Thank you, Liz, and good morning. Joining me in Stamford today are Luca Savi, ITT's Chief Executive Officer and President, and Mike Savinelli, Interim Chief Financial Officer.

Today's call will cover ITT's financial results for the three-period three-month period ended July 4th, 2026, which we announced this morning. Please refer to slide 2 of the presentation available on our website, where we note that today's comments will include forward-looking statements that are based on our current expectations.

Actual results may differ materially due to several risks and uncertainties, including those described in our 2025 annual report on Form 10-K and other recent SEC filings. Except where otherwise noted, the second-quarter results we present this morning will be compared to the second quarter of 2025 and include certain non-GAAP financial measures.

The reconciliation of such measures to the most comparable GAAP figures are detailed in our press release and in the appendix of our presentation, both of which are available on our website. Today's earnings call includes year-over-year commentary on the performance of SPX FLOW that reflects financial information before the acquisition date of March the 2nd, 2026.

With that, it is now my pleasure to turn the call over to Luca, who will begin on slide 3.

Thank you, Carleen, and good morning. Before I begin, I would like to welcome our new Aerospace Controls colleagues to the ITT family.

I look forward to working with you to grow CCT more and faster. We would also like to recognize our ITTers all around the world for an outstanding performance in Q2 once again.

A particular thank you to our employees in Flow Technologies for their hard work that has enabled us to make significant progress on the integration of SPX FLOW, whilst continuing to deliver strong operational and financial performance. In the second quarter, we accelerated the Q1 momentum.

Our ITTers delivered strong performance across the portfolio through flawless execution and the realization of benefits from our acquisitions, building a solid foundation for the remainder of 2026 and beyond. Now to the momentum.

We grew orders 53%, 13% organically. We grew revenue 51%, 13% organically, reflecting a book-to-bill of 1.1 for the quarter.

We expanded operating margin 40 basis points. We delivered adjusted EPS of $2.08, up 18% year-over-year.

We generated $176 million of free cash flow year-to-date. A truly record quarter.

Let's dive now into the details. On orders, CCT was the highlight of our Q2 performance, growing 59% organically.

CCT's growth was fueled by large defense orders in our Casarria business, which posted significant multi-year bookings across mission-critical platforms, such as advanced night-vision applications and fighter jet programs. Casarria grew orders 168%, and it didn't end there.

We continue to see strength in early Q3, with record order bookings in July. The Connectors business also posted record orders, increasing 38%, fueled by growth in North America, Europe, and Asia.

Motion Technologies continue to win platform and conquer new awards in friction, feeding future market share gains. KONI orders were also strong, with 9% growth, thanks mainly to China rail and defense.

Lastly, in Flow Technologies, we delivered 91% orders growth. Organic orders declined 3% year-over-year due to the impact of deferred orders in the Middle East, and a strong prior-year performance that included very large oil and gas orders.

SPX FLOW grew orders 9% in Q2 versus their prior-year numbers: 23% growth in Mixers across North America and China, 10% growth in Waukesha Cherry-Burrell, and 8% growth in Nutrition & Health, supported by strong systems orders in Europe. On revenue, this quarter's performance was fueled by organic growth across all our segments.

CCT grew 17% organically, driven by strength across the portfolio. Commercial Aerospace grew 14% from increased volume coupled with pricing benefits.

Defense grew 16%, driven by strong performance in Casarria, which grew 28% versus the prior year. We also grew Industrial Connectors 24%, led mainly by Europe and Asia.

Motion Technologies revenue increased 6%, 2% organic, led by friction aftermarket and outperformance of global vehicle production by more than 300 basis points, led by Europe and China, in addition to strength in China rail. Finally, Flow Technologies revenue was up 21% organically, or 123% in total.

The teams continue to deliver higher pump project sales, up 45%, driven by shipments in marine energy transition and oil and gas markets. We also continue to grow our Valves business, up 19%, as we keep on winning in biopharma.

Done, Castori and the Lancaster team. SPX FLOW revenue grew 5% in Q2, and 9% year-to-date, in line with our full-year guidance of high single-digit growth.

