Slides
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Foster L.B. Foster Company Earnings Presentation Nasdaq - FSTR August 10 , 2026 LBFoster
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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 10, 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 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, 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 and six months ended June 30, 2026 the Company made adjustments to exclude costs primarily associated with the Tew Exit. In the three and six months ended June 30, 2025, the Company made adjustments 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 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 net 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, and Free Cash Flow 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 Q2 2026 Earnings Presentation August 10, 2026
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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 $559 Rail InfrastructureTotal TTM Q2 2026 Sales — 200 400 600 L.B. Foster Overview Innovating to solve global infrastructure challenges > Founded in 1902, headquartered in Pittsburgh, Pennsylvania > Locations throughout North America, South America, Europe, and Asia > 19 principal plants, yards, and offices; ~1,200 employees worldwide2 > Critical infrastructure solutions provider focused on growing our innovative, technology-based offerings to address our customers’ most challenging operating and safety requirements Business Segments 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. 2) Location and employee data as of December 31, 2025. 3) 2026 guidance as of August 10, 2026. 4) All data as of June 30, 2026 except for market data which is reflected as of August 3, 2026 5) Gross leverage ratio shown calculated per the credit agreement in place during the displayed quarter. 3 Infrastructure Solutions Rail, Technologies, and Services Data shown above in millions, except stock price and ratios. ($ 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 Q2 2026 Earnings Presentation August 10, 2026
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John Kasel President and CEO 4 Opening Remarks L.B. Foster Q2 2026 Earnings Presentation August 10, 2026
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Executive Summary - Quarter Highlights 5 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.L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 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 +$0.3M YoY (4.7)% YoY $540M - $580M Net Sales $41M - $46M Adjusted EBITDA1 $15M - $25M Free Cash Flow1 ~2.7% Cap Ex % of Sales $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 2026 Guidance Reaffirmed
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6 Financial Review Sean Reilly Senior Vice President and CFO L.B. Foster Q2 2026 Earnings Presentation August 10, 2026
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Second Quarter Results Strongest Second Quarter Operating Cash Flow since 2017 As of and for the quarter ended June 30, 2026: $ in millions, unless otherwise noted YoY Δ SALES 138.6 (5.0) GROSS PROFIT 30.9 — GROSS PROFIT MARGIN 22.3% 80 bps SG&A 24.1 1.7 NET INCOME ATTRIB. TO FSTR 3.1 0.2 ADJ. EBITDA1 11.7 (0.6) OPERATING CASH FLOW 17.9 7.5 NEW ORDERS, NET1 176.1 0.3 BACKLOG1 246.1 (23.8) > Net sales down 3.5% YoY primarily due to Rail > Gross profit flat YoY despite increased product line exit costs with margin up 80 bps with improvement across both segments > SG&A up $1.7M due to higher variable incentive-based employment costs; SG&A % of sales up 180 bps to 17.4% > Net income attributable to FSTR up $0.2M YoY > Adj. EBITDA1 down $0.6M, or 4.7% YoY > Operating cash flow of $17.9M favorable $7.5M YoY due to lower working capital needs > New orders, net1 up 0.2% YoY; TTM book-to- bill ratio1 of 0.96 : 1.00 > Backlog1 down 8.8% YoY but up 17.4% sequentially due to order activity in Rail 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. 7L.B. Foster Q2 2026 Earnings Presentation August 10, 2026
