What changed in this filing

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Item 1. Business

2025-02-12 compared with 2024-02-14 · 65 added, 120 removed, 364 unchanged (34% of the section changed)

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UNIFE publishes a biennial market study that provides an overview of the market in its current form and a forecast of its future development in different regions and market segments.

The 2022 biennial edition of the study concluded that the rail supply industry faced a moderate annual decline of 0.2% in the 2019 to 2020 period as a result of the negative impacts of the COVID-19 pandemic but forecasts a recovery of the global rail supply market with a compound annual growth rate of 3% through 2027.

The 2024 biennial edition of the study concluded that the global rail market grew 2.7% in the 2021 to 2023 period as the industry started recovering from the negative impacts of the COVID-19 pandemic and forecasts the industry to continue with a compound annual growth rate of 3% through 2027.

As growth continues, Wabtec expects to have additional opportunities to provide products and services in these markets.

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We are a global manufacturer of diesel-electric locomotives for freight railroads producing essential products and solutions that help railroads reduce operating costs, decrease fuel use, minimize downtime and comply with emissions standards.

As a result of the large base of nearly 24,000 locomotives currently in use, Wabtec's Services product lines of modernizing, rebuilding and overhauling, remanufacturing, maintaining, and exchanging locomotives and components in the aftermarkets provides a significant, recurring revenue stream.

As a result of the large base of nearly 24,000 locomotives, Wabtec's Services product line of modernizing, rebuilding and overhauling, remanufacturing, maintaining, and exchanging locomotives and components in the aftermarkets provides a significant, recurring revenue stream.

In 2024, the Freight Segment accounted for approximately 72% of Wabtec’s total net sales, with approximately 59% of its net sales in the U.S.

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The Transit Segment primarily manufactures and services components for new and existing passenger transit vehicles, typically regional trains, high speed trains, subway cars, light-rail vehicles and buses;

supplies rail control and infrastructure products including electronics, signal design and engineering services;

and refurbishes passenger transit vehicles.

Customers include public transit authorities and municipalities, leasing companies, and manufacturers of passenger transit vehicles and buses around the world.

and supplies rail control and infrastructure products including electronics, signal design and engineering services.

Customers include public transit authorities and municipalities, leasing companies, manufacturers of passenger transit vehicles and buses, and companies in the electrical generation, distribution, and charging industries.

In 2024, the Transit Segment accounted for approximately 28% of our total net sales, with approximately 18% of its net sales in the U.S.

The Transit Segment maintains a large installed base of original equipment globally which allows for a significant recurring revenue stream in the aftermarket.

Approximately 55% of the Transit Segment’s net sales are in the aftermarket.

The following is a summary of our primary products and services in both aftermarket and original equipment across both of our business segments:

• Diesel-electric, battery, and liquid natural gas powered locomotives for freight and transit

• Diesel-electric and liquid natural gas powered locomotives for freight and transit

• Engines, electric motors and premium propulsion systems used in locomotives, mining, marine, stationary power and drilling applications

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• Freight car trucks and braking equipment and related components for freight applications

• Air compressors and dryers

• Air compressors, dryers and HVAC systems

• Heat transfer components and systems for diesel and gas engine cooling, generator and transformer coolers and high temperature applications

• Track and switch products

• New commuter and switcher locomotives

• Custom engineered burners and combustion systems

• Railgear, signaling and switch products

• Turbochargers for industrial and aftermarket vehicle applications

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• Unit exchange of locomotive components

• Long term parts arrangements

• Maintenance of way equipment and services

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Wabtec is working to reduce existing locomotive fleet emissions through fuel-efficiency solutions and testing renewable diesel and biofuels.

We are developing advanced propulsion technologies such as the first heavy-haul 100% battery electric locomotive.

In 2023, Wabtec secured several orders for new battery-electric locomotives and modernizations that will upgrade existing fleets to help our customers extend the service life of their fleet and improve performance and reliability.

