This report does not constitute a rating action. Wabtec has exhibited strong performance, achieving about 7.5% percent organic revenue growth in 2025 despite ongoing global macroeconomic uncertainty. We expect 6%-12% organic revenue growth to continue over the next 12-24 months, supported by a substantial $27 billion multiyear backlog (up from $22 billion at the end of 2024). Robust demand for modernization within the freight segment is driving revenue growth, supported by an aging North American locomotive fleet, as is the adoption of efficiency-enhancing technologies. The transit segment is also poised for continued growth. Urbanization, population growth, and public infrastructure investment is increasing ridership and accelerating rail development in key geographies like Europe and India. We also expect the long-term benefits