On operating margin, CCT's margin expanded 100 basis points over the prior year and 240 basis points sequentially, to 21.7%, primarily from higher volume and pricing. Motion Technologies margin of 21.1% grew 90 basis points as a result of net productivity.

Flow Technology, excluding SPX FLOW, expanded margin 70 basis points, fueled by market share gains and pricing. Total Flow margin of 21.4% was diluted by the full-quarter contribution of SPX FLOW.

Nevertheless, cost synergies from the integration, together with other productivity actions in the second half of the year, are expected to expand margin throughout the remainder of 2026. As a result of our outstanding operational execution, we delivered adjusted EPS of $2.08, up 18% versus the prior year.

Turning now to capital allocation. As previously shared, we're prioritizing debt repayment.

In Q2, we paid down $124 million, bringing our leverage ratio to 2.5 times, six months ahead of our original commitment. In July, we also deployed capital to acquire Aerospace Controls.

Though small, this acquisition is highly strategic to enhance our supply chain resilience, secure supply of critical high-precision contacts, and in doing so, support continued growth with our Connectors defense and aerospace customers. As you see, our legacy businesses are firing on all cylinders, and now are also taking advantage of some market tailwinds.

As we shared during our Capital Markets Day, we are compounding and creating more value with our recent acquisitions. Let's turn to slide 4 to discuss these contributions.

In the last few years, we worked hard to cultivate and execute the right acquisitions. We focus on high-quality companies with strong management teams and solid fundamentals.

These acquisitions do more than add scale. They strengthen ITT's portfolio by increasing our exposure to higher-growth, higher-margin businesses, where we can drive additional value through differentiation in execution and innovation.

This is exactly the playbook with Svanehøj. We entered the marine energy transition market, a market that has a lot of growth potential today with LNG, and in the future with ammonia.

Svanehøj's products and team are leaders in their market, and the results speak for themselves. Since acquisition, through the end of 2026, Svanehøj is expected to grow revenue 32% on average each year, with a book-to-bill of 1.2.

Our projected backlog at the end of 2026 will be up 40% since the acquisition. As a result, the acquisition multiple of 13 is projected to be just 6 at the end of 2026.

Thank you, Søren, Morten, and Johnny, for this excellent performance. The marine energy transition and market expected to remain strong, Svanehøj is well positioned for future profitable growth.

Casarria, another bolt-on acquisition, is also a success story. The defense market, which represents roughly 80% of Casarria, provides a powerful market tailwind.

Casarria's leadership and flawless execution enable us to win larger portions of the prime programs we participate in. By the end of 2026, we're projecting to grow backlog 180% since the acquisition, and orders 60% on average each year.

This positions us incredibly well for the future. Casarria's acquisition multiple of 13 is expected to be 11 by the end of 2026.

We still have plenty of opportunities to expand margins with pricing actions and productivity initiatives. Thanks, my DiPoto and team, for the quarter of results.

On SPX, we are in the early innings, but we are encouraged by how we started, the progress we have made, and the future potential. On the start, we're ahead of our plan, and the team is working hard to accelerate.

We have a path to our high single-digit growth commitment with orders in the first half of the year growing 7% and revenue growing 9% year-to-date, resulted in a book-to-bill of 1.05. We're progressing well, and cost synergies are ahead of plan, whilst we're working hard to build a strong foundation for future revenue synergies.

On future potential, we have plenty of growth prospects in each business, be it Nutrition & Health, Waukesha Cherry-Burrell, Mixers, or Pumps, and the funnel of opportunities keeps on growing. I'm encouraged by what I experienced at Seital, a small factory and business in Italy that is part of Nutrition & Health.

I was fortunate to spend time with the local management, learn from their deep knowledge of the commercial and engineering teams, and observe the 5S of the well-run plant. This is a team that is ready to win and conquer more.

Another site with great potential is our Xindu factory in China. We spend time with Bruce Wang and the local team exploring how we can grow faster and more profitably in APAC and China by adopting a more entrepreneurial mindset, an undeterred continuous improvement approach, and continuing to invest in innovation.

As you can see, our acquisition playbook is indeed working. In summary, our legacy businesses will keep delivering value through above-market growth and continuous margin expansion, while the acquisitions will compound value by doing exactly the same.