We are also conducting collaborative research and development efforts with the National Laboratories to support the use of hydrogen to lower emissions across the rail industry.

In 2023, Norfolk Southern recognized Wabtec’s innovations in modernizing locomotives with its inaugural Thoroughbred Sustainability Partner Award in recognition of energy efficiency, innovation, and environmental stewardship.

In 2024, Canadian National Railway Company, Norfolk Southern and Union Pacific Railroad each recognized Wabtec’s leadership in sustainability, energy efficiency, innovation, and environmental stewardship with partnership awards.

This was Wabtec’s second year in a row receiving the Thoroughbred Sustainability Partner Award from Norfolk Southern.

Wabtec also is implementing energy-reducing technologies for the passenger transit sector.

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We believe both our customers and government authorities value our technological capabilities and commitment to innovation, as we seek not only to enhance the efficiency and profitability of our customers, but also to improve the overall safety of the railways through continuous improvement of product performance.

To that end, we have assembled a wide range of patented products, which we believe provides us with a competitive advantage.

• Decarbonizing the rail industry.

We have taken significant steps to decarbonize global transport and make our world safer, smarter and greener.

Wabtec is advancing our sustainability priorities both through our own commitments to our people, communities, and planet, as well as by innovating next generation technologies that reduce emissions, energy consumption and waste, and increase fuel efficiency for our customers through advancements in our equipment and digital solutions.

To that end, we have assembled a wide range of patented products, which we believe provides us with a competitive advantage that enhances our customers' safety, productivity, reliability and capacity.

• Driving fuel efficiency for the rail industry.

We have taken significant steps to drive fuel efficiency in global transport and make our world safer, smarter and greener.

Wabtec is advancing our sustainability priorities both through our own commitments to our people, communities, and planet, as well as by innovating next generation technologies that reduce

emissions, energy consumption and waste, and increase fuel efficiency for our customers through advancements in our equipment and digital solutions.

• Driving the digital transformation of the rail industry.

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• Accelerate innovation of scalable technologies .

We continue to emphasize innovation and development funding to create new products and capabilities to increase customer productivity, efficiency, capacity, utilization and safety, such as the battery electric locomotive, hydrogen powered locomotive, vehicle monitoring and data analytics.

We continue to emphasize innovation and development funding to create new products and capabilities to increase customer productivity, efficiency, capacity, utilization and safety, such as the hydrogen powered locomotive, vehicle monitoring and data analytics.

We plan to invest in bringing new technologies to market for our customers.

A significant portion of our investment is expected to be focused on three customer-centric areas of innovation:

zero-emissions operations, automation and digitization and advanced supply chain visibility.

advanced supply chain visibility, automation and digitization and zero-emissions operations.

These investments will position our customers for success and make these technologies the standard going forward.

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In addition, we invest in developing enhancements and new features to existing products, such as brake discs and heat exchangers.

We are focusing on technological advances, especially in the areas of electronics, battery power and alternative fuels, including hydrogen technologies, braking products and other on-board equipment, as a means to deliver new product growth.

We are focusing on technological advances, especially in the areas of electronics and alternative fuels, including hydrogen technologies, braking products and other on-board equipment, as a means to deliver new product growth.

We seek to provide customers with incremental technological advances that offer immediate benefits with cost-effective investments.

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We intend to increase sales through direct sales of existing products to current and new customers, by developing specific new products for application in new geographic markets, by making strategic acquisitions and through joint ventures with railway suppliers which have a strong presence in their local markets.

We believe that international markets represent a significant opportunity for future growth.

We believe that international markets represent a

significant opportunity for future growth.

In Transit, we are focused on mature markets such as Europe and emerging markets such as India.

In Freight, we are targeting markets that operate significant fleets of locomotives and freight cars, including Australia, Brazil, Egypt, India, South Africa, Kazakhstan, and other select areas within Europe, Asia

and South America.

In addition, we have opportunities to increase the sale of certain products that we currently manufacture for the rail industry into other industrial markets, such as mining, off-highway and energy.

