L.B. Foster Company Investor Presentation
Nasdaq - FSTR
March 2026
Company Overview
"L.B. Foster Company has a rich history of innovation and customer service, and we're reinvigorated by the momentum building inside our business and the opportunity to grow shareholder value."
John Kasel
President and CEO
L.B. Foster Investor Deck 3March 2026
L.B. Foster Overview
Data shown above in millions, except stock price and ratios.
2026 Guidance3 | Low | High |
Revenue | $ 540 | $ 580 |
Adj. EBITDA1 | $ 41 | $ 46 |
Cap Ex as a % of sales | 2.7% | 2.7% |
Free Cash Flow1 | $ 15 | $ 25 |
Founded in 1902, headquartered in Pittsburgh, Pennsylvania
Locations throughout North America, South America, Europe, and Asia
-
19 principal plants, yards, and offices; ~1,200 employees worldwide2
December 31, 2025 Financial Data4
Stock Price
$ 28.50
Shares Outstanding
10.3
Market Capitalization
$ 294
Debt
43
Cash
4
Enterprise Value
$ 332
Critical infrastructure solutions provider focused on growing our innovative, technology-based offerings to address our customers' most challenging operating and safety requirements
Business Segments
$540
$306
$234
Rail, Technologies, and Services
600
Infrastructure Solutions
400
200
2025 Sales by Segment
($ in millions)
600
400
Covenant Leverage | 1.0x |
200
2025 Sales by Region
($ in millions)
TTM Revenue | $ 540 |
TTM Adj. EBITDA1 | $ 39 |
EV / Revenue | 0.6 |
EV / Adj. EBITDA | 8.5 |
-
Rail Infrastructure Total 2025 Sales
-
$33
$19
$7
$481
$540
United States
United Kingdom
Canada Other Total
2025
Sales
L.B. Foster Investor Deck March 2026Note figures may not foot due to rounding.
4
Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures.
Location and employee data as of December 31, 2025.
2026 guidance as of March 3, 2026.
All data as of December 31, 2025 except for market data which is as of March 10, 2026.
Innovating to Solve Global Infrastructure Challenges
Investing in Growth Platforms to Drive Sales Growth and Profitability Expansion in 2026 and Beyond
Financial Results 2021 v. 2025
2021 2025
Net sales $514M $540M
Adj. EBITDA1 $19M $39M Adj. EBITDA %1 3.6% 7.2%
Free Cash Flow1 ($5M) $25M
2026 Financial Guidance
March 3, 2026
Low High
Net sales $540M $580M
Adj. EBITDA1 $41M $46M Adj. EBITDA %1 7.6% 7.9%
Free Cash Flow1 $15M $25M
Strategic Transformation commenced in 2021
Significant improvement in financial results through 2025, with 5% sales growth, 430 bps GP % improvement and 2x Adjusted EBITDA1 increase
2026 guidance reflects modest sales growth with strong EBITDA leverage1
Solid Free Cash Flow1 with 2.7% Cap Ex percent of sales to invest in growth opportunities
1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures.
5
Proud Legacy, Well-Positioned for Growth
2015
Acquired U.K.-based Tew Engineering and Tew Plus, widening offering of technology solutions
2010
Acquired Portec Rail Products, a rail technology company with established presence in UK
1999
Acquired CXT Inc., manufacturer of engineered precast and pre-stressed products used in rail and civil infrastructure
1981
L.B. Foster goes public, trading on the NASDAQ exchange (FSTR)
1902
Founded by Lee B. Foster as used rail resale company
Company History
Strategic Execution
2021
Refreshed strategy developed and announced; changes to Board and leadership team; divested Piling Products business
2022
Divested Track Components business; acquired VanHooseCo Precast, Skratch, and IV businesses
2023
Divested Concrete Ties and Chemtec businesses; bridge grid deck product line exit announced; Cougar Mountain Precast tuck in acquisition completed
2024
Increased organic growth investments in Rail Technologies and Precast Concrete; completed enterprise restructuring
2025
Commissioned Florida Envirocast® precast wall systems facility; announced UK Automation & Materials Handling product line exit; completed UK restructuring activities
6
Business Segments
"With much of the portfolio transformation work complete, our strong financial position enables accelerated investments to drive sustainable organic growth"
John Kasel
President and CEO
L.B. Foster Investor Deck 7March 2026
Business Segment Profile
Offering:
Proprietary precast products to support North American civil infrastructure
Bridge, protective pipeline coatings, and water well products and services
Strategic Emphasis:
Precast expansion into adjacent markets, applications, and geographies
Optimize cash generation, maintain competitive position to fund growth
Infrastructure Solutions
Offering:
Rail products / technology-based solutions improving safety / efficiency
North American focus with UK /
Western Europe presence
Strategic Emphasis:
>
Growth via mobile solutions, new geographies, and focus on technology Driven by rail network safety and U.S. infrastructure spend initiatives to support long-term domestic growth
Rail, Technologies, and Services
Full Year 2025 Sales by Segment
$600
$500
$400
$300
$200
$100
$-
25%
20%
15%
10%
5%
-%
$306
$540
$234
Rail Infrastructure 2025 Sales
Full Year 2025 Gross Profit Margins
21.9% 21.1% | ||||
20.4% | ||||
Rail Infrastructure 2025 GP Margin
L.B. Foster Investor Deck March 2026$ in millions unless otherwise indicated. Figures may not foot due to rounding.
