Ralliant Corp (NYSE:RAL)

Q2 2026 Ralliant Corp Earnings Call Transcript

Jul 30, 2026 / 12:30 PM GMT

Release Date Price: $67 (+0.04%)

Transcript 8-K

Key Points

Positve

Q2 results exceeded the high end of guidance, with both segments delivering double-digit revenue growth and significant adjusted EBITDA margin expansion.
Strong free cash flow generation of $99 million in Q2, with a trailing 12-month free cash flow conversion of 114%, enabling capital allocation priorities.
Enterprise productivity program is on track, with $3 million in savings realized in Q2 and a target of $10-$12 million in in-year savings.
Defense backlog remains over $1 billion, with multiyear demand on legacy missile programs and scaling production at 2-5 times historic levels.
Test and measurement segment saw broad-based growth, with a book-to-bill above 1.2 and strong customer wins in AI, energy storage, and optical infrastructure.

Negative

Utilities revenue growth was below expectations due to shipment delays in the Middle East, creating a 4 percentage point headwind.
Semiconductor end market faces a year-over-year headwind from lapping a large customer project, which will be more pronounced in Q3.
Corporate and other expenses are expected to increase to $20-$23 million per quarter in the second half, driven by EPP implementation costs and higher variable compensation.
Defense margins may face degradation over time due to a shift toward lower-margin, high-volume programs, though near-term mix was favorable.
The macro environment in Western Europe remains selective, with lower growth expected going forward despite pockets of opportunity.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

RAL.N - Ralliant Corp
Q2 2026 Ralliant Corp Earnings Call
Jul 30, 2026 / 12:30PM GMT

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Presentation
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Unidentified_1 [1]
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Hello, my name is Donna and I will be your conference facilitator this morning. At this time, I would like to welcome everybody to Reliant Corporation's second quarter 2026 earnings results conference call. All lines have been placed on mute to prevent background noise. After the speaker's remarks, we will open the call for questions. If you would like to ask a question, please press star then 1 on your telephone keypad. If you would like to withdraw your question, please press star 2. I would like to turn the call over to Mr. Nathan McCarron, Vice President of Investor Relations. Mr. McCarron, you may begin your conference.

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Unidentified_2 [2]
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