Slides
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August 2026 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, valuations and impairments, and plans regarding our financial position, liquidity, capital resources, 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: adverse economic conditions in the markets we serve, including recession, the volatility in the prices for oil and gas, tariffs, duties or trade wars, inflation, rising labor costs, project delays, and budget shortfalls, or otherwise; the disruption of government funding programs as a result of potential periodic government shutdowns; 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; a decrease in construction activity; 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 and enforcement of tariffs; our ability to timely effectuate our strategy, including cost reduction initiatives, including but not limited to the exit of certain product lines in the UK-based Tew Engineering business, 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, cost, 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, either with respect to our systems or those of third parties on whom we rely, 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 parliamentary elections and the U.S. presidential and congressional elections that could affect UK or US 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, freezing of, or delay in state or federal funding for infrastructure projects; an increase in manufacturing or material costs, including volatility in steel prices, oil prices, and wage inflation; 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, 2025, 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 2026 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, net • Book-to-bill ratio • Backlog • 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, 2026 , the Company made an adjustment to exclude expenses for the Tew Engineering product line exits and other costs. In the three and six months ended June 30, 2025, the Company made an adjustment to exclude expenses for the Automation & Materials Handling product line exit ("AMH 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. 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, 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 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 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, or 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, 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 2026
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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 2026 John Kasel President and CEO
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2025 Sales by Region $481 $33 $19 $7 $540 United States United Kingdom Canada Other Total 2025 Sales $— $200 $400 $600 TTM Q2 2026 Sales by Segment $323 $236 $559 Rail InfrastructureTotal TTM Q2 2026 Sales $— $200 $400 $600 L.B. Foster Overview Innovating to solve global infrastructure challenges > Founded in 1902, headquartered in Pittsburgh, Pennsylvania > Locations throughout North America, South America, Europe, and Asia > 19 principal plants, yards, and offices; ~1,200 employees worldwide2 > Critical infrastructure solutions provider focused on growing our innovative, technology-based offerings to address our customers’ most challenging operating and safety requirements Business Segments 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. 2) Location and employee data as of December 31, 2025. 3) 2026 guidance reaffirmed as of August 10, 2026. 4) All data as of June 30, 2026 except for market data which is reflected as of August 3, 2026 5) Gross leverage ratio shown calculated per the credit agreement in place during the displayed quarter. 4 Infrastructure Solutions Rail, Technologies, and Services Data shown above in millions, except stock price and ratios. ($ in millions)($ in millions) June 30, 2026 Financial Data4 Stock Price $ 41.49 Shares Outstanding 10.5 Market Capitalization $ 436 Debt 48 Cash 6 Enterprise Value $ 478 TTM Revenue $ 559 TTM Adj. EBITDA1 $ 42 EV / Revenue 0.9 EV / Adj. EBITDA 11.4 Covenant Leverage5 1.0x 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 L.B. Foster Three Part Advisors' Conference August 2026
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5 Business Segments L.B. Foster Three Part Advisors' Conference August 2026 "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
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Business Segment Profile Rail, Technologies, and Services 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 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 6 $ in millions unless otherwise indicated. Figures may not foot due to rounding.L.B. Foster Three Part Advisors' Conference August 2026 TTM Q2 2026 Net Sales by Segment $323 $236 $559 Rail Infrastructure TTM Q2 2026 Sales $— $100 $200 $300 $400 $500 $600 TTM Q2 2026 Gross Profit Margins 20.5% 22.5% 21.4% Rail Infrastructure TTM Q2 2026 GP Margin —% 5% 10% 15% 20% 25% Infrastructure Solutions
