On this page of StockholderLetter.com we present the latest annual shareholder letter from FOSTER L B CO — ticker symbol FSTR. Reading current and past FSTR letters to shareholders can bring important insights into the investment thesis.
A N N UA L R E P O RT 2025 lbfoster.com
PRESIDENT S LETTER Following the completion of our strategic transformation, L.B. Foster Company spent 2025 advancing our innovative, technologybased offerings to address our customers most challenging operating and safety requirements. As we have progressed in this strategy, our long-standing commitment to forwardthinking solutions and customer service has energized momentum across our business and strengthened our ability to deliver longterm shareholder value. This momentum was evident in the way we applied our expertise toward solving global infrastructure challenges throughout the year. segment deploys technologies and solutions that positively impact the built environment and strengthen the resilience of critical assets. The impact we deliver to these markets reflects our strong cultural foundation, built on five areas of influence that inspire our people and resonate with our customers. The areas of influence that guide our business drive the development of products and technologies that enable safety, improve information flow, keep things moving, monitor conditions, and enhance environments. They play a central role in how we deliver value across our Rail and Infrastructure segments. Our Rail segment continues to show consistent growth supported by mobile solutions, new geographies, and our increased focus on technology. L.B. Foster s rail experts bring a deep commitment to safety, quality, and performance, and our customers share these values. As the industry increases its focus on rail safety and U.S. infrastructure investment, our teams are working closely with railroad partners to support long-term sustainable growth. In 2025, our disciplined, customer-centric operating model drove Our Total Track Monitoring (TTM) suite, Total Friction Management (TFM) sustainable profitability through our solutions, culture, and people. solutions, and Rail Products lines are advancing because our employees Growth was reflected across both of our operating segments, Rail and understand our customers challenges and are designing solutions that Infrastructure. In Rail, our technologies and service offerings support the elevate safety and operational performance. Federal funding for critical safety, reliability, and efficiency of global rail markets. Our Infrastructure maintenance is helping our teams deliver more for customers, and the 2025 CRISI grant program, the most robust in its history, is strengthening investment pipelines and opportunities ahead for our people and technologies. Tec Technology is driving our momentum in the rail market, but it s our people who bring that technology to life. As customer needs evolve, our teams con continue to expand the capabilities of our TTM and TFM businesses, stre strengthening our competitive advantages. By working directly with railr railroad partners, our teams help customers realize the value of these solu solutions and accelerate adoption. Thoughtful execution of our growth initia initiatives, powered by cross-functional collaboration, is key to maintaining mom momentum. We also intend to continue building on the strong value prop propositions within our Rail Products portfolio to help customers operate mor safely and efficiently. more John Kasel President & CEO 2
PRESIDENT S LETTER In our Infrastructure segment, our progress reflects the dedication of While focused on margin expansion in recent years, we acknowledge that our people and the culture of innovation they bring to our precast and our revenue base has been static. With increased investment in developing steel offerings. We re expanding our precast presence into new markets, technology to support our customers, we strengthened our commitment applications, and geographies, seeking efficient ways to serve more to revenue improvement and organic growth. Our portfolio has been communities. CXT Inc. achieved its most successful year in concrete purposefully constructed to fund and drive growth. In 2026, we look buildings, demonstrating the strength of the business and the expertise of forward to continuing to innovate and improve revenue performance. our teams. I would like to recognize Alexander B. Jones, who stepped away from our With civil construction accelerating in the Southeastern U.S., our precast Board of Directors in 2025, for the meaningful contributions he made to operations are well positioned to support this growth. Renewed interest our business. I also want to express my gratitude to the entire Board for in domestic energy production is also driving demand for our protective their unwavering support and steady guidance. coatings business, and our people are prepared to deliver