Crane Co 2025年度报告
2025 ANNUAL REPORT DEAR SHAREHOLDERS, I am proud to report that 2025 for Crane was another year of outstanding accomplishmentand outperformance across our businesses. We were able to deliver solid results despite amixed global economic environment, driving record segment sales and margins whilecontinuing to innovate and invest for long-term profitable growth. Our agility and disciplineonce again helped us deliver our strong performance and reinforces my confidence in thestrength and resilience of Crane’s global team and technology-focused portfolio. Taken together, our 2025 financial results are a clear reflection of exceptional executionunder a common business system and a values-based culture, both of which are rooted inour founder R.T. Crane’s legacy of operational excellence, innovation, and an unwaveringcommitment to the highest ethical standards. áģøÁÁģ áģè°ģÎÇÇݲ ÁģÝ ÇÚĵìÚģ èģβȪģ Èģ²Ýìáģ ÈģÎȪβȪģáèÝȪè°ģ²Èģè°ģÎÇÇݲ Áģ ©èÝÇ Ý¾èĥģ/Èģ ²è²ÎÈģèÎģè°ģ©²È Ȳ ÁģÚÝ©ÎÝÇ Èè°ÝÎ쪰ÎìèģēđēĖĦģè°ģáªÇÈèģÎÈè²ÈìáģèÎģáìÝģÈøģìá²ÈááĦģø²è°ģ ¾ÁΪģÝ °²Èªģ Èģ ÁÁĵè²Çģ°²ª°ģΩģ¼ìáèģÎ÷ÝģŤĒĤ²ÁÁ²ÎÈģ èģè°ģÈģΩģè°ģþ Ýĥtģ ÝģÎÈ©²Èèģè° èģøģ ÝģÚÎá²è²ÎÈģèÎģø²Èģ²Èģè°²áģìá²ÈááĦģ ÈģøģÁ²÷ģÎìÝģáìáá©ìÁģÚìÝáì²èΩģÈøģÎÚÚÎÝèìȲè²áģø²ÁÁģáìÚÚÎÝèģ Î÷ĵÇ Ý¾èģªÝÎøè°ģè°ÝÎ쪰ģè°²áģ ģ ÈģþÎÈĥ Broad-Based Strength at Aerospace& Advanced Technologies* èģÝÎáÚ ĤŒģ÷ Èģd°ÈÎÁΪ²áĦģēđēĖģá Áá²ÈÝ áģĒēƅģÎÇÚ ÝģèÎģēđēĕĦģ²ÈÁì²Èªģ ģáÁ²ª°èÈ©²èģ©ÝÎÇģ Üì²á²è²ÎÈáĥģ^ªÇÈèģÎÚÝ è²ÈªģÇ Ý-ª²Èģ²ÈÝ áģēėđģ á²áģÚβÈèáģèÎģēĖĥđƅģ²ÈģēđēĖĦ Èģ ¼ìáèģáªÇÈèģÎÚÝ è²ÈªģÇ Ýª²Èáģ²ÈÝ áēđđĤ á²áģÚβÈèáģèÎģ ģÝÎÝģēĖĥēƅģ²ÈģēđēĖĥģ d°áģÝáìÁèáģ Ýģè°ģÚÝÎìèģΩģè°ģáèÝȪè°ģΩģÎìݲÈÈÎ÷ è²ÎÈģ Èģè°È² Áģ Ú ²Á²è²áĦģÎìÝģÚģìá-èÎÇÝģÝÁ è²ÎÈá°²ÚáĦģ ÈģÎìÝģ ²Á²èþģèÎģÎÈá²áèÈèÁþýìèģ èģè°ģ°²ª°áèģÁ÷ÁĥģKìÝģ©ÎìáģÎÈģÚ ÝèÈݲȪø²è°ģìáèÎÇÝáģ ÝÁþģ²Èģè°ģ÷ÁÎÚÇÈèģΩģÈøģÚÝÎªÝ Çáģª²÷áģìáģè°ģ ²Á²èþģèÎģÝ èģ²ÈÈÎ÷ è²÷Ħ²ÈìáèÝþĵÁ ²ÈªģáÎÁìè²ÎÈáĦģ ÈģÚÎá²è²ÎÈáģìáģ©ÎÝģþ ÝáģΩģªÝÎøè°ĥ Excellent Execution and ContinuedPortfolio Enhancement at ProcessFlow Technologies* èģWÝÎááģ&ÁÎøģd°ÈÎÁΪ²áĦģá Ááģ²ÈÝ áģĖƅÎÇÚ ÝģèÎģēđēĕģݲ÷ÈģþģÎÝģá ÁáģªÝÎøè°ģΩģēƅĦģ ģÎÈèݲìè²ÎÈģ©ÝÎÇģè°ģÝþÎøÎݾáģ Èd°È²© ģ Üì²á²è²ÎÈáģΩģēƅĦģ ÈģáÁ²ª°èÁþģ© ÷ÎÝ Á©ÎݲªÈģý° Ȫĥģ^ªÇÈèģÎÚÝ è²ÈªģÇ Ýª²Èģ /ÈģēđēĖĦģøģÎÈè²ÈìģèÎģ Ú²è Á²ąģÎÈģÎÚÚÎÝèìȲ-è²áģáèÇDzȪģ©ÝÎÇģè°ģáèÝÎȪģ©ÈáģÇ Ý¾èáĦ reached a record level of 21.0%, up 90 basis pointscompared to 2024, with adjusted segment oper-ating margin at a record 21.5%, up 60 basis pointscompared to 2024. This record margin perfor-mance for the segment reflects strong execution,accretive benefits from new products, and dis-ciplined pricing, all of which enabled us to offsetongoing macro challenges. chemical markets have been challenged, we con-tinue to drive performance through securingtargeted opportunities. Business Expansion ThroughValue-Creating Acquisitions A critical element of the strategic rationale for the2023 separation of the Crane businesses was theobjective to have enhanced flexibility to pursueaccretive M&A opportunities in our core growthmarkets. We have had an active and successful fewyears closing on six acquisitions since theApril 2023 separation. Moreover, 2025 results reflect the successful strat-egy to reposition our portfolio over the past decadearound core end markets. Specifically, we havefocused our business on the markets in which Cranehas the strongest competitive position, driven bytechnology differentiation, the power of our abilityto provide new products and innovative solutions tocustomers, and our disciplined and nimble approachto balancing production levels and pricing as endmarket conditions changed. In 2025, we capitalizedon our strength across the pharmaceutical, cryo-genics, power and water end markets. While the Today, Crane is a streamlined and more focusedbusiness than ever before, better positioned to tai-lor investment and capital allocation strategies toour two strategic growth platforms of Aerospace& Advanced Technologies and Process FlowTechnologies. And entering 2026, we also announced theacquisition of optek-Danulat based in Essen,Germany, the leader in inline process controloptical measurement solutions for critical in pro-cess analytics in Biopharma and Pharma whichuse various light frequency sources to measureextremely precise process characteristics. We have a proven track record of creating valuethrough acquisitions, and our recent additionsare no exception: We successfully integrated Vian Enterprisesinto our Aerospace & Advanced Technologiesbusiness, exceeding our return expecta-tions within the first year and significantlyexpanding our leading Fluid and ThermalManagement capabilities. Integration is well underway for all of our mostrecent acquisitions. Combined with the power ofthe Crane Business System, we expect them tobe increasingly accre
