L.b. Foster Company · NASDAQ:FSTR
L.b. Foster — Q2 2026 Earnings Presentation
36 slides from L.b. Foster's earnings presentation, Aug 10, 2026
Slide 1: L.B. Foster Company Earnings Presentation
L.B. Foster Company Earnings Presentation Nasdaq - FSTR August 10, 2026
Slide 2: Safe Harbor Disclaimer
Safe Harbor Disclaimer Safe Harbor Statement Non-GAAP Financial 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 This earnings presentation discloses the following non-GAAP measures:
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 Q2 2026 Earnings Presentation 4 August 10, 2026
Slide 5: Executive Summary - Quarter Highlights
Executive Summary - Quarter Highlights Q2 FY 26 Highlights 2026 Guidance Reaffirmed $138.6M 22.3% 17.4% $3.1M $11.7M $540M - $580M Net Sales Sales Gross Margin SG&A % of Sales Net Income Adj EBITDA1 $41M - $46M (3.5)% YoY +80 bps YoY +180 bps +$0.3M YoY (4.7)% YoY Adjusted EBITDA1 $17.9M $42.2M 1.0x
Slide 6: Financial Review
Financial Review Sean Reilly Senior Vice President and CFO L.B. Foster Q2 2026 Earnings Presentation 6 August 10, 2026
Slide 7: Second Quarter Results
Second Quarter Results As of and for the quarter ended June 30, 2026: YoY Δ > Net sales down 3.5% YoY primarily due to Rail $ in millions, unless otherwise noted SALES 138.6 (5.0) > Gross profit flat YoY despite increased product line exit costs with margin up 80 bps with improvement across both seg
Slide 8: Historical Seasonality of Financial Performance
Historical Seasonality of Financial Performance Second Quarter Results in Line with Historical Phasing with Exceptional Free Cash Flow1 1 Net Sales Q1/Q4 v. Q2/Q3 - Construction Season Free Cash Flow H1 v. H2 - Working Capital Seasonality $44.0 $46.2 $42.5 75.0% $50.0 $37.3 54.0% 52.4% 52.2% 52.9% 4
Slide 9: Rail, Technologies, and Services – Q2 Results
Rail, Technologies, and Services – Q2 Results Global Friction Management and Technology Services and Solutions Delivered Solid Sales Growth Rail,Technologies, Rail, Technologies Sales GP Margin and Services and Services (5.2)% +70 bps 125 25% 100 20% 75 15% 50 10% 19.9% 20.6% $76 $72 25 5% — —% Q2 2
Slide 10: Infrastructure Solutions – Q2 Results
Infrastructure Solutions – Q2 Results Operational Improvements Drove Margin Expansion Despite Slightly Lower Sales Infrastructure Sales GP Margin Solutions (1.5)% +80 bps 80 30% 25% 60 20% 40 15% $68 $67 23.3% 24.1% 10% 20 5% — —% Q2 2025 Q2 2026 Q2 2025 Q2 2026 > Net sales decreased 1.5% with Steel
Slide 11: Year to Date Results
Year to Date Results As of and for the six months ended June 30, 2026: YoY Δ $ in millions, unless otherwise noted > Sales up $18.3M driven by improved Rail sales, SALES 259.7 18.3 up 12.9%, and Infrastructure up 1.4% GROSS PROFIT 56.6 5.5 > Gross profit up $5.5M YoY and margins up 60 bps due to imp
Slide 12: Net Debt, Leverage, and Cash Flow
Net Debt1, Leverage, and Cash Flow Exceptional Operating Cash Flow Continued to Improve Net Debt1 and Gross Leverage Ratio1,2 YoY > Net debt1 and Gross Leverage Ratio1,2 decreased during Net Debt1 and Gross Leverage Ratio1,2 Q2 due to improved operating cash flow stemming Per Credit Agreement ($ in
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 Ratio1,2 between > Targeting ~2.7% of sales for maintenance, efficiency and
Slide 14: New Orders, Revenue, and TTM Book-to-Bill Ratios
New Orders1, Revenue, and TTM Book-to-Bill Ratios1 Consolidated L.B. Foster Company 1.04 : 1.00 1.08 : 1.00 $200 1.00 : 1.00 0.96 : 1.00 0.95 : 1.00 1.00 $150 $176 $176 $160 $144 $138 $142 $139 0.75 $100 $115 $121 $101 $50 0.50 $— 0.25 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Total New Orders, Net To
Slide 15: Backlog Trends
Backlog1 Trends Consolidated Backlog $300 $250 $270 $247 $246 $200 $210 $189 $150 $100 $50 $— Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Rail, Technologies, and Services Backlog Infrastructure Solutions Backlog $150 $175 $125 $140 $141 $150 $131 $125 $139 $100 $97 $102 $100 $75 $107 $107 $105 $75 $92 $
Slide 16: Closing Remarks
Closing Remarks John Kasel President and CEO L.B. Foster Q2 2026 Earnings Presentation 16 August 10, 2026
Slide 17: Market and Business Outlook
Market and Business Outlook Demand Outlook Supported by Government Funding Programs and Domestic Project Opportunities Demand in North America Expansion of civil Federal funding available Continued demand for Renewed interest in remains healthy driven by construction projects in key for rail infrast
Slide 18: 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 19: Thank you!
