Westinghouse Air Brake Technologies (WAB) risk factors: FY2025 10-K

1. We are dependent upon key customers.
2. Our business operates in a highly competitive industry.
3. A failure to predict and react to customer demand could adversely affect our business.
4. We may fail to respond adequately or in a timely manner to innovative changes in new technology.
5. Our revenues are subject to cyclical variations in the railway and passenger transit markets and changes in government spending.
6. Our backlog is not necessarily indicative of the level of our future revenues.
7. Equipment failures, interruptions, delays in deliveries or extensive damage to our facilities, supply chains, distribution systems or information technology systems, could adversely affect our business.
8. Disruption of our supply chain could have an adverse impact on our business, financial condition, and results of operations.
9. We intend to pursue acquisitions, joint ventures and alliances that involve a number of inherent risks, any of which may cause us not to realize anticipated benefits.
10. The integration of our recently completed acquisitions may not result in anticipated improvements in market position or the realization of anticipated operating synergies or may take longer to realize than expected.
11. The effects of potential future public health crises, epidemics, pandemics or similar events on our business, operating results and cash flows are uncertain.

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1. A significant portion of our sales may be derived from our international operations, which exposes us to certain risks inherent in doing business on an international level.
2. We may incur increased costs or margin degradation due to fluctuations in interest rates and foreign currency exchange rates.Interest rates
3. We have substantial operations located in emerging markets, and are subject to regulatory, economic, social and political uncertainties in such markets.
4. Regional and international conflicts may adversely affect our business and results of operations.

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1. Prolonged unfavorable economic and market conditions could adversely affect our business.
2. We may be exposed to raw material shortages, supply shortages, fluctuations in raw material, energy and commodity prices, and inflationary pressure.
3. Changes to international trade policies, including tariffs and foreign trade restrictions, could adversely affect our business.Tariffs

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1. We are subject to a variety of laws and regulations, including anti-corruption laws, in various jurisdictions.
2. We are subject to a variety of environmental laws and regulations.
3. Future climate change regulation could result in increased operating costs, affect the demand for our products or affect the ability of our critical suppliers to meet our needs.
4. The occurrence of litigation in which we are, or could be, named as a defendant is unpredictable.
5. Our manufacturer’s warranties or product liability may expose us to potentially significant claims.
6. Expectations relating to environmental, social and governance considerations expose us to potential liabilities, increased costs, reputational harm, and other adverse effects on our business.

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1. If we are not able to protect our intellectual property and other proprietary rights, we may be adversely affected.
2. We face cyber-security and data protection risks relating to cyber-attacks and information technology failures that could cause loss of confidential information and other business disruptions.Cybersecurity

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1. Labor shortages and labor disputes may have a material adverse effect on our operations and profitability.
2. We rely on our management team and other key personnel.

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1. Our indebtedness could adversely affect our financial health.
2. The indentures for our outstanding Senior Notes and the agreements governing certain of our credit facilities contains various covenants that limit our management’s discretion in the operation of our businesses.reworded

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