Carpenter Technology Corporation · NYSE:CRS

Carpenter Technology — Investor Day (February 2025)

28 slides from Carpenter Technology's investor day presentation, Feb 18, 2025

Slide 2: Cautionary statement
© 2025 CRS Holdings, LLC. All rights reserved. Cautionary statement 2 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 cou
Slide 3: Agenda and presenters
© 2025 CRS Holdings, LLC. All rights reserved. 4 4 3 Overview & Strategy Markets & Growth Operational Excellence & Driving Growth Financial Outlook & Capital Allocation Closing Q & A Tony Thene, Chief Executive Officer Marshall Akins, Chief Commercial Officer Brian Malloy, Chief Operating Officer Ti
Slide 5: Preferred solutions provider for critical applications
© 2025 CRS Holdings, LLC. All rights reserved. 4% 4% 6%13% Transportation Preferred solutions provider for critical applications 5 Percentages reflect sales ex-surcharge Twelve months ending December 31, 2024 Industrial & Consumer Distribution Energy TTM Q2FY25 Aerospace & Defense Medical Vision and
Slide 6: Accelerated performance and meaningful shareholder return
© 2025 CRS Holdings, LLC. All rights reserved. Pulled FY27 target in by 2 years and raised guidance to $500 – $520 million for FY25 Increased Aerospace & Defense share of revenues to 60% Expanded SAO margins to 28.3% On pace to generate $250 – $300 million in cash for FY25 Returning cash to sharehol
Slide 7: Attractive, long-term shareholder return outlook
© 2025 CRS Holdings, LLC. All rights reserved. Attractive, long-term shareholder return outlook 7 Earnings growth Cash generation, balanced allocation Capacity investment 354 Adjusted Operating Income ($M) FY24 Actual FY25 Outlook FY27 Target 500–520 765–80025% CAGR Adj. Free Cash Flow FY25-FY27 • $
Slide 8: Anticipating your questions
© 2025 CRS Holdings, LLC. All rights reserved. Anticipating your questions 8 Fundamental supply-demand imbalance will grow as material demand accelerates Brownfield expansion project will accelerate earnings growth but will NOT materially impact supply-demand imbalance Expansion project will be fund
Slide 10: Strong demand across high-value, high-growth markets and applications
© 2025 CRS Holdings, LLC. All rights reserved. Strong demand across high-value, high-growth markets and applications 10 Aerospace • Global travel demand continues to hit new records • High demand for new planes and associated materials • Older planes in service and new platform overhauls driving inc
Slide 11: Aerospace outlook extremely strong
© 2025 CRS Holdings, LLC. All rights reserved. 200 600 1000 1400 1800 2200 19A 20A 21A 22A 23A 24A 25F 26F 27F 28F 29F Aerospace outlook extremely strong Global air traffic reached record high in 2024 and continues to grow Airbus and Boeing current backlogs >14,000 planes MRO activity at all-time hi
Slide 12: Demand for aerospace specialty materials tied to build rates
© 2025 CRS Holdings, LLC. All rights reserved. 200 600 1000 1400 1800 2200 19A 20A 21A 22A 23A 24A 25F 26F 27F 28F 29F Estimated Airplane Builds (units) Demand for Aerospace specialty materials directly tied to build rates Industry effectively sold out in 2019 at ~1,500 builds Post-COVID, industry h
Slide 14: Difficult-to-replicate system of world-class assets and capabilities
© 2025 CRS Holdings, LLC. All rights reserved. Difficult-to-replicate system of world-class assets and capabilities 14 Over 500 different highly specialized alloys, generating more than 15K SKUs of made-to- customer specification Hundreds of differentiated, qualified assets across facilities Process
Slide 15: Decades of demonstrated quality with rigorous customer qualifications
© 2025 CRS Holdings, LLC. All rights reserved. Decades of demonstrated quality with rigorous customer qualifications 15 Vendor-approved qualifications of equipment and processes by customers for critical applications • Must demonstrate ability to meet stringent standards, repeatedly at scale • Exten
Slide 16: Increasing high-value production through asset utilization and productivity
© 2025 CRS Holdings, LLC. All rights reserved. 16 Increasing high-value production through asset utilization and productivity improvements Asset utilization: keeping critical equipment healthy and producing consistently • Managing agile preventative maintenance program • Ensuring critical spares are
Slide 17: Brownfield expansion adding high-purity melt capacity
© 2025 CRS Holdings, LLC. All rights reserved. • Vacuum induction melt (VIM) furnace in Athens, AL • Additional remelt capacity in Athens, AL • Complementary finishing assets across system • Designed to produce range of specialized alloys for use in high value markets • Capacity estimates dependent
Slide 18: Investing ~$400 million in brownfield capacity expansion
© 2025 CRS Holdings, LLC. All rights reserved. Investing ~$400 million* in brownfield capacity expansion • Includes VIM furnace, remelt capacity, and finishing assets ~9K additional tons will not materially impact supply-demand imbalance • Represents ~7% increase on FY19 shipment volumes • Designed
Slide 20: Strong earnings growth to continue over next several years
© 2025 CRS Holdings, LLC. All rights reserved. Strong earnings growth to continue over next several years 20 Attractive, 2-year ~25% earnings CAGR Sales ex-surcharge reaching $2.8 to $2.9 billion Volume, mix, and price continue to improve SAO continues expanding margins We expect fiscal year 2026 to
Slide 21: Strong cash generation to continue over next several years
© 2025 CRS Holdings, LLC. All rights reserved. Strong cash generation to continue over next several years 21 Track record of generating cash from operations Maintaining disciplined approach to working capital management Currently at historic leverage ratios with no debt maturities until FY29 Targeti
Slide 22: Balanced capital allocation strategy to drive shareholder return
© 2025 CRS Holdings, LLC. All rights reserved. Balanced capital allocation strategy to drive shareholder return 22 Investing for growth Returning cash to shareholders $400M $520M • $400 million for high-purity melt capacity expansion • Long-term earnings growth accelerator • $40 million annual divid
Slide 24: Key takeaways
© 2025 CRS Holdings, LLC. All rights reserved. Investor Update delivers strong takeaways on all key topics 24 Current market dynamic strong and expected to accelerate quickly 25% earnings CAGR over next 2 years – above expectations and peers Volume, mix and pricing actions improvement to continue Ea
Slide 27: Non-GAAP Schedules
© 2025 CRS Holdings, LLC. All rights reserved. Non-GAAP Schedules 27 Adjusted Operating Margin ex. Surcharge Revenue and Special Items $ millions FY24 FY23 Net Sales 2,759.7 2,550.3 Less: Surcharge Revenue 592.0 702.3 Net Sales ex. Surcharge Revenue 2,167.7 1,848.0 Operating Income 323.1 133.1 Speci
Slide 28: Contact information
info@cartech.com For additional information, please contact info@cartech.com | 610 208 2000 © 2025 CRS Holdings, LLC. All rights reserved. Carpenter Technology Corporation (NYSE: CRS) is a recognized leader in high-performance specialty alloy materials and process solutions for critical applications