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Rail, Technologies, and Services - Overview 7 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 > Razor / razor blade strategy with proprietary formulations 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 2026 Rail Sales $187 $89 $47 $323 Rail Products Global FM TS&S Total Rail $— $50 $100 $150 $200 $250 $300 $350 Business Gross Margin Profiles Rail Products Global FM TS&S —% 10% 20% 30% 40% 50% 60%L.B. Foster Three Part Advisors' Conference August 2026 2010 – Acquire Portec 2022 – Acquire Skratch / IV; Divest Track Components 2010 2015 Rail Segment M&A Activity 2023 – Divest Concrete Ties 2025 – Exit UK Automation and Materials Handling 2025 2015 – Acquire Tew Eng / Tew Plus 2026 – Exit UK Tew Eng. product lines 2022 2023 2026
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Rail Products 8 Addressable Market - Rail 42% L.B. Foster Market Share Addressable Market Rail Technologies* 18% L.B. Foster Market Share Addressable Market Total Addressable Market1 $450M Total Addressable Market1 $570M FSTR 3-year CAGR v. Long-Term Addressable Market Growth Addressable Market Rail Products (4)% (2)% —% 2% 4% FSTR 3-year CAGR v. Long-Term Addressable Market Growth Addressable Market Rail Technologies —% 5% 10% 15% 20% Rail Products > Approx.42% market share > Returns platform > Market growth and Rail Products expected to track GDP > Temporary decline due to government funding in 2025 Rail Technologies > Approx. 18% market share > Growth platform businesses > Customer focus on operating ratios, fuel savings and safety > Anticipate above market growth but slower than historical rates * Rail Technologies represents the results of Global Friction Management and Total Track Monitoring 1) Addressable market sizes based on internal estimates in North America using information available from the US Census Bureau. FSTR 3-Year CAGR is calculated comparing TTM Q2 2026 to TTM Q2 2023 L.B. Foster Three Part Advisors' Conference August 2026
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Deploying Advanced Technologies That Positively Impact the Built Environment Infrastructure Solutions Overview 9 1999 - Acquire CXT 2014 - Acquire Carr Concrete 2022 - Acquire VanHooseCo 1999 2014 2022 Infrastructure Solutions M&A Activity L.B. Foster Three Part Advisors' Conference August 2026 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 modest 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. 2023 - Divest Chemtec and Exit Bridge Grid Deck 2023 TTM Q2 2026 Infrastructure Sales $169 $67 $236 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% 2023 2023 - Acquire Cougar Mountain, Redi-Rock product expansion
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CXT Buildings 10 Addressable Market - Precast Concrete 14% L.B. Foster Market Share Addressable Market Precast Products 1% L.B. Foster Market Share Addressable Market Total Addressable Market1,2 $600M Total Addressable Market1 $14B CXT Buildings > Approx. 14% market share > Growth platform > Strong market share in precast building market > Market position expected to remain consistent Precast Products > Approx. 1% market share > Growth platform > Fragmented market > Above market growth driven by geographic locations > Substantial runway for add'l market share gains with organic / inorganic opportunities FSTR 3-year CAGR v. Long-Term Addressable Market Growth Addressable Market CXT Buildings —% 5% 10% 15% FSTR 3-year CAGR v. Long-Term Addressable Market Growth Addressable Market Precast Products —% 5% 10% 15% 1) Addressable market sizes based on internal estimates in North America using information available from the US Census Bureau and the NPCA 2025 Report. 2) Addressable market includes precast and site build FSTR 3-Year CAGR is calculated comparing TTM Q2 2026 to TTM Q2 2023. L.B. Foster Three Part Advisors' Conference August 2026
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Growth & Returns Platforms Established 11L.B. Foster Three Part Advisors' Conference August 2026 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 PlatformsGrowth 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, 2026 and full year 2021 results. Growth & Returns Platform Profiles 12L.B. Foster Three Part Advisors' Conference August 2026 Platform for driving growth, profitability, and ROIC with improving demand from infrastructure spend, safety focus and fuel efficiency initiatives Returns PlatformsGrowth 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 $89 $13 $169 $271 Global FM Total Track Monitoring Precast Total Growth Platform Sales $— $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 $187 $34 $67 $288 Rail Products UK TS&S Steel Products Total Returns Platform Sales $— $100 $200 $300 Gross Margin Profiles Rail Products UK TS&S Steel Products Total Returns —% 10% 20% 30% 40% 50% 1 78% 118%138% 309% (6)% (30)% (53)% (26)% 20% - 50% 10% - 25% 1
