Crane NXT, Co.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
CXT$57.57-2.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0000025445-25-000083
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0000025445-25-000095
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 87 previous paragraphs and 88 current paragraphs.
29 unchanged; 32 reworded; 27 added; 25 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (27)
Current report
On September 15, 2025, we entered into a commitment for a senior secured 364-day Bridge Facility of $602 million and a Backstop Facility of $831 million. The Backstop Facility was in place until October 7, 2025 when the amendment to the Credit Agreement was ratified. The Bridge Facility is available to fund the Antares Vision acquisition and related transactions until permanent financing is secured.
Current report
Antares Vision Acquisition
Current report
On September 12, 2025, Crane NXT entered into definitive agreements to acquire Antares Vision, a publicly traded Italian joint stock company listed on the Italian stock exchange, through a phased transaction. The total enterprise value of Antares Vision, inclusive of equity and net debt, is approximately €445 million. The first phase of the transaction is expected to close in the fourth quarter of 2025 with the final phase of the transaction anticipated in the first half of 2026, subject to customary closing conditions and regulatory approvals.
Current report
Antares Vision is a global provider of inspection and detection systems that ensure product safety and quality control, as well as track and trace software solutions that help prevent counterfeiting and provides visibility of products throughout the supply chain. The acquisition advances our strategy and expands the Company’s portfolio in growing end markets, including Life Sciences and Food and Beverage.
Current report
DLR Acquisition
Current report
•sales benefit from the DLR acquisition of $28.3 million, or 7.0%,
Current report
•core sales increase of $5.7 million, or 1.4%, driven primarily by our SAT segment, partially offset by lower volumes in CPI.
Current report
Operating profit increased by $6.9 million, or 9.2%, to $81.9 million in 2025. The increase was driven primarily by favorable pricing and productivity gains across both segments, partially offset by the impact of lower volumes in CPI and the dilutive impact of acquisitions. Restructuring charges were largely offset by cost-saving actions.
Current report
Sales decreased by $8.6 million, or 3.8%, to $216.3 million in 2025, driven by lower core sales of $10.1 million, or 4.5%, partially offset by favorable foreign currency translation of $1.5 million, or 0.7%.
Current report
Cost of sales decreased by $4.4 million, or 3.9%, to $109.2 million in 2025, driven by the impact of lower sales volumes.
Current report
Selling, general and administrative expense decreased by $1.4 million, or 3.0%, to $45.3 million in 2025, driven by cost saving actions.
Current report
Operating profit decreased by $3.9 million, or 6.0%, to $60.7 million in 2025. The decrease reflected the impact of lower volumes of $9.5 million, or 14.7%, and unfavorable mix of $2.6 million, or 4.0%, partially offset by favorable pricing, net of inflation of $4.1 million, or 6.4%, and productivity gains and net cost saving actions of $4.0 million, or 6.2%.
Current report
Sales increased by $50.2 million, or 28.1%, to $228.8 million in 2025, driven by the sales benefit from the DLR acquisition of $28.3 million, or 15.8%, core sales growth of $15.8 million, or 8.8%, and favorable foreign currency translation of $6.1 million or 3.4%.
Current report
Cost of sales increased by $24.7 million, or 20.8%, to $143.3 million in 2025, due to the impact of the DLR acquisition of $16.2 million, or 13.7%, acquisition related amortization and fair value step-up of $7.1 million, or 6.0%, and unfavorable foreign currency translation of $4.8 million, or 4.0%.
Current report
Selling, general and administrative expense increased by $13.1 million, or 42.7%, to $43.8 million in 2025, due to the impact of the DLR acquisition and higher administrative expenses.
Current report
Operating profit increased by $10.0 million, or 34.1%, to $39.3 million in 2025, reflecting the impact of higher volumes of $5.8 million, or 19.9%, favorable mix of $4.6 million, or 15.7%, and productivity gains of $4.3 million, or 14.8%, partially offset by dilutive impact of the DLR acquisition of $3.1 million, or 10.5%, predominantly due to acquisition related amortization and fair value step-up.