Carpenter Technology — Investor Day (February 2025) on 6ix

Carpenter Technology — Investor Day (February 2025)

Slide 1: Investor Update, February 18, 2025

Slide 2: Cautionary statement

Slide 3: Agenda and presenters

Slide 4: Tony Thene, Chief Executive Officer

Slide 5: Preferred solutions provider for critical applications

Slide 6: Accelerated performance and meaningful shareholder return

Slide 7: Attractive, long-term shareholder return outlook

Slide 8: Anticipating your questions

Slide 9: Marshall Akins, Chief Commercial Officer

Slide 10: Strong demand across high-value, high-growth markets and applications

Slide 11: Aerospace outlook extremely strong

Slide 12: Demand for aerospace specialty materials tied to build rates

Slide 13: Brian Malloy, Chief Operating Officer

Slide 14: Difficult-to-replicate system of world-class assets and capabilities

Slide 15: Decades of demonstrated quality with rigorous customer qualifications

Slide 16: Increasing high-value production through asset utilization and productivity

Slide 17: Brownfield expansion adding high-purity melt capacity

Slide 18: Investing ~$400 million in brownfield capacity expansion

Slide 19: Tim Lain, Chief Financial Officer

Slide 20: Strong earnings growth to continue over next several years

Slide 21: Strong cash generation to continue over next several years

Slide 22: Balanced capital allocation strategy to drive shareholder return

Slide 23: Tony Thene, Chief Executive Officer

Slide 24: Key takeaways

Slide 25: Leadership Team

Slide 26: © 2025 CRS Holdings, LLC. All rights reserved. 26

Slide 27: Non-GAAP Schedules

Slide 28: Contact information