On this page of StockholderLetter.com we present the latest annual shareholder letter from Crane NXT, Co. — ticker symbol CR. Reading current and past CR letters to shareholders can bring important insights into the investment thesis.
Annual Report 2025

Aaron W. Saak resident & Chief ecutive Of cer 2025 Annual Report CEO Letter Dear Fellow Shareholders, In 2025, we continued to evolve our portfolio and strengthened our position as a global leader in authentication and traceability technologies that secure, detect, and authenticate what matters most to our customers. hroughout the year, we made signi cant progress e panding and diversifying our portfolio through disciplined , while continuing to invest in our core businesses and drive operational e cellence through the Crane Business System (CBS). This progress is grounded in our enduring commitment to our core values: People Matter, Do the Right Thing, Trusted Partner, Innovate for Growth, and Always Improving. 2025 Financial Performance e delivered 2025 results in line with our e pectations, with sales growth of appro imately year over year to nearly . billion, and core sales growth1 of appro imately . In addition, we delivered ad usted segment operating margin1 of 2 .5 and ad usted S1 of $4.06. e continued to advance our strategy, positioning the company for long term success while building on our position as a technology leader, highlighted by several strong commercial and operational achievements: In our Security & Authentication Technologies segment, we continued to win share with our leading micro optics technology and ended 2025 with a total of 20 new currency denomination wins and organic bac log up over 0 year over year. In addition, we are making strategic investments to capture organic growth opportunities in our international currency business where demand continues to be strong. We strengthened our leadership in the global authentication market through the creation of Crane Authentication, combining OpSec Security and De La Rue Authentication into one, integrated business. We made signi cant progress e ecuting on our synergies, including 0 20 initiatives which will drive signi cant margin accretion in this business in 2026. Furthermore, we secured signi cant contract renewals in our Crane Authentication business across ma or customers, including a multi year agreement with the ational Football League ( FL) and a or League Baseball ( LB) to provide security technology for its consumer products.
Maintaining a Disciplined Approach to Capital Allocation As we build upon a strong and resilient foundation, we remain disciplined in our approach to capital allocation, with a clear focus on three areas: 1. Investing in organic growth. In 2025, we successfully completed the nal e uipment upgrades to support the launch of the new U.S. currency series, beginning with the new $ 0 bill scheduled for release in 2026. This investment will support a multi year growth opportunity, and we are proud to partner with the Bureau of ngraving and rinting on this very important program. 2. Returning capital to shareholders. In 2025, we announced an increase to our annual dividend of 6 , maintaining a competitive position within our industrial technology peer set. 3. Executing disciplined M&A. We focus on markets with secular tailwinds and identifying companies with differentiated technologies that have a clear path to value creation aligned to our strategy of providing trusted technology solutions that secure, detect and authenticate our customers products. We will continue to be committed to a balanced capital allocation strategy and to maintaining ample capacity to deploy capital toward strategic ac uisitions that meet our strategic and nancial criteria. Building on our Leadership Positions Over the past three years, we focused on building a leadership position in authentication technologies, e panding into higher growth, ad acent end markets that enhance the resiliency of our portfolio. In 2025, we continued to make signi cant progress e ecuting on this strategy. We signed an agreement to ac uire Antares ision, a global leader in detection, inspection and track & trace technologies for the Life Sciences and Food & Beverage sectors. The ac uisition of Antares ision is another important step in e panding our portfolio with differentiated technology offerings and further aligning Crane T to markets with secular tailwinds. We closed our initial e uity investment in Antares ision in 4 2025 and are on track to complete the ac uisition and take the company private in 2026. We look forward to welcoming the Antares ision team to the company. oing forward, we will continue to actively cultivate our &A pipeline to further e pand and diversify the portfolio. Our robust pipeline of strategic targets coupled with our strong balance sheet and free cash ow generation position us well to continue to grow the business moving forward. Driving Operational Excellence As we continue to e pand the company, a key to delivering on our value creation priorities is driving operational e cellence through deployment of the Crane Business System (CBS). very day, we live our Always Improving value to better serve our customers, improve productivity, and generate cash for investment in growth. Our teams are steeped in the tools and methodology of CBS to drive differentiated operational performance, including increased operating margins, improved productivity and free cash ow generation. In 2025, appro imately 0 of our associates participated in continuous improvement events, including more than 40 kai ens, and over 200 associates worldwide are certi ed tool champions trained to use CBS to solve problems and drive results. Additionally, we invest in more than 80,000 hours of training for our team members each year in CBS tools.
Supporting Our People and Our Communities Our associates are critical to the success of our business. Their health, safety, and well being are foundational to our operations, and their engagement, innovation, and creativity power our ability to solve our customers most comple needs. In 2025, we launched our second employee engagement survey and had strong participation from our global employees, garnering valuable insights on how we can continue to enhance our culture and empower our teams to ensure we are creating value for all our stakeholders. We believe our greatest returns come from investing in our communities. In 2025, the Crane Fund for Widows and Children donated over $2 million to over 50 organi ations selected by Crane T associates. Our latest annual Impact Report, published in September 2025, further highlights our commitment to responsible growth and sustainability leadership, led by Crane T values. Positioned to Accelerate Growth We are proud of the progress achieved since becoming an independent public company and remain con dent in the opportunities in front of us. With continued investment in differentiated technologies and capabilities, disciplined capital allocation to further e pand our leadership positions in authentication and traceability technologies, and a focus on driving operational e cellence through CBS, and we are well positioned to accelerate growth in 2026 and beyond. Thank you for your continued support in Crane T. Aaron W. Saak resident & Chief ecutive Of cer 1 See the Company s reconciliations to the most comparable AA metrics and other discussion of the use of its non AA metrics in the Company s most recent earnings release available on its website under the heading Investors at investors.cranen t.com.
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CR Shareholder/Stockholder Letter Transcript:

