Slides
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November 3, 2025 L.B. Foster Company Earnings 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, valuations and impairments, 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; the impact of the continued U.S. government shutdown; 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, 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 November 3, 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 earnings 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 • New orders • New orders, net • Book-to-bill ratio • Backlog 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 months ended September 30, 2025, the Company did not make any adjustments to EBITDA. In the nine months ended September 30, 2025 , the Company made adjustments to exclude the AMH Exit costs. In the three months ended September 30, 2024 , the Company made adjustments to exclude restructuring costs and a legal settlement. In the nine months ended September 30, 2024 , the Company made adjustments to exclude gains on asset sales, restructuring costs, and a legal settlement. 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 net sales. 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 defines new orders, net 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 net of order cancellations incurred during the period. The Company defines book-to-bill ratio as new orders, net 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, net, 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, net 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 has not reconciled the forward-looking adjusted EBITDA, adjusted EBITDA margin, free cash flow, and free cash flow yield 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, and free cash flow are included in this presentation. L.B. Foster Q3 2025 Earnings Presentation November 3, 2025
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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 Q3 2025 Sales by Segment $287 $221 $508 Rail InfrastructureTotal TTM Q3 2025 Sales 0 200 400 600 L.B. Foster Overview Innovating to solve global infrastructure challenges > Founded in 1902, headquartered in Pittsburgh, Pennsylvania > Locations throughout North America, South America, Europe, and Asia > 18 principal plants, yards, and offices; ~1,050 employees worldwide2 > Critical infrastructure solutions provider focused on growing our innovative, technology-based offerings to address our customers’ most challenging operating and safety requirements Business Segments 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. 2) Location and employee data as of December 31, 2024. 3) 2025 guidance as of November 3, 2025. 4) All data as of September 30, 2025 except for market data which is reflected as of October 28, 2025. 3L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Infrastructure Solutions Rail, Technologies, and Services Data shown above in millions, except stock price and ratios. ($ in millions)($ in millions) September 30, 2025 Financial Data4 Stock Price $ 26.65 Shares Outstanding 10.4 Market Capitalization $ 277 Debt 59 Cash 3 Enterprise Value $ 333 TTM Revenue $ 508 TTM Adj. EBITDA1 $ 33 EV / Revenue 0.7 EV / Adj. EBITDA 10.2 Covenant Leverage 1.6x 2025 Guidance3 Low High Revenue $ 535 $ 545 Adj. EBITDA1 $ 40 $ 42 Capex as a % of sales ~2% ~2% Free cash flow1 $ 15 $ 20
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John Kasel President and CEO 4L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Opening Remarks
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Executive Summary – Quarter Highlights Net sales of $138.3M up 0.6% YoY; Infrastructure up 4.4%; Rail down 2.2% Net income down YoY due to $30.0M tax benefit realized last year Adjusted EBITDA1 down $1.0M, or 7.9%, YoY with lower margins partially offset by lower SG&A Net cash provided by operations of $29.2M, up $4.4M YoY Reduced net debt1 $10.1M YoY; Gross Leverage Ratio1,2 of 1.6x down 0.3x YoY Repurchased 184,143 shares for $4.7M or 1.7% of outstanding shares Updated 2025 Guidance Net Sales $535M - $545M Adjusted EBITDA1 $40M - $42M Free Cash Flow1 $15M - $20M Cap Ex % of Sales ~2.0% 5L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Exceptional Cash Generation in Q3, with Backlog Supporting Expected ~25%3 Sales Growth Outlook for Q4 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) Increase anticipated in 2025 Q4 at midpoint of 2025 guidance What we’ve accomplished… Where we’re going… New orders, net1 of $114.8M, up 19.6% YoY; Q3 TTM book-to-bill ratio1 of 1.08 : 1.00 Backlog1 at $247.4M, up 18.4% YoY $38.4M backlog increase supports ~$32M3 increase in sales expected in Q4
