Freightcar America, Inc. · NASDAQ:RAIL
Freightcar America — Q4 2025 Earnings Presentation
27 slides from Freightcar America's earnings presentation, Mar 10, 2026
Slide 1: Investor Presentation
Investor Presentation March 2026
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 Railcar 125-year Solutions Provider Fastest- Unique ability to Vertically Growing Strong margin Distinguished growing OEM flex across new integrated, aftermarket profile and cash Legacy with expanding modernization buil
Slide 5: Built for Profitability with Capital Strength to Support Growth
Built for Profitability with Capital Strength to Support Growth FY25 ended 12/31/2025 4,125 501M $ 5,000+ Railcar Deliveries Revenue Capacity Down 10.4% YoY +260bps $ 31.4M $ 64.3M Gross Margin Adj. Free Cash Flow Cash & Cash Equivalents Expansion YoY Up 44.8% YoY and Modest Net Debt 5 1. See append
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 railroads, lessors, and shippers based in North Gondolas America with an average tenure of 20+ Years Collaborative approaches to design that deliver on the ultimate shipper need V
Slide 7: Agile Manufacturing Presence
Agile Manufacturing Presence Castaños Railcar Capacity | Timing of Facility Expansion 7000 Line 5* 6000 Line 4 5000 4000 Line 3 3000 Line 2 2000 Vertically Integrated Facility with Enhanced Process Automation and Tracking 1000 Optimized operational efficiency and Line 1 Enhanced TruTrack cost-effect
Slide 8: Well-Positioned Within Manufacturing Addressable Market
Well-Positioned Within Manufacturing Addressable Market Market Drivers Market Position* % of Industry Units Delivered Open Top Hoppers Market Leader 40K Units Avg. per year Gondolas Primary Replacement Cycle Flat Cars ~70% • Consistent replacement demand for railcars Primary • Growth in intermodal t
Slide 9: Aftermarket Segment Has Significant Growth Potential
Aftermarket Segment Has Significant Growth Potential Large & Fragmented Rail Aftermarket Opportunity FreightCar America’s Aftermarket ~$4B TAM North American ~4–5% Parts Growth annually rail aftermarket • Forged, cast and fabricated railcar parts and supplies • OEM component distribution, Market Dri
Slide 10: Uniquely Positioned to Drive Profitable Growth
Uniquely Positioned to Drive Profitable Growth Our Foundation How we win Efficient, scalable production with highly adaptable operations that Flexible Manufacturing support product run sizes and order customization considered undesirable Campus by the competition Optimized Order Flexibility designed
Slide 11: Executing Disciplined Capital Allocation Strategy
Executing Disciplined Capital Allocation Strategy Recent Acquisition Well-Aligned with Criteria Maintain Flexible • Maintain strong liquidity and cash position Carly Railcar Components Balance • Deliver sustained positive free cash flow generation Sheet Distributor of OEM railcar components, offerin
Slide 12: Pillars for Value Creation
Pillars for Value Creation GROWTH STRATEGY Drive Strategic Growth in Future Product & Aftermarket Optimized Capital Structure Railcar Manufacturing Expansion Flexible, vertically Retired Preferred Shares with a Facilities, people, proximity to the U.S. integrated state-of-the-art lower-cost debt fac
Slide 13: Financial Overview
Financial Overview 13
Slide 14: 4Q25 Financial Results
4Q25 Financial Results Revenue ($ in millions) Quarterly results reflecting strong cash flow generation $137.7 $125.6 Revenues of $125.6M, down 8.8% YoY • 1,172 railcar deliveries in 4Q25 4Q24 4Q25 • Aftermarket revenue growth of 48.8% YoY Gross Profit ($ in millions) Gross Margin of 13.4%, down 190
