L.b. Foster Company · NASDAQ:FSTR
L.b. Foster — Q3 2025 Earnings Presentation
39 slides from L.b. Foster's earnings presentation, Nov 3, 2025
Slide 1: L.B. Foster Company Earnings Presentation
L.B. Foster Company Earnings Presentation Nasdaq - FSTR November 3, 2025
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 2025 Guidance3 Low High > Founded in 1902, headquartered in Pittsburgh, Pennsylvania Revenue $ 535 $ 545 > Locations throughout North America, South America, Europe, and Asia Adj. EBITDA1 $ 40 $ 42 Capex as a % of sales ~2% ~2
Slide 4: Opening Remarks
Opening Remarks John Kasel President and CEO L.B. Foster Q3 2025 Earnings Presentation 4 November 3, 2025
Slide 5: Executive Summary – Quarter Highlights
Executive Summary – Quarter Highlights What we’ve accomplished… Where we’re going… Updated 2025 Guidance Net sales of $138.3M up Net cash provided by New orders, net1 of $114.8M, 0.6% YoY; Infrastructure up Net Sales operations of $29.2M, up up 19.6% YoY; Q3 TTM 4.4%; Rail down 2.2% $535M - $545M $4
Slide 6: Financial Review
Financial Review Bill Thalman Executive Vice President and CFO L.B. Foster Q3 2025 Earnings Presentation 6 November 3, 2025
Slide 7: Third Quarter Results
Third Quarter Results As of and for the quarter ended September 30, 2025: YoY Δ $ in millions, unless otherwise noted > Net sales up 0.6% YoY driven by Infrastructure SALES 138.3 0.8 > Gross profit down 5.2% YoY, with margins down 130 bps GROSS PROFIT 31.1 (1.7) > SG&A down $2.2M on lower personnel,
Slide 8: Historical Seasonality of Financial Performance
Historical Seasonality of Financial Performance Q2/Q3 Combined Results Relatively Lower than Normal Given Strong Q4 Implied by Guidance 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 $37.3 55.4% 52.6% 54.0% 52.4% 53.6% 47.6% $
Slide 9: Rail, Technologies, and Services – Q3 Results
Rail, Technologies, and Services – Q3 Results Order Timing in Rail Products Impacted Volumes and Profitability; Rail Products Backlog1 up 59.9% YoY Rail,Technologies, Rail, Technologies Sales GP Margin and Services and Services (2.2)% (40) bps 100 25% 20% 75 15% 50 23.2% 22.8% $79 $78 10% 25 5% 0 0%
Slide 10: Infrastructure Solutions – Q3 Results
Infrastructure Solutions – Q3 Results Sales Growth Realized in Both Business Units; Backlog1 Down due to Longer-Term Order Cancellations Infrastructure Sales GP Margin Solutions +4.4% (260) bps 30% 60 25% 20% 40 15% $58 $60 24.6% 10% 22.0% 20 5% 0 0% Q3 2024 Q3 2025 Q3 2024 Q3 2025 > Net sales incre
Slide 11: Year to Date Results
Year to Date Results As of and for the nine months ended September 30, 2025: YoY Δ > Sales down 5.7% driven by 16.1% lower Rail $ in millions, unless otherwise stated sales, partially offset by 11.0% higher SALES 379.6 (22.9) Infrastructure sales GROSS PROFIT 82.1 (7.3) > Gross profit down $7.3M and
Slide 12: Net Debt, Leverage, and Cash Flow
Net Debt1, Leverage, and Cash Flow Improved Net Debt1 and Gross Leverage Ratio1,2 Driven by Favorable Operating Cash Flow Net Debt1 and Gross Leverage Ratio1,2 Per Credit Agreement > Net debt1 and Gross Leverage Ratio1,2 improved ($ in millions) 3.0x 100 sequentially / YoY with deferred working capi