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6L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Financial Review Bill Thalman Executive Vice President and CFO
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Third Quarter Results Strong Cash Generation Despite Modest Sales Growth and Profitability Weakness; Backlog up $38.4M YoY As of and for the quarter ended September 30, 2025: $ in millions, unless otherwise noted YoY Δ SALES 138.3 0.8 GROSS PROFIT 31.1 (1.7) GROSS PROFIT MARGIN 22.5% (130) bps SG&A 22.1 (2.2) NET INCOME ATTRIB. TO FSTR 4.4 (31.6) ADJ. EBITDA1 11.4 (1.0) OPERATING CASH FLOW 29.2 4.4 NEW ORDERS, NET1 114.8 18.8 BACKLOG1 247.4 38.4 > Net sales up 0.6% YoY driven by Infrastructure > Gross profit down 5.2% YoY, with margins down 130 bps > SG&A down $2.2M on lower personnel, professional services and restructuring costs; SG&A % of sales improved 170 bps to 16.0% > Net income down due primarily to a $30.0M tax benefit in the prior year > Adjusted EBITDA1 down 7.9% YoY > Cash provided by operating activities totaled $29.2M, favorable $4.4M YoY > New orders, net1 up 19.6% YoY; TTM book-to- bill ratio1 of 1.08 : 1.00 > Backlog1 up 18.4% YoY driven by Rail up 58.2% L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. 7
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Historical Seasonality of Financial Performance Q2/Q3 Combined Results Relatively Lower than Normal Given Strong Q4 Implied by Guidance 8 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 > Rail Distribution order deliveries deferred to Q4 skewing sales and adjusted EBITDA phasing in 2025; Q1/Q4 combined results expected to be stronger than normal 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. $ in millions, unless otherwise noted 1 1 L.B. Foster Q3 2025 Earnings Presentation November 3, 2025
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Rail, Technologies and Services Order Timing in Rail Products Impacted Volumes and Profitability; Rail Products Backlog1 up 59.9% YoY Rail, Technologies, and Services – Q3 Results 9 > Net sales declined 2.2% due to lower volume in Rail Products and in the UK; Friction Management up 9.0%; Total Track Monitoring up 135.1% > Gross profit margins down 40 basis points adversely impacted by lower volumes and unfavorable business mix in the UK > New orders, net1 increased 63.9% due to improved demand in all business units, with TS&S up $25M due to a large multi-year order in the UK; Backlog1 increased 58.2% Sales (2.2)% GP Margin (40) bps New Orders, Net1 +63.9% Backlog1 +58.2% L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Rail, Technologies, and Services $79 $78 Q3 2024 Q3 2025 0 25 50 75 100 23.2% 22.8% Q3 2024 Q3 2025 0% 5% 10% 15% 20% 25% $53 $86 Q3 2024 Q3 2025 0 25 50 75 100 125 $89 $140 Q3 2024 Q3 2025 0 50 100 150 $ in millions unless otherwise indicated. Figures may not foot due to rounding. 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. .
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Sales Growth Realized in Both Business Units; Backlog1 Down due to Longer-Term Order Cancellations Infrastructure Solutions – Q3 Results 10 > Net sales increased 4.4% with Steel Products up 12.7% due to improved demand in Protective Coatings and Threaded; Precast Concrete sales also increased 1.4% YoY > Gross margins declined 260 basis points due to unfavorable sales mix and higher manufacturing costs in Precast Concrete, including startup costs for new Florida facility > New orders, net1 and backlog1 down due primarily to $19M Summit Protective Coatings order cancellation; Backlog1 up ~$6M adjusted for the Summit cancellation Sales +4.4% GP Margin (260) bps New Orders, Net1 (34.4)% Backlog1 (10.9)% L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 $58 $60 Q3 2024 Q3 2025 0 20 40 60 24.6% 22.0% Q3 2024 Q3 2025 0% 5% 10% 15% 20% 25% 30% $43 $28 Q3 2024 Q3 2025 0 25 50 75 $120 $107 Q3 2024 Q3 2025 0 50 100 150 200 Infrastructure Solutions $ in millions unless otherwise indicated. Figures may not foot due to rounding. 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures.
