Crane NXT, Co. (CXT) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to Crane NXT fourth quarter and full year 2025 earnings call. (Operator Instructions) Please note this conference is being recorded.

大家好，歡迎參加 Crane NXT 2025 年第四季與全年財報電話會議。(操作員指示) 請注意，本次會議將被錄音。

Now it's my pleasure to turn the call over to the Vice President of Investor Relations, Matt Roache. Please begin.

現在我很高興將電話交給投資人關係副總裁 Matt Roache。請開始。

Thank you, operator, and good morning, everyone. I want to welcome you all to the fourth quarter and full year 2025 earnings call for Crane NXT.

謝謝，操作員，大家早安。歡迎各位參加 Crane NXT 2025 年第四季與全年財報電話會議。

Before we begin, let me remind you that the slides we will reference during this presentation can be accessed via the Investor Relations section of our website at cranenxt.com, and a replay of today's call will also be available on our website.

在開始之前，提醒各位，我們在本次簡報中將引用的投影片可於 cranenxt.com 網站的投資人關係專區取得，今日電話會議的重播也將在我們網站上提供。

Before we discuss our results, I encourage all participants to review the legal notice on slide 2, which explains the risks of forward-looking statements and the use of non-GAAP financial measures. Additionally, we refer you to the cautionary language at the bottom of our earnings release in our Form 10-K and subsequent filings pertaining to forward-looking statements.

在討論業績之前，我鼓勵所有與會者先閱讀第 2 頁投影片的法律聲明，其中說明前瞻性陳述的風險以及非 GAAP 財務衡量指標的使用。此外，我們也請各位參閱我們財報新聞稿底部、Form 10-K 及後續申報文件中與前瞻性陳述相關的警示性用語。

During the call, we will also be using non-GAAP financial measures which are reconciled to the comparable GAAP measures in the tables at the end of our press release and accompanying slide presentation, both of which are available on our website in the Investor Relations section.

在本次電話會議中，我們也將使用非 GAAP 財務衡量指標；其與相對應 GAAP 指標的調節表，載於我們新聞稿末尾及隨附投影片簡報的表格中，兩者皆可於我們網站的投資人關係專區取得。

With me today are Aaron Saak, our President and Chief Executive Officer; and Christina Cristiano, our Senior Vice President and Chief Financial Officer. On our call this morning, we'll discuss our 2025 highlights, our financial, and operational performance and our 2026 financial guidance and outlook. After our prepared remarks, we'll open the call to analysts for questions.

今天與我一同出席的有：總裁暨執行長 Aaron Saak，以及資深副總裁暨財務長 Christina Cristiano。今天早上的電話會議中，我們將討論 2025 年重點、財務與營運表現，以及 2026 年財務指引與展望。在我們的準備發言結束後，將開放分析師提問。

With that, I'll turn the call over to Aaron.

接下來，我把電話交給 Aaron。

Thank you, Matt, and good morning. I appreciate everyone joining the call today. I'd like to begin by thanking our Crane NXT team members around the world for their performance during Q4. We have an exceptional team, and I'm proud of our accomplishments throughout 2025.

謝謝你，Matt，大家早安。感謝各位今天加入電話會議。我想先感謝全球 Crane NXT 團隊成員在第四季的表現。我們擁有一支卓越的團隊，我也為 2025 年全年的成果感到自豪。

Starting with our financial results. We had a strong end to the year, executing our strategy of accelerating organic revenue growth while maintaining strong margins and free cash flow. Sales growth was approximately 20% in the fourth quarter and 11% for the full year. Adjusted EBITDA margin was approximately 25% in Q4 and 24% for the full year. Additionally, our strong free cash flow resulted in a conversion ratio of approximately 135% in the fourth quarter and 94% for the full year, in line with our expectations. Finally, we delivered adjusted EPS of $1.27 in the fourth quarter and $4.06 for the full year.

先從財務結果談起。我們在年底表現強勁，持續執行策略：在維持強勁利潤率與自由現金流的同時，加速有機營收成長。第四季銷售成長約 20%，全年成長 11%。第四季調整後 EBITDA 利潤率約 25%，全年約 24%。此外，強勁的自由現金流使我們的轉換率在第四季約 135%、全年約 94%，符合我們的預期。最後，我們第四季調整後 EPS 為 1.27 美元，全年為 4.06 美元。

We continue to build momentum in executing our strategy to accelerate organic growth and I'd like to highlight a few of our key achievements this year. We ended 2025 with a total of 20 new currency denomination wins specifying our microoptics technology. This result exceeded our target range of 10 to 15 wins and is one reason why I'm so positive about the long-term outlook for the currency business.

我們持續在執行加速有機成長的策略上累積動能，我想強調今年幾項關鍵成就。2025 年底，我們共取得 20 項新鈔券面額（currency denomination）採用我們微光學（microoptics）技術的案子。此成果超出我們原先 10 到 15 項的目標區間，也是我對鈔券業務長期展望保持高度正向的原因之一。

Notably, the new wins include five new denominations for the nation of Fiji, which unveiled a new series of currency in December, featuring micro-optics integrated into polymer substrates. With our currency team's continued streak wins and organic backlog up more than 30% year over year, we are highly confident in our sales outlook for this business in 2026.

值得一提的是，這些新案子包含斐濟（Fiji）新增的 5 個新面額；斐濟於 12 月推出新版鈔券系列，採用將微光學整合至聚合物基材（polymer substrates）的設計。隨著我們鈔券團隊持續連勝、且有機在手訂單（organic backlog）年增超過 30%，我們對 2026 年此業務的銷售展望非常有信心。

Also, in 2025, we successfully completed the final equipment upgrades to support the launch of the new US currency series. With design and testing finalized, we're preparing for the release of the new $10 bill later this year. And we're excited, as I know many of you are for the US treasury announcement of the new design, which we think will likely be in mid-2026.

此外，在 2025 年，我們也成功完成最後一批設備升級，以支援美國新版鈔券系列的推出。在設計與測試定案後，我們正準備於今年稍晚發行新版 10 美元鈔票。我們也很期待——我知道許多各位也是——美國財政部公布新設計的公告；我們認為該公告很可能在 2026 年年中發布。

In 2025, we also secured significant contract renewals in our Crane Authentication business across major customers, including the world's most recognized sports leagues. As a reminder, earlier last year, we announced that we renewed our multiyear contract with the National Football League to provide physical product authentication and online brand protection services. And in Q4, we signed a multiyear agreement with Major League Baseball to provide security technology for their consumer products. We're confident that these partnerships, together with other contracts we have with some of the world's most recognized brands, will continue to drive growth.

2025 年，我們也在 Crane Authentication 業務中，於主要客戶群取得重要的合約續約，其中包括全球最知名的運動聯盟。提醒各位，去年稍早我們曾宣布，已與美國國家美式足球聯盟（NFL）續簽多年期合約，提供實體產品驗證與線上品牌保護服務。而在第四季，我們與美國職棒大聯盟（MLB）簽署多年期協議，為其消費性產品提供安全技術。我們相信，這些合作關係，加上我們與全球多個最知名品牌的其他合約，將持續帶動成長。

We also continue to build upon our market-leading positions in authentication and traceability technologies. In 2025, we further strengthened our leadership in global authentication through the creation of Crane Authentication, combining optic security and De La Rue authentication into one integrated business. We made significant progress executing on our synergies, including 80/20 initiatives, which will drive significant margin accretion in this business in 2026.

我們也持續鞏固在驗證與可追溯性技術方面的市場領先地位。2025 年，我們透過成立 Crane Authentication，將光學防偽（optic security）與 De La Rue 的驗證業務整合為單一的整合型事業，進一步強化我們在全球驗證領域的領導地位。我們在協同效益的落實上取得顯著進展，包括 80/20 計畫，將在 2026 年為此業務帶來顯著的利潤率提升。

Additionally, in the fourth quarter, we closed our initial equity investment in Antares Vision, a global leader in providing advanced detection systems and track and trace software, expanding our presence in higher growth end markets including life sciences and food and beverage. And we're on track to complete this acquisition and take the company private in mid-2026. Finally, to capitalize on increasing demand, we are investing in the future growth in our international currency business, and I'll provide more details on this later in the call.