Current report
Results from Operations – Nine Month Periods Ended September 30,
Current report
•sales benefit from the DLR and OpSec acquisitions of $89.4 million, or 8.2%,
Current report
•core sales decline of $10.2 million, or 0.9%, driven by lower volumes in CPI, and
Current report
Segment Results of Operations - Nine Month Periods Ended September 30,
Current report
Crane Payment Innovations
Current report
Sales decreased by $27.7 million, or 4.2%, to $630.6 million in 2025, driven by lower core sales of $31.1 million, or 4.7%, partially offset by favorable foreign currency translation of $3.4 million, or 0.5%.
Current report
Selling, general and administrative expense increased by $0.3 million, or 0.2%, to $144.2 million in 2025, driven by higher administrative costs largely offset by cost-saving actions.
Current report
Operating profit decreased by $19.3 million, or 10.8%, to $159.4 million in 2025. The decrease reflected the impact of lower volumes of $25.4 million, or 14.2%, unfavorable mix of $12.9 million, or 7.2%, partially offset by productivity gains of $8.5 million, or 4.7%, and the impact of cost saving actions of $7.7 million, or 4.3%.
Current report
Security and Authentication Technologies
Current report
Sales increased by $119.8 million, or 27.9%, to $549.2 million in 2025, reflecting the sales benefit from the OpSec and DLR acquisitions of $89.4 million, or 20.8%, higher core sales of $20.9 million, or 4.9%, and favorable foreign currency translation of $9.5 million, or 2.2%.
Current report
Selling, general and administrative expense increased by $41.7 million, or 48.6%, to $127.5 million in 2025, due to the impact of acquisitions.
Removed paragraphs (25)
Previous report
On March 17, 2023, we became party to a senior secured credit agreement (the “Credit Agreement”) which provides for a $500 million, five-year revolving credit facility (the “Revolving Facility”) and we entered into a $350 million, 3-year term loan facility (the “Term Facility”). Funding for both facilities became available in connection with the Separation.
Previous report
On December 9, 2024, we entered into an amendment to the Credit Agreement which increased the Revolving Facility by $200 million to an aggregate $700 million and provided a delayed draw term loan (the “Term Loan”) of £300 million. On the same day, proceeds from the Revolving Facility were used to repay the outstanding Term Facility.
Previous report
Acquisition
Previous report
On May 3, 2024, we acquired OpSec Security for a base purchase price of $270 million. We utilized $210.0 million from our Revolving Facility and cash on hand to fund the acquisition. OpSec provides authentication solutions, brand and digital content protection serving various commercial brands, government agencies and financial institutions.
Previous report
•sales benefit from the DLR and OpSec acquisitions of $26.7 million, or 7.2%,
Previous report
•core sales decline of $3.0 million, or 0.8%, driven primarily by lower volumes in CPI, partially offset by higher core sales in SAT.
Previous report
Operating profit decreased by $19.7 million, or 29.1%, to $47.9 million in 2025. The decrease was driven primarily by the impact of lower volumes in CPI and the dilutive impact of acquisitions and restructuring charges, partially offset by higher volumes in SAT. Productivity gains across both segments were largely offset by higher manufacturing and administrative costs, net of favorable pricing. Included in operating profit is $12.4 million of transaction related expenses compared to $6.5 million in the prior-year comparable period.
Previous report
Crane Payment Innovations (“CPI”)
Previous report
Sales decreased by $13.0 million, or 5.8%, to $211.4 million in 2025, driven by lower core sales of $16.3 million, or 7.3%, partially offset by favorable foreign currency translation of $3.3 million, or 1.5%.
Previous report
Selling, general and administrative expense increased by $1.1 million, or 2.3%, to $49.5 million in 2025, driven primarily by unfavorable foreign currency translation. Higher administrative and selling costs were largely offset by cost saving actions.