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13L.B. Foster Three Part Advisors' Conference August 2026 Sean Reilly Senior Vice President and CFO Financial Review
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Executive Summary - Highlights 14 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. Strong Operating Cash Flow Generation Drove Debt Reduction and Improved Gross Leverage Ratio1,2 Q2 FY 26 Highlights $138.6M 22.3% 17.4% $3.1M $11.7M Sales Gross Margin SG&A % of Sales Net Income Adj EBITDA1 (3.5)% YoY +80 bps YoY +180 bps YoY +$0.3M YoY (4.7)% YoY $17.9M $42.2M 1.0x $246.1M $176.1M Operating Cash Net Debt1 Leverage Ratio1,2 Backlog1 New Orders, net1 +$7.5M YoY ($35.2M) YoY (1.2)x YoY (8.8)% YoY +0.2% YoY YTD FY 26 Highlights L.B. Foster Three Part Advisors' Conference August 2026 $259.7M 21.8% Sales Gross Margin +7.6% YoY +60 bps YoY 18.2% $16.8M SG&A % of Sales Adj. EBITDA +20 bps YoY +19.6% YoY
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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 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 15L.B. Foster Three Part Advisors' Conference August 2026 $ in millions unless otherwise indicated. Figures may not foot due to rounding. Sales and Gross Margin Development $514 $30 $(46) $497 $58 $(11) $544 $1 $(14) $531 $9 $540 $19 $559 16.8% 18.0% 20.6% 22.2% 21.1% 21.4% 2021 Sales Organic Growth Acquisitions & Divestitures 2022 Sales Organic Growth Acquisitions & Divestitures 2023 Sales Organic Growth Divestitures & Product Exit 2024 Sales Organic Growth 2025 Sales Organic Growth TTM Q2 2026 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 2026 – Tew Engineering product line exits - UK business with low margins
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Structural Improvement in Business Portfolio Driving Gross / EBITDA Margin1 Expansion Key Metrics: 2021 – TTM Q2 2026 16 > Scalable core businesses in robust markets with headroom for growth > Sale of commodity businesses, accretive acquisitions and organic growth transforms portfolio margin profile L.B. Foster Three Part Advisors' Conference August 2026 Adjusted Sales $514 $501 $546 $531 $540 $559 2021 2022 2023 2024 2025 TTM Q2 2026 $400 $425 $450 $475 $500 $525 $550 $575 Gross Profit Margin Gross Profit Adjusted Gross Profit 16.8% 18.8% 21.2% 22.1% 21.3%21.7% $86 $94 $116 $117 $115 $121 2021 2022 2023 2024 2025 TTM Q2 2026 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0% $80 $90 $100 $110 $120 $130 Adjusted EBITDA Adjusted EBITDA Margin Adjusted EBITDA $19 $24 $32 $34 $39 $42 3.6% 4.8% 5.8% 6.3% 7.2% 7.5% 2021 2022 2023 2024 2025 TTM Q2 2026 $10 $15 $20 $25 $30 $35 $40 $45 2.0% 4.0% 6.0% 8.0% 10.0% 1 1 1 $ in millions unless otherwise indicated. Figures may not foot due to rounding. 1) Adjusted results include 2022 Crossrail adjustment and VanHooseCo inventory adjustment, 2023 bridge grid deck exit impact, 2024 gain on asset sale, 2025 AMH exit costs, and 2026 Tew exit costs.
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June 30, 2026 Key Metrics Exceptional Operating Cash Flow Continued to Improve Net Debt1 and Gross Leverage Ratio1,2 YoY Net Debt1, Leverage, and Cash Flow 17 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 1.0x Funding Capacity1,3 $107.5M YTD Operating Cash $7.4M $6.5M YTD Capital Spending > Net debt1 and Gross Leverage Ratio1,2 decreased during Q2 due to improved operating cash flow stemming from lower 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 (~$28M 3-year average ex UP payments) > ~$71M in federal NOLs with additional 2026 benefits from "One Big Beautiful Bill" tax legislation > Share repurchase program expiring Feb 2028 ($28.7M of $40M authorization remaining); 1,016,899 shares repurchased since Feb 2023 (9.3% of o/s shares) Net Debt and Gross Leverage Ratio Per Credit Agreement $65 $44 $80 $77 $55 $38 $56 $42 1.9x 1.2x 2.5x 2.2x 1.6x 1.0x Net Debt Gross Leverage Ratio TTM Q3 2024 TTM Q4 2024 TTM Q1 2025 TTM Q2 2025 TTM Q3 2025 TTM Q4 2025 TTM Q1 2026 TTM Q2 2026 —x 1.0x 2.0x 3.0x $— $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 ($ in millions) 1 1,2 1.2x 1.0x L.B. Foster Three Part Advisors' Conference August 2026
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Relentless Pursuit of Shareholder Returns with Prudent Capital Allocation Capital Allocation Priorities 18 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 ~2.7% of sales for maintenance, efficiency and to support organic growth initiatives Acquisitions > Continue to opportunistically evaluate strategic partnerships that enhance our current portfolio Share Repurchases > $28.7M remaining under share repurchase program through February 2028 Capital Allocation Investment for Growth L.B. Foster Three Part Advisors' Conference August 2026 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.
