Slide 1: Ralliant Q2 2025 Results
Ralliant Q2 2025 Results August 11, 2025
Slide 2: Forward Looking Statements & Non-GAAP Financial Measures
Forward Looking Statements & Non-GAAP Financial Measures Certain statements included in this presentation and the oral remarks made in connection herewith are “forward-looking statements” within the meaning of the U.S. federal securities laws. All statements other than historical factual information
Slide 3: Key Messages
Key Messages TAMI NEWCOMBE President and Chief Executive Officer 2025 INVESTOR DAY
Slide 4: Ralliant At a Glance
Ralliant At a Glance 2024 FINANCIAL SNAPSHOT1 W. Europe Test & $2.2B 3.5% 15% Measurement Revenue Revenue CAGR 44% 25% 3.2% Reoccurring Revenue2 Organic Revenue CAGR China 2024 SALES 15% 2024 SALES BY REGIONS BY SEGMENT 25.7% 8.7% Adj. EBITDA Margin Adj. EBITDA CAGR N. America RoW Sensors & ~$2.0B ~
Slide 5: Segment Overview
Segment Overview RALLIANT PORTFOLIO 1 19% 16% 13% 9% 22% 13% 9% Industrial Defense & Utilities Other2 Diversified Communications Semiconductor Manufacturing Space Electronics3 56% of 2024 revenue1 Sensors & Safety Systems 44% of 2024 revenue1 Test & Measurement Power grid monitoring solutions, defen
Slide 6: Key Messages
Key Messages 1 2 3 4 5 On June 28, Ralliant Q2 revenue in-line with Strong free cash flow Executing our Post-spin, activating a emerged as a public expectations; continued and high conversion strategy focused on Cost Savings company with a legacy secular demand in consistent with long- stronghold po
Slide 7: Q2 2025 Summary
Q2 2025 Summary Revenue Revenue Growth Adj. EBITDA Margin $503 Million (6%) Y/Y | +4% Q/Q 19.8% Adj. Diluted EPS Free Cash Flow Conversion Net Leverage $0.67 98% 1.9x • Further discussion regarding our use of Non-GAAP financial measures and reconciliations between certain GAAP and non-GAAP measures
Slide 8: Q2'25 Regional Performance
Q2’25 Regional Performance Sales by region % of global sales W. Europe W. Europe North America -23% 12% -5% N. America China -1% 54% China 17% RoW RoW +5% 17% China Stabilization, Offset by Declines in N. America and W. Europe; RoW Seeing Strength • Comparisons are on a Y/Y basis 8
Slide 9: Financial Overview & Outlook
Financial Overview & Outlook NEILL REYNOLDS Chief Financial Officer 2025 INVESTOR DAY
Slide 10: Q2 2025 Financial Results
Q2 2025 Financial Results ($M excluding Adj. EPS) Revenue Adj EBITDA and Adj EPS Free Cash Flow Margin Organic Growth : (6%) $534 $503 $134 $86 $99 $0.86 $74 25.1% 19.8% $0.67 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 • Revenue declined Y/Y driven by • Adj. EBITDA declines due
Slide 11: Segment Performance: Sensors & Safety Systems
Segment Performance: Sensors & Safety Systems Power grid monitoring solutions, defense and space technologies, industrial sensors for demanding environments ($M) Total Revenue Growth: +1% Key Drivers Organic Revenue Growth: +2% Revenue • Utilities demand remains high as customers invest in grid $307
Slide 12: Segment Performance: Test & Measurement
Segment Performance: Test & Measurement Precision instruments and essential software and services for advanced electronics ($M) Total Revenue Growth: (15)% Key Drivers Organic Revenue Growth: (17)% Revenue • Y/Y revenue decline driven primarily by exposure to Automotive and EV batteries in W. Europe
