Organic Growth

FY 2025

Maintained a low single-digit organic growth outlook for FY 2025 "

Maintained low single-digit full-year organic growth outlook; first half showed 2% growth and expected to add 2 points to full-year revenue growth " "

no change

Adjusted EPS Contribution from M&C Tech Group

FY 2025

no prior guidance

Expected to contribute approximately $0.10 accretive to adjusted EPS for the full year " "

no prior guidance

Revenue Expectations

FY 2025

no prior guidance

Full-year revenue expectations remain unchanged outside of the M&C contribution and a more favorable FX translation impact of 0% to 1% tailwind "

no prior guidance

Interest Expense

FY 2025

no prior guidance

Expected to be approximately $29 million to $32 million, which includes the acquisition of M&C Tech Group "

no prior guidance

Gross Margin

FY 2025

no prior guidance

Expected to remain in the 47% to 48% range for the year, with mitigating actions against tariffs and FX headwinds " "

no prior guidance

SG&A Expenses

FY 2025

no prior guidance

Expected to remain in the range of $107 million to $109 million per quarter on an organic basis, plus an additional $5 million to $6 million from M&C Tech Group "

no prior guidance

Detection Growth

Previously, Q1 2025 reported mid‐teens growth with robust incoming orders and strong performance across fixed and portable segments " " " , Q4 2024 noted a contraction in fixed gas but steady high‐single digit growth in portables " " " , and Q3 2024 recorded mid‐single digit increases with mixed contributions "

Q2 2025 reported mid‐single digit organic growth, with strong fixed gas detection performance driven by diversified markets and integration from the M&C Tech Group " " "

Growth remains consistent but at a slightly moderated pace relative to Q1, reflecting acquisition integration and a more cautious comparison base " " "

Connected Portables

Q1 2025 showed balanced growth with substantial adoption of the io4 device and MSA+ offerings " " , Q4 2024 highlighted connected portables as the fastest‐growing category and Q3 2024 emphasized nearly 40% growth in portable sales with significant acceleration of connected solutions " " "

Q2 2025 emphasized exponential growth in MSA+ connected portables, with over half of portable growth driven by these solutions and customer enthusiasm for the Altair io4 platform " " "

Steady positive momentum with an increased focus on connected technology leading to even stronger customer adoption in Q2 2025 " " "

Fire Service Demand

Q1 2025 noted high single-digit declines with major contracts (e.g. Orange County) and product launches addressing NFPA changes " " ; Q4 2024 reported high single-digit growth driven by SCBA orders while warning of a softer pipeline for 2025 " " ; Q3 2024 highlighted a high single-digit decline due to shipping delays and “lumpy” ordering "

Q2 2025 showed a mid-single digit organic decline, impacted by short-term regulatory evaluation dynamics and order timing challenges associated with NFPA standard change delays " "

Mixed sentiment persists; recurring concerns about timing and regulatory impacts remain, though strategic follow-on orders help partially offset the decline " " "

NFPA Regulatory Uncertainty

Q1 2025 discussed innovative product introductions to preempt the NFPA standard change " ; Q4 2024 examined timing issues and customer deferrals ahead of the new standard " " ; Q3 2024 did not mention this topic

Q2 2025 detailed NFPA standard-driven customer delays and the potential short-term volatility in order pace, while noting readiness with a redesigned XR product " " "

Continues to be a consistent concern with companies actively adjusting product roadmaps to mitigate regulatory risks, even as uncertainty remains in customer ordering timing " " "

Tariff, FX, & Inflation Headwinds

Q1 2025 reported significant headwinds from tariffs (affecting 15% of cost), FX pressures (especially Latin American currencies), and inflation impacting margins " " " " ; Q4 2024 acknowledged FX and inflation as margin pressures but did not include tariffs in outlook " " ; Q3 2024 had no direct mention

Q2 2025 detailed early tariff impacts on input costs, noted persistent FX headwinds from Latin American currencies, and highlighted inflation as a contributor to a 170 bp decline in gross margins, with targeted pricing actions underway " " " "

The challenges are more pronounced in Q2 with enhanced mitigation strategies, showing a proactive approach through pricing and cost management, yet external pressures continue to weigh on margins " " "

