Freightcar America, Inc. · NASDAQ:RAIL
Freightcar America — Q2 2025 Earnings Presentation
25 slides from Freightcar America's earnings presentation, Aug 5, 2025
Slide 1: Investor Presentation August 2025
Investor Presentation August 2025
Slide 2: Disclosures
Disclosures Forward-Looking Statements This presentation contains statements relating to our expected financial performance, financial condition, and/or future business prospects, events and/or plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act
Slide 3: Company Overview
Company Overview 3
Slide 4: Storied History with Runway for Growth
Storied History with Runway for Growth North America's Leading Pure-Play Freight 120-year Railcar Solutions Provider Distinguished Fastest- Unique ability to Vertically Strong margin growing OEM flex across new integrated, profile and cash Legacy with expanding builds, retrofits, purpose-built gener
Slide 5: Business Model Built to Achieve Profitable Growth
Business Model Built to Achieve Profitable Growth TTM as of 6/30/2025 3,629 11,617 $ 9.1% Railcar Deliveries Adj. EBITDA1 / Railcar Adj. EBITDA Margin Up 611 bps YoY Up 100 bps YoY 5,000+ 21.5M $ Adj. Free Cash 466M $ Revenue Capacity Flow Down 6.3% YoY 5 1. See appendix for reconciliation of Non-GA
Slide 6: Diverse Product Portfolio Catering to a Strong Customer Base
Diverse Product Portfolio Catering to a Strong Customer Base Average Deliveries by Customer Type FY20 to Present Leading railroad, lessors, and shippers based in North America with an average tenure of 20+ Years Gondolas Collaborative approaches to design that deliver on the ultimate shipper need Ve
Slide 7: Well Positioned Within Addressable Market
Well Positioned Within Addressable Market Market Drivers Market % of Units Delivered Open Top Hoppers Market Leader • Consistent replacement demand for railcars Gondolas Primary • Growth in intermodal transportation 70% • Elevated investment in efficiency and Flat Cars Primary safety regulation 40K
Slide 8: Uniquely Positioned to Drive Profitable Growth
Uniquely Positioned to Drive Profitable Growth Our Foundation How we win Flexible Efficient, scalable production with highly adaptable operations that Manufacturing support product run sizes and order customization considered undesirable Campus by the competition Strong production visibility by main
Slide 9: Agile Manufacturing Presence
Agile Manufacturing Presence Castaños Railcar Capacity | Timing of Facility Expansion Line 5* 6000 Line 4 5000 4000 3000 Line 3 2000 Line 2 Vertically Integrated Facility 1000 Line 1 Optimized operational efficiency and cost-effectiveness 0 FY20 FY21 FY22 FY23 FY24 Ability to effectively manage supp
Slide 10: Pillars for Value Creation
Pillars for Value Creation GROWTH STRATEGY Drive Strategic Growth in Optimized Capital Structure Future Product Expansion Railcar Manufacturing Flexible, Vertically Retired Preferred Shares with a Facilities, people, proximity to the U.S. Integrated state-of-the-art lower cost debt facility border a
Slide 11: Financial Overview
Financial Overview 11
Slide 12: 2Q25 Financial Results
2Q25 Financial Results Revenue ($ in millions) Strong quarterly results realizing strong revenue growth and profitability $147.4 $118.6 Revenues of $118.6M, down 19.5% YoY 2Q24 2Q25 • 939 railcar deliveries in 2Q25 Gross Profit ($ in millions) Gross Margin of 15.0%, up 250 bps YoY • Q2 margin increa
Slide 13: Historical Financial Performance