另外，在第四季，我們完成對 Antares Vision 的初始股權投資；該公司是提供先進檢測系統與追蹤追溯（track and trace）軟體的全球領導者，這也擴大了我們在生命科學以及食品飲料等高成長終端市場的布局。我們也按計畫在 2026 年年中完成此收購並將該公司私有化下市。最後，為把握需求增加，我們正投資於國際鈔券業務的未來成長；我稍後會在電話會議中提供更多細節。

In summary, throughout 2025, we continue to execute our strategy, accelerating revenue growth, building momentum in key strategic areas, and expanding our market-leading positions. We're taking meaningful steps to position the company for success, and we're in a strong position to deliver long-term shareholder value creation. So thank you again to our entire Crane NXT team for your dedication in 2025 and commitment to continued success in 2026.

總結來說，2025 年我們持續執行策略，加速營收成長、在關鍵策略領域累積動能，並擴大我們的市場領先地位。我們正採取具體行動以讓公司邁向成功，並處於有利位置以創造長期股東價值。因此，再次感謝所有 Crane NXT 團隊在 2025 年的投入，以及對 2026 年持續成功的承諾。

Now with that, let me hand the call over to Christina to review our fourth quarter and full year financial performance in detail as well as our 2026 guidance. Christina?

接下來，我把電話交給 Christina，請她詳細說明第四季與全年財務表現，以及 2026 年指引。Christina？

Thank you, Aaron, and good morning, everyone. I'd also like to echo Aaron's thanks to our associates for their continued hard work. We appreciate your contributions and your commitment to our customers and shareholders.

謝謝你，Aaron，大家早安。我也想呼應 Aaron，感謝同仁們持續的辛勤付出。我們感謝各位的貢獻，以及對客戶與股東的承諾。

Starting on slide 4. Sales were $477 million in the quarter, an increase of approximately 20% year over year driven by acquisitions and continued strong performance in Crane Currency. Core sales increased approximately 5%, reflecting accelerating growth in SAT, partially offset by expected softness in CPI. Adjusted segment operating margin of approximately 26% declined approximately 120 basis points versus the prior year, reflecting additional costs and investments to support increased demand in international currency as well as unfavorable FX, which I will speak more about in a few moments. Adjusted free cash flow conversion was very strong at approximately 135%, underscoring our robust operating discipline, and we delivered adjusted EPS of $1.27.

從第 4 頁投影片開始。本季銷售額為 4.77 億美元，年增約 20%，主要由併購以及 Crane Currency 持續強勁的表現所帶動。核心銷售（core sales）增加約 5%，反映 SAT 成長加速，但部分被 CPI 如預期的疲弱所抵銷。調整後分部營業利潤率約 26%，較去年下降約 120 個基點，反映為支援國際鈔券需求增加而產生的額外成本與投資，以及不利的匯率（FX）影響；我稍後會再多談一些。調整後自由現金流轉換率非常強勁，約 135%，凸顯我們穩健的營運紀律；同時我們交出調整後 EPS 1.27 美元。

Moving to slide 5. Full year sales were approximately $1.7 billion, an increase of approximately 11% year over year with core sales growth of approximately 1%. Adjusted segment operating margin decreased approximately 260 basis points year over year, reflecting the expected impact of acquisitions and additional costs in international currency to deliver on increased demand. Finally, adjusted free cash flow conversion was approximately 94% for the full year, and we delivered adjusted EPS of $4.06.

接著進入第 5 張投影片。全年銷售額約為 17 億美元，年增約 11%，其中核心銷售成長約 1%。調整後分部營業利益率年減約 260 個基點，反映併購的預期影響，以及為滿足增加的需求而在國際貨幣業務上產生的額外成本。最後，全年調整後自由現金流轉換率約為 94%，我們交出調整後 EPS 4.06 美元。

Moving to our segments and starting with CPI on slide 6. Core sales were flat compared with the fourth quarter of 2024, with double-digit growth in gaming, offset by expected softness in other end markets, including vending. Adjusted operating margin improved approximately 340 basis points to approximately 32%, reflecting the impact of disciplined cost management and productivity initiatives. Finally, there was a modest increase in backlog sequentially, and the book-to-bill ratio was above 1.

接著看各分部，從第 6 張投影片的 CPI 開始。核心銷售額相較 2024 年第四季持平，遊戲業務呈現兩位數成長，但被其他終端市場（包括自動販賣機）如預期的疲弱所抵銷。調整後營業利益率提升約 340 個基點至約 32%，反映嚴謹的成本管理與生產力提升措施的成效。最後，在手訂單（backlog）較前一季小幅增加，接單出貨比（book-to-bill）高於 1。

Turning to slide 7. For the full year, CPI core sales were in line with expectations, decreasing by approximately 4% year over year, reflecting the indirect impact of tariffs on demand in our vending end market as pricing actions cause customers to delay orders. Results were also impacted by the final phase of the gaming destocking dynamic we experienced during the first half of 2025. Through strong cost discipline and application of CBS to drive productivity, we maintained adjusted operating margin at approximately 29%. These results reflect excellent work by our CPI team.

接著看第 7 張投影片。就全年而言，CPI 核心銷售符合預期，年減約 4%，反映關稅對我們自動販賣機終端市場需求的間接影響；由於採取漲價措施，客戶延後下單。結果亦受到我們在 2025 年上半年經歷的遊戲業務去庫存動態進入最後階段的影響。透過強而有力的成本紀律，以及運用 CBS 推動生產力，我們將調整後營業利益率維持在約 29%。這些成果反映 CPI 團隊的優異表現。

Moving to security and authentication technologies on slide 8. In the fourth quarter, core sales were up approximately 11%, driven by strong performance in Crane Currency, where we achieved 11 new micro-optics denomination wins in Q4, bringing our full year total to 20 new wins. As a reminder, total sales growth of over 40% includes the acquisition of De La Rue Authentication, which closed in May.

接著看第 8 張投影片的安全與認證技術（SAT）。第四季核心銷售成長約 11%，主要由 Crane Currency 的強勁表現帶動；我們在第四季取得 11 個新的微光學（micro-optics）面額得標，使全年新增得標總數達到 20 個。提醒一下，總銷售成長超過 40% 包含了 5 月完成交割的 De La Rue Authentication 併購。

Adjusted segment operating margin decreased by approximately 420 basis points from the prior year. As shown on slide 9, we had strong volume growth year over year, increasing our margins. However, this impact was partially offset by several items. First, we experienced unfavorable mix in our international business as compared to the fourth quarter of 2024 based on the specific shipments from our backlog to central banks.

調整後分部營業利益率較去年下降約 420 個基點。如第 9 張投影片所示，我們的出貨量年增強勁，帶動毛利率提升。然而，這項影響部分被數個因素抵銷。首先，與 2024 年第四季相比，我們的國際業務產品組合不利，原因在於從在手訂單出貨給各國央行的特定出貨組合不同。

Second, we incurred additional costs to meet increased demand, including hiring and training of additional production staff, higher freight, procurement of substrates from third-party suppliers, and selected outsourcing of banknote printing. Additionally, there was an unfavorable FX impact on margin as we experienced higher operating costs to manufacture and print our international currency products in Sweden and Malta, incurring costs in Swedish krona and euro.

第二，為滿足增加的需求，我們承擔了額外成本，包括增聘並訓練更多生產人員、更高的運費、向第三方供應商採購基材，以及選擇性外包鈔票印製。此外，匯率（FX）對利潤率亦有不利影響，因我們在瑞典與馬爾他製造與印製國際貨幣產品時營運成本上升，並以瑞典克朗與歐元計價產生成本。

We also made additional investments in Q4 to support anticipated future growth as we continue to execute the development of the next generation of micro-optic products with very high customer interest. Finally, the contribution from the acquisition of De La Rue and the execution of our synergies across Crane Authentication performed as expected in the quarter.