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Historical Seasonality of Financial Performance Second Quarter Results in Line with Historical Phasing with Exceptional Free Cash Flow1 8 Adj. EBITDA Q1/Q4 v. Q2/Q3 - Construction Season 33.3% 39.2% 39.7% 37.4% 66.7% 60.8% 60.3% 62.6% Q1/Q4 Q2/Q3 2023 2024 2025 Average —% 25.0% 50.0% 75.0% Net Sales Q1/Q4 v. Q2/Q3 - Construction Season 46.0% 47.6% 47.8% 47.1%54.0% 52.4% 52.2% 52.9% Q1/Q4 Q2/Q3 2023 2024 2025 Average —% 25.0% 50.0% 75.0% Free Cash Flow H1 v. H2 - Working Capital Seasonality $(4.8) $(31.2) $(21.0) $(19.0) $37.3 $44.0 $46.2 $42.5 H1 H2 2023 2024 2025 Average $(50.0) $(25.0) $— $25.0 $50.0 > Sales and Adjusted EBITDA1 follow construction season cycles for our customers (normal peak levels in Q2/Q3) > 2026 phasing expected to follow historical pattern with Q1 and Q4 returning to a normal level of demand for Rail > Free Cash Flow1 exceeded typical seasonal levels, driven by strong operating performance and working capital management 1 1 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 $ 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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Rail, Technologies and Services Global Friction Management and Technology Services and Solutions Delivered Solid Sales Growth Rail, Technologies, and Services – Q2 Results 9 Sales > Sales decreased 5.2% due to lower volumes in Rail Products down 27.3%; offset by Technology Services and Solutions ("TS&S") up 66.9% stemming from short-term UK project work and Global Friction Management ("GFM") up 18.1% > Gross margins up 70 bps from favorable business mix despite increased exit costs > New orders, net1 decreased 1.9% due to a decline in Rail Products of 20.0%, partially offset by increases of 126.4% and 27.8% in TS&S and GFM orders, respectively; Backlog1 up 8.2% due to a large UK order awarded last year (5.2)% GP Margin +70 bps New Orders, Net1 (1.9)% Backlog1 +8.2% Rail, Technologies, and Services $76 $72 Q2 2025 Q2 2026 — 25 50 75 100 125 19.9% 20.6% Q2 2025 Q2 2026 —% 5% 10% 15% 20% 25% $114 $112 Q2 2025 Q2 2026 — 25 50 75 100 125 $131 $141 Q2 2025 Q2 2026 — 25 50 75 100 125 150 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 $ 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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Operational Improvements Drove Margin Expansion Despite Slightly Lower Sales Infrastructure Solutions – Q2 Results 10 > Net sales decreased 1.5% with Steel Products down 9.3%, partially offset by a 2.1% increase in Precast Concrete > Gross margins improved 80 basis points due to favorable business mix and manufacturing efficiency in both business units > New orders, net1 up 4.0% primarily due to Protective Coatings; Backlog1 down in both Precast Concrete and Steel Products, 17.1% and 41.1%, respectively (including $19 million Summit order cancellation) Sales (1.5)% GP Margin +80 bps New Orders, Net1 +4.0% Backlog1 (24.8)% $68 $67 Q2 2025 Q2 2026 — 20 40 60 80 23.3% 24.1% Q2 2025 Q2 2026 —% 5% 10% 15% 20% 25% 30% $61 $64 Q2 2025 Q2 2026 — 25 50 75 100 $139 $105 Q2 2025 Q2 2026 — 50 100 150 Infrastructure Solutions L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 $ 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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Year to Date Results Strong Sales and Margin Performance Drove Adjusted EBITDA1 Growth As of and for the six months ended June 30, 2026: $ in millions, unless otherwise noted YoY Δ SALES 259.7 18.3 GROSS PROFIT 56.6 5.5 GROSS PROFIT MARGIN 21.8% 60 bps SG&A 47.1 3.8 NET INCOME ATTRIB. TO FSTR 4.6 3.8 ADJ. EBITDA1 16.8 2.8 OPERATING CASH FLOW 7.4 23.2 NEW ORDERS, NET1 318.2 (6.7) BACKLOG1 246.1 (23.8) > Sales up $18.3M driven by improved Rail sales, up 12.9%, and Infrastructure up 1.4% > Gross profit up $5.5M YoY and margins up 60 bps due to improved volumes and mix despite higher product line exit costs > SG&A % of sales of 18.2% unfavorable 20 bps due to higher incentive-based compensation costs > Net income attributable to FSTR up $3.8M YoY > Adj. EBITDA1 up $2.8M YoY, or 19.6% > Operating cash flow of $7.4M favorable $23.2M driven by improved profitability and lower working capital requirements > New orders, net1 down 2.0% due to modest declines in both segments 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. 11L.B. Foster Q2 2026 Earnings Presentation August 10, 2026
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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 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 1.0x 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 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 1.2x 1.0x