Slide 13: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Beginning journey as standalone public company with strong balance sheet and durable cash flow Balance Sheet As of June 27, 2025 Balance Sheet Cash and equivalents $199M • Net leverage within target range of 1.5x to 2.0x Long-term debt ~$1.15B • Expect ~$90M of cash payme
Slide 14: Disciplined Capital Allocation Approach
Disciplined Capital Allocation Approach Strong cash generation allowing for strategic reinvestment Strategic Focus Recent Actions Organic Reinvestment 01 Organically invest in high growth markets aligned to long-term secular growth drivers • • Maintaining R&D for new product innovation On track with
Slide 15: Update on Costs: Standalone Public Company and Tariff Impacts
Update on Costs: Standalone Public Company and Tariff Impacts Tariffs Operating Expenses • 2025 gross impact of ~$40M Adj. Operating ($M) Expenses2 • Primarily driven by China Q1 $148 • Gross margin headwind of ~120 bps in Q2 and expect ongoing Standalone public co. costs ($45M annualized) $11 gross
Slide 16: Q3 2025 Outlook
Q3 2025 Outlook Standing up Company, navigating dynamic environment, initiating cost savings actions to accelerate margin recovery Q3 2025 Q3 2025 Assumptions • Stable Adj. EBITDA margin in Sensors & Safety Systems and double-digit Adj. EBITDA margin in Test & Measurement Revenue $513M to $527M • Ta
Slide 17: Strategy and Outlook
Strategy and Outlook TAMI NEWCOMBE President and Chief Executive Officer 2025 INVESTOR DAY
Slide 18: Executing Our Profitable Growth Strategy
Executing Our Profitable Growth Strategy Recent Execution Highlights Continue the innovation focus and operating rigor to drive RBS Everywhere – Supplier Excellence Award RBS 1 Everywhere scale, efficiency, and • Tektronix recognized for Northrop Grumman’s 2025 Supplier Performance Excellence Award.
Slide 19: Test & Measurement Journey and Action Plan
Test & Measurement Journey and Action Plan Elektro- Historical Revenue Automatik (EA) Continued Focus on Expected Targeted Actions to Simplify Global Innovation Cost Savings Services Organization • 8 new product introductions • $9-11M of annualized • Addressing post-spin 2020 2021 2022 2023 2024 (NP
Slide 20: Key Takeaways
Key Takeaways Exciting time as we stand up Ralliant as an independent company, focused on execution 01 02 03 Continued execution of Q3 outlook assumes Executing plans to our growth strategy, gradual sequential drive improved results driving strong cash improvement in through proven RBS generation an
Slide 21: Ralliant: Invest with Us
Ralliant: Invest with Us Strong 01 Evolved Purpose and Culture • Focused Ralliant Business System Foundation • Amplified growth culture • Focused portfolio • Operating rigor 02 Clarified Growth Strategy • RBS Everywhere • Financial discipline • Stronghold positions • Seasoned business • Winning grow
Slide 22: Appendix
é% RALLIANT Appendix
Slide 23: Adjusted Operating Expense Bridge
ADJUSTED OPERATING EXPENSE BRIDGE Adjusted Operating Expenses2 ($s in millions) Segment Corporate Total Company Q1 adj. operating expense $147 $1 $148 Standalone public co costs ($45M annualized) $11 $11 Form 10 implied quarterly adj. opex run-rate (as of May 10, 2025) $147 $12 $159 Updated quarterl
Slide 24: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES The Company reports financial results in accordance with GAAP. However, this presentation contains references to certain non-GAAP measures, which are not recognized financial measures under GAAP, because management believes they assist investors and analysts in comparing