Slide 15: Historical Financial Performance
Historical Financial Performance Revenue ($ in millions) / Railcar Deliveries (units) 2021-2025 CAGR Deliveries 24% | Revenue 25% 4,362 4,125 4,250 3,184 3,022 1,731 $559 $525 $501 $203 $365 $358 1 FY21 FY22 FY23 FY24 FY25 FY26E Lease-Adjusted EBITDA2 ($ in millions) $45.5 $39.9 $41.2 $17.4 $7.1 $(7
Slide 16: Cash Flow
Cash Flow Operating Cash Flow Key Metrics FY25 ($ in millions) $44.9 $ 64.3M $34.8 $11.5 $4.8 Cash $(55.4) FY21 FY22 FY23 FY24 FY25 $ 107.2M Total Debt 3.4M Delivered third consecutive year of positive operating cash flow $ Delivered Adj. Free Cash Flow1 of $31.4 million in FY25 Capital Expenditures
Slide 17: Issuing Full Year 2026 Guidance
Issuing Full Year 2026 Guidance Metric Target YoY Growth at Midpoint Railcar Deliveries 4,000 - 4,500 Cars 3.0% Revenue $ 500 - 550M $ 4.8% Adj. EBITDA1 $ 41 - 50M $ 10.4% 1. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA guidance due to the inherent difficulty in f
Slide 18: Investment Highlights
Investment Highlights Revenue Strong / Capacity Revenue Generation with Increased Capacity Capitalization (as of 12/31/25) Common Stock 19.1 million Revenue High-Margin Growing / Capacity Aftermarket Business Employee Options 2.6 million Public Warrants 14.9 million Fully Diluted Shares Outstanding
Slide 19: Appendix
Appendix
Slide 20: 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 $ 11.07 $ 11.50 $ 12.00 $ 12.50 $ 13.00 $ 13.50 $ 14.00 $ 14.50 $ 15.00 $ 20.00 Shares held by Affiliates 6.59 6.59 6.59 6.59 6.59 6.59 6.59
Slide 21: Reconciliation of Income (Loss) Before Taxes to EBITDA and Adjusted EBITDA
Reconciliation of Income (Loss) Before Taxes to EBITDA and Adjusted EBITDA Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (Loss) income before income taxes $(14,556) $37,134 $(10,872) $(69,979) Depreciation & Amortization 1,611 1,511 6,209 5,763 Interest Expense, Net 4,2
Slide 22: Reconciliation of Loss Before Taxes to EBITDA and Adjusted EBITDA
Reconciliation of Loss Before Taxes to EBITDA and Adjusted EBITDA FY FY FY FY FY FY 2020 2021 2022 2023 2024 2025 Loss Before Income Taxes $(85,899) $(40,034) $(36,535) $(22,088) $(69,979) $(10,872) Depreciation & Amortization 9,202 4,304 4,135 4,606 5,763 6,209 Interest Expense, Net 2,225 13,317 25
Slide 23: Reconciliation of Loss Before Taxes to EBITDA and Adjusted EBITDA
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 during 2022 related to new production line. change in fair market value of w
Slide 24: Reconciliation of Income (Loss) Before Income Taxes to EBITDA and Adjusted 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 25: Reconciliation of Adjusted EBITDA and Lease-Adjusted EBITDA
Reconciliation of Adjusted EBITDA and Lease-Adjusted EBITDA FY FY FY FY FY FY 2020 2021 2022 2023 2024 2025 Adjusted EBITDA $(29,466) $(7,247) $8,411 $20,120 $43,000 $44,787 Lease payments in Interest expense (A) - - (1,355) (2,759) (3,061) (3,552) Lease-Adjusted EBITDA $(29,466) $(7,247) $7,056 $17
Slide 26: Reconciliation of Operating Cash Flows to Free Cash Flow and Adjusted Free Cash Flow
Reconciliation of Cash Flows Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Cash flows provided by operating activities $10,044 $5,886 $34,776 $44,933 Purchase of property, plant and equipment
Slide 27: Thank you!
FREIGHTCAR AMERICA Thank you!