Annual Report
2025


Aaron W. Saak
  resident & Chief     ecutive Of  cer
2025 Annual Report CEO Letter
Dear Fellow Shareholders,
In 2025, we continued to evolve our portfolio and strengthened our position as a global leader in
authentication and traceability technologies that secure, detect, and authenticate what matters most
to our customers.
  hroughout the year, we made signi  cant progress e  panding and diversifying our portfolio through
disciplined       , while continuing to invest in our core businesses and drive operational e  cellence
through the Crane Business System (CBS). This progress is grounded in our enduring commitment to
our core values: People Matter, Do the Right Thing, Trusted Partner, Innovate for Growth, and Always
Improving.
2025 Financial Performance
  e delivered 2025 results in line with our e  pectations, with sales growth of appro  imately        year  over  
year to nearly     .   billion, and core sales growth1 of appro  imately     . In addition, we delivered ad  usted
segment operating margin1 of 2  .5   and ad  usted     S1 of $4.06.
  e continued to advance our strategy, positioning the company for long  term success while building
on our position as a technology leader, highlighted by several strong commercial and operational
achievements:
In our Security & Authentication Technologies segment, we continued to win share with
our leading micro  optics technology and ended 2025 with a total of 20 new currency
denomination wins and organic bac  log up over   0   year  over  year.
In addition, we are making strategic investments to capture organic growth opportunities in
our international currency business where demand continues to be strong.
We strengthened our leadership in the global authentication market through the creation
of Crane Authentication, combining OpSec Security and De La Rue Authentication into one,
integrated business. We made signi  cant progress e  ecuting on our synergies, including
  0  20 initiatives which will drive signi  cant margin accretion in this business in 2026.
Furthermore, we secured signi  cant contract renewals in our Crane Authentication business
across ma  or customers, including a multi  year agreement with the   ational Football League
(  FL) and   a  or League Baseball (  LB) to provide security technology for its consumer
products.

