The latter: The ADI-2 Pro has two balanced analog Line outputs that can operate at levels up to +26.5 dBu (+24 dBu with Volume set to +2.5 dB).
Thanks for the clarifications. I realize now why I wasn't able to find this info in the manual. I was asking about the RME ADI-2 DAC fs, not the ADI-2 pro. Nevertheless, I understand how it works now.
A minor follow up question. In the red bold part of the excerpt from the ADI-2 DAC fs manual below, should the volume setting be 1 dB and not 0 dB since setting hardware Ref Level to +7 dBu and 0 dB volume will output 7 dBu and not 8 dBu?
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Fixed Output Level – Lock Volume
The option Lock Volume in the I/O menu allows to lock the analog output level to a specific value, a change via the VOLUME knob is no longer possible. The Volume adjustment within the menu is used to set the 'fixed' output level.
For example when the analog output should operate like a typical HiFi unit @ 2 V output level (equals +8 dBu), set the hardware Ref Level to +7 dBu and
0 dB volume. More examples:
1 V (0 dBV, +2.2 dBu): Ref +7 dBu, Vol -5 dB
0.775 V (0 dBu, -2.2 dBV): Ref +1 dBu, Vol -1 dB
0.5 V (-3.8 dBu, -6 dBV): Ref +1 dBu, Vol -5 dB
0.315 V (-10 dBV, -7.8 dBu): Ref -5 dBu, Vol -3 dB
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Just wanted to check if this is an error in the manual or if there is something else I am missing. Thanks.