我們也在第四季加碼投資，以支援預期的未來成長；我們持續推進下一代微光學產品的開發，客戶興趣非常高。最後，De La Rue 併購的貢獻，以及我們在 Crane Authentication 範圍內推動綜效的執行，在本季表現符合預期。

Turning to slide 10. For the full year, SAT delivered core sales growth of approximately 7%, driven by strength in currency, which exceeded our expectations. Crane Authentication performed as expected, with results including eight months of De La Rue Authentication in 2025. Adjusted operating margin decreased by approximately 380 basis points driven by the expected impact of acquisitions, and as discussed earlier, the increased costs in international currency and the unfavorable impact of FX. Finally, backlog was up more than 50% year over year, which gives us high confidence in our growth outlook for SAT in 2026.

接著看第 10 張投影片。全年而言，SAT 核心銷售成長約 7%，主要由貨幣業務的強勁表現帶動，且優於我們預期。Crane Authentication 表現符合預期，2025 年的結果包含 De La Rue Authentication 併入後 8 個月的貢獻。調整後營業利益率下降約 380 個基點，主因為併購的預期影響，以及如先前所述，國際貨幣業務成本上升與匯率不利影響。最後，在手訂單年增超過 50%，使我們對 2026 年 SAT 的成長展望具高度信心。

Moving to our balance sheet on slide 11. We ended the year with net leverage of approximately 2.3 times. During the fourth quarter, we secured a term loan of roughly $500 million and grew approximately $130 million to fund the initial equity investment in Antares Vision. We expect to draw the remaining balance in the first half of 2026 to fund the rest of the Antares Vision transaction, which is on track to be fully completed in mid-2026.

接著看第 11 張投影片的資產負債表。年底淨槓桿約為 2.3 倍。第四季期間，我們取得約 5 億美元的定期貸款，並增加約 1.3 億美元，用以資助對 Antares Vision 的初始股權投資。我們預期在 2026 年上半年提用剩餘額度，以資助 Antares Vision 交易的其餘部分；該交易進度如期，預計於 2026 年年中全部完成。

Looking ahead, we anticipate using our free cash flow to pay down our outstanding debt and end 2026 with net leverage of approximately 2.3 times. We have an excellent balance sheet, attractive fixed-rate, long-term debt, and substantial liquidity. Our strong free cash flow generation enables us to invest in organic growth, pursue M&A to build on our leadership positions, and maintain a competitive dividend.

展望未來，我們預期運用自由現金流償還未償債務，並在 2026 年底將淨槓桿維持在約 2.3 倍。我們擁有非常穩健的資產負債表、具吸引力的固定利率長期債務，以及充足的流動性。強勁的自由現金流創造能力，使我們得以投資有機成長、進行併購以鞏固領導地位，並維持具競爭力的股利。

Continuing our commitment to a disciplined and balanced capital allocation strategy, yesterday, we announced a 6% increase to our annual dividend, while preserving ample capacity to deploy capital towards acquisitions in the future that meet our financial criteria.

延續我們對嚴謹且均衡的資本配置策略之承諾，我們昨日宣布將年度股利提高 6%，同時保留充足的資本運用空間，以便未來進行符合我們財務標準的併購。

Moving now to 2026 guidance on slide 12. I would like to highlight that this guidance only includes the interest expense associated with our initial approximately 32% investment in Antares Vision. We anticipate updating guidance in our first quarter earnings announcement after Crane NXT has a greater than 50% ownership stake in Antares Vision, at which time its results will be consolidated within Crane NXT.

接著進入第 12 張投影片的 2026 年財測指引。我要強調，這份指引僅包含我們對 Antares Vision 初始約 32% 投資所對應的利息費用。我們預期在第一季財報公告時更新指引；屆時 Crane NXT 將在 Antares Vision 持股超過 50%，其業績也將併入 Crane NXT 合併報表。

In 2026, we expect full year sales growth of 4% to 6%. In SAT, we expect high single-digit growth driven by high single-digit growth in US currency from a favorable mix of banknote demand and low single-digit growth in international currency, even with a tough comparison to a very strong 2025. In Crane Authentication, we expect mid-single-digit core growth, including a full year contribution from the De La Rue Authentication acquisition.

2026 年，我們預期全年銷售成長 4% 至 6%。在 SAT，我們預期在美國貨幣業務因鈔票需求組合有利而帶動的高個位數成長，以及國際貨幣業務低個位數成長的推動下，整體呈現高個位數成長，即使 2025 年表現非常強勁、比較基期偏高。在 Crane Authentication，我們預期核心成長為中個位數，並包含 De La Rue Authentication 併購的全年貢獻。

In CPI, we expect sales to be flat year-over-year, reflecting mid-single-digit growth in service, where we are expanding our offering, offset by approximately flat revenue year over year in our hardware businesses and a low single-digit decline in vending as order softness continues following price increases to offset the impact of Chinese tariffs.

在 CPI，我們預期銷售額年比持平；其中服務業務預期中個位數成長（我們正在擴大產品與服務內容），但將被硬體業務年比約持平，以及自動販賣機業務低個位數下滑所抵銷，因為為抵銷中國關稅影響而調漲價格後，訂單疲弱仍在延續。

Before I discuss our profit guidance, I'd like to note that we have changed our profitability metric to adjusted EBITDA from adjusted operating profit. We believe adjusted EBITDA is a more meaningful representation of our operating performance as it eliminates noncash expenses, including depreciation, and we will be using this metric going forward. We expect adjusted segment EBITDA margin to be approximately 28%, which is approximately flat year over year. This reflects continued high profitability in CPI and the benefit of synergy realization in Crane Authentication, partially offset by actions we are taking to expand capacity for international currency.

在我說明獲利指引之前，我想先提到我們已將獲利衡量指標由調整後營業利益改為調整後 EBITDA。我們認為調整後 EBITDA 更能代表我們的營運表現，因其排除折舊等非現金費用；未來我們將持續使用此指標。我們預期調整後分部 EBITDA 利潤率約為 28%，年比約持平。這反映 CPI 持續維持高獲利能力，以及 Crane Authentication 綜效逐步實現的效益，部分被我們為擴充國際貨幣產能所採取的措施所抵銷。

Continuing with full year guidance, we expect corporate expenses of approximately $58 million. We also expect nonoperating expenses of roughly $60 million, which includes a noncontrolling interest associated with the Crane Authentication joint venture and interest expense associated with our initial stake in Antares Vision. We will update our guidance to reflect the impact from Antares Vision once we consolidate the company into Crane NXT, and Aaron will be providing an update on this timing later in the presentation.

延續全年指引，我們預期公司費用約為 5,800 萬美元。我們也預期非營業費用約為 6,000 萬美元，其中包含 Crane Authentication 合資企業相關的非控制權益，以及我們對 Antares Vision 初始持股所對應的利息費用。一旦我們將 Antares Vision 併入 Crane NXT 合併報表，我們將更新指引以反映其影響；Aaron 也將在簡報稍後更新此時程。

For the full year, we expect our tax rate to be consistent versus 2025 at approximately 21.5%, and we expect to deliver full year adjusted EPS in the range of $4.10 to $4.40. Finally, we expect adjusted free cash flow conversion in the range of approximately 90% to 110%, recognizing that the specific timing of currency shipments can vary quarter by quarter.

就全年而言，我們預期稅率與 2025 年一致，約為 21.5%，並預期全年調整後 EPS 介於 4.10 至 4.40 美元。最後，我們預期調整後自由現金流轉換率約為 90% 至 110%，並考量到貨幣出貨的具體時點可能會因季度而異。

Turning to slide 13. I want to point out that the phasing of revenue in 2026 will be slightly higher in the second half of the year. In the first quarter, we expect to see revenue growth in the mid-teens, reflecting the impact of the acquisition of De La Rue Authentication and full operations in our US currency business, which will drive 45% to 50% growth in SAT year over year. This growth will be partially offset by a mid-single-digit decline in CPI, reflecting the timing of hardware shipments based on the expected customer order pattern.

