Here are 1-3 brief analogies to describe Crane NXT (CXT), based on the provided company description:

• Like a specialized industrial manufacturer, similar to a focused Honeywell, providing critical engineered components across various sectors.
• Also a significant payment technology provider, akin to NCR Corporation, offering solutions for currency handling and payment systems.

• Engineered Fluid Handling Equipment: Crane NXT provides engineered fluid handling equipment, including process and commercial valves, pumps, and systems for various industrial applications.
• Payment Acceptance and Dispensing Products: The company offers high-technology products designed for accepting and dispensing payments.
• Currency Handling and Processing Systems: Crane NXT supplies systems for handling and processing currency, alongside broader cash and cashless payment solutions.
• Equipment Service and Managed Solutions: It provides equipment service solutions and connected managed services for its payment and merchandising technologies.

Crane NXT (CXT) primarily sells its advanced payment, merchandising technologies, and banknote security solutions to other businesses and governmental entities rather than directly to individuals. Due to the proprietary nature of business-to-business relationships, specific major customer names are typically not publicly disclosed. However, based on its business segments, Crane NXT serves the following types of major customers:

1. Central Banks and Governmental Authorities

   These entities are the primary customers for Crane NXT's banknote security features (through its Crane Currency business). They purchase specialized security technologies, materials, and services for the production and authentication of national currencies worldwide. These are sovereign entities and not public companies.

2. Original Equipment Manufacturers (OEMs)

   Crane NXT supplies its payment acceptance and dispensing technologies (from Crane Payment Innovations - CPI) to other manufacturers who integrate these components into their own finished products. These OEMs operate in various industries, including:

   • ATM and self-service kiosk manufacturers
   • Vending machine manufacturers
   • Gaming machine manufacturers (e.g., for casinos and lottery systems)
   • Transportation ticketing system providers
   • Retail self-checkout system providers

   These customers often incorporate Crane NXT's validators, dispensers, and cash management modules into their equipment.

3. Operators and Financial Institutions

   This category includes businesses that directly utilize Crane NXT's integrated payment and merchandising solutions (from CPI and Crane Merchandising Systems - CMS). These customers purchase or lease complete systems for managing cash and cashless transactions, as well as merchandising equipment. Examples include:

   • Retail chains
   • Vending machine operators
   • Casinos and gaming establishments
   • Banks and other financial institutions requiring currency handling and processing systems
   • Public transit authorities

Aaron W. Saak President & Chief Executive Officer

Aaron W. Saak was appointed President and Chief Executive Officer of Crane NXT in November 2022. Before joining Crane NXT, he served as President and CEO of Mobility Solutions at Vontier Corporation, and as President of Gilbarco Veeder-Root (GVR), a subsidiary of Vontier. At GVR, he was instrumental in developing and executing a strategy to drive core business growth, diversify into emerging markets, and integrate new technologies, including completing multiple acquisitions to expand into higher growth, recurring revenue business models. His career also includes eight years at Tyco International, where he held senior leadership roles such as Vice President and General Manager for the SimplexGrinnell division, and a ten-year tenure at General Electric in various product management, marketing, and technology positions. Mr. Saak holds a Ph.D. and M.S. in Industrial Engineering and Management Science from Northwestern University and a B.S. in Ceramic Engineering from the University of Illinois at Urbana-Champaign.

Christina Cristiano Senior Vice President, Chief Financial Officer

Christina Cristiano was appointed Senior Vice President, Chief Financial Officer of Crane NXT in February 2023. Prior to this role, she served as Vice President, Controller and Chief Accounting Officer at Crane Co. (the former parent company) starting in 2019. She played a key role in leading the corporate efforts to separate Crane Holdings Co. into two independent, publicly traded companies, one of which is Crane NXT. In her current position, Ms. Cristiano is responsible for financial strategy, including future portfolio growth initiatives and capital allocation, as well as overseeing finance, investor relations, IT, and global information security. She is expected to contribute to the company's growth both organically and through acquisitions.

Kimberly Margaret DiMaurizio Senior Vice President, Chief People Officer

Kimberly Margaret DiMaurizio serves as the Senior Vice President, Chief People Officer at Crane NXT.

Paul G. Igoe Senior Vice President, General Counsel and Secretary

Paul G. Igoe holds the position of Senior Vice President, General Counsel and Secretary at Crane NXT.

Samuel Keayes Senior Vice President, Security and Authentication Technologies

Samuel Keayes is the Senior Vice President of Security and Authentication Technologies at Crane NXT.

The key risks to Crane NXT (CXT) primarily stem from its specialized technology solutions in payment processing, banknote security, and authentication systems.