Previous report
Operating profit decreased by $12.4 million, or 20.2%, to $49.0 million in 2025. The decrease primarily reflected the impact of lower volumes of $12.1 million, or 19.7%, and unfavorable mix of $3.7 million, or 6.0%, partially offset by productivity gains and the net impact of cost saving actions of $3.6 million, or 5.9%.
Previous report
Security and Authentication Technologies (“SAT”)
Previous report
Sales increased by $46.8 million, or 32.0%, to $193.0 million in 2025, primarily driven by the sales benefit from the DLR and OpSec acquisitions of $26.7 million, or 18.3%, core sales growth of $13.4 million, or 9.1%, and favorable foreign currency translation of $6.7 million or 4.6%.
Previous report
Cost of sales increased by $28.8 million, or 30.3%, to $123.9 million in 2025, primarily due to the impact of the DLR and OpSec acquisitions of $18.2 million, or 19.1%, acquisition related amortization and fair value step-up of $7.3 million, or 7.7%, and unfavorable foreign currency translation.
Previous report
Selling, general and administrative expense increased by $17.9 million, or 66.1%, to $45.0 million in 2025, primarily due to the impact from acquisitions and higher transaction related expenses.
Previous report
Operating profit decreased by $6.0 million, or 25.0%, to $18.0 million in 2025, reflecting the dilutive impact of the DLR and OpSec acquisition related amortization, fair value step-up and transaction costs of $10.4 million, or 43.3%, higher material and other manufacturing costs net of favorable pricing of $6.8 million, or 28.3%, and higher restructuring charges of $6.1 million, or 25.4%, partially offset by the impact of higher volumes of $7.3 million, or 30.4%, productivity gains of $5.0 million, or 20.8%, and favorable mix of $2.0 million, or 8.3%.
Previous report
Results from Operations – Six Month Periods Ended June 30,
Previous report
•sales benefit from the OpSec and DLR acquisitions of $59.8 million, or 8.7%,
Previous report
•core sales decline of $15.9 million, or 2.3%, driven by lower volumes in CPI, and
Previous report
Segment Results of Operations - Six Month Periods Ended June 30,
Previous report
Sales decreased by $19.1 million, or 4.4%, to $414.3 million in 2025, driven by lower core sales of $21.0 million, or 4.8%, partially offset by favorable foreign currency translation of $1.9 million, or 0.4%.
Previous report
Selling, general and administrative expense increased by $1.7 million, or 1.7%, to $98.9 million in 2025, as the impact of cost saving actions was more than offset by increased administrative costs.
Previous report
Operating profit decreased by $15.4 million, or 13.5%, to $98.7 million in 2025. The decrease primarily reflected the impact of lower volumes of $15.9 million, or 13.9%. Unfavorable mix of $10.3 million, or 9.0%, was largely offset by productivity gains of $6.3 million, or 5.5% and the net impact of cost saving actions of $6.2 million, or 5.4%.
Previous report
Sales increased by $69.6 million, or 27.8%, to $320.4 million in 2025, primarily reflecting the sales benefit from the OpSec and DLR acquisitions of $59.8 million, or 23.8%, and higher core sales of $5.1 million, or 2.0%, and favorable foreign currency translation of $4.7 million, or 1.9%.
Previous report
Selling, general and administrative expense increased by $28.6 million, or 51.9%, to $83.7 million in 2025, primarily due to the impact of acquisitions and higher transaction related expenses.
Reworded paragraphs (32)
Previous wording
In the six months ended June 30, 2025, we drew down $348.0 million and repaid $342.0 million on our Revolving Facility to fund working capital requirements. We also drew down £300.0 million, or $400.4 million, on the Term Loan to fund the DLR acquisition and repaid $36.8 million.
