Slides
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Ralliant Q3 2026 Results November 4, 2026 1
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22 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 are forward-looking statements, including, without limitation, statements regarding: business outlook and priorities; future financial performance and results, including outlook, guidance, and any assumptions underlying such outlook or guidance; revenue growth; cash flows, the Company’s liquidity position or other financial measures; management’s plans and strategies for future operations and growth, including statements relating to anticipated operating performance, cost reductions, productivity and savings initiatives (including expected or potential benefits of artificial intelligence), restructuring activities, new product and service developments, customer demand, competitive strengths or market position, acquisitions, divestitures, strategic opportunities, shareholder value creation, and capital allocation priorities, including stock repurchases and dividends; the effects of the separation from Fortive on the Company; growth, declines and other trends in markets the Company sells into, including the expected impact of trade and tariff policies (including tariff refunds) and increased demand in the Defense and Space end market; changes in government contracting requirements and reductions in, or forecasts of, federal spending; new or modified laws, regulations and accounting pronouncements; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; foreign currency exchange rates and fluctuations in those rates; tax rates, tax provisions, and the impact of changes to tax laws; general economic and capital markets conditions, including expected impact of inflation or interest rate changes; impact of hostilities (including the ongoing conflict in the Middle East) and other geopolitical events and other hostilities; the timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that the Company intends or believes will or may occur in the future. Terminology such as “believe”, “expect”, “anticipate”, “forecast”, “positioned”, “intend”, “plan”, “project”, “estimate”, “gr ow”, “will”, “should”, “could”, “would”, “may”, “strategy”, “opportunity”, “possible”, “potential”, “outlook”, “assumptions”, “target”, and “guidance” and similar references to future periods are intended to iden tify forward-looking statements, although not all forward -looking statements are accompanied by such words. Forward-looking statements are based on assumptions and assessments made by management of the Company in light of their experience and perceptions of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. These forward -looking statements are subject to a number of risks and uncertainties, including but not limited to the risks and uncertainties set forth under “Information Relating to Forward -Looking Statements and Risk Factor Summary,” “Risk Factors,” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2026, and under “Information Relating to Forward -Looking Statements,” “Risk Factors,” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in t he Company's Quarterly Reports on Form 10-Q filed with the SEC on May 12, 2026, July 30, 2026 and to be filed with the SEC on November 4, 2026. Forward-looking statements are not guarantees of future performance and actual results may differ materially from the results, d evelopments and business decisions contemplated by the Company’s forward - looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Forward-looking statements speak only as of the date of the document or other communication in which they are made (or such earlier date as may be specified in such statement). Ralliant assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. The timing and amount of share repurchases (if any) will be determined by Ralliant based on its evaluation of market conditio ns and other factors. The Company's stated plans do not obligate Ralliant to acquire any particular amount of shares and may be suspended or discontinued at any time. Forward-Looking Statements This presentation contains references to financial measures not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), including "adjusted net earnings," "adjusted diluted net earnings per share ("adjusted EPS")," "normalized adjusted net earnings," "normalized adjusted EPS," "earnings before income taxes, interest, depreciation, and amortization ("EBITDA")", "adjusted EBITDA" (including segment adjusted EBITDA), "adjusted EBITDA margin" (including segment adjusted EBITDA margin), "normalized adjusted EBITDA margin" (including segment normalized adjusted EBITDA margin), "adjusted gross profit," "adjusted gross profit margin," "organic revenue growth" (including segment organic revenue growth), "adjusted operating expenses," "free cash flow," "free cash flow conversion," "net leverage," and "return on invested capital" (or "ROIC"). Please refer to the Appendix of this presentation for reconciliations of historical non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP. The Company has not reconciled the forward-looking statements regarding non-GAAP measures for "adjusted EPS" (including adjusted EPS growth), "adjusted EBITDA margin," "organic revenue growth," "free cash flow," "free cash flow conversion," "adjusted effective tax rate," "net leverage," or "return on invested capital" because we are unable to do so without unreasonable efforts or to reasonably estimate the projected outcome of certain significant items, including currency impacts, impacts of acquisitions and divestitures and similar adjustments. These items are uncertain, depend on various factors out of the Company's control and could have a material impact on the corresponding measures calculated in accordance with GAAP. Non-GAAP Financial Measures
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Q3 2026 Highlights and Business Update TAMI NEWCOMBE President and Chief Executive Officer
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Business and Outlook Update Execution across multiple growth levers drove +17% organic revenue growth Y/Y and sustained book-to-bill over 1.1 across both segments; exceeded Q3 guidance and raising full-year outlook RBS operating rigor drove 400bps of normalized adjusted EBITDA margin expansion Y/Y and accelerated Enterprise Productivity Program (EPP) savings Targeted investments in innovation and capacity are extending growth runway by strengthening opportunities to serve critical defense programs, power grid modernization, and AI enablement Free cash flow of $102 million in the quarter led to TTM FCF conversion of 94% and continued to support organic investment and return of capital while reducing net leverage to 1.5x 4 Further discussion regarding our use of non-GAAP financial measures and reconciliations between certain GAAP and non-GAAP measures are included in the Appendix of this presentation.
