Slide 1: Carpenter Technology Corporation 3rd Quarter Fiscal Year 2026 Earnings Call
April 29, 2026 CARPENTER TECHNOLOGY CORPORATION 3rd Quarter Fiscal Year 2026 Earnings Call © 2026 CRS Holdings, LLC. All rights reserved.
Slide 2: Cautionary Statement
Cautionary Statement Forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those proj
Slide 3: 3rd Quarter Fiscal Year 2026
rd 3 QUARTER FISCAL YEAR 2026 Tony Thene | Chairman of the Board and Chief Executive Officer © 2026 CRS Holdings, LLC. All rights reserved. 3
Slide 4: Safety is Our Highest Value
Safety is Our Highest Value Total case incident rate 2.2 2.0 1.8 1.7 1.4 1.3 1.3 1.2 1.1 1.0 0.6 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 YTD © 2026 CRS Holdings, LLC. All rights reserved. 4
Slide 5: Quarter Performance: record operating income and operating margins
Quarter Performance: record operating income and operating margins Strong execution delivering record SAO continues to expand adjusted Aerospace & Defense demand and quarterly profit operating margins pricing continues to strengthen Operating Income ($M) SAO Adjusted Operating Margin (%) * Aerospace
Slide 6: Third Quarter Fiscal Year 2026 Net Sales
Third Quarter Fiscal Year 2026 Net Sales Q3-26 NET SALES EX. % NET SALES EX. Demand environment strengthening, especially in MARKET VS. Q2-26 VS. Q3-25 SURCHARGE ($M)* SURCHARGE Aerospace & Defense with build rates ramping • Aerospace demand remains robust, driven by $435.6 66% AEROSPACE & DEFENSE +
Slide 7: Financial Overview
rd 3 QUARTER FISCAL YEAR 2026 FINANCIAL OVERVIEW Tim Lain | Senior Vice President and Chief Financial Officer © 2026 CRS Holdings, LLC. All rights reserved. 7
Slide 8: Income Statement Summary
Income Statement Summary SEQUENTIAL YEAR-OVER- $ millions, except per share amounts Q3-26 Q2-26 Q3-25 CHANGE YEAR CHANGE Pounds (‘000) 53,474 48,398 46,496 5,076 6,978 Net Sales 811.5 728.0 727.0 83.5 84.5 Net Sales ex. Surcharge Revenue* 655.6 589.1 597.0 66.5 58.6 Gross Profit 251.8 218.3 200.8 33
Slide 9: Capital Allocation: Repurchasing shares while investing in brownfield capacity expansion
Capital Allocation: Repurchasing shares while investing in brownfield capacity expansion Year to date FY26, strong cash flow …While executing against planned …And maintaining healthy liquidity generation... capital allocation priorities… and strong balance sheet • Generated $364.9 million in cash •
Slide 10: Segment Overview
rd 3 QUARTER FISCAL YEAR 2026 SEGMENT OVERVIEW Brian Malloy | President and Chief Operating Officer © 2026 CRS Holdings, LLC. All rights reserved. 10
Slide 11: SAO Segment Summary
SAO Segment Summary SEQUENTIAL YEAR-OVER- $ millions Q3-26 Q2-26 Q3-25 CHANGE YEAR CHANGE Pounds ('000) 51,832 46,836 44,584 4,996 7,248 Net Sales 735.1 661.6 642.9 73.5 92.2 Net Sales ex. Surcharge Revenue* 585.0 527.3 519.4 57.7 65.6 Operating Income 208.0 174.6 151.4 33.4 56.6 Adjusted Operating
Slide 12: PEP Segment Summary