• Lead the decarbonization of rail.

• Drive fuel efficiencies through emerging technologies.

Today, rail represents the cleanest, most energy efficient and safest mode of moving freight and people on land.

As global demands for growth increase, current trends suggest that freight and passenger rail activity will more than double by 2050, leading to an increased demand for sustainable transportation of people and goods.

These converging forces highlight the critical interplay between market dynamics, the need for decarbonization and Wabtec’s business strategy.

These converging forces highlight the critical interplay between market dynamics, the need for increased fuel efficiency and Wabtec’s business strategy.

Wabtec is helping customers transition to a more utilized, efficient, and low-carbon rail network.

Alternative clean energy technologies are critical in the fight against climate change and reducing greenhouse gas emissions.

We are helping our customers reduce their overall carbon footprint through the development of low-emitting locomotives like our Tier 4 and battery-electric locomotives, Trip Optimizer, Green Air and Green Friction products, and the use of alternative fuels such as biodiesel, renewable diesel, and hydrogen.

We are helping our customers reduce their overall cost of operations through the development of low-emitting locomotives like our Tier 4 locomotives, Trip Optimizer, Green Air and Green Friction products, and the use of alternative fuels such as biodiesel, renewable diesel, and hydrogen.

• Expand high-margin recurring revenue streams.

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Balance at December 31, 2023 $ 17,785 $ 4,214 $ 21,999

New orders 5,850 2,967 8,817

2024 Net sales (7,468) (2,919) (10,387)

New orders 7,348 3,147 10,495

Adjustments / foreign exchange, net 321 (156) 165

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To execute our strategy to develop new products, we invest in a variety of engineering and development activities.

For the fiscal years ended December 31, 2023, 2022 and 2021, we invested $218 million, $209 million and $176 million, respectively, in engineering for product development and improvement activities.

For the years ended December 31, 2024, 2023 and 2022, we invested $206 million, $218 million and $209 million, respectively, in engineering for product development and improvement activities.

Significant incremental engineering expense can be incurred with the execution of original equipment customer contracts.

Across the Company we have established multiple Centers of Competence, which have specialized, technical expertise in various disciplines and product areas.

Our engineering and development program includes investments in data analytics, train control and other new technologies, such as battery-electric, liquid natural gas and hydrogen-powered locomotives, with an emphasis on developing products that enhance safety, productivity and efficiency for our customers.

Our engineering and development program includes investments in data analytics, train control and other new technologies, such as liquid natural gas and hydrogen-powered locomotives, with an emphasis on developing products that enhance safety, productivity and efficiency for our customers.

For example, we have developed advanced cooling systems that enable lower emissions from diesel engines used in rail and other industrial markets.

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Within North America, New York Air Brake Company, a subsidiary of the German air brake producer Knorr-Bremse AG (“Knorr”) and Amsted Rail Company, Inc., a subsidiary of Amsted Industries Corporation, are our principal overall OEM competitors.

Our primary competition for locomotives is Electro-Motive Diesel, owned by a subsidiary of Caterpillar.

Our primary competition for locomotives is Progress Rail, owned by a subsidiary of Caterpillar.

Our primary competition for freight and passenger transit service and repair is mostly from the railroads’ and passenger transit authorities’ in-house operations and Knorr.

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Sustainability

Wabtec is committed to sustainable value creation.

Our sustainability strategy is to contribute to a better, more sustainable world through our unique business offerings, technologies and sustainable business practices.

Wabtec is committed to creating sustainable value through innovative rail technologies and responsible business practices.

Our mission to unlock our customers' potential by delivering innovative and lasting transportation solutions underpins our sustainability strategy.

Our strategy helps us capitalize on market opportunities and reduce safety and environmental risks, while creating value for our customers, employees and other stakeholders.

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We are committed to driving an inclusive culture grounded in integrity, committed to the development of and investment in the communities where our teams live and work.