8
Rail, Technologies, and Services - Overview
Offering Supports the Safety, Reliability, and Efficiency of Global Rail Networks
Rail Products
Returns platform business
Products for rail track infrastructure
Legacy L.B. Foster businesses; demonstrated stable, strong cash generation, project-based seasonality
$400
$300
$200
Global Friction Management
Solutions and services to enhance rail safety and efficiency
Growth platform with above-average margins
Razor / razor blade strategy with proprietary formulations
$100
$-
2025 Rail Sales
$306
$188
$79
$39
40%
35%
30%
25%
20%
15%
10%
5%
Business Gross Margin Profiles
Rail
Products
Global
FM
TS&S Total
Rail
Rail
Products
Global FM TS&S
Technology Services and Solutions
Total Track Monitoring a growth platform business with offerings for safety and efficiency
Service and technology solution business for transportation and construction
UK TS&S moved to returns-based strategy business
Rail Segment M&A Activity
2010 - Acquire 2015 - Acquire Tew Portec Eng / Tew Plus
2022 - Acquire Skratch / IV; Divest Track Components
2023 - Divest Concrete Ties
2025 - Exit UK
Automation and Materials Handling
2010
2015
2022
2023
2025
L.B. Foster Investor Deck March 2026
$ in millions unless otherwise indicated. Figures may not foot due to rounding.
9
Rail, Technologies, and Services - Advantages
Continuing Focus on Technology Innovation Driving Improved Margins
Transportation Spend Forecast
FMI Corp North American Engineering and Construction Outlook Q1 2026
FRA Safety Advisory 2023
Focus on rail safety/efficiency
Why Now?
$6.0B+
2022-2026 CRISI grant funding for rail infrastructure
Market-leading positions in technology-oriented products
Infrastructure investment super cycle continuing
14.8%
2025 sales growth in growth platforms
Increased focus on and demand for safety-enabling and fuel-saving products / services
Helping customers to meet ESG and safety goals
Rail Segment Sales and YoY Growth
$125
$100
+24%
$98
$75
$83
$86
$79
$79
(11)%
$76
(2)%
$78
$50
(35)%
$54
$25
$-
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2024 2024 2024 2024 2025 2025 2025 2025
$10
$15
$16
$12
$17
$18
$18
$18
$18
$19
17.8% $20
15.0%
10.0%
5.0%
-%
22.8%
21.3%
22.2% 22.3%
20.9%
23.2%
22.5%
20.0%
$25
25.0%
Rail Segment Gross Profit1,2
L.B. Foster Investor Deck March 2026$ in millions unless otherwise indicated. Figures may not foot due to rounding.
Gross profit adjusted for AMH exit costs in Q2 2025. 10
Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures.