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Relentless Pursuit of Shareholder Returns with Prudent Capital Allocation Capital Allocation Priorities 13 Debt Reduction > Target maintaining Gross Leverage Ratio1,2 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 Q2 2026 Earnings Presentation August 10, 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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New Orders1, Revenue, and TTM Book-to-Bill Ratios1 14 TTM Q2 2026 Book-to-Bill Ratio: 0.96 : 1.00 TTM Q2 2026 Book-to-Bill Ratio: 0.85 : 1.00TTM Q2 2026 Book-to-Bill Ratio: 1.03 : 1.00 Rail, Technologies, and Services $114 $86 $54 $81 $112 $76 $78 $98 $75 $72 1.06 : 1.00 1.18 : 1.00 1.11 : 1.00 1.03 : 1.00 1.03 : 1.00 New Orders, Net Revenue TTM Book-to-Bill Ratio Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $— $28 $56 $84 $112 $140 0.25 0.50 0.75 1.00 Consolidated L.B. Foster Company $176 $115 $101 $142 $176 $144 $138 $160 $121 $139 1.04 : 1.00 1.08 : 1.00 1.00 : 1.00 0.95 : 1.00 0.96 : 1.00 Total New Orders, Net Total Revenue TTM Book-to-Bill Ratio Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $— $50 $100 $150 $200 0.25 0.50 0.75 1.00 Infrastructure Solutions $61 $28 $47 $61 $64$68 $60 $62 $46 $67 1.02 : 1.00 0.94 : 1.00 0.87 : 1.00 0.84 : 1.00 0.85 : 1.00 New Orders, Net Revenue TTM Book-to-Bill Ratio Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $— $25 $50 $75 $100 0.25 0.50 0.75 1.00 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 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. $ in millions, except Book-to-Bill Ratios
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Backlog1 Trends Backlog Up 17.4% Sequentially Driven by Strong Order Activity in Rail Segment 15 1) Refer to safe harbor disclaimer slide and related reconciliations within the appendix regarding non-GAAP measures. Consolidated Backlog $270 $247 $189 $210 $246 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $— $50 $100 $150 $200 $250 $300 Rail, Technologies, and Services Backlog $131 $140 $97 $102 $141 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $— $25 $50 $75 $100 $125 $150 Infrastructure Solutions Backlog $139 $107 $92 $107 $105 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $— $25 $50 $75 $100 $125 $150 $175 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026
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Closing Remarks John Kasel President and CEO 16 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026
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Federal funding available for rail infrastructure maintenance and upgrades driving strong backlog levels Market and Business Outlook 17 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 Q2 2026 Earnings Presentation August 10, 2026
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Financial Results 2021 v. 2025 Innovating to Solve Global Infrastructure Challenges 18 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) $25M 2026 Financial Guidance March 3, 2026 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 > Strategic Transformation commenced in 2021 > Significant improvement in financial results through 2025, with 5% sales growth, 430 bps GP % improvement and 2x Adjusted EBITDA1 increase > Q2 2026 TTM net sales and Adjusted EBITDA1 within full- year 2026 guidance range > Solid Free Cash Flow1 expected; ~2.7% Cap Ex percent of sales to invest in growth opportunities
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Thank you! L.B. Foster Q2 2026 Earnings Presentation 19 We look forward to discussing our Q3 2026 results in November 2026 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026
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Appendix 20L.B. Foster Q2 2026 Earnings Presentation August 10, 2026
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21 Condensed Balance Sheet - Assets Note figures may not foot due to rounding. Assets June 30, 2026 December 31, 2025 ($ in millions) Current assets: Cash and cash equivalents $ 5.8 $ 4.3 Accounts receivable - net 76.6 80.6 Contract assets 3.8 6.4 Inventories - net 69.6 60.2 Other current assets 8.2 5.4 Total current assets $ 164.0 $ 156.9 Property, plant, and equipment - net 79.0 77.2 Operating lease right-of-use assets - net 26.1 28.3 Other assets: Goodwill 32.7 33.1 Other intangibles - net 10.3 11.5 Deferred tax assets 18.8 20.4 Other assets 3.2 3.1 Total assets $ 334.2 $ 330.4 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026
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22 Condensed Balance Sheet – Liabilities and Equity Liabilities and Stockholders' Equity June 30, 2026 December 31, 2025 ($ in millions) Current liabilities: Accounts payable $ 49.6 $ 52.5 Deferred revenue 9.0 5.9 Accrued payroll and employee benefits 10.2 11.3 Current maturities of long-term debt 0.1 0.2 Other accrued liabilities 12.9 14.0 Total current liabilities $ 81.9 $ 83.9 Long term debt 47.9 42.6 Deferred tax liabilities 0.9 0.9 Long-term operating lease liabilities 22.3 24.3 Other long-term liabilities 2.3 2.7 Total L.B. Foster Company stockholders' equity 178.0 175.3 Noncontrolling interest 0.9 0.7 Total liabilities and stockholders' equity $ 334.2 $ 330.4 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 Note figures may not foot due to rounding.