Current wording
In the nine months ended September 30, 2025, we drew down $384.5 million and repaid $413.5 million on our Revolving Facility to fund working capital requirements. We also drew down £300.0 million, or $400.4 million, on the Term Loan to fund the DLR acquisition and repaid $40.9 million.
Previous wording
In the second quarter of 2025 we initiated restructuring actions as follows:
Current wording
In the second and third quarter of 2025 we initiated restructuring actions as follows:
Previous wording
•We recorded $6.1 million of restructuring expense in the SAT segment, predominantly related to severance charges, associated with the integration of the DLR and OpSec businesses. We expect to substantially complete the restructuring program in 2025, with total costs expected to be in the range of $10 million to $15 million.
Current wording
•We recorded $8.5 million of restructuring expense in the SAT segment, predominantly related to severance charges, associated with the integration of the DLR and OpSec businesses. We expect to substantially complete the restructuring program in 2025, with total costs expected to be in the range of $10 million to $15 million.
Previous wording
•We recorded $1.2 million of restructuring expense in the CPI segment, predominantly related to severance charges. We will continue to evaluate and align CPI’s cost structure with existing economic conditions which could result in additional actions.
Current wording
•We recorded $2.3 million of restructuring expense in the CPI segment, predominantly related to severance charges. We will continue to evaluate and align CPI’s cost structure with existing economic conditions which could result in additional actions.
Previous wording
We continue to monitor developments in global trade policies and tariff regulations. As of August 6, 2025, we expect to mitigate the impact of tariffs on operating profit with pricing and productivity initiatives. See Item 1A, “Risk Factors” for more details.
Current wording
We continue to monitor developments in global trade policies and tariff regulations. As of November 5, 2025, we expect to mitigate the majority of tariffs on operating profit with pricing and productivity initiatives. The related macroeconomic uncertainty is also affecting demand, primarily in our CPI vending business, which is driving lower sales volumes. See Item 1A, “Risk Factors” for more details.
Previous wording
The following information should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements and related notes. All comparisons below refer to the second quarter 2025 versus the second quarter 2024, unless otherwise specified.
Current wording
The following information should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements and related notes. All comparisons below refer to the third quarter 2025 versus the third quarter 2024, unless otherwise specified.
Previous wording
Sales increased by$33.8 million, or 9.1%, to $404.4 million in 2025. The change in sales included:
Current wording
Sales increased by$41.6 million, or 10.3%, to $445.1 million in 2025. The change in sales included:
Previous wording
•favorable foreign currency translation of $10.1 million, or 2.7% driven primarily by the strengthening of the euro, Swedish krona, British pound and Japanese yen against the U.S. dollar, and
Current wording
•favorable foreign currency translation of $7.6 million, or 1.9% driven primarily by the strengthening of the euro, British pound, Swedish krona and Japanese yen against the U.S. dollar, and
Previous wording
Cost of sales increased by $25.9 million, or 12.4%, to $235.6 million in 2025. The increase was driven primarily by the impact of acquisitions in SAT, higher material and other manufacturing costs, and unfavorable foreign currency translation, partially offset by productivity gains and the impact of lower volumes in CPI.
Current wording
Cost of sales increased by $20.3 million, or 8.7%, to $252.5 million in 2025. The increase was driven primarily by the impact of acquisitions in SAT, higher material and other manufacturing costs, and unfavorable foreign currency translation, partially offset by productivity gains and the impact of lower volumes in CPI.
Previous wording
Selling, general and administrative expenses increased by $28.9 million, or 15.4%, to $216.5 million in 2025. The increase was driven primarily by the impact of acquisitions in SAT.
Current wording
Selling, general and administrative expenses increased by $10.9 million, or 11.3%, to $107.2 million in 2025. The increase was driven primarily by the impact of acquisitions in SAT and unfavorable foreign currency translation.