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Q3 2026 Summary Adjusted EBITDA Margin Expansion (Y/Y)1 +400 bps Y/Y Revenue $620 Million Revenue Growth (Y/Y) +17% Total +17% Organic Adjusted Diluted EPS $0.93 Adjusted Diluted EPS Growth (Y/Y)1 +64% Adjusted EBITDA Margin 23.5% 1. Comparison on a “normalized basis”, which adjusts 2025 periods to reflect the Company's post-spin cost structure. Normalized adjusted EBITDA margin (including segment normalized adjusted EBITDA margin), normalized adjusted diluted EPS, and organic revenue growth are non-GAAP financial measures. Further discussion regarding our use of Non-GAAP financial measures and reconciliations between certain GAAP and non-GAAP measures are included in the Appendix of this presentation. 5
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6 Winning Growth Vectors | Exposure to Secular Drivers Both business segments capitalizing on secular demand across electrification and defense PHYSICAL AI Robotics / Humanoids Autonomous Vehicles / Consumer IOT / Factory Automation DATACENTER INFRASTRUCTURE Compute / Memory / Network Power Shelf / Optical Interconnects Energy Storage / Cooling Systems POWER GRID Grid Reliability / Predictive Analytics Renewables / Nuclear Grid Modernization DEFENSE SURGE Defense Budgets Increasing Golden Dome Critical Missiles & Munitions DEFENSE REPLENISHMENT Global Rearmament Heritage Critical Safety Systems Customer Backlog > $1 Billion ELECTRIFICATION DEFENSE DEFENSE MODERNIZATION Accelerated Technology Research Labs / Communications Space & Satellite Advancements SENSORS & SAFETY SYSTEMS + TEST & MEASUREMENT
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Q3 YTD N. America +18% +16% W. Europe (3)% +3% China +39% +16% Rest of World +15% +10% Total +17% +13% Regional Trends 1. Numbers may not foot due to rounding. North America includes the U.S. and Canada, China represents Greater China. N. America 54% W. Europe 12% China 16% Rest of World 18% % of Total Q3 2026 YTD Revenue1 7 Y/Y Organic Revenue Growth
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Industrial Manufacturing 20% Defense and Space 18% Utilities 14% Other2 9% Diversified Electronics3 21% Communications 11% Semi 7% End Market Trends % of Total Q3 2026 YTD Revenue1 1. Numbers may not foot due to rounding. 2. Other includes Food and Beverage, Healthcare, and HVAC. 3. Diversified Electronics includes Industrial, Consumer, Automotive, Medical, Education, and General Purpose within Test & Measurement. Sensors & Safety Systems ~60% Test & Measurement ~40% Q3 YTD Sensors & Safety Systems +15% +12% Industrial Manufacturing +4% +7% Defense and Space +21% +18% Utilities +16% +7% Other2 +29% +18% Test & Measurement +21% +15% Diversified Electronics3 +48% +27% Communications +4% +9% Semiconductor (7)% (4)% 8 Y/Y Organic Revenue Growth
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9 RBS Everywhere | Enterprise Growth Enablers Manufacturing Agility • Facility expansion • Automation and efficiency gains Commercial Execution • Expand sales resources • Augment with AI and digital platforms 22 Innovation Acceleration • New product velocity • AI-enabled engineering workflows
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NEILL REYNOLDS Chief Financial Officer Financial Overview and Outlook
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Adjusted EBITDA Margin • Double-digit growth in both segments • Disciplined execution creating share gain wins and converting demand into strong revenue growth • Short-cycle recovery continues to build with growing backlog Q3 2026 Financial Results 1. Y/Y comparison versus normalized adjusted EBITDA margin and adjusted EPS for Q3 2025. 2. Q3 2025 EPS diluted share count of 113.4 million. Further discussion regarding our use of Non-GAAP financial measures and reconciliations between certain GAAP and non -GAAP measures are included in the Appendix of this presentation. Ralliant does not provide a reconciliation for non -GAAP estimates for free cash flow conversion on a forward-looking basis because the information necessary to calculate a meaningful or accurate estimati on of reconciling items is not available without unreasonable effort. See the Appendix of this presentation for more informat ion. Revenue ($ in millions, except adjusted EPS) +17% Total Y/Y +17% Organic Y/Y • Adjusted gross profit margin expanded 190 bps to 53.1% • Margin expansion primarily driven by operating leverage from higher sales volume and RBS-driven price-cost management • Enterprise Productivity Program savings of $5 million reflects acceleration of targeted savings • Tariff refund benefit of $7 million • Generated $102 million of free cash flow in the quarter and $303 million of free cash flow in the TTM • Robust cash flow generation led to TTM FCF conversion of 94% • Disciplined working capital management while also strategically investing in supply Adjusted EPS Free Cash Flow Conversion (TTM) • EPS growth driven by revenue growth and adjusted EBITDA margin expansion • $150 million share repurchase YTD reduced outstanding share count by 2.8 million shares • Tariff refund benefit of approximately $0.05 per share +400 bps Y/Y1 +64% Y/Y1 11 2 19.5% 23.5% Q3 2025 Normalized Q3 2026 $529 $620 Q3 2025 Q3 2026 $0.57 $0.93 Q3 2025 Normalized Q3 2026 95%+ 94% Target Q3 2026
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Power grid solutions, defense technologies, industrial sensors for demanding environments Segment Performance: Sensors & Safety Systems 1. Represents normalized adjusted EBITDA margin for Q3 2025. Further discussion regarding our use of Non-GAAP financial measures and reconciliations between certain GAAP and non-GAAP measures are included in the Appendix of this presentation REVENUE ($M) Total revenue growth: +15% Organic revenue growth: +15% KEY DRIVERS $326 $376 27.8% 30.5% Q3 2025 Q3 2026 Revenue Adj. EBITDA Margin % Organic Revenue • Defense & Space +21% driven by increased production capacity; backlog surpassed $1.5B as we began to receive orders against contracts with defense prime customers for surge demand on critical missile programs • Utilities +16%; second consecutive quarter of record revenue as RBS-led production increases supported customers’ continued grid investment • Industrial Manufacturing and Other end markets up double-digits with acceleration during the quarter, driven by investment in AI enablement Adjusted EBITDA Margin1 • +270 bps margin expansion driven by strong operating leverage, pricing, defense margin expansion, and productivity savings • Majority of Company IEEPA tariff refund benefit in the quarter realized in S&SS segment Growth driven by broad strength across all end markets 1 12