Rail Products Overview
Rail Distribution
Freight, industrial and transit applications
Well-Established Business With Strong Cash Generation and Capital-Light Business Model
Transit Products
Fasteners, rail and track systems
Returns-based strategy and the largest component of the Rail segment today (~62% of sales)
Capital-light model driving strong economic returns
Rail Distribution offering represents largest component of the business unit (~70%)
Rail Distribution quarterly results dependent on project seasonality; steady L-T replacement demand
$1.5B
Consolidated Rail Infrastructure & Safety Improvement Grant funding budgeted for 2026*
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025
$29
$45
$41
$40
$48
$51
$47
$56
$53
$60
$67
$70
$60
$50
$40
$30
$20
$10
$-
Rail Products Net Sales
$64
Allegheny Rail Products |
Insulated rail joints and accessories |
*Data from https://railroads.dot.gov/grants-loans/consolidated-rail-infrastructure-and-safety-improvements-crisi-program includes available IIJA funding and annual appropriations
11
Global Friction Management Overview
Global Platform Well-Positioned for Growth With Product Innovation and Geographic Reach
Trackside Equipment |
Applies friction modifiers |
Consumables |
Top-of-rail / gauge face friction modifiers |
Growth platform as a technology-focused business...higher margin profile
Razor / razor-blade business model with services
Services component should benefit from growth and improved margins
Significant future global growth opportunity including further penetration into Western Europe
Field Services
Equipment service and maintenance
On-Board
Solutions
Proprietary solid stick friction modifiers
Helps address railroad fuel, wear and safety issues
Opportunity for increasing customer adoption with focus on operating ratios and derailment impacts
5%>
Percent of NA rail network currently utilizing friction management technology
#1 >
L.B. Foster holds the leading position in the market
L.B. Foster Investor Deck 12March 2026
Technology Services and Solutions Overview
North America Total Track Monitoring324%
Organic sales growth since 2021 driven by increasing market adoption of our innovative offering
Condition monitoring solutions support rail safety and network efficiency initiatives primarily focused in North America
Focus on improving railroad operating ratios and safety programs
Project work as well as recurring maintenance needs
Increasing demand for Wheel Impact Load Detector (WILD) product line to help reduce risk of train derailments
Rockfall Monitoring
Rockfall-detection technology identifies conditions that prevent safe passage
Flood
Monitoring
Wayside technology that monitors flood water conditions in flood-prone areas
WILD
Measures impact imparted onto rail; greatly reduces risk of train derailment
L.B. Foster Investor Deck 13March 2026
Technology Services and Solutions Overview
United KingdomContract Services
Building and technology management for rail, airports, and construction
Project-based work, well-respected partner in the market
Strategic business pivot to focus on higher-margin technology / maintenance-oriented products and services
Large, multi-year fire detection project order received in September 2025 with higher profitability profile
Continuing to right-size business to improve returns and growth prospects
Portfolio Actions
2022 - Acquired Skratch / IV enhancing technology-based offerings
2023 & 2024 -
Restructuring programs reduced complexity and realigned resources
2025 - Automation & Materials Handling product line exit; continued restructuring programs
2022
2023 / 2024
2025
Control and Display |
Fixed and mobile displays for customer information and disruption management |
L.B. Foster Investor Deck 14
March 2026
Addressable Market - Rail
FSTR 3-year CAGR v. Long-Term Addressable Market GrowthRail Products
Returns platform
Steady market demand
Driven by customer
Rail Products
L.B. Foster Market Share
Addressable Market
$188, 42%
Total Addressable Market1$450M
(4)% (2)% -% 2% 4%
Addressable Market Rail ProductsRail Technologies
L.B. Foster Market Share
$96, 17%
Addressable Market
Total Addressable Market1$570M
FSTR 3-year CAGR v. Long-Term Addressable Market Growth-% 5% 10% 15% 20%
Addressable Market Rail Technologiesmaintenance needs
Rail Technologies
Growth platform businesses
Improving market demand
Customer focus on operating ratios, fuel savings and safety
L.B. Foster Sidoti Small Cap Conference March 20261. Addressable market sizes based on internal estimates in North America using information available from the US Census Bureau. 15
Infrastructure Solutions Overview
Deploying Advanced Technologies That Positively Impact the Built Environment
Precast Concrete Products
Growth platform with multiple avenues available
Turnkey concrete buildings, manufactured offsite and delivered to site for quick installation
Other precast products, supporting commercial and residential infrastructure via proprietary technologies
Secured licenses and proprietary technologies including Envirocast, Envirokeeper, and Redi-Rock
Exploring opportunities to access growing areas of
U.S. market with a capital-efficient model
$250
$200
$150
$100
$50
$-
2025 Infrastructure Sales
$163
$234
$71
40%
35%
30%
25%
20%
15%
10%
Business Gross Margin Profile
Steel Products
Returns-based strategy with modest capital needs
Custom engineered solutions and services for critical civil and energy infrastructure
Leading share in stable / mature niche markets
Generates cash to fund higher growth / higher-margin opportunities in precast market
Tailwinds from US energy and infrastructure spending
Precast Concrete
Steel Products
Total Infrastructure
5%
Precast Concrete Steel Products
Infrastructure Solutions M&A Activity
CXTacquisition, Carr Concreteentrance into precast acquisition, expansion
concrete space of offerings and geography
VanHooseCoacq., proprietary technology and expanded geography
Chemtecdivestiture and bridge grid deck product line exit
1999
2014
2022
2023
L.B. Foster Investor Deck$ in millions unless otherwise indicated. Figures may not foot due to rounding.
16
March 2026
Infrastructure Solutions - Advantages
Portfolio Pivot with Emphasis on Precast Concrete Growth Driving Improved Profitability
~$191B
Funding needs for bridge rehabilitation in the U.S.*
Why Now?
