 2 5 ADJ(1) 2 0 2 6 ADJ(1) $420M 21.3% 22.1% $488M 25.7% $550M 26.0%$450M 2 0 2 5 2 0 2 6 $2.12B $1.90B 11.3% YOY 2 0 2 5 2 0 2 6 $6.68B $6.07B 10.1% YOY 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 $10 million which was flat to1st quarter 2025 (2) Foreign exchange positively impacted Freight sales by $20 million; Foreign exchange rates had a positive $322 million impact on segment multi-year backlog 12-Month Backlog increased 9.8% year-over-year, ex-currency M u l t i - Y e a r B a c k l o g +41.0% YoY (+39.2%, ex-currency) 10.2% Ex-Currency OP. INCOME / OP. MARGIN 12-MONTH BACKLOGSALES(2) 0.8 pts YOY 0.3 pts YOY (2)

12 1Q 2026 Transit Segment Performance 2 0 2 5 GAAP 2 0 2 6 GAAP 2 0 2 5 ADJ 2 0 2 6 ADJ 2 0 2 5 2 0 2 6 2 0 2 5 2 0 2 6 12-Month Backlog increased 17.7% year-over-year, ex-currency M u l t i - Y e a r B a c k l o g +26.4% YoY (+23.9%, ex-currency) 11.0% Ex-Currency OP. INCOME / OP. MARGIN 12-MONTH BACKLOGSALES $90M 12.7% 14.5% $103M 14.6% $138M 16.6%$121M $835M $709M 17.8% YOY $2.57B $2.13B 20.7% YOY Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (1) Foreign exchange positively impacted Transit sales by $48 million; Foreign exchange rates had a positive $112 million impact on segment multi-year backlog 1.8 pts YOY 2.0 pts YOY (1) (1)

13 Resilient Business Allows For Execution On Financial Priorities S T R O N G F I N A N C I A L P E R F O R M A N C E ; I N V E S T I N G F O R P R O F I TA B L E G R O W T H A N D M A X I M I Z I N G S H A R E H O L D E R R E T U R N S 1st quarter cash from operations of $199M was up versus prior year despite tariff headwinds 43% Cash Conv $191M $199M 1 Q 2 0 2 6 40% Cash Conv 1 Q 2 0 2 5 Debt leverage ratio of 2.3x (2) FOCUSED ON CASH CONVERSION(1) DISCIPLINED CAPITAL ALLOCATION $199M Cash from Ops $1,059M $46M Capex/$69M Other Dividends$53M $115M $242M $1,012M Net Debt Proceeds Acquisitions/Dispositions Share repurchases  Strong Balance Sheet liquidity of $2.09B(3)  Returning capital to shareholders … $295M returned through share repurchases and dividends Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (1) Cash from Operations conversion % is defined as GAAP Cash from Operations divided by GAAP net income plus depreciation and amortization including deferred debt cost amortization (2) Leverage ratio is defined as net debt divided by trailing 12-month adjusted EBITDA. Net debt is defined as total debt minus cash, restricted cash and cash equivalents (3) At March 31, 2026, the Company’s total available liquidity was $2.09 billion, which includes cash and cash equivalents of $0.52 billion, plus $1.57 billion available under current credit facilities CASH FROM OPS $258M Use of Cash

2026 Updated Financial Guidance PRIOR GUIDANCE REVENUES $12.19B to $12.49B ADJUSTED DIL UTED EPS $10.05 to $10.45 9.2% 11.8% 12.0% 16.5%- - 14  Includes Dellner Couplers acquisition (closed February 10, 2026)  Assumes tariffs in effect as of April 22, 2026 UPDATED GUIDANCE REVENUES $12.19B to $12.49B ADJUSTED DIL UTED EPS $10.25 to $10.65 9.2% 11.8% 14.3% 18.7%- -  Tax rate ~24.5%  Capex ~2% of sales  Adjusted operating margin up YOY  Favorable productivity/absorption  Benefits of Integration 3.0 & Portfolio Optimization  Lower SG&A and Engineering expenses as % of sales, excluding the impact of acquisitions K E Y A S S U M P T I O N S

