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INVESTOR DAY FEBRUARY 25, 2026 POSITIONED TO ACCELERATE GROWTH
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FORWARD-LOOKING STATEMENTS – DISCLAIMER 2 This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding the Company's intent, belief, or expectations, including statements with respect to our 2026 financial guidance and 2028 targets. Words such as “anticipate(s),” “expect(s),” “intend(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. The Company assumes no (and disclaims any) obligation to revise or update these statements to reflect future events or circumstances. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, it can give no assurance that its expectations will be attained. The Company cautions investors not to place undue reliance on any such forward-looking statements. Risks and uncertainties that could cause actual results to differ materially from the Company's expectations include, but are not limited to: the impact of tariffs and other trade measures; changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations; demand for its products, which is variable and subject to factors beyond its control; risks associated with conducting a substantial portion of its business outside the U.S., including the risk of tariffs and other trade measures by the U.S. and other countries; information systems and technology networks failures, breaches in data security, theft of personally identifiable and other information, and non-compliance with its contractual or other legal obligations regarding such information; being unable to identify or complete acquisitions, or to successfully integrate the businesses the Company acquires; fluctuation in the prices of, or disruption in its ability to source, components and raw materials, and delays in the distribution of its products; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow its business as planned; being unable to successfully develop and introduce new products, which would limit its ability to grow and maintain its competitive position; governmental regulations and failure to comply with those regulations; the ability to protect its intellectual property; risks from litigation, claims and investigations, including those related to product liability and warranties, and employee, commercial, intellectual property and environmental matters; risks related to its ability to improve productivity, reduce costs and align manufacturing capacity with customer demand; significant competition in the Company's markets; additional tax expenses or exposures; adverse impacts from intangible asset impairment charges; inadequate or ineffective internal controls; and risks related to the Separation, including not obtaining the intended tax treatment of the Separation transaction, failure of Crane Company to perform under the various transaction agreements and actual or potential conflicts of interest with Crane Company. Readers should carefully review Crane NXT, Co.’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane NXT, Co.’s Annual Report on Form 10-K for the year ended December 31, 2024 and the other documents Crane NXT, Co. and its subsidiaries file from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. This presentation contains non-GAAP financial measures. We have provided additional information regarding these non-GAAP financial measures and reconciliations of those measures to the most directly comparable GAAP measures at the end of this presentation. Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide, and percentages may not precisely reflect the absolute figures.
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3 AGENDA Q&A #1 BREAK Q&A #2 LUNCH AND INNOVATION SHOWCASE OPENING REMARKS VP, Investor Relations Matt Roache POSITIONED TO ACCELERATE GROWTH President and Chief Executive Officer Aaron Saak EXPANDING LEADERSHIP POSITION THROUGH ADVANCED TECHNOLOGIES SVP, Security and Authentication Technologies Sam Keayes LEADING THE MARKET IN DETECTION TECHNOLOGIES AND SERVICES President, CPI Michael Mahan BUILDING ON OUR LEADERSHIP POSITIONS President and Chief Executive Officer Aaron Saak SVP, Chief Financial Officer Christina CristianoPOSITIONED FOR SHAREHOLDER VALUE CREATION CLOSING REMARKS President and Chief Executive Officer Aaron Saak
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Aaron Saak, President and CEO POSITIONED TO ACCELERATE GROWTH
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5 OUR VALUE CREATION PRIORITIES Accelerating organic growth Investing in differentiated technology and capabilities to capture market tailwinds Building on our leadership positions Applying our disciplined capital allocation process to expand our leadership positions in authentication and traceability technologies Driving operational excellence through CBS Deploying the Crane Business System to drive margin expansion and strong free cash flow
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ACCELERATING GROWTH IN THE NEXT PHASE OF CRANE NXT 6 1 Includes Antares Vision estimated FY 2026 sales. 2 Market size estimates from Kearney and internal company estimates. PHASE 2 2023-2025 Establish company, execute strategy Expanding position in technologies that secure, detect, and authenticate ~$1.7B Revenue (2025) ~$10B Addressable Market2 PHASE 3 2026-2028 Positioned to accelerate growth Creating a global leader in authentication and traceability technologies ~$13B Addressable Market2 ~$1.9B Revenue1 (2026) PHASE 1 2018 - 2022 Pre-Separation Developed platform as a leader in currency technology and payment equipment and services ~$1.3B Revenue (2022) ~$7B Addressable Market2
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OUR PURPOSE We give people confidence every day in moments that matter.
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8 Crane NXT Overview A GLOBAL TECHNOLOGY LEADER ~50% ~30% ~10% ~10% Service Payment HardwareVending Brand and Government Authentication Currency North America ROW W. Europe Emerging Markets ~35% ~25% ~15% ~10% ~15% Sales by Offering1 Sales by Geography1 ~20 R&D and mfg. sites 150+ year history ~16,000 customers 17 countries ~1,300 patents ~5,000 employees ~$1.7B Sales1 ~24% Adj. EBITDA Margin1 ~94% Adj. FCF Conversion1 1 FY 2025 actual results. Please see the appendix for Non-GAAP reconciliations and explanations.