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11 Year to Date Results Modest Decline in EBITDA Despite Weak Rail Demand in Early 2025; Strong Growth Outlook for Q4 As of and for the nine months ended September 30, 2025: $ in millions, unless otherwise stated YoY Δ SALES 379.6 (22.9) GROSS PROFIT 82.1 (7.3) GROSS PROFIT MARGIN 21.6% (60) bps SG&A 65.4 (6.6) NET INCOME ATTRIB. TO FSTR 5.1 (38.1) ADJ. EBITDA1 25.4 (0.9) OPERATING CASH FLOW 13.4 15.1 NEW ORDERS, NET1 439.6 40.2 BACKLOG1 247.4 38.4 > Sales down 5.7% driven by 16.1% lower Rail sales, partially offset by 11.0% higher Infrastructure sales > Gross profit down $7.3M and margins down 60 bps due to lower sales volumes, higher manufacturing costs and product line exit costs > SG&A decreased $6.6M due to lower personnel, professional services and legal costs > Net income decreased due to favorable items last year including $4.3M in property sale gains and $30.0M income tax benefit > Adjusted EBITDA1 down $0.9M or 3.5% YoY > Cash flow provided by operations was $13.4M; favorable $15.1M YoY > New orders, net up 10.1% YoY due to improving demand in both Rail and Infrastructure 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures.L.B. Foster Q3 2025 Earnings Presentation November 3, 2025
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September 30, 2025 Key Metrics Improved Net Debt1 and Gross Leverage Ratio1,2 Driven by Favorable Operating Cash Flow Net Debt1, Leverage, and Cash Flow 12 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 1.6x Funding Capacity1,3 $94.5M YTD Operating Cash $13.4M $8.1M YTD Capital Spending > Net debt1 and Gross Leverage Ratio1,2 improved sequentially / YoY with deferred working capital needs > Demonstrated history of diligent debt and leverage management over time...targeting ~1.0x to ~1.5x > Capital-light business model with significant free cash flow1 drivers (~$31M 2023/2024 avg ex UP payments) > ~$87M in federal NOLs with additional 2025 benefits from "One Big Beautiful Bill" tax legislation > Share repurchase program expiring Feb 2028 ($32.0M of $40M authorization remaining); 895,584 shares repurchased since Feb 2023 (8.2% of o/s shares) L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Net Debt and Gross Leverage Ratio Per Credit Agreement $53 $75 $83 $65 $44 $80 $77 $55 1.7x 2.2x 2.7x 1.9x 1.2x 2.5x 2.2x 1.6x Net Debt Gross Leverage Ratio TTM Q4 2023 TTM Q1 2024 TTM Q2 2024 TTM Q3 2024 TTM Q4 2024 TTM Q1 2025 TTM Q2 2025 TTM Q3 2025 0.0x 1.0x 2.0x 3.0x 0 10 20 30 40 50 60 70 80 90 100 ($ in millions) 1 1,2
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Relentless Pursuit of Shareholder Returns with Prudent Capital Allocation Capital Allocation Priorities 13 Debt Reduction > Target maintaining Gross Leverage Ratio1 between ~1.0x - ~1.5x; strong free cash flow generation provides opportunities for further growth and shareholder returns Growth Capital Expenditures > Targeting ~2.0% of sales for maintenance, efficiency and to support organic growth initiatives Tuck In Acquisitions > Continue to opportunistically evaluate strategic partnerships that enhance our current portfolio Share Repurchases > Repurchased ~1.7% of shares during the quarter; $32.0M authorized and remaining under share repurchase program through February 2028 Capital Allocation Investment for Growth L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures.