接著看第 13 張投影片。我想指出，2026 年的營收認列時點將在下半年略高一些。在第一季，我們預期營收成長約在十幾個百分點的中段，反映 De La Rue Authentication 併購的影響，以及我們美國貨幣業務全面運作，將帶動 SAT 年對年成長 45% 至 50%。此成長將部分被 CPI 約中個位數百分比的下滑所抵銷，該下滑反映依預期客戶下單模式而定的硬體出貨時點。

Adjusted EBITDA margin of approximately 19% will be flat in the first quarter year over year, reflecting the realization of acquisition synergies in Crane Authentication, partially offset by the flow-through impact of lower CPI volume, mix impact of the De La Rue acquisition and increased currency costs to meet the higher demand.

調整後 EBITDA 利潤率約 19%，第一季將與去年同期持平，反映 Crane Authentication 併購綜效的實現，但部分被 CPI 量減的傳導影響、De La Rue 併購帶來的產品組合影響，以及為滿足較高需求而增加的貨幣成本所抵銷。

For the full year, we expect Crane NXT sales to grow in the mid-single digits in 2026, with adjusted EBITDA of approximately 25%. This reflects the continued high adjusted EBITDA margin in CPI of approximately 30% and an approximately 120 basis points improvement year-over-year in SAT to an adjusted EBITDA margin of approximately 25%.

就全年而言，我們預期 2026 年 Crane NXT 銷售額將以中個位數百分比成長，調整後 EBITDA 約為 25%。這反映 CPI 持續維持約 30% 的高調整後 EBITDA 利潤率，以及 SAT 調整後 EBITDA 利潤率年對年改善約 120 個基點至約 25%。

Now let me turn the call back to Aaron to provide further details about the actions we are taking to capture growth opportunities in international currency and an update on the Antares Vision transaction.

現在我把電話交回給 Aaron，請他進一步說明我們為掌握國際貨幣成長機會所採取的行動，以及 Antares Vision 交易的最新進展。

Thanks, Christina. Turning to slide 14, I'd like to take a few moments to discuss the investments we're making to capture organic growth opportunities in international currency, where demand continues to be very strong, with 20 new micro-optic wins in 2025 and organic backlog up over 30% year over year. This is a particularly exciting growth area for us, and we see tremendous potential for it to continue in the years ahead.

謝謝，Christina。接著看第 14 張投影片，我想花幾分鐘談談我們為掌握國際貨幣的內生成長機會所進行的投資；該市場需求仍然非常強勁，2025 年新增 20 個微光學（micro-optic）得標案，且內生在手訂單年對年成長超過 30%。這對我們而言是特別令人振奮的成長領域，我們也看到其在未來數年持續成長的巨大潛力。

Now as a reminder, we deliver value to our international currency customers through four primary offerings as shown on this slide. These offerings include the designing of bank notes, substrate manufacturing, production of our proprietary micro-optics technology, and banknote printing. To capitalize on rising demand, we're taking a variety of actions to expand our capacity. First, we're leveraging our CBS discipline, which we expect will continue to drive increased productivity annually from continuous improvement initiatives.

提醒一下，如本頁所示，我們透過四項主要產品與服務為國際貨幣客戶創造價值。這些包括鈔券設計、基材製造、自有微光學技術的生產，以及鈔券印製。為把握需求上升，我們正採取多項行動以擴充產能。首先，我們運用 CBS 紀律，預期將持續透過持續改善計畫逐年提升生產力。

Second, to supplement these productivity initiatives, we're adding resources to our design team and increasing staffing in our micro optics and banknote printing facilities to increase capacity and move to 24/7 operations. Additionally, we are also increasing the amount of products and services we're procuring from a select group of suppliers and partners. This includes purchasing additional substrates beyond our current capacity and partnering with select government print works for banknote printing.

第二，為補強這些生產力提升計畫，我們將為設計團隊增補資源，並提高微光學與鈔券印製設施的人力配置，以提升產能並轉為 24/7 運作。此外，我們也正提高向特定供應商與合作夥伴採購的產品與服務量。這包括在現有產能之外採購更多基材，並與特定政府印鈔機構合作進行鈔券印製。

We significantly increased these activities in Q4 and expect them to continue into 2026 to meet the growing demand. For 2026 in total, we expect additional costs of approximately $4 million in SAT related to these actions, but reducing substantially in 2027 as our internal productivity programs are executed. Finally, we are investing in capacity expansion with new micro-optics production lines in our Nashville, New Hampshire facility and in our facility in Malta.

我們在 2025 年第四季大幅增加了這些活動，並預期將延續至 2026 年以滿足成長中的需求。就 2026 年全年而言，我們預期與這些行動相關的 SAT 額外成本約為 400 萬美元，但隨著內部生產力計畫落地，2027 年將大幅下降。最後，我們正投資擴充產能，在新罕布夏州納什維爾（Nashville, New Hampshire）廠與馬爾他廠新增微光學生產線。

Based on these investments in organic growth, we expect CapEx to increase to approximately 7% of currency's revenue in 2026. Even with these investments, we expect Crane NXT's CapEx spending to continue to be in the range of 3% to 5% of sales in total. Additionally, for 2026, we expect approximately $4 million of added OpEx to support micro-optic product development, design, and these capacity expansion programs. In total, we expect adjusted EBITDA margins to improve by approximately 120 basis points in SAT. And a more detailed bridge of the 2026 year-over-year SAT margins is provided in a slide in the appendix. In summary, we're excited about the long-term growth opportunities these actions will drive and we'll share more about those programs at our upcoming Investor Day.

基於這些內生成長投資，我們預期 2026 年資本支出（CapEx）將提高至約占貨幣業務營收的 7%。即使進行這些投資，我們仍預期 Crane NXT 的 CapEx 總體支出將維持在銷售額的 3% 至 5% 區間。此外，對於 2026 年，我們預期將增加約 400 萬美元的營運費用（OpEx），以支援微光學產品開發、設計及這些產能擴充計畫。整體而言，我們預期 SAT 的調整後 EBITDA 利潤率將改善約 120 個基點。而 2026 年 SAT 利潤率年對年變動的更詳細橋接分析，已在附錄中的投影片提供。總結來說，我們對這些行動所帶動的長期成長機會感到振奮，並將在即將到來的投資人日分享更多相關計畫。

Moving to slide 15. I want to provide an update on the Antares Vision transaction. In Q4 2025, we completed the first step of the transaction, acquiring approximately 32% of the company from its largest shareholders. And I'm happy to report that we've received approval from the Italian regulators to move forward with step two of the transaction and will launch a mandatory public tender offer to all remaining shareholders in February. We expect this process will be completed by the end of Q1, at which time we will own over 50% of the shares of Antares Vision and consolidate the results under Crane NXT.

接著看第 15 張投影片。我想更新 Antares Vision 交易的進展。在 2025 年第四季，我們完成了交易的第一步，向其最大股東收購約 32% 的公司股權。我也很高興報告，我們已獲義大利主管機關核准推進交易第二步，並將於 2 月對所有其餘股東發起強制性公開收購要約。我們預期此流程將於第一季末完成，屆時我們將持有 Antares Vision 超過 50% 的股份，並將其業績併入 Crane NXT。

As Christina mentioned earlier, we'll provide updated 2026 guidance based on the consolidation of Antares Vision during our Q1 earnings in May. Finally, in Q2, we will start step three of the transaction to take the company private. As a reminder, Crane NXT has secured voting agreements with the largest shareholders of Antares Vision which ensures our ability to take the company private after the completion of the mandatory tender process. We expect the take private process will be completed in mid-2026.