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A DIFFERENTIATED PORTFOLIO WITH INTEGRATED CAPABILITIES 9 Trusted Partner to Governments Detection and Inspection Equipment Track and Trace Software Proprietary Security Technology Field Service Capabilities 1 Antares Vision acquisition is expected to close in mid-2026. 1
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THE MARKET LEADER IN AUTHENTICATION AND TRACEABILITY TECHNOLOGIES 101 Antares Vision acquisition is expected to close in mid-2026. BUSINESSES OUR VALUE ADD Advanced, proprietary technologies that prevent the counterfeiting of products and identities Innovative solutions that ensure the quality, authenticity, and traceability of products across the supply chain 1 Detection and Traceability Technologies (DTT) Security & Authentication Technologies (SAT)
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ALIGNING OUR STRATEGIC PRIORITIES WITH COMPELLING SECULAR TRENDS 11 Increased Counterfeiting Digitization of Supply Chains Growth of Emerging Economies ~MSD ~HSD ~HSDMARKET GROWTH1 Proprietary advanced security technology Differentiated track & trace software capabilities >150 years as a trusted partner to governmentsWHY WE WIN GROWTH DRIVERS Increasing sophistication of counterfeiters Need to protect brand and government revenues Increasing regulations to ensure product safety Validate product authenticity Population and GDP growth Increasing inflation 1 Market growth estimates from Kearney and internal company estimates.
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CRANE BUSINESS SYSTEM (CBS) 12 >140 Kaizen events annually Certified CBS tool champions Training hours annually >200 >80K A Culture Built On Continuous Improvement
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13 PEOPLE MATTER We invest in each other and work together to achieve more DO THE RIGHT THING We operate with honesty and integrity in all that we do TRUSTED PARTNER We anticipate and solve our customers' most complex needs INNOVATE FOR GROWTH We are empowered to create new solutions that accelerate growth for our customers and ourselves ALWAYS IMPROVING We drive profitable growth through continuous improvement OUR SHARED VALUES
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2028 TARGETS 14 1 Includes revenue and Adj. EBITDA from potential future acquisitions. Acquisitions expected to be dilutive to margin in the first year. 2 Please see the appendix for Non-GAAP reconciliations and explanations. Deploying the Crane Business System to drive margin expansion and strong free cash flow Investing in differentiated technology and capabilities to capture market tailwinds Applying our disciplined capital allocation process to expand our leadership positions in authentication and traceability technologies 2028 TARGETS Driving operational excellence through CBS Accelerating organic growth Building on our leadership positions ~MSD Core Growth2 <3x Net Leverage2 ~$2.5B Revenue1,2 Mid 20’s% Adj. EBITDA Margin1,2 ~100% Adj. FCF Conversion2 Positioned To Drive Shareholder Value Creation
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Sam Keayes, Senior Vice President Security and Authentication Technologies EXPANDING LEADERSHIP POSITION THROUGH ADVANCED TECHNOLOGIES
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16 Security and Authentication Technologies (SAT) ACCELERATING ORGANIC GROWTH Built a global leader in advanced security & authentication technologies Authentication aligned to secular tailwinds; significantly expanding margins through deployment of CBS U.S. Currency poised to benefit from decade-long growth cycle, starting in 2026 Investing for continued growth in International Currency
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17 1 FY 2025 actual results. FY 2025 sales include 8 months of De La Rue Authentication. Please see the appendix for Non-GAAP reconciliations and explanations. >150 Years Of Trusted Leadership To Governments And Global Brands SAT SEGMENT OVERVIEW International Currency Government Authentication Brand Authentication N. America W. EuropeEmerging Markets <10 years>50 years 10-20 years Sales by End Market1 Sales by Geography1 ~35% ~10% ~50% ~5% Customer Tenure1 ~25% ~50% ~15% ~10% ~35% ~20% ~20% ~25% 20-50 years ROWU.S. Currency ~$810M sales1 ~25% Adj. EBITDA Margin1 ~85% Adj. FCF conversion1
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CRANE AUTHENTICATION OVERVIEW 191 FY 2025 actual results. FY 2025 sales include 8 months of De La Rue Authentication. BRAND AUTHENTICATION GOVERNMENT SOLUTIONS 65% 25% 10% Government Solutions Brand Authentication IDENTIFICATION SECURITY ~10% ~20%~40% ~30% ~$220M 2025 Sales1 Sales by Geography1 N. AmericaROW W. EuropeEmerging Markets Identification Security Solutions that protect public safety, products, IP & brand reputations Solutions that secure tax revenues Technology to protect personal identity
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AUTHENTICATION MARKET GROWING AT ~MSD+ 20 BRAND AUTHENTICATION1 GOVERNMENT SOLUTIONS2 IDENTIFICATION SECURITY3 ~LDD MARKET GROWTH MARKET DYNAMICS More sophisticated counterfeits driving demand for high-performance anti-counterfeit solutions Increasing standards and regulations to protect consumer safety Expansion in volume of illicit goods smuggled every year Governments’ desire to protect the public from dangerous counterfeits and expand tax base to new goods Strong growth in international travel driving passport demand Increasing use of Counterfeit IDs COMPETITIVE LANDSCAPE ~$5B MARKET MARKET ~MSD MARKET GROWTH ~MSD MARKET GROWTH ~$2B $2B ~$1B 1 Mordor Intelligence, Grand View Research, Fortune Business Insights. 2 ABI Research. 3 Growth Market Reports.
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AUTHENTICATION MARKET TAILWINDS ACCELERATING DEMAND 21 Increased Counterfeiting Digitization of Supply Chains Growth of Emerging Economies Internet spreading counterfeiting techniques Widespread copying of barcodes & QR codes Expanding excise programs to new products (e.g., soft drinks) GROWTH DRIVERS WHY WE WIN Best anti-counterfeiting solutions Integration of secure physical ‘trust anchors’ with traceability Proven solutions that deliver results at large scale
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INNOVATING FOR GROWTH Government Solutions Case Study Gulf Cooperation Council (GCC) countries focused on reducing smuggling, protecting consumers, and collecting excise taxes FORTRESS® fuses invisible covert features with overt security and CERTIFY software tracks billions of unique items annually Ability to scale to other geographies and new product categories CUSTOMER NEED OUR UNIQUE SOLUTION POSITIONED FOR FUTURE GROWTH 22
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EXPANDING MARGIN THROUGH CBS 23 80/20 IMPLEMENTATION Low 20’s% Adj. EBITDA2 in 2028 ~300 bps margin expansion annually in 2027 and 2028 ~$20M margin improvement in 2026 from synergies • Rationalized offerings and implemented new pricing strategies • Upgraded customers from legacy products to higher value micro-optics technology • Reduced cost through site rationalization • Improved supply chain efficiency DRIVING PRODUCTIVITY CBS IMPACT ON CRANE AUTHENTICATION1 • Delivered yield and uptime improvements • Simplified bid and contracting processes IMPROVING QUALITY 1 Figures on slide represent estimates. 2 Please see the appendix for Non-GAAP reconciliations and explanations.