PEP Segment Summary SEQUENTIAL YEAR-OVER- $ millions Q3-26 Q2-26 Q3-25 CHANGE YEAR CHANGE Pounds ('000)* 2,602 2,218 2,584 384 18 Net Sales 97.7 83.2 104.9 14.5 (7.2) Net Sales ex. Surcharge Revenue** 90.6 77.2 96.8 13.4 (6.2) Operating Income 6.7 6.9 10.9 (0.2) (4.2) Adjusted Operating Margin ex. S
Slide 13: Closing Comments
rd 3 QUARTER FISCAL YEAR 2026 CLOSING COMMENTS Tony Thene | Chairman of the Board and Chief Executive Officer © 2026 CRS Holdings, LLC. All rights reserved. 13
Slide 14: Strong Market Position, Balanced Capital Allocation, Attractive Financial Profile
STRONG BALANCED ATTRACTIVE MARKET POSITION CAPITAL ALLOCATION FINANCIAL PROFILE • Operating in accelerating demand • Strong balance sheet and cash flow • Completed record fiscal quarter with environment, especially in the generation enables balanced approach Q3 profits up 20% sequentially Aerospace
Slide 15: Appendix of Non-GAAP Schedules
APPENDIX OF NON-GAAP SCHEDULES © 2026 CRS Holdings, LLC. All rights reserved. 15
Slide 16: Non-GAAP Schedules: Adjusted Operating Margin ex. Surcharge Revenue
Non-GAAP Schedules Adjusted Operating Margin ex. Surcharge Revenue $ millions Q3-26 Q2-26 Q3-25 Net Sales 811.5 728.0 727.0 Less: Surcharge Revenue 155.9 138.9 130.0 Net Sales ex. Surcharge Revenue 655.6 589.1 597.0 Operating Income 186.5 155.2 137.8 Operating Margin 23.0% 21.3% 19.0% Adjusted Opera
Slide 17: Non-GAAP Schedules: Adjusted Segment Operating Margin
Non-GAAP Schedules Adjusted Segment Operating Margin ex. Surcharge Revenue SAO SAO SAO PEP PEP PEP $ millions Q3-26 Q2-26 Q3-25 Q3-26 Q2-26 Q3-25 Net Sales 735.1 661.6 642.9 97.7 83.2 104.9 Less: Surcharge Revenue 150.1 134.3 123.5 7.1 6.0 8.1 Net Sales ex. Surcharge Revenue 585.0 527.3 519.4 90.6 7
Slide 18: Non-GAAP Schedules: Adjusted Earnings per Diluted Share
Non-GAAP Schedules Adjusted Earnings per Diluted Share $ millions, except per share amounts Q3-26 Q2-26 Q3-25 Earnings per Diluted Share $2.77 $2.09 $1.88 Net Income 139.6 105.3 95.4 Special Item, net of tax: Debt extinguishment losses — 12.0 — Special Item, net of tax: — 12.0 — Net Income Excluding
Slide 19: Adjusted Free Cash Flow
Non-GAAP Schedules Adjusted Free Cash Flow $ millions Q3-26 Q2-26 Q1-26 9 MOS FY26 9 MOS FY25 Net Cash Provided from Operating Activities 193.5 132.2 39.2 364.9 182.3 Purchases of Property, Plant, Equipment and Software (68.7) (46.3) (42.6) (157.6) (96.3) Proceeds from Disposals of Property, Plant a
Slide 20: Cash Flow & Liquidity Summary
Cash Flow & Liquidity Summary 9 MOS 9 MOS $ millions Q3-26 Q2-26 Q1-26 FY26 FY25 Net Income + Noncash Items 191.3 169.8 173.8 534.6 393.8 • Repurchased 145,000 shares ($52.7 Inventory (17.3) (43.4) 15.6 (45.1) (93.3) million) in Q3-26 against $400.0 Working Capital / Other 25.1 11.4 (144.3) (107.5)
Slide 21: Your trusted partner in innovation.
Your trusted partner in innovation. Carpenter Technology Corporation (NYSE: CRS) is a recognized leader in high-performance specialty alloy materials and process solutions for critical applications in the aerospace and defense, medical, and other markets. Founded in 1889, Carpenter Technology has ev