With that, let me now turn the call over to Mike Savinelli, who is joining us for his first earnings call, to discuss Q2 results in detail on slide 5.

Thank you, Luca, and good morning. As Luca highlighted, we delivered a very strong quarter.

In Q2, we achieved outstanding growth across the business in revenue, adjusted margin, EPS, and cash. Our teams delivered a record $1.5 billion in revenue, growing 51%, or 13% organically.

CCT grew 17% organically, fueled by industrial connectors and aerospace and defense strength. CCT ended the quarter with a robust book-to-bill [coughs] of 1.4.

Motion Technologies grew 2% organically, a significant achievement in a down market, driven by friction aftermarket and OE outperformance, together with KONI growth. Finally, Flow Technologies grew 21% organically, driven by strong project shipments and from strength in short cycle, which was up 10% year-over-year.

Our strong top-line performance contributed to operating income growth of 55% and margin expansion of 40 basis points, supported further by the full quarter of SPX FLOW, as well as strong execution across our legacy businesses. CCT delivered 23% operating income growth to a margin of 21.7%, a 100 basis point expansion, driven by increased volume, realization of pricing actions and productivity, partially offset by material inflation.

Flow Technologies delivered a margin of 21.4%, a decline of 160 basis points, driven by the full-quarter impact of SPX FLOW. We expect to expand margins sequentially throughout the year from cost synergy realization and other productivity initiatives.

MT's operating margin grew 90 basis points to 21.1%, as the team drove net productivity of 110 basis points over the prior year. As a result of our top-line performance and margin expansion, EPS reached $2.08 for the quarter, increasing 18% versus the prior year.

Lastly, year-to-date free cash flow of $176 million was impacted by $71 million of one-time acquisition-related expenses, which we highlighted in Q1. Excluding these impacts, free cash flow was up 15% year-over-year, and looking purely at Q2, our free cash flow margin was 11% for the quarter.

Let's now turn to the Q2 EPS bridge on slide 6. The 18% EPS growth was primarily driven by strong operational performance delivered by all legacy businesses, compounded by our acquisitions.

Our legacy businesses contributed 36 cents of growth, of which Svanehøj and Casarria contributed 12 cents of that, from market share gains, pricing, and productivity actions. The full quarter of SPX FLOW contributed 68 cents of growth, with the impacts of the incremental interest, share count, and tax rate mostly offsetting this contribution.

We are maintaining SPX FLOW's EPS accretion expectation of 10 to 14 cents for the year. I want to also stress that the net impacts of the tariff refunds were immaterial to the quarter at just a half million dollars.

Now let's move on to slide 7 to discuss our updated 2026 outlook. We are raising our full-year organic revenue guidance range to 5% to 8% growth, driven by increased bookings in our CCT business, strength in both Flow Technologies projects and short cycle, and continued friction OE outperformance, coupled with operational performance above our original expectations.

On adjusted operating margin, we expect to deliver over 100 basis points of margin expansion to approximately 20.5% at the midpoint, fueled by top-line growth, favorable price-to-cost ratio, and productivity gains. As a result of the momentum we generated in the first half of the year, we are raising our adjusted EPS outlook for 2026 to $8.22 at the midpoint.

This represents a 37-cent increase and 14% growth at the midpoint, fueled by volume growth, pricing actions, and productivity initiatives. The low end of our new range now exceeds the high end of our previous guidance range.

This revised guidance does not consider any additional net benefits from tariff refunds above the half million dollars from Q2. Finally, on cash and capital structure, we are raising the midpoint of our free cash flow guidance to $565 million, resulting in a free cash flow margin between 10% and 11%.

We made good progress lowering our leverage ratio. We are ahead of target, and are driving towards approximately 2.3 times by year-end.

Now let me turn the call back over to Luca to wrap up on slide 8.

Thanks, Mike. Before we move to Q&A, let me reinforce a few points.

What you see in Q2, as you saw in Q1, is ITT's strategy in action. Our entrepreneurial spirit is accelerating growth in our legacy businesses.

Our relentless execution is accelerating margin expansion. Our acquisitions are compounding organic value creation more and more.