1. Intense Market Competition and Rapid Technological Change: Crane NXT operates in highly dynamic and competitive markets, particularly within payment processing and security solutions. The continuous evolution of technology, coupled with the potential for competitors to introduce new innovations or more aggressive pricing strategies, poses a significant threat to Crane NXT's market share and profitability. Sustained investment in research and development and continuous innovation are critical for the company to maintain its competitive advantage.
2. Regulatory Compliance and Reliance on Government Contracts: A substantial portion of Crane NXT's business, particularly its Security and Authentication Technologies segment which includes banknote security (Crane Currency), relies heavily on contracts with central banks and government agencies worldwide. This exposes the company to stringent governmental regulations, potential legal and compliance challenges, and the inherent risks associated with changes in government spending, policies, or procurement cycles. Non-compliance could result in penalties, fines, or damage to the company's reputation.
3. Global Macroeconomic Volatility: With global operations, Crane NXT is susceptible to various macroeconomic factors. Economic downturns, inflationary pressures, fluctuations in the cost of raw materials, and adverse currency exchange rates can negatively impact demand for its products and services, increase operational costs, and ultimately affect the company's financial performance.

The addressable markets for Crane NXT's main products and services are as follows:

• The addressable market for commercial banknote production is estimated at approximately $2 billion per year globally.
• Crane NXT's overall addressable market for its portfolio of trusted technology solutions that secure, detect, and authenticate products is approximately $10 billion globally.
• Following the acquisition of Antares Vision, this overall addressable market for Crane NXT is expected to expand to $13 billion globally.

Crane NXT (CXT) is poised for future revenue growth over the next two to three years, driven by its robust Security and Authentication Technologies (SAT) segment, strategic acquisitions that expand its portfolio, and its continued focus on advanced technology and innovation in payment and authentication solutions.

One primary driver is the strong demand within its **Security and Authentication Technologies segment**, particularly in the currency market. Crane NXT's Crane Currency business continues to secure new orders and gain market share in international markets, with 20 new denomination wins in 2025 alone. The company anticipates high single-digit growth in its SAT segment for 2026, significantly boosted by expected high single-digit growth in the U.S. currency business. This growth is further supported by the Federal Reserve's 2026 print order, which projects a substantial increase in demand for higher denomination banknotes, and the planned introduction of a new $10 banknote. Furthermore, a significant multiyear banknote order secured in late 2023 is expected to contribute to elevated backlog levels through 2026, indicating sustained demand.

Another key driver is **strategic acquisitions aimed at portfolio expansion and market diversification**. Crane NXT completed the acquisition of OpSec Security in May 2024, which led to an increase in its full-year 2024 sales guidance to 5% to 8%. OpSec Security is a recognized leader in brand protection and authentication solutions, bolstering Crane NXT's offerings. Additionally, the company completed the acquisition of De La Rue Authentication Solutions in 2025 and is on track to complete the acquisition of Antares Vision in 2026. The Antares Vision acquisition is strategically important as it expands Crane NXT's footprint into the attractive Life Sciences and Food & Beverage sectors, allowing the company to capitalize on rising demand for product authentication and cybersecurity needs.

Finally, **continuous innovation and technology leadership in its core payment and authentication solutions** will fuel future revenue growth. Crane NXT's Crane Payment Innovations (CPI) division develops advanced electronic payment systems for various applications, including vending, gaming, and retail. The Security and Authentication Technologies segment leverages proprietary technology to provide sophisticated security features for physical products, notably micro-optic security technology for banknotes. The company's strategic priorities include investing in research and development to remain at the forefront of industry trends and introducing new services to complement its existing product portfolio.

Outbound Investments

• Crane NXT completed the acquisition of OpSec Security in 2024, a global leader in brand protection and authentication solutions, which contributed $86.0 million in sales for the full year 2024 and $33.3 million for the fourth quarter of 2024.
• In 2025, Crane NXT completed the acquisition of De La Rue Authentication Solutions for approximately £300 million (or about $390 million), adding $133 million of acquired revenue to the Security and Authentication Technologies segment.
• Crane NXT closed an initial 32% equity investment in Antares Vision for €117.3 million in the fourth quarter of 2025, with plans to acquire the remaining shares and take the company private by mid-2026.

Capital Expenditures

• In 2024, higher capital expenditures were primarily focused on supporting the U.S. currency redesign program and other capital projects.
• For 2026, Crane NXT anticipates its total capital expenditure spending to be in the range of 3%-5% of sales.
• Capital expenditures specifically for the currency business are expected to increase to approximately 7% of currency's revenue in 2026 to support investments in productivity improvements, increased staffing, and capacity expansion for micro-optics production and banknote printing.