Slides
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August 2025 L.B. Foster Company Three Part Advisors Midwest IDEAS Presentation Nasdaq - FSTR
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Safe Harbor Disclaimer 2 Safe Harbor Statement This presentation may contain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements provide management's current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements. Forward-looking statements in this presentation are based on management's current expectations and assumptions about future events that involve inherent risks and uncertainties and may concern, among other things, the Company’s expectations relating to our strategy, goals, projections, and plans regarding our financial position, liquidity, capital resources, and results of operations and decisions regarding our strategic growth initiatives, market position, and product development. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. The Company cautions readers that various factors could cause the actual results of the Company to differ materially from those indicated by forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Among the factors that could cause the actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to: a continuation or worsening of the adverse economic conditions in the markets we serve, including recession, the continued volatility in the prices for oil and gas, tariffs or trade wars, inflation, project delays, and budget shortfalls, or otherwise; volatility in the global capital markets, including interest rate fluctuations, which could adversely affect our ability to access the capital markets on terms that are favorable to us; restrictions on our ability to draw on our credit agreement, including as a result of any future inability to comply with restrictive covenants contained therein; a decrease in freight or transit rail traffic; environmental matters and the impact of environmental regulations, including any costs associated with any remediation and monitoring of such matters; the risk of doing business in international markets, including compliance with anti-corruption and bribery laws, foreign currency fluctuations and inflation, global shipping disruptions, the imposition of increased or new tariffs, and trade restrictions or embargoes, or uncertainties relating to the imposition of tariffs; our ability to effectuate our strategy, including cost reduction initiatives, and our ability to effectively integrate acquired businesses or to divest businesses, and to realize anticipated synergies and benefits; costs of and impacts associated with shareholder activism; the timeliness and availability of materials from our major suppliers, as well as the impact on our access to supplies of customer preferences as to the origin of such supplies, such as customers’ concerns about conflict minerals; labor disputes; emerging technologies, including those related to or arising from artificial intelligence, and resultant risks to our business and operations; cybersecurity risks such as data security breaches, malware, ransomware, “hacking,” and identity theft, which could disrupt our business and may result in misuse or misappropriation of confidential or proprietary information, and could result in the disruption or damage to our systems, increased costs and losses, or an adverse effect to our reputation, business or financial condition; the continuing effectiveness of our ongoing implementation of an enterprise resource planning system; changes in current accounting estimates and their ultimate outcomes; the adequacy of internal and external sources of funds to meet financing needs, including our ability to negotiate any additional necessary amendments to our credit agreement or the terms of any new credit agreement, the Company’s ability to manage its working capital requirements and indebtedness; domestic and international taxes, including estimates that may impact taxes; domestic and foreign government regulations, including tariffs; our ability to maintain effective internal controls over financial reporting and disclosure controls and procedures, as well as our ability to reestablish effective disclosure controls and procedures; any change in policy or other change due to the results of the UK’s 2024 parliamentary election and the U.S. 2024 Presidential election that could affect UK or U.S. business conditions; other geopolitical conditions, including the ongoing conflicts between Russia and Ukraine, conflicts in the Middle East, and increasing tensions between China and Taiwan; a lack of or delay in state or federal funding for infrastructure projects; an increase in manufacturing or material costs, including volatility in steel prices; the loss of future revenues from current customers; any future global health crises, and the related social, regulatory, and economic impacts and the response thereto by the Company, our employees, our customers, and national, state, or local governments, including any governmental travel restrictions; and risks inherent in litigation and the outcome of litigation and product warranty claims. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. Significant risks and uncertainties that may affect the operations, performance, and results of the Company’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors,” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2024, or as updated and/or amended by our other current or periodic filings with the Securities and Exchange Commission. All information in this presentation speaks only as of August 11, 2025, and any distribution of the presentation after that date is not intended and will not be construed as updating or confirming such information. L.B. Foster Company assumes no obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by securities laws. The information in this presentation is unaudited, except where noted otherwise. Non-GAAP Financial Measures This investor presentation discloses the following non-GAAP measures: • Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) • Earnings before interest, taxes, depreciation, amortization, and certain charges (“Adjusted EBITDA”) • Adjusted EBITDA margin • Net debt • Gross Leverage Ratio per the Company’s credit agreement • Funding capacity • Free cash flow • Free cash flow yield • New orders • Book-to-bill ratio • Backlog • Organic sales growth (decline) • Enterprise value • Other certain metrics, as indicated, adjusted for non-routine items The Company believes that EBITDA is useful to investors as a supplemental way to evaluate the ongoing operations of the Company’s business since EBITDA may enhance investors’ ability to compare historical periods as it adjusts for the impact of financing methods, tax law and strategy changes, and depreciation and amortization. In addition, EBITDA is a financial measure that