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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 Orders, Net1, Revenue, and Book-to-Bill Ratios1 14 TTM Q3 2025 Book-to-Bill Ratio: 1.08 : 1.00 TTM Q3 2025 Book-to-Bill Ratio: 0.94 : 1.00TTM Q3 2025 Book-to-Bill Ratio: 1.18 : 1.00 L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Rail, Technologies, and Services $53 $55 $83 $114 $86$79 $79 $54 $76 $78 New Orders Revenue Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0 25 50 75 100 125 Consolidated New Orders, Net, Revenue, and TTM Book-to-Bill Ratio $96 $107 $149 $176 $115 $137 $128 $98 $144 $138 Total New Orders Total Revenue Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0 50 100 150 200 ($ in millions) ($ in millions) Infrastructure Solutions $43 $52 $66 $61 $28 $58 $49 $44 $68 $60 New Orders Revenue Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0 25 50 75($ in millions) 0.94 : 1.00 0.95 : 1.00 1.04. : 1.00 1.08 : 1.001.04. : 1.00
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Backlog1 Trends 18.4% Higher Backlog Driven Primarily by Improved Demand in Rail Business L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 15 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. Consolidated Backlog $209 $186 $237 $270 $247 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0 50 100 150 200 250 300 Rail, Technologies, and Services Backlog $89 $62 $92 $131 $140 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0 25 50 75 100 125 150 Infrastructure Solutions Backlog $120 $123 $145 $139 $107 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 0 25 50 75 100 125 150 175
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Closing Remarks John Kasel President and CEO 16L.B. Foster Q3 2025 Earnings Presentation November 3, 2025
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Market and Business Outlook 17 No Material Impacts from Tariffs or Recent Federal Government Shutdown Expected Continuing focus on and funding of railroad customer safety and operating ratio initiatives supports long-term growth for Rail Technologies Precast Concrete business well positioned to benefit from growing civil construction project starts in Southeastern U.S. Improving Rail demand after slow start to 2025; Federal funding programs in support of maintenance projects underpinning improved order rates Renewed interest in domestic energy production expected to drive improving demand for Protective Coatings L.B. Foster Q3 2025 Earnings Presentation November 3, 2025
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Fourth Quarter Outlook 18 $38M Increase in Backlog1 Expected to Deliver Significant Fourth Quarter Sales Growth L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Third Quarter Fourth Quarter* 2024 $137M $128M 2025 $138M $160M YoY Growth $1M $32M 2025 Fourth Quarter Net Sales Outlook 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. 2) Based on November 3, 2025 guidance. $ in millions *Fourth quarter 2025 results based on mid-point of November 3, 2025 guidance Third Quarter Results > Modest sales growth despite $20M backlog1 increase at quarter start YoY due primarily to timing of orders in Rail Distribution > Growth achieved in Infrastructure led by Steel Products up 12.7% Fourth Quarter Outlook2 > Sales guidance range of $155M - $165M, with $160M mid-point up $32M, or 25%, supported by $38M higher backlog1 > Growth expected in both segments and broadly across the product portfolio Consolidated Backlog $222 $250 $209 $186 $237 $270 $247 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $150 $200 $250 $300 1
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Financial Results 2021 v. 2024 Innovating to Solve Global Infrastructure Challenges 19L.B. Foster Q3 2025 Earnings Presentation November 3, 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 Goals Established in December 2021 Low High Net sales $535M $545M Adj. EBITDA1 $40M $42M Adj. EBITDA %1 7.5% 7.7% Free cash flow1 $15M $20M 2021 2024 Net sales $514M $531M Gross margin 16.8% 22.2% Adj. EBITDA1 $19M $34M Adj. EBITDA %1 3.6% 6.3% Free cash flow1 ($5M) $13M Low High Net sales $580M $620M Gross margin 22.0% 23.0% Adj. EBITDA1 $48M $52M Adj. EBITDA %1 ~8.0% 2025 Financial Guidance November 3, 2025
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Thank you! L.B. Foster Q3 2025 Earnings Presentation 20L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 We look forward to discussing our Q4 and full year 2025 results in early March 2026
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Appendix 21L.B. Foster Q3 2025 Earnings Presentation November 3, 2025
