Crane Co (CR) 2025 Q4 法說會逐字稿

Welcome to the Crane Company fourth-quarter 2025 earnings conference call. (Operator Instructions)

歡迎參加Crane公司2025年第四季財報電話會議。（操作說明）

I would now like to turn the call over to Allison Ploniak, Vice President of Investor Relations.

現在我將把電話交給投資人關係副總裁艾莉森‧普洛尼亞克。

Thank you, Madison. And good day, everyone. Welcome to our fourth-quarter 2025 earnings release conference call. I'm Allison Ploniak, Vice President of Investor Relations.

謝謝你，麥迪遜。大家今天愉快。歡迎參加我們2025年第四季財報電話會議。我是投資者關係副總裁艾莉森‧普洛尼亞克。

On our call this morning, we have Max Mitchell, our Chairman, President, and Chief Executive Officer; Alex Alcala, Executive Vice President and Chief Operating Officer and incoming CEO; and Rich Maue, our Executive Vice President and Chief Financial Officer; along with Jason Feldman, Senior Vice President, Treasury, Tax, and Investor Relations, who is on for Q&A. We will start off our call with a few prepared remarks from Max, Alex, and Rich, after which we will respond to your questions.

在今天早上的電話會議上，我們有董事長、總裁兼執行長 Max Mitchell；執行副總裁兼營運長、即將上任的執行長 Alex Alcala；以及執行副總裁兼財務長 Rich Maue；還有負責財務、稅務和投資者關係的高級副總裁 Jason Feldman，他將進行問答環節。通話開始時，Max、Alex 和 Rich 將分別作幾句事先準備好的發言，之後我們將回答大家的問題。

Just a reminder, the comments we make on this call will include some forward-looking statements. We refer you to the cautionary language at the bottom of our earnings release and also in our annual report, 10-K and subsequent filings pertaining to forward-looking statements.

再次提醒大家，我們在本次電話會議上發表的評論將包含一些前瞻性陳述。請參閱我們獲利報告底部的警示性語言，以及我們的年度報告、10-K 表格和後續文件中有關前瞻性陳述的內容。

Also, during the call, we will be using some non-GAAP numbers, which are reconciled to the comparable GAAP numbers in tables at the end of our press release and accompanying slide presentation, both of which are available on our website at www.craneco.com in the Investor Relations section.

此外，在電話會議期間，我們將使用一些非GAAP數據，這些數據已在新聞稿和隨附的幻燈片演示文稿末尾的表格中與相應的GAAP數據進行了核對，這兩份文件均可在我們的網站www.craneco.com的投資者關係部分找到。

Now, let me turn the call over to Max.

現在，我把電話交給Max。

Thank you, Allison. Thanks, everyone, for joining the call today. While we've got many exciting things to discuss today as we exit the fourth quarter, and we're already off to a fantastic start for 2026.

謝謝你，艾莉森。感謝各位今天參加電話會議。雖然我們今天在第四季末有很多令人興奮的事情要討論，而且2026年我們已經有了一個非常好的開始。

Our performance last year and our initial guidance for 2026 show that we are consistently and reliably delivering on our commitments and our long-term value creation thesis. 4% to 6% core sales growth, and we were just at the high end of that last year. 35% to 40% core operating leverage and upside from capital deployment. And that's just the baseline. We're always working to over-deliver. All aspects of this thesis have continued to play out as expected and will continue.

我們去年的業績以及對2026年的初步預測表明，我們始終如一地履行承諾，並堅持長期價值創造的理念。核心銷售額成長4%至6%，而去年我們略微接近這目標的上限。核心營運槓桿率為35%至40%，且資本部署帶來的潛在收益也相當可觀。而這僅僅是基準。我們始終致力於超越預期。論文的各個方面都按預期發展，並將繼續發展。

For the quarter, once again, we exceeded even our high expectations, underscoring the strength of our team's strategy, excellence in execution, and a relentless commitment to delivering shareholder value. Adjusted EPS of $1.53 was up 21% over the prior year, driven by an impressive 5.4% core sales growth, reflecting broad-based strength at Aerospace and Advanced Technologies, and continued strong execution of Process Flow Technologies.

本季度，我們再次超越了我們自身的高預期，這凸顯了我們團隊策略的實力、執行力的卓越以及為股東創造價值的不懈努力。經調整後的每股收益為 1.53 美元，比上年增長 21%，這主要得益於核心銷售額增長 5.4%，反映了航空航天和先進技術的全面強勁表現，以及流程技術業務的持續強勁執行。

For the full year, adjusted EPS increased by 24%, driven by our outstanding teams delivering on customer expectations enabled by our sustained investments in advanced technologies and innovative solutions. In 2025, we also continued building on our strong track record of enhancing and shaping our portfolio by adding technologies and capabilities inorganically that will drive growth and support both existing and new customers.

全年調整後每股收益成長了 24%，這得益於我們優秀的團隊滿足了客戶的期望，而這又得益於我們對先進技術和創新解決方案的持續投資。2025年，我們繼續鞏固我們強大的業績記錄，透過非有機方式增加技術和能力來增強和塑造我們的產品組合，這將推動成長並支持現有客戶和新客戶。

Having previously announced the signing with Baker Hughes on June 9 last year, we are excited to formally welcome the Druck, Panametrics, and Reuter-Stokes brands to the Crane portfolio, having closed on the acquisition of these brands on January 1.

繼去年 6 月 9 日宣布與貝克休斯公司簽約後，我們很高興正式歡迎 Druck、Panametrics 和 Reuter-Stokes 品牌加入 Crane 旗下，並於 1 月 1 日完成了對這些品牌的收購。

As a reminder, Reuter-Stokes doubles the size of our nuclear business, adding industry-leading radiation sensing and detecting technologies for nuclear plant operations as well as for Homeland Security applications. Nuclear is an exciting market space today, and we see additional applications for the core Reuter-Stokes technology and a number of other high-growth adjacent markets.

需要提醒的是，Reuter-Stokes 使我們的核能業務規模擴大了一倍，增加了用於核電站運作以及國土安全應用的行業領先的輻射感測和探測技術。核能如今是一個令人興奮的市場領域，我們看到了核心的羅伊特-斯托克斯技術以及其他一些高成長的鄰近市場還有更多應用。

This business is being integrated into our Crane Nuclear business, which Chris Mitchell has successfully run for us over the last six years. Panametrics will operate as a stand-alone business unit in our Process Flow Technologies segment reporting to SVP, Shangaza Dasent. This business adds advanced ultrasonic flow meters and precision moisture analyzers, a really incredible portfolio of solutions that enables accurate measurement of liquids and gases across applications such as cryogenic gas storage, LNG transportation, wastewater treatment, chemical, and petrochemical production.

這項業務將併入我們的 Crane Nuclear 業務，Chris Mitchell 在過去六年裡一直成功地為我們經營該業務。Panametrics 將作為我們流程技術部門的獨立業務單元運營，向高級副總裁 Shangaza Dasent 匯報。該公司新增了先進的超音波流量計和精密水分分析儀，這一系列解決方案非常出色，能夠精確測量低溫氣體儲存、液化天然氣運輸、廢水處理、化學和石化生產等應用中的液體和氣體。

And lastly, Druck will be maintained as a stand-alone business unit reporting to SVP Jay Higgs under the newly renamed Aerospace and Advanced Technologies segment. This new name better captures who we are today and our future strategic direction for this segment than the prior Aerospace and Electronics name. Still the same focus on proprietary, highly differentiated technologies with primarily sole-sourced positions, but continuing to expand our range of technologies and offerings and looking at adjacent end markets where our capabilities are similarly valued.

最後，Druck 將繼續作為獨立業務部門運營，向高級副總裁 Jay Higgs 匯報，隸屬於新更名的航空航天和先進技術部門。與之前的航空航太和電子名稱相比，這個新名稱更好地體現了我們今天的面貌以及我們未來在該領域的戰略方向。我們仍專注於專有、高度差異化的技術，主要以獨家供應為主，但同時也在擴大我們的技術和產品範圍，並關注我們能力同樣受到重視的鄰近終端市場。

We expect to selectively and carefully widen our aperture in this segment without losing focus on what differentiates us. Specifically, the addition of Druck's complementary product line meaningfully strengthens our pressure sensing capabilities across critical applications, including aircraft engine monitoring and hydraulics, with strong positions in both single-aisle and widebody aircraft platforms as well as environmental control solutions. Druck also expands our presence into ground-based test and calibration equipment for aerospace and certain other end markets, leveraging the same best-in-class pressure sensing technology.

我們希望有選擇地、謹慎地擴大我們在這一領域的市場份額，同時又不偏離我們自身的差異化優勢。具體而言，Druck 的互補產品線的加入，顯著增強了我們在關鍵應用領域的壓力感測能力，包括飛機發動機監控和液壓系統，在單通道和寬體飛機平台以及環境控制解決方案方面都佔據了強大的地位。Druck 也利用一流的壓力感測技術，將業務拓展到航空航太和其他一些終端市場的地面測試和校準設備領域。

Another exciting news in addition to Druck, Panametrics, and Reuter-Stokes business is closed January 1. At the start of the year, we also closed on the acquisition of optek-Danulat, headquartered in Essen, Germany. Optek is the leader in in-line process control, optical sensing measurement solutions for biopharma, pharma, and other demanding markets with annual sales of approximately $40 million. Optek is a perfect complement to our growing instrumentation business, my personal thanks to Jürgen Danulat for his trust in Crane as stewards of his legacy moving forward and to the outstanding team at Optek. Just really a fantastic addition.

