Vicente Reynal
Chairman, Chief Executive Officer and President at Ingersoll Rand
Thanks, Vik. Turning to Slide 11, our Industrial Technologies and Services segment delivered strong organic revenue growth of 14%, including approximately 8% price and 6% volume growth year-over-year. Adjusted EBITDA rose 13% year-over-year with an adjusted EBITDA margin of 25.4%, up 70 basis points from prior year with an incremental margin of 32%. Organic orders grew 11% with a strong book-to-bill of 1.11. It is also important to note that on a 2-year stack, the ITS segment organic orders grew more than 50%, which is higher rates than the Q1 2022 2-year stack of approximately 40%, meaning that thus far, we continue to see accelerated demand for our products. If we move to the individual product categories, each of the below figures includes the negative impact of FX, which you can see was about 5% headwind across the total segment. Starting with compressors, we saw orders up in the high single digits.
A further breakdown shows orders for oil-free products grew in the high teens and oil-lubricated products grew in the low single digits. The Americas team delivered solid performance with orders in North America up approximately 10%, while Latin America was up low 20s. In Mainland Europe, down low single digits due primarily to FX headwinds. And a further look into our leading indicators like demand generation lease shows stable growth in Mainland Europe. Despite nearly two months of lockdowns in Shanghai, China, the Asia Pacific team delivered orders in the mid-teens. This was driven by low double-digit growth in China and mid-20s growth across the rest of Asia Pacific. In vacuums and blowers, orders were down low single digits on a global basis, driven mainly by FX we spoke about before and also a tough comp even we saw mid-40s growth in orders during Q2 of 2021.
Moving next to the Power Tools & Lifting, the Power Tools & Lifting team delivered strong performance with orders for the business up approximately 20%. And this marks the largest quarter for orders since Q1 of 2015. Looking at the sustainable innovation in action, portion of the slide, we're highlighting our next-generation oil free compressor. With the patented aerodynamic impeller design, this innovative sustainable compressor is approximately 15% more efficient than the oil-free rotary compressor it will typically replace. This technology is a perfect example of how we are continuing to address our customers' sustainability needs and goals by driving productivity through improved efficiency and reduce energy costs, decreasing the Scope one and Scope two greenhouse gas emissions.
Moving to Slide 12, revenue in the Precision and Science Technology segment grew 6% organically. Additionally, the PST team delivered adjusted EBITDA of $78 million, which was up 9% year-over-year, with incremental margins of 11%. Adjusted EBITDA margin was 26.8%, down 390 basis points year-over-year. As illustrated on the table in the bottom left side of the page, the decline in adjusted EBITDA margin is driven primarily by the impact of prior year acquisitions, which drove 200 basis points of the decline. In addition, the impact of investments for growth, such as our hydrogen business and the Ion Solutions product line that drove 80 basis points of decline and China lockdowns, where the other largest discrete driver had nearly 60 basis points given the impact to two China facilities in the PST segment.
Organic orders grew up 2% year-over-year, as future comps were challenging due to the prior year COVID related demand primarily in the Thomas Medical business. Adjusting for the COVID and the onetime large nonrepeating orders, normalized organic orders were up approximately 9%. And on a 2-year stack, organic orders were up 22%. It is also important to note that in Q1 of 2022, the 2-year organic stack was approximately 19%, again showing some sequential acceleration of demand into Q2. Since the Investor Day in November, one of the key questions we have been asked is how we expect to achieve the mid-30s EBITDA margin profile for PSC. On the bottom right-hand side of the page, I want to illustrate why we continue to believe a mid-30s margin is achievable, and we remain committed to delivering that in the medium term.
As you can see, 25% of the portfolio is already above 35% EBITDA margins with another 40% of the portfolio that is around 30% margin. That leaves us with a few targeted businesses that are at or below 25% EBITDA margin with the vast majority related to new acquisitions and early-stage innovations. We believe we have significant opportunity for margin expansion across the entire portfolio, and we have a proven track record of margin expansion in both newly acquired assets and within our core business. And let me point out to three examples. The first example is Seepex and illustrates how we plan to improve businesses that are in the less than 25% EBITDA margin bucket. As you recall, we acquired Seepex in September 2021, which had mid-teens EBITDA margin at the time of the acquisition and has already improved to the low 20s in less than two quarters.
The next two examples point out to how we can continue to improve businesses that already have some very high EBITDA margins. First, Air Dimensions, which was another recently acquired company in Q4 of 2021, which in less than two quarters have gone from mid-50s EBITDA margin to low 60s EBITDA margin. And then there is our legacy Gardner Denver Medical segment, which we now call our Thomas business. This is a core business where we have shown an ability to grow its EBITDA margin from the high 20s in 2018 to the low 30s by 2021 and where it remains today. Overall, we continue to see a strong runway on margin expansion across the entire PST portfolio, and we will use IRX to ensure proper prioritization of actions and nimble execution. Moving to Slide 13. Once again, we're raising our full year guidance. We're raising our organic growth guidance for the total company to 11% to 13%, which is a 300 basis point increase from our prior guidance. The raise comes entirely from our IPS segment.
The organic growth increase is offset by the negative impact of FX. FX is expected to now contribute headwinds of approximately 5% versus a headwind of 2% in prior guidance. And this leads to a full year 2022 revenue guidance at 11% to 13% total growth. We're also raising the adjusted EBITDA guidance to a range of $1.395 billion to $1.425 billion. We continue to expect free cash flow conversion to adjusted net income to be greater than or equal to 100%. We anticipate our adjusted tax rate to be in the low 20s and capex to be approximately 2% of revenue. And although we don't provide quarterly guidance, the best way to think about the back half revenue and EBITDA facing is that the distribution between Q3 and Q4 is similar to what we saw in prior year. We expect pricing to improve slightly from the first half to the second half, as we continue to work through backlog, and we do expect the price cost spread to improve in the second half of the year. As a reminder, the new acquisitions mentioned on Slide six are not included in this guidance as the transactions have not closed.
Turning to Slide 14, as we wrap up today's call, I want to reiterate that Ingersoll Rand is in a very strong position. We delivered strong results in the first half 2022, including record second quarter performance that was better than our expectations. 2022 is poised to be a strong year despite known challenges and dynamic market conditions. We will continue to remain agile and leverage IRX across every facet of our business to deliver on our commitments. To our employees, I want to again thank you for your continued engagement and making thoughtful action oriented decisions like the owners that you are. This engagement continues to drive the accomplishment of our mission to make life better for our customers, the environment and shareholders. And our balance sheet is very strong, and with our disciplined and comprehensive capital allocation strategy, we remain resilient to have the capacity to deploy capital to investments with a high return on capital, as we continue our track record of market performance.
With that, I will turn the call back to the operator and open for Q&A.