如 Christina 先前提到的，我們將在 5 月公布第一季財報時，基於 Antares Vision 併表情況提供更新後的 2026 年指引。最後，在第二季，我們將啟動交易第三步，使公司下市並私有化。提醒一下，Crane NXT 已與 Antares Vision 最大股東取得表決權協議，確保我們在強制性收購程序完成後具備將公司私有化的能力。我們預期私有化流程將於 2026 年年中完成。

In closing, I want to reiterate a few key points from our call today. First, we're continuing to execute our strategy of accelerating growth while maintaining strong margins and robust free cash flow. Second, we continue to build momentum in our strategic growth areas. Our team is ready for the launch of the US new series of banknotes starting with the $10 bill in 2026. International currency strong performance is exceeding our expectations, and we're taking actions to drive further growth opportunities and expand our leadership in this market based on our technology.

在結語中，我想重申今天電話會議的幾個重點。第一，我們持續執行加速成長的策略，同時維持強勁的利潤率與穩健的自由現金流。第二，我們在策略性成長領域持續累積動能。我們的團隊已準備就緒，迎接美國新版鈔券系列自 2026 年起、以 10 美元鈔票為首的發行。國際貨幣業務的強勁表現超出我們預期，我們正採取行動以推動更多成長機會，並以我們的技術擴大在此市場的領導地位。

In Crane Authentication, we took actions in '25 to accelerate the realization of synergies, and we expect to see significant margin accretion in 2026 as a result. And finally, the Antares Vision acquisition is on track, and we look forward to welcoming the entire Antares Vision team to Crane NXT in 2026.

在 Crane Authentication，我們於 2025 年採取行動加速綜效實現，並預期因此在 2026 年看到顯著的利潤率增厚。最後，Antares Vision 的收購案正按計畫推進，我們期待在 2026 年歡迎完整的 Antares Vision 團隊加入 Crane NXT。

With all of these actions, I believe we are well positioned to accelerate growth in 2026 and beyond and deliver significant value creation to our shareholders. And I look forward to seeing many of you at our upcoming Investor Day on February 25 in New York City, where we'll share more details on our strategy, growth opportunities, and financial priorities. We'll also be showcasing some of our advanced technologies and solutions during the event.

透過所有這些行動，我相信我們已具備良好條件在 2026 年及之後加速成長，並為股東創造顯著價值。我也期待在 2 月 25 日於紐約市舉行的投資人日見到各位，我們將分享更多關於策略、成長機會與財務優先事項的細節。活動期間我們也將展示部分先進技術與解決方案。

So thank you again for your time this morning, and I would like to also thank our Crane NXT team members across the world for their commitment to our customers, our communities, and all of our stakeholders.

因此再次感謝各位今天早上的時間，我也要感謝遍布全球的 Crane NXT 團隊成員，對我們的客戶、社區以及所有利害關係人的投入與承諾。

And now operator, we're ready to take our first question.

現在，接線員，我們準備開始回答第一個問題。

(Operator Instructions)

（接線員指示）

Matt Summerville, DA Davidson.

Matt Summerville，DA Davidson。

Maybe just start with SAT. As I think about the margin performance in Q4, a kind of sequentially, you got $30-plus million of additional revenue, $2 million less OP dollars. And I realize you had the investments you called that out in the waterfall chart. But I guess I'm wondering why this business, if demand is that strong, can do more to test price elasticity in the market, given the nature of what you're selling and kind of the criticality especially if this decisioning is being done through an 80/20 lens?

或許先從 SAT 談起。我在看第四季的利潤率表現時，按季來看，你們多了 3,000 多萬美元的額外營收，但營業利益（OP）金額卻少了 200 萬美元。我知道你們有提到投資，也在瀑布圖裡標示出來。但我想問的是，如果需求真的這麼強，考量你們所銷售產品的性質以及其關鍵性，尤其是在以 80/20 的角度做決策時，為什麼這個業務不能在市場上更進一步測試價格彈性？

Thanks for that question, Matt. I'd start by saying as you see in our prepared remarks and as you referenced the waterfall, we're really encouraged by the growth and the backlog that we have in international currency. We strongly believe, and I'm highly confident this is setting us up for sustainable growth. And that's why we're making these investments. Now to your point on pricing and flow-through of that, just to remind you, Matt, most, if not all of these contracts that we're delivering in any quarter have been put into our backlog well before.

謝謝你的提問，Matt。我先從我們事先準備的發言以及你提到的瀑布圖開始說起：我們對國際貨幣業務的成長與目前的在手訂單量感到非常振奮。我們堅信，而且我也非常有信心，這正在為我們奠定可持續的成長基礎。這也是我們進行這些投資的原因。至於你提到的定價以及其傳導效應，提醒你一下，Matt，我們在任何一個季度交付的合約，大多數（如果不是全部）早在更久之前就已經納入我們的在手訂單。

So we're executing this backlog. That's what gives us great visibility into 2026. This is not a book-and-ship business. And so with that being said, as we're looking forward here, as new contracts come into the backlog, we are very focused on ensuring we are maximizing our value and the pricing power we have with our leading technology. So I feel confident that the team is doing that.

所以我們是在執行這些在手訂單。這也是讓我們對2026年具備很高能見度的原因。這不是一種接單即出貨（book-and-ship）的業務模式。因此，在此前提下，展望未來，當新的合約進入在手訂單時，我們非常專注於確保能夠最大化我們的價值，以及憑藉領先技術所擁有的定價能力。所以我有信心團隊正在做到這一點。

And then as a follow-up, obviously, there's a few moving pieces, two things. One, can you talk a little more explicitly about the EPS cadence as we move throughout the year, particularly given from the pluses and minuses, we see you referenced in the first quarter. And then you mentioned being able to see some cost recovery on some of these investments. If I look at it and say, $12 million in '25 that you call out waterfall, another $4 million that you call out in the '26 waterfall, that's $16 million. How much of that do you think can ultimately be recouped looking out to next year?

接著追問一下，顯然這裡有幾個變動因素，兩點。第一，你能否更明確談談我們在全年推進過程中的EPS節奏，特別是考量到你在第一季提到的正負因素。第二，你提到在部分投資上能看到一些成本回收。如果我這樣看：你在'25年的瀑布圖中點出1,200萬美元，在'26年的瀑布圖中又點出400萬美元，合計1,600萬美元。你認為其中有多少最終可以在展望到明年時被回收？

Well, maybe I'll start with that one and then Aaron can jump in if he likes to. So I mean just in total, we feel confidence in our guidance for 2026, and the outlook that we set. And so our range of $4.10 to $4.40 reflects continued strength in currency and sales and authentication continuing at MSD and CPI, driven mostly by the hardware businesses and vending, which continues to experience softness as a result of the tariffs.

好，那我先從這題開始，之後Aaron如果想補充也可以加入。整體而言，我們對2026年的指引以及我們所設定的展望有信心。因此，我們4.10到4.40美元的區間反映了貨幣、銷售與驗證（authentication）業務的持續強勁表現，在SAT與CPI皆維持中個位數（MSD）的成長，主要由硬體業務所帶動；而自動販賣（vending）業務則因關稅影響而持續偏弱。

In terms of the phasing, as we said, we'll see accelerating growth throughout the year. And the results will be slightly skewed towards the second half from the first half. So specific to your question, Matt, EPS will accelerate through the first half. And then level off a little bit in the back half of the year to get to that total of $4.10 to $4.40. Overall, the guidance is balanced. And we think we've taken a prudent approach, particularly with CPI with our flat guide on sales for the full year.

就時點分布而言，如同我們所說，我們將在全年看到成長加速。而結果會相較上半年，略為偏向下半年。因此針對你的問題，Matt，EPS會在上半年逐步加速。然後在下半年稍微趨於平穩，以達到4.10到4.40美元的總體目標。整體來看，這份指引是平衡的。我們也認為我們採取了審慎的作法，特別是在CPI方面，我們對全年銷售給出持平的指引。

Matt, I'll add into on the recovery of some of the costs or the read-through of that on a go-forward basis. I think the right way to think about this, as you've seen, we're going to increase adjusted EBITDA margins in the SAT segment by about 120 basis points in 2026. We should expect to see that kind of continued incremental improvement directionally on a go-forward basis inside of SAT. Obviously, there's some mix there that will play, as you know, with our US currency, and we'll wait and see the volume distribution later in 2026.

