Company Overview - Crane NXT is a premier industrial technology company with approximately $1.6 billion in 2025 sales[9] - The company has approximately 50% recurring and reoccurring revenue[10] - The adjusted segment operating margin is approximately 25%[11] - Net leverage is approximately 2.3x[12] Business Segments - Crane Payment Innovations (CPI) has approximately $850 million in 2025 sales[18] - Security & Authentication Technologies has approximately $785 million in 2025 sales, including 8 months of De La Rue Authentication[18, 20] Customer Base - Approximately 65% of customers have been with the business for more than 20 years[16] - Sales by geography: Americas ~50%, APAC ~15%, Europe ~15%, MEA ~10%, SAT ~10%[15] Acquisition - Antares Vision has approximately €200 million in 2024 revenue and approximately 15% adjusted EBITDA margin[22]

Financial Performance - Sales grew by approximately 10% in Q3 2025, reaching $445 million, driven by acquisitions and strong performance in International Currency[6, 14] - Adjusted EPS for Q3 2025 was $1.28, aligning with expectations[6, 15] - Adjusted Segment Operating Profit Margin increased by approximately 50 bps year-over-year, reflecting higher volume and improved mix[15] - The company is updating its full-year Adjusted EPS guidance to a range of $4.00 to $4.10[6, 24] - Free Cash Flow conversion was approximately 115% in Q3 2025, with an expected range of approximately 90%-110% for the full year[6, 15] Business Segment Highlights - Security and Authentication Technologies (SAT) sales increased by 28.1% in Q3 2025, reaching $229 million, with core sales growth of approximately 9%[18, 19] - Crane Payment Innovations (CPI) sales decreased by 3.8% in Q3 2025, amounting to $216 million, but maintained a strong margin of approximately 31%[16, 17] Strategic Initiatives - The company signed an agreement to acquire Antares Vision, a global leader with approximately €200 million in 2024 revenue and approximately 15% Adjusted EBITDA Margin, expanding its technology solutions to life sciences and food & beverage markets[6, 8] - US Currency business is expected to grow at approximately HSD in 2026, with new $10 bill production expected to start in mid-2026[6, 28]

Acquisition Overview - Crane NXT announced an agreement to acquire Antares Vision on September 12, 2025[1] - The acquisition aims to expand Crane NXT's presence in resilient and growing end markets[13] - The transaction is expected to close in the first half of 2026[28] Antares Vision Details - Antares Vision is a global leader in inspection, detection, and track & trace technologies[6] - Antares Vision's 2024 revenue was approximately €200 million[12] - Antares Vision's 2024 adjusted EBITDA margin was approximately 15%[12] - Antares Vision has approximately 1,200 employees[12] - Approximately 60% of Antares Vision's end markets are in Life Sciences, and approximately 40% are in Food & Beverage[14] - Geographically, approximately 40% of Antares Vision's business is in Europe, approximately 50% in the Americas, and approximately 10% in the Rest of World[15] - By solution type, approximately 20% of Antares Vision's business is in Services, approximately 60% in Equipment, and approximately 20% in Software[17] Financial Terms - The purchase price is €5.00 per share, with an Enterprise Value of approximately €445 million[22] - The EV/EBITDA multiple is approximately 12x, or approximately 10x after expected synergies[22] - The company expects double-digit ROIC by year 5[22] - The acquisition is expected to be EPS accretive in the first full year after closing (2027)[22] - Net leverage is expected to be approximately 2.9x once the acquisition is complete in the first half of 2026[22]