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CRANE CURRENCY OVERVIEW 251 FY 2025 actual results. Split by vertical represents Q4 2025 exit rate. U.S. Currency International Currency International Currency Market Leading Anti-Counterfeit Technologies U.S. Currency ~10% ~55% Sales by Geography1 N. America W. Europe Emerging Markets ~70% ~30% ~$590M 2025 Sales1 Integrated design, technology, substrate & banknotes Sole-supplier of paper & substrate-based security technologies ~35%
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204 223 237 255 266 278 292 319 330 344 363 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Billions of banknotes in circulation1 ~6% CAGR >40 years of consistent growth in banknotes in circulation Growth drivers include population, GDP, inflation Increasing use of banknotes as ‘Store of Value’ SUSTAINED GROWTH OF BANKNOTES IN CIRCULATION 26 1 Source: BIS ‘Red Book’ and central bank annual reports (March 2025). Data includes 27 reporting countries. 2024 data not yet available.
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MULTIPLE GROWTH CATALYSTS DRIVING INCREASED DEMAND 27 Increased Counterfeiting Growth of Emerging Economies GROWTH DRIVERS U.S. new series More frequent banknote upgrades Population & GDP Growth Inflation WHY WE WIN Differentiated security technology Trusted partner relationships Extensive global footprintMarket-leading design capabilities
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DECADE-LONG GROWTH TAILWIND IN U.S. CURRENCY 28 1 Print order volumes in billions; Board of Governors of the Federal Reserve System (September 2025); Federal Reserve Note Print Order. 2 Board of Governors of the Federal Reserve System (November 2025). Variable costs represent paper, ink, labor and direct overhead costs. 3 Variable costs for the $50 banknote is not reported by the Federal Reserve. For illustrative purposes, the variable cost of the $20 banknote is used. Denomination Annual Banknote Volumes in Billions1 Variable Costs per Note2 $1 ~1.4 4.1¢ $5 ~0.4 7.1¢ $20 ~1.3 7.3¢ $50 ~0.2 7.3¢3 New design scheduled for release in 2026 Only current banknote with micro-optics security feature ~$15M Potential annual value if new $10 banknote is upgraded ~4¢ Potential increase in cost per note for advanced security features ~$50M Potential annual value if new $20 banknote is upgraded ~0.3 6.8¢$10 ~0.8 11.3¢$100
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Expect newly designed banknotes to go into production ~4 months prior to public release Similar production volumes expected as current series Expect current series to co-circulate with new series ON TRACK FOR LAUNCH OF NEW U.S. BANKNOTES BEGINNING IN 2026 29 Design complete Testing complete Public announcement on design expected in mid-2026 Expect production in mid-2026 Public launch in late 2026 Design in process Testing in process Expecting production in 2028 LAUNCH DATE BANKNOTES 2034 2028 2032 2030 2026
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MICRO-OPTICS INNOVATION DRIVING MARKET EXPANSION 30 Technology protected by >250 patents, extensive know-how and proprietary design software SURFACE or Thread Application VISION Multi-Color DETECT Machine Readable RAPID® High contrast colors Sharp, intuitive movement MOTION® Highly dynamic visual effects
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31 A complex system brought to LifeMICRO-OPTICS
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32 A complex system brought to Life MICRO-OPTICS Intuitive movement – enables banknotes to be authenticated in a fraction of a second in poor lighting Integration with banknote design Improves public engagement - adds complexity & cost for counterfeiters 5 million lenses Encrypted nano-text Unique design software. Fully patented technology. Protected trade secrets Expands addressable market to all Polymer, Hybrid and Paper banknotes VISION individually colors each lens in a different color – an order of magnitude improvement in security 01 02 03 04 05
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SIGNIFICANT GROWTH IN MICRO-OPTICS FROM CONTINUED PRODUCT INNOVATION 33 Historic growth driven by RAPID & MOTION technology in paper substrate Future growth led by SURFACE & VISION technology on all substrates Increasing production capacity in Nashua and Malta in anticipation of greater demand 29 29 32 32 33 33 36 37 37 39 40 41 41 3 8 16 22 28 34 37 55 67 71 77 79 6 8 11 2 7 8 11 11 11 16 21 24 39 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2028E Active Denominations Using Micro-Optics MOTION RAPID RAPID Vision MOTION Surface 29 32 40 50 62 69 81 85 103 122 138 150 170 >200 NEW WINS IN 202520
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HIGH CONFIDENCE OF SUSTAINED GROWTH IN INTERNATIONAL CURRENCY 34 >$100M Annualized growth opportunity >15 Central Banks designing new series over next 4 years >70 New denominations1 2026-2030 OPPORTUNITY AMERICAS ~25% EUROPE ~10% AFRICA ~35% ASIA-PACIFIC ~15% MIDDLE EAST ~15% 1 Internal estimate of future banknote upgrades from 2026-2030. Estimated Upcoming Banknote Upgrades by Region1
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INVESTING TO MEET INCREASING CUSTOMER DEMAND IN CURRENCY 2026 to 2028 Increased staffing to 24/7 Installing new micro-optics production lines in Nashua, NH and Malta Partnering for additional substrate & banknote printing capacity 2023 to 2025 Upgraded paper mills in Dalton, MA in preparation for U.S. New Series Upgraded Nashua, NH facility to deliver SURFACE & VISION products Currency CapEx as a % of Sales Expected Through 2028~7% 35 35