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Growth and margin expansion driven by disciplined execution serving robust demand $203 $244 12.6% 19.3% Q3 2025 Q3 2026 Revenue Adj. EBITDA Margin % Precision instruments and services for advanced electronics Segment Performance: Test & Measurement 1. Represents normalized adjusted EBITDA margin for Q3 2025. Further discussion regarding our use of Non-GAAP financial measures and reconciliations between certain GAAP and non-GAAP measures are included in the Appendix of this presentation REVENUE ($M) KEY DRIVERS Organic Revenue • Diversified Electronics +48% on acceleration in customer investment across compute and power infrastructure • Communications revenue +4%; growth in commercial communications while defense communications shipments lagged order growth and funnel build • Semiconductor declined 7% lapping large project completed in 3Q25; excluding headwind, grew high-teens with strong demand for testing laser chips that feed data center optical interconnects Adjusted EBITDA Margin1 • +670 bps margin expansion driven by strong operating leverage on higher revenue, pricing, and ramping of EPP savings • Minimal IEEPA tariff refund benefit realized in the quarter in T&M segment 1 13 Total revenue growth: +20% Organic revenue growth: +21%
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EPP supporting glidepath to mid-point of through-cycle adjusted EBITDA margin range (low-to-mid-20s) by 2028 RBS Accelerating Enterprise Productivity Program Savings 14 Ahead of schedule, driving accelerated adjusted EBITDA margin expansion1 1. Ralliant does not provide a reconciliation for non-GAAP estimates for adjusted EBITDA margin on a forward-looking basis because the information necessary to calculate a meaningful or accurate estimation of reconciling items is not available without unreasonable effort. See the Appendix of this presentation for more information. $16-18M 2026 in-year savings Up from $10-12M expected $30-35M Expected annualized run-rate savings exiting 2026 $50-60M Annualized run-rate target savings by 2028 Program Savings by Bucket Labor and indirect spend optimization • Optimize enterprise G&A support Materials, maintenance, and facility services • Vendor consolidation and negotiations across direct spend • Centralized purchasing • Spec rationalization and RFPs Savings Outlook G&A Cost of sales • Vendor consolidation and negotiations across indirect spend • AI-enabled employee productivity
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Strong balance sheet and durable cash flow to support growth Balance Sheet and Cash Flow 1. Net leverage defined as net debt / TTM adjusted EBITDA per the Company’s credit agreement. 2. Ralliant does not provide a reconciliation for non-GAAP estimates for net leverage on a forward-looking basis because the information necessary to calculate a meaningful or accurate estimation of reconciling items is not available without unreasonable effort. See the Appendix of this presentation for more information. Balance Sheet As of Oct 2, 2026 Cash and cash equivalents $366M Debt $1.15B Net debt $784M Net leverage1 1.5x Cash Flow Q3 2026 Operating cash flow $111M Capital expenditures $9M Free cash flow $102M Balance Sheet • Net leverage declined to 1.5x with strong earnings growth and increase in cash balance • Net leverage is now at the low end of long-term target of 1.5-2.0x Cash Flow • TTM FCF of $303M resulted in FCF conversion of 94% • YTD returned $167 million of capital to shareholders • $150 million of share repurchases at average price of $54.74 • $17 million of dividend payments 15
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Additional Assumptions Raising Full-Year 2026 Guidance 1. Ralliant does not provide a reconciliation for non-GAAP estimates for organic revenue growth, adjusted EBITDA margin, adjusted EPS (including adjusted EPS growth), or adjusted effective tax rate on a forward-looking basis because the information necessary to calculate a meaningful or accurate estimation of reconciling items is not available without unreasonable effort. See the Appendix of this presentation for more information. 2. Compared with normalized adjusted EBITDA margin and normalized adjusted EPS for Q4 2025 and full year 2025. Q4 20261 2026 Guide1 Prior 2026 Guide1 Revised Revenue $620M to $640M $2.250B to $2.300B $2.340B to $2.360B Y/Y organic growth +12% to 15% +8% to 11% +13% to 14% Adjusted EBITDA Margin 23.5% to 24.5% 20.0% to 21.0% ~21.5% Y/Y margin expansion2 +270 bps to 370 bps +190 bps to 290 bps +340 bps Adjusted EPS $0.93 to $0.99 $2.76 to $2.90 $3.10 to $3.16 Y/Y growth2 +33% to 41% +31% to 38% +47% to 50% • Tariff assumptions are based on policy announcements as of October 30, 2026; • Guidance inclusive of cost of sales benefit from IEEPA tariff refunds of $2, $7, $5 million in Q2, Q3, Q4, respectively • Geopolitical environment remains consistent without more severe disruption from Middle East conflict • Corporate & Other costs of $16-20 million in Q4 • FY 2026 net interest expense of $13-15 million per quarter and adjusted effective tax rate of 16-18% • Q4 and FY 2026 diluted shares outstanding of ~113 million • FY 2026 share repurchases to represent ~50% of FCF 16
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Strong cash generation allowing for strategic reinvestment and significant capital return Disciplined Capital Allocation Approach Allocating capital to generate strong returns while maintaining target net leverage 01 Organic Reinvestment • Enabling reinvestment through RBS and AI-driven productivity • Investing in capacity expansion and strategic supply to serve identified demand • Targeting returns in excess of cost of capital 02 Return of Capital • YTD repurchased 2.8M shares for $150M, resulting in average price of $54.74 per share • $400M remaining of $500M share repurchase authorization • Target share buyback of ~50% of FCF over time 03 Focused Acquisitions • Robust pipeline of attractive tuck-in acquisition targets • Target double-digit 3-year ROIC with opportunity for operating synergies 17 Ralliant does not provide a reconciliation for non-GAAP estimates for ROIC or net leverage ratio on a forward-looking basis because the information necessary to calculate a meaningful or accurate estimation of reconciling items is not available without unreasonable effort. See the Appendix of this presentation for more information. The timing and amount (if any) of share repurchases will be determined by Ralliant based on its evaluation of market conditions and other factors. Ralliant's stated plans do not obligate Ralliant to acquire any particular amount of shares and may be suspended or discontinued at any time.
