Slide 1: Ralliant Q3 2025 Results
Ralliant Q3 2025 Results November 6, 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: Our Precision Technologies Create Confidence…
ALT OPTION Our Precision Technologies Create Confidence… What we do We deliver instruments, sensors & safety systems for applications where accuracy, reliability, and safety matter. Why it matters Precision creates confidence for the innovators, scientists, and engineers we empower. Who we serve We
Slide 5: We are Ralliant: A Premier Player in Precision Technologies
We are Ralliant: A Premier Player in Precision Technologies REVENUES BY SEGMENT AND END MARKET1 GLOBAL FOOTPRINT SERVING 90K CUSTOMERS1 19% 9% Industrial Semiconductor U.S.-West Manufacturing 13% Communications 3 Manufacturing Locations 1,500 EMEA Sensors & Test & EMEA Team 6 Manufacturing Safety Lo
Slide 6: Q3 2025 Key Messages
Q3 2025 Key Messages 01 02 03 04 05 All results at or above Continued high growth Demonstrated Continuous Executing against the high end of the in Utilities and Defense customer-centric improvement culture Cost Savings Program guidance ranges as our & Space and sequential innovation and growth enabl
Slide 7: Q3 2025 Summary
Q3 2025 Summary Revenue Revenue Growth Adj. EBITDA Margin $529 Million Flat Y/Y | +5% Q/Q 20.4% Free Cash Flow Adj. Diluted EPS Net Leverage Conversion (TTM) $0.60 124% 1.9x Further discussion regarding our use of Non-GAAP financial measures and reconciliations between certain GAAP and non-GAAP meas
Slide 8: Q3'25 Regional Performance
Q3’25 Regional Performance Quarterly Y/Y Revenue Growth Trends W. Europe -6% Q3 ’25 % North America of Total Q1’25 Q2’25 Q3’25 China +3% Revenue -6% N. America 56% -7% -5% +3% W. Europe 13% -28% -23% -6% China 13% -12% -1% -6% RoW Rest of World 18% -3% +5% -3% -3% Total -11% -6% 0% Sequential improv
Slide 9: Financial Overview & Outlook
Financial Overview & Outlook NEILL REYNOLDS Chief Financial Officer 2025 INVESTOR DAY
Slide 10: Q3 2025 Financial Results
Q3 2025 Financial Results ($ in millions, except Adj. EPS) Revenue Adj. EBITDA Margin Adj. EPS1 Free Cash Flow Flat Y/Y (610 bps) Y/Y (36%) Y/Y (4%) Y/Y +5% Q/Q +60 bps Q/Q (10%) Q/Q +71% Q/Q $532 $529 26.5% $132 $127 20.4% $0.95 $0.60 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025
Slide 11: Segment Performance: Sensors & Safety Systems
Segment Performance: Sensors & Safety Systems Power grid monitoring solutions, defense and space technologies, industrial sensors for demanding environments REVENUE ($M) KEY DRIVERS $326 Revenue $295 ▪ Defense & Space Y/Y revenue growth of 18% reflected higher shipment levels and backlog continues t
Slide 12: Segment Performance: Test & Measurement
Segment Performance: Test & Measurement Precision instruments and essential software and services for advanced electronics REVENUE ($M) KEY DRIVERS Revenue ▪ Communications sequential growth of 6% driven by momentum with military and government customers $237 ▪ Tough Y/Y comps due to large customer
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 As of September 26, Balance Sheet 2025 Balance Sheet Cash and equivalents $264M • Cash improvement offset slightly by expected Q3 Long-term debt ~$1.15B payments to Fortive and
Slide 14: Disciplined Capital Allocation Approach
Disciplined Capital Allocation Approach Strong cash generation allowing for strategic reinvestment Strategic Focus Recent Actions Organic Reinvestment • Executing against record product launch year with two milestone new 01 Organically invest in high growth markets aligned to long-term secular growt
Slide 15: Q4 2025 Outlook
Q4 2025 Outlook Q4 2025 Guidance Assumptions Q4 2025 • Revenue continues to gradually improve with consistent shipment delivery in Sensors & Safety Systems and in line with typical seasonality in Test & Measurement Revenue $535 to 550M • Adj. EBITDA margin in line with Q3 • Tariff assumptions are ba
Slide 16: Early Considerations for 2026
Early Considerations for 2026 Typically experience seasonality and will be lapping the 2025 ramp of tariff and spin-related costs SEASONAL CONSIDERATIONS ADDITIONAL CONSIDERATIONS • Tariff costs began to ramp in 2Q25 • Slightly negative gross profit $ impact • Q1 typically lowest quarter of the year
Slide 17: Strategic Update
Strategic Update 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 RBS RBS Everywhere 1 Everywhere • On pace to deliver record year of new product launches powered by an innovation process designed and fine- tuned with RBS tools. Tektronix’s recent product launches are drawing strong early interes
