Carpenter Technology Management Meeting Takeaways

Research evidence excerpt

Carpenter Technology Management Meeting Takeaways

J P M O R G A N North America Equity Research

20 May 2026

Carpenter Technology Overweight

CRS, CRS US

Management Meeting Takeaways Price (19 May 26):$406.37

Metals & Mining

Bennett Moore AC

(1-212) 622-0188

bennett.moore@jpmchase.com

Bill Peterson

(1-415) 315-6766

bill.peterson@jpmchase.com

We hosted Carpenter Technology’s (CRS; OW-rated) Board Chair & CEO J.P. Morgan Securities LLC

Tony Thene, COO & incoming CEO Brian Malloy, and CFO Tim Lain for

investor meetings. Conversations focused on recent demand/pricing trends, the

forthcoming supply shortfall, including AI use cases driving productivity gains, and

management’s strategy around IGT markets. Since the F3Q print (link), investor

inbounds have been relatively tame, and during yesterday’s meetings there was

notably less focus on the risk of fading MRO demand amid elevated fuel prices.

Outside of updates on Boeing’s ramp, which is progressing nicely and will be key in

accelerating structural A&D orders where CRS has opportunities to drive incremental

output, we view new multi-year guidance as a potential next catalyst. It’s unclear how

far out this may extend, but we wouldn’t be surprised to see some sort of FY28 target

(or beyond) when the brownfield expansion (link) should be ramping. We also sense

there may be greater focus on profitability metrics as this has increasingly become a

differentiating factor for the CRS investment thesis, especially given the ongoing

A&D mix shift distorting realized SAO price growth, which could mean a move away

from reported shipments. We continue to favor OW-rated CRS among our coverage

universe given steep barriers to entry, secular demand tailwinds, and relative