In Q2, the momentum towards our long-term targets is accelerating. As always, I appreciate your time and continued interest in ITT.

Liz, please open the line for Q&A.

Good morning. Thanks, operator.

Good morning, Luca, Mike, and Carleen.

Hi, Scott.

Hey, congrats on these numbers. There's really not much to pick on here at all.

I'd like to talk a little bit about SPX FLOW, cuz that's the newest asset that we need to learn here. Can you give us a sense, Luca, kind of where SPX FLOW is in their kind of lean and operational excellence journey, kind of how you would compare them to kind of your legacy ITT businesses and such and where the upside is there?

Sure. I would say when we look at the plants, if it's Xindu, it's our plant in Poland, if it is even the factory that I visited in Italy, Seital, those are well-run plants, I would say.

Good 5S, Scott, and some good talent. I think, though, that the area for improvement that we have in SPX FLOW and in the lean is really to ensuring that the lean is entrenched in the DNA in the cell.

Today I would say is probably more linked to what they were corporate initiatives, the A3 that you see stuck on the board, but not necessarily in improving the productivity in the cell or sometimes the material flow in the factory. There is a work to be done, but there is a good level of talent.

The plants tend to be in general with a good 5S.

Okay. Good answer.

Just a quick follow up, where are we in price versus cost in your three different segments?

Yes. When you look at the price cost, is pretty much the same dynamic.

You have a price cost positive when it comes to Flow Technologies and in CCT, because obviously we got more price power in there. Different dynamic in Motion Technologies, where we are recovering some of the cost inflation, but not full, there are pressures there.

At ITT level, we expect to be price cost positive, probably neutral from a margin perspective for the full year.

Okay. Helpful.

I'll pass it on. Best of luck this year.

Thank you, Scott.

Hi, Jeff.

Hey, good morning everyone.

Morning.

Great start here with SPX FLOW. Just wondering if you could maybe speak to just the underlying demand momentum in SPX FLOW.

I guess that's what's driving the order growth, and kind of any early wins you're seeing around, maybe backing off 80/20 or synergies, and maybe just expand on the funnel comment in SPX FLOW, which I think you said was expanding. Thanks.

Yes. The orders is a great performance.

If you think about up 9% in Q2, year-to-date our orders are up 7%, and also our book-to-bill is above one. Our book-to-bill in Q2 for SPX FLOW is 1.13.

Good performance on that. What we see is really a good recovery on the chemicals.

If you think about the Mixers dynamic, and we had a very good performance on the orders on the Mixers. Good performance on Waukesha as well, 10% orders growth.

In Nutrition & Health, I can tell you that just to give you a little bit more color, I participated to some very important bid reviews for large projects in Europe. Good orders, book-to-bill above one, building backlog, and the funnel of opportunities in SPX FLOW is growing.

These I would say is geographically across the board, both in North America as well as in Europe.

That's good to hear. The CCT orders were pretty eye-popping, and I think you mentioned record July.

Can you just kind of spike out underlying demand versus kind of good lumpiness, yeah, thanks.

Sure, Jeff. CCT was simply outstanding in terms of the orders.

Everything was up. It's not just CCT up 58%, controls were up 22, connectors were up 38.

Casarria, it's true, you're right, Jeff, in terms of lumpiness, probably you remember that Q1 we postponed some of the orders from Q1 to Q2, but if you look at Casarria year-to-date, orders up 46%. There is really a market tailwind which I was referring to in the prepared remarks, but there is a lot of market share gains.

We are participating to some programs, and we know that we have rewon that programs and more. This is good.

Some of this has got long-term visibility, also to '28 and beyond. I can tell you that the backlog that we have visible for Q3, Q4, and Q1 of next year, compared to what we saw last year at the same time, is considerably higher.

Great growth for the mid-term as well as long-term.

Okay. Thanks for the time.

Thanks, Jeff.

Hi, Mike. Hey,

good morning everyone. How you doing?

A couple questions here. First, can you help with the back half of the year cadencing as you think about earnings, revenue, and those metrics?

Then maybe also put in context how your orders are tracking in terms of timeline, how much visibility it's giving you. Essentially, it feels with this strength in the orders you're getting a little bit of longer-dated, longer-cycle type orders coming through.