除了 Druck、Panametrics 和 Reuter-Stokes 的業務於 1 月 1 日關閉之外，還有另一個令人興奮的消息。今年年初，我們也完成了總部位於德國埃森的 optek-Danulat 公司的收購。Optek 是生物製藥、製藥和其他高要求市場線上製程控制、光學感測測量解決方案的領導者，年銷售額約為 4,000 萬美元。Optek 是我們不斷發展的儀器業務的完美補充，我個人感謝 Jürgen Danulat 對 Crane 的信任，感謝他們作為他遺產的守護者繼續前進，也感謝 Optek 的傑出團隊。真是個絕妙的補充。

The teams have hit the ground running across all businesses. The integration process is well underway, and the machine is fully in motion. Further, M&A activity is robust, and we continue to execute and cultivate accelerated opportunities. We see many opportunities progressing through 2026, but at this time, nothing additional is imminent in Q1. Alex will provide more detail on our core businesses as well as the recent acquisition shortly but let me touch on the planned succession timeline that we announced last night.

各業務團隊都迅速投入工作。整合過程進展順利，機器已全面運作。此外，併購活動十分活躍，我們將持續執行並掌握加速發展的機會。我們看到到 2026 年有很多發展機遇，但目前來看，第一季還沒有什麼新的機會。Alex 稍後將詳細介紹我們的核心業務以及最近的收購，但我想先談談我們昨晚宣布的繼任計劃時間表。

I want to congratulate Alex for being appointed as Crane's next CEO, and effective April 27, 2026, at our next Annual Shareholder Meeting. And at that time, at the request of the Board, I will move to serve as Executive Chairman for a transitionary period expected to be no more than two years.

我謹祝賀 Alex 被任命為 Crane 的下一任首席執行官，該任命將於 2026 年 4 月 27 日在我們的下一次年度股東大會上生效。屆時，應董事會要求，我將擔任執行主席一職，過渡期預計不超過兩年。

Having partnered with Alex for more than a decade, I can confidently say he is the right leader to accelerate Crane's strong His deep operational expertise, proven ability to develop an extra strategic initiatives and unwavering commitment to our high-performance culture have been critical in shaping crane into the market leader it is today and our proven performance across PFT and AAT.

與 Alex 合作超過十年，我可以自信地說，他是加速 Crane 強勁發展的合適人選。他深厚的營運專業知識、制定額外戰略舉措的成熟能力以及對我們高績效文化的堅定承諾，對於將 Crane 打造成今天的市場領導者以及我們在 PFT 和 AAT 領域取得的卓越業績至關重要。

In my new role as Executive Chairman, I look forward to supporting Alex and the leadership team. as we continue driving strategic growth and long-term value creation. Coming off the incredibly strong performance in 2005 and turning to 2026, I am highly confident in the strength and resilience of Crane's team and portfolio.

身為執行主席，我期待支持Alex和領導團隊，並繼續推動策略成長和長期價值創造。鑑於 2005 年的強勁表現，展望 2026 年，我對 Crane 團隊和投資組合的實力和韌性充滿信心。

Moving to 2026 guidance. I'd like to highlight that our guidance for 2026 includes a change to our non-GAAP presentation of adjusted EPS, which now excludes noncash tax-effected acquisition-related intangible amortization. Rich will provide more on this during his remarks. By using this new convention for both '26, I'm pleased to announce our initial 2026 adjusted EPS guidance, $6.55 to $6.75. A 10% adjusted EPS growth at the midpoint.

過渡到 2026 年指導方針。我想強調的是，我們對 2026 年的業績指引包括對調整後每股收益的非 GAAP 列報方式的改變，現在不包括非現金的受稅收影響的收購相關無形資產攤銷。Rich將在發言中對此進行更詳細的闡述。鑑於 2026 年和 2026 年均採用了這一新慣例，我很高興地宣布我們 2026 年調整後每股收益的初步預期為 6.55 美元至 6.75 美元，中位數為 10%。

When excluding the $0.16 benefit of onetime hurricane-related insurance recoveries that we received in 2025 as well as after-tax acquisition-related intangible amortization in both years. Importantly, I'm excited to share that we estimate that the acquisitions will be slightly accretive to 2026 earnings results. As I started with, many exciting developments across the company and our investment thesis is stronger than ever.

不包括我們在 2025 年收到的與颶風相關的一次性保險賠償金 0.16 美元，以及這兩年的稅後收購相關無形資產攤銷。重要的是，我很高興地宣布，我們預計這些收購將略微提升 2026 年的獲利表現。正如我一開始所說，公司內部有許多令人興奮的發展，我們的投資邏輯也比以往任何時候都更加堅定。

Now, let me pass it over to our Chief Operating Officer and incoming Chief Executive Officer; Mr. Alex Alcala to provide some color on the current environment, segment performance and recent acquisitions. Alex?

現在，讓我把麥克風交給我們的營運長兼即將上任的執行長亞歷克斯·阿爾卡拉先生，讓他為大家介紹一下當前的環境、各業務板塊的業績以及最近的收購情況。亞歷克斯？

Thank you, Max. I'm truly honored to have been appointed the next Chief Executive Officer of Crane. I'm enormously grateful for the Board and in particular, to Max for his trust and support over the years. I'm also thrilled that Max will continue as Executive Chairman, allowing me to keep benefiting from his tremendous experience and leadership.

謝謝你，馬克斯。我非常榮幸被任命為Crane的下一任執行長。我非常感謝董事會，尤其感謝馬克斯多年來的信任與支持。我也很高興馬克斯將繼續擔任執行主席，讓我能夠繼續受益於他豐富的經驗和卓越的領導能力。

But this is not about me. It's about our leadership and the 8,500 associates who execute every day, leaving the Crane culture of incredible intensity, focus and accountability. I've been fortunate to be part of the Crane journey for the past 13 years. We've transformed our portfolio, substantially improved our margins and our growth profile, and delivered significant shareholder value under Max's leadership. But I can tell you, I've never been more excited about our future and the progress we will continue to make for our customers, our associates our communities and our shareholders.

但這與我無關。這關乎我們的領導層和每天辛勤工作的 8,500 名員工，他們共同創造了 Crane 令人難以置信的專注、投入和責任感的企業文化。在過去的13年裡，我很幸運能成為Crane發展歷程的一部分。在馬克斯的領導下，我們調整了投資組合，大幅提高了利潤率和成長前景，並為股東創造了顯著價值。但我可以告訴你，我從未像現在這樣對我們的未來以及我們將繼續為我們的客戶、員工、社區和股東取得的進步感到如此興奮。

Looking ahead, we will stay true to our journey, driving the Crane business system to deliver strong organic growth while also pursuing our strategy of accelerated inorganic growth. Over the years, I have literally traveled more than 1 million miles as part of this incredible journey with Crane, and I'm ready for the next million with this extraordinary team. Now, some thoughts on the segments in the quarter as we look to 2026. Let me start with Aerospace & Advanced Technologies. These markets remained very strong. The backlog we built, along with the new programs and opportunities, our aerospace and electronics teams have secured continues to provide us with visibility into 2026 and beyond.

展望未來，我們將不偏離既定路線，推動 Crane 業務系統實現強勁的內生成長，同時繼續推動加速內生成長的策略。多年來，我與 Crane 一起踏上了這段不可思議的旅程，行程累計超過 100 萬英里，我已經準備好與這支傑出的團隊一起迎接下一個 100 萬英里。現在，展望 2026 年，我們對本季的各個細分市場有一些想法。讓我先從航空航太和先進技術說起。這些市場依然非常強勁。我們累積的訂單儲備，以及我們的航空航太和電子團隊獲得的新項目和機會，將繼續為我們提供 2026 年及以後的發展前景。

On the commercial side, Things continue to look healthy. (inaudible) and Airbus continue to ramp up production and aftermarket demand is still running at elevated levels, although the year-over-year comparisons have become increasingly challenging. On the defense side, a lot of activity and interesting industry announcements over the past few weeks. Procurement spending remained solid, and there's a continued focus on strengthening the product defense industrial base given the heightened global uncertainty we continue to see. Given the level of activity we are seeing for 2026, we expect core sales growth for the year to be up at the high end of our 7% to 9% long-term growth assumption.

商業方面，情勢依然良好。 （聽不清楚）空中巴士繼續提高產量，售後市場需求仍處於高位，儘管同比數據越來越難以預測。在國防領域，過去幾週有很多活動和有趣的行業公告。採購支出保持穩健，鑑於我們持續看到的全球不確定性加劇，我們將繼續專注於加強國防工業基礎。鑑於我們目前看到的 2026 年的業務活動水平，我們預計當年的核心銷售成長將達到我們 7% 至 9% 長期成長假設的高端水平。

And importantly, that growth should leverage at about 35% to 40% for the full year despite the less favorable mix, which is moving back to normal levels. Our guidance assumes OEE sales will grow double digits year-over-year, partially offset by decelerating growth rate in commercial aftermarket. We are excited to join the AAT segment and expect over the next few years that it will be incremental to both the segment's growth and margin profile. However, while it will be incremental to growth in 2026, we expect Druck to be dilutive to overall segment margin in the near term.

更重要的是，儘管產品組合不太理想，但隨著產品組合逐漸恢復正常水平，全年成長率應能達到 35% 至 40% 左右。我們的預測假設 OEE 銷售額將年增兩位數，但部分會被商業售後市場成長放緩所抵銷。我們很高興加入AAT業務板塊，並預計在未來幾年內，這將促進該板塊的成長和利潤率。然而，雖然這將在 2026 年促進成長，但我們預計 Druck 在短期內會稀釋整個業務板塊的利潤率。

Overall, we are on track for another outstanding year. And beyond this, we continue to develop new technologies, win new business and pursue additional opportunities across the segment. That gives us confidence we'll deliver above-market growth for the rest of the decade. A few highlights for the quarter in AAT. First, in our Defense Power business, we remain actively engaged and solidly positioned with defense vehicle OEMs collaborate on the common technical truck and new combat vehicle programs.

總體而言，我們有望迎來另一個輝煌的年份。除此之外，我們還將繼續開發新技術，贏得新業務，並在該領域尋求更多機會。這讓我們有信心在未來十年剩餘的時間內實現高於市場平均的成長。AAT本季的一些亮點。首先，在我們的國防力量業務中，我們與國防車輛原始設備製造商保持積極的合作，並在通用技術卡車和新型作戰車輛項目方面保持著穩固的地位。

Second, Crane also continues to win funded next-generation military demonstrator programs for our brake control systems. We will also begin production for the F-16 brake control project in 2026 and received two more follow-on orders, one from the United States Air Force and the other from a foreign military customer. And last, with elevated interest around air defense systems, we are actively tracking and pursuing new high-power AESA radar opportunities.

