WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP surfaced in its latest filing.

• COVID-19 pandemic caused supply chain disruptions in China, India, the U.S., and Europe
• For the fiscal year ended December 31, 2025, approximately half of our consolidated net sales were to customers outside of the United StatesDecember 31, 2025
• The continuing conflict between Russia and Ukraine may adversely affect our business, with Wabtec's operations in Kazakhstan incurring supply, distribution, and currency impacts
• At December 31, 2025, we had total debt of $5.5 billion, primarily related to Senior Notes and credit agreementsDecember 31, 2025
• Credit agreement requires Interest Coverage Ratio of at least 3.00 to 1.00 and Leverage Ratio of 3.5 or less (with net debt calculated as total debt net of up to $500 million of unrestricted cash)
• Senior Notes indentures require repurchase offers upon certain change of control triggering events
• The company is subject to U.S. Foreign Corrupt Practices Act, French Sapin II Law n° 2016-1691, and U.K. Bribery Act
• The company has encountered counterfeit reproductions of its products and routinely conducts anti-counterfeiting activities in multiple jurisdictions