management and the Company’s Board of Directors use in their financial and operational decision- making and in the determination of certain compensation programs. Adjusted EBITDA adjusts for certain charges to EBITDA that the Company believes are unusual, non-recurring, unpredictable, or non-cash. In the three and six months ended June 30, 2025 , the Company made an adjustment to exclude expenses for the AMH product line exit. The Company also discloses adjusted EBITDA margin, which is adjusted EBITDA as a percent of net sales, which is useful to demonstrate adjusted EBITDA levels and growth relative to sales. Organic sales growth (decline) is a non-GAAP financial measure of sales growth (decline) excluding the effects of divestitures and product exits. Management believes this measure provides investors with a supplemental understanding of underlying trends by providing sales growth on a consistent basis. Management provides organic sales growth (decline) at the consolidated and segment levels. Portfolio changes are considered based on their comparative impact over the last twelve months, to determine the differences in year over year results due to these transactions. The Company also excluded the impact of non-routine items from certain metrics as indicated, in order to provide insight to Company performance on a base level without these non-routine items, which is useful to investors to better understand performance. The Company views net debt, which is total debt less cash and cash equivalents, and the Gross Leverage Ratio, as defined in the Fifth Amended and Restated Credit Agreement dated June 27, 2025, as important metrics of the operational and financial health of the organization and believe they are useful to investors as indicators of its ability to incur additional debt and to service its existing debt. The Company discloses funding capacity which is the net availability under the revolving credit facility plus cash and cash equivalents which the Company believes is useful to investors as it demonstrates the borrowing capacity of the Company. The Company discloses free cash flow as it is a non-GAAP measure used by both analysts and management, as it provides insight on cash generated by operations, excluding capital expenditures, in order to better assess the Company’s long-term ability to pursue growth and investment opportunities. The Company discloses free cash flow yield which is free cash flow per share over the market share price and is useful to investors as a measurement of shareholder returns.The Company defines new orders as a contractual agreement between the Company and a third-party in which the Company will, or has the ability to, satisfy the performance obligations of the promised products or services under the terms of the agreement. The Company defines book-to-bill ratio as new orders divided by sales. The Company believes this is a useful metric to assess supply and demand, including order strength versus order fulfillment. The Company defines backlog as contractual commitments to customers for which the Company’s performance obligations have not been met, including with respect to new orders and contracts for which the Company has not begun any performance. Management utilizes new orders, book-to-bill ratio, and backlog to evaluate the health of the industries in which the Company operates, the Company’s current and future results of operations and financial prospects, and strategies for business development. The Company believes that new orders and backlog are useful to investors as supplemental metrics by which to measure the Company’s current performance and prospective results of operations and financial performance. The Company discloses enterprise value which is calculated as the current share price by the total outstanding shares plus the Company's net debt. The Company believes is useful to investors as it reflects the current valuation of the Company. The Company has not reconciled the forward-looking adjusted EBITDA, adjusted EBITDA margin, free cash flow, free cash flow yield, or organic revenue growth to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are acquisition and divestiture-related costs and impairment expense. These underlying expenses and others that may arise during the year are potential adjustments to future earnings. The Company expects the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results. Non-GAAP financial measures are not a substitute for GAAP financial results and should only be considered in conjunction with the Company's financial information that is presented in accordance with GAAP. Quantitative reconciliations of EBITDA, adjusted EBITDA, adjusted EBITDA margin, net debt, funding capacity, free cash flow, free cash flow yield, enterprise value, and adjustments to segment results to exclude portfolio actions and one-time adjustments made are included in this presentation. L.B. Foster Three Part Advisors' Conference August 2025
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3 "L.B. Foster Company has a rich history of innovation and customer service, and we are reinvigorated by the momentum building inside our business and the opportunity to grow shareholder value." Company Overview L.B. Foster Three Part Advisors' Conference August 2025 John Kasel President and CEO
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2024 Sales by Region $455 $44 $22 $10 $531 United States United Kingdom Canada Other Total 2024 Sales 0 200 400 600 TTM Q2 2025 Sales by Segment $289 $218 $507 Rail InfrastructureTotal TTM Q2 2025 Sales 0 200 400 600 L.B. Foster Overview Innovating to solve global infrastructure challenges > Founded in 1902, headquartered in Pittsburgh, Pennsylvania > Locations throughout North America, South America, Europe, and Asia > 18 principal plants, yards, and offices; ~1,050 employees worldwide2 > Critical infrastructure solutions provider focused on growing our innovative, technology-based offerings to address our customers’ most challenging operating and safety requirements Business Segments 4L.B. Foster Three Part Advisors' Conference August 2025 Infrastructure Solutions Rail, Technologies, and Services ($ in millions)($ in millions) 2025 Guidance3 Low High Revenue $ 535 $ 555 Adj. EBITDA1 $ 40.0 $ 44.0 Capex as a % of sales ~2% ~2% Free cash flow1 $ 15 $ 25 June 30, 2025 Financial Data4 Stock Price $ 22.40 Shares Outstanding 10.6 Market Capitalization $ 238 Debt 82 Cash 4 Enterprise Value $ 315 TTM Revenue $ 507 TTM Adj. EBITDA1 $ 34 EV / Revenue 0.6 EV / Adj. EBITDA 9.4 Covenant Leverage 2.2x Data shown above in millions, except stock price and ratios. 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. 2) Location and employee data as of December 31, 2024. 3) 2025 guidance as of August 11, 2025. 4) All data as of June 30, 2025 except for market data which is reflected as of August 4, 2025.
