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- **Record Growth**: Q4 sales up 20% YoY, full-year +11%, driven by currency wins and Crane Authentication synergies.
- **Margin Expansion**: SAT segment to improve 120bp in 2026, offsetting CPI headwinds. Free cash flow conversion >90%.
- **Strategic Moves**: $130M Antares Vision investment, 24/7 currency production, and U.S. $10 bill launch in 2026.
- **Dividend Growth**: 6% increase announced, reflecting strong cash flow generation.
- **Pipeline Strength**: 20 new currency wins in 2025, organic backlog +30%, and MLB/NFL authentication renewals.


**【CEO Summary Section】**
- **Q4 2025 Financial Highlights**: Sales of $477 million (+20% YoY), full-year sales of $1.7 billion (+11% YoY). Adjusted EBITDA margin of 25% in Q4, 24% for the year. Free cash flow conversion of 135% in Q4 and 94% annually.
- **Currency Growth**: 20 new micro-optics wins (exceeding 10-15 target), including 5 for Fiji. Organic backlog up 30% YoY. U.S. $10 bill redesign expected in mid-2026.
- **Strategic Investments**: $130M initial equity in Antares Vision (to be consolidated mid-2026). CapEx in currency business to rise to 7% of revenue in 2026.
- **Authentication Expansion**: 80/20 initiatives driving 120bp margin improvement in SAT. New MLB contract and 20+ wins in Crane Currency.

**【CFO Financial Commentary】**
- **Segment Performance**: SAT core sales +11% Q4, +7% full-year. CPI core sales flat Q4, -4% annually due to tariffs. SAT margin decline (420bp YoY) due to costs, FX, and mix.
- **2026 Guidance**: Sales growth 4-6%, adjusted EBITDA margin 28%. EPS $4.10-$4.40. Free cash flow conversion 90-110%.
- **Leverage & Dividends**: Net leverage 2.3x, targeting 2.3x end-2026. 6% dividend increase announced.

**【Q&A Highlights】**
- **SAT Margin Recovery**: 120bp improvement in SAT margin for 2026, driven by productivity and capacity investments. Q1 2026 EPS to accelerate, with phasing skewed to H2.
- **CPI Dynamics**: Flat sales guidance for 2026, with services growth offsetting hardware softness. Vending recovery expected in H2.
- **International Currency Demand**: 20 new wins in 2025, pipeline strong. Investments in 24/7 staffing and new production lines to meet demand.
- **U.S. Currency Launch**: $10 bill public release expected Q4 2026, with design finalized. $50 bill in development with advanced security features.
- **Antares Vision Update**: Mandatory tender offer to complete by Q1 2026, with full consolidation in mid-2026.


Crane NXT, Co. (CXT) Q4 2025 Earnings Call Transcript

- **Revenue Beat**: Q3 SAT growth 28%, driven by international currency wins and 20%+ backlog growth.
- **Strategic Shifts**: 60% portfolio in non-cash markets, Antares Vision acquisition for $2B track-and-trace growth.
- **U.S. Currency Growth**: 2026 Fed order projects high single-digit growth, with $10 bill production ramping mid-2026.
- **Margin Expansion**: SAT margin 28%, CPI service business mid-single-digit ARR growth, authentication margins +20% by 2026.
- **Risk Management**: Vending hardware softness offset by strong service growth and 29-30% CPI margins.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 sales of $445M (+10% YoY), driven by 28% growth in Security & Authentication Technologies (SAT) and 1% core growth in Currency Processing & Innovation (CPI). International currency orders exceeded expectations, with 9 new customer wins year-to-date.
- **Strategic Acquisitions**: Announced acquisition of Antares Vision for $2B track-and-trace market, expected to close in Q4. Integration of De La Rue's authentication business progressing, with 20%+ margin expansion from transitioning customers to micro-optics.
- **U.S. Currency Outlook**: 2026 Federal Reserve order projects high single-digit growth, with new $10 bill production starting mid-2026. $50 bill redesign expected in 2028.
- **Portfolio Shift**: 60% of portfolio now focused on non-cash-related markets, up from 80% in 2023.

**【CFO Financial Commentary】**
- **Financial Performance**: SAT segment operating margin 28% (vs. 25.5% prior guidance), driven by $100M+ SAT backlog. CPI segment margin 29-30%, with service business growing mid-single digits. Full-year EPS guidance narrowed to $4.00-$4.10.
- **Cash Flow**: Q3 free cash flow conversion 115%, on track for 90-110% full-year target. Antares Vision transaction to increase leverage to 2.9x, with plans to reduce via free cash flow.
- **2026 Outlook**: SAT core growth 9-11%, CPI flat to low single-digit, with service business mid-single-digit ARR growth.