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Closing Remarks TAMI NEWCOMBE President and Chief Executive Officer
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Key Takeaways 01 Executing Growth Strategy 02 Driving Margin Expansion 03 Investing to Sustain Growth 19
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Appendix
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Non-GAAP Financial Measures 21 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 the Company's operating performance across reporting periods on a consistent basis by excluding items that they do not believe are indicative of ongoing operating performance. Management believes these measures are helpful in highlighting trends in the Company's operating results, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure and allocation, the tax jurisdictions in which companies operate and capital investments and acquisitions. This presentation contains references to "adjusted net earnings," "adjusted EPS," "normalized adjusted net earnings," "normalized adjusted EPS," "EBITDA," "adjusted EBITDA" (including segment adjusted EBITDA), "adjusted EBITDA margin" (including segment adjusted EBITDA margin), "normalized adjusted EBITDA margin" (including segment normalized adjusted EBITDA margin), "organic revenue growth" (including segment organic revenue growth), "adjusted gross profit," "adjusted gross profit margin," "adjusted operating expenses," "free cash flow," "free cash flow conversion," and "net leverage" financial measures which are, in each case, not presented in accordance with GAAP. The non-GAAP financial measures are not intended to replace the presentation of the most directly comparable measures under GAAP, should be read in conjunction with the most directly comparable GAAP financial measures, and may not be comparable to similarly titled measures reported by other companies. The Company define these non-GAAP financial measures as follows: ◦ Adjusted net earnings refers to net earnings (loss) calculated in accordance with GAAP, adjusted to exclude amortization of acquisition-related intangible assets, acquisition and divestiture related adjustments and costs, discrete restructuring charges, Goodwill impairment, and other non-recurring charges resulting from the separation such as duplicative corporate allocations from Fortive, stock-based compensation modification, separation costs, and the tax effect of those adjustments, as well as a discrete tax adjustment related to a reduction in the German corporate tax rate and Goodwill impairment. ▪ Normalized adjusted net earnings refers to adjusted net earnings normalized to reflect additional standalone public company costs, normalized interest expense, and corresponding tax benefit adjustment. ◦ Adjusted EPS refers to adjusted net earnings divided by average common diluted stock outstanding. ▪ Normalized adjusted EPS refers to normalized adjusted net earnings divided by average common diluted stock outstanding. ◦ EBITDA refers to net earnings (loss) calculated in accordance with GAAP, excluding, interest, taxes, depreciation, and amortization. ▪ Adjusted EBITDA refers to EBITDA adjusted to exclude stock-based compensation modification, acquisition and divestiture related adjustments and costs, discrete restructuring charges, separation costs, Goodwill impairment, and Fortive corporate allocations. ▪ Adjusted EBITDA margin refers to adjusted EBITDA as a percentage of GAAP revenue. ▪ Adjusted EBITDA, which is also shown for the segments, also refers to operating profit (loss) calculated in accordance with GAAP adjusted to exclude amortization of acquisition-related intangible assets, acquisition and divestiture related adjustments and costs, discrete restructuring charges, Goodwill impairment, depreciation, other non-recurring charges resulting from the separation such as duplicative corporate allocations from Fortive, stock-based compensation modification, separation costs, and other. ▪ Normalized adjusted EBITDA (which is also shown for the segments) refers to adjusted EBITDA normalized to reflect additional standalone public company costs. ▪ Normalized adjusted EBITDA margin (which is also shown for the segments) refers to normalized adjusted EBITDA as a percentage of GAAP revenue. ◦ Organic revenue growth refers to revenue from operations growth calculated according to GAAP, but excluding (1) the impact from acquired and divested businesses and (2) the impact of currency translation. References to revenue attributable to acquisitions or acquired businesses refer to GAAP revenue from acquired businesses recorded prior to the first anniversary of the acquisition, less the amount of revenue attributable to certain businesses or product lines that, at the time of reporting, have been divested or are pending divestiture, but are not, and will not be, considered discontinued operations prior to the first anniversary of the divestiture. The portion of revenue attributable to the impact of currency translation is calculated as the difference between (a) the period-to-period change in revenue (excluding revenue impact from acquired businesses) and (b) the period-to-period change in revenue (excluding the revenue impact from acquired businesses) after applying the current period foreign exchange rates to the prior year period. ◦ Adjusted gross profit refers to gross profit calculated in accordance with GAAP, adjusted to exclude discrete restructuring charges impacting cost of sales. ▪ Adjusted gross profit margin refers to adjusted gross profit as a percentage of GAAP revenue. ◦ Adjusted operating expenses refers to operating expenses calculated in accordance with GAAP, adjusted to exclude amortization of acquisition-related intangible assets, acquisition and divestiture related adjustments and costs, discrete restructuring charges, and Fortive corporate allocations. ◦ Free cash flow refers to cash flow from operations calculated according to GAAP but excluding purchases of property, plant and equipment ("capital expenditures"). ▪ Free cash flow conversion refers to free cash flow divided by adjusted net earnings. ◦ Net leverage refers to net debt divided by trailing twelve months (TTM) adjusted EBITDA as defined by the Company's credit agreement. The Company has not reconciled the forward-looking statements regarding non-GAAP measures for "adjusted EPS" (including adjusted EPS growth), "adjusted EBITDA margin," "organic revenue growth," "free cash flow," "free cash flow conversion," "adjusted effective tax rate," "net leverage," or "return on invested capital" because the Company is unable to do so without unreasonable efforts or to reasonably estimate the projected outcome of certain significant items, including currency impacts, impacts of acquisitions and divestitures and similar adjustments. These items are uncertain, depend on various factors out of the Company's control and could have a material impact on the corresponding measures calculated in accordance with GAAP.