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John Kasel President and CEO 19L.B. Foster Three Part Advisors' Conference August 2026 Closing Remarks
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Federal funding available for rail infrastructure maintenance and upgrades driving strong backlog levels Market and Business Outlook 20 Demand Outlook Supported by Government Funding Programs and Domestic Project Opportunities Demand in North America remains healthy driven by federal funding programs available for customers' maintenance and investment projects Continued demand for short-term project work in the UK expected to provide favorable tailwinds for Rail Technologies Expansion of civil construction projects in key geographic markets expected to support healthy demand for Precast Concrete Renewed interest in domestic energy production expected to drive improving demand for Protective Coatings L.B. Foster Three Part Advisors' Conference August 2026
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21L.B. Foster Three Part Advisors' Conference August 2026 Government Investment in Domestic Rail Market Investments in Infrastructure and Safety Improvement Programs Expected to Drive Demand > Consolidated Rail Infrastructure and Safety Improvement ("CRISI") grants provide funding for projects that improve safety, efficiency, and reliability of intercity passenger and freight rail > CRISI grant program funding includes Infrastructure Investment and Jobs Act appropriations > Funding available has increased ~5x comparing the 2022-2026 average to the previous five years > Actual award of funding typically takes two years which our customers are starting to realize > Significant funding authorized but not yet obligated and is expected to provide tailwinds into 2028 > Current portfolio of products and services support the rail projects funded by CRISI grants ($ in millions) Data from U.S. Department of Transportation & USAspending.gov *Represents average annual funding CRISI Grant Funding Authorized & Obligated $1,430 $1,240 $1,240 $1,100 $2,000 $266 $320 $445 $938 $1,500 Authorized Obligated 2022 2023* 2024* 2025 2026 $— $500 $1,000 $1,500 $2,000 $2,500
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22 Well Positioned for Growth - Infrastructure Portfolio Well Positioned to Benefit from Increase in Construction Project Starts Growth Drivers are in Place > Government initiatives and funding - Department of Transportation > Local and state government spending providing opportunities for growth > Strong construction project starts in Southern U.S. > Renewed interest in pipeline investment in the U.S. > Infrastructure Investment and Jobs Act (2021) ~55% of funding remains unspent and ~26% of funding yet to be awarded Source: U.S. Census Bureau, Construction Spending, August 3, 2026. https://www.transportation.gov/mission/budget/infrastructure-investment-and-jobs-act-iija-funding-status Construction Spending Residential Nonresidential Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 June-26 $400 $800 $1,200 $1,600 Value of Construction Put in Place Private Public Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 $— $400 $800 $1,200 $1,600 $2,000 Seasonally Adjusted Annual Rate (billions of dollars) Seasonally Adjusted Annual Rate (billions of dollars) Value of Construction Put in Place Amusement & Recreation Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 $20.0 $30.0 $40.0 $50.0 $60.0 Seasonally Adjusted Annual Rate (billions of dollars) L.B. Foster Three Part Advisors' Conference August 2026 IIJA Department of Transportation Funding As of February 2026 (billions of dollars) $546 $402 $245 $— $200 $400 $600 Authorized Obligated Outlaid
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L.B. Foster Investment Thesis 23 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 Strong Free Cash Flow Disciplined Capital Allocation L.B. Foster Three Part Advisors' Conference August 2026