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Financial Results 2021 v. 2024 Innovating to Solve Global Infrastructure Challenges 5L.B. Foster Three Part Advisors' Conference August 2025 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. Organic Growth and Profitability Expansion Expected to Continue Through Balance of 2025 2025 Financial Guidance August 11, 2025 2025 Financial Goals Established in December 2021 Low High Net sales $535M $555M Adj. EBITDA1 $40M $44M Adj. EBITDA1 % 7.5% 7.9% Free cash flow1 $15M $25M 2021 2024 Net sales $514M $531M Gross margin 16.8% 22.2% Adj. EBITDA1 $19M $34M Adj. EBITDA1 % 3.6% 6.3% Free cash flow1 ($5M) $13M Low High Net sales $580M $620M Gross margin 22.0% 23.0% Adj. EBITDA1 $48M $52M Adj. EBITDA1 % ~8.0%
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Proud Legacy, Well-Positioned for Growth 1902 > Founded by Lee B. Foster as used rail resale company 1981 > L.B. Foster goes public, trading on the NASDAQ exchange (FSTR) 2010 > Acquired Portec Rail Products, a rail technology company with established presence in UK 2015 > Acquired U.K.-based Tew Engineering and Tew Plus, widening offering of technology solutions 2021 > Refreshed strategy developed and announced; changes to Board and leadership team; divested Piling Products business 6L.B. Foster Three Part Advisors' Conference August 2025 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 Company History Strategic Execution 1999 > Acquired CXT Inc., manufacturer of engineered precast and pre-stressed products used in rail and civil infrastructure.
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7 Business Segments L.B. Foster Three Part Advisors' Conference August 2025 "Our business portfolio represents a steady, long-term infrastructure pure play with significant headroom for growth and an improving margin and profitability profile." John Kasel President and CEO
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Business Segment Profile Rail, Technologies, and Services 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 > Focus on rail safety and U.S. infrastructure spend to support long- term domestic growth 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 8 $ in millions unless otherwise indicated. Figures may not foot due to rounding.L.B. Foster Three Part Advisors' Conference August 2025 TTM Q2 2025 Net Sales by Segment $289 $218 $507 Rail Infrastructure TTM Q2 2025 Sales $— $100 $200 $300 $400 $500 $600 TTM Q2 2025 Gross Profit Margins 21.9% 22.6% 22.2% Rail Infrastructure TTM Q2 2025 GP Margin —% 5% 10% 15% 20% 25%
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Rail, Technologies, and Services - Overview 9 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 Global Friction Management > Solutions and services to enhance rail safety and efficiency > Growth platform with above-average margins Rail Products > Returns platform business > Products for rail track infrastructure > Legacy L.B. Foster businesses; demonstrated stable, strong cash generation, project-based seasonality Offering Supports the Safety, Reliability, and Efficiency of Global Rail Markets $ in millions unless otherwise indicated. Figures may not foot due to rounding. TTM Q2 2025 Rail Segment Sales $175 $71 $43 $289 Rail Products Global FM TS&S Total Rail $0 $100 $200 $300 $400 Business Gross Margin Profiles Rail Products Global FM Technology Services and Solutions 5% 10% 15% 20% 25% 30% 35% 40% L.B. Foster Three Part Advisors' Conference August 2025 2010 – Acquire Portec 2022 – Acquire Skratch / IV; Divest Track Components 2010 2015 2022 Rail Segment M&A Activity 2023 2023 – Divest Concrete Ties 2025 – Exit UK Automation and Materials Handling 2025 2015 – Acquire Tew Eng / Tew Plus
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Deploying Advanced Technologies That Positively Impact the Built Environment Infrastructure Solutions Overview 10 CXT acquisition, entrance into precast concrete space Carr Concrete acquisition, expansion of offerings and geography VanHooseCo acq., proprietary technology and expanded geography 1999 2014 2022 Infrastructure Solutions M&A Activity L.B. Foster Three Part Advisors' Conference August 2025 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 Steel Products > Returns-based strategy with light capital needs > Custom engineered solutions and services for critical civil and energy infrastructure > Leading share in stable / mature niche markets > Generate cash to fund higher growth / higher-margin opportunities in precast market > Tailwinds from US energy and infrastructure spending $ in millions unless otherwise indicated. Figures may not foot due to rounding. Chemtec divestiture and bridge grid deck product line exit 2023 TTM Q2 2025 Infrastructure Sales $155 $63 $218 Precast Concrete Steel Products Total Infrastructure $— $50 $100 $150 $200 $250 Business Gross Margin Profile Precast Concrete Steel Products 5% 10% 15% 20% 25% 30% 35% 40%