Just curious how we should think about that order to revenue conversion.

Sure. If it's okay, Mike, do you address the full-year '26 EPS guidance sequential, and I talk about the orders?

Yep. Thanks, Luca.

That would be fine. I just want to mention that we had significant step up in performance in Q2, and for the balance of the year, for the second half, we expect to remain at that elevated level of performance.

Then looking at each value center, for Motion Tech, [clears throat] we expect some seasonality in the second half, expecting stable margins. For CCT, we're expecting consistent revenue and margin similar to Q2, and FT's margin expansion, we expect to expand from synergies.

Talking about the orders, Mike, I think that different picture. If you think about CCT, as I said, incredible performance on the orders.

There are some long-term programs, so that gives us fantastic visibility in the future. As I said, in the short term, our backlog is incredibly up for also the next few quarters, very good visibility there.

When you look at Flow Technologies, the orders, up of course 91% in total, but if I look at the book-to-bill, Svanehøj book-to-bill is 1.3, just to give you an example. If you have a business like this, which is growing 39% in Q2, on top of that you got a book-to-bill of 1.3 and you're building backlog, this is visibility in the short, medium term.

The SPX FLOW, the revenue is up 5%, and the book-to-bill is 1.13, we are building backlog for the medium term. Then when you go to Motion Technologies, we're winning more and more awards that will feed market share gains.

Then KONI, orders were also up 9%, thanks to rail and defense. Great visibility for the long term, but also in the short and medium.

No, that makes sense. Appreciate that.

Then maybe just state of the union on the legacy Flow assets, what you're seeing on a regional basis, maybe specific emphasis on directional dynamics in the Middle East,

and

what you're seeing in terms of project outlays.

Of course. Let me address the Middle East first, and then we talk about the other regions.

When you look at the Middle East, well, I know that this may sound strange, but our business in the Middle East has been growing for the first six months incredibly well. This is because of all the orders that we won in the last couple of years that we are delivering.

We had a huge backlog, and we're delivering this backlog. Huge growth from a revenue perspective in Q1 and Q2.

The orders in the Middle East have been delayed, and this probably will impact the regional growth in Saudi Arabia and in the Middle East when it comes to the next few quarters. Now, what we have seen is that some of the orders are being now given to the EPCs.

We start seeing some moves in terms of the orders, which is good. The other thing that I want to highlight in the Middle East is Habonim performance.

Despite the fact that they are in the middle of it, Habonim has an incredible performance with orders up 18% in the quarter, revenue up 19%, year-to-date both orders and revenue up double-digit, and book-to-bill above one. Great over there.

Now, if you look at the funnel, the funnel is increasing year-over-year. As a matter of fact, the funnel is up 34% year-over-year and 6% sequentially.

When you look at the region, your question, North America, Latin America, and interestingly Middle East are up. Forget about the Middle East funnel up, because mainly that is because the orders get delayed, but North America and Latin America funnel up highlights the strength of those regions, because revenue is growing, book-to-bill above one, your orders are growing even more, and on top of that, your funnel is growing, you're replenishing at a faster rate.

Whereas Europe and Asia-Pacific funnels are down a little bit.

That was great. Really appreciate it.

Congrats on the quarter.

Thank you.

Great, thank you for taking my question. Hi, Dan.

How are you?

Hi. Good.

How are you?

Good. It looks like you're winning share literally everywhere.

[laughs] So I guess, hey, we've talked about some of the drivers, but maybe where do you see the most opportunity still in the portfolio when we kind of look out to the medium term?

Okay. You're absolutely spot on, Dan.

We are winning share across the board. Is it in KONI, rail, I was in China, and there the team was presenting the market share that we have with China Rail CRRC, fantastic.

We are winning market share in China with the Chinese OEMs, and therefore we expect to increase market share there. We increase market share, you see on the growth, with the 21% revenue growth in Flow Technologies organic, you know that we're winning market share there as well, mainly because of our project management, and also in Connectors.

I would say we still have opportunities across the board, but probably more in the FT side, in the Flow Technologies, as well as CCT. This is where we can even grow faster and more.

Great. Thank you for that.