Slide 19: Q3 Customers Highlights
Q3 Customers Highlights DEFENSE TECHNOLOGIES GRID MODERNIZATION ELECTRIFICATION Ramping Production to Address Supporting Customers’ Global Expansion Providing Sensor Solutions to Enable Data Accelerating Defense Spending by Providing Transformer Monitoring Center Liquid Cooling Growth Solutions ▪ Ke
Slide 20: Test & Measurement: New Product Launch | 7 Series DPO Oscilloscope
Test & Measurement: New Product Launch | 7 Series DPO Oscilloscope Innovation to support the next generation of electronics 7 Series DPO Oscilloscope Customer Feedback • Strong Market Reception: Customers describe the DPO 7000 as a “new benchmark” in clarity and performance, eliminating bottlenecks
Slide 21: Test & Measurement: New Product Launch | MP5000 Series Modular Precision Test System
Test & Measurement: New Product Launch | MP5000 Series Modular Precision Test System Innovation to support the next generation of electronics MP5000 Series Modular Precision Test System Customer Feedback • Scalable, space-efficient design: Customers value the 1U modular platform that supports up to
Slide 22: Key Takeaways
Key Takeaways Focused execution to advance our business and deliver stakeholder value 01 02 03 Continued execution of our Capitalizing on secular Executing plans to drive profitable growth strategy, growth trends, focusing on improved results through driving strong cash generation innovation and str
Slide 23: 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 24: Appendix
Appendix & RALLIANT
Slide 25: Summary GAAP to Non-GAAP Bridge
Summary GAAP to Non-GAAP Bridge Refer to the following pages for the reconciliations of historical non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP. Three Months Ended September 26, 2025 (In millions, except per share amounts) Non-GA
Slide 26: 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 27: 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) September 26, 2025 June 27, 2025 September 27, 2024 Per share values Per share values Per share values Net earnings and net earnings per share (GAAP) $ 39.9 $ 0.35 $ 47.6 $ 0.42 $ 90.9 $ 0
Slide 28: Adjusted EBITDA and Adjusted EBITDA Margin
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN Three Months Ended September 26, September 27, ($ in millions) 2025 June 27, 2025 2024 Revenue (GAAP) $ 529.1 $ 503.3 $ 531.7 Net earnings (GAAP) $ 39.9 $ 47.6 $ 90.9 Interest (income) expense, net 16.3 — — Income taxes (4.7) 11.3 20.0 Depreciation 7.5 6.7
Slide 29: Adjusted Operating Profit, Adjusted EBITDA, Adjusted EBITDA Margin (including segments)
ADJUSTED OPERATING PROFIT (LOSS), ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN (including segments) Three Months Ended September 26, 2025 June 27, 2025 September 27, 2024 Unallocated Unallocated Unallocated Sensors and Corporate Sensors and Corporate Sensors and Corporate Test and Safety Costs and Test a
Slide 30: Organic Revenue Growth; Adjusted Gross Profit and Margin
ORGANIC REVENUE GROWTH Three Months Ended September 26, 2025 vs. Comparable 2024 Period Ralliant Test and Measurement Sensors and Safety Systems Total revenue growth (GAAP) (0.5)% (14.1)% 10.5 % Impact of: Currency exchange rates (0.9)% (1.2)% (0.7)% Organic revenue growth (Non-GAAP) (1.4)% (15.3)%
Slide 31: Adjusted Operating Expenses
ADJUSTED OPERATING EXPENSES Three Months Ended September 26, 2025 June 27, 2025 March 28, 2025 Unallocated Unallocated Unallocated Corporate Corporate Corporate Costs and Costs and Costs and ($ in millions) Ralliant Total Segments Other (a) Ralliant Total Segments Other (a) Ralliant Total Segments O
Slide 32: Free Cash Flow and Free Cash Flow Conversion
FREE CASH FLOW AND FREE CASH FLOW CONVERSION Three Months Ended ($ in millions) September 26, 2025 June 27, 2025 September 27, 2024 Operating cash flows (GAAP) $ 138.6 $ 85.6 $ 138.1 Less: Purchases of property, plant & equipment (capital expenditures) (GAAP) (12.0) (11.6) (6.2) Free cash flow (Non-
Slide 33: Net Leverage
NET LEVERAGE As of TTM ($ in millions) September 26, September 26, 2025 2025 Long-term debt, gross $ 1,150.0 Cash and equivalents per credit agreement 238.7 Net debt per credit agreement $ 911.3 Net earnings (GAAP) $ 234.1 Interest (income) expense, net 16.3 Income taxes 35.0 Depreciation 26.9 Amort