其次，Crane 也繼續贏得下一代軍用演示項目的資金支持，用於我們的煞車控制系統。我們也將於 2026 年開始生產 F-16 煞車控制項目，並收到了兩份後續訂單，一份來自美國空軍，另一份來自外國軍事客戶。最後，隨著人們對防空系統的興趣日益濃厚，我們正在積極追蹤和尋求新的高功率 AESA 雷達機會。

Overall, our Aerospace and Advanced Technology segment is positioned to significantly outperform its markets over the next decade. We're extremely proud of what this team has accomplished and the momentum they've built. At Process load Technologies, we remain well positioned to outgrow the cycle. Over the past decade, we have deliberately repositioned our portfolio towards technologies and end markets that are higher growth and where we maintain leading competitive advantages and clear differentiation, positioning enough to deliver consistent, sustainable growth ahead of the market. And the latest acquisition enable us to continue that journey.

總體而言，我們的航空航太和先進技術部門預計將在未來十年內顯著超越其市場表現。我們為這支隊伍所取得的成就和他們所取得的成就感到無比自豪。在流程負荷技術公司，我們依然處於有利地位，能夠超越週期性波動。過去十年，我們刻意調整了產品組合，轉向成長更快、競爭優勢更顯著的技術和終端市場，並在這些領域保持領先的競爭優勢和明顯的差異化優勢，從而在市場中佔據領先地位，實現持續穩定的成長。而此次收購使我們能夠繼續這段征程。

Similar to Q3, we continue to see strength in segments such as pharmaceuticals, cryogenic power generation and water while chemical markets remain subdued at trough levels. Our disciplined approach and sharp focus enabled us to maintain leadership in this segment, as evidenced by our Q4 performance even given today's macro backdrop. A few highlights from PFT in the quarter. Our collagenic business had another strong Q4, securing orders for a number of space launch customers. We continue to win and expand our share in this important vertical due to our excellence in engineering solutions, along with our ability to rapidly execute orders.

與第三季類似，我們繼續看到製藥、低溫發電和水處理等領域表現強勁，而化學市場仍處於低迷狀態。即使在當前的宏觀經濟環境下，我們憑藉著嚴謹的態度和精準的定位，依然保持了在該領域的領先地位，第四季度的業績也證明了這一點。以下是本季PFT的一些亮點。我們的膠原蛋白業務在第四季度再次表現強勁，並獲得了多家太空發射客戶的訂單。由於我們在工程解決方案方面的卓越表現以及快速執行訂單的能力，我們在這個重要的垂直領域中不斷贏得市場份額並擴大市場份額。

Additionally, we continue to drive solid wins in pharma, securing another large (inaudible) capacity expansion to manufacture GLP-1 drugs. Our ability to deliver high-performance solutions for our critical pharmaceutical application continues to set us apart in a competitive market and positions us for sustained growth in this segment. And lastly, despite the sluggish chemical industry, our teams continue to secure targeted opportunities within chemicals, securing key new project wins in the Middle East. Looking ahead to 2026 for PFT, given our fourth quarter orders remain sluggish, we are adopting a cautious view of 2020 levels to start the year and expect that core growth to be flat to low single digits for 2026.

此外，我們在製藥領域繼續取得重大勝利，確保了另一項大規模（聽不清楚）產能擴張，用於生產 GLP-1 藥物。我們為關鍵製藥應用提供高效能解決方案的能力，使我們在競爭激烈的市場中脫穎而出，並為我們在該領域的持續成長奠定了基礎。最後，儘管化學產業發展緩慢，但我們的團隊仍在化學領域持續尋找目標機會，並在中東地區贏得了重要的新專案。展望 2026 年，鑑於 PFT 第四季訂單依然疲軟，我們對 2020 年的水準持謹慎態度，預計 2026 年核心成長將持平或低個位數。

However, we do expect more leverage to still be within our targeted range of 30% to 35%, with the additions of Panametrics, Reuter-Stokes and optek-Danulat joining the PFT family, we fully expect over the next couple of years that they will be incremental to both segment growth and margins. In 2026, while there will be incremental to growth near term, we expect them to be dilutive to overall segment margin. Overall, both businesses are strongly positioned for sustained success with the resilience and strategic foundation needed to deliver outstanding results in 2026 and beyond. Before I wrap up, I want to provide additional color on the acquisitions of Panametrics, Druck and Reuter-Stokes.

不過，我們預期槓桿率仍將維持在 30% 至 35% 的目標範圍內。隨著 Panametrics、Reuter-Stokes 和 optek-Danulat 加入 PFT 家族，我們完全預期在未來幾年內，它們將促進業務成長和利潤率的提升。2026 年，雖然短期內會有成長，但我們預計這將稀釋整個業務板塊的利潤率。整體而言，兩家企業都具備持續成功的強大實力，擁有在 2026 年及以後取得卓越成果所需的韌性和策略基礎。在結束之前，我想再補充一些關於收購 Panametrics、Druck 和 Reuter-Stokes 的資訊。

The integration process is off to a strong start, and our outlook for these businesses is already exceeding our initial expectations. As Max mentioned, we now anticipate these businesses to be slightly accretive to earnings in 2026. compared to our original expectation of no accretion in year one. We have been preparing for the last six months, and I personally spent a significant portion of this month visiting all these teams and the CBS machine is already being deployed. I'm extremely confident that these businesses will become some of our best performing and most profitable businesses within Crane in the years ahead. As I think about the levers of focused improvement, the cost synergies will come from three major areas, all driven by CBS.

整合過程開局良好，我們對這些業務的前景已經超越了最初的預期。正如 Max 所提到的，我們現在預計這些業務將在 2026 年略微增加收益，而我們最初預計第一年不會增加收益。過去六個月我們一直在為此做準備，本月我自己也花了相當多的時間走訪了所有這些團隊，CBS 系統已經開始部署。我非常有信心，在未來的幾年裡，這些業務將成為Crane公司業績最好、獲利能力最強的業務之一。當我思考如何進行重點改進時，成本協同效應將來自三個主要領域，而這三個領域都由 CBS 驅動。

Organizational simplification and focus. By operating these businesses as three independent entities, we're eliminating the top management cost were. Product Line Simplification or 80/20, reducing complexity and eliminating work with limited return on investment; and traditional productivity improvements, driving efficiency through supply chain and lean tools and processes. In addition, all growth synergies are fully incremental upside to our financial model. We have dedicated teams in place and are off to a great start. I'm very confident we will meet or exceed our targets.

組織結構簡化和重點聚焦。透過將這些業務作為三個獨立實體運營，我們消除了高層管理成本。產品線簡化或 80/20 法則，降低複雜性並消除投資回報有限的工作；以及傳統的生產力改進，透過供應鏈和精益工具及流程提高效率。此外，所有成長綜效都將完全增加我們財務模型的效益。我們已經組建了專門的團隊，並且取得了良好的開端。我非常有信心我們能夠達到甚至超過目標。

Now, let me turn the call over to our CFO, Mr. Rich Maue for more specifics on the quarter.

現在，我將把電話交給我們的財務長里奇·莫伊先生，讓他為大家帶來本季的更多具體資訊。

Thank you, Alex. And congratulations as well. I really look forward to having as much fun with you as I've had with Max over the last decade. And Alex, I gave Max this same advice when he became CEO, and borrowed from Michael Cane as Charlie Crocker in the timeless movie classic, the Italian job. It's a difficult job and the only way to get through it is if we all work together as a team. And that means you do everything I say. I'm kidding, of course. I don't -- not really. And to Max, borrowing Humphrey's ever famous line as Rick Blaine, in the Academy Award-winning drama Casablanca, we will always have Paris.

謝謝你，亞歷克斯。也恭喜你。我非常期待能像過去十年和Max在一起一樣，和你一起度過很多快樂時光。亞歷克斯，我當初給馬克斯提拔CEO的時候也給了他同樣的建議，而且我還借鑒了邁克爾·凱恩在經典電影《意大利任務》中飾演的查理·克羅克的那套理論。這是一項艱鉅的任務，只有我們齊心協力、團結協作才能完成。這意味著你必須聽我的話。我當然是在開玩笑。我不——真的不。借用漢弗萊在奧斯卡獲獎影片《卡薩布蘭卡》中飾演里克布萊恩的著名台詞，對麥克斯說：“我們永遠擁有巴黎。”

I'm going to get choked up.

我快要哽咽了。

Good morning, everyone. Let me start off with total company results. We drove 5.4% core sales growth in the quarter, reflecting the ongoing strength within the Aerospace & Advanced Technologies segment. Adjusted operating profit increased 16%, reflecting the impact of higher productivity and favorable pricing net of inflation.

各位早安。首先，讓我從公司整體業績開始說起。本季我們的核心銷售額成長了 5.4%，反映了航空航太與先進技術部門的持續強勁勢頭。經調整後的營業利潤成長了 16%，反映了生產力提高和有利定價（扣除通貨膨脹因素）的影響。

In the quarter, core FX-neutral backlog was up 14% compared to last year, again, continued strength at Aerospace and Advanced Technologies and core FX control orders were up 2%, from a balance sheet perspective, with the close of the acquisition of Druck, Panametrics and Reuter-Stokes, we ended the year with net leverage of 1.1 times, which reflected 102% adjusted free cash conversion in 2025 and outstanding performance by our team.

本季度，核心外匯中性訂單積壓較去年同期成長 14%，航空航太和先進技術業務持續強勁成長；核心外匯控制訂單成長 2%。從資產負債表角度來看，隨著對 Druck、Panametrics 和 Reuter-Stokes 的收購完成，我們年底的淨槓桿率為 1.1 倍，這反映了 2025 年調整後自由現金流轉換率達到 102%，以及我們團隊的出色表現。

And as Max noted earlier in January, we also closed on the acquisition of optek-Danulat, that port our net leverage to 1.4 times, leaving us well positioned for further M&A. A few more details on the segments in the quarter. Starting with Aerospace & Advanced Technologies. Sales of $272 million increased 15% in the quarter, nearly all of that growth organic. And even with the continued high level of core sales growth, our record backlog of just over $1 billion was up 25% year-over-year and was up slightly sequentially. Core orders were up 8%.