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Financial Results 2021 v. 2025 Innovating to Solve Global Infrastructure Challenges 24 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. Investing in Growth Platforms to Drive Sales Growth and Profitability Expansion in 2026 and Beyond Low High Net sales $540M $580M Adj. EBITDA1 $41M $46M Adj. EBITDA %1 7.6% 7.9% Free Cash Flow1 $15M $25M 2021 2025 Net sales $514M $540M Adj. EBITDA1 $19M $39M Adj. EBITDA %1 3.6% 7.2% Free Cash Flow1 ($5M) $25M 2026 Financial Guidance March 3, 2026 L.B. Foster Three Part Advisors' Conference August 2026 > Strategic Transformation commenced in 2021 > Significant improvement in financial results through 2025, with 5% sales growth, 430 bps GP % improvement and 2x Adjusted EBITDA1 increase > Q2 2026 TTM net sales and Adjusted EBITDA1 within full- year 2026 guidance range > Solid Free Cash Flow1 expected; 2.7% Cap Ex percent of sales to invest in growth opportunities
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Thank you! L.B. Foster Company Investor Presentation 25L.B. Foster Three Part Advisors' Conference August 2026 Nasdaq - FSTR
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Appendix 26L.B. Foster Three Part Advisors' Conference August 2026
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27 Non-GAAP Measure: Adjusted EBITDA Margin Note figures may not foot due to rounding. Twelve months ended: ($ in millions) December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 June 30, 2026 Net income, as reported $ 3.5 $ (45.7) $ 1.3 $ 42.8 $ 7.4 $ 11.3 Interest expense - net 3.0 3.3 5.5 5.0 4.9 4.0 Income tax (benefit) expense 1.1 36.7 (0.4) (28.4) 10.0 9.4 Depreciation expense 8.1 8.6 9.9 9.5 9.1 9.0 Amortization expense 5.8 6.1 5.3 4.6 3.3 2.6 Total EBITDA $ 21.4 $ 9.1 21.7 $ 33.5 34.8 36.3 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 3.0 3.0 Gain on asset sales — — — (4.3) — — Legal expense — — — 1.2 — — Pension termination costs — — — 1.7 — — AMH exit costs — — — — 1.4 — Tew Exit and other costs — — — — — 2.6 Adjusted EBITDA $ 18.7 $ 24.2 $ 31.8 $ 33.6 $ 39.1 $ 41.9 Net sales, as adjusted $ 513.6 $ 501.5 $ 545.7 $ 530.8 $540.0 $558.4 Net income margin 0.7 % (9.1) % 0.2 % 8.1 % 1.4 % 2.0 % Adjusted EBITDA Margin 3.6 % 4.8 % 5.8 % 6.3 % 7.2 % 7.5 % L.B. Foster Three Part Advisors' Conference August 2026
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28 Non-GAAP Measure: Adjusted Results Note figures may not foot due to rounding.L.B. Foster Three Part Advisors' Conference August 2026 Consolidated Adj. Results Twelve Months Ended Trailing Twelve Months Ended ($ in millions) December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 June 30, 2026 Net sales, as reported $ 497.5 $ 543.7 $ 530.8 $ 540.0 $ 558.4 Bridge grid deck exit impact — 2.0 — — — Crossrail settlement adjustment 4.0 — — — — Net sales, as adjusted $ 501.5 $ 545.7 $ 530.8 $ 540.0 $ 558.4 Gross profit, as reported $ 89.6 $ 112.0 $ 118.1 $ 113.8 $ 119.3 AMH exit costs — — — 1.1 — Tew Exit and other costs — — — — 2.1 Crossrail settlement adjustment 4.0 — — — — VanHooseCo inventory adjustment to fair value amortization 0.9 — — — — Gain on asset sale — — (0.8) — — Bridge grid deck exit impact — 3.9 — — — Gross profit, as adjusted $ 94.4 $ 115.9 $ 117.3 $ 114.9 $ 121.4 Gross profit margin, as reported 18.0 % 20.6 % 22.2 % 21.1 % 21.4 % Gross profit margin, as adjusted 18.8 % 21.2 % 22.1 % 21.3 % 21.7 %
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29L.B. Foster Three Part Advisors' Conference August 2026 Non-GAAP Measure: Net Debt and Free Cash Flow Note figures may not foot due to rounding. June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 ($ in millions) Total debt $ 48.0 $ 59.7 $ 42.8 $ 58.7 $ 81.6 $ 82.5 $ 46.9 $ 68.5 Less: cash and cash equivalents (5.8) (4.0) (4.3) (3.4) (4.2) (2.6) (2.5) (3.1) Total net debt1 $ 42.2 $ 55.7 $ 38.4 $ 55.3 $ 77.4 $ 79.9 $ 44.4 $ 65.4 Six months ended: ($ in millions) December 31, 2025 June 30, 2025 December 31, 2024 June 30, 2024 December 31, 2023 June 30, 2023 Net cash provided by (used in) operating activities $ 51.4 $ (15.7) $ 49.0 $ (26.8) $ 40.7 $ (3.3) Less capital expenditures on property, plant, and equipment (5.2) (5.2) (5.0) (4.3) (3.4) (1.5) Free Cash Flow $ 46.2 $ (21.0) $ 44.0 $ (31.2) $ 37.3 $ (4.8)
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30 Non-GAAP Measure: Funding Capacity1 Note figures may not foot due to rounding. 1) Subject to covenant restrictions.L.B. Foster Three Part Advisors' Conference August 2026 June 30, 2026 ($ in millions) Cash and cash equivalents $ 5.8 Total availability under the credit facility 150.0 Outstanding borrowings on revolving credit facility and letters of credit (48.3) Net availability under the revolving credit facility1 101.7 Total available funding capacity1 $ 107.5