Orion 24/12 20A low output voltage

I have an Orion TR 24/12-20A DC to DC converter. It claims a fixed output voltage of 12.5V. However when I put it under a light load of 2A (25 Watts), the output voltage drops to 12.1V. Is this correct? I assumed that the device would try to maintain an output voltage of 12.5V.

Hi and welcome to the community Dave.

Looks ok but could put a meter on the output to confirm, from the manual >> https://www.victronenergy.com/upload/documents/Datasheet-Orion-Tr-DC-DC-converters-isolated-100-250-400W-EN.pdf

Anyone else with one who can comment?

Thanks for the response.
That Spec Sheet is different to the one I have:

from the Victron website:

Datasheet-Orion-Tr-DC-DC-converters-low-power,-non-isolated-EN.pdf (73.3 KB)

Does anyone have any idea what the acceptable output voltage drop should be on this converter?
To fall from 12.5V to 12.1V when drawing just 2 amps/30W seems a lot.

Hi, try the Pre-RMA test below, good luck.