正如 Max 在 1 月早些時候指出的那樣，我們還完成了對 optek-Danulat 的收購，這使我們的淨槓桿率降至 1.4 倍，使我們處於進一步併購的良好位置。關於本季各業務板塊的更多細節。從航空航太及先進技術著手。本季銷售額為 2.72 億美元，成長 15%，其中幾乎全部成長來自內生成長。即使核心銷售額持續維持高成長水平，我們創紀錄的積壓訂單額也略高於 10 億美元，年增 25%，季增。核心訂單成長了8%。

Again, no surprises and continued strong demand broadly. Total aftermarket sales increased 1% with commercial aftermarket sales up 3% and military aftermarket down 3%. And OEM sales increased 23% in the quarter with commercial sales up [27%] and military sales up 18%, all in line with our expectations.

再次，一切如預期，整體需求依然強勁。售後市場總銷售額成長 1%，其中商業售後市場銷售額成長 3%，軍用售後市場銷售額下降 3%。本季 OEM 銷售額成長了 23%，商業銷售額成長了 27%，軍用銷售額成長了 18%，均符合我們的預期。

Adjusted segment margin of 23.6% and expanding 50 basis points from 23.1% last year, primarily due to strong productivity, higher volumes and higher price net of inflation. At Process Flow Technologies. In Q4, we delivered sales of $309 million, flat relative to a year ago with core sales down 1.5% as we anticipated, offset by a slight benefit from the Technifab acquisition and 1.6 points. of favorable FX.

經調整後的分部利潤率為 23.6%，較去年的 23.1% 增長了 50 個基點，主要原因是生產效率提高、銷量增加以及扣除通貨膨脹後的淨價格上漲。在流程技術公司。第四季度，我們的銷售額為 3.09 億美元，與去年同期持平，核心銷售額如預期下降了 1.5%，但被 Technifab 收購帶來的輕微收益和 1.6 個百分點的有利匯率抵消。

Compared to the prior year, core FX-neutral backlog at PFT decreased 7% and core FX-neutral orders remained soft, down 3% driven by the weaker chemical end markets as expected. However, adjusted operating margin of 22% expanded again and in the quarter was 170 basis points higher. Despite the headwinds on the top line, productivity is reading through as well as price.

與前一年相比，PFT 的核心外匯中性積壓訂單減少了 7%，核心外匯中性訂單依然疲軟，下降了 3%，正如預期的那樣，這是由於化學終端市場疲軟所致。然而，經調整後的營業利潤率再次擴大至 22%，本季比上一季提高了 170 個基點。儘管營收面臨不利因素，但生產效率和價格都在穩步提升。

Moving to the nonoperational items below the segments, along with some additional 2026 guidance matters. The start, as Max mentioned, beginning in 2026, we are excluding intangible amortization from our non-GAAP presentation of adjusted EPS. Following the significant increase in intangible amortization related to this month's acquisition activity, we believe that excluding it from adjusted EPS gives investors a better picture of Crane's free cash flow and also enables better comparison to the majority of our peer companies that use the same convention. Reconciliations recasting last year are in the slide presentation accompanying this call.

接下來是各部分下方的非經營性項目，以及一些額外的 2026 年指導事項。正如 Max 所提到的，從 2026 年開始，我們將從非 GAAP 調整後每股收益的列報中剔除無形資產攤銷。由於本月收購活動導致無形資產攤銷大幅增加，我們認為將其從調整後的每股收益中剔除，可以讓投資者更好地了解 Crane 的自由現金流，也可以更好地與大多數採用相同慣例的同行公司進行比較。去年的和解調整內容已包含在本次電話會議的幻燈片簡報中。

Now, moving on to a few nonoperational items. Corporate expense for the full year of 2025 was $87 million, modestly above our prior view of $85 million due primarily to M&A activity. For 2026, we anticipate corporate expense to be in the range of $80 million to $85 million. In Q4, we received $5.2 million of insurance recoveries from the Hurricane Helen flood we had at one of our PFT sites or a $0.07 benefit to results in the quarter. With this final payment, the matter is now fully resolved with our insurers. Remember that our full year 2025 guidance included $9 million of insurance recovery related to Hurricane Helene with $6.7 million received through Q3. So $2.3 million or about $0.03 of the fourth quarter's insurance recovery was in our latest October guidance.

接下來，我們來看一些非操作性事項。2025 年全年公司支出為 8,700 萬美元，略高於我們先前預期的 8,500 萬美元，主要原因是併購活動。我們預計 2026 年公司支出將在 8,000 萬美元至 8,500 萬美元之間。第四季度，我們因颶風海倫洪水襲擊了我們的一處 PFT 場地而獲得了 520 萬美元的保險賠償，這為該季度的業績帶來了 0.07 美元的收益。隨著這筆尾款的支付，我們與保險公司之間的問題已徹底解決。請記住，我們 2025 年全年業績預期包括與颶風海倫相關的 900 萬美元保險賠償，其中截至第三季已收到 670 萬美元。因此，第四季度保險賠償金為 230 萬美元，約合 0.03 美元，這在我們 10 月的最新預期中有所體現。

So the actual amount received was $2.9 million or $0.04 per share better than we had expected. Also keep in mind that for the full year, total insurance recoveries benefited adjusted results by $0.16, a benefit that will not repeat in 2026. Given the funding for the acquisitions of Panametrics, Druck, Reuter-Stokes, and optek-Danulat, we now anticipate full year 2026 interest expense of approximately $58 million. And lastly, we estimate our tax rate for 2026 to approximate 23%, slightly higher than our 2025 rate of 22.9%. Looking at the cadence of quarterly results for the year, we expect Q1 2026 to be seasonally softest quarter coming in roughly flat with the first quarter of 2025, (inaudible) given acquisition integration and increased interest expense.

因此，實際收到的金額為 290 萬美元，即每股 0.04 美元，比我們預期的多出 100 萬美元。還要記住，全年保險賠償總額使調整後的業績增加了 0.16 美元，這一收益在 2026 年不會再出現。鑑於收購 Panametrics、Druck、Reuter-Stokes 和 optek-Danulat 的資金，我們現在預計 2026 年全年利息支出約為 5,800 萬美元。最後，我們預計 2026 年的稅率約為 23%，略高於 2025 年的 22.9%。從全年季度業績的節奏來看，我們預計 2026 年第一季將是季節性最淡的季度，與 2025 年第一季大致持平，（聽不清楚）這是因為收購整合和利息支出增加。

For the full year earnings split, we expect the first half of 2026 to represent about 45% of full year earnings with 55% weighted towards the second half. Overall (inaudible) and with that, operator, we are now ready to take the first question.

對於全年收益分配，我們預計 2026 年上半年將佔全年收益的 45% 左右，而下半年將佔 55%。總而言之（聽不清楚），那麼，接線員，我們現在可以回答第一個問題了。

(Operator Instructions) Scott Deuschle, Deutsche Bank.

（操作員指示）Scott Deuschle，德意志銀行。

Max, what are you going to do about your free time here?

馬克斯，你打算如何安排你的空閒時間？

I'm going to remain busy, Scott, very, very busy. In addition to Executive Chair, you kn0ow, I've become a very popular Gen-X influencer. I have my podcast that started and my only fan page is going well. It's going to be --

史考特，我還會很忙，非常非常忙。除了擔任執行主席之外，你知道，我已經成為了一位非常受歡迎的 X 世代影響者。我的播客節目已經開播了，我的OnlyFans頁面也運作得很好。將會是--

I'm looking to hire someone from my team (inaudible) understood (inaudible) I'll let you ride the Crane nuts. In all seriousness, Alex, I was wondering if you could speak to the pricing opportunity at drop in 2026 and 2027. And specifically, I was curious if there are any meaningful LTAs coming up for renewal this year or next? And what type of price increase might be possible there?

我想從我的團隊中招募一個人（聽不清楚）明白了（聽不清楚）我會讓你騎起重機的堅果。說真的，Alex，我想問你能不能談談 2026 年和 2027 年的降價促銷活動。具體來說，我很好奇今年或明年是否有任何重要的長期協議需要續約？那麼，那裡的價格可能會漲到什麼程度呢？

Yes. Thanks, Scott. So just pulling back on all three businesses, right? Druck, Panametrics, Reuter-Stokes in our financial model, we assume significant opportunity. I've been working with this team for six months, spent most of the months with them. So definitely validate our hypothesis on opportunities potentially more than we even thought. So feeling very bullish about these acquisitions. All three businesses have a significant opportunity to drive the Crane Business System. I talked about the areas product line simplification, restructuring, business model and just traditional operational excellence.

是的。謝謝你，斯科特。所以就全部撤資，對吧？在我們的財務模型中，Druck、Panametrics、Reuter-Stokes 假設存在巨大的機會。我與這個團隊共事六個月了，大部分時間都和他們在一起。所以，我們關於機會的假設絕對得到了驗證，而且可能比我們想像的還要多。因此，我對這些收購感到非常樂觀。這三家企業都有很大的機會推動起重機業務系統的發展。我談到了產品線簡化、重組、商業模式以及傳統的卓越營運等領域。

As far as value pricing, as you know, in Crane, we do a good job standing for setting up for a value our differentiated technology. There's opportunity to do better in all three businesses and Druck, we would expect to improvements starting this year, reading more into next year as it takes some time. Just like any aerospace visits, there are some expire naturally that need to be renewed, renegotiated. So everything -- no real obstacles to achieve our goals in that area, Scott.