Matt，我補充一下關於部分成本的回收，或是未來的延伸解讀。我認為正確的思考方式是：如你所見，我們預期在2026年將SAT部門的調整後EBITDA利潤率提高約120個基點。往後在SAT內部，我們應該會看到方向性上持續的、逐步的增量改善。當然，如你所知，這裡也會受到組合（mix）的影響，尤其是我們的美國貨幣業務；至於2026年稍後的量能分布，我們還需要再觀察。

But I think that's the kind of frame I would put on it. So we are going to continue to be on this march now of increasing EBITDA margin and significant expansion in SAT on a go-forward basis, highly confident of that.

但我大概會用這樣的框架來看待。因此，我們將持續推進提高EBITDA利潤率的進程，並在SAT上實現顯著的利潤率擴張；對此我非常有信心。

Mike Halloran, Baird.

Mike Halloran，Baird。

So a couple of questions. Maybe you could just talk to you about the sequential CPI dynamics. What's happening in the first quarter, maybe specifically? And what type of recovery are you expecting? It seems a little light seasonally going into the first quarter.

我有幾個問題。也許你可以談談CPI的季度環比動態。第一季具體發生了什麼，能否說得更清楚一些？以及你預期會有什麼樣的復甦？看起來進入第一季在季節性上有點偏弱。

So obviously, the gaming commentary Christina highlighted earlier, but is there any other destocking going on in the broader piece there? And how do you expect that dynamic to trend out through the year?

另外，Christina先前提到的博弈（gaming）相關評論很有幫助，但在更廣泛的業務中，是否還有其他去庫存（destocking）正在發生？你預期這種動態在全年會如何演變？

Mike, thanks for that question. And I'll just -- it's worth repeating that CPI is expected to be flat in 2026 with a 30% EBITDA margin and continued very strong free cash flow conversion. And so if we just go through CPI overall, services will continue to grow at mid-single digits, and that will be consistent throughout the year. We expect vending to be down in the low single digits with that continued softness from tariffs, and that will improve in the second half based on the comp to 2025. If you remember, the tariff headwind that we experienced began really toward the back half of 2025. So we'll get a better comp in '26 as a result of that.

Mike，謝謝你的提問。我先—值得重申的是，我們預期CPI在2026年將持平，EBITDA利潤率為30%，並持續維持非常強勁的自由現金流轉換。如果我們整體來看CPI，服務業務將持續以中個位數成長，且全年都會保持一致。我們預期自動販賣（vending）業務將下滑低個位數，主要是關稅造成的持續疲弱；而由於與2025年的比較基期因素，下半年會有所改善。如果你還記得，我們所承受的關稅逆風其實是從2025年下半年才真正開始出現。因此在'26年我們會因為比較基期而得到更有利的表現。

Now lastly, our hardware businesses will be approximately flat for the full year. And the phasing here is more skewed to the back half of the year, and that's just based on customer order patterns. So overall, we have high visibility into that hardware ordering pattern and feel confident in the full year guide. Q1 will be the lowest quarter, and we'll see accelerating growth as the year progresses.

最後，我們的硬體業務全年大致持平。而在時點分布上會更偏向下半年，這主要是基於客戶下單模式。因此，我們對硬體訂單模式具有很高的能見度，並對全年指引有信心。第一季會是最低的一季，之後會隨著年度推進看到成長加速。

And then what's embedded in the expectations this year for the $10 bill onboarding? Is there an expectation for a second half ramp on that business specifically? And then secondarily and related, maybe could you just talk about how you're expecting the international business to flow as you work through the year on the currency side? Specifically, as you're working with these outside vendors and you're ramping your own capacity, is that a constraint at all in the short term in meeting demand? And does that accelerate as you work through the year? Or because of these arrangements, are you allowed to maybe more level loaded and meet the needs?

另外，今年對10美元鈔票導入（onboarding）的預期中包含了什麼？是否預期該業務在下半年會有特別的放量（ramp）？其次且相關地，也請談談你預期在貨幣業務方面，國際業務在全年推進時會如何體現。具體來說，當你與外部供應商合作、同時提升自有產能時，短期內這是否會成為滿足需求的限制？以及這會隨著年度推進而加速改善嗎？或者因為這些安排，你們其實可以更平均地排程並滿足需求？

Yes. Thanks for that, Matt. Why don't I take the US question and Christina will jump in here on the international linearity question. We're very highly confident here, Mike, that the US Treasury is going to make an announcement in midyear on the 10. We are ourselves are already working on the 50, and feel we're -- again, highly confident that, that design will introduce sophisticated security features. And so when you think about our guide then I think we're just being prudent here on when they actually make the announcement. We look at it to be probably going into full consumer release more at the end of the year, call it, 4Q. And so that's what we've kind of put in the guidance. We think that's probably prudent for 2026.

是的。謝謝你，Matt。不如我先回答美國的問題，然後Christina再補充國際業務線性（linearity）的問題。Mike，我們非常有信心美國財政部會在年中就10美元鈔票發布公告。我們自己也已經在進行50美元鈔票的工作，並且—同樣非常有信心該設計將引入更先進的防偽安全特徵。因此，當你看我們的指引時，我認為我們在財政部實際公告時間點上採取了審慎假設。我們認為真正全面面向消費者的發行，可能會更接近年底，大概是第四季。因此我們在指引中就是這樣納入假設。我們認為這對2026年而言可能是較審慎的作法。

Sorry, we've got a follow-up.

抱歉，我們還有一個追問。

Just going to follow up on the international phasing. As you know, we'll have a very tough comp in Q4 of 2026 based on the acceleration that we saw this year in Q4. So you'll see that international demand accelerating in the year, but a very tough comp in the end of the year. And then just on cost, just a reminder that Q1 will have the lowest profitability just based on these incremental costs, which are more heavily phased towards the first half of the year, and we'll see that profitability improving as the year progresses.

我只是想跟進一下國際業務的分期節奏。如你所知，基於我們今年第四季看到的加速成長，2026 年第四季的同比基期會非常艱難。因此你會看到國際需求在年度內加速，但在年底會面臨非常艱難的同比比較。另外在成本方面，提醒一下，第一季的獲利能力會是最低的，主要是因為這些增量成本較多集中在上半年；隨著年度推進，我們會看到獲利能力逐步改善。

I'll just add as close out your question here, Mike. With the actions we're taking, both on productivity, the staffing, the capacity expansion, it's not really a limit to us. We're going to see very nice growth in international currency, just this Q4, which was exceptional for us, puts a pretty tough comp on the back half of next year. So I think we're in a really good position to continue to meet the customer demand. And we see a very healthy pipeline of opportunities going forward.

Mike，我再補充一點來結束你這個問題。就我們正在採取的行動而言，無論是生產力、用工配置或產能擴張，對我們來說其實不是限制因素。我們將在國際貨幣業務看到非常不錯的成長；只是今年第四季對我們而言表現特別突出，這也使得明年下半年面臨相當艱難的同比基期。所以我認為我們處於非常有利的位置，能持續滿足客戶需求。而且我們看到未來有非常健康的機會管線。

And that's what's also giving us a lot of confidence here for the investments and many years of sustained growth in this business.

這也讓我們對相關投資以及這項業務未來多年可持續成長充滿信心。

Bob Labick, CJS.

Bob Labick，CJS。

So thanks for the incremental information on the kind of international currency capacity. I wanted to stick on that theme. I think the demand or your results for international currency growth have been stronger than expected probably a year or two ago, and that's why you're adding this capacity, and we're talking about all this now. What are the drivers for the kind of faster growth in international currency for Crane? I guess, the question number one, how sustainable? And how does this impact your goal of 10 to 15 new micro-optics per year? Was there a pull forward? Or do you still think you can do that going forward? How are you seeing the market?