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SAT 2028 TARGETS 362 Data does not include future M&A. 2025 2028 Target2 Key Drivers Adj. EBITDA Margin1 ~25% ~28% Revenue ~$810M ~$1B • Launch of new U.S. banknotes • Continued demand for technology in International Currency • Authentication expansion with tax solutions for emerging markets Adj. EBITDA1 ~$200M ~$280M • CBS productivity focused on Authentication and International Currency expansion • Improved mix with micro-optics ~600 bps Authentication margin expansion 2026E-2028E ~10-15 New Currency micro-optics wins per year ~MSD+ Sales CAGR 2025-2028 1 Please see the appendix for Non-GAAP reconciliations and explanations. Accelerating Growth Through Technology Leadership
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37 Security and Authentication Technologies (SAT) ACCELERATING ORGANIC GROWTH Built a global leader in advanced security & authentication technologies Authentication aligned to secular tailwinds; significantly expanding margins through deployment of CBS U.S. Currency poised to benefit from decade-long growth cycle, starting in 2026 Investing for continued growth in international Currency
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Michael Mahan, President, CPI LEADING THE MARKET IN DETECTION TECHNOLOGIES AND SERVICES
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39 CPI Delivering Best-in-Class Margins and Free Cash Flow Poised to benefit from the U.S. currency banknote refresh Expanding service offerings into higher growth adjacencies Disciplined execution of CBS will drive continued margin expansion and best-in-class free cash flow CPI is the market leader in detection equipment and services
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CPI OVERVIEW 40 HARDWARE SERVICE Extensive in-field and depot service capabilities, preventative maintenance contracts and on-demand service capabilities Banknote, coin and cashless solutions; unmatched reliability, efficiency, and detection capabilities VENDING End-to-end offering of hardware, software and payment solutions for cold drinks, snacks, and coffee Sales by Geography1 Americas ROW W. Europe ~50% ~35% ~15% ~$850M 2025 Sales1 Hardware VendingService ~65% ~15% ~5% ~15% Emerging Markers Market Leader with Strong Margins and Free Cash Flow 1 FY 2025 actual results.
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CPI IS THE LEADER IN THE EQUIPMENT AND SERVICES MARKET 41 PAYMENT HARDWARE1 SERVICES1 VENDING2 ~LSD MARKET GROWTH MARKET DYNAMICS COMPETITIVE LANDSCAPE ~$2.5B MARKET MARKET ~LSD MARKET GROWTH ~MSD MARKET GROWTH ~$1.5B ~$0.5B ~$0.4B Growth in gaming and retail driven by technological innovation and automation Decline in financial services driven by reduced footprint of bank branches Continued growth in self-checkout and kiosk providing opportunity for additional field service Smart safes and cash automation require high uptime to drive site efficiency and working capital Lower margin business for operators/owners increasing focus on lower cost solutions Growth driven by consolidation of vending machine operators moving to standardized offerings 1 Internal company estimates. 2 NAMA (National Automatic Merchandising Association) Census; EVMMA (European Vending Machine Manufacturers Association) annual report; Berg Insight, Connected Vending Machine, 6th Edition.
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NEW U.S. CURRENCY SERIES CREATES UNIQUE GROWTH OPPORTUNITY FOR CPI 42 Opportunity to attach ongoing service contracts to all new equipment sales Significant upgrade to technology content: Updates to AI-imaging, infrared, magnetic and fluorescence technology Ongoing revenue opportunity from software upgrades required for future notes Q4 2025 CPI customer engagement begins 2026 Federal Reserve launches public education campaign New authentication software developed 2027-2028 Roll out of new equipment Ongoing in-field software installations 2029-2034 Annual enterprise software revenue through entire currency upgrade cycle Will require replacement of legacy products and software upgrades for qualified equipment >25K Installed units not compatible with new banknotes ~$50M Revenue opportunity in 2027-2028
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UNLOCKING GROWTH WITH A DIFFERENTIATED SERVICE PLATFORM 43 FOCUS AREAS Expected OUTCOMES LEVERAGE CBS TO IMPROVE OPERATING EFFICIENCY Improved response time and first-time fix rates SOLIDIFY CORE CPI SERVICE REVENUE Depot repair formalized as the preferred authorized service provider for CPI equipment EXPAND INTO PROFITABLE HIGH GROWTH ADJACENCIES Expanded strong relationships with OEMs/existing CPI hardware customers Optimized route management >80% Attach rate Expansion in smart safes, kiosks and self-checkout markets Sustained Service Revenue Growth~MSD
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DRIVING OPERATIONAL IMPROVEMENTS WITH CBS 44 • Improved vending line rate ~160% after series of Kaizen events in our factory • Reduced labor by ~25% through robotics implementation • Eliminated long cycle time and repetitive stress points • Automated track assembly – reduction in field quality issues • Price delivery and contracting process consistency EXPANDING CAPACITY DRIVING PRODUCTIVITY IMPROVING QUALITY ~400 bps Adj. EBITDA1 % Growth ~28% ~32% FY22 FY28E 1 Please see the appendix for Non-GAAP reconciliations and explanations.