至於價值定價，如您所知，在Crane，我們一直致力於為我們差異化的技術創造價值。這三項業務都有改進的空間，我們預計 Druck 將從今年開始有所改善，但要到明年才能看到更多進展，因為這需要一些時間。就像任何航空航天訪問一樣，有些訪問會自然到期，需要續約或重新談判。所以，斯科特，在這個領域，一切順利——沒有真正的障礙可以實現我們的目標。

Okay. Rich, can you clarify what guidance contemplates it relates to cost takeout at PSI. I think you've spoken about high single-digit million corporate cost takeout. And I wanted to clarify if that was in the guide or still on the (inaudible).

好的。Rich，你能澄清一下，關於PSI的成本削減，有哪些指導意見需要考慮嗎？我想你之前提到過要削減數百萬美元的企業成本。我想確認一下，那是否在指南裡，還是還在…（聽不清楚）

Yes, I think no change to what we've previously discussed. There's a few buckets. I think they're the same buckets Alex mentioned. So the cost element is going to -- is -- our productivity element, however you want to categorize it, is clearly going to be one of them. On the commercial side being another and then leveraging the growth at rates that we would expect to leveraging our operating cadence. So across all three, and I would say no difference versus what we previously had communicated.

是的，我認為和我們之前討論的內容沒有改變。這裡有幾個桶子。我認為它們和 Alex 提到的那些桶子是一樣的。所以成本因素將會——就是——我們的生產力因素，無論你怎麼對它進行分類，它顯然都會是其中之一。在商業方面，我們也要以我們預期的速度利用成長，以配合我們的營運節奏。所以，就這三點而言，我認為與我們之前溝通的內容沒有差別。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

This is Gregory Dahlberg on for Myles. First of all, I would like to say congrats to Max and Alex. So first one, I guess with the renaming of A&E to AAT, I think you mentioned in your remarks the widening of the aperture of what you would look at there. Can you go into more detail, I guess, in terms of what adjacent tech and strategic direction this is actually referring to?

這是格雷戈里·達爾伯格替邁爾斯發言。首先，我要祝賀Max和Alex。首先，我想隨著 A&E 更名為 AAT，您在發言中提到，這將擴大您在那裡關注的範圍。能否更詳細地說明一下，這具體指的是哪些相關技術和策略方向？

Yes, Greg, this is Alex. So just a reminder, our business unit, Aerospace & Electronics was both business unit name and segment name. So last year, we announced the promotion of Jay Higgs, as Senior Vice President of the segment, and it's really positioning us to do more deals like drug. So drug would be a perfect example of the technologies that we would expand in, where it has a foot in traditional aerospace but also get it into lab-based calibration and even some high-growth industrial applications that are combined with the technology. So I think Druck would be a good reference of what you expect to see in that segment.

是的，格雷格，這是亞歷克斯。再次提醒一下，我們的業務部門「航空航天與電子」既是業務部門名稱，也是業務板塊名稱。所以去年，我們宣布提拔傑伊·希格斯擔任該部門的高級副總裁，這確實使我們能夠達成更多像藥品交易這樣的交易。因此，藥物就是我們將要拓展的技術的完美例證，它不僅在傳統航空航太領域有所應用，而且還涉足實驗室校準，甚至一些與該技術相結合的高成長工業應用。所以我認為 Druck 可以作為該領域內容的一個很好的參考。

And the model that we have right now in the structure allows us to keep adding not only bolt-ons, but stand-alone units to keep building out that segment similar to what we've done in PFT. You recall that when we changed the name to -- from fluid handling to process flow technologies, we're thinking about expanding our aperture moving up the technology stack, having more differentiated products, and those have been the acquisitions we've done on that side as well with the sensing applications and now optic as well adding to that. And that's what you would expect to see high technology differentiated, improving our growth and margin profiles on both sides of the segments, growing both segments, doubling the size here in the next coming years is our goal that continues to create shareholder value and also optionality for the future.

而我們目前在結構中採用的模型，不僅可以不斷添加附加元件，還可以添加獨立單元，從而不斷擴展該部分，類似於我們在 PFT 中所做的那樣。您還記得我們把公司名稱從流體處理改為製程技術時嗎？我們當時正在考慮擴大我們的業務範圍，向上拓展技術棧，推出更多差異化產品。我們也透過收購感測應用和現在的光學產品，進一步拓展了這一領域。這就是你所期望看到的，高科技的差異化，改善我們兩個業務板塊的成長和利潤率，實現兩個板塊的成長，在未來幾年內將規模擴大一倍是我們的目標，這將繼續創造股東價值，並為未來提供更多選擇。

And then just quickly on PFT. I know backlog sequentially for the second quarter in a row, mostly due to the Ken side. Can you just talk about what you're seeing? And I guess is there a time frame you'd expect that to typically to the chemicals and, I guess, more broadly your outlook for end markets in 2026 in PFC?

然後快速地進行肺功能測試。我知道積壓訂單已經連續第二季出現，這主要是因為 Ken 那邊的問題。你能說說你看到了什麼嗎？那麼，您預期 PFC 在 2026 年的化學品市場，以及更廣泛的終端市場，會有一個大致的時間範圍嗎？

Yes, Greg. So let me pull back just on PST because we have -- we service various segments, right? So first commenting on the areas and businesses markets that grew in 2025 strongly, and we expect to continue in 2026. So wastewater, which is primarily a North America-based businesses. We saw high single-digit growth, we expect strong growth also in 2026. Cryogenics as well, double-digit growth in '25. That will continue pharma. There's a global growth that we're seeing also, in particular, in North America, some increased investments and reshoring from pharma customers that we expect power.

是的，格雷格。所以，我先簡單說說太平洋標準時間（PST），因為我們服務多個細分市場，對吧？首先，讓我們來談談 2025 年成長強勁的領域和商業市場，我們預計這種成長勢頭將在 2026 年繼續保持。所以廢水處理主要是北美企業。我們看到了接近兩位數的成長，我們預計2026年也將保持強勁成長。低溫技術在 2025 年也實現了兩位數的成長。這種情況將繼續發生在製藥業。我們也看到全球範圍內的成長，尤其是在北美，一些製藥客戶增加了投資並將生產遷回國內，我們預計這將推動成長。

Again, America-based power generation, where we've seen momentum in '25, I expect that to move on to a lot of our segments and businesses continue with strong momentum. You did mention Chemical, which has been sluggish. Just to pull back also, we expect to see similar to what we saw in '25, which has been varied by region. You can't lump it all together. So Americas and Middle East, we saw growth year-over-year on orders in '25. We expect the sort of modest growth to continue in that area. Our team is doing an excellent job winning. Again, those two regions have this feedstock energy advantage. So customers see good return on investment on taking action on capacity expansions or increases brownfields in particular in the Middle East. So those will continue at a moderate pace on a negative or sluggish, Europe, China, the rest of Asia Pac, that's been down. We don't expect those to change.

再說，美國發電業在 2025 年已經展現出強勁的成長勢頭，我預計這種勢頭將蔓延到我們的許多業務板塊，並繼續保持強勁的成長勢頭。你確實提到了化學工業，該行業發展一直不景氣。再往後退一步說，我們預計會看到與 2025 年類似的情況，即各地情況不盡相同。你不能把所有事情都混為一談。因此，在美洲和中東地區，我們看到2025年的訂單量較去年同期成長。我們預計該領域將繼續保持這種溫和的成長動能。我們團隊在贏球方面做得非常出色。同樣，這兩個地區在原料能源方面具有優勢。因此，客戶認為，在中東地區，採取措施擴大產能或增加棕地專案可以獲得良好的投資回報。因此，歐洲、中國和亞太其他地區的經濟成長將繼續保持溫和或疲軟的態勢，這些地區一直處於下滑狀態。我們預計這些情況不會改變。

So on the net, our assumption for 2026 is continue to see working through the trough, not deteriorating, stable, but not planning for a strong uptick in the year, but we're ready for it. If it happens, we'll take advantage of it, but not built into our guidance right now.

因此，總體而言，我們對 2026 年的假設是繼續度過低谷，不會惡化，保持穩定，但不打算在這一年出現強勁增長，但我們已經準備好了。如果這種情況發生，我們會加以利用，但目前還沒有將其納入我們的指導方針中。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

Congrats Max and Alex, exciting news for both of you. Just a couple from me. First, just back on the deals. You kind of laid out the cost reduction opportunity and plan I think there's also cost in to get these bedded down and integrated given that they were carve-out entities. Could you just maybe speak to that the interplay between kind of cost to integrate versus cost out? And I would assume those sort of flip a '27, '28.

恭喜Max和Alex，這對你們倆來說真是個好消息。我這裡也有幾個例子。首先，讓我們回到交易環節。你已經大致闡述了降低成本的機會和計劃，我認為考慮到這些實體是從其他公司剝離出來的，還需要投入成本才能使它們穩定下來並整合到一起。能否談談整合成本與外包成本之間的交互作用？我估計那些會翻車到 27 年、28 年。

Yes, Jeff. So I mean there is some cost in and cost out on a net basis, it will be a cost out. The improvements in the margins will increase in '27,'28 as a lot of our actions take a few quarters to materialize and read through to the P&L. I've mentioned before, Baker Hughes operated these businesses as PSI. So they had that high-level PSI headquarter structure, which is we're dissolving, shared services and finance, HR and IT. So that goes away, representing the loan business unit resources that we're adding overall on that basis, we expect once we're done to operate leaner and more profitable with all these ins and outs from a cost standpoint and then driving improvements on top of that.

是的，傑夫。所以我的意思是，淨投入和淨產出都會有成本，最終會是成本支出。2027 年和 2028 年利潤率的改善將會進一步提高，因為我們的許多措施需要幾個季度才能實現並反映在損益表中。我之前提到過，貝克休斯公司以PSI的名義經營這些業務。所以他們擁有了 PSI 的高階總部架構，而我們正在解散這個架構，包括共享服務和財務、人力資源和 IT。因此，這部分資金將被削減，代表我們在此基礎上增加的貸款業務部門資源。我們預計，一旦完成，我們將從成本角度考慮所有這些收支，從而實現更精簡、更盈利的運營，並在此基礎上推動改進。

And then just thinking about what Rich shared on Q1, it sounds like the expenses could be heavy here in Q1. Maybe you could just give us a little bit of color on kind of the expected organic performance in Q1 versus kind of the deal impact in Q1 to get to kind of that relatively flat number.