**【Q&A Highlights】**
- **Vending Challenges**: Vending hardware orders down due to tariffs, but service business growing mid-single digits. CPI segment margin maintained at 29-30% despite headwinds.
- **Antares Vision Integration**: Antares' detection and track-and-trace tech aligns with secular growth trends. Expected to contribute to 2026 guidance post-closing.
- **$10 Bill Production**: Full-scale production mid-2026, with $100M+ annualized revenue potential. $50 bill redesign in 2028 to incorporate advanced security features.
- **Authentication Margin Expansion**: Transitioning 80% of De La Rue customers to micro-optics, driving 20%+ operating margin in authentication business by end-2026.

Crane NXT, Co. (CXT) Q3 2025 Earnings Call Transcript

- **Q2 Growth**: 9% YoY sales to $420M, driven by DLR acquisition and record $400M currency backlog.
- **New Products**: Fortress (authentication) and JetScan Ultra (CPI) launched, gaming orders +30% YoY.
- **Margin Targets**: CPI margin 29-30% (2025), SAT to 21% (2025), Auth business to 20%+ by 2026.
- **M&A Confidence**: $1B+ pipeline; 2025 deal expected amid 2.6x net leverage.
- **Currency Outlook**: U.S. redesign on track for 2026; international orders up 20% YoY.

**【CEO Opening Remarks】**
- Q2 2025 sales grew 9% YoY to $420 million, driven by acquisitions and strong international currency demand.
- Adjusted EPS of $0.97, in line with expectations, with 120% free cash flow conversion.
- Record $400 million backlog in international currency, up 20% YoY.
- Launched new products: Fortress (authentication) and JetScan Ultra (CPI), with gaming orders up 30% YoY.
- Integration of De La Rue Authentication business progressing well, targeting 20%+ OP margin by end-2026.

**【CFO Financial Review】**
- CPI segment: Core sales down 1% YoY due to lower vending volumes, but gaming orders up 10% QoQ.
- SAT segment: 32% YoY growth (incl. DLR), with U.S. currency production resuming post-technology upgrade.
- Full year guidance reaffirmed: EPS $4-$4.30, SAT sales +19-21%, CPI margin 29-30%.
- Net leverage 2.6x, targeting 2.0x by year-end, enabling M&A flexibility.

**【Q&A Highlights】**
- **CPI Growth**: Gaming to drive double-digit Q3 growth; vending tariffs impacting 2025 sales but 2026 outlook positive.
- **Authentication Synergies**: $16M run-rate synergies expected by 2026, with 20%+ OP margin target.
- **M&A Pipeline**: Active funnel with >$1B pipeline; confident in 2025 deal closure.
- **U.S. Currency Redesign**: On track for 2026 launch; mix of denominations key to margin impact.

Crane NXT (CXT)-7 Aug 25-2025 Q2 Earnings call transcript

- **Q1 Growth Drivers**: 5% sales growth from OpSec and International Currency, offset by 4% core decline due to U.S. Currency shutdown.
- **Backlog Strength**: Record $370M Currency backlog with 2.4x book-to-bill, supporting 19-21% SAT growth.
- **Tariff Mitigation**: $20M China tariff impact mitigated via pricing, with no material 2025 impact.
- **Authentication Expansion**: Mid-single-digit growth expected, fueled by NFL deal and Crane Authentication integration.
- **CPI Challenges**: Vending demand pushout to Q2, revised CPI sales guidance of -2% to flat YoY.
- **Balance Sheet Resilience**: 2.3x net leverage post-De La Rue acquisition, ample M&A capacity.

**【CEO Summary Section】**
- Q1 2025 sales grew 5% YoY, driven by OpSec and strong International Currency performance. Core sales declined 4% due to planned U.S. Currency shutdown for new banknote series upgrades.
- Record-high backlog in International Currency ($370M) with a book-to-bill ratio of 2.4, reflecting success in anticounterfeiting technology.
- New multiyear contract with a major retailer for CPI services, expanding recurring revenue.
- Completed De La Rue Authentication Solutions acquisition, forming Crane Authentication to combine OpSec and De La Rue capabilities.
- Tariff mitigation strategies include pricing actions and supply chain optimization, with no material impact expected on 2025 results.

**【CFO Financial Commentary】**
- Adjusted EPS of $0.54 in Q1, in line with expectations. Free cash flow impacted by lower volumes and timing of collections, but on track for 90-110% conversion for the year.
- SAT segment sales guidance updated to 19-21% growth, driven by International Currency backlog and De La Rue contributions ($80-90M in 2025).
- CPI sales guidance revised to -2% to flat YoY due to tariff-related demand pushout, with sequential flatness in Q2.
- Full year adjusted segment operating margin expected at 25.5-26.5%, reflecting tariff mitigation and productivity gains.