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22L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Condensed Balance Sheet - Assets Note figures may not foot due to rounding. Assets September 30, 2025 December 31, 2024 ($ in millions) Current assets: Cash and cash equivalents $ 3.4 $ 2.5 Accounts receivable - net 64.4 65.0 Contract assets 7.9 16.7 Inventories - net 69.6 70.5 Other current assets 8.2 6.9 Total current assets $ 153.5 $ 161.6 Property, plant, and equipment - net 76.9 75.4 Operating lease right-of-use assets - net 30.1 18.5 Other assets: Goodwill 33.0 31.9 Other intangibles - net 12.2 14.8 Other assets 28.1 32.4 Total assets $ 333.9 $ 334.6
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23L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Condensed Balance Sheet – Liabilities and Equity Note figures may not foot due to rounding. Liabilities and Stockholders' Equity September 30, 2025 December 31, 2024 ($ in millions) Current liabilities: Accounts payable $ 37.7 $ 50.1 Deferred revenue 9.1 10.2 Other accrued liabilities 22.6 27.8 Current maturities of long-term debt 0.2 0.2 Total current liabilities $ 69.5 $ 88.3 Long term debt 58.6 46.8 Other long-term liabilities 30.2 20.5 Total L.B. Foster Company stockholders' equity 174.8 178.3 Noncontrolling interest 0.8 0.7 Total liabilities and stockholders' equity $ 333.9 $ 334.6
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24L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Condensed Income Statement – Q3 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. **Results of this calculation are not meaningful for presentation purposes. Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Delta ($ in millions except per share data) $ % of Sales $ % of Sales $ % Sales $ 138.3 $ 137.5 $ 0.8 0.6 % Gross profit 31.1 22.5% 32.8 23.8% (1.7) (5.2) % SG&A 22.1 16.0% 24.3 17.7% (2.2) (9.1) % Amortization expense 0.7 1.1 (0.5) (39.4) % Interest expense - net 1.3 1.4 (0.1) (7.7) % Other income - net (0.1) (0.2) 0.1 48.9 % Income before income taxes 7.1 6.2 1.0 16.0 % Income tax expense (benefit) 2.8 (29.7) 32.6 ** Net loss attributable to noncontrolling interest — — — ** Net income attributable to L.B. Foster Company $ 4.4 $ 35.9 $ (31.6) (87.9) % Diluted earnings per share $ 0.40 $ 3.27 $ (2.87) (87.8) % EBITDA(1) $ 11.4 $ 11.0 $ 0.4 3.3 % Adjusted EBITDA(1) $ 11.4 $ 12.3 $ (1.0) (7.9) %
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25L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Condensed Income Statement – YTD 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. **Results of this calculation are not meaningful for presentation purposes. Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Delta ($ in millions except per share data) $ % of Sales $ % of Sales $ % Sales $ 379.6 $ 402.6 $ (22.9) (5.7) % Gross profit 82.1 21.6% 89.4 22.2% (7.3) (8.2) % SG&A 65.4 17.2% 72.0 17.9% (6.6) (9.1) % Amortization expense 2.7 3.5 (0.8) (23.8) % Interest expense - net 3.9 4.0 (0.1) (2.2) % Other income - net (0.5) (0.5) — (3.0) % Income before income taxes 10.7 14.0 (3.3) (23.8) % Income tax expense (benefit) 5.6 (29.1) 34.7 ** Net loss attributable to noncontrolling interest (0.1) (0.1) — 20.6 % Net income attributable to L.B. Foster Company $ 5.1 $ 43.2 $ (38.1) (88.1) % Diluted earnings per share $ 0.47 $ 3.91 $ (3.44) (88.0) % EBITDA(1) $ 24.1 $ 28.5 $ (4.5) (15.7) % Adjusted EBITDA(1) $ 25.4 $ 26.3 $ (0.93) (3.5) %
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26L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Condensed Cash Flows 1) Contains changes in cash flows due to other assets, accrued payroll, accrued settlement, and other liabilities, and exchange rate impact. Note figures may not foot due to rounding. Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 ($ in millions) Net income and other non-cash items from operations $ 23.4 $ 22.3 Receivables 1.3 (13.0) Contract assets 9.5 9.9 Inventory 0.8 (0.5) Payables and deferred revenue (13.5) (2.3) Trade working capital subtotal $ (1.9) $ (5.8) All other1 (8.1) (18.1) Net cash used in operating activities $ 13.4 $ (1.7) Proceeds from the sale of property, plant, and equipment 0.1 3.9 Capital expenditures (8.1) (7.8) Net proceeds of debt 10.0 12.2 Deferred payment for Skratch acquisition (0.8) — Debt issuance costs (0.7) — Treasury stock acquisitions (13.1) (5.7) All other1 0.2 (0.2) Net increase in cash $ 1.0 $ 0.6 Cash balance, end of period $ 3.4 $ 3.1
