May 6th, 2026

The call presented several meaningful positives: strong Q1 revenue and organic growth, meaningful margin expansion, successful early closing of the Antares Vision acquisition that materially expands TAM and adds near-term revenue, a robust SAT performance with large backlog and clear targets, and a credible plan to reduce leverage and maintain EPS guidance. Near-term challenges include DTT hardware softness, modest EPS dilution from Antares financing this year, non-linear currency phasing due to tough 2025 comps, and incremental near-term costs to expand capacity. Overall, management communicated confidence in integration synergies, margin recovery for Antares, and a path to accretion in 2027, with most key metrics and guidance maintained or improved.

Company Guidance

Crane NXT updated 2026 guidance calling for total sales growth of 15–17% and maintained full‑year EPS of $4.10–$4.40; segment detail includes SAT: high‑single‑digit sales growth (U.S. currency high‑single‑digit, international low‑single‑digit) with SAT adjusted EBITDA margin expected to expand to ~25% by year‑end (Q1 margin 20%); Crane Authentication: mid‑single‑digit organic growth and low‑20s total growth including De La Rue; DTT: low‑20s sales growth including Antares Vision (Antares to add ~$200–$210M of revenue for nine months in 2026, with ~ $60–$70M in Q2 and roughly $100M of Antares backlog within the $221M DTT backlog); CPI: overall flat sales (services mid‑single‑digit growth, hardware/vending flat to slightly down) with CPI adjusted EBITDA margin targeted near ~30% and an incremental ~20–30 bps improvement; company‑level adjusted segment EBITDA margin ~27%; free cash flow conversion expected to accelerate and finish the year in the 90–110% range, and net leverage is expected to fall from ~2.9x at quarter end to ~2.3x by year end.