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CPI 2028 TARGETS 45 2025 2028 Target Key Drivers Adj. EBITDA Margin1 ~31% ~32% Revenue ~$850M ~$890M • Equipment upgraded with launch of new U.S. banknotes • Service market growth Adj. EBITDA1 ~$260M ~$280M • Platform simplification • Continued productivity program execution through CBS >100% Adj. FCF Conversion1 ~Low 30’s% Adj. EBITDA1 Margin 1 Please see the appendix for Non-GAAP reconciliations and explanations. Driving Best-In-Class Margins And Strong Free Cash Flow
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46 CPI Delivering Best-in-Class Margins and Free Cash Flow Poised to benefit from the U.S. currency banknote refresh Expanding service offerings into higher growth adjacencies Disciplined execution of CBS will drive continued margin expansion and best-in-class free cash flow CPI is the market leader in detection equipment and services
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Q&A FEBRUARY 25, 2026 INVESTOR DAY POSITIONED TO ACCELERATE GROWTH
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BREAK IN PROGRESS The webcast will resume shortly FEBRUARY 25, 2026 INVESTOR DAY POSITIONED TO ACCELERATE GROWTH
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Aaron Saak, President and CEO BUILDING ON OUR LEADERSHIP POSITIONS
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50 BUILDING ON OUR LEADERSHIP POSITIONS Built leadership position in authentication technologies Completed three transactions to expand portfolio into resilient, higher-growth adjacent markets Expanding portfolio with market leading detection and traceability technologies Antares Vision adds technology leadership position in ~$3B life sciences and food & beverage markets Strong funnel and capacity in place for continued programmatic M&A Focused on building upon existing leadership positions utilizing our strong free cash flow while keeping net leverage <3x
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EXECUTED DISCIPLINED M&A TO BUILD MARKET-LEADING PORTFOLIO POSITIONED FOR GROWTH 51 1 Antares Vision transaction is expected to close in mid-2026. 2 Represents purchase of TruTag’s Smart Packaging assets. ACQUISITION CLOSE YEAR 2024 2024 2025 2026 1 PURCHASE PRICE ~$270M ~$2M2 ~$390M ~$500M ~REVENUE ~$130M NM ~$130M ~$230M ~EV/EBITDA (pre-synergy) ~13.5x NM ~13.7x ~12.0x ~EV/EBITDA (post-synergy) ~9.8x NM ~9.5x ~10.0x STRATEGIC RATIONALE Expansion into brands and track & trace software Unique authentication technology for brands Market leadership for governments and brands Expansion to life sciences and food & beverage markets
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EXPANDING INTO HIGHER GROWTH AUTHENTICATION AND TRACEABILITY END MARKETS 52 ADDRESSABLE MARKET1 ~$7B 2023 ~$10B 2024 - 2025 ~$13B 2026 Payment detection and authentication Banknote security Product Authentication Government and Identity Verification solutions Life sciences and Food & Beverage supply chain assurance 1 Market size estimates from Kearney and internal company estimates.
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ANTARES VISION OVERVIEW 53 EQUIPMENT SERVICE Field and remote capabilities for new equipment commissioning and ongoing service Advanced inspection and detection systems to ensure the quality and enable tracking of products through the supply chain ~60% ~40% Food and Beverage Life Sciences SOFTWARE Track and trace software to ensure the safety and authenticity of products from manufacturing to the consumer 40% 50% 10% ~€200M 2025 Sales1 Sales by Geography1 AmericasROW W. Europe 1 Antares Vision company estimates as of February 2026.
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ANTARES VISION IS THE ONLY FULLY INTEGRATED PROVIDER OF EQUIPMENT AND TRACEABILITY SOFTWARE 54 LIFE SCIENCES EQUIPMENT1 FOOD & BEVERAGE EQUIPMENT1 TRACEABILITY SOFTWARE1 ~HSD MARKET GROWTH MARKET DYNAMICS COMPETITIVE LANDSCAPE ~$3B MARKET MARKET ~MSD MARKET GROWTH ~MSD MARKET GROWTH ~$2B ~$1B ~$100M Manufacturing reshoring, particularly in U.S. in coming decade More complex biologics requiring specialized production equipment and transport Specialization of equipment for growing complexity of packaging materials Advanced technology for improved, non-destructive quality control Pharma track & trace regulation in place in the U.S. and EU, partially rolled out in ROW Batch-level traceability requirements for food required in U.S. by 2028, expanding to ROW 1 Market size estimates from Kearney and internal company estimates.
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ANTARES VISION IS ALIGNED TO GROWTH TAILWINDS 55 Increased Counterfeiting Digitization of Supply Chains for Improved Traceability Growth of Emerging Economies WHY WE WIN Leading detection and inspection equipment, customer and technology synergies with Crane NXT portfolio Market leading DIAMIND software platform for track and trace capabilities Wins with key reference customers, market position enhanced with Crane NXT commercial relationships GROWTH DRIVERS Increasing counterfeiting of pharmaceuticals, estimated at >$100B of fake products sold annually1 Governments increasingly requiring traceability of products from manufacturing through to consumer distribution Population and consumption growth adding to pharma and food demand 1 World Health Organization, A Study on the Public Health and Socioeconomic Impact of Substandard and Falsified Medical Products.(2017).
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ANTARES VISION TRANSACTION UPDATE 56 • Completed acquisition of ~32% stake • Financed through Euro denominated term loan • Equity accounting for non-controlling interest • Integration planning underway Step 1 Q4 2025 • Launch process to take company private • Expected completion of take- private process in mid-2026 • Execute integration plans and synergy programs Step 3 Q2 2026 • Received regulatory approval for transaction • Launched mandatory public tender offer (MTO) on February 16 for outstanding shares • Offer price of €5 per share • Expect MTO to be completed by end of March Step 2 Q1 2026 On track to close in mid-2026
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DISCIPLINED M&A FRAMEWORK DRIVES VALUE CREATION 57 MARKET COMPANY VALUATION Focused on authentication and traceability technologies Leading position in their market niche Clear path to value creation • Fragmented market with consolidation opportunities and path to market leadership • Underlying market growth of MSD or higher • Differentiation in technology, brand or channel • Target revenue between $100M to $500M • Synergies with other businesses in Crane NXT • Line-of-sight to improve margins and growth utilizing CBS • >10% ROIC by year 5
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TARGETING SELECT END MARKETS TO EXPAND OUR LEADERSHIP POSITION 58 M&A FOCUS Advanced security features Offering for key vertical markets and geographies Geographic expansion in emerging markets Additional capabilities in physical and digital identification Supply chain assurance equipment and services Detection and inspection solutions ADDRESSABLE MARKET1 ~$3B ~$1.5B ~$0.5B ~$3B ~$2B ~$1B TARGETED END MARKET Currency Brand Protection Government Solutions Identity Verification Life Sciences Food and Beverage 1 Market size estimates from Kearney and internal company estimates.