Previous wording
•Sales of Payment Acceptance and Dispensing Products decreased by $13.5 million, or 7.1%, to $177.1 million in 2025. The decrease was driven by core sales decline of $16.8 million, or 8.8%, as favorable pricing was more than offset by anticipated lower volumes primarily in retail and gaming, partially offset by favorable foreign currency translation of $3.3 million, or 1.7%, primarily reflecting the strengthening of the British pound and Japanese yen against the U.S. dollar.
Current wording
•Sales of Payment Acceptance and Dispensing Products decreased by $9.6 million, or 5.0%, to $181.3 million in 2025. The decrease was driven by a core sales decline of $11.1 million, or 5.8%, as favorable pricing was more than offset by anticipated lower volumes primarily in vending, partially offset by favorable foreign currency translation of $1.5 million, or 0.8%, reflecting the strengthening of the British pound and Japanese yen against the U.S. dollar.
Previous wording
•Service revenue increased by $0.5 million, or 1.5%, to $34.3 million in 2025, primarily driven by favorable pricing.
Current wording
•Service revenue increased by $1.0 million, or 2.9%, to $35.0 million in 2025, driven by favorable pricing.
Previous wording
•Banknote and security product sales increased by $19.4 million, or 15.6%, to $143.5 million in 2025. The increase was driven by core sales growth of $13.9 million, or 11.2%, primarily due to higher sales in international markets. Included in the sales increase was favorable foreign currency translation of $5.5 million, or 4.4%, primarily reflecting the strengthening of the euro and Swedish krona against the U.S. dollar.
Current wording
•Banknote and security product sales increased by $22.8 million, or 15.7%, to $168.2 million in 2025. The increase was driven by core sales growth of $16.9 million, or 11.6%, primarily due to higher volumes in U.S. and international markets. Included in the sales increase was favorable foreign currency translation of $5.9 million, or 4.1%, reflecting the strengthening of the euro and Swedish krona against the U.S. dollar.
Previous wording
•Authentication products and solutions sales increased by $60.2 million to $83.5 million in 2025, primarily driven by the sales benefit from acquisitions.
Current wording
•Authentication products and solutions sales increased by $27.4 million to $60.6 million in 2025, driven by the sales benefit from the DLR acquisition.
Previous wording
The following information should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements and related notes. All comparisons below refer to the first six months of 2025 versus the first six months of 2024, unless otherwise specified.
Current wording
The following information should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements and related notes. All comparisons below refer to the first nine months of 2025 versus the first nine months of 2024, unless otherwise specified.
Previous wording
Sales increased by $50.5 million, or 7.4%, to $734.7 million in 2025. The change in sales included:
Current wording
Sales increased by $92.1 million, or 8.5%, to $1,179.8 million in 2025. The change in sales included:
Previous wording
•favorable foreign currency translation of $6.6 million, or 1.0%, driven primarily by the strengthening of the euro and British pound against the U.S. dollar.
Current wording
•favorable foreign currency translation of $12.9 million, or 1.2%, driven by the strengthening of the euro and British pound against the U.S. dollar.
Previous wording
Cost of sales increased by $54.8 million, or 14.8%, to $425.7 million in 2025. The increase was driven primarily by the impact of acquisitions in SAT, under absorption of manufacturing overhead in the Currency business, unfavorable mix in CPI and unfavorable foreign currency translation, partially offset by the impact of lower volumes in CPI and productivity gains across both segments.
Current wording
Cost of sales increased by $75.1 million, or 12.5%, to $678.2 million in 2025. The increase was driven by the impact of the DLR acquisition in SAT, under absorption of manufacturing overhead in the Currency business, unfavorable mix in CPI and unfavorable foreign currency translation, partially offset by the impact of lower volumes in CPI and productivity gains across both segments.
Previous wording
Selling, general and administrative expenses increased by $20.3 million, or 21.8%, to $113.6 million in 2025. The increase was driven primarily by the impact of acquisitions in SAT and higher transaction related expenses.
Current wording
Selling, general and administrative expenses increased by $39.8 million, or 14.0%, to $323.7 million in 2025. The increase was driven by the impact of the DLR acquisition in SAT.