Slide 25: Adjusted Net Earnings and Adjusted Diluted Net EPS
ADJUSTED NET EARNINGS AND ADJUSTED DILUTED NET EPS Three Months Ended ($ in millions, except per share amounts) June 27, 2025 March 28, 2025 June 28, 2024 Per share values Per share values Per share values Net earnings and net earnings per share (GAAP) $ 47.6 $ 0.42 $ 63.9 $ 0.57 $ 64.8 $ 0.57 Preta
Slide 26: Adjusted EBITDA and Adjusted EBITDA Margin
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN Three Months Ended ($ in millions) June 27, 2025 March 28, 2025 June 28, 2024 Revenue (GAAP) $ 503.3 $ 481.8 $ 533.7 Net earnings (GAAP) $ 47.6 $ 63.9 $ 64.8 Interest (income) expense, net — — — Income taxes 11.3 9.4 14.4 Depreciation 6.7 6.6 7.9 Amortizati
Slide 27: Prior Years Adjusted EBITDA and Adjusted EBITDA Margin
PRIOR YEARS ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN Year Ended December 31, ($ in millions) 2019 2024 Revenue (GAAP) $ 1,815.4 $ 2,154.7 Net Earnings (GAAP) $ 241.0 $ 354.6 Interest (income) expense, net — — Income taxes 52.9 78.0 Depreciation 27.2 29.0 Amortization 20.3 84.0 EBITDA (Non-GAAP) 34
Slide 28: Segment Adjusted EBITDA and Adjusted EBITDA Margin
SEGMENT ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN Three Months Ended June 27, 2025 March 28, 2025 June 28, 2024 Unallocated Unallocated Unallocated Test and Sensors and Corporate Costs Test and Sensors and Corporate Costs Test and Sensors and Corporate Costs ($ in millions) Measurement Safety Syste
Slide 29: Adjusted Operating Expenses
ADJUSTED OPERATING EXPENSES Three Months Ended June 27, 2025 March 28, 2025 Unallocated Unallocated Corporate Costs Corporate Costs ($ in millions) Ralliant Total Segments and Other (a) Ralliant Total Segments and Other (a) Operating costs: Selling, general and administrative $ (147.4) $ (141.1) $ (
Slide 30: Organic Revenue Growth
ORGANIC REVENUE GROWTH Three Months Ended June 27, 2025 vs. Comparable 2024 Period Ralliant Test and Measurement Sensors and Safety Systems Total revenue growth (GAAP) (5.7) % (14.9) % 1.1 % Impact of: Acquisitions and divestitures 1.1 % — % 1.8 % Currency exchange rates (1.2) % (1.9) % (0.7) % Orga
Slide 31: Prior Years Organic Revenue Growth
PRIOR YEARS ORGANIC REVENUE GROWTH Year Ended December 31, 2020 2021 2022 2023 2024 Total revenue growth (GAAP) (7.0) % 12.3 % 10.2 % 3.2 % — % Impact of: Acquisitions and divestitures 0.1 % (0.2) % 0.7 % 0.9 % (4.5) % Currency exchange rates (0.2) % (1.6) % 2.9 % 0.4 % 0.4 % Organic revenue growth
Slide 32: Free Cash Flow and Free Cash Flow Conversion
FREE CASH FLOW AND FREE CASH FLOW CONVERSION Three Months Ended ($ in millions) June 27, 2025 March 28, 2025 June 28, 2024 Operating cash flows (GAAP) $ 85.6 $ 72.0 $ 96.0 Less: Purchases of property, plant & equipment (capital expenditures) (GAAP) (11.6) (5.6) (9.6) Free cash flow (Non-GAAP) $ 74.0
Slide 33: Prior Years Free Cash Flow
PRIOR YEARS FREE CASH FLOW Year Ended December 31, ($ in millions) 2022 2023 2024 Operating cash flows (GAAP) $ 391.7 $ 461.8 $ 454.5 Less: Purchases of property, plant & equipment (capital expenditures) (GAAP) (30.8) (29.2) (34.3) Free cash flow (Non-GAAP) $ 360.9 $ 432.6 $ 420.2 33
Slide 34: Net Leverage
NET LEVERAGE As of LTM ($ in millions) June 27, 2025 June 27, 2025 Long-term debt $ 1,148.5 Cash and equivalents per credit agreement 172.0 Net debt per credit agreement $ 976.5 Net earnings (GAAP) $ 285.1 Interest (income) expense, net — Income taxes 59.7 Depreciation 26.1 Amortization 84.2 EBITDA