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ADJUSTED NET EARNINGS, ADJUSTED EPS, NORMALIZED ADJUSTED NET EARNINGS, & NORMALIZED ADJUSTED EPS (UNAUDITED) Three Months Ended ($ in millions, except per share values) October 2, 2026 July 3, 2026 September 26, 2025 Per share values Per share values Per share values Net earnings and diluted net earnings per share (GAAP) $ 86.1 $ 0.77 $ 57.2 $ 0.51 $ 39.9 $ 0.35 Amortization of acquisition related intangible assets 21.9 0.19 22.2 0.20 22.5 0.20 Discrete restructuring charges — — — — 3.1 0.03 Stock-based compensation modification — — — — 22.4 0.20 Separation costs — — — — 0.9 0.01 Tax effect of the adjustments reflected above (3.6) (0.03) (3.2) (0.03) (7.9) (0.07) Discrete tax adjustments — — — — (12.4) (0.11) Adjusted net earnings and adjusted diluted net earnings per share (Non-GAAP) 104.5 0.93 76.2 0.68 68.5 0.60 Normalizing Adjustment (a) — — — — (4.1) (0.04) Normalized adjusted net earnings and normalized adjusted diluted net earnings per share (Non-GAAP) $ 104.5 $ 0.93 $ 76.2 $ 0.68 $ 64.4 $ 0.57 Average common diluted stock outstanding (shares in millions) 112.5 112.6 113.4 The sum of the components of adjusted diluted net earnings per share may not foot due to rounding. (a) Normalizing adjustment reflects additional standalone public company costs ($4.9M in Q3 2025) that correspond to an approximately $175M quarterly run-rate for adjusted operating expense and a related tax benefit adjustment ($0.8M in Q3 2025). 2222
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ADJUSTED NET EARNINGS, ADJUSTED EPS, NORMALIZED ADJUSTED NET EARNINGS, & NORMALIZED ADJUSTED EPS (UNAUDITED) Three Months Ended Year Ended ($ in millions, except per share values) March 28, 2025 June 27, 2025 September 26, 2025 December 31, 2025 December 31, 2025 Per share values Per share values Per share values Per share values Per share values Net earnings (loss) and diluted net earnings (loss) per share (GAAP) $ 63.9 $ 0.57 $ 47.6 $ 0.42 $ 39.9 $ 0.35 $ (1,373.9) $ (12.17) $ (1,222.5) $ (10.84) Goodwill impairment — — — — — — 1,441.7 12.77 1,441.7 12.78 Amortization of acquisition related intangible assets 20.3 0.18 21.9 0.19 22.5 0.20 22.2 0.20 86.9 0.77 Acquisition and divestiture related adjustments and costs 1.0 0.01 1.4 0.01 — — — — 2.4 0.02 Discrete restructuring charges 0.5 — 0.4 — 3.1 0.03 9.0 0.08 13.0 0.12 Fortive corporate allocations — — 10.1 0.09 — — — — 10.1 0.09 Stock-based compensation modification — — — — 22.4 0.20 — — 22.4 0.20 Separation costs — — — — 0.9 0.01 2.6 0.02 3.5 0.03 Tax effect of the adjustments reflected above (3.0) (0.03) (5.7) (0.05) (7.9) (0.07) (5.6) (0.05) (22.4) (0.20) Discrete tax adjustments — — — — (12.4) (0.11) (17.5) (0.16) (29.8) (0.26) Adjusted net earnings and adjusted diluted net earnings per share (Non-GAAP) 82.7 0.73 75.7 0.67 68.5 0.60 78.5 0.70 305.3 2.71 Normalizing Adjustment (a) (37.0) (0.33) (27.1) (0.24) (4.1) (0.04) — — (68.2) (0.60) Normalized adjusted net earnings and normalized adjusted diluted net earnings per share (Non-GAAP) $ 45.7 $ 0.41 $ 48.6 $ 0.43 $ 64.4 $ 0.57 $ 78.5 $ 0.70 $ 237.1 $ 2.10 Average common diluted stock outstanding (shares in millions) 112.7 112.7 113.4 112.9 112.8 The sum of the components of adjusted diluted net earnings per share may not foot due to rounding. (a) Normalizing adjustment reflects additional standalone public company costs ($25.1M in Q1 2025, $19.3M in Q2 2025, and $4.9M in Q3 2025) that correspond to an approximately $175M quarterly run-rate for adjusted operating expense, interest expense from debt ($16.0M in Q1 2025 and Q2 2025), and related tax benefit adjustments ($4.1M in Q1 2025, $8.2M in Q2 2025, and $0.8M in Q3 2025). 2323