Recognizable offering with compelling value proposition and a leading position in niche markets
~$23B
Deferred maintenance projects in national parks*
Great American Outdoors Act funding remains available for parks construction spending; state and local programs offer further opportunities
19.9%
Q4 2025 sales growth in growth platforms
Energy and water infrastructure investment super cycle including bridge investments and adjacent pipeline projects
New products and geographies generate synergies that drive margin growth
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
$-
$25
+5%
$44
$42
$49
+4%
$60
$58
$55
+27%
$62
$50
+22%
$68
$75
Infrastructure Segment Sales and YoY Growth
$14
18.6%
$14
$12
$13
$11
$10
$8
$8
$5
$-
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2024 2024 2024 2024 2025 2025 2025 2025
18.2%
15.0%
10.0%
5.0%
-%
$15
22.8%
22.0%
23.3%
$16
22.6%
21.4%
20.0%
24.6%
$20
25.0%
Infrastructure Segment Gross Profit1,2
L.B. Foster Investor Deck March 2026$ in millions unless otherwise indicated. Figures may not foot due to rounding.
Gross profit adjusted for the non-routine impact of a gain on asset sale in Q2 2024. 17
Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures.
*Statistics sourced from the American Society of Civil Engineers - America's Infrastructure Report Card 2025.
Precast Concrete Products Overview
$77
CXT Buildings |
Concrete restroom, concession, multi-functional buildings |
Precast Products |
Box culverts, irrigation canals, bridge beams, highway wall panels, and proprietary licensed technology |
Supports Civil Infrastructure with Expanding Geographic Reach and Well-Recognized Brands
L.B. Foster Investor Deck March 2026Access to high growth southern regions of the United States
Total Precast
Precast Products
Buildings
$-
$25
$50
$75
$100
$125
$150
$175
Q4 2025 Precast Sales
L.B. Foster Precast Facilities
Boise, ID/Caldwell, ID
Waverly, WV
Knoxville, TN
Nashville, TN
Hillsboro, TX (Dallas area)
Lake County, Florida
Significant freight costs; our expansive presence is a competitive advantage
Serving steady, government-funded projects and residential / commercial markets
Tuck-in acquisitions such as 2023 Cougar Mountain, LLC to further expand geographic reach and product lines
$86
$163
+1%
+5%
U.S. non-residential project starts LTM December 2025 vs 2024
U.S. infrastructure project starts LTM December 2025 vs 2024
$ in millions unless otherwise indicated. Figures may not foot due to rounding.
Construction and population density data sourced from US Census Bureau. Infrastructure spending includes public safety, 18
transportation, communication, power, highway and street, sewage and waste and water supply spending
Returns Platform
Steel Products Overview
Casing pipe for water wells
Threading
Custom protective bond epoxy coating of pipeline pipe
Protective Coatings
Special design and quick installation processes
Bridge Forms
Protective Coatings
Profitability Expansion Driving Cash Generation to Fund Growth Platforms
$40.0
20.0%
18.9%
Gross Margin
18.0%
$20.0
16.3%
Gross Margin
16.0%
$0.0
14.0%
2023
Divestiture
and Product Line Exit
Organic
Sales
2024
Product
Line Exit
Organic
Sales
2025
$5.4
Steel Products Sales and Margin Impact
$100.0
30.0%
$95.1
($11.7)
28.0%
$80.0
($15.6)
22.0%
26.0%
$71.2
$67.9
($2.1)
24.0%
$60.0
23.3%
Gross Margin
4-Year Average Net Sales
$50
$40
$43
$30
$20
$28
$21
$10
$-
2017-2020
2021-2024
2022-2025
L.B. Foster Investor Deck March 2026$ in millions unless otherwise indicated. Figures may not foot due to rounding.
19
Addressable Market - Precast Concrete
CXT Buildings
L.B. Foster Market Share
Addressable Market
$86, 44%
Total Addressable Market1$200M
FSTR 3-year CAGR v. Long-Term Addressable Market Growth-% 5% 10% 15% 20% 25%
Addressable Market CXT Buildings$77, 1%
Precast Products
L.B. Foster Market Share
Addressable Market
Total Addressable Market1$14B
FSTR 3-year CAGR v. Long-Term Addressable Market Growth-% 5% 10% 15% 20% 25%
Addressable Market Precast ProductsCXT Buildings
Growth platform
Solid market share in geographic regions
Market position expected to remain consistent
Precast Products
Growth platform
Fragmented market
Substantial runway for additional market share gains with organic / inorganic opportunities
1. Addressable market sizes based on internal estimates in North America using information available from the US Census Bureau and the NPCA 2025 Report. 20
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