再想想 Rich 在第一季分享的內容，感覺第一季的開銷可能會很高。或許您可以給我們簡單介紹一下第一季預期自然成長情況與第一季交易影響之間的關係，從而得出相對平穩的數字。

So legacy Crane organic, we'll be clearly up in A&E and likely down a bit in PFT in Q1 would be part of that dynamic in addition to the incremental interest expense that we have compared to last year in the first quarter. Sort of the, I-would say, the big drivers, Jeff. There's also within Druck, Panametrics Reuter-Stokes, there is seasonality, and they tend to be stronger in the second half than the first half historically.

因此，與去年同期相比，Crane 的傳統有機成長，第一季 A&E 明顯上升，PFT 可能會略有下降，這將是這種動態的一部分，此外，與去年同期相比，我們第一季的利息支出也有所增加。傑夫，我得說，他們算是主要推動因素。此外，Druck、Panametrics Reuter-Stokes 等指數也存在季節性因素，從歷史數據來看，它們在下半年的表現往往比上半年更強勁。

Okay. Great. Understood. And then maybe just kind of stepping back just on the deal activity. So a lot of bandwidth still on the balance sheet. It sounds like you feel pretty comfortable with just the internal bandwidth to kind of execute all this? Maybe kind of address that, the ability for the organization to take on something else of size this year? Or should we expect maybe sort of smaller bolt-ons as the year is progressing here?

好的。偉大的。明白了。然後或許可以稍微減少一些交易活動。所以資產負債表上仍然有很多頻寬資源。聽起來你似乎覺得僅憑內部頻寬就能很好地完成所有這些工作？或許可以探討這個問題，即該組織今年是否有能力承擔其他規模較大的專案？或者我們可以預期，隨著時間的推移，可能會出現一些較小的附加功能？

Yes, Jeff. So the machine is working, right? At CBS, our funnel. We're integrating these four different businesses very well with resources. We have bandwidth to do more, I expect to do more in '26. I can tell you that we're also building capabilities constantly. We improved our capabilities not only to integrate but also our strategic resources that are evaluating adjacent is proactively increasing the potential targets. So we're only getting stronger on the M&A front and expect to accelerate that going forward. So one of strong, nothing imminent in Q1, but expect to continue the momentum as we move forward. Plenty of bandwidth on our side.

是的，傑夫。所以機器運作正常，對吧？在哥倫比亞廣播公司，我們的銷售漏斗。我們正在利用資源很好地整合這四個不同的業務。我們有能力做更多的事情，我預計在 2026 年會做更多的事情。我可以告訴你，我們也不斷地提升自身能力。我們不僅提高了整合能力，而且提高了評估鄰近地區的策略資源能力，從而積極增加潛在目標。因此，我們在併購方面只會越來越強，並預計未來會加快這一步伐。所以，目前情況強勁，第一季不會有任何迫在眉睫的事情發生，但預計我們將保持這種勢頭繼續前進。我們這邊頻寬充足。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾，D.A.戴維森。

Thanks. Couple of questions. First, can you talk about 2026 with respect to the Aerospace segment, what you're expecting from an aftermarket volume standpoint for both OEM and military? And can you also sort of discuss whether there's any sort of government shutdown impact on any of the more material military programs for you guys? And then I have a follow-up.

謝謝。我有幾個問題。首先，您能否談談 2026 年航空航太領域的發展前景？您對 OEM 和軍用售後市場的銷售有何預期？另外，您能否談談政府停擺是否會對您們的一些重要軍事項目造成影響？然後我還有一個後續問題。

Yes. Thank you, Matt. I'll comment on it. Let me walk you through all the assumptions here on Arrow in all the segments. So commercial OEM, as you would expect, will continue to be strong, high teens Military OEM, mid-single digits then to your question of aftermarket. On the commercial side, we're anticipating mid-single digits and on the military side mid- to high single digits. So content as the government shut (inaudible) the only thing that we've seen no change in orders or programs or funding, but we did see the flight test of the program get delayed a few months. So instead of being completed in January, we expect that to be complete more in the early second quarter.

是的。謝謝你，馬特。我會對此發表評論。讓我帶你了解Arrow在各方面的所有假設。因此，正如你所預料的那樣，商業 OEM 將繼續保持強勁勢頭，達到十幾個百分點；軍用 OEM 則為個位數中段；至於你提到的售後市場，則為個位數。商業方面，我們預期增幅為個位數中段；軍用方面，我們預期增幅為個位數中段至高段。所以，儘管政府關閉了（聽不清楚），但我們並沒有看到訂單、項目或資金有任何變化，只是該項目的飛行測試被推遲了幾個月。因此，我們預計該專案不會在1月完成，而是在第二季初完成。

So that will delay a few months, the start of the shipments for the F-16, but that's all baked and factored into the guidance we provided. No other real impact right now that we see related to government shutdown.

因此，這將使 F-16 的交付開始時間推遲幾個月，但這都已納入我們提供的指導方針中。目前我們沒有看到政府停擺帶來的其他實際影響。

So as it pertains to kind of that $30 million sort of per year beginning 26 kind of target you laid out for F '16, is the is that lower than in 2015, meaning is your guidance assuming you don't fully capture that 30%, yet there's an opportunity albeit over a more compressed time frame for you to ultimately deliver that. And then can you just clarify for the PSI group of businesses, what for your 3-year cost synergy target would be if you could remind us?

所以，關於您在 2016 年 F 財年設定的每年 3000 萬美元的目標，這個目標是否低於 2015 年？也就是說，您的指導意見是否假設您無法完全實現 30% 的目標，但您仍然有機會在更短的時間內最終實現這個目標？那麼，您能否再澄清一下，對於PSI集團旗下各業務，你們的三年成本綜效目標是什麼？

Yes. So Matt, on the F-16. Yes. In our guidance, we're thinking more on F16,though the annual rate is 30% this year, more like in the 20s, low 20s of revenue. There is an opportunity and a more compressed time line. But in our guidance, we've pulled that back a bit due to few months shifting to the right. Related to the cost synergies, right? So this year, as we're starting off, we're moving fast with the actions. The teams are actually impressed me with their ability to embrace the Crane Business System machine, but it takes some time to read through. So if you're trying to do the math, would expect like mid-single-digit growth and about 200 basis of improvement in the margin profile this year.

是的。所以馬特，關於F-16。是的。在我們的預測中，我們更考慮的是 2016 年的業績，儘管今年的年增長率為 30%，但營收更像是 20% 到 20% 出頭。機會來了，但時間也更緊迫了。但由於過去幾個月情況向右偏移，我們在指導意見中對此有所調整。這和成本綜效有關，對吧？所以今年伊始，我們就迅速採取行動。團隊對 Crane 業務系統機制的接受能力確實讓我印象深刻，但要通讀一遍確實需要一些時間。所以，如果你要計算一下，預計今年將實現個位數中段的成長，利潤率將提高約 200 個基點。

And then in the coming years, It'll be a little bit higher than the 200 basis points on a CAGR basis that gets us in that 5-year mark to achieve or beat the 10% return on investor capital. So about 200 basis points and then a greater number in the years ahead.

然後在未來幾年，年複合成長率將略高於 200 個基點，這將使我們在 5 年內達到或超過 10% 的投資者資本回報率。所以大約是 200 個基點，然後未來幾年還會增加更多。

Amit Mehrotra, UBS.

阿米特·梅赫羅特拉，瑞銀集團。

I wanted to ask about the power -- come back to the power generation market for a minute. I think you talked about Power Gen being 10% of the portfolio inside of PFT, but you're also adding nuclear exposure with PSI. And obviously, that's a pretty important place right now. So maybe you can just reset kind of the exposure to total power gen, and then I'll talk about nuclear power gen and how that's changing.

我想問一下電力方面的問題——讓我們再回到發電市場談一會兒。我認為你之前提到過，發電業務佔 PFT 投資組合的 10%，但你也透過 PSI 增加了核能投資。顯然，那現在是一個非常重要的地方。所以或許你可以先調整一下對總發電量的暴露程度，然後我再談談核電以及它的變化。

Yes. Thank you, Amit. So like you mentioned, the traditional power combined cycle power plants in our valve segment, that's what I've mentioned in '25, significant, as you know, amount of new combined cycle power plants are being built in the United States. So that's driving our growth. As far as nuclear, as you stated, we're basically doubling our exposure in the nuclear with Reuter-Stokes.

是的。謝謝你，阿米特。正如您所提到的，我們閥門部門的傳統聯合循環發電廠，正如我在 2025 年提到的，正如您所知，美國正在建造大量的新的聯合循環發電廠。這就是我們成長的驅動力。至於核能方面，正如你所說，我們基本上透過 Reuter-Stokes 核電廠將我們在核能方面的風險敞口增加了一倍。

So we have our core business, Legacy Crane Valve Services and then now Reuter-Stokes and then combined, we call it, Crane Nuclear now. So the growth exposure there is pretty attractive. Think about it (inaudible) you've got the restarts of the various nuclear plants like Polek or the Crane Clean Energy formally 3 miles. So that will drive upside. You have the new construction with AP1000, Westinghouse where we're very strong, have a very strong position with those reactors in our valve business, and there are some expected starts in Europe.

所以我們有我們的核心業務，Legacy Crane Valve Services，然後是 Reuter-Stokes，合併後，我們現在稱之為 Crane Nuclear。因此，那裡的成長機會相當有吸引力。想想看（聽不清楚）像波萊克核電廠或克萊恩清潔能源公司（原名）這樣的各種核電站的重啟，距離現在有 3 英里。所以這將推動上漲。我們有 AP1000 的新建設項目，西屋電氣在這方面實力雄厚，我們在閥門業務中在這些反應堆方面佔據著非常強大的地位，而且預計在歐洲也會有一些項目開工。

The third area, really, which comes with Reuter-Stokes, we also have very good exposure now to the small module reactors. So -- we have a partnership with one of the leaders that's building the first SMR in Darlington, Canada. That's starting construction already or soon, one of the reactors. And there's three more on the plan depending on how this one goes. This is boiled water reactors that Reuter-Stokes has the neutron sensing technology, which is used to gauge the power that's being generated.