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ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN, NORMALIZED ADJUSTED EBITDA, & NORMALIZED ADJUSTED EBITDA MARGIN (UNAUDITED) Three Months Ended ($ in millions) October 2, 2026 July 3, 2026 September 26, 2025 Revenue (GAAP) $ 620.1 $ 567.8 $ 529.1 Net earnings (GAAP) $ 86.1 $ 57.2 $ 39.9 Interest expense, net 13.5 13.8 16.3 Income tax expense 17.4 11.3 (4.7) Depreciation 6.9 7.9 7.5 Amortization 21.9 22.2 22.5 EBITDA (Non-GAAP) 145.8 112.3 81.5 Stock-based compensation modification — — 22.4 Discrete restructuring charges — — 3.1 Separation costs — — 0.9 Adjusted EBITDA (Non-GAAP) 145.8 112.3 107.9 Normalizing Adjustment (a) — — (4.9) Normalized Adjusted EBITDA (Non-GAAP) $ 145.8 $ 112.3 $ 103.0 Net earnings margin (GAAP) 13.9 % 10.1 % 7.5 % Adjusted EBITDA margin (Non-GAAP) 23.5 % 19.8 % 20.4 % Normalized adjusted EBITDA margin (Non-GAAP) 23.5 % 19.8 % 19.5 % The sum of the components of EBITDA may not equal due to rounding. (a) Normalizing adjustment reflects additional standalone public company costs ($4.9M in Q3 2025), corresponding to approximately $175M quarterly run-rate for adjusted operating expenses. 2424
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ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN, NORMALIZED ADJUSTED EBITDA, & NORMALIZED ADJUSTED EBITDA MARGIN (UNAUDITED) Three Months Ended Year Ended ($ in millions) March 28, 2025 June 27, 2025 September 26, 2025 December 31, 2025 December 31, 2025 Revenue (GAAP) $ 481.8 $ 503.3 $ 529.1 $ 554.6 $ 2,068.8 Net earnings (loss) (GAAP) $ 63.9 $ 47.6 $ 39.9 $ (1,373.9) $ (1,222.5) Interest expense, net — — 16.3 16.0 32.3 Income tax expense (benefit) 9.4 11.3 (4.7) (9.9) 6.1 Depreciation 6.6 6.7 7.5 7.8 28.6 Amortization 20.3 21.9 22.5 22.2 86.9 EBITDA (Non-GAAP) 100.2 87.5 81.5 (1,337.8) (1,068.6) Goodwill impairment — — — 1,441.7 1,441.7 Stock-based compensation modification — 22.4 — 22.4 Acquisition and divestiture related adjustments and costs 1.0 1.4 — — 2.4 Discrete restructuring charges 0.5 0.4 3.1 9.0 13.0 Separation costs — — 0.9 2.6 3.5 Fortive corporate allocations — 10.1 — — 10.1 Adjusted EBITDA (Non-GAAP) 101.7 99.4 107.9 115.5 424.5 Normalizing Adjustment (a) (25.1) (19.3) (4.9) — (49.3) Normalized Adjusted EBITDA (Non-GAAP) $ 76.6 $ 80.1 $ 103.0 $ 115.5 $ 375.2 Net earnings (loss) margin (GAAP) 13.3 % 9.5 % 7.5 % (247.7) % (59.1) % Adjusted EBITDA margin (Non-GAAP) 21.1 % 19.8 % 20.4 % 20.8 % 20.5 % Normalized adjusted EBITDA margin (Non-GAAP) 15.9 % 15.9 % 19.5 % 20.8 % 18.1 % (a) Normalizing adjustment reflects additional standalone public company costs ($25.1M in Q1 2025, $19.3M in Q2 2025, and $4.9M in Q3 2025) that correspond to an approximately $175M quarterly run-rate for adjusted operating expenses. 2525
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SEGMENT ADJUSTED EBITDA, SEGMENT ADJUSTED EBITDA MARGIN, SEGMENT NORMALIZED ADJUSTED EBITDA, & SEGMENT NORMALIZED ADJUSTED EBITDA MARGIN (UNAUDITED) Three Months Ended October 2, 2026 July 3, 2026 September 26, 2025 ($ in millions) Sensors and Safety Systems Test and Measurement Unallocated Corporate Costs and Other Sensors and Safety Systems Test and Measurement Unallocated Corporate Costs and Other (a) Sensors and Safety Systems Test and Measurement Unallocated Corporate Costs and Other (a) Revenue (GAAP) $ 375.9 $ 244.2 $ — $ 346.5 $ 221.3 $ — $ 326.0 $ 203.1 $ — Operating profit (loss) (GAAP) $ 111.6 $ 21.7 $ (15.8) $ 98.5 $ 5.4 $ (21.7) $ 90.1 $ (1.7) $ (36.4) Amortization of acquisition-related intangible assets 0.3 21.6 — 0.3 21.9 — 0.5 22.0 — Discrete restructuring charges — — — — — — — 3.1 — Stock-based compensation modification — — — — — — — — 22.4 Separation Costs — — — — — — 0.1 0.4 0.4 Depreciation 2.9 3.8 0.2 3.1 4.6 0.2 2.9 4.2 0.4 Other — — (0.5) — 0.5 (0.5) — — (0.5) Adjusted EBITDA (Non-GAAP) 114.8 47.1 (16.1) 101.9 32.4 (22.0) 93.6 28.1 (13.8) Normalizing Adjustment (b) — — — — — — (2.9) (2.5) 0.5 Normalized Adjusted EBITDA (Non-GAAP) $ 114.8 $ 47.1 $ (16.1) $ 101.9 $ 32.4 $ (22.0) $ 90.7 $ 25.6 $ (13.3) Operating profit (loss) margin (GAAP) 29.7 % 8.9 % 28.4 % 2.4 % 27.6 % (0.8)% Adjusted EBITDA margin (Non-GAAP) 30.5 % 19.3 % 29.4 % 14.7 % 28.7 % 13.8 % Normalized adjusted EBITDA margin (Non-GAAP) 30.5 % 19.3 % 29.4 % 14.7 % 27.8 % 12.6 % The sum of the components of adjusted EBITDA may not foot due to rounding. (a) Amounts primarily related to standalone public company costs. (b) Normalizing adjustment reflects additional standalone public company costs ($4.9M in Q3 2025), corresponding to approximately $175M quarterly run-rate for adjusted operating expenses. 2626