Then just a quick follow-up, I know you've talked about it a little bit in the past, but just some of the commercial opportunities you see within SPX FLOW and then maybe specifically some pricing opportunities on the Nutrition & Health side would be great.

Sure. I think that when we look at SPX FLOW, let me give an example.

Few weeks ago, I was in Xindu, China, where we have a very good plant in terms of SPX FLOW. I think our approach in China could probably be adapted a little bit more to the market.

What I mean by that, invest more on the engineering side, on the local application engineering, in some local R&D so that we are actually adapting and making decision more closer to the market, closer to the customer. This is what has generated a lot of success for our Friction business in China, for our KONI business in China, and for our Connectors business in China in the last few years.

Decentralized, empowering, developing more the periphery and the markets like China will definitely be a great opportunity. Similar opportunities at Seital, our small plant in Italy.

That team is eager to win and conquer more. We need to ensure that we have though manage a more decentralized and make decision closer to the customer and closer to the market.

We are also working on revenue synergies, particularly in Latin America for Mixers, I would say. The pause that we have in the Middle East presents an opportunity for us to get ready with Mixers or the Bran+Luebbe pumps with localization in Saudi.

Great. Thank you so much, and congratulations on the great quarter.

Thanks, Dan.

Hey guys, good morning.

Hi, Joe. Hey,

just curious what the opportunity set is. You've been talking about winning valves market share for a while with the legacy portfolio in pharma and health.

Just curious what the potential is for you to bring in and pull in some of the SPX FLOW into those discussions from the wins that you've had on the legacy in valves. Yeah, [laughs]

you're absolutely right, Joe. It looks like you were listening to some of our meetings.

We have a very good penetration in some of the biopharma with our Lancaster plant because of our proprietary technology with the EnviZion. We won incredibly well.

This is a market where we can expand with some of the valves of SPX FLOW, but also with the mixers. These conversation are happening, and it could be a sales synergies that we probably were underestimating during the due diligence.

Very fair.

That's kind of what I figured. Then can you talk about so what's going on in the Middle East, the implications of this, right?

If we have to start moving around where LNG capacity goes and make new pipelines and have different shipping routes, I'd imagine that you're a pretty big beneficiary from that across multiple elements of the firm. Svanehøj maybe, and maybe on the infrastructure itself.

Can you talk about if that's what we ultimately have to do, kind of rethink where some of this energy flows through, how does that impact you guys?

Sure. You're actually right, there are always two sides to the coin, right?

If our factory in Dammam gets penalized on one side in the short term, for the shipping perspective, in terms of what the business could be for Svanehøj, could be a positive one. If there is more investment in pipelines, pipelines will use the BB3 pumps.

Interestingly enough, the BB3 is the pump that we went already completely the complete range through the AVE, and we have a very good product. A product has allowed us actually to win the Vaca Muerta project in Argentina.

Then, as well, further investment in different regions could be also good for our Bornemann or Woods pumps. For example, what's happening in Venezuela is probably going to be a great tailwind for our Bornemann pumps.

Let's not forget the Venezuela was probably the largest market for Bornemann in the far past. Definitely great opportunities across the board.

Thanks, guys.

Thank you, Joe.

Morning, everyone.

Morning, Nathan.

I'll follow up to Scott's question on lean and ask you where you think SPX is on their 80/20 journey. I guess I'm specifically interested in hearing where they are on value-based pricing, given that comes typically later in the cycle there.

I know they've been on an 80/20 journey since about when they went private, but just any updates or thoughts that you have around that.

Sure. That I'm not an 80/20 guy, right?

[laughs] 80/20 is a good tool. Do we use it in ITT?

Of course we do. On the safety, on the quality, you 80/20, absolutely.

I'm not a fan of the 80/20. I'm a fan of the 100, and to go after.

If some of our competitors want to leave there the 20, I'm happily going after that 20. To be honest with you, we are reversing that approach of the 80/20, and to have a much more rational and much more common sense.

To be honest with you, what we are adopting is common sense and approach rigorously. That's it.

It could be 80/20, could be 90/10, it could be 100. We are reversing that to be much more business-savvy.