the reliability and I extend my sincere appreciation to our employees, who are truly the quality customers expect. backbone of our organization. Their innovation and passion fuel the Infrastructure continues to offer strong organic growth opportunities success of the Company, and the culture they embody each day is central supported by market shifts toward lower-labor solutions. Our teams to who we are and who we aspire to be. I m grateful for their commitment are leading a disciplined precast strategy, focusing on strengthening to serving our customers with the excellence that sets L.B. Foster apart. operations in the Southern United States. In steel products, the discipline, delivery, and dedication of our people will fuel sustained growth and As I close, I thank you, our shareholders. Your confidence in our team and deepen customer partnerships. strategy strengthens our commitment to delivering sustainable growth and value. We look forward to continuing our momentum and creating Across both our Rail and Infrastructure segments, we innovate to solve meaningful value for you. We are poised for success, and it s our time to global infrastructure challenges. We demonstrate our innovation through deliver. our areas of influence that guide our work and our operating strategy. Our employees are inspired by our mission and contribute across every function, facility, and field location to make our achievements possible. Our Areas of Influence We enable safety We improve information flow We keep things moving We monitor conditions We enhance environments 3
FINANCIAL HIGHLIGHTS 2025 OVERVIEW We are an innovative global business with visionary strategies, specializing in high-growth solutions for the Rail and Infrastructure markets. Adjusted Sales (1) Adjusted Gross Profit ($ in millions) $546 $550 $531 $540 22.2% $118 Gross Profit Margin $400 2023 2024 21.1% $120 $114 $115 18.8% 18% $100 16% $95 $94 14% $90 12% $85 10% $80 2022 2025 2023 2024 $189.3m Gross Profit ($ in millions) 20% $450 2022 21.2% $116 $501 Revenue $125 24% 22% $500 $540.0m (1) Backlog(1) $21.9m 2025 3TIVEXMRK 4VS X (1) Adjusted EBITDA $32 8.0% 7.2% $30 5.8% 5.7% 6.0% 6.3% $24 4.8% Adjusted EBITDA(1) Adjusted EBITDA margin Adjusted EBITDA ($ in millions) $34 $35 $25 $39.1m $39 $40 4.0% $540.9m 2.0% New Orders, Net(1) $20 $15 $10 2022 2023 2024 2025 (1) See Non-GAAP Disclosures on page 8 for a further description and additional information regarding adjusted EBITDA, new orders, net, backlog, and sales and gross profit adjusted for non-routine items, and related reconciliations to comparable GAAP financial measures. Bill Thalman Executive VP & CFO 4
FOSTER FACES In 2025, we introduced an internal initiative celebrating the people who drive our success: Foster Faces. Built to highlight the dedication, expertise, and character of our team, the campaign quickly became a meaningful way to recognize the individuals behind our work. This year, we re proud to extend that spirit even further by featuring more of the faces that make L.B. Foster who we are. Sarah Thornton Vice President, Steel Products Sarah Thornton joined the Company in 2014 and since then has driven innovation and commercial momentum across the Steel Products division. As VP, she leads strategy, portfolio growth, and cross-functional execution to strengthen competitiveness in core and emerging markets. In 2025, her leadership fueled the rollout of high-impact product initiatives that accelerated revenue and expanded customer reach. With deep expertise in industrial product management and operational excellence, Sarah is known for energizing teams, elevating performance, and delivering results that move the business forward. Sara Hansel, P.E. Senior Engineering Manager, Envirocast Sara Hansel began her career with L.B. Foster as a project manager, engineer, and sales support for the Bridge Products group. She focused on grid deck, railing, and bridge forms, with an emphasis on weld distortion and steel barrier design. She has recently moved forward to focus her efforts on the Envirocast product line, where she supports the team with wall panel design, product development, and installation process refinement. She led the development of the 8 thick wall panel and the ASTM E119 Two-Hour Fire Rating certification. Sara has over 19 years of bridge construction and steel fabrication experience, along with one year of concrete design. She earned her bachelor s degree in civil engineering at the University of Pittsburgh, and her MBA at Penn State University. 5
 • shareholder letter icon 4/10/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/14/2023 FSTR Stockholder Letter
 • stockholder letter icon 4/12/2024 FSTR Stockholder Letter
 • stockholder letter icon 4/11/2025 FSTR Stockholder Letter
 • stockholder letter icon More "Metals Fabrication & Products" Category Stockholder Letters
 • Benford's Law Stocks icon FSTR Benford's Law Stock Score = 95