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27L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 New Orders, Net and Backlog Note figures may not foot due to rounding. New Orders, Net – Three Months Ended ($ in millions) September 30, 2025 September 30, 2024 Delta Rail, Technologies, and Services $ 86.4 $ 52.7 $ 33.7 63.9 % Infrastructure Solutions 28.4 43.3 (14.9) (34.4) Total $ 114.8 $ 96.0 $ 18.8 19.6 % New Orders, Net – Nine Months Ended ($ in millions) September 30, 2025 September 30, 2024 Delta Rail, Technologies, and Services $ 284.0 $ 253.4 $ 30.5 12.1 % Infrastructure Solutions 155.6 145.9 9.7 6.6 Total $ 439.6 $ 399.4 $ 40.2 2.3 % Backlog ($ in millions) September 30, 2025 September 30, 2024 YoY Delta Rail, Technologies, and Services $ 140.2 $ 88.7 $ 51.6 58.2 % Infrastructure Solutions 107.2 120.3 (13.2) (10.9) Total $ 247.4 $ 209.0 $ 38.4 18.4 %
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28L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Backlog, Adjusted for Order Cancellation Note figures may not foot due to rounding. Infrastructure Solutions ($ in millions) September 30, 2025 September 30, 2024 YoY Delta Backlog $ 107.2 $ 120.3 $ (13.1) Less: Summit order cancellation — (18.7) 18.7 Backlog, adjusted $ 107.2 $ 101.6 $ 5.6
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29L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Segment Results – Q3 Note figures may not foot due to rounding. Segment Sales Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Delta ($ in millions) $ $ $ % Rail, Technologies, and Services $ 77.8 $ 79.5 $ (1.7) (2.2) % Infrastructure Solutions 60.5 58.0 2.5 4.4 % Total $ 138.3 $ 137.5 $ 0.8 0.6 % Segment Gross Profit Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Delta ($ in millions) $ % of Sales $ % of Sales $ Δ bps Rail, Technologies, and Services $ 17.7 22.8% $ 18.5 23.2% $ (0.7) (40) Infrastructure Solutions 13.3 22.0% 14.3 24.6% (1.0) (260) Total $ 31.1 22.5% $ 32.8 23.8% $ (1.7) (130) Operating Income (Loss) Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Delta ($ in millions) $ $ $ % Rail, Technologies, and Services $ 5.9 $ 4.9 $ 1.0 19.5 % Infrastructure Solutions 4.1 5.1 (1.0) (18.8) % Other - Corporate (1.7) (2.7) 1.0 (35.8) % Consolidated operating income $ 8.3 $ 7.3 $ 1.0 13.3 %
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30L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Segment Results – YTD Note figures may not foot due to rounding. Segment Sales Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Delta ($ in millions) $ $ $ % Rail, Technologies, and Services 207.8 247.7 (39.9) (16.1) % Infrastructure Solutions 171.9 154.9 17.0 11.0 % Total $ 379.6 $ 402.6 $ (22.9) (5.7) % Segment Gross Profit Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Delta ($ in millions) $ % of Sales $ % of Sales $ Δ bps Rail, Technologies, and Services 44.9 21.6% 54.9 22.2% (10.0) (60) Infrastructure Solutions 37.2 21.7% 34.5 22.3% 2.7 (60) Total $ 82.1 21.6% $ 89.4 22.2% $ (7.3) (60) Operating Income (Loss) Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Delta ($ in millions) $ $ $ % Rail, Technologies, and Services 9.8 17.2 (7.4) (43.1) % Infrastructure Solutions 10.5 7.3 3.1 42.5 % Other - Corporate (6.2) (7.1) 0.9 (12.6) % Consolidated operating income $ 14.1 $ 17.5 $ (3.4) (19.5) %
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31L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Non-GAAP Measure: Adjusted EBITDA Note figures may not foot due to rounding. Three Months Ended September 30, Nine Months Ended September 30, Trailing twelve months ended September 30, ($ in millions) 2025 2024 2025 2024 2025 Net income, as reported $ 4.3 $ 35.9 $ 5.0 $ 43.1 $ 4.8 Interest expense - net 1.3 1.4 3.9 4.0 4.9 Income tax expense (benefit) 2.8 (29.7) 5.6 (29.1) 6.3 Depreciation expense 2.3 2.3 6.8 7.1 9.2 Amortization expense 0.7 1.1 2.7 3.5 3.8 Total EBITDA 11.4 11.0 24.1 28.5 29.0 Gain on asset sale — — — (4.3) — Pension termination costs — — — — 1.7 Legal costs — 0.4 — 1.2 — Restructuring costs — 0.9 — 0.9 0.5 AMH Exit Costs — — 1.4 — 1.4 Adjusted EBITDA $ 11.4 $ 12.3 $ 25.4 $ 26.3 $ 32.7
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32 Twelve months ended: ($ in millions) December 31, 2021 December 31, 2024 Net income, as reported $ 3.5 $ 42.8 Interest expense - net 3.0 5.0 Income tax expense (benefit) 1.1 (28.4) Depreciation expense 8.1 9.5 Amortization expense 5.8 4.6 Total EBITDA $ 21.4 $ 33.5 Gain on divestiture (2.7) — Restructuring costs — 1.5 Gain on asset sale — (4.3) Legal expense — 1.2 Pension termination costs — 1.7 Adjusted EBITDA $ 18.7 $ 33.6 Net sales, as reported $513.6 $530.8 Net income margin 0.7 % 8.1 % Adjusted EBITDA margin 3.6 % 6.3 % L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Non-GAAP Measure: Adj. EBITDA Margin & Net Income Margin Note figures may not foot due to rounding.