Slide 13: 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 ~2.0% of sales for maintenance, efficiency and ~1
Slide 14: 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) 200 150 0.94 : 1.00 $176 1.04. : 1.00 1.08 : 1.00 0.95 : 1.00 $149 $144 $137 1.04. : 1.00 $138 100 $128 $107 $115 $96 $98 50 0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Slide 15: Backlog Trends
Backlog1 Trends Consolidated Backlog 300 250 $270 $237 $247 200 $209 150 $186 100 50 0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Rail, Technologies, and Services Backlog Infrastructure Solutions Backlog 150 175 125 $140 150 $131 $145 125 $139 100 100 $120 $123 75 $89 $92 $107 75 50 $62 50 25 25 0 0 Q3
Slide 16: Closing Remarks
Closing Remarks John Kasel President and CEO L.B. Foster Q3 2025 Earnings Presentation 16 November 3, 2025
Slide 17: Market and Business Outlook
Market and Business Outlook No Material Impacts from Tariffs or Recent Federal Government Shutdown Expected Improving Rail demand Continuing focus on and Precast Concrete business Renewed interest in after slow start to 2025; funding of railroad well positioned to benefit domestic energy Federal fun
Slide 18: Fourth Quarter Outlook
Fourth Quarter Outlook $38M Increase in Backlog1 Expected to Deliver Significant Fourth Quarter Sales Growth 2025 Fourth Quarter Net Sales Outlook Third Quarter Results Third Quarter Fourth Quarter* > Modest sales growth despite $20M backlog1 increase at quarter 2024 $137M $128M start YoY due primar
Slide 19: Innovating to Solve Global Infrastructure Challenges
Innovating to Solve Global Infrastructure Challenges Organic Growth and Profitability Expansion Expected to Continue Through Balance of 2025 Financial Results 2025 Goals Established in 2025 Financial Guidance 2021 v. 2024 December 2021 November 3, 2025 2021 2024 Low High Low High Net sales $514M $53
Slide 20: Thank you!
Thank you! L.B. Foster Q3 2025 Earnings Presentation We look forward to discussing our Q4 and full year 2025 results in early March 2026 L.B. Foster Q3 2025 Earnings Presentation 20 November 3, 2025
Slide 21: Appendix
Appendix L.B. Foster Q3 2025 Earnings Presentation 21 November 3, 2025
Slide 22: Condensed Balance Sheet - Assets
Condensed Balance Sheet - Assets Assets September 30, 2025 December 31, 2024 ($ in millions) Current assets: Cash and cash equivalents $ 3.4 $ 2.5 Accounts receivable - net 64.4 65.0 Contract assets 7.9 16.7 Inventories - net 69.6 70.5 Other current assets 8.2 6.9 Total current assets $ 153.5 $ 161.
Slide 23: Condensed Balance Sheet – Liabilities and Equity
Condensed Balance Sheet – Liabilities and Equity Liabilities and Stockholders' Equity September 30, 2025 December 31, 2024 ($ in millions) Current liabilities: Accounts payable $ 37.7 $ 50.1 Deferred revenue 9.1 10.2 Other accrued liabilities 22.6 27.8 Current maturities of long-term debt 0.2 0.2 To
Slide 24: Condensed Income Statement – Q3
Condensed Income Statement – Q3 Three Months Ended Three Months Ended Delta September 30, 2025 September 30, 2024 ($ in millions except per share data) $ % of Sales $ % of Sales $ % Sales $ 138.3 $ 137.5 $ 0.8 0.6 % Gross profit 31.1 22.5% 32.8 23.8% (1.7) (5.2)% SG&A 22.1 16.0% 24.3 17.7% (2.2) (9.