Now, when it comes to the value-based pricing, the team is good at value-based pricing. When I talk commercially with Wendy or with Rudy, they definitely know their market, their customers, and they know exactly how to price the different opportunities.

This is also in Nutrition & Health in some of those bids that I participated to. Silvia, the leader, the top salesperson, and the management team are really able to push it to the right price and to the right value.

Interesting. Fair enough.

I guess on the revenue synergy opportunities, you talked about some of the biopharma opportunities pulling SPX product through there. Are there opportunities that you've identified to pull legacy ITT products through to some of the end markets or to combine with some of the SPX products to generate revenue synergies there?

Thanks for taking the questions.

Sure. I think that the largest one on that front it is the Bornemann hygienic pumps.

If we look at Bornemann, mainly and the oil and gas and chemical, etc., but we have an application, we got very good products for hygienic. Now, having said that, we were nobody in hygienic, we didn't have the proper channels, and therefore, if you think about it, what Waukesha Cherry-Burrell had is really great channel on hygienic.

Having Waukesha Cherry-Burrell to sell Bornemann pumps in the US through their channel is really the greatest opportunity, I would say. In some cases, they might have some strong distributor that we might not have in that region.

I'm talking about Mixers, for example, to go with Goulds Pumps, and therefore we might have the benefit of utilizing their distributor instead of ours, and vice versa. That's really where we see the benefits.

Great. Thanks for taking the questions.

Thank you, Nathan.

Hey, good morning, guys, and thanks for

Hi, Vlad. Morning.

Thanks for taking my call, and nice results, obviously. Just on the SPX FLOW orders and revenue momentum, can you parse out a little how much of that is volume versus price-driven?

Then I guess more broadly for ITT overall, how you're thinking about price contributing to organic growth this year and how evolving going forward given lingering inflation?

Sure. Thank you.

When it comes to SPX FLOW, the growth is mainly volume. There is a little price on that one.

Then if you look, for example, our legacy short cycle orders in Flow Technologies, they were up 5% in the quarter. Of that 5%, 4% is volume, is real growth, is volume growth, and 1% is price.

As you can see, we need to be a much more surgical today when it comes to price. Having said that, our price cost equation remains positive for Flow Technologies every quarter and for the full year.

Got it. Thanks, Luca.

Then, just shifting to CCT and I guess specifically on Casarria, given the orders growth you're seeing there, I know some of it is longer-cycle and extending out, but just how are you thinking about capacity at the Casarria business and your ability to ramp to deliver versus these large orders, and really supply chain ability to keep up as well?

Sure. You're absolutely right.

Great performance on the orders, I would say also great performance on the revenue side, because if you look at also Q2 Casarria revenue was up 28%. Great performance.

As at today, we do not see any capacity constrained on the Casarria front. As a matter of fact, when we look at the capacity, this is exactly why we made the acquisition of Aerospace Controls, right?

We were concerned of being able to feed the demand and the growth on the Connectors side, aero and defense, and therefore we purchase Aerospace Controls, and now we have insource that, and we are able to have a better secure and more resilient supply chain. No real constrain from capacity from a Casarria point of view.

All right.

Good to hear. Appreciate that, Luca.

I'll get back in the queue.

Thank you.

Yes, good morning.

Hi, Andrew. Morning.

Hey, how are you? Just a question on margin guide raise.

Just question in terms of, I think second quarter was a little bit short, the quarter was good, I'm not complaining, but the quarter came a little bit short on margin versus what we were modeling, but it seems that you raised on margins into the second half, and just trying to understand the dynamic. Why do you feel better about margins into the second half?

Absolutely. I think to be honest with you, Andrew, you're right.

Every single place we go, we have plenty of opportunities for improvement, absolutely. Now, I would say when you look at the margins, I think that Motion Technologies at 21.1% margin, they grew up 90 basis points, great performance, I would say, if you think about where they play, in the market that they play, the pressure they're in, and so what we are working in Motion Technology is to consolidate and maintain this level of margin for the full year, so that this is in it, is solid rock.

When you look at the CCT, CCT margin at 21.7% is actually a record margin for CCT, and this is with the dilution of Casarria. Without Casarria, this margin will be higher than 23%.