感謝你補充關於國際貨幣產能的資訊。我想延續這個主題。我認為，Crane 的國際貨幣成長需求或你們的業績表現，可能比一兩年前的預期更強，因此你們才會增加產能，並且現在討論這些。Crane 國際貨幣更快成長的驅動因素是什麼？我想第一個問題是：這種成長有多可持續？以及這對你們每年新增 10 到 15 個微光學（micro-optics）專案的目標有何影響？是否有提前拉貨（pull forward）？或者你們仍然認為未來可以持續做到？你們如何看待市場？

Thanks, Bob, for that question. Well, when you think about what's driving this overperformance in our international currency business, it really comes down to three things. Number one is a market driver of increased counterfeiting is occurring in the market, particularly in the emerging markets and with some of our core customers. And so that's forcing them in many ways to redesign their currency and they're always putting on higher security features, and we're simply number one. We've got the best set of security features in the market, and we are a natural net winner when that occurs.

謝謝你這個問題，Bob。當你思考是什麼驅動我們國際貨幣業務的超預期表現時，主要可歸結為三點。第一是市場驅動因素：市場上的偽鈔增加，特別是在新興市場以及我們的一些核心客戶所在市場。因此這在很多方面迫使他們重新設計貨幣，並且總是加入更高等級的防偽特徵；而我們在這方面是第一名。我們擁有市場上最好的防偽特徵組合，當這種情況發生時，我們自然會成為淨受益者、也是淨贏家。

Secondly is simply the growth in emerging economies, coupled with the inflation that they're seeing. And remember, our international currency business is predominantly operating in emerging markets. So again, we're kind of a net beneficiary of that dynamic. And then finally, third is the time to redesign that most governments typically go through is accelerating. And that's a combination motivated by several factors.

第二個因素很簡單，就是新興經濟體的成長，再加上他們所面臨的通膨。而且請記得，我們的國際貨幣業務主要是在新興市場運作。所以我們同樣是這種動態的淨受益者。最後第三點是，多數政府通常會經歷的重新設計週期正在加快。這是由多種因素共同推動的結果。

But in part of what's happening is one country redesigns their currency, the neighboring countries then start the process to do that. And we think the US redesign process helps that as well as new security features are going to get rolled out in the US.

其中一部分正在發生的情況是：當某個國家重新設計其貨幣後，鄰近國家就會開始啟動同樣的流程。我們也認為美國的重新設計流程也會有所助益，因為新的防偽特徵將在美國推出。

So we see all three of these from increased counterfeiting, growth in emerging economies and faster redesign times as durable trends in this currency business. And it's why we see very strong sustainable growth over the long term. And I would expect we'll continue to be in that range of 10 to 15 wins, Bob, and that's what the target we would put out. But I think as you saw this year, there's momentum in our business. And certainly, this year, we exceeded that target.

因此，我們認為這三項因素——偽鈔增加、新興經濟體成長，以及更快的重新設計週期——在這個貨幣業務中都是可持續的長期趨勢。這也是為什麼我們看好長期非常強勁且可持續的成長。我預期我們會持續維持在每年 10 到 15 個得標（wins）的區間，Bob，這就是我們會對外提出的目標。但我想如你今年所見，我們的業務正有動能。而且今年我們確實超越了這個目標。

Okay. Super. I appreciate that. And then on last call, you discussed international currency security only, I believe, contract win with the Latin American country that you'll tell us more about, I think, in the future. I guess, any update there?

好的。非常好。謝謝你的說明。另外在上一次電話會議中，你提到一個拉丁美洲國家的國際貨幣「僅安全特徵」（security-only）合約得標，我記得你說未來會再提供更多資訊。我想問，這方面有任何更新嗎？

And are there many more security-only opportunities that you're bidding out on? Or how does that play out?

另外，你們是否還在投標更多「僅安全特徵」的機會？或者這會如何發展？

Thanks again for that, Bob. I will be the first to tell you, I cannot wait to tell you what that country is. And we're just in a position given our contract with them that we cannot announce that. But it's a significant step forward for us, not only with the country, but with the security features that they've adopted that we think will be an exceptional reference customer for us going forward. But we're going to have to wait for that.

再次謝謝你，Bob。我可以第一個告訴你，我迫不及待想告訴你那個國家是哪一個。但基於我們與對方的合約條款，我們目前無法對外宣布。不過這對我們而言是重要的里程碑，不僅是與該國的合作，也包括他們採用的防偽特徵；我們認為這將成為我們未來非常出色的標竿參考客戶（reference customer）。但我們還得再等等。

As we move forward, remember, our core strategy inside of Crane Currency is to sell advanced security features. And those features are embedded in our micro-optics. They're the highest margin part of our business. And so we're out there pursuing several opportunities to sell those security features and get them into governments that may put their currency like we do here in the US or print the currency for them, provided they incorporate our micro-optic features.

展望未來，請記得我們在 Crane Currency 的核心策略是銷售先進的防偽特徵。而這些特徵是嵌入在我們的微光學（micro-optics）之中。它們是我們業務中毛利最高的部分。因此我們正在積極追求多個機會，向那些可能自行印鈔（像美國一樣）或委託我們代印的政府銷售這些防偽特徵，前提是他們在其貨幣中採用我們的微光學特徵。

And the pipeline here is as strong as it's ever been, and it's why we're making the investments we have to make right now in our design capabilities and engineering capabilities to answer those tenders and win them in the future. So feel as more positive, quite frankly, Bob, than we ever thought we would feel versus, as you referenced two years ago based on what we see in the market.

目前的機會管線是我們歷來最強的一次，這也是為什麼我們現在必須投資於設計能力與工程能力，以回應這些標案（tenders）並在未來贏得它們。坦白說，Bob，相較於你提到的兩年前，基於我們在市場上看到的情況，我們現在的正向程度比當時想像的還要更高。

Ian Zaffino, Oppenheimer.

Ian Zaffino，Oppenheimer。

Great quarter. So a question would be on SAT. If we look at the fourth quarter, is there a way you could give us a breakout of maybe what the currency piece grew and maybe what the noncurrency piece grew? I don't know if you have the exact number, but maybe just directionally, just trying to understand the different pieces in that segment.

本季表現很棒。我有個關於 SAT 的問題。如果看第四季，你們是否能提供一個拆分，說明貨幣業務成長了多少、非貨幣業務成長了多少？我不確定你們是否有精確數字，但即使是方向性的也可以，我只是想了解該部門內不同組成的表現。

Yes. Sure. Ian, if you look at it, currency was up high double digits in the fourth quarter. That was based on really on the strength of international currency. And as I think you know, we've had headwinds on a comp basis with the US just due to the volume in 2025. So the good news there is that, obviously, that corrects itself and we're going to get to high single-digit growth next year on the full year for the US currency. So very strong high double-digit growth in currency. Our De La Rue acquisition performed just as we planned.

可以。當然。Ian，如果你看第四季，貨幣業務成長是高雙位數。這主要是由國際貨幣業務的強勁表現所帶動。而且我想你也知道，由於 2025 年美國市場的出貨量因素，我們在同比比較上面臨逆風。好消息是，這種情況顯然會自行修正，明年美國貨幣業務全年將回到高個位數成長。因此貨幣業務是非常強勁的高雙位數成長。我們對 De La Rue 的收購案表現也完全符合我們的規劃。

And we saw lower growth, call it, in the legacy Opec business, but that was really intentional because of the 80/20 work that we did and we talked about in the third quarter. So I would say to perform kind of on our plan and with the synergy activities that you see in the bridge, we actually read through some nice incremental margin simply on the execution of the synergies, which are coming in, as Christina said, ahead of our schedule.