第三個領域，實際上與路透社-斯托克斯反應器有關，我們現在對小型模組化反應器也有了非常好的了解。所以——我們與一家在加拿大達靈頓建造第一座小型模組化反應器的領先企業建立了合作關係。其中一座反應爐已經開始或即將動工。根據這次行動的進展情況，計劃中還有三項。這是沸水反應堆，路透社-斯托克斯公司擁有中子感測技術，該技術用於測量產生的功率。

And then we're also benefit on this fourth leg with the extension of licenses, right? So five years ago, nuclear plants were decreasing or shutting down. And now we're seeing licenses being extended 50 years or so, and that requires upgrades and investments. So a pretty good tailwind that will keep getting stronger as the decade progresses.

然後，透過延長許可證期限，我們也能從第四階段中受益，對吧？五年前，核電廠的數量正在減少或關閉。現在我們看到許可證的有效期延長了50年左右，這需要升級和投資。所以這是一個相當不錯的順風，而且隨著十年的推進，這種順風還會越來越強。

Okay. And just as I want to revisit that 55% back half, I guess, obviously, 45% first half. And then you've given us the first quarter. It looks like just the way the math works, there's not a lot of growth year-over-year in 2Q implied by those comments as well. I don't know if I'm doing my math wrong or maybe there's the hurricane dynamic in there in terms of the comp. But can you just talk about

好的。正當我想重新審視後半程的 55% 時，我想，很顯然，前半程的 45% 也應該如此。然後，你們就給了我們第一季。從數學角度來看，這些評論也暗示第二季年成長並不多。我不知道是不是我的計算有誤，或者其中可能包含了颶風的動態因素。但你能談談這個嗎？

Yes. Jason and Allison will catch up with you. But I would say that, yes, on the part of the headwind in Q1 and in Q2 clearly will be the insurance recovery. Those were included in our numbers, $0.16 on the year, and it was probably close to 50-50 in terms of first half, second half. Yes. But from a growth perspective, I'd rather hold off on commentary on individual quarters from a core growth perspective, frankly at this point.

是的。傑森和艾莉森會追上你的。但我認為，第一季和第二季的不利因素顯然將是保險業的復甦。這些都包含在我們的數字中，全年為 0.16 美元，上半年和下半年的比例可能接近 50/50。是的。但從成長的角度來看，坦白說，目前我寧願暫緩對各季度的核心成長發表評論。

Fair. That's fair. Can I just ask one quick follow-up, if I don't mind, just on the synergies for PSI because you talked about DFT growth flat to up low single digits and then 35% to 40% incrementals. It doesn't feel in that number, there's a lot of synergies in there, but there's still 7, 8 points of margin gap. And so maybe this is just a timing thing or maybe it's conservatism, but it would just be helpful to understand maybe if there's an opportunity for EBIT and PFT to grow disproportionately from revenue in 2016, just given maybe some of that margin gap that you can close? Or is that maybe more of a late '26,'27 thing?

公平的。這很合理。如果不介意的話，我可以再問一個關於PSI綜效應的問題嗎？因為你提到DFT成長持平或略高於個位數，然後成長35%到40%。雖然從這個數字看不出來，裡面有許多綜效，但仍有 7、8 個百分點的利潤差距。所以，這或許只是時機問題，或許只是出於保守考慮，但如果能縮小一些利潤率差距，了解2016年EBIT和PFT是否有可能不成比例地增長，將會很有幫助？還是這更像是 2026 年底、2027 年發生的事？

Yes. I would probably err towards what you closed there with on your question. The 30% to 35% is on the legacy. And then as we continue to integrate the Druck, Panametrics Reuter-Stokes, we'll start to see some of that incremental coming in more so in the second half versus the first half. So that would be -- that would absolutely be the case for '26.

是的。對於你的問題，我可能更傾向於你最後給的答案。30%到35%是傳統系統的一部分。隨著我們繼續整合 Druck、Panametrics Reuter-Stokes，我們將開始看到一些增量在下半年比上半年更明顯地出現。所以，對於 2026 年來說，情況絕對會是這樣。

Nathan Jones, Stifel.

內森瓊斯，斯蒂費爾。

Everyone. Congratulations to Alex. And unfortunately, Max, I can't see your only fan page.

每個人。恭喜Alex。很遺憾，Max，我看不到你唯一的粉絲頁。

I'm not taking your request any more.

我不再接受你的請求。

I guess, first on the acquisitions. I know you guys didn't include any revenue synergies in the deal model and in that kind of 10% ROIC target by year (inaudible). But I also know that you anticipate getting some. So I'd be interested in getting some color around kind of where the most the most bright areas for you to generate revenue synergies are? If you can put any kind of financial framework around that of like would generate 100 basis points of revenue synergies or 200 or whatever the expectation might be over the next several years? Understanding that those are a little more squishy and maybe a little harder to track. But just any color you can give us on how you'll approach that? And if you can give any financial framework around it.

我想，首先是收購方面。我知道你們在交易模型中沒有考慮任何收入綜效，也沒有設定每年10%的投資報酬率目標。（聽不清楚）但我知道你也期待能得到一些。所以我想了解一下，在你們看來，哪些領域最有可能產生最大的所得綜效？如果可以圍繞這一點建立某種財務框架，例如在未來幾年內產生 100 個基點的收入協同效應、200 個基點或其他任何預期值，會怎麼樣？要知道，這些物體比較柔軟，可能也比較難追蹤。但您能否透露一下您將如何處理這個問題？如果你能提供任何相關的財務架構就更好了。

Yes, Nathan. So let me try to answer the first part of -- you're right, we expect some growth synergies in these areas, different for each of these businesses. For example, in drug very strong, very strong position on the commercial side, not as much on the military side. So with our legacy core A&E, as you know, we have an outstanding position there. So there will be some synergies opportunities to grow the businesses there. Traditional CBS commercial excellence and driving key accounts, channel management, project pursuit funnel management, et cetera, that will drive as well within the core business, improved performance similar for Panametrics, Reuter-Stokes incredible position in the power generation.

是的，內森。那麼，讓我試著回答第一個問題——你說得對，我們預計這些領域會有一些成長協同效應，但每個業務的情況都不相同。例如，在藥品領域，該公司在商業方面實力非常強，但在軍事方面則不然。如您所知，憑藉我們傳統的急診核心業務，我們在該領域擁有卓越的地位。因此，這將帶來一些協同效應，從而促進當地業務的成長。傳統的 CBS 商業卓越性以及對關鍵客戶的推動、通路管理、專案追求通路管理等等，也將推動核心業務的發展，提高 Panametrics 和 Reuter-Stokes 在發電領域令人難以置信的地位的業績。

We're looking at these adjacencies where they also play in homeland security, other industrial applications where there's a lot of room for growth with the right focus. So None of that is baked into our model, our guidance. I'm not yet ready to provide you with the financial numbers as much as I would like on what those growth opportunities would be. but they'll be there and you'll see them eventually read-through in the P&L Nate.

我們正在研究這些鄰近領域，它們在國土安全和其他工業應用領域也發揮作用，如果重點放寬，這些領域還有很大的成長空間。所以，這些都沒有納入我們的模型和指導原則中。關於這些成長機會的具體財務數據，我目前還無法像我希望的那樣提供給你。但這些數據最終都會存在，你會在損益表中看到它們的，內特。

Yes. I think the confidence in -- I forget if it was Max's comments or Alex's is on the 4% to 6% and these businesses taking us towards the higher end of that range, part of that confidence level comes from these adjacencies and other opportunities that we already see. So I think we expect to be at that high end or even slightly above it when you look out a couple of years.

是的。我認為，人們對這些企業的信心——我忘了​​是Max的評論還是Alex的評論——在4%到6%之間，而這些企業正帶領我們向這個範圍的高端邁進，這種信心部分來自於這些鄰近領域以及我們已經看到的其他機會。所以我認為，展望未來幾年，我們預計能夠達到甚至略高於這個上限。

And this is probably just a housekeeping one. I think it was maybe Jeff earlier on was talking about integration costs and the impact that might have on your reported numbers. Are you eating those in the reported results? Or are they adjusted out of the reported results.

這大概只是個家事。我想傑夫之前可能是在談論整合成本以及這可能會對你們的報告數據產生的影響。你在吃報道結果中提到的那些食物嗎？或者這些因素已從公佈的結果中剔除？

Yes. So I think in our response to Jeff's question, clearly, if they are directly associated with the integration, we will be excluding them and keeping them visible for everybody. But there are other investments that we'll be needing to make us as just part of bringing the business to where -- in the certain areas where we need to be. So in finance, for example, if I have to hire people or an HR have to hire people in IT, those are continuing costs of the business, and I can't exclude those. So that's really what we were referring to in the response to Jeff's question.

是的。所以我認為，在回答 Jeff 的問題時，很明顯，如果它們與整合直接相關，我們將排除它們，並保持它們對所有人可見。但為了讓公司發展到我們需要達到的某些領域，我們還需要進行其他投資。例如，在財務方面，如果我必須招募員工，或人力資源部門必須在 IT 部門招募員工，這些都是企業的持續成本，我不能排除這些成本。所以，這其實就是我們在回答傑夫的問題時所指的內容。

Yes, I understand. Can you just give us an idea of what the impact to free cash flow will be in 2026 from these expenses, not from the hiring, but from the costs to achieve seg just to level set that for us.

是的，我明白了。能否簡要說明一下，這些支出（不是招募支出，而是實現細分市場所需的成本）在 2026 年會對自由現金流產生什麼影響？這樣我們就能大致了解狀況了。

Yes. I don't have that off the top of my head here, Nathan. So we'll look to provide more color on that at the right time. I would expect our free cash flow, though, overall. Just stepping back, we had an outstanding performance here in 2025 in our business, 102% on an adjusted basis. If we didn't adjust for it, for certain items, we were at 98%. So it's not like we pulled the whole heck of a lot out to adjust. Our core business will continue in that 100% range is our view right now. in next year, I would say, including the acquisitions, it will be down a little bit, but we'll be within that 90% to 100% range without a doubt. If that helps.