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23 Condensed Income Statement – Q2 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. Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Delta ($ in millions except per share data) $ % of Sales $ % of Sales $ % Sales $ 138.6 $ 143.6 $ (5.0) (3.5) % Gross profit 30.9 22.3% 30.9 21.5% — (0.1) % SG&A 24.1 17.4% 22.4 15.6% 1.7 7.7 % Amortization expense 0.6 0.8 (0.2) (26.4) % Interest expense - net 0.9 1.5 (0.6) (40.2) % Other income - net (0.2) (0.1) (0.1) (101.1) % Income before income taxes 5.5 6.3 (0.8) (13.2) % Income tax expense 2.3 3.4 (1.1) (32.2) % Net income (loss) attributable to noncontrolling interest — — — 106.5 % Net income attributable to L.B. Foster Company $ 3.1 $ 2.9 $ 0.2 7.9 % Diluted earnings per share $ 0.29 $ 0.27 $ 0.02 (7.4) % EBITDA(1) $ 9.1 $ 10.9 $ (1.8) (16.4) % Adjusted EBITDA(1) $ 11.7 $ 12.2 $ (0.6) (4.7) % L.B. Foster Q2 2026 Earnings Presentation August 10, 2026
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24 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. Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Delta ($ in millions except per share data) $ % of Sales $ % of Sales $ % Sales $ 259.7 $ 241.4 $ 18.3 7.6 % Gross profit 56.6 21.8% 51.1 21.2% 5.5 10.8 % SG&A 47.1 18.2% 43.3 18.0% 3.8 8.8 % Amortization expense 1.2 2.0 (0.7) (37.0) % Interest expense - net 1.7 2.6 (0.9) (33.8) % Other income - net (0.4) (0.4) — (1.2) % Income before income taxes 6.9 3.5 3.3 94.1 % Income tax expense 2.3 2.8 (0.6) (19.8) % Net income (loss) attributable to noncontrolling interest — (0.1) — (90.6) % Net income attributable to L.B. Foster Company $ 4.6 $ 0.8 $ 3.8 ** Diluted earnings per share $ 0.44 $ 0.07 $ 0.37 ** EBITDA(1) $ 14.3 $ 12.7 $ 1.5 12.2 % Adjusted EBITDA(1) $ 16.8 $ 14.1 $ 2.8 19.6 % L.B. Foster Q2 2026 Earnings Presentation August 10, 2026
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25 Condensed Cash Flows 1) Contains changes in cash flows due to other assets, accrued payroll, and other liabilities, and exchange rate impact. Note figures may not foot due to rounding. Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 ($ in millions) Net income and other non-cash items from operations $ 16.1 $ 12.6 Change in operating assets and liabilities: Receivables 3.7 (5.5) Contract assets 2.6 4.8 Inventory (10.6) (4.9) Payables and deferred revenue 0.7 (11.4) All other1 (5.1) (11.3) Net cash provided by (used in) operating activities $ 7.4 $ (15.7) Capital expenditures (6.5) (5.2) Net proceeds of debt 5.3 32.3 Debt issuance costs — (0.7) Treasury stock acquisitions (4.3) (8.4) Deferred payment for Skratch acquisition (0.4) (0.8) All other1 (0.1) 0.2 Net increase in cash $ 1.4 $ 1.7 Cash balance, end of period $ 5.8 $ 4.2 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026
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26 New Orders, Net and Backlog L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 Note figures may not foot due to rounding. New Orders, Net Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Delta Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Delta ($ in millions) $ $ $ % $ $ $ % Rail, Technologies, and Services $ 112.2 $ 114.3 $ (2.1) (1.9) %$ 192.8 $ 197.6 $ (4.8) (2.4) % Infrastructure Solutions 63.9 61.4 2.5 4.0 125.3 127.2 (1.9) (1.5) Total $ 176.1 $ 175.8 $ 0.3 0.2 % $ 318.2 $ 324.8 $ (6.7) (2.0) % Backlog June 30, 2026 June 30, 2025 Delta June 30, 2026 March 31, 2026 Delta ($ in millions) $ $ $ % $ $ $ % Rail, Technologies, and Services $ 141.4 $ 130.7 $ 10.7 8.2 % $ 141.4 $ 102.1 $ 39.3 38.5 % Infrastructure Solutions 104.7 139.2 (34.5) (24.8) 104.7 107.4 (2.7) (2.5) Total $ 246.1 $ 269.9 $ (23.8) (8.8) %$ 246.1 $ 209.6 $ 36.5 17.4 %
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27 Segment Results – Q2 Segment Sales Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Delta ($ in millions) $ $ $ % Rail, Technologies, and Services $ 72.0 $ 76.0 $ (4.0) (5.2) % Infrastructure Solutions 66.5 67.6 (1.0) (1.5) Total $ 138.6 $ 143.6 $ (5.0) (3.5) % Segment Gross Profit Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Delta ($ in millions) $ % of Sales $ % of Sales $ Δ bps Rail, Technologies, and Services $ 14.8 20.6% $ 15.1 19.9% $ (0.3) 70 Infrastructure Solutions 16.1 24.1 15.8 23.3 0.3 80 Total $ 30.9 22.3% $ 30.9 21.5% $ — 80 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 Note figures may not foot due to rounding.