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STRONG FREE CASH FLOW AND BALANCE SHEET ENABLE CONTINUED PROGRAMMATIC M&A 59 Strong pipeline in place that fits M&A criteria, continuing to cultivate targets Team built to execute programmatic M&A with ~1 to 2 acquisitions per year 2026 focus on integrating Antares Vision and paying down debt Expect next acquisition in 2027 2025 as of December 31 Mid-2026 after close of Antares Vision 2027-2028 estimates ~$1B M&A Capacity2 <3x Net leverage1 ~2.9x Net leverage1 ~2.3x Net leverage1 M&A Capacity 1 Please reference the Non-GAAP reconciliations and explanations in the appendix. 2 Estimated M&A capacity after the closing of the Antares Vision transaction.
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60 BUILDING ON OUR LEADERSHIP POSITIONS Built leadership position in authentication technologies Completed three transactions to expand portfolio into resilient, higher-growth adjacent markets Expanding portfolio with market leading detection and traceability technologies Antares Vision adds technology leadership position in ~$3B life sciences and food & beverage markets Strong funnel and capacity in place for continued programmatic M&A Focused on building upon existing leadership positions utilizing our strong free cash flow while keeping net leverage <3x
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Christina Cristiano, Senior Vice President, CFO POSITIONED FOR SHAREHOLDER VALUE CREATION
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62 COMPELLING INVESTMENT THESIS Strong financial performance since separation Delivering durable sales growth, sustained high margins and robust free cash flow as we execute our portfolio evolution Clear path to core margin expansion Accelerating realization of synergies and productivity initiatives through CBS Disciplined capital allocation Prioritizing organic growth and M&A to strengthen leadership positions and maximize shareholder returns
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STRONG PERFORMANCE THROUGH PORTFOLIO EVOLUTION 63 ~4% Core1 CAGR 388 396 403 2023 2024 2025 1,391 1,487 1,657 2023 2024 2025 ~94% Average FCF Conversion1 ~26% Average Adj. EBITDA1 Margin 266 186 222 2023 2024 2025 Sales Adj. EBITDA1 Adj. FCF1 ~9% CAGR ~2% CAGR 1 Please see the appendix for Non-GAAP reconciliations and explanations.
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20% 5% 75% DISCIPLINED CAPITAL ALLOCATION STRATEGY TO DRIVE SHAREHOLDER RETURNS 64 Invest to accelerate organic growth Currency capacity expansion Authentication software development Build on our leadership positions through M&A Targeting differentiated, niche authentication and traceability markets Return cash to shareholders Pay competitive dividend based on strong free cash flow Strategic share repurchases Capital Deployment Priorities ~3% to 5% CapEx Spend ~15% of Adj. FCF1 Dividend Payout CAPEX M&A and Share Repurchases Dividend (2026E-2028E) ~$1B M&A Capacity2 1 Please see the appendix for Non-GAAP reconciliations and explanations. 2 Estimated M&A capacity after the closing of the Antares Vision transaction.
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STRONG BALANCE SHEET AND CAPITAL STRUCTURE 65 Net Debt Net Leverage1 Management Dec. 31, 2025 Fixed-rate debt 6.55% USD Bonds due 2036 4.20% USD Bonds due 2048 Term Loan A - GBP Term Loan B - EUR Gross Debt Cash and Cash Equivalents Net Debt $200 $350 $363 $131 $1,170 $235 $935 $126Revolver Variable-rate debt 1.1x 1.8x 1.5x 2.6x 2.3x 2.9x 2.3x Dec. 2023 Jun. 2024 Dec. 2024 Jun. 2025 Dec. 2025 Jun. 2026E Dec. 2026E Acquired OpSec Acquired De La Rue Authentication Expected close of Antares Vision 1 Please see the appendix for Non-GAAP reconciliations and explanations. Targeting Net Leverage1 of <3x
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ACCELERATING CORE GROWTH THROUGH 2028 1 Please see the appendix for Non-GAAP reconciliations and explanations. Note: does not include Antares Vision or other potential future M&A. 66 2026 -2028E2025 Core1 Growth Drivers ~MSD+~MSD+ • U.S. Currency refresh • Int’l Currency market share expansion • Authentication emerging market growth ~MSD~LSD ~LSD~(LSD) • U.S. Currency refresh • Services expansion to adjacent markets SAT Total NXT CPI
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~$300M ~$2.5B 67 Growth Drivers U.S. New Series International Currency Micro-Optics Wins CPI Service Market Expansion 2025 2028E ~$190M ~$350M Core1 Growth Antares Vision & De La Rue2 Authentication Market Growth~$1.7B Future M&A 1 Please see the appendix for Non-GAAP reconciliations and explanations. TARGETING SALES GROWTH OF ~15% CAGR THROUGH 2028 Sales 2 De La Rue Authentication has four months of non-core sales from January to April 2026.