Slide 25: Condensed Income Statement – YTD
Condensed Income Statement – YTD Nine Months Ended Nine Months Ended Delta September 30, 2025 September 30, 2024 ($ in millions except per share data) $ % of Sales $ % of Sales $ % Sales $ 379.6 $ 402.6 $ (22.9) (5.7)% Gross profit 82.1 21.6% 89.4 22.2% (7.3) (8.2)% SG&A 65.4 17.2% 72.0 17.9% (6.6)
Slide 26: Condensed Cash Flows
Condensed Cash Flows Nine Months Ended Nine Months Ended September 30, 2025 September 30, 2024 ($ in millions) Net income and other non-cash items from operations $ 23.4 $ 22.3 Receivables 1.3 (13.0) Contract assets 9.5 9.9 Inventory 0.8 (0.5) Payables and deferred revenue (13.5) (2.3) Trade working
Slide 27: New Orders, Net and Backlog
New Orders, Net and Backlog New Orders, Net – Three Months Ended September 30, September 30, ($ in millions) Delta 2025 2024 Rail, Technologies, and Services $ 86.4 $ 52.7 $ 33.7 63.9 % Infrastructure Solutions 28.4 43.3 (14.9) (34.4) Total $ 114.8 $ 96.0 $ 18.8 19.6 % New Orders, Net – Nine Months
Slide 28: Backlog, Adjusted for Order Cancellation
Backlog, Adjusted for Order Cancellation Infrastructure Solutions ($ in millions) September 30, September 30, YoY Delta 2025 2024 Backlog $ 107.2 $ 120.3 $ (13.1) Less: Summit order cancellation — (18.7) 18.7 Backlog, adjusted $ 107.2 $ 101.6 $ 5.6 Note figures may not foot due to rounding. L.B. Fos
Slide 29: Segment Results – Q3
Segment Results – Q3 Three Months Ended Three Months Ended Delta Segment Sales September 30, 2025 September 30, 2024 ($ in millions) $ $ $ % Rail, Technologies, and Services $ 77.8 $ 79.5 $ (1.7) (2.2)% Infrastructure Solutions 60.5 58.0 2.5 4.4 % Total $ 138.3 $ 137.5 $ 0.8 0.6 % Three Months Ended
Slide 30: Segment Results – YTD
Segment Results – YTD Nine Months Ended Nine Months Ended Delta Segment Sales September 30, 2025 September 30, 2024 ($ in millions) $ $ $ % Rail, Technologies, and Services 207.8 247.7 (39.9) (16.1)% Infrastructure Solutions 171.9 154.9 17.0 11.0 % Total $ 379.6 $ 402.6 $ (22.9) (5.7)% Nine Months E
Slide 31: Non-GAAP Measure: Adjusted EBITDA
Non-GAAP Measure: Adjusted EBITDA Trailing twelve Three Months Ended Nine Months Ended months ended September 30, September 30, September 30, ($ in millions) 2025 2024 2025 2024 2025 Net income, as reported $ 4.3 $ 35.9 $ 5.0 $ 43.1 $ 4.8 Interest expense - net 1.3 1.4 3.9 4.0 4.9 Income tax expense
Slide 32: Non-GAAP Measure: Adj. EBITDA Margin & Net Income Margin
Non-GAAP Measure: Adj. EBITDA Margin & Net Income Margin Twelve months ended: December 31, December 31, ($ in millions) 2021 2024 Net income, as reported $ 3.5 $ 42.8 Interest expense - net 3.0 5.0 Income tax expense (benefit) 1.1 (28.4) Depreciation expense 8.1 9.5 Amortization expense 5.8 4.6 Tota
Slide 33: Non-GAAP Measure: Adj. EBITDA Margin & Net Income Margin
Non-GAAP Measure: Adj. EBITDA Margin & Net Income Margin Three Months Ended ($ in millions) June 30, 2025 Net (loss) income, as reported $ 2.8 Interest expense - net 1.5 Income tax (benefit) expense 3.4 Depreciation expense 2.3 Amortization expense 0.8 Total EBITDA $ 10.9 Gain on asset sale — Pensio
Slide 34: Non-GAAP Measure: Funding Capacity and Net Debt
Non-GAAP Measure: Funding Capacity and Net Debt1 September 30, 2025 ($ in millions) Cash and cash equivalents $ 3.4 Total availability under the credit facility 150.0 Outstanding borrowings on revolving credit facility (58.1) Letters of credit outstanding (0.8) Net availability under the revolving c
Slide 35: Non-GAAP Measure: Free Cash Flow
Non-GAAP Measure: Free Cash Flow Twelve months ended: December 31, December 31, ($ in millions) 2021 2024 Net cash (used in) provided by operating activities $ (0.8) $ 22.6 Less capital expenditures on property, plant, and equipment (4.6) (9.8) Free cash flow $ (5.4) $ 12.8 Six months ended: Decembe
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) 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 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) 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 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) 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 39: 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