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Growth & Returns Platforms Established 11L.B. Foster Three Part Advisors' Conference August 2025 Rail ProductsGlobal Friction Management Steel ProductsPrecast Concrete Products Total Track Monitoring UK Technology Services and Solutions Platform for driving growth, profitability, and ROIC with improving demand from infrastructure spend, safety focus and fuel efficiency Returns Platforms Growth Platforms Platform optimized for cash generation to fund organic and inorganic growth initiatives in Growth platform Rail friction management products and application systems Precast concrete products, wall systems and buildings Railroad network safety condition monitoring systems Rail track distribution with value-added solutions for freight and transit railroad customers Engineered solutions for infrastructure applications Technology-based products and contract service solutions for the UK Rail market Business Portfolio Purposefully Constructed to Fund and Drive Growth
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$ in millions unless otherwise indicated. Figures may not foot due to rounding. 1) Total growth represents the change in sales between the TTM period ended June 30, 2025 and full year 2021 results. Growth & Returns Platform Profiles 12L.B. Foster Three Part Advisors' Conference August 2025 Platform for driving growth, profitability, and ROIC with improving demand from infrastructure spend, safety focus and fuel efficiency initiatives Returns Platforms Growth Platforms Platform to be optimized for cash generation to fund organic and inorganic growth initiatives in Growth platform TTM Sales and Total Sales Growth since 2021 $71 $12 $155 $238 Global FM Total Track Monitoring Precast Total Growth Platform Sales $0 $50 $100 $150 $200 $250 Gross Margin Profiles Global FM Total Track Monitoring Precast Total Growth —% 10% 20% 30% 40% 50% TTM Sales and Total Sales Growth since 2021 $175 $31 $63 $269 Rail Products UK TS&S Steel Products Total Returns Platform Sales $0 $100 $200 $300 Gross Margin Profiles Rail Products UK TS&S Steel Products Total Returns 10% 20% 30% 40% 50% 1 42% 92%119% 273% (12)% (36)% (56)% (31)% 20% - 40% 15% - 25% 1
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Financial Review 13 Bill Thalman Executive Vice President and CFO "The favorable impact of our strategic transformation is evident from the positive momentum in our results." L.B. Foster Three Part Advisors' Conference August 2025
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Executive Summary – Quarter Highlights Net sales of $143.6M up 2.0% YoY; Infrastructure up 22.4%; Rail down 11.2% Gross profit of $30.9M, up 1.3% YoY; gross margins of 21.5% down 20 bps SG&A % of sales 15.6% down 200 bps YoY Net income up 1.3% YoY; Adjusted EBITDA1 up $4.2M, or 51.4%, YoY Cash flow from operations of $10.4M favorable $15.4M YoY Net debt1 down $6.6M YoY to $77.4M; Gross Leverage Ratio1,2 of 2.2x down 0.5x Repurchased 108,020 shares of common stock for $2.2M or ~1.0% of outstanding shares Updated 2025 Guidance Net Sales $535M - $555M Adjusted EBITDA1 $40M - $44M Free Cash Flow1 $15M - $25M Cap Ex % of Sales ~2.0% 14L.B. Foster Three Part Advisors' Conference August 2025 Adjusted EBITDA Improved 51.4% Driven by Gross Profit Expansion and SG&A Leverage 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. 2) Gross leverage ratio shown calculated per the credit agreement in place during the displayed quarter. What we’ve accomplished… Where we’re going… New orders1 of $175.8M, up 2.8% YoY Q2 TTM book-to-bill ratio1 of 1.04 : 1.00 Backlog1 at $269.9M, up 8.1% YoY and up 13.8% sequentially with improved profitability mix