Improve sequentially more than 240 basis points. Though I think that what you might be referring to is the dilution that we have in Flow Technologies probably is a little bit higher than what we were expecting, okay?

Having said that, at 21 the legacy business in Flow Technologies is up 70 basis points, and we're already probably a great benchmark when you look in the market. You're right, a little bit of a higher dilution in Q2, but as we move forward, you will see this margin improving more and more because the productivity ramp-ups through the year, and you will have the acquisition cost synergies really starting having an impact.

It's really about Flow.

That is really more dilution by Flow, absolutely right. Then

the opposite question, the second thing, if you sort of back into second half organic growth, maybe the math maybe incorrect, but I hope it is, sort of we're getting sort of slightly down to +6% implied, but the first half, you got 12% organic and orders, I think were very, very impressive. The opposite on the top line, very strong first half, but second half feels overly conservative, any commentary there?

Just a couple of things, I would like to bring it back to the full-year picture, right? When you look at the full-year picture, we are posting is a really great growth, and we're raising the growth for the full year.

Now when you look at the dynamic sequentially, I think that a couple of things: first, it gets a little bit of a tougher compare, right, year-over-year, in terms of for Q3 and Q4. Then what you have from a year-over-year growth, you have to think about it that Q4 of this year, we have four days less than Q4 of last year, from a year-over-year you got that dynamic.

Then of course, there is always the Middle East, where we have been growing tremendous in the first half, but because of the orders delay, there is going to be a little bit of a decrease when it comes to the next few quarters. Having said that, I would say, Andrew, if you look sequentially, we are consistent.

If you look at Q3 and Q4, EPS guidance has been raised and stay at elevated level. For a full year, which is going to be pretty much outstanding.

There is of course also the MT top-line seasonality that happens in Q4, with the market going on, in most of the cases the customer tend to shut down early in December.

Excellent. Thanks so much.

Thank you.

Hi, Joe.

Hey guys, good morning. Luca, your 80/20 comments had me laughing earlier, I always thought of you guys as the 95/5 company, 5% proud, 95% never satisfied.

[laughter] So

That's true!

You hear a lot just really exceptional performance across the board, and incredible that you guys have been able to do all this M&A, delever faster than expected, and the M&A seems to be really paying dividends for you guys. Maybe let's spend a minute just discussing what the pipeline looks like, where the opportunities are from here, how you're thinking about potentially deploying future capital.

Obviously, it's been a great way for you guys to compound over the last few years.

Sure. Everything is working well.

As you can imagine, Joe, we're very busy cultivating the right company. The fact that we are delevering faster gives us a little bit more flexibility, but our priorities have not really changed.

The priorities today is really to pay down the debt, like Mike said in the prepared remarks, is really to execute on the synergies and deliver on SPX FLOW. Of course, there might be some bolt-on acquisitions that we're cultivating, and this goes across in Flow as well as on the Connectors side of the business.

You've seen Aerospace, a very small Controls, a very small acquisition, but very strategic. Small bolt-ons are in the pipeline, and might be executed, but we are definitely busy cultivating, as well as paying down debt and delivering the synergies.

Okay. Great to hear.

Then I guess I may have missed it earlier, when you talked about the Casarria orders and then specifically what you're seeing across your portfolio, I'm curious, is the mix of your business shifting at all to maybe a little bit longer cycle than it has been historically? Maybe comment on that, because you're booking these orders on longer-term platforms.

I'm just curious how you're thinking about maybe more visibility beyond just 2026.

I think that's a very fair point, Joe, but I would say is we are lucky to have it both. What I mean by that is Casarria is winning important platforms, and you have the visibility for '28.

If you look at jet programs, we are winning our fair share and more, because we're winning market share, you have that. When you look at the backlog, because every quarter we look at the backlog for the next four quarters, and we compare to the backlog that we had one year ago for the future growth at that time, and I can tell you that our backlog that we have in our hands for the next few quarters is considerably higher.

For the next quarter, sometimes the backlog is higher by 30%, two quarters that are long by 20%, and for the next year, it's already 20% higher than what it was one year ago. You got great visibility in the long term, but also much more backlog for the short term.

Perfect. Thank you.

Thank you, Joe.

Thank you.