L.b. Foster Company · NASDAQ:FSTR
L.b. Foster — Q4 2025 Earnings Presentation
38 slides from L.b. Foster's earnings presentation, Mar 3, 2026
Slide 1: L.B. Foster Company Earnings Presentation
L.B. Foster Company Earnings Presentation Nasdaq - FSTR March 3, 2026
Slide 2: Safe Harbor Disclaimer
Safe Harbor Disclaimer Safe Harbor Statement Non-GAAP Financial Measures This earnings presentation discloses the following non-GAAP measures: This presentation may contain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section
Slide 3: L.B. Foster Overview
L.B. Foster Overview Innovating to solve global infrastructure challenges 2026 Guidance3 Low High > Founded in 1902, headquartered in Pittsburgh, Pennsylvania Revenue $ 540 $ 580 > Locations throughout North America, South America, Europe, and Asia Adj. EBITDA1 $ 41 $ 46 Capex as a % of sales 2.7% 2
Slide 4: Opening Remarks
Opening Remarks John Kasel President and CEO L.B. Foster Q4 2025 Earnings Presentation 4 March 3, 2026
Slide 5: Executive Summary – Quarter Highlights
Executive Summary – Quarter Highlights What we’ve accomplished… Net sales of $160.4M up Net cash provided by Operating income of $7.8M, 25.1% YoY; Infrastructure operations of $22.2M, up $4.8M YoY with New orders, net1 of up 27.3%; Rail up 23.7% down $2.1M YoY improved margins and $101.3M, down 5.5%
Slide 6: Executive Summary – Full Year Highlights
Executive Summary – Full Year Highlights What we’ve accomplished… Where we're going… 2026 Guidance Net sales of $540.0M up Net income of $7.5M 1.7% YoY; Infrastructure down YoY primarily due to Net debt1 of $38.4M down Net Sales up 14.9%; Rail down 6.5% a $31.9M favorable tax $6.1M YoY $540M - $580M
Slide 7: Financial Review
Financial Review Bill Thalman Executive Vice President and CFO L.B. Foster Q4 2025 Earnings Presentation 7 March 3, 2026
Slide 8: Fourth Quarter Results
Fourth Quarter Results As of and for the quarter ended December 31, 2025: > Net sales up 25.1% YoY driven by sales growth YoY Δ $ in millions, unless otherwise noted in both segments SALES 160.4 32.2 > Gross profit up $3.0M YoY, with margins down 260 bps due to weaker results in UK Rail, GROSS PROFI
Slide 9: Historical Seasonality of Financial Performance
Historical Seasonality of Financial Performance Exceptionally Strong Fourth Quarter Sales / Profitability Realized in Both Segments Skewed 2025 Phasing 1 Net Sales Q1/Q4 v. Q2/Q3 - Construction Season Free Cash Flow H1 v. H2 - Working Capital Seasonality 75.0% $50.0 $44.0 $46.2 $37.3 55.4% 52.6% 54.
Slide 10: Rail, Technologies, and Services – Q4 Results
Rail, Technologies, and Services – Q4 Results Strong Finish After Slow Start to the Year; Friction Management Sales Up 19.0% in 2025 Rail,Technologies, Rail, Technologies Sales GP Margin and Services and Services +23.7% (440) bps 125 25% 100 20% 75 15% 50 10% 22.2% $98 17.8% $79 25 5% — —% Q4 2024 Q
Slide 11: Infrastructure Solutions – Q4 Results
Infrastructure Solutions – Q4 Results Sales Growth Driven by Strong Demand in Precast Concrete and Protective Coatings Infrastructure Sales GP Margin Solutions +27.3% +20 bps 80 30% 25% 60 20% 40 15% $62 22.6% 22.8% $49 10% 20 5% — —% Q4 2024 Q4 2025 Q4 2024 Q4 2025 > Net sales increased 27.3% with
Slide 12: 2025 Full Year Results
2025 Full Year Results As of and for the year ended December 31, 2025: YoY Δ > Sales up 1.7% driven by 14.9% higher $ in millions, unless otherwise stated Infrastructure sales, offset by 6.5% lower Rail SALES 540.0 9.2 sales due to softer demand in early 2025 GROSS PROFIT 113.8 (4.3) > Gross profit
Slide 13: Net Debt, Leverage, and Cash Flow
Net Debt1, Leverage, and Cash Flow Improved Net Debt1 and Gross Leverage Ratio1,2 Driven by Strong Free Cash Flow and Improved Profitability Net Debt1 and Gross Leverage Ratio1,2 > Net debt1 and Gross Leverage Ratio1,2 improved Per Credit Agreement sequentially / YoY driven by strong operating cash
Slide 14: Capital Allocation Priorities
Capital Allocation Priorities Relentless Pursuit of Shareholder Returns with Prudent Capital Allocation Capital Allocation Investment for Growth Debt Reduction Growth Capital Expenditures > Target maintaining Gross Leverage Ratio1 between > Targeting ~2.7% of sales for maintenance, efficiency and ~1
Slide 15: New Orders, Net, Revenue, and Book-to-Bill Ratios
New Orders, Net1, Revenue, and Book-to-Bill Ratios1 Consolidated New Orders, Net, Revenue, and TTM Book-to-Bill Ratio ($ in millions) 200 1.00 : 1.00 150 $176 1.04 : 1.00 1.08 : 1.00 0.95 : 1.00 $160 $149 $144 1.04 : 1.00 $138 100 $128 $107 $115 $98 $101 50 — Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Slide 16: Backlog Trends
