FreightCar America : Investor Presentation May 2026

Published: 2026-05-04 17:09:42 ET RAIL

Published on 05/04/2026 at 05:09 pm EDT

Investor Presentation

May 2026

Company Overview

Storied History with Runway for Growth

125-year

North America's Leading Pure-Play Freight Railcar Solutions Provider

Distinguished Legacy

Growing OEM with expanding modernization capabilities

Unique ability to flex across new builds, retrofits, conversions, and rebuilds

Vertically integrated, purpose-built manufacturing campus

Growing aftermarket business with repeatable revenue

Strong margin profile and cash generation to support long-term value creation

Built for Profitability with Capital Strength to Support Growth

TTM as of 3/31/2026

Railcar Deliveries

Gross Margin Expansion YoY

$469M

Revenue

Down 5.2% YoY

$14.5M

Free Cash Flow

Capacity

$52.8M

Cash & Cash Equivalents* and Modest Net Debt

5 1. See appendix for reconciliation of Non-GAAP measures

Cash and cash equivalents is reported as of the quarter-end date and is not a TTM metric

Gondolas

Diverse Product Portfolio Catering to a Strong Customer Base

Average Deliveries by Customer Type FY20 to Present

Leading railroads, lessors, and shippers based in North America with an average tenure of 20+ Years

Hoppers

VersaCoil - Coil Steel Gondolas

Mill Gondolas Woodchip Gondolas

Aggregate Gondolas

High-Capacity Mill Gondolas

Collaborative approaches to design that deliver on the ultimate shipper need

Shippers/Private

Covered Hoppers

VersaFlood - Open Top Hoppers

Box Cars

Owners

Average Delivery Share by Customer Type

Lessors

Flat Cars

Conversions & Modifications

Railroads

Flat Cars

Intermodal Flats

Railcar Conversions

Tank Car Modifications

Deal transparency and straightforward contract terms

Our Pure Play market position means partnering with Lessors, not competing against them

Well-Positioned Within Manufacturing Addressable Market

Market Position* % of Industry Units Delivered

Market Drivers

Open Top Hoppers

Gondolas Flat Cars Covered Hoppers

Box Cars Tank Cars

Entrant

Market Leader

Primary

Secondary

~70%

~30%

~40K Units

Avg. per year Replacement Cycle

Consistent replacement demand for railcars

Growth in intermodal transportation

Elevated investment in efficiency and safety regulation

Modal shift to environmentally friendly methods of transportation

RAIL Market Share Addressable Market Significant Growth Opportunity

*Chart is illustrative and not to scale

Diverse product offering with room to expand into tank cars

FreightCar America's Aftermarket

Parts

Forged, cast and fabricated railcar parts and supplies

OEM component distribution, supporting running repairs and maintenance across all railcar types

Services

Safety training

Railcar inspections

Preventative maintenance

Aftermarket Segment Has Significant Growth Potential

Large & Fragmented Rail Aftermarket Opportunity

~$4B TAM

North American rail aftermarket

~4-5%

Growth annually

Market Drivers

Aging railcar fleets drive sustained demand for replacement components

Stricter regulatory standards increase the frequency of running repairs

OEM supply challenges, including extended lead times and limited customer support, create openings for responsive distributors

Aftermarket business adds high-margin, repeatable revenue that reduces cyclicality

Uniquely Positioned to Drive Profitable Growth

Flexible Manufacturing Campus

Optimized Order Fulfillment

Diverse & Vertically Integrated Product Platform

Industry-Leading Technical Expertise

Our Foundation

How we win

Efficient, scalable production with highly adaptable operations that

support product run sizes and order customization considered undesirable by the competition

Flexibility designed to achieve industry-leading order fulfillment time

Broad portfolio of freight cars supported by vertical integration that enables cost control, quality assurance, and production agility

Deep engineering capabilities make FCA a trusted partner for complex and customized railcar solutions that support continuous innovation and design

efficiency

Aftermarket Capabilities

Dedicated commercial teams and expanding distribution capabilities enable faster response and deeper customer coverage