**【Q&A Key Highlights】**
- **CPI Vertical Performance**: Gaming (+low single digits), Retail (-high single digits), Financial Services (+mid-single digits), Vending (-low single digits) due to Chinese tariffs. Price increases implemented to mitigate $20M tariff impact.
- **Authentication Growth**: Mid-single-digit growth expected, with 40% of Crane Authentication revenue from resilient government contracts. Integration of OpSec and De La Rue to accelerate synergies in Q2+.
- **M&A Pipeline**: Active funnel with focus on $100-500M deals generating >10% ROIC. New term loan for De La Rue acquisition leaves net leverage at 2.3x, supporting future transactions.
- **Currency Outlook**: U.S. Currency production resumed post-upgrades, with BEP volumes in line with expectations. International Currency backlog positions SAT for 65% delivery in 2025.


Crane NXT (CXT)-8 May 25-2025 Q1 Earnings call transcript

- **2024 Strong Execution**: 7% annual sales growth, 27% EBITDA margin, $4.26 EPS. Free cash flow conversion 76%.
- **Currency Leadership**: 13 new micro-optics wins, first OpSec deal, 2026 US currency upgrades on track.
- **2025 Growth Drivers**: 1-3% sales growth, mid-single-digit SAT growth, 6% dividend increase.
- **Risks**: 20% US currency decline Q1, 1-2% FX headwinds, gaming inventory uncertainty.
- **Strategic Shift**: Recurring revenue 50%, cash exposure 65%, 3 deals closed in 18 months.

**【CEO Summary Section】**
- **Q4 & Full Year 2024 Performance**: Sales grew 12% Q4 and 7% annually, with adjusted EBITDA margin of 27% and adjusted EPS of $1.20/Q4 and $4.26/year. Free cash flow conversion was 109% Q4 and 76% annually.
- **Currency Business Momentum**: Won 13 new denominations with micro-optics, signed first OpSec contract for luxury perfume authentication, and completed 50% of US currency upgrades for 2026 launch.
- **Strategic Acquisitions**: Integrated OpSec and TruTag, with De La Rue deal expected Q2. Recurring revenue now 50% of portfolio, down from 80% cash-related exposure.
- **2025 Outlook**: 1-3% sales growth (1-2% FX headwinds), mid-single-digit SAT growth driven by international currency, and $4-4.30 EPS. CPI to grow low-single digits, SAT down 20% in US gov't sales.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: $399M sales (+12% YoY), adjusted segment margin 27%, free cash flow conversion 109%, EPS $1.20.
- **Full Year 2024**: $1.5B sales (+7%), adjusted EBITDA margin 27%, free cash flow $1.1B, EPS $4.26.
- **Segment Performance**: CPI flat Q4 with 29% margin; SAT +7% Q4, 27% margin. Full year SAT +5% vs. CPI -1%.
- **2025 Guidance**: 1-3% sales growth, 26-27% segment margin, $4-4.30 EPS. Q1 2025: 20% segment margin, 20% US currency decline, 12% CPI growth weighted to H2.

**【Q&A Key Takeaways】**
- **Gaming Recovery**: OEM inventory burn expected to end Q2, with gaming sales returning to growth H2 2025.
- **Q1 2025 Challenges**: 20% US currency decline, 12% CPI growth weighted to H2, 20% SAT margin dip due to OpSec dilution.
- **M&A Pipeline**: $100-500M targets with 3-5x ROIC, including potential 2025 deals beyond De La Rue.
- **Tariff Impact**: Minimal risk from China/Mexico tariffs; diversified supply chain mitigates risk.
- **International Currency Growth**: 13 new wins in 2024, 10-15 annual target, 248M backlog for 2025.

Actual											0.3994	0.2223	0.3647	0.3473	0.5765	0.6356	0.6564	0.4341	0.6286	0.6599	0.646	0.7398	0.97	1.12	1.09	0.99	0.85	1.06	1.16	1.2	0.54	0.97	1.28	1.27
Forecast											0.4363	0.1627	0.2757	0.3813	0.4516	0.4812	0.4734	0.391	0.5829	0.6295	0.6419	0.6596	0.7396	0.9133	1.0151	0.9312	0.8438	1.0443	1.1415	1.2013	0.5146	0.9467	1.262	1.2571
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-8.46%	+36.63%	+32.28%	-8.92%	+27.66%	+32.09%	+38.66%	+11.02%	+7.84%	+4.83%	+0.64%	+12.16%	+31.15%	+22.63%	+7.38%	+6.31%	+0.73%	+1.50%	+1.62%	-0.11%	+4.94%	+2.46%	+1.43%	+1.03%

CXT

CXT fundamentals

CXT Q4 2025 Earnings

Earnings Call

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CXT

CXT fundamentals

CXT Q4 2025 Earnings

Earnings Call

CXT Earnings Call Summary for Q4/202510:00 AM on Feb 12, 2026

CXT Earnings Call Summary for Q3/202510:00 AM on Nov 6, 2025

CXT Earnings Call Summary for Q2/202510:00 AM on Aug 7, 2025

CXT Earnings Call Summary for Q1/202510:00 AM on May 8, 2025

CXT Earnings Call Summary for Q4/202410:00 AM on Feb 13, 2025

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