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~$55M ~$600M ~$400M ~$60M 68 ~$85M 2025 2028ECore1 Growth Antares Vision & De La Rue2 Future M&A 1 Please see the appendix for Non-GAAP reconciliations and explanations. MARGINS GROWING AT ~15% CAGR WITH STRONG CORE MARGIN EXPANSION Adj. EBITDA1 2 De La Rue Authentication has four months of non-core sales from January to April 2026. Margin Drivers ~150 bps Core Segment Margin Expansion by 2028 Synergies Post Close of Antares Vision Expand Margins Future M&A at ~15% Adj. EBITDA; Improving Over Time Through CBS Deployment
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CRANE NXT 2028 TARGETS 69 ~MSD Core1 sales growth ~$400M ~$600M 2025 2028E ~$1.7B ~2.5B 2025 2028E ~100% FCF Conversion1 ~Mid 20’s% Adj. EBITDA1 margin Sales Adj. EBITDA1 Adj. FCF1 ~15% CAGR ~15% CAGR 1 Please see the appendix for Non-GAAP reconciliations and explanations. ~$220M ~$300M 2025 2028E ~11% CAGR Well-Positioned to Increase Shareholder Value
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FULL YEAR GUIDANCE3 REITERATING 2026 FINANCIAL GUIDANCE 70 1 Represents growth over 2025. 2 Please see the appendix for Non-GAAP reconciliations and explanations. 3 The company anticipates updating guidance in its Q1 2026 earnings announcement after the close of the Mandatory Tender Offer (“MTO”) at which time Crane NXT will have >50% ownership of Antares Vision. DOLLARS IN MILLIONS Sales growth range reflects: • CPI payment hardware businesses ~flat growth; ~LSD decline in vending and ~MSD growth in service • SAT growth driven by ~MSD core growth in Currency and Authentication; includes a full year contribution from DLR acquisition • FX tailwind of ~1% Adj. Segment EBITDA Margin 1 reflects realization of synergies in Authentication, partially offset by increased currency manufacturing costs +4% to +6%Crane NXT Sales Growth1 ~FlatCPI segment sales growth ~HSDSAT segment sales growth ~$58Corporate Expense ~$60Non-Operating Expense, Net $4.10 to $4.40Adjusted EPS2 ~90% to ~110%Adjusted Free Cash Flow Conversion2 ~21.5%Adjusted Tax Rate2 Adjusted EBITDA Margin2 ~25% Adjusted Segment EBITDA Margin2 ~28%
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71 COMPELLING INVESTMENT THESIS Strong financial performance since separation Delivering durable sales growth, sustained high margins and robust free cash flow as we execute our portfolio evolution Clear path to core margin expansion Accelerating realization of synergies and productivity initiatives through CBS Disciplined capital allocation Prioritizing organic growth and M&A to strengthen leadership positions and maximize shareholder returns
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Q&A FEBRUARY 25, 2026 INVESTOR DAY POSITIONED TO ACCELERATE GROWTH
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Aaron Saak, President and CEO CLOSING REMARKS
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74 OUR VALUE CREATION PRIORITIES Accelerating organic growth Investing in differentiated technology and capabilities to capture market tailwinds Building on our leadership positions Applying our disciplined capital allocation process to expand our leadership positions in authentication and traceability technologies Driving operational excellence through CBS Deploying the Crane Business System to drive margin expansion and strong free cash flow
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BUILDING A MARKET LEADER IN AUTHENTICATION AND TRACEABILITY TECHNOLOGIES 751 Antares Vision acquisition is expected to close in mid-2026. BUSINESSES WHAT WE PROVIDE Advanced technologies that prevent the counterfeiting of products and identities Innovative solutions that ensure the quality, authenticity, and traceability of products across the supply chain 1 Detection and Traceability Technologies (DTT) Security & Authentication Technologies (SAT)
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2028 TARGETS 76 1 Includes revenue and Adj. EBITDA from potential future acquisitions. Acquisitions expected to be dilutive to margin in the first year. 2 Please see the appendix for Non-GAAP reconciliations and explanations. Deploying the Crane Business System to drive margin expansion and strong free cash flow Investing in differentiated technology and capabilities to capture market tailwinds Applying our disciplined capital allocation process to expand our leadership positions in authentication and traceability technologies 2028 TARGETS Driving operational excellence through CBS Accelerating organic growth Building on our leadership positions Mid 20’s% Adj. EBITDA Margin1,2 ~100% Adj. FCF Conversion2 ~MSD Core Growth2 <3x Net Leverage2 ~$2.5B Revenue1,2 Positioned To Drive Shareholder Value Creation
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APPENDIX
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2026 SALES GUIDANCE – CORE VS. TOTAL1 79 1 Figures presented represent approximations and do not sum due to rounding. 2 Please reference the Non-GAAP reconciliations and explanations in the appendix. Total Crane NXT +1% to +3% 0% to +2% +1% to +3% CPI 0% to +1% 0% to 0% 0% to +1% SAT +2% to +4% +1% to +3% +4% to +5% +9% to +10% +4% to +6% SALES Core2 FX Acquisitions Total N/A
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2026 SEGMENT OUTLOOK AND PHASING 801 Please reference the Non-GAAP reconciliations and explanations in the appendix. Sales Adj. EBITDA Margin1 Sales Adj. EBITDA Margin1 ~MSD decline ~28% ~Flat ~30%CPI ~45% to 50% growth ~20% ~HSD ~25%SAT Crane NXT ~Mid-teens growth ~19% 4% to 6% ~25% Q1 Full Year
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OTHER FINANCIAL INFORMATION 81 DEPRECIATION EXPENSE OTHER NON-OPERATING EXPENSE TOTAL 2023 2024 2025 2026E 39.6 37.1 43.8 50.2 TOTAL 2023 2024 2025 2026E CPI 9.5 8.1 7.7 8.9 CPI 2.1 2.7 4.5 2.8 SAT 30.1 28.7 35.8 41.0 SAT 1.1 4.3 1.6 (1.9)1 3.5 8.0 6.9 0.6 1 Reflects ~($4M) related to non-controlling interest in a De La Rue joint venture. Note: Data on this page does not include Antares Vision.