Executing Disciplined Capital Allocation Strategy

Recent Acquisition Well-Aligned with Criteria

Maintain Flexible Balance Sheet

Maintain strong liquidity and cash position

Deliver sustained positive free cash flow generation

Aftermarket Acqusition

Execute Disciplined M&A

Pursue strategic acquisitions that:

Are aligned in core rail markets

Expand scale, capabilities, and customer reach

Are immediately accretive

Keep leverage within target range

Manufacturing enhancements that improve throughput

Increase automation and process control

Further TruTrack integration for quality and visibility

Support growth in conversions, retrofits, and tank cars

Pursue Organic Investments for Growth

Distributor of OEM railcar components, offering core-exchange programs for reconditioned parts

Immediately accretive

Participates in core rail aftermarket

Expands distribution capabilities

Unlocks cross-selling opportunities

Strengthens geographic footprint (Texas)

Pillars for Value Creation

GROWTH STRATEGY

Drive Strategic Growth in Railcar Manufacturing

Strong Financial Position Providing Flexibility

Future Product & Aftermarket Expansion

Lean manufacturing and ability to scale

Achieving industry-leading margins

With continued free cash flow generation, FCA is positioned to prioritize debt paydown and pursue future accretive growth opportunities

Financial flexibility to achieve longterm growth objectives

Facilities, people, proximity to the U.S. border and deep knowledge of Mexico create potential whitespace opportunities

Broad railcar product portfolio with capacity to expand into tank cars and other whitespace opportunities

Growing aftermarket business

supporting recurring lifecycle demand

Financial Overview

1Q26 Financial Results

Quarterly results reflecting strong

gross margin despite dynamic environment

Revenue ($ in millions)

Revenues of $64.3M, down 33.2% YoY

577 railcar deliveries in 1Q26

Aftermarket revenue growth of 86% YoY

Gross Margin of 16.8%, up 186 bps YoY

Adj. EBITDA1 margin decreased 177 bps YoY

1Q25 1Q26

$64.3

$96.3

Gross Profit ($ in millions)

$14.4

$10.8

1Q25 1Q26

Adjusted EBITDA1 ($ in millions)

$3.2

$6.4

1Q25 1Q26

13 1. See appendix for reconciliation of non-GAAP measures

Historical Financial Performance

$203

Revenue ($ in millions) / Railcar Deliveries (units)

3,184 3,022

2021-2025 CAGR

Deliveries 24% | Revenue 25%

4,362 4,125 4,250

1,731

$365

$358

$559

$501

$525

FY21 FY22 FY23 FY24 FY25 FY26E

Lease-Adjusted EBITDA2 ($ in millions)

$39.9

$41.2

$45.5

$17.4

$7.1

$(7.2)

FY21

FY22

FY23

FY24

FY25

FY26E

Reflects midpoint of FY26 guidance as of 5/4/2026

Reflects Lease-Adjusted EBITDA, see appendix for reconciliation of Non-GAAP measures

Cash Flow

Operating Cash Flow

$34.8

$11.5

$4.8

($ in millions)

$(55.4)

$44.9

Key Metrics FY25

$64.3M

Cash

$107.2M

FY21 FY22 FY23 FY24 FY25

Delivered fourth consecutive year of positive operating cash flow Delivered Free Cash Flow1 of $31.4 million in FY25

Total Debt

$3.4M

Capital Expenditures

15 1. See appendix for reconciliation of Non-GAAP measures

Reaffirming Full Year 2026 Guidance

Metric

Railcar Deliveries

Revenue

Adj. EBITDA1

Target

4,000 - 4,500Cars

$500 - $550M

$41 -$50M

YoY Growth at Midpoint

1. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA guidance due to the inherent difficulty in forecasting and quantifying adjustments necessary to calculate such Non-GAAP measure without unreasonable effort. Material changes to such adjustments, including warrant liability and non-core operating items, could affect future GAAP results. Adjusted EBITDA guidance is compared, year-over-year, to Lease-Adjusted EBITDA for 2025.