Previous wording
Operating profit decreased by $37.8 million, or 30.7%, to $85.2 million in 2025. The decrease was primarily driven by the impact of lower volumes in the CPI segment, the dilutive impact of acquisitions, under absorption of manufacturing overhead net of favorable pricing in SAT and unfavorable mix in CPI, partially offset by productivity gains across both segments.
Current wording
Operating profit decreased by $30.9 million, or 15.6%, to $167.1 million in 2025. The decrease was driven by the impact of lower volumes in CPI, the dilutive impact of the DLR acquisition in SAT, under absorption of manufacturing overhead, higher transaction related expenses and unfavorable mix in CPI, partially offset by productivity gains across both segments.
Previous wording
Our effective tax rate for the six months ended June 30, 2025 was higher than the prior year’s comparable period primarily due to the mix of non-U.S earnings.
Current wording
Our effective tax rate for the nine months ended September 30, 2025 was higher than the prior year’s comparable period primarily due to the mix of non-U.S earnings.
Previous wording
•Sales of Payment Acceptance and Dispensing Products decreased $20.0 million, or 5.4%, to $347.0 million in 2025. The decrease reflected lower core sales of $21.9 million, or 6.0%, as favorable pricing was more than offset by anticipated lower volumes primarily in gaming, partially offset by favorable foreign currency translation of $1.9 million, or 0.5%, primarily reflecting the strengthening of the British pound against the U.S. dollar.
Current wording
•Sales of Payment Acceptance and Dispensing Products decreased $29.6 million, or 5.3%, to $528.3 million in 2025. The decrease reflected lower core sales of $33.0 million, or 5.9%, as favorable pricing was more than offset by anticipated lower volumes primarily in gaming and vending, partially offset by favorable foreign currency translation of $3.4 million, or 0.6%, reflecting the strengthening of the British pound and Japanese yen against the U.S. dollar.
Previous wording
•Service revenue increased by $0.9 million, or 1.4%, to $67.3 million in 2025, primarily driven by favorable pricing.
Current wording
•Service revenue increased by $1.9 million, or 1.9%, to $102.3 million in 2025, driven by favorable pricing.
Previous wording
Cost of sales decreased by $2.9 million, or 2.5%, to $111.7 million in 2025, primarily driven by the impact of lower sales volumes and productivity gains, partially offset by unfavorable mix, unfavorable foreign currency translation and higher material and other manufacturing costs.
Current wording
Cost of sales decreased by $8.3 million, or 2.5%, to $324.7 million in 2025, driven by the impact of lower sales volumes and productivity gains, partially offset by unfavorable mix, higher material and other manufacturing costs and unfavorable foreign currency translation.
Previous wording
•Banknote and security product sales increased by $9.4 million, or 4.1%, to $236.9 million in 2025, reflecting higher core sales primarily due to higher sales in international markets, and favorable foreign currency translation, primarily reflecting the strengthening of the euro against the U.S. dollar.
Current wording
•Banknote and security product sales increased by $32.2 million, or 8.6%, to $405.1 million in 2025, reflecting higher core sales in both U.S. and international markets, and favorable foreign currency translation, reflecting the strengthening of the euro and Swedish krona against the U.S. dollar.
Previous wording
•Authentication products and solutions sales increased by $27.4 million to $49.5 million in 2025, primarily driven by the sales benefit from acquisitions.
Current wording
•Authentication products and solutions sales increased by $87.6 million to $144.1 million in 2025, driven by the sales benefit from acquisitions.
Previous wording
Cost of sales increased by $58.7 million, or 38.7%, to $210.2 million in 2025, primarily due to the impact of the OpSec and DLR acquisitions of $38.5 million, or 25.4%, the acquisition related amortization and fair value step-up of $11.1 million, or 7.3%, and under absorption of manufacturing overhead related to the planned equipment shutdown in the first quarter of 2025, partially offset by productivity gains.