As we refine our sustainability strategy, we believe it is important to listen to our key stakeholders.

Accordingly, we identified the following Environmental, Social and Governance ("ESG") topics with the highest relative priority to Wabtec and its external stakeholders, which are aligned to our overall sustainability strategy and action plans:

Topic Definition Alignment to Wabtec Strategic Sustainability Principles

Greenhouse gas (GHG) emissions Reducing GHG emissions across Wabtec’s value chain and helping Wabtec partners across their value chain reduce GHG emissions.

This includes reducing major sources of indirect emissions during the procurement and processing of raw materials, during manufacturing and the operation of our facilities, and during product distribution and end use.

• Innovating with Purpose

• Driving Responsible Operations

Energy & renewables Supporting policies and organizational partners that contribute to the renewable energy transition.

Contributing to the success of the energy transition by improving the energy efficiency of Wabtec’s products and operations.

Integrating renewables into Wabtec’s products and operations and enabling the adoption of new and emerging renewable energy solutions.

• Innovating with Purpose

• Driving Responsible Operations

Innovation & technology Capitalizing on opportunities related to new product advancements and innovations that include the adoption of emerging technology to help address key societal and transportation sector challenges.

Developing a resilient business model capable of meeting societal expectations for continuous improvement.

• Innovating with Purpose

• Empowering People

and Communities

Business Ethics & Compliance Upholding ethics and integrity in every aspect of Wabtec’s business by ensuring transparency in all financial practices.

Complying with all applicable national and local laws and regulations by promoting practices and policies that encourage reporting instances of non-compliance and by implementing corrective actions that prevent recurrence.

Preventing bribery, corruption, and anti-competitive behavior.

Promoting ethics and compliance throughout Wabtec’s value chain, especially among suppliers.

• Driving Responsible Operations

• Empowering People

and Communities

Data privacy & cybersecurity Investing in cybersecurity measures and adapting to business risks presented by technology and digitization.

Protecting Wabtec’s proprietary information and intellectual property.

Ensuring the responsible management and use of data, including data from customers, employees, and suppliers.

Protecting data collected by Wabtec products.

• Innovating with Purpose

As we refine our sustainability strategy, we believe it is important to listen to our key internal and external stakeholders to identify and develop Environmental, Social and Governance ("ESG") topics of focus that align to our overall sustainability strategy and action plans.

These topics are reviewed periodically to ensure our focus is in-line with the current market conditions and trends.

Additionally, we utilize our Green Finance Framework to support the development of technologies that enable sustainable value creation.

Wabtec is committed to transparency on ESG topics, including the opportunities and challenges we encounter as we work to enhance performance and conduct business in a responsible manner.

We publish an annual Sustainability Report, where we present ESG information, including policies, goals, activities, and qualitative and quantitative data on our progress.

See "Available Information," below.

During 2021, Wabtec adopted its Green Finance Framework.

Following the release of the Green Financing Framework, the Company issued its inaugural "green bond" – a €500 million issuance in the European bond market.

The Company intends to utilize green financing instruments as part of its overall capital resources strategy to support the transition to a low-carbon transportation future and meet the sustainable transportation needs of growing cities around the world.

Projects supported by green financing will largely target the objective of climate change mitigation by focusing on the efficiency of freight rail systems and public transport, as well as on the provision of energy-efficient customer solution services.

Focus areas include:

• Clean transportation

• Eco-efficient and/or circular economy adapted products, production technologies and processes

• Renewable energy

• Pollution prevention and control

• Energy efficiency

During 2022, Wabtec issued the 2022 Green Bond Report.

This report describes our Green Bond Program and summarizes the full utilization of the green bond proceeds and allocation of the expenditures to our five focus areas.

See "Available Information," below .

ESG Governance

Wabtec developed an ESG governance framework to provide oversight for our climate action strategy.

This framework starts with Wabtec's Board of Directors who oversee the execution of the Company’s ESG strategy as part of their oversight of Wabtec’s overall business, risks and opportunities.