是的。內森，我一時想不起來。所以我們會在適當的時候提供更多相關資訊。不過，整體而言，我預期我們的自由現金流會比較穩定。簡單回顧一下，我們公司在 2025 年的業務表現非常出色，經調整後成長了 102%。如果不進行調整，某些項目的成功率可以達到 98%。所以，我們並沒有大幅削減預算來做調整。我們目前認為，我們的核心業務將繼續保持在100%的範圍內。明年，考慮到收購的影響，我認為業務量會略有下降，但毫無疑問，我們將保持在90%到100%的範圍內。如果這能幫到你的話。

Justin Ages, CJS Securities.

賈斯汀·阿格斯，CJS證券。

Congrats to Max and Alex on this new chapter. A question on the F-16. You know you noted that some of the win additional in the U.S. and international partners. Is that layered on top? Or is the Internet -- after the U.S. orders get built to maybe not into '27 will we see the benefit of the F-16 from international orders.

恭喜Max和Alex開啟人生新篇章。關於F-16戰鬥機的問題。您注意到，一些勝利是在美國和國際合作夥伴那裡獲得的。那是疊放在最上面一層的嗎？或者說，互聯網——在美國的訂單完成之後，可能要到 2027 年我們才能從國際訂單中看到 F-16 的好處。

Yes, Justin. So on F-16, the way we think about it is this $30 million annual sales doesn't really change much what -- as we get into the whole program link. So it goes out further benefit. We will ship first to the United States Air Force and then complement that with foreign military sales. at that $30 million or so rate per year.

是的，賈斯汀。所以對於 F-16 來說，我們認為這 3000 萬美元的年銷售額並不會真正改變什麼——當我們深入了解整個專案聯繫時。所以它會帶來更多好處。我們將先向美國空軍供貨，然後再透過對外軍售補充供應，每年金額約3000萬美元。

We have orders that are in excess of that annual rate today. So it's not like we have to wait for the orders. It's -- we have them in backlog today, Justin. So anything incremental to that, just to Alex's point extends.

我們目前的訂單量已經超過了年訂單量。所以我們不需要等待命令。是的——我們今天積壓了一些，賈斯汀。所以，任何在此基礎上增加的內容，都與 Alex 的觀點一致。

All right. That's helpful. And then you guys have done a bunch of acquisitions. You talked about your M&A capacity. You're levered now at 1.4. Can you discuss a little more what your target leverage is? What would you would be willing to go to if the right acquisition is out there?

好的。那很有幫助。然後你們又進行了一系列收購。你談到了你的併購能力。您目前的槓桿率為 1.4。能否詳細說明一下您的目標槓桿率是多少？如果遇到合適的收購機會，你願意付出多大的代價？

Yes. So with the right acquisition, we don't have a problem going to 3 times even strategically, if it made a lot of sense even going beyond as long as there was a path to come back down within a pretty short period of time to be in between, I'll call it, 2 times, 2.5 times, something like that on a -- from a target perspective. But we have no problem going up as high as 3% or even above that for the right deal.

是的。所以，只要收購得當，即使從策略角度來看，我們也不介意收購規模達到 3 倍，如果收購更有意義，甚至可以更高，只要在很短的時間內有辦法回落到中間，比如 2 倍、2.5 倍左右——從目標角度來看。但如果交易合適，我們並不介意漲到 3% 甚至更高。

Jordan Lyonnais, Bank of America.

喬丹·里昂，美國銀行。

On Aero and the name change, how are you thinking about adjacencies or opportunities into IGT or aeroderivatives. And then two, (inaudible) on the military side, is there any changes to your thinking on CCA's with the new group of one (inaudible).

關於航空和更名，您如何看待與 IGT 或航空衍生品相關的鄰近領域或機會？第二，（聽不清楚）在軍事方面，對於新的單人小組，您對CCA的看法是否有任何改變？（聽不清楚）

You're breaking up just a little bit, Jordan, if you can say that again.

喬丹，你這話有點兒語無倫次了，你再說一次吧。

Apologies. Yes. Sorry, is this better?

抱歉。是的。不好意思，這樣可以嗎？

That's much better is better.

這樣好多了。

On CCAs, that opportunity changed at all for how you're thinking about the program with tranche two now coming online with a batch of nine new contractors?

關於CCA項目，隨著第二批九家新承包商的加入，您對該專案的看法是否有所改變？

And you're opening as well because it was a repeated again, that would be great.

而且你還要再開門營業，因為這種情況再次發生，那就太好了。

Yes. For Aero and Advanced Tech now with the name change, the adjacencies that you're looking into, are you thinking about opportunities in IGT or aero derivatives.

是的。現在 Aero 和 Advanced Tech 更名了，您正在關注的鄰近領域，您是否考慮過 IGT 或航空衍生領域的機會？

I think on the first piece of the question on the AAT, again, we are exploring many different types of adjacencies. Traditionally, right, our core business has been in improved power control. So expanding beyond that in aerospace, just like we did in sensing, many different avenues, land-based. We're thinking about -- I don't want to call out specific adjacencies at this point, but many, many other adjacencies that complement both military and aerospace technologies and also play in other high-growth markets at the same time. And on the second part of your question, with CCA, do you mean collaborative combat aircraft?

我認為，關於 AAT 問題的第一部分，我們再次探討了許多不同類型的鄰接關係。傳統上，沒錯，我們的核心業務一直是改善電力控制。因此，在航空航太領域，就像我們在感測領域所做的那樣，可以擴展到許多不同的途徑，包括陸基領域。我們正在考慮——我現在不想點名具體的鄰近領域，但還有很多其他鄰近領域，它們既可以補充軍事和航空航天技術，也可以同時在其他高成長市場中發揮作用。關於您問題的第二部分，CCA，您指的是協同戰鬥飛機嗎？

I mean we're definitely playing in that space. We think we're very, very well positioned both with the, I guess, the traditional primes and the new entrants. In fact, in prior quarters, Jordan, you may recall that we have this great position in one of the new program Fury to call it out where we expect significant growth in the future. So in this different cycle, different sales cycle, different type of speed that is required, but all the demonstrators we have won our position there. And also with the new entrants, we have excellent content. So we feel very, very bullish about that segment and our ability to benefit from that. SP1 Got it.

我的意思是，我們肯定在這個領域有所作為。我們認為，無論是在傳統主要保險公司還是新進者方面，我們都處於非常非常有利的地位。事實上，喬丹，你可能還記得，在前幾個季度，我們在一個名為「Fury」的新項目中佔據了非常重要的地位，我們預計該項目未來將實現顯著增長。所以，在這個不同的週期，不同的銷售週期，所需的速度也不同，但我們所有的演示者都贏得了我們在那裡的地位。而且，新加入的成員也帶來了非常優質的內容。因此，我們對該領域以及我們從中獲益的能力感到非常非常樂觀。SP1 明白了。

(Operator Instructions) This concludes the Q&A portion of today's call. I would now like to turn the floor over to Max Mitchell for closing remarks.

（操作員說明）今天的電話會議問答環節到此結束。現在我謹將發言權交給馬克斯·米切爾，請他作總結發言。

Fantastic. Alex, congratulations again. Thank you all for joining us today. Great call, great team, great performance. There's a great deal of momentum here at Crane. We delivered an exceptional 2025, and I couldn't be proud of our teams. We continue to innovate, win critical projects and execute and deliver exceptional results. We also accelerated and delivered on our M&A efforts, adding differentiated technologies that further strengthen the crane portfolio, and we're set up for an even stronger 2026 with a leadership transition that will drive a continued focus on transformation, execution and the relentless pursuit of improvement, relentlessly driving towards perfection while accepting the reality we will always fall short that is what pushes us forward driving change as a late great performer, Diane Keaton once said, what is perfection anyway, here's the depth of creativity. That's what I think.

極好的。Alex，再次恭喜你。感謝各位今天蒞臨。精彩的決策，優秀的團隊，精彩的表現。Crane公司目前發展勢頭強勁。我們取得了卓越的 2025 年成績，我為我們的團隊感到無比自豪。我們不斷創新，贏得關鍵項目，並執行和交付卓越的成果。我們也加快並完成了併購工作，增加了差異化技術，進一步加強了起重機產品組合。隨著領導層過渡，我們已準備好迎接更加強勁的 2026 年，這將繼續推動我們專注於轉型、執行和不懈追求改進，不斷追求完美，同時接受我們永遠無法達到完美的現實——正是這種對完美的執著推動著我們不斷前進，推動著變革。正如已故的偉大表演者黛安基頓曾經說過的那樣，完美究竟是什麼？這就是創造力的深度。我也是這麼想的。

While change on the other hand, the cornerstone of new ideas. As always, change Crane is constant, and it remains the catalyst for fresh ideas, strategic evolution and continued outperformance with our excellent strategy, exceptional talent, strong momentum, our progress speaks for itself, and truly, there's no limit to what we will accomplish in 2026 and beyond. Under Alex's leadership and the team. Thank you all for your interest in Crane and your time and attention this morning. Have a great day.

而另一方面，變革是新想法的基石。一如既往，變化是 Crane 的永恆主題，它仍然是新想法、策略演進和持續超越的催化劑。憑藉我們卓越的策略、傑出的人才和強勁的發展勢頭，我們的進步不言而喻，而且，我們2026年及以後的成就將無可限量。在 Alex 的領導和團隊的努力下。感謝各位對Crane公司的關注，也感謝大家今天早上抽出寶貴時間聆聽我的演講。祝你有美好的一天。

Thank you. This concludes today's Crane Company Fourth Quarter 2025 Earnings Conference Call. Please disconnect your line at this time, and have a wonderful day.

謝謝。今天的克萊恩公司2025年第四季財報電話會議到此結束。請您暫時斷開電話，祝您有美好的一天。