CRS: Wells Fargo Industrials & Materials Conference Takeaways

Research evidence excerpt

CRS: Wells Fargo Industrials & Materials Conference Takeaways

Equity Research

Flash Comment — June 9, 2026

Aerospace & Defense

Carpenter Technology Corporation

Wells Fargo Industrials & Materials Conference Takeaways Equal Weight

Price Target: $425.00

Ticker CRS

Our Call Upside/(Downside) to Target (18.9)%

We hosted meetings with President & COO and incoming CEO Brian Malloy and IR John Price (06/09/2026) $523.77

Huyette at the Wells Fargo Industrials & Materials Conference. 52 Week Range $228.00 - 525.00

Market Cap (MM) $26,346

Source: Company Data, Wells Fargo Securities estimates, and Factset.Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Growth: CRS beginning to see recovery in aero structural volumes with structural

materials seen as primary driver of aero growth from here as reaching volume limit on David Strauss

engines until additional capacity comes online in FY2028-29. Equity Analyst | Wells Fargo Securities, LLC

David.Strauss@wellsfargo.com | 212-214-8052

Joshua Korn

LTAs & margins: Structural materials have lower exposure to LTAs than engines. LTAs Associate Equity Analyst | Wells Fargo Securities, LLC

seen remaining ~40% of total business and ~60% of aerospace and defense. While Joshua.T.Korn@wellsfargo.com | 212-214-6421

engine material is higher priced, margins are similar to structural. MRO roughly double Ben Tomick

its historical average as percentage of sales, although no major pricing difference as Associate Equity Analyst | Wells Fargo Securities, LLC

compared to OE. Ben.Tomick@wellsfargo.com | 332-295-4224

Brownfield expansion: CRS's brownfield VIM expansion in Athens, Alabama still expected

to come online in FY28 and to contribute $150M in annual EBIT when fully ramped in

FY29.