The Board of Directors delegates certain ESG responsibilities to committees and has established an Environmental, Social and Governance Subcommittee ("ESG Subcommittee") to support and provide oversight of Wabtec’s sustainability strategy and ongoing commitment to ESG matters relevant to Wabtec, including complying with all applicable laws and regulations affecting the health and safety of our employees and stakeholders, as well as protection of the environment (including climate) and other public policy matters.

The ESG governance framework is supported by Wabtec's broader enterprise risk management process, which is Wabtec's primary vehicle for assessing and managing operational, strategic, financial, and compliance risk.

An enterprise risk management report, which includes climate change as a risk category, with the status of relevant mitigation measures, is reviewed with the Board of Directors twice a year.

We publish periodic sustainability and sustainability-related reports, where we present ESG information, including policies, goals, activities, and qualitative and quantitative data on our progress.

Compensation and Benefits

We remain committed to a strong pay-for performance philosophy that aligns individual performance, behaviors and business results with individual rewards.

To deliver on that commitment, we utilize market data to benchmark to the external market and consider factors such as an employee’s role and experience, the location of the job and performance when determining compensation.

We provide our employees resources to help them be mentally, physically and financially well.

We offer a wide range of benefits including healthcare and wellness (physical and mental) benefits, retirement benefits, paid time off, an employee assistance program, and seven employee resource groups to build diverse and inclusive communities at Wabtec.

Human Capital

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unlock our customers’ potential by delivering innovative and lasting transportation solutions.

At Wabtec, our purpose stems from four values that shape our core identity:

Wabtec, our purpose stems from four values that shape our core identity:

People First, Expand the Possible, Embrace Diversity, and One Wabtec.

These values are woven throughout our global operations, and they motivate us to build lasting connections.

Wabtec is committed to ensuring our workplace respects and seeks the unique talents, experiences and viewpoints of all our employees.

We strive to create an environment where employees can be themselves.

Our Board of Directors also plays a critical role in creating an organization that prioritizes, supports and invests in these ideals.

Our headquarters are in Pittsburgh, Pennsylvania and we have offices, facilities, and operations in over 50 countries around the globe.

As of December 31, 2024, we have a global workforce of approximately 29,500 employees, excluding contingent workers.

Unionized Population

A portion of our workers are represented by labor unions.

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The Company continuously monitors its labor activity.

Diversity and Inclusion

Wabtec is committed to ensuring a diverse and inclusive workplace that respects and seeks the unique talents, experiences and viewpoints of all our employees.

Wabtec has a Diversity and Inclusion Council, led by members of Wabtec’s executive leadership team, who oversee global diversity and inclusion policies and initiatives.

We strive to create an inclusive workplace where employees can be themselves.

During 2022, we created the position of Global Diversity & Inclusion Leader to drive progress on our commitment to promoting diversity and fostering an inclusive workplace that attracts, develops and retains diverse talent.

Our Board of Directors also plays a critical role in creating an organization that prioritizes, supports, and invests in diversity, inclusion, and equity.

Women constituted approximately 17% of our global workforce and approximately 20% of our salaried employees, and people of color constituted approximately 25% of the total U.S.

Wabtec's Board is considered 44% diverse based on gender, race/ethnicity.

Training and Development

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We have invested in training courses through Wabtec’s Learning Management System ("LMS").

In 2023, Wabtec again partnered with a third-party to provide diversity and inclusion training.

Over 10,000 employees have participated in the training, which was coupled with tools and resources for people leaders to help make diversity and inclusion part of a long-term conversation rather than a one-time training.

Wabtec has partnered with a third-party vendor to provide an online learning platform available to all of our employees, both hourly and salary.

Our Leadership, Expertise, Advancement and Development ("LEAD") program is the primary path for university graduates into Wabtec.

LEAD is a two-year program that offers an immersive learning experience in the fields of engineering, operations, finance and IT along with extensive leadership training designed to build the next generation of leaders.