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Strategic Transformation Complete 2022 – Skratch and Intelligent Video (IV) > U.K.-based digital display solutions company and safety solution company 2022 - VanHooseCo > Precast company headquartered in Tennessee > New technologies allow for margin expansion / application across existing portfolio > ~$34M in sales (2023), with 2nd facility online 2H 2023 and ramping up in 2024 2023 - Cougar Mountain > Tuck-in precast acquisition integrated into existing Boise operations Divestitures / Product Line Exits Lower Margin Profiles – Energy-Focused / Commoditized Businesses Acquisitions Higher Margin Profiles – Rail Technologies and Precast Concrete 15$ in millions unless otherwise indicated. Figures may not foot due to rounding.L.B. Foster Three Part Advisors' Conference August 2025 Sales and Gross Margin Development $514 $30 $(46) $497 $58 $(11) $544 $1 $(14) $531 $(24) $507 16.8% 18.0% 20.6% 22.2% 22.2% 2021 Sales Organic Growth Acquisitions & Divestitures 2022 Sales Organic Growth Acquisitions & Divestitures 2023 Sales Organic Growth Divestitures & Product Exit 2024 Sales Organic Growth TTM Q2 2025 Sales $200 $400 $600 15.0% 20.0% 25.0% 30.0% 2021 – Piling Products - Commoditized, working-capital intensive business 2022 – Track Components - Canadian rail spikes and anchors business 2023 – Chemtec Energy Services - EBITDA-neutral energy business 2023 – Concrete Railroad Ties - Commoditized EBITDA-neutral business 2023 – Bridge grid deck product line exit- Dated technology with low margins 2025 – AMH product line exit - UK business right-sizing
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Structural Improvement in Business Portfolio Driving Gross / EBITDA Margin1 Expansion Key Metrics: 2021 – TTM Q2 2025 16 > Scalable core businesses in robust markets with headroom for growth > Sale of commodity businesses, accretive acquisitions and organic growth transforms portfolio margin profile 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures.L.B. Foster Three Part Advisors' Conference August 2025 Adjusted Sales $514 $501 $546 $531 $507 2021 2022 2023 2024 TTM Q2 2025 $400 $425 $450 $475 $500 $525 $550 $575 Gross Profit Margin Gross Profit ($ in millions) Adjusted Gross Profit 16.8% 18.8% 21.2% 22.1% 22.4% $86 $94 $116 $117 $114 2021 2022 2023 2024 TTM Q2 2025 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0% $80 $90 $100 $110 $120 $130 Adjusted EBITDA ($ in millions) Adjusted EBITDA Margin Adjusted EBITDA $19 $24 $32 $34 $34 3.6% 4.8% 5.8% 6.3% 6.1% 2021 2022 2023 2024 TTM Q2 2025 $10 $15 $20 $25 $30 $35 2.0% 4.0% 6.0% 8.0% 10.0% ($ in millions) 1 1 1
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L.B. Foster Three Part Advisors' Conference August 2025 Seasonality of Financial Performance Financial Results and Working Capital Needs Typically Align with Customers' Construction Season 17 Adj. EBITDA Q1/Q4 v. Q2/Q3 - Construction Season 31.8% 37.2% 33.3% 39.2% 35.4% 68.2% 62.8% 66.7% 60.8% 64.6% Q1/Q4 Q2/Q3 2021 2022 2023 2024 Average —% 25.0% 50.0% 75.0% Net Sales Q1/Q4 v. Q2/Q3 - Construction Season 44.6% 47.4% 46.0% 47.6% 46.4% 55.4% 52.6% 54.0% 52.4% 53.6% Q1/Q4 Q2/Q3 2021 2022 2023 2024 Average —% 25.0% 50.0% 75.0% Free Cash Flow H1 v. H2 - Working Capital Seasonality $4.6 $(16.4) $(4.8) $(31.2) $(12.0)$(10.0) $(1.8) $37.3 $44.0 $17.4 H1 H2 2021 2022 2023 2024 Average $(50.0) $(25.0) $— $25.0 $50.0 > Sales and Adjusted EBITDA follow construction season cycles for our customers (normal peak levels in Q2/Q3) > Free cash flow generation strongest in second half of year due to seasonal working capital needs > Net sales, Adjusted EBITDA and free cash flow patterns expected to be similar in 2025, although working capital needs somewhat deferred to second half this year 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. $ in millions, unless otherwise noted 1 1
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June 30, 2025 Key Metrics Net Debt1 and Gross Leverage Ratio1,2 Favorable YoY with Improving Leverage Expected through Year End Net Debt1, Leverage, and Cash Flow 18 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. 2) Gross leverage ratio shown calculated per the credit agreement in place during the displayed quarter. 3) Subject to covenant restrictions. Gross Leverage Ratio1,2 2.2x Funding Capacity1,3 $72.3M YTD Operating Cash Use $15.7M $5.2M YTD Capital Spending > Net debt1 and Gross Leverage Ratio1,2 in line with expectations with deferred working capital needs > Demonstrated history of diligent debt and leverage management over time...targeting ~1.0x to ~1.5x > Favorable amendment / extension of credit facility > Capital-light business model with significant free cash flow1 drivers (~$31M 2023/2024 avg ex UP payments) > ~$87M in federal NOLs should minimize taxes for the foreseeable future > Share repurchase program expiring Feb 2028 ($36.7M of $40M authorization remaining); 711,441shares repurchased since Feb 2023 (6.5% of o/s shares) L.B. Foster Three Part Advisors' Conference August 2025 Net Debt and Gross Leverage Ratio Per Credit Agreement $69 $53 $75 $83 $65 $44 $80 $77 2.0x 1.7x 2.2x 2.7x 1.9x 1.2x 2.5x 2.2x Net Debt Gross Leverage Ratio TTM Q3 2023 TTM Q4 2023 TTM Q1 2024 TTM Q2 2024 TTM Q3 2024 TTM Q4 2024 TTM Q1 2025 TTM Q2 2025 —x 1.0x 2.0x 3.0x — 10 20 30 40 50 60 70 80 90 100 ($ in millions) 1 1,2