而在傳統的 Opec 業務方面，我們看到成長較低，可以說是較溫和的成長，但那其實是刻意為之，因為我們做了 80/20 的工作，並且在第三季已經談過。所以我會說整體表現符合我們的計畫；而且從你在調節表（bridge）中看到的協同活動來看，我們其實透過協同效益的執行帶來了一些不錯的增量利潤率提升；正如 Christina 所說，這些協同效益的實現進度也早於我們的時程。

Okay. And then as a follow-up, on the $10 note, I know you talked a little bit about this or a lot about it. But how do we think about when it's going to reach run rate production? And I guess when you're saying it's going to be back end -- is it based on when the government announces the launch? So what are kind of the goalposts we need to look at as far as what's being communicated by the government versus what's going on with your business.

好的。接著作為追問，關於 10 美元鈔票，我知道你稍微提到過，或其實談了很多。但我們該如何思考它何時會達到穩態（run rate）量產？我想你說會在後段——這是取決於政府何時宣布發行嗎？所以就政府對外溝通的內容 versus 你們業務實際進展而言，我們應該看哪些關鍵里程碑（goalposts）？

And I'd imagine you might have a heads up on that because you would have to stock it pre-announcement? Or am I not thinking about that right?

而且我想你們可能會事先知道一些，因為你們必須在公告前先備貨？還是我這樣想不對？

No, you're -- Ian, good question. You're thinking about it exactly correctly. We are closely working with the treasury on setting up the right levels of inventory ahead of the public launch. It does still depend on exactly when they decide to launch it. That's where to the prior question, I would say we're being prudent to say we think that starts to really hit in Q4 of this year. That's what we put in our estimates and influenced our guide. That's going to get crystallized here, I would say, in the next three months to be precise.

不，你——Ian，問得好。你的理解完全正確。我們正與財政部密切合作，在公開發行前先建立適當的庫存水位。但這仍取決於他們最終決定何時發行。因此回到前一個問題，我會審慎地說，我們認為真正開始顯著反映會在今年第四季。這就是我們納入估算並影響我們指引的假設。更精確地說，我認為在接下來三個月內就會更明朗、定案。

And what I would say, Ian, to probably the broader question that I know you're asking and others about the impact of the US currency program and where it's at. That's something we're obviously going to spend a little more time and dive deeper into at our Investor Day and provide some more insights of how we see the impact of that playing out.

另外我想說，Ian，針對你以及其他人更廣泛在問的問題——也就是美國貨幣計畫的影響以及目前進度。我們顯然會在投資人日花更多時間深入說明，並提供更多洞見，談我們如何看待其影響將如何逐步展開。

Bobby Brooks, Northland Capital Markets.

Bobby Brooks，Northland Capital Markets。

First one I've got is just great to hear about the multiple professional sports leagues renewing authentication and security contracts. But I was curious if we could try to get a sense on the financial benefit from that. And then secondly, did those renewals see additional tech or services layered on? I'm just trying to get a sense of maybe what the dollar-based net retention was of those leagues re-upping their contracts?

我第一個問題是，很高興聽到多個職業運動聯盟續約了驗證與安全合約。但我想了解一下，這對財務面的效益大概是什麼程度。第二，這些續約是否有加掛（layered on）額外的技術或服務？我想大概掌握一下，這些聯盟續約時，以美元計的淨留存率（dollar-based net retention）大概是多少？

Bobby, I'll take that one. And hey, we're super excited to continue a partnership with a flagship customer like the MLB, just like we announced at the NFL last year. These are great customers that we have long-standing relationships with. We can't reveal too much of the details, as you can imagine, about their contract. But in this case, we're providing product authentication and license management software.

Bobby，我來回答。另外，我們非常興奮能持續與像 MLB 這樣的旗艦客戶合作，就像我們去年宣布與 NFL 的合作一樣。這些都是我們長期合作、關係深厚的優質客戶。如你所想，我們無法透露太多合約細節。但在這個案例中，我們提供的是產品驗證與授權管理軟體。

And it's a great recurring revenue stream because as you know, once we get engaged with the customer, it's very sticky. It's a very sticky arrangement that drives future recurring revenue. So we're very excited about this, and we'll continue to work with them to partner on our offerings and what more we can offer them as part of the portfolio and just continue our relationship with them.

這是一個很好的經常性收入來源，因為如你所知，一旦我們與客戶合作起來，黏著度非常高。這種高度黏著的合作安排會帶動未來的經常性收入。所以我們對此非常興奮，也會持續與他們合作，針對我們的產品與我們能在產品組合中提供的更多內容進行夥伴合作，並持續深化與他們的關係。

Got it. I appreciate that color. And then could you remind us of the 24-hour staffing for micro-optics productions in the bank, no printing, that's great to hear. But could you remind us. Was that from like previously were they just doing a 40-hour work week or was it more like an 80-hour work week?

了解。謝謝你提供這些補充說明。另外，關於銀行端微光學（micro-optics）生產的 24 小時人力配置——沒有印刷，這點很高興聽到。但可以再提醒我們一下嗎？之前他們是像每週 40 小時的工時，還是更像每週 80 小時？

And secondly, could you just remind us like when those transition to 24/7 shifts?

第二個問題，也請你提醒我們一下：他們是什麼時候轉換到 24/7 輪班的？

Yes. So it varies a little bit, bobby, based on each of the sites, quite frankly, you could probably think of it as more of like 24/5 directionally. And we are in the process of ramping up to the 24/7, which will be at here in Q1. Just a reminder, these are very highly complex and secure operations. So ramping up is not just something that happens with the flip of the switch.

是的。坦白說，Bobby，這會因各個據點而略有不同；大方向你可以把它想成比較像 24/5。而我們正在逐步提升到 24/7，預計會在第一季完成。提醒一下，這些都是高度複雜且安全要求極高的作業。因此提升產能並不是按一下開關就能完成的事。

We're hiring our direct labor. They have to go through a security clearance as well as some fairly intense training to be operating on our micro-optics and banknote printing lines. So there is, with that, just a very natural ramp-up period to get us there. Again, expect that to be completed here as we exit Q1 and feel very good we're on the track to that. But at that point then is why we're making the investments to add another line in Nashua and particularly excited about the expansion in Malta, which gives us more obvious capacity, creates redundancy in our operation, which is very good and quite frankly, puts us closer to our customers with a flag planted now in Europe for micro-optics and very close to our emerging market customers, all of which we see as an excellent setup for sustaining the growth of this business long term.

我們正在招募第一線直接人力。他們必須通過安全審查，並接受相當密集的訓練，才能操作我們的微光學與鈔券印刷產線。因此在這之中，自然會有一段逐步爬坡的期間讓我們達到目標。再次強調，預期在第一季結束時就會完成，我們也很有信心進度在軌道上。而也正因如此，我們才會投資在 Nashua 增加另一條產線，並且對馬爾他（Malta）的擴張特別興奮；這讓我們擁有更明顯的產能、在營運上建立備援（redundancy），這非常好；坦白說，也讓我們更貼近客戶——現在我們在歐洲為微光學插旗，並且非常接近我們的新興市場客戶；我們認為這些都是支撐此業務長期成長的極佳布局。

Thank you so much, and this will conclude our Q&A session for today, and I will pass it back to Aaron Saak, President and CEO, for closing comments.

非常感謝，今天的問答環節到此結束，我將把時間交回給總裁兼執行長 Aaron Saak 作結語。

Well, thank you, operator. As we conclude today's call, I again just want to thank everyone on the Crane NXT team for their strong efforts in 2025. I'm excited about the direction of the company and the momentum we're building to accelerate growth. And I look forward to seeing many of you at our upcoming Investor Day on February 25 in New York to tell you more about our plans for 2026 and beyond. And so until then, take care, and I hope you all have a great day.

好的，謝謝接線員。在結束今天的電話會議之際，我再次感謝 Crane NXT 團隊在 2025 年的出色努力。我對公司的發展方向以及我們正在建立、用以加速成長的動能感到振奮。我也期待在 2 月 25 日於紐約舉行的投資人日見到各位，屆時我們會分享更多 2026 年及更長遠的規劃。在那之前，請多保重，祝大家有美好的一天。

This concludes our conference. Thank you all for participating. You may now disconnect.

本次電話會議到此結束。感謝各位參與。您現在可以掛線。