Backlog1 Trends Consolidated Backlog 300 250 $270 $237 $247 200 150 $186 $189 100 50 — Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Rail, Technologies, and Services Backlog Infrastructure Solutions Backlog 150 175 125 $140 150 $131 $145 125 $139 100 100 $123 $92 $97 $107 75 75 $92 50 $62 50 25 25 — — Q4
Slide 17: Closing Remarks
Closing Remarks John Kasel President and CEO L.B. Foster Q4 2025 Earnings Presentation 17 March 3, 2026
Slide 18: Market and Business Outlook
Market and Business Outlook Strategic Growth Investments Position Us Well to Benefit from Improving Demand Federal funding programs Federal funding available Rail Technologies growth Precast Concrete business Renewed interest in supporting rail for rail infrastructure anticipated as customers well p
Slide 19: Innovating to Solve Global Infrastructure Challenges
Innovating to Solve Global Infrastructure Challenges Investing in Growth Platforms to Drive Sales Growth and Profitability Expansion in 2026 and Beyond > Strategic Transformation Financial Results 2026 Financial Guidance commenced in 2021 2021 v. 2025 March 3, 2026 > Significant improvement in finan
Slide 20: Thank you!
Thank you! L.B. Foster Q4 2025 Earnings Presentation We look forward to discussing our Q1 2026 results in early May 2026 L.B. Foster Q4 2025 Earnings Presentation 20 March 3, 2026
Slide 21: Appendix
Appendix L.B. Foster Q4 2025 Earnings Presentation 21 March 3, 2026
Slide 22: Condensed Balance Sheet - Assets
Condensed Balance Sheet - Assets Assets December 31, 2025 December 31, 2024 ($ in millions) Current assets: Cash and cash equivalents $ 4.3 $ 2.5 Accounts receivable - net 80.6 65.0 Contract assets 6.4 16.7 Inventories - net 60.2 70.5 Other current assets 5.4 6.9 Total current assets $ 156.9 $ 161.6
Slide 23: Condensed Balance Sheet – Liabilities and Equity
Condensed Balance Sheet – Liabilities and Equity Liabilities and Stockholders' Equity December 31, 2025 December 31, 2024 ($ in millions) Current liabilities: Accounts payable $ 52.5 $ 50.1 Deferred revenue 5.9 10.2 Other accrued liabilities 25.3 27.8 Current maturities of long-term debt 0.2 0.2 Tot
Slide 24: Condensed Income Statement – Q4
Condensed Income Statement – Q4 Three Months Ended Three Months Ended Delta December 31, 2025 December 31, 2024 ($ in millions except per share data) $ % of Sales $ % of Sales $ % Sales $ 160.4 $ 128.2 $ 32.2 25.1 % Gross profit 31.6 19.7% 28.6 22.3% 3.0 10.6 % SG&A 23.1 14.4% 24.4 19.1% (1.3) (5.2)
Slide 25: Condensed Income Statement – YTD
Condensed Income Statement – YTD Year Ended Year Ended Delta December 31, 2025 December 31, 2024 ($ in millions except per share data) $ % of Sales $ % of Sales $ % Sales $ 540.0 $ 530.8 $ 9.2 1.7 % Gross profit 113.8 21.1% 118.1 22.2% (4.3) (3.7)% SG&A 88.6 16.4% 96.4 18.2% (7.8) (8.1)% (Gain) on s
Slide 26: Condensed Cash Flows
Condensed Cash Flows Year Ended Year Ended December 31, 2025 December 31, 2024 ($ in millions) Net income and other non-cash items from operations $ 34.7 $ 27.2 Change in operating assets and liabilities: Receivables (14.8) (12.3) Contract assets 11.1 12.4 Inventory 9.6 2.4 Payables and deferred rev
Slide 27: New Orders, Net and Backlog
New Orders, Net and Backlog New Orders, Net – Three Months Ended ($ in millions) December 31, 2025 December 31, 2024 Delta Rail, Technologies, and Services $ 54.1 $ 55.0 $ (0.9) (1.6) % Infrastructure Solutions 47.2 52.2 (5.0) (9.5) Total $ 101.3 $ 107.2 $ (5.9) (5.5) % New Orders, Net – Year Ended
Slide 28: Segment Results – Q4
Segment Results – Q4 Three Months Ended Three Months Ended Delta Segment Sales December 31, 2025 December 31, 2024 ($ in millions) $ $ $ % Rail, Technologies, and Services $ 98.0 $ 79.2 $ 18.8 23.7 % Infrastructure Solutions 62.4 49.0 13.4 27.3 % Total $ 160.4 $ 128.2 $ 32.2 25.1 % Three Months Ende
Slide 29: Segment Results – YTD
Segment Results – YTD Year Ended Year Ended Delta Segment Sales December 31, 2025 December 31, 2024 ($ in millions) $ $ $ % Rail, Technologies, and Services $ 305.7 $ 326.9 $ (21.1) (6.5)% Infrastructure Solutions 234.3 203.9 30.4 14.9 % Total $ 540.0 $ 530.8 $ 9.2 1.7 % Year Ended Year Ended Delta
Slide 30: Non-GAAP Measure: Adjusted EBITDA
Non-GAAP Measure: Adjusted EBITDA Three Months Ended Year Ended December 31, December 31, ($ in millions) 2025 2024 2025 2024 Net income, as reported $ 2.4 $ (0.3) $ 7.4 $ 42.8 Interest expense - net 1.0 1.0 4.9 5.0 Income tax expense (benefit) 4.4 0.7 10.0 (28.4) Depreciation expense 2.3 2.4 9.1 9.