On average, there are 100 participants in the LEAD program that rotate between business units every six months to work on strategic projects and assignments, gain exposure to senior leadership and build their global professional network.

On average, there are 100 participants in the LEAD program that rotate between business units or departments every six months to work on strategic projects and assignments, gain exposure to senior leadership and build their global professional network.

We are focused on strengthening this program to support our global talent pipeline.

In addition, Wabtec recognized our first graduating class of the Propel leadership development program created for mid-career employees and designed to cultivate and accelerate individual leadership and growth for our engineers around the world.

Program participants have the opportunity to hone key skills, network, gain visibility with senior leadership, and strengthen cross-cultural awareness.

The program includes stretch assignments, high-impact projects, and a custom curriculum supported by ongoing feedback and mentorship from senior leaders.

Environmental, Health and Safety

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Each site is responsible for developing a risk reduction plan to drive site or project-level actions related to risk reduction, compliance assurance, employee engagement, and continuous EHS improvement.

In 2023, we continued to focus on our EHS performance by deploying an enterprise-wide electronic EHS concern reporting tool to make it easier for our team members to raise an EHS concern at any time and continuing our monthly incident review sessions with site Operations and EHS teams to review common incidents, discuss corrective actions, and share best practices.

Through these efforts, our Operations and EHS teams are partnering to eliminate and reduce hazards and risks within Wabtec’s operations, which is fundamental to improved EHS performance.

While we had zero fatalities and over 70 operational sites with zero recordable injuries across Wabtec’s operations in 2023, our total recordable injury rate slightly increased by 6% compared with 2022.

In 2024, we had zero fatalities and our total recordable injury rate decreased by over 5% compared with 2023.

We remain steadfast in our commitment to protecting our people and driving toward EHS excellence.

Wabtec also continued its EHS leadership training course aimed at building the toolkits of general managers and plant managers to empower them as critical stewards of our EHS culture.

This course instills Wabtec’s EHS expectations of its Operational Leaders by providing an awareness of EHS impacts and legal and compliance responsibilities, practical tips for achieving and maintaining EHS excellence, and ideas for cultivating a positive culture and engaging employees to take ownership for EHS.

As of 2023, approximately 185 leaders from over 25 countries have attended the training.

Compensation and Benefits

We remain committed to a strong pay-for performance philosophy that aligns individual performance, behaviors and business results with individual rewards.

To deliver on that commitment, we utilize market data to benchmark to the external market, and consider factors such as an employee’s role and experience, the location of the job and performance when determining compensation.

We provide our employees resources to help them be mentally, physically and financially well.

In the course of our operations, we are subject to various regulations and standards of governments and other agencies in the U.S.

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Also, in Europe, the European Committees for Standardization continually draft new European standards which cover, for example, the Reliability, Availability, Maintainability and Safety of railways systems.

To guarantee interoperability in Europe, the European Union for Railway Agencies is responsible for defining and implementing Technical Standards of Interoperability, which covers areas such as infrastructure, energy, rolling stock, telematic applications, traffic operation and management subsystems, noise pollution and waste generation, protection against fire and smoke, and system safety.

To guarantee interoperability in Europe, the European Union for Railway Agencies is responsible for defining and implementing Technical Standards of Interoperability, which covers areas such as

infrastructure, energy, rolling stock, telematic applications, traffic operation and management subsystems, noise pollution and waste generation, protection against fire and smoke, and system safety.

Most countries and regions in which Wabtec does business have similar rule-making bodies.

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Our business has limited seasonality.

Third quarter results may be affected by the timing of services performed under our locomotive maintenance contracts and vacation and scheduled plant shutdowns at several of our major customers.

Third and fourth quarter results may be affected by the timing of services performed under our locomotive maintenance contracts and vacation and scheduled plant shutdowns at several of our major customers.

Fourth quarter results may be affected by the timing of spare parts and service orders placed by transit agencies worldwide.