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33 Three Months Ended ($ in millions) June 30, 2025 Net (loss) income, as reported $ 2.8 Interest expense - net 1.5 Income tax (benefit) expense 3.4 Depreciation expense 2.3 Amortization expense 0.8 Total EBITDA $ 10.9 Gain on asset sale — Pension termination costs — Legal costs — Restructuring costs — AMH Exit Costs 1.4 Adjusted EBITDA $ 12.2 L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Non-GAAP Measure: Adj. EBITDA Margin & Net Income Margin Note figures may not foot due to rounding. Three Months Ended ($ in millions) June 30, 2025 September 30, 2025 Net (loss) income, as reported $ 2.8 $ 4.3 Adjusted EBITDA $ 12.2 $ 11.4 Net sales, as reported $ 143.6 $ 138.3 Net income margin 1.9 % 3.1 % Adjusted EBITDA margin 8.5 % 8.2 %
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34L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Non-GAAP Measure: Funding Capacity and Net Debt1 Note figures may not foot due to rounding. 1) Subject to covenant restrictions. September 30, 2025 ($ in millions) Cash and cash equivalents $ 3.4 Total availability under the credit facility 150.0 Outstanding borrowings on revolving credit facility (58.1) Letters of credit outstanding (0.8) Net availability under the revolving credit facility1 $ 91.1 Total available funding capacity1 $ 94.5 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 ($ in millions) Total debt $ 58.7 $ 81.6 $ 82.5 $ 46.9 $ 68.5 $ 87.2 $ 78.1 $ 55.3 Less: cash and cash equivalents (3.4) (4.2) (2.6) (2.5) (3.1) (4.0) (3.1) (2.6) Total net debt1 $ 55.3 $ 77.4 $ 79.9 $ 44.4 $ 65.4 $ 83.2 $ 75.0 $ 52.7
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35L.B. Foster Q3 2025 Earnings Presentation November 3, 2025 Non-GAAP Measure: Free Cash Flow Note figures may not foot due to rounding. 1) Subject to covenant restrictions. Twelve months ended: ($ in millions) December 31, 2021 December 31, 2024 Net cash (used in) provided by operating activities $ (0.8) $ 22.6 Less capital expenditures on property, plant, and equipment (4.6) (9.8) Free cash flow $ (5.4) $ 12.8 Six months ended: ($ in millions) December 31, 2024 June 30, 2024 December 31, 2023 June 30, 2023 December 31, 2022 June 30, 2022 December 31, 2021 June 30, 2021 Net cash provided by (used in) operating activities $ 49.0 $ (26.8) $ 40.7 $ (3.3) $ 2.8 $ (13.4) $ (7.6) $ 6.8 Less capital expenditures on property, plant, and equipment (5.0) (4.3) (3.4) (1.5) (4.6) (3.0) (2.4) (2.2) Free cash flow $ 44.0 $ (31.2) $ 37.3 $ (4.8) $ (1.8) $ (16.4) $ (10.0) $ 4.6
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36L.B. Foster Q3 2025 Earnings Presentation November 3, 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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37L.B. Foster Q3 2025 Earnings Presentation November 3, 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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38L.B. Foster Q3 2025 Earnings Presentation November 3, 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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39L.B. Foster Q3 2025 Earnings Presentation November 3, 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 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 Depreciation expense 2.4 2.4 2.3 2.4 Amortization expense 1.2 1.1 1.1 1.1 Total EBITDA 9.4 8.1 11.0 5.0 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 Adjusted EBITDA $ 5.9 $ 8.1 $ 12.3 $ 7.2