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1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. Note figures may not foot due to rounding. New Orders1, Revenue, and Book-to-Bill Ratios1 19 TTM Q2 2025 Book-to-Bill Ratio: 1.04 : 1.00 TTM Q2 2025 Book-to-Bill Ratio: 1.02 : 1.00 TTM Q2 2025 Book-to-Bill Ratio: 1.06 : 1.00 L.B. Foster Three Part Advisors' Conference August 2025 Rail, Technologies, and Services $117 $53 $55 $83 $114 $86 $79 $79 $54 $76 New Orders Revenue Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 0 25 50 75 100 125 Consolidated New Orders, Revenue, and TTM Book-to-Bill Ratio $171 $96 $107 $149 $176 $141 $137 $128 $98 $144 Total New Orders Total Revenue Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 0 50 100 150 200 ($ in millions) ($ in millions) Infrastructure Solutions $54 $43 $52 $66 $61$55 $58 $49 $44 $68 New Orders Revenue Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 0 25 50 75 ($ in millions) 0.93 : 1.00 0.94 : 1.00 0.95 : 1.00 1.04. : 1.00 1.04 : 1.00
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Backlog1 Trends Backlog Margin Profiles Continue to Improve Underpinning Expanding Profitability Outlook L.B. Foster Three Part Advisors' Conference August 2025 20 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. Consolidated Backlog $250 $209 $186 $237 $270 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 — 50 100 150 200 250 300 Rail, Technologies, and Services Backlog $115 $89 $62 $92 $131 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 — 25 50 75 100 125 150 Infrastructure Solutions Backlog $135 $120 $123 $145 $139 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 — 25 50 75 100 125 150 175
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1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. 2) 2024 EV calculated using February 28, 2025 share price of $27.45 per share and net debt as of December 31, 2024. 3) 2025 EV/FCF Yield calculated using August 4, 2025 share price of $22.40 per share. 4) EV is calculated using net debt as of June 30, 2025 less 2025 FCF guidance midpoint. Attractive Valuation and Free Cash Flow Yield Based on 2025 Outlook Attractive Valuation and FCF Yield1 21L.B. Foster Three Part Advisors' Conference August 2025 Company Valuation 2024 2025 Guidance (As of August 11, 2025) Low Mid High Revenue $ 530.8 $ 535.0 $ 545.0 $ 555.0 Organic revenue growth 0.8 % 2.7 % 4.6 % Adj. EBITDA1 $ 33.6 $ 40.0 $ 42.0 $ 44.0 Adj. EBITDA growth 19.1 % 25.1 % 31.0 % Adj. EBITDA Margin1 6.3 % 7.5 % 7.7 % 7.9 % Enterprise Value (12/31/24)1,2 $ 339.6 Enterprise Value (Est. as of 12/31/25)1,3,4 $294.8 EV/Adj. EBITDA (12/31/24 vs.12/31/25) 10.1 7.4 7.0 6.7 Free Cash Flow1 2025 Goals Low High Free Cash Flow Guidance $ 15.0 $ 25.0 Free Cash Flow Yield1,3 6 % 11 % Trading Volume Growth TTM Q2 2024 TTM Q2 2025 Increase Average Daily Volume 44,129 44,622 493 > Inclusion in the Russell 2000 Index in 2024 > Attractive EBITDA valuation based on 2025 projections > 2025 FCF1 Outlook: $15M to $25M...improving profitability outlook and no Union Pacific payments > 2025 FCF Yield1: 6% to 11% at current stock price $ in millions except share volume information; Share volume obtained from NASDAQ.com
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John Kasel President and CEO 22L.B. Foster Three Part Advisors' Conference August 2025 Closing Remarks
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Relentless Pursuit of Shareholder Returns with Prudent Capital Allocation Capital Allocation Priorities 23 Debt Reduction > Target maintaining Gross Leverage Ratio1 between ~1.0x - ~1.5x; improving free cash flow outlook provides opportunities for further growth and shareholder returns Growth Capital Expenditures > Targeting ~2.0% of sales for maintenance and to support organic growth initiatives Tuck In Acquisitions > Continue to opportunistically evaluate strategic partnerships that enhance our current portfolio Share Repurchases > Repurchased ~1.0% of shares during the quarter; $36.7M authorized and remaining under share repurchase program through February 2028 Capital Allocation Investment for Growth L.B. Foster Three Part Advisors' Conference August 2025 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures.
