Core Insights - Crane NXT reported full-year sales of approximately $1.7 billion, reflecting an 11% increase, with core sales growth of about 1% [1] - The company achieved fourth-quarter sales of $477 million, up around 20% year-over-year, driven by acquisitions and strong performance in Crane Currency [2] - Adjusted EBITDA margin was approximately 25% in Q4 and 24% for the full year, with adjusted EPS of $1.27 for the quarter and $4.06 for the year [3] Financial Performance - For the full year, adjusted segment operating margin decreased by approximately 260 basis points, influenced by acquisitions and international currency costs [1] - Fourth-quarter adjusted segment operating margin was about 26%, down roughly 120 basis points from the prior year due to added costs and unfavorable foreign exchange impacts [2] - CPI segment core sales declined about 4% year-over-year, while SAT delivered core sales growth of about 7% [6][9] Segment Analysis - In the CPI segment, fourth-quarter core sales were flat, with double-digit growth in gaming offset by softness in other markets [6] - SAT experienced a fourth-quarter core sales increase of approximately 11%, with total segment sales growth exceeding 40% [7] - SAT backlog was up more than 50% year-over-year, supporting management's confidence in future growth [9] Strategic Initiatives - Crane NXT plans to invest in international currency capacity and advance its pending Antares Vision transaction, expecting to take it private by mid-2026 [4][19] - The company aims for 2026 sales growth of 4-6%, with adjusted segment EBITDA margin around 28% and adjusted EPS of $4.10 to $4.40 [14][15] - Management outlined steps to expand capacity, including increased staffing and partnerships for banknote printing [12] Market Trends - Increased counterfeiting in emerging markets is prompting redesigns with higher security features, supporting demand in concentrated business areas [16] - The company expects revenue to be weighted towards the second half of the year, with mid-teens revenue growth anticipated in Q1 [17] - The company ended 2025 with net leverage of approximately 2.3x and plans to use free cash flow to pay down debt [18]