15 2026 Key Expectations Continued momentum across the portfolio driven by strong orders, backlog, and pipeline Positive productivity driven by continuous cost improvement combined with realization of Integration 3.0 and Portfolio Optimization 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) 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. Cash conversion to average >90% through 2029 M&A model delivering sustained profitable growth and compounding shareholder value

Income Statement Appendix A (1 of 2) 16 2026 2025 Net sales 2,950$ 2,610$ Cost of sales (1,889) (1,710) Gross profit 1,061 900 Gross profit as a % of Net Sales 36.0% 34.5% Selling, general and administrative expenses (401) (307) Engineering expenses (56) (46) Amortization expense (87) (73) Total operating expenses (544) (426) Operating expenses as a % of Net Sales 18.4% 16.3% Income from operations 517 474 Income from operations as a % of Net Sales 17.5% 18.2% Interest expense, net (71) (46) Other income (expense), net 23 (2) Income before income taxes 469 426 Income tax expense (106) (99) Effective tax rate 22.7% 23.2% Net income 363 327 Less: Net income attributable to noncontrolling interest (1) (5) Net income attributable to Wabtec shareholders 362$ 322$ Earnings Per Common Share Basic Net income attributable to Wabtec shareholders 2.12$ 1.88$ Diluted Net income attributable to Wabtec shareholders 2.12$ 1.88$ Basic 170.0 170.5 Diluted 170.7 171.3 March 31, Three Months Ended WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED)

Income Statement Appendix A (2 of 2) 17 2026 2025 Segment Information Freight Net Sales 2,115$ 1,901$ Freight Income from Operations 450$ 420$ Freight Operating Margin 21.3% 22.1% Transit Net Sales 835$ 709$ Transit Income from Operations 121$ 90$ Transit Operating Margin 14.5% 12.7% Backlog Information (Note: 12-month is a sub-set of total) March 31, 2026 December 31, 2025 March 31, 2025 Freight Total 25,175$ 22,493$ 17,851$ Transit Total 5,627 4,914 4,451 Wabtec Total 30,802$ 27,407$ 22,302$ Freight 12-Month 6,679$ 6,022$ 6,069$ Transit 12-Month 2,568 2,212 2,127 Wabtec 12-Month 9,247$ 8,234$ 8,196$ March 31, Three Months Ended WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED)

Balance Sheet Appendix B 18 March 31, 2026 December 31, 2025 In millions Cash, cash equivalents and restricted cash 531$ 789$ Receivables, net 2,252 1,897 Inventories, net 2,850 2,745 Other current assets 340 263 Total current assets 5,973 5,694 Property, plant and equipment, net 1,653 1,616 Goodwill 10,625 10,216 Other intangible assets, net 4,239 3,838 Other noncurrent assets 706 705 Total assets 23,196$ 22,069$ Current liabilities 5,835$ 5,150$ Long-term debt 4,708 4,291 Long-term liabilities - other 1,502 1,438 Total liabilities 12,045 10,879 Shareholders' equity 11,103 11,142 Noncontrolling interest 48 48 Total shareholders' equity 11,151 11,190 Total Liabilities and Shareholders' Equity 23,196$ 22,069$ WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

Cash Flow Appendix C 19 2026 2025 In millions Operating activities Net income 363$ 327$ Non-cash expense 151 127 Receivables (305) (226) Inventories (28) (29) Accounts Payable 20 13 Other operating activities (2) (21) Net cash provided by operating activities 199 191 Net cash used for investing activities (1,105) (44) Net cash provided by (used for) financing activities 656 (172) Effect of changes in currency exchange rates (8) 8 Decrease in cash (258) (17) Cash, cash equivalents and restricted cash, beginning of period 789 715 Cash, cash equivalents and restricted cash, end of period 531$ 698$ WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended March 31,