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Market and Business Outlook 24 Demand Improvement Expected to Continue in Rail and Civil Infrastructure End Markets Continuing focus on and funding of railroad customer safety and operating ratio initiatives supports long-term growth for Rail Technologies New Precast facility in Florida delivered first order in Q2; offering Envirocast® wall systems for commercial and residential real estate market Government funding of large-scale investments in infrastructure improved in the second quarter; expected to remain steady for the foreseeable future given needs Renewed interest in domestic energy production translating into strong order book for Protective Coatings; backlog up 36.8% L.B. Foster Three Part Advisors' Conference August 2025
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L.B. Foster Investment Thesis 25 Business portfolio transformation, organic growth and focused profitability initiatives manifesting in improved results Infrastructure pure play with a diverse set of avenues for growth in multi-year infrastructure investment super cycle Improved margin and profitability outlook with capital-light business model and demonstrated FCF generation over time Multiple value-creating capital allocation levers at disposal Structural Improvement in Profitability Organic Growth Drivers in Place Favorable Free Cash Flow Inflection Point Disciplined Capital Allocation L.B. Foster Three Part Advisors' Conference August 2025
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26L.B. Foster Three Part Advisors' Conference August 2025 Key Takeaways Strong Backlog Expected to Drive Accelerated Growth and Profitabilty Expansion in 2025 Second Half 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. 2) Refer to "Attractive Valuation and Free Cash Flow Yield" slide for further details on calculations. 3) Based on midpoint of financial guidance established August 11, 2025. Organic Growth and Profitability Expansion Expected in H2 2025 > Adjusted EBITDA1,3 growth expected to be ~43% in H2 2025 with ~14% organic sales growth > Free cash flow1,2 projected around $41M seasonally stronger in H2 as construction season winds down Strong Profitability Expansion / Cash Generation Expected for Full Year 2025 > Adjusted EBITDA1,3 growth expected to be ~25% in 2025 with ~3% organic sales growth > Free cash flow1,2 projected at $20M with well-defined capital allocation strategy Attractive Valuation and Free Cash Flow Yield > EV / 2025 Adj. EBITDA1,2 valuation from 6.7x - 7.4x based on 2025 guidance > Expected 2025 free cash flow yield1,2 ranging from 6% - 11% at current stock price
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Thank you! L.B. Foster Company Investor Presentation 27L.B. Foster Three Part Advisors' Conference August 2025 Nasdaq - FSTR
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Appendix 28L.B. Foster Three Part Advisors' Conference August 2025
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29 Non-GAAP Measure: Adjusted EBITDA Margin Note figures may not foot due to rounding. Twelve months ended: ($ in millions) December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 June 30, 2025 Net income (loss), as reported $ 3.5 $ (45.7) $ 1.3 $ 42.8 $ 36.3 Interest expense - net 3.0 3.3 5.5 5.0 5.0 Income tax expense (benefit) 1.1 36.7 (0.4) (28.4) (26.2) Depreciation expense 8.1 8.6 9.9 9.5 9.3 Amortization expense 5.8 6.1 5.3 4.6 4.3 Total EBITDA $ 21.4 $ 9.1 21.7 $ 33.5 28.7 (Gain) loss on divestitures (2.7) — 3.1 — — Impairment expense — 8.0 — — — Acquisition and divestiture costs — 2.2 — — — Commercial contract settlement — 4.0 — — — Insurance proceeds — (0.8) — — — VanHooseCo inventory adjustment to fair value amortization — 1.1 — — — VanHooseCo contingent consideration — 0.5 — — — Bridge grid deck exit impact — — 4.5 — — Bad debt provision — — 1.9 — — Restructuring costs — — 0.7 1.5 1.5 Gain on asset sales — — — (4.3) — Legal expense — — — 1.2 0.4 Pension termination costs — — — 1.7 1.7 AMH exit costs — — — — 1.4 Adjusted EBITDA $ 18.7 $ 24.2 $ 31.8 $ 33.6 $ 33.6 Net sales $ 513.6 $ 501.5 $ 545.7 $ 530.8 $507.0 Net income (loss) margin 0.7 % (9.1) % 0.2 % 8.1 % 7.2 % Adjusted EBITDA Margin 3.6 % 4.8 % 5.8 % 6.3 % 6.6 % L.B. Foster Three Part Advisors' Conference August 2025
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30L.B. Foster Three Part Advisors' Conference August 2025 Non-GAAP Measure: Adjusted EBITDA by Quarter Note figures may not foot due to rounding. Three Months Ended ($ in millions) March 31, 2021 June 30, 2021 September 30, 2021 December 31, 2021 Net (loss) income, as reported $ (1.3) $ 2.9 $ 2.2 $ (0.4) Interest expense - net 0.9 0.9 0.7 0.5 Income tax (benefit) expense (0.3) 1.1 0.7 (0.4) Depreciation expense 2.0 2.0 2.0 2.0 Amortization expense 1.5 1.5 1.5 1.4 Total EBITDA 2.7 8.3 7.1 3.2 Gain on divestiture of Piling Products — — (2.7) — Adjusted EBITDA $ 2.7 $ 8.3 $ 4.4 $ 3.2