Maintaining a Disciplined Approach to Capital Allocation
As we build upon a strong and resilient foundation, we remain disciplined in our approach to capital
allocation, with a clear focus on three areas:
1.
Investing in organic growth. In 2025, we successfully completed the   nal e  uipment
upgrades to support the launch of the new U.S. currency series, beginning with the new
$  0 bill scheduled for release in 2026. This investment will support a multi  year growth
opportunity, and we are proud to partner with the Bureau of   ngraving and   rinting on this
very important program.
2. Returning capital to shareholders. In 2025, we announced an increase to our annual
dividend of 6  , maintaining a competitive position within our industrial technology peer set.
3. Executing disciplined M&A. We focus on markets with secular tailwinds and identifying
companies with differentiated technologies that have a clear path to value creation
aligned to our strategy of providing trusted technology solutions that secure, detect and
authenticate our customers    products.
We will continue to be committed to a balanced capital allocation strategy and to maintaining ample
capacity to deploy capital toward strategic ac  uisitions that meet our strategic and   nancial criteria.
Building on our Leadership Positions
Over the past three years, we focused on building a leadership position in authentication technologies,
e  panding into higher  growth, ad  acent end markets that enhance the resiliency of our portfolio. In
2025, we continued to make signi  cant progress e  ecuting on this strategy.
We signed an agreement to ac  uire Antares   ision, a global leader in detection, inspection
and track & trace technologies for the Life Sciences and Food & Beverage sectors. The
ac  uisition of Antares   ision is another important step in e  panding our portfolio with
differentiated technology offerings and further aligning Crane     T to markets with secular
tailwinds.
We closed our initial e  uity investment in Antares   ision in   4 2025 and are on track
to complete the ac  uisition and take the company private in 2026. We look forward to
welcoming the Antares   ision team to the company.
  oing forward, we will continue to actively cultivate our   &A pipeline to further e  pand and diversify the
portfolio. Our robust pipeline of strategic targets coupled with our strong balance sheet and free cash
  ow generation position us well to continue to grow the business moving forward.
Driving Operational Excellence
As we continue to e  pand the company, a key to delivering on our value creation priorities is driving
operational e  cellence through deployment of the Crane Business System (CBS).   very day, we
live our Always Improving value to better serve our customers, improve productivity, and generate
cash for investment in growth. Our teams are steeped in the tools and methodology of CBS to drive
differentiated operational performance, including increased operating margins, improved productivity
and free cash   ow generation. In 2025, appro  imately   0   of our associates participated in continuous
improvement events, including more than   40 kai  ens, and over 200 associates worldwide are certi  ed
tool champions trained to use CBS to solve problems and drive results. Additionally, we invest in more
than 80,000 hours of training for our team members each year in CBS tools.

Supporting Our People and Our Communities
Our associates are critical to the success of our business. Their health, safety, and well  being are
foundational to our operations, and their engagement, innovation, and creativity power our ability to
solve our customers    most comple   needs. In 2025, we launched our second employee engagement
survey and had strong participation from our global employees, garnering valuable insights on how we
can continue to enhance our culture and empower our teams to ensure we are creating value for all
our stakeholders.
We believe our greatest returns come from investing in our communities. In 2025, the Crane Fund
for Widows and Children donated over $2 million to over   50 organi  ations selected by Crane     T
associates. Our latest annual Impact Report, published in September 2025, further highlights our
commitment to responsible growth and sustainability leadership, led by Crane     T values.
Positioned to Accelerate Growth
We are proud of the progress achieved since becoming an independent public company and
remain con  dent in the opportunities in front of us. With continued investment in differentiated
technologies and capabilities, disciplined capital allocation to further e  pand our leadership positions
in authentication and traceability technologies, and a focus on driving operational e  cellence through
CBS, and we are well positioned to accelerate growth in 2026 and beyond.
Thank you for your continued support in Crane     T.
Aaron W. Saak
  resident & Chief     ecutive Of  cer
1
See the Company   s reconciliations to the most comparable   AA   metrics and other discussion of the use of its non    AA   metrics in the Company   s most
recent earnings release available on its website under the heading   Investors   at investors.cranen  t.com.


shareholder letter icon 4/7/2026 Letter Continued (Full PDF)
 

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