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SEGMENT ADJUSTED EBITDA, SEGMENT ADJUSTED EBITDA MARGIN, SEGMENT NORMALIZED ADJUSTED EBITDA, & SEGMENT NORMALIZED ADJUSTED EBITDA MARGIN (UNAUDITED) Three Months Ended March 28, 2025 June 27, 2025 September 26, 2025 December 31, 2025 ($ in millions) Sensors and Safety Systems Test and Measurement Unallocated Corporate Costs and Other(a) Sensors and Safety Systems Test and Measurement Unallocated Corporate Costs and Other(a) Sensors and Safety Systems Test and Measurement Unallocated Corporate Costs and Other(a) Sensors and Safety Systems Test and Measurement Unallocated Corporate Costs and Other(a) Revenue (GAAP) $ 293.3 $ 188.5 $ — $ 310.8 $ 192.5 $ — $ 326.0 $ 203.1 $ — $ 337.2 $ 217.4 $ — Operating profit (loss) (GAAP) $ 87.0 $ (11.9) $ (1.3) $ 79.5 $ (14.3) $ (6.3) $ 90.1 $ (1.7) $ (36.4) $ 84.6 $ (1,437.6) $ (14.8) Goodwill Impairment — — — — — — — — — — 1,441.7 — Amortization of acquisition-related intangible assets 0.6 19.7 — 0.6 21.3 — 0.5 22.0 — 0.3 21.9 — Acquisition related adjustments and costs — 1.0 — — 1.4 — — — — — — — Discrete restructuring charges — 0.5 — — 0.4 — — 3.1 — 5.9 3.1 — Fortive corporate allocations — — — 5.3 4.8 — — — — — — — Stock-based compensation modification — — — — — — — — 22.4 — — — Separation Costs — — — — — — 0.1 0.4 0.4 0.3 0.5 1.8 Depreciation 2.8 3.8 — 2.9 3.8 — 2.9 4.2 0.4 3.2 4.9 (0.3) Other (0.2) (0.3) — — — — — — (0.5) 0.1 — (0.1) Adjusted EBITDA (Non-GAAP) 90.2 12.8 (1.3) 88.3 17.4 (6.3) 93.6 28.1 (13.8) 94.4 34.5 (13.4) Normalizing Adjustment (b) (8.9) (3.5) (12.7) (7.9) (3.5) (7.9) (2.9) (2.5) 0.5 — — — Normalized Adjusted EBITDA (Non-GAAP) $ 81.3 $ 9.3 $ (14.0) $ 80.4 $ 13.9 $ (14.2) $ 90.7 $ 25.6 $ (13.3) $ 94.4 $ 34.5 $ (13.4) Operating profit (loss) margin (GAAP) 29.7 % (6.3)% 25.6 % (7.4)% 27.6 % (0.8)% 25.1 % (661.3)% Adjusted EBITDA margin (Non-GAAP) 30.8 % 6.8 % 28.4 % 9.0 % 28.7 % 13.8 % 28.0 % 15.9 % Normalized adjusted EBITDA margin (Non- GAAP) 27.7 % 4.9 % 25.9 % 7.2 % 27.8 % 12.6 % 28.0 % 15.9 % The sum of the components of adjusted EBITDA may not foot due to rounding. (a) Amounts primarily related to standalone public company costs and stock-based compensation modification. (b) Normalizing adjustment reflects additional standalone public company costs ($25.1M in Q1 2025, $19.3M in Q2 2025, and $4.9M in Q3 2025) that correspond to an approximately $175M quarterly run-rate for adjusted operating expense. 2727
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SEGMENT ADJUSTED EBITDA, SEGMENT ADJUSTED EBITDA MARGIN, SEGMENT NORMALIZED ADJUSTED EBITDA, & SEGMENT NORMALIZED ADJUSTED EBITDA MARGIN (UNAUDITED) Year Ended December 31, 2025 ($ in millions) Sensors and Safety Systems Test and Measurement Unallocated Corporate Costs and Other (a) Revenue (GAAP) $ 1,267.3 $ 801.5 $ — Operating profit (loss) (GAAP) $ 341.1 $ (1,465.4) $ (58.7) Goodwill Impairment — 1,441.7 — Amortization of acquisition-related intangible assets 2.0 84.9 — Acquisition related adjustments and costs — 2.4 — Discrete restructuring charges 6.0 7.0 — Fortive corporate allocations 5.3 4.8 — Stock-based compensation modification — — 22.4 Separation Costs 0.4 1.0 2.1 Depreciation 11.8 16.7 0.1 Other (0.3) (0.3) (0.5) Adjusted EBITDA (Non-GAAP) 366.3 92.8 (34.6) Normalizing Adjustment (b) (19.7) (9.5) (20.1) Normalized Adjusted EBITDA (Non-GAAP) $ 346.6 $ 83.3 $ (54.7) Operating profit (loss) margin (GAAP) 26.9 % (182.8)% Adjusted EBITDA margin (Non-GAAP) 28.9 % 11.6 % Normalized adjusted EBITDA margin (Non-GAAP) 27.3 % 10.4 % The sum of the components of adjusted EBITDA may not foot due to rounding. (a) Amounts primarily related to standalone public company costs and the stock-based compensation modification. (b) Normalizing adjustment reflects additional standalone public company costs ($9.5M for Test and Measurement, $19.7M for Sensors and Safety Systems, and $20.1M for Corporate in 2025), corresponding to approximately $175M quarterly run-rate for adjusted operating expenses. 2828