Cost Management, Pricing Strategy, & Margin Stability

Q1 2025 addressed long-term cost initiatives, strategic price increases, and margin stabilization despite macro headwinds " " ; Q4 2024 emphasized SG&A management, price realization, and productivity initiatives leading to margin expansion " " ; Q3 2024 focused on SG&A prioritization and pricing contributing to stable margins "

Q2 2025 explained the implementation of targeted price increases, cost control through SG&A productivity, and efforts to mitigate tariff and inflation impacts, resulting in a gross margin of 46.6% and a focus on achieving a better cost-price balance by early 2026 " " "

Consistent focus across periods with an escalation in proactive pricing and cost initiatives in Q2 to counteract increased external pressures, maintaining margin stability over time " " "

Order Flow Dynamics, Pull-Forward Risks, & Revenue Forecasting Uncertainty

Q1 2025 noted healthy order pace with a $10M revenue pull-forward and acknowledged macro uncertainty " " " ; Q4 2024 observed mixed order dynamics with lighter December orders and potential NFPA-driven pull-forward risks " ; Q3 2024 reported robust order growth and noted pull-forward contributions from delayed projects " " "

Q2 2025 revealed a slightly below 1 book-to-bill ratio with better-than-expected backlog conversion in certain segments, while highlighting revenue forecasting uncertainties in Fire Service and industrial PPE due to regulatory timing and market softness " " "

While order flow remains generally healthy, Q2 emphasizes caution with pull-forward risk factors and revenue forecasting uncertainty due to regulatory timing and shifting market dynamics " " "

Industrial Market Volatility & Segment Vulnerability

Q1 2025 alluded to a dynamic operating environment with mixed performance, particularly in Industrial PPE " " " ; Q4 2024 highlighted industrial market softness, especially in the U.S. fire service and PPE segments, with choppy ordering " " ; Q3 2024 described a mixed industrial market with some vulnerability in fall protection and delays in ballistic helmets " "

Q2 2025 described industrial markets as challenged, noting bright spots in utilities but softness in manufacturing and non-residential construction, with the diversified portfolio helping to mitigate the volatility " "

Persistent vulnerability in industrial segments with recurring softness; however, increased segmentation and diversification strategies are in place to buffer the impact in Q2 2025 " "

M&A Acquisition & Global Expansion Opportunities

Q1 2025 mentioned a disciplined M&A approach and adjustments to the credit facility to support expansion, with a focus on strategic alignment " " ; Q4 2024 reiterated disciplined M&A evaluation though with less detail; Q3 2024 had no specific mention

Q2 2025 detailed the acquisition of M&C Tech Group—adding $500M to TAM and contributing accretively to revenue and EPS—and discussed leveraging European assets for global expansion " " " " "

An increased emphasis in Q2 on acquisition integration and leveraging M&A for global expansion signals a more proactive approach compared to earlier periods " " " "

Product Innovation & Competitive Wins

Q1 2025 focused on new detection and fire service product launches (e.g. G1 SCBA XR, Globe G Extreme) and a key contract win with Orange County " " ; Q4 2024 showcased launches like Cairns 1836 and the FL5000, along with significant competitive wins in connected portables and major contracts " " " " ; Q3 2024 highlighted recognition for innovation and accelerated growth in connected portables " " "

Q2 2025 emphasized continued innovation in connected portables (MSA+ and Altair io4), fall protection enhancements (VTech, VShock), and competitive wins such as large orders from key fire service accounts " " " " "

Consistent commitment to product innovation across periods, with Q2 reinforcing its market leadership through advanced connectivity and competitive wins, maintaining a strong strategic focus " " " " "

EPS Target Guidance & Accretion

Q1 2025 reaffirmed long-term 2028 EPS targets ($10–$11) with confidence in the ACCELERATE strategy " ; Q4 2024 did not provide specific EPS guidance; Q3 2024 reiterated commitment to financial targets without detailed EPS figures "

Q2 2025 provided explicit Q2 adjusted EPS of $1.93, including $0.03 accretion from the M&C acquisition, and anticipates approximately $0.10 accretion for full-year 2025 " " " "

Q2 introduces more granular EPS details and accretion impacts, building on earlier long-term commitments and signaling improved financial transparency and execution " " " "