FSTR Shareholder/Stockholder Letter Transcript:

A N N UA L R E P O RT
2025
lbfoster.com

PRESIDENT   S LETTER
Following the completion of our strategic
transformation, L.B. Foster Company spent
2025 advancing our innovative, technologybased offerings to address our customers    most
challenging operating and safety requirements.
As we have progressed in this strategy,
our long-standing commitment to forwardthinking solutions and customer service has
energized momentum across our business
and strengthened our ability to deliver longterm shareholder value. This momentum was
evident in the way we applied our expertise
toward solving global infrastructure challenges
throughout the year.
segment deploys technologies and solutions that positively impact the
built environment and strengthen the resilience of critical assets. The
impact we deliver to these markets reflects our strong cultural foundation,
built on five areas of influence that inspire our people and resonate with
our customers.
The areas of influence that guide our business drive the development of
products and technologies that enable safety, improve information flow,
keep things moving, monitor conditions, and enhance environments.
They play a central role in how we deliver value across our Rail and
Infrastructure segments.
Our Rail segment continues to show consistent growth supported
by mobile solutions, new geographies, and our increased focus on
technology. L.B. Foster   s rail experts bring a deep commitment to safety,
quality, and performance, and our customers share these values.
As the industry increases its focus on rail safety and U.S. infrastructure
investment, our teams are working closely with railroad partners to
support long-term sustainable growth.
In 2025, our disciplined, customer-centric operating model drove
Our Total Track Monitoring (TTM) suite, Total Friction Management (TFM)
sustainable profitability through our solutions, culture, and people.
solutions, and Rail Products lines are advancing because our employees
Growth was reflected across both of our operating segments, Rail and
understand our customers    challenges and are designing solutions that
Infrastructure. In Rail, our technologies and service offerings support the
elevate safety and operational performance. Federal funding for critical
safety, reliability, and efficiency of global rail markets. Our Infrastructure
maintenance is helping our teams deliver more for customers, and the
2025 CRISI grant program, the most robust in its history, is strengthening
investment pipelines and opportunities ahead for our people and
technologies.
Tec
Technology
is driving our momentum in the rail market, but it   s our people
who bring that technology to life. As customer needs evolve, our teams
con
continue
to expand the capabilities of our TTM and TFM businesses,
stre
strengthening
our competitive advantages. By working directly with
railr
railroad
partners, our teams help customers realize the value of these
solu
solutions
and accelerate adoption. Thoughtful execution of our growth
initia
initiatives,
powered by cross-functional collaboration, is key to maintaining
mom
momentum.
We also intend to continue building on the strong value
prop
propositions
within our Rail Products portfolio to help customers operate
mor safely and efficiently.
more
John Kasel
President & CEO
2

PRESIDENT   S LETTER
In our Infrastructure segment, our progress reflects the dedication of
While focused on margin expansion in recent years, we acknowledge that
our people and the culture of innovation they bring to our precast and
our revenue base has been static. With increased investment in developing
steel offerings. We   re expanding our precast presence into new markets,
technology to support our customers, we strengthened our commitment
applications, and geographies, seeking efficient ways to serve more
to revenue improvement and organic growth. Our portfolio has been
communities. CXT   Inc. achieved its most successful year in concrete
purposefully constructed to fund and drive growth. In 2026, we look
buildings, demonstrating the strength of the business and the expertise of
forward to continuing to innovate and improve revenue performance.
our teams.
I would like to recognize Alexander B. Jones, who stepped away from our
With civil construction accelerating in the Southeastern U.S., our precast
Board of Directors in 2025, for the meaningful contributions he made to
operations are well positioned to support this growth. Renewed interest
our business. I also want to express my gratitude to the entire Board for
in domestic energy production is also driving demand for our protective
their unwavering support and steady guidance.
coatings business, and our people are prepared to deliver the reliability and
I extend my sincere appreciation to our employees, who are truly the
quality customers expect.
backbone of our organization. Their innovation and passion fuel the
Infrastructure continues to offer strong organic growth opportunities
success of the Company, and the culture they embody each day is central
supported by market shifts toward lower-labor solutions. Our teams
to who we are and who we aspire to be. I   m grateful for their commitment
are leading a disciplined precast strategy, focusing on strengthening
to serving our customers with the excellence that sets L.B. Foster apart.
operations in the Southern United States. In steel products, the discipline,
delivery, and dedication of our people will fuel sustained growth and
As I close, I thank you, our shareholders. Your confidence in our team and
deepen customer partnerships.
strategy strengthens our commitment to delivering sustainable growth
and value. We look forward to continuing our momentum and creating
Across both our Rail and Infrastructure segments, we innovate to solve
meaningful value for you. We are poised for success, and it   s our time to
global infrastructure challenges. We demonstrate our innovation through
deliver.
our areas of influence that guide our work and our operating strategy.
Our employees are inspired by our mission and contribute across every
function, facility, and field location to make our achievements possible.
Our Areas of Influence
We enable
safety
We improve
information flow
We keep
things moving
We monitor
conditions
We enhance
environments
3