EPS and Non-GAAP Reconciliation Appendix D 20 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 2,950$ 1,061$ (544)$ 517$ (48)$ (106)$ 363$ (1)$ 362$ 2.12$ Restructuring and Portfolio Optimization costs - 3 2 5 - (1) 4 - 4 0.02$ Inventory Purchase Accounting charge - 23 - 23 - (5) 18 - 18 0.11$ Transaction costs - - 13 13 (2) - 11 - 11 0.06$ Non-cash Amortization expense - - 87 87 - (20) 67 - 67 0.40$ Adjusted Results 2,950$ 1,087$ (442)$ 645$ (50)$ (132)$ 463$ (1)$ 462$ 2.71$ Fully Diluted Shares Outstanding 170.7 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 2,610$ 900$ (426)$ 474$ (48)$ (99)$ 327$ (5)$ 322$ 1.88$ Restructuring and Portfolio Optimization costs - 3 6 9 - (2) 7 - 7 0.04$ Transaction costs - - 10 10 - (2) 8 - 8 0.04$ Non-cash Amortization expense - - 72 72 - (17) 55 - 55 0.32$ Adjusted Results 2,610$ 903$ (338)$ 565$ (48)$ (120)$ 397$ (5)$ 392$ 2.28$ Fully Diluted Shares Outstanding 171.3 First Quarter Year-to-Date 2025 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. First Quarter Year-to-Date 2026 Actual Results

EBITDA Reconciliation Appendix E 21 Wabtec Corporation 2026 Q1 YTD EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring & Adjusted from Operations (Expense) Amortization Transaction Costs EBITDA Consolidated Results $517 $23 $137 $677 $39 $716 Wabtec Corporation 2025 Q1 YTD EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results $474 ($2) $119 $591 $17 $608 Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. =+ + = EBITDA + =+ + = EBITDA +

Sales by Product Line Appendix F 22 In millions 2026 2025 Freight Segment Equipment 726$ 476$ Components 357 381 Digital Intelligence 318 181 Services 714 863 Total Freight Segment 2,115$ 1,901$ Transit Segment Original Equipment Manufacturer 381$ 322$ Aftermarket 454 387 Total Transit Segment 835$ 709$ Three Months Ended March 31, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION SALES BY PRODUCT LINE (UNAUDITED)

Segment Gross Margin & Operating Margin Reconciliation Appendix G 23 In millions Gross Profit Income from Operations Gross Profit Income from Operations Freight Segment Reported Results 788$ 450$ 685$ 420$ Freight Segment Reported Margin 37.3% 21.3% 36.0% 22.1% Restructuring and Portfolio Optimization costs 2 3 2 3 Inventory Purchase Accounting charge 20 20 - - Transaction costs - 1 - - Non-cash Amortization expense - 76 - 65 Freight Segment Adjusted Results 810$ 550$ 687$ 488$ Freight Segment Adjusted Margin 38.3% 26.0% 36.2% 25.7% Transit Segment Reported Results 273$ 121$ 215$ 90$ Transit Segment Reported Margin 32.7% 14.5% 30.3% 12.7% Restructuring and Portfolio Optimization costs 1 3 1 6 Inventory Purchase Accounting charge 3 3 - - Non-cash Amortization expense - 11 - 7 Transit Segment Adjusted Results 277$ 138$ 216$ 103$ Transit Segment Adjusted Margin 33.2% 16.6% 30.4% 14.6% 2026 2025 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT (UNAUDITED) Three Months Ended March 31,

Segment Sales Reconciliation Appendix H 24 Freight Transit Consolidated 2025 Net Sales 1,901$ 709$ 2,610$ Acquisitions 184 41 225 Portfolio Optimization (Divestitures/Exits) (10) (3) (13) Foreign Exchange 20 48 68 Organic 20 40 60 2026 Net Sales 2,115$ 835$ 2,950$ Change ($) 214 126 340 Change (%) 11.3% 17.8% 13.0% Three Months Ended March 31, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT (UNAUDITED)

Cash Conversion Reconciliation Appendix I 25 Wabtec Corporation 2026 Q1 YTD Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $199 $363 $139 40% Wabtec Corporation 2025 Q1 YTD Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $191 $327 $120 43% 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) =

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