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Three Months Ended October 2, 2026 vs. Comparable 2025 Period Ralliant Sensors and Safety Systems Test and Measurement Total revenue growth (GAAP) 17.2 % 15.3 % 20.2 % Impact of: Currency exchange rates — % (0.2)% 0.5 % Organic revenue growth (Non-GAAP) 17.2 % 15.1 % 20.7 % ORGANIC REVENUE GROWTH (UNAUDITED) 2929 Three Months Ended ($ in millions) October 02, 2026 September 26, 2025 Revenue (GAAP) 620.1 529.1 Gross Profit (GAAP) 329.6 268.6 Discrete restructuring charges — 2.7 Adjusted gross profit (Non-GAAP) $ 329.6 $ 271.3 Gross profit margin (GAAP) 53.1 % 50.8 % Adjusted gross profit margin (Non-GAAP) 53.1 % 51.3 % ADJUSTED GROSS PROFIT AND ADJUSTED GROSS PROFIT MARGIN (UNAUDITED)
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ADJUSTED OPERATING EXPENSES (UNAUDITED) Three Months Ended October 2, 2026 July 3, 2026 September 26, 2025 ($ in millions) Ralliant Total Segments Unallocated Corporate Costs and Other Ralliant Total Segments Unallocated Corporate Costs and Other (a) Ralliant Total Segments Unallocated Corporate Costs and Other (a) Operating expenses: Selling, general and administrative $ (169.6) $ (153.8) $ (15.8) $ (166.0) $ (144.3) $ (21.7) $ (177.8) $ (141.4) $ (36.4) Research and development (42.5) (42.5) — (44.7) (44.7) — (38.8) (38.8) — Operating expenses (GAAP) (212.1) (196.3) (15.8) (210.7) (189.0) (21.7) (216.6) (180.2) (36.4) Amortization of acquisition-related intangible assets 21.9 21.9 — 22.2 22.2 — 22.5 22.5 — Discrete restructuring charges — — — — — — 0.4 0.4 — Separation costs — — — — — — 0.9 0.5 0.4 Stock-based compensation modification — — — — — — 22.4 — 22.4 Adjusted operating expenses (Non-GAAP) $ (190.2) $ (174.4) $ (15.8) $ (188.5) $ (166.8) $ (21.7) $ (170.4) $ (156.8) $ (13.6) (a) Amounts primarily related to standalone public company costs. 3030
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FREE CASH FLOW AND FREE CASH FLOW CONVERSION (UNAUDITED) 3131 Trailing Twelve Months ($ in millions) October 2, 2026 Operating cash flows (GAAP) $ 337.5 Less: Purchases of property, plant & equipment (capital expenditures) (GAAP) (34.5) Free cash flow (Non-GAAP) $ 303.0 Adjusted net earnings (Non-GAAP) $ 324.0 Free cash flow conversion (Non-GAAP) 93.5 % Three Months Ended ($ in millions) October 2, 2026 July 3, 2026 September 26, 2025 Operating cash flows (GAAP) $ 111.3 $ 105.5 $ 138.6 Less: Purchases of property, plant & equipment (capital expenditures) (GAAP) (9.4) (6.4) (12.0) Free cash flow (Non-GAAP) $ 101.9 $ 99.1 $ 126.6 Adjusted net earnings (Non-GAAP) $ 104.5 $ 76.2 $ 68.5 Free cash flow conversion (Non-GAAP) 97.5 % 130.1 % 184.8 %
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As of TTM As of TTM ($ in millions) October 2, 2026 October 2, 2026 December 31, 2025 December 31, 2025 Long-term debt, gross $ 1,150.0 $ 1,150.0 Cash and cash equivalents per the credit agreement 365.8 292.8 Net debt per credit agreement $ 784.2 $ 857.2 Net earnings (GAAP) $ (1,186.4) $ (1,222.5) Interest expense, net 58.0 32.3 Income tax expense 27.5 6.1 Depreciation 30.0 28.6 Amortization 88.6 86.9 EBITDA (Non-GAAP) (982.3) (1,068.6) Acquisition and divestiture related adjustments and costs — 2.4 Discrete restructuring charges 11.1 13.0 Goodwill impairment 1,441.7 1,441.7 Fortive corporate allocations — 10.1 Stock compensation expense 45.8 56.2 Other 1.5 1.1 Adjusted EBITDA per credit agreement (Non-GAAP) $ 517.8 $ 455.9 Net leverage (Non-GAAP) 1.5 1.9 NET LEVERAGE (UNAUDITED) 3232