Slide 31: Non-GAAP Measure: Adjusted EBITDA and Free Cash Flow
Non-GAAP Measure: Adjusted EBITDA and Free Cash Flow Twelve months ended: December 31, December 31, ($ in millions) 2021 2025 Net income, as reported $ 3.5 $ 7.4 Interest expense - net 3.0 4.9 Income tax expense 1.1 10.0 Depreciation expense 8.1 9.1 Amortization expense 5.8 3.3 Total EBITDA $ 21.4 $
Slide 32: Non-GAAP Measure: Funding Capacity
Non-GAAP Measure: Funding Capacity1 December 31, 2025 ($ in millions) Cash and cash equivalents $ 4.3 Total availability under the credit facility 150.0 Outstanding borrowings on revolving credit facility (42.2) Letters of credit outstanding (0.9) Net availability under the revolving credit facility
Slide 33: Non-GAAP Measure: Free Cash Flow
Non-GAAP Measure: Free Cash Flow Six months ended: December 31, June 30, December 31, June 30, December 31, June 30, December 31, June 30, December 31, June 30, ($ in millions) 2025 2025 2024 2024 2023 2023 2022 2022 2021 2021 Net cash provided by (used in) operating activities $ 51.4 $ (15.7) $ 49.
Slide 34: Non-GAAP Measure: Net Debt
Non-GAAP Measure: Net Debt December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31, 2025 2025 2025 2025 2024 2024 2024 2024 ($ in millions) Total debt $ 42.8 $ 58.7 $ 81.6 $ 82.5 $ 46.9 $ 68.5 $ 87.2 $ 78.1 Less: cash and cash equivalents (4.3) (3.4) (4.2) (2.6) (2
Slide 35: Non-GAAP Measure: Adjusted EBITDA by Quarter
Non-GAAP Measure: Adjusted EBITDA by Quarter Three Months Ended March 31, June 30, September 30, December 31, ($ in millions) 2021 2021 2021 2021 Net (loss) income, as reported $ (1.3) $ 2.9 $ 2.2 $ (0.4) Interest expense - net 0.9 0.9 0.7 0.5 Income tax (benefit) expense (0.3) 1.1 0.7 (0.4) Depreci
Slide 36: Non-GAAP Measure: Adjusted EBITDA by Quarter
Non-GAAP Measure: Adjusted EBITDA by Quarter Three Months Ended March 31, June 30, September 30, December 31, ($ in millions) 2022 2022 2022 2022 Net (loss) income, as reported $ (1.6) $ 2.0 $ (2.1) $ (44.0) Interest expense - net 0.4 0.4 1.0 1.6 Income tax (benefit) expense (0.5) 0.8 (0.2) 36.5 Dep
Slide 37: Non-GAAP Measure: Adjusted EBITDA by Quarter
Non-GAAP Measure: Adjusted EBITDA by Quarter Three Months Ended March 31, June 30, September 30, December 31, ($ in millions) 2023 2023 2023 2023 Net (loss) income, as reported $ (2.2) $ 3.5 $ 0.4 $ (0.5) Interest expense - net 1.4 1.6 1.4 1.1 Income tax (benefit) expense (0.5) 0.6 (0.1) (0.3) Depre
Slide 38: Non-GAAP Measure: Adjusted EBITDA by Quarter
Non-GAAP Measure: Adjusted EBITDA by Quarter Three Months Ended March 31, June 30, September 30, December 31, ($ in millions) 2024 2024 2024 2024 Net income (loss), as reported $ 4.4 $ 2.8 $ 35.9 $ (0.3) Interest expense - net 1.1 1.5 1.4 1.0 Income tax expense (benefit) 0.3 0.3 (29.7) 0.7 Depreciat