Current wording
Cost of sales increased by $83.4 million, or 30.9%, to $353.5 million in 2025, due to the impact of the OpSec and DLR acquisitions of $55.8 million, or 20.6%, acquisition related amortization and fair value step-up, under absorption of manufacturing overhead related to the planned equipment shutdown in the first quarter of 2025, unfavorable foreign currency translation, partially offset by productivity gains and the impact of higher volumes.
Previous wording
Operating profit decreased by $23.8 million, or 53.8%, to $20.4 million in 2025, reflecting the dilutive impact of the OpSec and DLR acquisition related amortization, fair value step-up and transaction costs of $14.2 million, or 32.1%, and higher manufacturing costs primarily due to the under absorption of manufacturing overhead, net of favorable pricing of $13.2 million, or 29.9%. Higher restructuring charges of $6.1 million, or 13.8%, were more than offset by productivity gains of $8.2 million, or 18.6%.
Current wording
Operating profit decreased by $13.8 million, or 18.8%, to $59.7 million in 2025, reflecting the dilutive impact of the OpSec and DLR acquisitions due to acquisition related amortization and fair value step-up of $16.4 million, or 22.4%, higher manufacturing costs primarily due to the under absorption of manufacturing overhead, net of favorable pricing of $12.2 million, or 16.6%, restructuring charges of $8.5 million, or 11.6%, partially offset by productivity gains of $12.5 million, or 17.0%, the impact of higher volumes of $5.0 million, or 6.8% and favorable mix of $4.5 million, or 6.1%.
Previous wording
In the six months ended June 30, 2025, we drew down $348.0 million and repaid $342.0 million on our Revolving Facility to fund working capital requirements. We also drew down £300.0 million, or $400.4 million, on the Term Loan to fund the DLR acquisition and repaid$36.8 million.
Current wording
In the nine months ended September 30, 2025, we drew down $384.5 million and repaid $413.5 million on our Revolving Facility to support working capital needs. We also drew down £300.0 million, or $400.4 million, on the Term Loan to fund the DLR acquisition and repaid $40.9 million.
Previous wording
Cash provided by operating activities was $43.7 million in the first six months of 2025, compared with $66.3 million in the comparable period last year. The decrease in cash provided by operating activities was primarily driven by lower net income, partially offset by lower working capital requirements.
Current wording
Cash provided by operating activities was $135.7 million in the first nine months of 2025, compared with $133.0 million in the comparable period last year. The increase in cash provided by operating activities was primarily driven by lower working capital requirements.
Previous wording
Cash used for investing activities was $412.6 million in the first six months of 2025, compared with $291.1 million in the comparable period last year. The increase in cash used for investing activities was primarily driven by the payment for the acquisition of DLR.
Current wording
Cash used for investing activities was $422.7 million in the first nine months of 2025, compared with $304.4 million in the comparable period last year. The increase in cash used for investing activities was primarily driven by the payment for the acquisition of DLR.
Previous wording
Cash provided by financing activities was $344.8 million during the first six months of 2025, compared with $190.2 million in the comparable period last year. The increase in cash provided by financing activities was primarily driven by higher net proceeds from the Term Loan used to fund the acquisition of DLR, partially offset by lower net proceeds from the Revolving Facility.
Current wording
Cash provided by financing activities was $293.3 million during the first nine months of 2025, compared with $115.8 million in the comparable period last year. The increase was primarily driven by higher net proceeds from the Term Loan used to fund the acquisition of DLR, partially offset by net payments on the Revolving Facility in the first nine month of 2025 compared to net proceeds from Revolving Facility during the same period in 2024.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Cost of sales decreased by $3.9 million, or 1.8%, to $215.5 million in 2025, primarily driven by the impact of lower sales volumes and productivity gains, partially offset by unfavorable mix, higher material and other manufacturing costs and unfavorable foreign currency translation.