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31L.B. Foster Three Part Advisors' Conference August 2025 Non-GAAP Measure: Adjusted EBITDA by Quarter Note figures may not foot due to rounding. Three Months Ended ($ in millions) March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 Net (loss) income, as reported $ (1.6) $ 2.0 $ (2.1) $ (44.0) Interest expense - net 0.4 0.4 1.0 1.6 Income tax (benefit) expense (0.5) 0.8 (0.2) 36.5 Depreciation expense 1.9 1.9 2.3 2.6 Amortization expense 1.4 1.4 1.6 1.7 Total EBITDA 1.7 6.5 2.6 (1.6) Insurance proceeds — (0.3) — — Acquisition and divestiture costs — 0.5 1.3 0.4 Gain on divestiture of Piling Products — (0.5) — — Loss on divestiture of Track Components — — 0.4 — VanHooseCo inventory adjustment to fair value amortization — — 0.9 0.3 VanHooseCo contingent consideration — — 0.2 0.3 Commercial contract settlement — — 4.0 — Impairment expense — — — 8.0 Adjusted EBITDA $ 1.7 $ 6.1 $ 9.3 $ 7.5
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32L.B. Foster Three Part Advisors' Conference August 2025 Non-GAAP Measure: Adjusted EBITDA by Quarter Note figures may not foot due to rounding. Three Months Ended ($ in millions) March 31, 2023 June 30, 2023 September 30, 2023 December 31, 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) Depreciation expense 2.5 2.5 2.5 2.5 Amortization expense 1.4 1.4 1.4 1.2 Total EBITDA 2.5 9.5 5.6 4.1 Loss on divestiture 2.0 1.0 — — VanHooseCo contingent consideration (0.1) 0.1 — — Bridge grid deck impact — — 4.1 0.3 Bad debt provision — — 0.9 1.0 Restructuring costs — — — 0.7 Adjusted EBITDA $ 4.5 $ 10.6 $ 10.6 $ 6.1
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33L.B. Foster Three Part Advisors' Conference August 2025 Non-GAAP Measure: Adjusted EBITDA by Quarter Note figures may not foot due to rounding. Three Months Ended ($ in millions) March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 June 30, 2025 Net income (loss), as reported $ 4.4 $ 2.8 $ 35.9 $ (0.3) $ 2.8 Interest expense - net 1.1 1.5 1.4 1.0 1.5 Income tax expense (benefit) 0.3 0.3 (29.7) 0.7 3.4 Depreciation expense 2.4 2.4 2.3 2.4 2.3 Amortization expense 1.2 1.1 1.1 1.1 0.8 Total EBITDA 9.4 8.1 11.0 5.0 10.9 Gain on asset sale (3.5) (0.8) — — — Legal expense — 0.8 0.4 — — Restructuring costs — — 0.9 0.5 — Pension termination costs — — — 1.7 — AMH exit costs — — — — 1.4 Adjusted EBITDA $ 5.9 $ 8.1 $ 12.3 $ 7.2 $ 12.2
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34 Non-GAAP Measure: Adjusted Results Consolidated Adj. Results Twelve Months Ended Trailing Twelve Months Ended ($ in millions) December 31, 2024 June 30, 2025 Net sales, as reported $ 530.8 $ 507.0 Gross profit, as reported $ 118.1 $ 112.4 AMH exit costs — 1.1 Gain on asset sale (0.8) — Gross profit, as adjusted $ 117.3 $ 113.5 Gross profit margin, as reported 22.2 % 22.2 % Gross profit margin, as adjusted 22.1 % 22.4 % Note figures may not foot due to rounding.L.B. Foster Three Part Advisors' Conference August 2025
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35 Non-GAAP Measure: Adjusted Results Consolidated Adj. Results Twelve Months Ended ($ in millions) December 31, 2023 December 31, 2022 Net sales, as reported $ 543.7 $ 497.5 Bridge grid deck exit impact 2.0 — Crossrail settlement adjustment — 4.0 Net sales, as adjusted $ 545.7 $ 501.5 Gross profit, as reported $ 112.0 $ 89.6 Bridge grid deck exit impact 3.9 — Crossrail settlement adjustment — 4.0 Gain on asset sale — — VanHooseCo inventory adjustment to fair value amortization — 0.9 Gross profit, as adjusted $ 115.9 $ 94.4 Gross profit margin, as reported 20.6 % 18.0 % Gross profit margin, as adjusted 21.2 % 18.8 % Note figures may not foot due to rounding.L.B. Foster Three Part Advisors' Conference August 2025
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36L.B. Foster Three Part Advisors' Conference August 2025 Non-GAAP Measure: Net Debt1 Note figures may not foot due to rounding. 1) Subject to covenant restrictions. June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 ($ in millions) Total debt $ 81.6 $ 82.5 $ 46.9 $ 68.5 $ 87.2 $ 78.1 $ 55.3 $ 71.7 Less: cash and cash equivalents (4.2) (2.6) (2.5) (3.1) (4.0) (3.1) (2.6) (3.0) Total net debt1 $ 77.4 $ 79.9 $ 44.4 $ 65.4 $ 83.2 $ 75.0 $ 52.7 $ 68.7
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37 Non-GAAP Measure: Funding Capacity Note figures may not foot due to rounding. 1) Subject to covenant restrictions. L.B. Foster Three Part Advisors' Conference August 2025 June 30, 2025 ($ in millions) Cash and cash equivalents $ 4.2 Total availability under the credit facility 150.0 Outstanding borrowings on revolving credit facility (81.0) Letters of credit outstanding (0.9) Net availability under the revolving credit facility1 $ 68.1 Total available funding capacity1 $ 72.3
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38L.B. Foster Three Part Advisors' Conference August 2025 Non-GAAP Measure: Enterprise Value & Free Cash Flow Yield June 30, 2025 ($ in millions) Share price (as of 8/4/2025) $ 22.4 Shares outstanding (as of 8/4/2025) 10.6 Market Capitalization $ 238 Net debt (as of 6/30/2025) 77 Enterprise Value $ 315 Note figures may not foot due to rounding. 1) Net debt as of June 30, 2025 less midpoint of 2025 free cash flow guidance 2025 Goals Low High Free cash flow guidance $ 15.0 $ 25.0 Shares outstanding (as of 8/4/2025) 10.6 10.6 Free cash flow per share $ 1.42 $ 2.36 Share price (as of 8/4/2025) $ 22.40 $ 22.40 Free Cash Flow Yield 6 % 11 %