Thank you! L.B. Foster Q2 2026 Earnings Presentation We look forward to discussing our Q3 2026 results in November 2026 L.B. Foster Q2 2026 Earnings Presentation 19 August 10, 2026
Slide 20: Appendix
Appendix L.B. Foster Q2 2026 Earnings Presentation 20 August 10, 2026
Slide 21: Condensed Balance Sheet - Assets
Condensed Balance Sheet - Assets Assets June 30, 2026 December 31, 2025 ($ in millions) Current assets: Cash and cash equivalents $ 5.8 $ 4.3 Accounts receivable - net 76.6 80.6 Contract assets 3.8 6.4 Inventories - net 69.6 60.2 Other current assets 8.2 5.4 Total current assets $ 164.0 $ 156.9 Prop
Slide 22: Condensed Balance Sheet – Liabilities and Equity
Condensed Balance Sheet – Liabilities and Equity Liabilities and Stockholders' Equity June 30, 2026 December 31, 2025 ($ in millions) Current liabilities: Accounts payable $ 49.6 $ 52.5 Deferred revenue 9.0 5.9 Accrued payroll and employee benefits 10.2 11.3 Current maturities of long-term debt 0.1
Slide 23: Condensed Income Statement – Q2
Condensed Income Statement – Q2 Three Months Ended Three Months Ended Delta June 30, 2026 June 30, 2025 ($ in millions except per share data) $ % of Sales $ % of Sales $ % Sales $ 138.6 $ 143.6 $ (5.0) (3.5)% Gross profit 30.9 22.3% 30.9 21.5% — (0.1)% SG&A 24.1 17.4% 22.4 15.6% 1.7 7.7 % Amortizati
Slide 24: Condensed Income Statement – YTD
Condensed Income Statement – YTD Six Months Ended Six Months Ended Delta June 30, 2026 June 30, 2025 ($ in millions except per share data) $ % of Sales $ % of Sales $ % Sales $ 259.7 $ 241.4 $ 18.3 7.6 % Gross profit 56.6 21.8% 51.1 21.2% 5.5 10.8 % SG&A 47.1 18.2% 43.3 18.0% 3.8 8.8 % Amortization
Slide 25: Condensed Cash Flows
Condensed Cash Flows Six Months Ended Six Months Ended June 30, 2026 June 30, 2025 ($ in millions) Net income and other non-cash items from operations $ 16.1 $ 12.6 Change in operating assets and liabilities: Receivables 3.7 (5.5) Contract assets 2.6 4.8 Inventory (10.6) (4.9) Payables and deferred
Slide 26: New Orders, Net and Backlog
New Orders, Net and Backlog Three Months Three Months Six Months Ended Six Months Ended Ended Ended Delta Delta June 30, 2026 June 30, 2025 New Orders, Net June 30, 2026 June 30, 2025 ($ in millions) $ $ $ % $ $ $ % Rail, Technologies, and Services $ 112.2 $ 114.3 $ (2.1) (1.9)% $ 192.8 $ 197.6 $ (4
Slide 27: Segment Results – Q2
Segment Results – Q2 Three Months Ended Three Months Ended Delta Segment Sales June 30, 2026 June 30, 2025 ($ in millions) $ $ $ % Rail, Technologies, and Services $ 72.0 $ 76.0 $ (4.0) (5.2)% Infrastructure Solutions 66.5 67.6 (1.0) (1.5) Total $ 138.6 $ 143.6 $ (5.0) (3.5)% Three Months Ended Thre
Slide 28: Segment Results – YTD
Segment Results – YTD Six Months Ended Six Months Ended Delta Segment Sales June 30, 2026 June 30, 2025 ($ in millions) $ $ $ % Rail, Technologies, and Services $ 146.8 $ 130.0 $ 16.8 12.9 % Infrastructure Solutions 112.9 111.4 1.5 1.4 Total $ 259.7 $ 241.4 $ 18.3 7.6 % Six Months Ended Six Months E
Slide 29: Non-GAAP Measure: Adjusted EBITDA
Non-GAAP Measure: Adjusted EBITDA Trailing Twelve Three Months Ended Six Months Ended Months Ended June 30, June 30, June 30, ($ in millions) 2026 2025 2026 2025 2026 Net income, as reported $ 3.1 $ 2.8 $ 4.6 $ 0.7 $ 11.3 Interest expense - net 0.9 1.5 1.7 2.6 4.0 Income tax expense 2.3 3.4 2.3 2.8
Slide 30: 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 31: Non-GAAP Measure: Funding Capacity
Non-GAAP Measure: Funding Capacity1 June 30, 2026 ($ in millions) Cash and cash equivalents $ 5.8 Total availability under the credit facility 150.0 Outstanding borrowings on revolving credit facility and letters of credit (48.3) Net availability under the revolving credit facility1 101.7 Total avai
Slide 32: 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, ($ in millions) 2025 2025 2024 2024 2023 2023 Net cash provided by (used in) operating activities $ 51.4 $ (15.7) $ 49.0 $ (26.8) $ 40.7 $ (3.3) Less capital expenditures on property,
Slide 33: Non-GAAP Measure: Net Debt
Non-GAAP Measure: Net Debt June 30, March 31, December 31, September 30, June 30, March 31, December 31, September 30, 2026 2026 2025 2025 2025 2025 2024 2024 ($ in millions) Total debt $ 48.0 $ 59.7 $ 42.8 $ 58.7 $ 81.6 $ 82.5 $ 46.9 $ 68.5 Less: cash and cash equivalents (5.8) (4.0) (4.3) (3.4) (4
Slide 34: 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 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) 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 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) 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