IRnedvuesnturye L/ eCaadpinacgitMyargin Profile

Growing High Margin Aftermarket Business

Investment Highlights

Strong Revenue Generation with Increased Capacity

Capitalization (as of 3/31/26)

Common Stock Employee Options Public Warrants

Fully Diluted Shares Outstanding

19.1 million

1.3 million

14.5 million

34.9 million

Market Capitalization1

$152.2 million

Net Debt2

$48.3 million

Enterprise Value

$200.5 million

TTM Adjusted EBITDA3

$41.5 million

PRoevseitniounee/dCtaopGaecniteyrate Free Cash Flow

IRnevveesntiuneg/fCorapGarcoiwtyth

Closing share price of $7.97 per share as of March 31, 2026

Includes current portion of long-term debt as well as long-term debt, less cash and cash equivalents

17 3. See appendix for reconciliation of Non-GAAP measures

Appendix

Diluted Share Count at Various Prices

REPRESENTS SHARES AND DILUTED SECURITIES OUTSTANDING AT VARIOUS PRICE PER SHARE LEVELS (SHARES IN MILLIONS)

Common Stock

$ 7.G7

$ 8.00

$ 8.50

$ G.00

$ G.50

$ 10.00

$ 10.50

$ 11.00

$ 15.00

$ 20.00

Shares held by Affiliates

Shares held by Other Shareholders

Subtotal

6.36

12.71

1G.07

6.36

12.71

1G.07

6.36

12.71

1G.07

6.36

12.71

1G.07

6.36

12.71

1G.07

6.36

12.71

1G.07

6.36

12.71

1G.07

6.36

12.71

1G.07

6.36

12.71

1G.07

6.36

12.71

1G.07

Potentially Dilutive (1)

Employee Options Public Warrants

Subtotal

1.29

0.90

2.1G

1.29

0.91

2.20

1.34

0.95

2.2G

1.38

0.99

2.37

1.42

1.02

2.44

1.45

1.05

2.50

1.49

1.08

2.57

1.52

1.11

2.63

1.73

1.25

2.G8

1.94

1.34

3.2G

Convertible Instruments

Public Warrants

Subtotal

13.61

Total as of 03/31/2026

34.87

34.88

34.G7

35.05

35.12

35.18

35.25

35.31

35.66

35.G7

1. Potentially Dilutive Employee Options are computed using the Treasury Stock Method and reflect the additional shares that would be outstanding if stock options were exercised during the period.

Reconciliation of Income (Loss) Before Taxes to EBITDA and Adjusted EBITDA

Three Months Ended March 31,

2026

2025

Income/(Loss) Before Income Taxes

$45,328

$52,284

Depreciation & Amortization

1,863

1,496

Interest Expense, Net

3,376

4,336

EBITDA

50,567

58,116

(Gain)/Loss on Change in Fair Market Value of Warrant (a)

(49,104)

(52,888)

Professional Services (b)

809

Lease payments in Interest (c)

(871)

Stock Based Compensation

1,081

1,940

Other, net

(194)

139

Adjusted EBITDA

$3,159

$6,436

Adjusted EBITDA represents EBITDA before the following charges:

This adjustment removes the non-cash (income) expense associated with the change in fair market value of the warrant liability.

During the first quarter of 2026, the Company incurred certain professional services expenses associated with governance items.

Represents lease payments recorded within Interest expense due to certain leases previously classified as financing prior to December 2025.

EBITDA represents earnings before interest, taxes, depreciation and amortization. We believe EBITDA is useful to investors in evaluating our operating performance compared to that of other companies in our industry. In addition, our management uses EBITDA to evaluate our operating performance. The calculation of EBITDA eliminates the effects of financing, income taxes and the accounting effects of capital spending. These items may vary for different companies for reasons unrelated to the overall performance of the company's business. EBITDA is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider EBITDA in isolation or as a substitute for net income prepared in accordance with U.S. GAAP. Our calculation of EBITDA is

not necessarily comparable to that of other similar titled measures reported by other companies.

Disclaimer

FreightCar America Inc. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 21:01 UTC.