Crane NXT, Co.

Good day, everyone, and welcome to Crane NXT fourth quarter and full year 2025 earnings call. At this time, all participants are in a listen-only mode. After the presentation, there will be a question and answer session. To participate, you will need to press star 1-1 on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, simply press star 1-1 again. Please note this conference is being recorded. Now it's my pleasure to turn the call over to the Vice President of Investor Relations, Matt Roche. Please begin.

Matt Roche Thank you, operator, and good morning, everyone. I want to welcome you all to the fourth quarter and full year 2025 earnings call for Crane NXT. Before we begin, let me remind you that the slides we'll reference during this presentation can be accessed via the investor relations section of our website at craneNXT.com, and a replay of today's call will also be available on our website. Before we discuss our results, I encourage all participants to review the legal notice in slide two, which explains the risk of forward-looking statements and the use of non-GAAP financial measures. Additionally, we refer you to the cautionary language at the bottom of our earnings release in our Form 10-K and subsequent filings pertaining to forward-looking statements. During the call, we'll also be using non-GAAP financial measures, which are reconciled to the comparable GAAP measures in the tables at the end of our press release and accompanying slide presentation, both of which are available on our website in the investor relations section. With me today are Aaron Sake, our President and Chief Executive Officer, and Cristina Cristiano, our Senior Vice President and Chief Financial Officer. On our call this morning, we'll discuss our 2025 highlights, our financial and operational performance, and our 2026 financial guidance and outlook. After our prepared remarks, we'll open the call to analysts for questions. With that, I'll turn the call over to Aaron.

Thank you, Matt, and good morning. I appreciate everyone joining the call today. I'd like to begin by thanking our Crane NXT team members around the world for their performance stream Q4. We have an exceptional team, and I'm proud of our accomplishments throughout 2025. Starting with our financial results, we had a strong end to the year, executing our strategy of accelerating organic revenue growth while maintaining strong margins and free cash flow. Sales growth was approximately 20% in the fourth quarter and 11% for the full year. Adjusted EBITDA margin was approximately 25% in Q4 and 24% for the full year. Additionally, our strong free cash flow resulted in a conversion ratio of approximately 135% in the fourth quarter and 94% for the full year, in line with our expectations. Finally, we delivered adjusted EPS of $1.27 in the fourth quarter and $4.06 for the full year. We continue to build momentum in executing our strategy to accelerate organic growth, and I'd like to highlight a few of our key achievements this year. We ended 2025 with a total of 20 new currency denomination wins specifying our micro-optics technology. This result exceeded our target range of 10 to 15 wins and is one reason why I'm so positive about the long-term outlook for the currency business. Notably, the new wins include five new denominations for the nation of Fiji, which unveiled a new series of currency in December featuring micro-optics integrated into polymer substrates. With our currency team's continued streak of wins and organic backlog up more than 30% year over year, We are highly confident in our sales outlook for this business in 2026. Also in 2025, we successfully completed the final equipment upgrades to support the launch of the new U.S. currency series. With design and testing finalized, we're preparing for the release of the new $10 bill later this year. And we're excited, as I know many of you are, for the U.S. Treasury announcement of the new design, which we think will likely be in mid-2026. In 2025, we also secured significant contract renewals in our crane authentication business across major customers, including the world's most recognized sports leagues. As a reminder, earlier last year we announced that we renewed our multi-year contract with the National Football League to provide physical product authentication and online brand protection services. And in Q4, we signed a multi-year agreement with Major League Baseball to provide security technology for their consumer products. We're confident that these partnerships together with other contracts we have with some of the world's most recognized brands will continue to drive growth. We also continue to build upon our market leading positions in authentication and traceability technologies. In 2025, we further strengthened our leadership in global authentication through the creation of crane authentication, combining OPSEC security and De La Rue authentication into one integrated business. We made significant progress executing on our synergies, including 80-20 initiatives, which will drive significant margin accretion in this business in 2026. Additionally, in the fourth quarter, we closed our initial equity investment in Antares Vision, a global leader in providing advanced detection systems and track and trace software, expanding our presence in higher growth end markets, including life sciences and food and beverage. And we're on track to complete this acquisition and take the company private in mid-2026. Finally, to capitalize on increasing demand, we are investing in the future growth in our international currency business, and I'll provide more details on this later in the call. In summary, throughout 2025, we continue to execute our strategies, accelerating revenue growth, building momentum in key strategic areas, and expanding our market-leading positions. We're taking meaningful steps to position the company for success, and we're in a strong position to deliver long-term shareholder value creation. So thank you again to our entire Crane NXT team for your dedication in 2025 and commitment to continued success in 2026. Now, with that, let me hand the call over to Christina to review our fourth quarter and full year financial performance in detail, as well as our 2026 guidance. Christina?