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28 Segment Results – YTD Segment Sales Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Delta ($ in millions) $ $ $ % Rail, Technologies, and Services $ 146.8 $ 130.0 $ 16.8 12.9 % Infrastructure Solutions 112.9 111.4 1.5 1.4 Total $ 259.7 $ 241.4 $ 18.3 7.6 % Segment Gross Profit Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Delta ($ in millions) $ % of Sales $ % of Sales $ Δ bps Rail, Technologies, and Services $ 31.0 21.1% $ 27.2 20.9% $ 3.8 20 Infrastructure Solutions 25.6 22.7 23.9 21.5 1.7 120 Total $ 56.6 21.8% $ 51.1 21.2% $ 5.5 60 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 Note figures may not foot due to rounding.
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29 Non-GAAP Measure: Adjusted EBITDA Three Months Ended June 30, Six Months Ended June 30, Trailing Twelve Months Ended June 30, ($ in millions) 2026 2025 2026 2025 2026 Net income, as reported $ 3.1 $ 2.8 $ 4.6 $ 0.7 $ 11.3 Interest expense - net 0.9 1.5 1.7 2.6 4.0 Income tax expense 2.3 3.4 2.3 2.8 9.4 Depreciation expense 2.1 2.3 4.4 4.6 9.0 Amortization expense 0.6 0.8 1.2 2.0 2.6 Total EBITDA $ 9.1 $ 10.9 $ 14.3 $ 12.7 $ 36.3 AMH Exit costs — 1.4 — 1.4 — Restructuring and other costs — — — — 3.0 Tew Exit and other costs 2.6 — 2.6 — 2.6 Adjusted EBITDA $ 11.7 $ 12.2 $ 16.8 $ 14.1 $ 41.9 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 Note figures may not foot due to rounding.
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30 Twelve months ended: ($ in millions) December 31, 2021 December 31, 2025 Net income, as reported $ 3.5 $ 7.4 Interest expense - net 3.0 4.9 Income tax expense 1.1 10.0 Depreciation expense 8.1 9.1 Amortization expense 5.8 3.3 Total EBITDA $ 21.4 $ 34.8 Restructuring and other charges — 3.0 AMH Exit costs — 1.4 Gain on divestiture (2.7) — Adjusted EBITDA $ 18.7 $ 39.2 Net sales, as reported $ 513.6 $ 540.0 Net income margin 0.7 % 1.4 % Adjusted EBITDA margin 3.6 % 7.2 % Non-GAAP Measure: Adjusted EBITDA and Free Cash Flow L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 Twelve months ended: ($ in millions) December 31, 2021 December 31, 2025 Net cash (used in) provided by operating activities $ (0.8) $ 35.6 Less capital expenditures on property, plant, and equipment (4.6) (10.4) Free Cash Flow $ (5.4) $ 25.2 Note figures may not foot due to rounding.
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31 Non-GAAP Measure: Funding Capacity1 Note figures may not foot due to rounding. 1) Subject to covenant restrictions.L.B. Foster Q2 2026 Earnings Presentation August 10, 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
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32 Non-GAAP Measure: Free Cash Flow Note figures may not foot due to rounding. L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 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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33 Non-GAAP Measure: Net Debt L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 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 debt $ 42.2 $ 55.7 $ 38.4 $ 55.3 $ 77.4 $ 79.9 $ 44.4 $ 65.4 Note figures may not foot due to rounding.
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34 Non-GAAP Measure: Adjusted EBITDA by Quarter 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 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 Note figures may not foot due to rounding.
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35 Non-GAAP Measure: Adjusted EBITDA by Quarter 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 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 Note figures may not foot due to rounding.
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36 Non-GAAP Measure: Adjusted EBITDA by Quarter Three Months Ended ($ in millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Net (loss) income, as reported $ (2.1) $ 2.8 $ 4.3 $ 2.4 Interest expense - net 1.1 1.5 1.3 1.0 Income tax expense (benefit) (0.6) 3.4 2.8 4.4 Depreciation expense 2.3 2.3 2.3 2.3 Amortization expense 1.1 0.8 0.7 0.7 Total EBITDA 1.8 10.9 11.4 10.7 AMH Exit costs — 1.4 — — Restructuring and other charges — — — 3.0 Adjusted EBITDA $ 1.8 $ 12.3 $ 11.4 $ 13.7 L.B. Foster Q2 2026 Earnings Presentation August 10, 2026 Note figures may not foot due to rounding.