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Available free of charge on this site are:

our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as well as the annual report to stockholders, our Green Bond Report (https://ir.wabteccorp.com/investor-relations/green-finance-framework), our Sustainability Report (www.wabteccorp.com/sustainability), and other information.

our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as well as the annual report to stockholders, our Green Bond Report (https://ir.wabteccorp.com/investor-relations/green-finance-framework), our sustainability and sustainability-related reports (www.wabteccorp.com/sustainability/report-archive), and other information.

The Internet site and the information contained therein or connected thereto are not incorporated by reference into this Form 10-K.

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Olin 64 Executive Vice President and Chief Financial Officer

Nicole Theophilus 53 Executive Vice President and Chief Human Resources Officer

Nicole Theophilus 54 Executive Vice President and Chief Administrative Officer

Eric Gebhardt 56 Executive Vice President and Chief Technology Officer

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Mastalerz 58 Senior Vice President of Finance and Chief Accounting Officer

Kristine Kubacki 49 Vice President, Investor Relations

Kyra Yates 46 Vice President, Investor Relations

Rafael Santana was named President and Chief Executive Officer of the Company effective July 1, 2019.

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Olin also held positions with financial services and specialized consulting firms including Ernst and Whinney (now Ernst and Young).

Nicole Theophilus was named Executive Vice President & Chief Human Resource Officer in October 2020.

Prior to joining Wabtec, Ms.

Theophilus served most recently as Chief Human Resource Officer of West Corporation from March 2016 through February 2018.

Previously she served as Executive Vice President and Chief Human Resource Officer, Vice President of Human Resources and Vice President and Chief Employment Counsel of ConAgra Corporation, where she was employed from 2006 through 2015.

Nicole Theophilus was named Executive Vice President & Chief Administrative Officer in July 2024.

Theophilus was originally named Wabtec's Executive Vice President & Chief Human Resource Officer in October 2020.

Before joining Wabtec, Ms.

Theophilus served as Chief Human Resource Officer of West Corporation from March 2016 through February 2018.

She also served as Executive Vice President and Chief Human Resource Officer, Vice President of Human Resources and Vice President and Chief Employment Counsel of ConAgra Corporation, where she was employed from 2006 through 2015.

Prior to 2006, Ms.

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Prior to joining Wabtec, Mr.

Gebhardt served as Managing Director of KCK-US, a Deleware corporation, from May 2019 through September 2020.

Gebhardt served as Managing Director of KCK-US, a Delaware corporation, from May 2019 through September 2020.

He also served in a variety of roles with General Electric including Chief Technology Officer of GE Power from August 2017 through January 2019, Chief Product Management Officer for GE Energy Connections from February 2017 through August 2017, Chief Platforms and Operations Officer for Current from January 2016 through January 2017, and Chief Technology Officer for GE Oil & Gas from October 2012 through December 2015.

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Mastalerz was a Senior Manager with PricewaterhouseCoopers LLP.

Kristine Kubacki was named Vice President of Investor Relations in April 2019.

Kyra Yates was named Vice President of Investor Relations in March 2024.

Previously, Ms.

Kubacki was on Wall Street from January 2004 to April 2019 as a sell-side equity analyst covering industrials and served as Executive Director and Senior Analyst for the transportation, logistics and equipment sector at Mizuho Securities USA from June 2017 to April 2019, as well as Director of Equity Research for the global industrial equipment industry at CLSA from July 2016 to March 2017.

prior to her role at CLSA, Ms.

Kubacki spent nearly nine years covering the industrial sector at Avondale Partners, as well as operations management, process design and supply chain management positions at Procter and Gamble.

Yates served as the Vice President and Chief Financial Officer of Wabtec's Global Operations from March 2022 to March 2024, where she managed the financial performance of the Company's manufacturing, sourcing, and logistics operations.

She also served as the Chief Financial Officer of Wabtec's Americas Services from March 2021 to March 2022.

Yates had been with GE Transportation since 2008, and prior to that she held several positions with other GE businesses beginning in 2000.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business