L.b. Foster Company · NASDAQ:FSTR
L.b. Foster — Q1 2026 Earnings Presentation
32 slides from L.b. Foster's earnings presentation, May 4, 2026
Slide 1: L.B. Foster Company Earnings Presentation
L.B. Foster Company Earnings Presentation Nasdaq - FSTR May 4, 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 Cap Ex as a % of sales 2.7%
Slide 4: Opening Remarks
Opening Remarks John Kasel President and CEO L.B. Foster Q1 2026 Earnings Presentation 4 May 4, 2026
Slide 5: Executive Summary – Quarter Highlights
Executive Summary – Quarter Highlights What we’ve accomplished… Where we're going… Net income of $1.5M up 2026 Guidance Net sales of $121.1M up $3.6M YoY 23.9% YoY; Rail up 38.4%; New orders, net1 of Net Sales Infrastructure up 5.9% EBITDA1 of $5.2M up $142.1M down 4.7% YoY $540M - $580M 183.0% YoY
Slide 6: Financial Review
Financial Review Bill Thalman Executive Vice President and CFO L.B. Foster Q1 2026 Earnings Presentation 6 May 4, 2026
Slide 7: First Quarter Results
First Quarter Results As of and for the quarter ended March 31, 2026: YoY Δ > Net sales up 23.9% YoY driven primarily by $ in millions, unless otherwise noted sales growth in the Rail segment after a soft SALES 121.1 23.4 prior year first quarter > Gross profit up $5.5M YoY and margins up 60 GROSS P
Slide 8: Historical Seasonality of Financial Performance
Historical Seasonality of Financial Performance 2026 Financial Results Expected to Return to Historical 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 $42.5 $37.3 54.0% 52.4% 52.2% 52.9% 47.6% 47.8% 47.1% $25.0 5
Slide 9: Rail, Technologies, and Services – Q1 Results
Rail, Technologies, and Services – Q1 Results Strong Sales Growth Across Segment; Modest Margin Decline due to Rail Distribution Demand Recovery Rail,Technologies, Rail, Technologies Sales GP Margin and Services and Services +38.4% (70) bps 125 25% 100 20% 75 15% 50 10% 22.3% 21.6% $75 25 $54 5% — —
Slide 10: Infrastructure Solutions – Q1 Results
Infrastructure Solutions – Q1 Results Solid Quarter with Robust Margin Expansion Driven by Precast Concrete Infrastructure Sales GP Margin Solutions +5.9% +200 bps 80 30% 25% 60 20% 40 15% 10% 18.6% 20.6% 20 $44 $46 5% — —% Q1 2025 Q1 2026 Q1 2025 Q1 2026 > Net sales increased 5.9% with Precast Conc
Slide 11: Net Debt, Leverage, and Cash Flow
Net Debt1, Leverage, and Cash Flow Net Debt1 and Gross Leverage Ratio1,2 Favorable YoY on Improved Operating Cash Flow / Profitability > Net debt1 and Gross Leverage Ratio1,2 increased during Net Debt1 and Gross Leverage Ratio1,2 Q1 due to seasonal working capital needs; favorable Per Credit Agreeme
Slide 12: 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 13: New Orders, Revenue, and TTM Book-to-Bill Ratios
New Orders1, Revenue, and TTM Book-to-Bill Ratios1 Consolidated L.B. Foster Company 1.08 : 1.00 $200 1.04 : 1.00 1.04 : 1.00 1.00 : 1.00 0.95 : 1.00 1.05 $150 $176 $160 $149 $144 $138 $142 0.90 $100 $115 $121 $98 $101 $50 0.75 $— 0.60 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Total New Orders, Net Tot
Slide 14: Backlog Trends
Backlog1 Trends Consolidated Backlog 300 250 $270 $237 $247 200 $210 150 $189 100 50 — Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Rail, Technologies, and Services Backlog Infrastructure Solutions Backlog 150 175 125 $140 150 $131 $145 125 $139 100 $97 $102 100 75 $92 $107 $107 75 $92 50 50 25 25 — — Q1
Slide 15: Closing Remarks
Closing Remarks John Kasel President and CEO L.B. Foster Q1 2026 Earnings Presentation 15 May 4, 2026
Slide 16: Market and Business Outlook
Market and Business Outlook Demand Outlook Supported by Stable Domestic Markets and Government Funding Programs Precast Concretes well Demand in North America Federal funding available positioned to benefit from Renewed interest in has recovered to normal Rail Technologies growth for rail infrastruc
Slide 17: Innovating to Solve Global Infrastructure Challenges
Innovating to Solve Global Infrastructure Challenges Investing in Growth Platforms to Drive Sales Growth and Profitability Expansion in 2026 and Beyond Financial Results > Strategic Transformation 2026 Financial Guidance commenced in 2021 2021 v. 2025 March 3, 2026 > Significant improvement in 2021
Slide 18: Thank you!