FINANCIAL HIGHLIGHTS
2025 OVERVIEW
We are an innovative global business with visionary strategies,
specializing in high-growth solutions for the Rail and
Infrastructure markets.
Adjusted Sales
(1)
Adjusted Gross Profit
($ in millions)
$546
$550
$531
$540
22.2%
$118
Gross Profit Margin
$400
2023
2024
21.1%
$120
$114
$115
18.8%
18%
$100
16%
$95
$94
14%
$90
12%
$85
10%
$80
2022
2025
2023
2024
$189.3m
Gross Profit ($ in millions)
20%
$450
2022
21.2%
$116
$501
Revenue
$125
24%
22%
$500
$540.0m
(1)
Backlog(1)
$21.9m
2025
3TIVEXMRK 4VS  X
(1)
Adjusted EBITDA
$32
8.0%
7.2%
$30
5.8%
5.7%
6.0%
6.3%
$24
4.8%
Adjusted EBITDA(1)
Adjusted EBITDA margin
Adjusted EBITDA ($ in millions)
$34
$35
$25
$39.1m
$39
$40
4.0%
$540.9m
2.0%
New Orders, Net(1)
$20
$15
$10
2022
2023
2024
2025
(1)
See    Non-GAAP Disclosures    on page 8 for a further
description and additional information regarding
adjusted EBITDA, new orders, net, backlog, and sales and
gross profit adjusted for non-routine items, and related
reconciliations to comparable GAAP financial measures.
Bill Thalman
Executive VP & CFO
4

FOSTER FACES
In 2025, we introduced an internal initiative celebrating the people who drive our success: Foster Faces.
Built to highlight the dedication, expertise, and character of our team, the campaign quickly became a
meaningful way to recognize the individuals behind our work. This year, we   re proud to extend that spirit
even further by featuring more of the faces that make L.B. Foster who we are.
Sarah Thornton
Vice President, Steel Products
Sarah Thornton joined the Company in 2014 and since then has
driven innovation and commercial momentum across the Steel
Products division. As VP, she leads strategy, portfolio growth,
and cross-functional execution to strengthen competitiveness
in core and emerging markets. In 2025, her leadership fueled
the rollout of high-impact product initiatives that accelerated
revenue and expanded customer reach. With deep expertise
in industrial product management and operational excellence,
Sarah is known for energizing teams, elevating performance, and
delivering results that move the business forward.
Sara Hansel, P.E.
Senior Engineering Manager, Envirocast  
Sara Hansel began her career with L.B. Foster as a project manager,
engineer, and sales support for the Bridge Products group. She
focused on grid deck, railing, and bridge forms, with an emphasis
on weld distortion and steel barrier design. She has recently moved
forward to focus her efforts on the Envirocast   product line, where
she supports the team with wall panel design, product development,
and installation process refinement. She led the development of
the 8    thick wall panel and the ASTM E119 Two-Hour Fire Rating
certification. Sara has over 19 years of bridge construction and steel
fabrication experience, along with one year of concrete design. She
earned her bachelor   s degree in civil engineering at the University of
Pittsburgh, and her MBA at Penn State University.
5


shareholder letter icon 4/10/2026 Letter Continued (Full PDF)
 

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