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NON-GAAP EXPLANATIONS 82 Crane NXT reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release includes certain non-GAAP financial measures, including Adjusted operating profit, Adjusted operating margin, Adjusted EPS, free cash flow, and Adjusted free cash flow, that are not prepared in accordance with GAAP. These non-GAAP measures are an addition, and not a substitute for or superior, to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to operating income, net income or any other performance measures derived in accordance with GAAP. The Company's management believes that these non-GAAP measures of financial results (including on a forward-looking or projected basis) provide useful supplemental information to investors about Crane NXT. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance, and therefore the Company's non-GAAP measures may not be directly comparable to similarly titled measures of other companies. Reconciliations of certain forward-looking and projected non-GAAP measures, including Adjusted segment operating margin and Adjusted EPS, to the closest corresponding GAAP measure are not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures, which could have a potentially significant impact on Crane NXT's future GAAP results. Crane NXT calculates Adjusted segment operating margin and Adjusted EPS as described below. "Special items impacting operating profit" are items that are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. Special items impacting operating profit includes acquired intangible asset amortization, restructuring charges, impact of acquisition related fair value step-up, and transaction related expenses. • "Adjusted segment operating margin" is calculated as Adjusted segment profit divided by sales. Adjusted segment profit is calculated as segment profit excluding special items impacting operating profit. • "Adjusted EPS" is calculated as Adjusted net income divided by diluted shares. Adjusted net income is calculated as net income excluding special items impacting operating profit, stock-based compensation, the tax effect of these adjustments and other discrete tax items.
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NON-GAAP EXPLANATIONS 83 The Company's management believes that each of the following non-GAAP measures provides useful information to investors regarding the Company’s financial conditions and operations: • "Adjusted operating profit" and "Adjusted operating margin" add back to operating profit special items impacting operating profit which are outside of the Company's core performance, some of which may or may not be non-recurring, and which management believes may complicate the interpretation of the Company’s underlying earnings and operational performance. • "Adjusted net income" and "Adjusted EPS" exclude special items impacting operating profit, stock-based compensation, the tax effect of these adjustments and other discrete tax items which are outside of the Company's core performance, some of which may or may not be non-recurring, and which management believes may complicate the presentation of the Company’s underlying earnings and operational performance. • “Free cash flow,” “Adjusted free cash flow” and "Adjusted free cash flow conversion” provide supplemental information to assist management and investors in analyzing the Company’s ability to generate liquidity from its operating activities. The measure of free cash flow does not take into consideration certain other non-discretionary cash requirements such as, for example, mandatory principal payments on the Company’s long-term debt. Free cash flow is calculated as cash provided by operating activities less capital expenditures. Adjusted free cash flow is calculated as free cash flow adjusted for certain cash items which management believes may complicate the interpretation of the Company’s underlying free cash flow performance such as certain transaction related cash flow items. Adjusted free cash flow conversion is calculated as Adjusted free cash flow divided by Adjusted net income. These items are not incurred in all periods, the size of these items is difficult to predict, and none of these items are indicative of the operations of the underlying businesses. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future cash flows that are complementary to GAAP metrics. • "Adjusted EBITDA" and "Adjusted EBITDA margin" exclude net interest expense, tax expense and depreciation and amortization expense from net income, as well as special items impacting operating profit and stock-based compensation. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in predicting future earnings and profitability that are complementary to GAAP metrics. • "Net leverage ratio" refers to Net debt divided by trailing twelve months (TTM) Adjusted EBITDA. "Net debt" represents total debt (excluding deferred financing costs) less cash and cash equivalents. Management believes that these non-GAAP financial measures provide useful information about our ability to satisfy our debt obligation with currently available funds.
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NON-GAAP EXPLANATIONS 84 • References to "core," such as "core sales," exclude currency effects and, where applicable, the first-year impacts of acquisitions and divestitures. Management believes that non-GAAP financial measures that exclude these items provide investors with an alternative metric that can assist in identifying underlying growth trends in our business and facilitate comparison of our sales performance, for example, with prior and future periods that are complementary to GAAP metrics. Impact of acquisition related fair value step-up includes acquisition related inventory step-up amortization and fixed asset step-up depreciation. Transaction related expenses include acquisition related expenses such as incremental professional fees associated with closing and integration of acquisitions, and expenses associated with the Separation in prior periods. Restructuring charges predominantly relates to severance charges associated with the integration of the DLR and OpSec businesses, and the alignment of CPI's cost structure with existing economic conditions. Stock-based compensation is primarily related to stock-based compensation issued to senior management of Antares Vision, an equity method investee.
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NON-GAAP FINANCIAL MEASURES FOR CRANE NXT, CO. 85 Totals may not sum due to rounding. *Please see the Non-GAAP Financial Measures definitions in this release. 1 Primarily related to stock-based compensation issued to senior management of Antares Vision, an equity method investee. Non-GAAP Financial Measures (unaudited, in millions except per share data)
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86Totals may not sum due to rounding. NON-GAAP FINANCIAL MEASURES FOR CRANE NXT, CO. Non-GAAP Financial Measures by Segment, Fourth Quarter (unaudited, in millions)
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87Totals may not sum due to rounding. NON-GAAP FINANCIAL MEASURES FOR CRANE NXT, CO. Non-GAAP Financial Measures by Segment, Full Year (unaudited, in millions)
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88Please refer to the Non-GAAP Financial Measures tables. NON-GAAP FINANCIAL MEASURES FOR CRANE NXT, CO. Free Cash Flow, Net Leverage Ratio (unaudited, in millions, except net leverage ratio)
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