Thank you! L.B. Foster Q1 2026 Earnings Presentation We look forward to discussing our Q2 2026 results in August 2026 L.B. Foster Q1 2026 Earnings Presentation 18 May 4, 2026
Slide 19: Appendix
Appendix L.B. Foster Q1 2026 Earnings Presentation 19 May 4, 2026
Slide 20: Condensed Balance Sheet - Assets
Condensed Balance Sheet - Assets Assets March 31, 2026 December 31, 2025 ($ in millions) Current assets: Cash and cash equivalents $ 4.0 $ 4.3 Accounts receivable - net 77.9 80.6 Contract assets 3.6 6.4 Inventories - net 68.5 60.2 Other current assets 8.2 5.4 Total current assets $ 162.2 $ 156.9 Pro
Slide 21: Condensed Balance Sheet – Liabilities and Equity
Condensed Balance Sheet – Liabilities and Equity Liabilities and Stockholders' Equity March 31, 2026 December 31, 2025 ($ in millions) Current liabilities: Accounts payable $ 44.1 $ 52.5 Deferred revenue 8.7 5.9 Accrued payroll and employee benefits 6.6 11.3 Current maturities of long-term debt 0.1
Slide 22: Condensed Income Statement – Q1
Condensed Income Statement – Q1 Three Months Ended Three Months Ended Delta March 31, 2026 March 31, 2025 ($ in millions except per share data) $ % of Sales $ % of Sales $ % Sales $ 121.1 $ 97.8 $ 23.4 23.9 % Gross profit 25.7 21.2% 20.2 20.6% 5.5 27.5 % SG&A 23.0 19.0% 21.0 21.4% 2.1 9.9 % Amortiza
Slide 23: Condensed Cash Flows
Condensed Cash Flows Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 ($ in millions) Net income and other non-cash items from operations $ 6.1 $ 1.3 Change in operating assets and liabilities: Receivables 2.5 7.8 Contract assets 2.7 3.7 Inventory (8.4) (11.1) Payables and deferre
Slide 24: New Orders, Net and Backlog
New Orders, Net and Backlog New Orders, Net – Three Months Ended ($ in millions) March 31, 2026 March 31, 2025 Delta Rail, Technologies, and Services $ 80.6 $ 83.3 $ (2.6) (3.2) % Infrastructure Solutions 61.5 65.8 (4.4) (6.6) Total $ 142.1 $ 149.1 $ (7.0) (4.7) % Backlog - Year over Year ($ in mill
Slide 25: Segment Results – Q1
Segment Results – Q1 Three Months Ended Three Months Ended Delta Segment Sales March 31, 2026 March 31, 2025 ($ in millions) $ $ $ % Rail, Technologies, and Services $ 74.8 $ 54.0 $ 20.8 38.4 % Infrastructure Solutions 46.4 43.8 2.6 5.9 % Total $ 121.1 $ 97.8 $ 23.4 23.9 % Three Months Ended Three M
Slide 26: Non-GAAP Measure: Adjusted EBITDA
Non-GAAP Measure: Adjusted EBITDA Trailing Twelve Three Months Ended Months Ended March 31, March 31, ($ in millions) 2026 2025 2026 Net income (loss), as reported $ 1.5 $ (2.1) $ 11.0 Interest expense - net 0.9 1.1 4.6 Income tax benefit (0.1) (0.6) 10.5 Depreciation expense 2.3 2.3 9.1 Amortizatio
Slide 27: 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 28: Non-GAAP Measure: Funding Capacity & Free Cash Flow
Non-GAAP Measure: Funding Capacity1 & Free Cash Flow March 31, 2026 ($ in millions) Cash and cash equivalents $ 4.0 Total availability under the credit facility 150.0 Outstanding borrowings on revolving credit facility and letters of credit (60.0) Net availability under the revolving credit facility
Slide 29: Non-GAAP Measure: Net Debt
Non-GAAP Measure: Net Debt March 31, December 31, September 30, June 30, March 31, December 31, September 30, June 30, 2026 2025 2025 2025 2025 2024 2024 2024 ($ in millions) Total debt $ 59.7 $ 42.8 $ 58.7 $ 81.6 $ 82.5 $ 46.9 $ 68.5 $ 87.2 Less: cash and cash equivalents (4.0) (4.3) (3.4) (4.2) (2
Slide 30: 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 31: 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
Slide 32: 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) 2025 2025 2025 2025 Net (loss) income, as reported $ (2.1) $ 2.8 $ 4.3 $ 2.4 Interest expense - net 1.1 1.5 1.3 1.0 Income tax expense (benefit) (0.6) 3.4 2.8 4.4 Depreciatio