Historical Financial Performance Revenue ($ in millions) / Railcar Deliveries (units) 2020-2024 CAGR Deliveries 55% | Revenue 51% 4,362 4,700 3,184 3,022 1,731 $559 $563 751 $365 $358 $203 $108 FY20 FY21 FY22 FY23 FY24 FY25E1 Adjusted EBITDA2 ($ in millions) $43.0 $46.0 $8.4 $20.1 ($7.2) ($29.5) 1 F
Slide 14: Cash Flow
Cash Flow Operating Cash Flow Key Metrics FY24 ($ in millions) 44.5M $44.9 $ $11.5 $4.8 Cash ($58.9) FY20 ($55.4) FY21 FY22 FY23 FY24 $ 108.4M Total Debt 5.0M Delivered third consecutive year of positive operating cash flow $ Delivered Adj. Free Cash Flow1 of $21.7 million in FY24 Capital Expenditur
Slide 15: Reaffirming Full Year 2025 Guidance
Reaffirming Full Year 2025 Guidance Metric Target YoY Growth at Midpoint Railcar Deliveries 4,500 - 4,900 Cars 7.7% Revenue $ 530 - 595M $ 0.6% Adj. EBITDA1 $ 43 - 49M $ 7.0% 1. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA guidance due to the inherent difficulty i
Slide 16: Investment Highlights
Investment Highlights Strong Revenue Achieved FY24 Generation Revenue 5,000+ Annual revenue of $559M / Capacity with Increased Railcar Capacity at 87% Capacity capacity1 Equity Capital (as of 6/30/25) Industry Leading Revenue / 12.0% CapacityFY24 $9,858 FY24 Adj. Common Stock 19.1 million Margin Pro
Slide 17: Appendix
Appendix
Slide 18: Diluted Share Count at Various Prices
Diluted Share Count at Various Prices REPRESENTS SHARES AND DILUTED SECURITIES OUTSTANDING AT VARIOUS PRICE PER SHARE LEVELS (SHARES IN MILLIONS) Common Stock $ 8.62 $ 9.00 $ 9.50 $ 10.00 $ 10.50 $ 11.00 $ 11.50 $ 12.00 $ 15.00 $ 20.00 Shares held by Affiliates 6.59 6.59 6.59 6.59 6.59 6.59 6.59 6.5
Slide 19: Reconciliation of Income Before Taxes to EBITDA
Reconciliation of Income (Loss) Before Taxes to EBITDA and Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Income/(Loss) Before Income Taxes $(41,009) $10,674 $11,275 $(3,474) Depreciation & Amortization 1,550 1,414 3,046 2,810 Interest Expense, Net 4,382 1,
Slide 20: Reconciliation of Loss Before Taxes to EBITDA
Reconciliation of Loss Before Taxes to EBITDA and Adjusted EBITDA FY FY FY FY FY FY 2019 2020 2021 2022 2023 2024 Loss Before Income Taxes $(75,353) $(85,899) $(40,034) $(36,535) $(22,088) $(69,979) Depreciation & Amortization 12,438 9,202 4,304 4,135 4,606 5,763 Interest Expense, Net 609 2,225 13,3
Slide 21: Adjusted EBITDA Definitions
Reconciliation of Loss Before Taxes to EBITDA and Adjusted EBITDA Adjusted EBITDA represents EBITDA before the following charges: a) This adjustment removes the non-cash expense associated with the j) Incurred certain costs in the fourth quarter of 2020 for nonrecurring change in fair market value o
Slide 22: Reconciliation of Income Before Taxes to EBITDA
Reconciliation of Income (Loss) Before Income Taxes to EBITDA and Adjusted EBITDA We believe that Adjusted EBITDA is useful to investors evaluating our operating performance compared to that of other companies in our industry because it eliminates the impact of certain non-cash charges and other spe
Slide 23: Reconciliation of Cash Flows to Free Cash Flow
Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash Flows Provided by Operating Activities $8,528 $57,197 $21,322 $31,875 Purchase of Property, Plant and Equipment (
Slide 24: Reconciliation of Cash Flows to Free Cash Flow
Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow Three Months Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Cash Flows Provided by Operating Activities $(25,322) $57,197 $7,172 $5,886 $12,794 Purchase
Slide 25: Thank you!
FREIGHTCAR AMERICA Thank you!