Carpenter Technology : Investor Presentation - September 2023

September 2023

Investor Presentation

© 2023 CRS Holdings, LLC. All rights reserved.

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 projected, anticipated or implied. The most significant of these uncertainties are described in Carpenter Technology's filings with the Securities and Exchange Commission, including its report on Form 10-K for the fiscal year ended June 30, 2023, and the exhibits attached to that filing. They include but are not limited to: (1) the cyclical nature of the specialty materials business and certain end-use markets, including aerospace, defense, medical, transportation, energy, industrial and consumer, or other influences on Carpenter Technology's business such as new competitors, the consolidation of competitors, customers, and suppliers or the transfer of manufacturing capacity from the United States to foreign countries; (2) the ability of Carpenter Technology to achieve cash generation, growth, earnings, profitability, operating income, cost savings and reductions, qualifications, productivity improvements or process changes; (3) the ability to recoup increases in the cost of energy, raw materials, freight or other factors; (4) domestic and foreign excess manufacturing capacity for certain metals; (5) fluctuations in currency exchange rates; (6) the effect of government trade actions; (7) the valuation of the assets and liabilities in Carpenter Technology's pension trusts and the accounting for pension plans; (8) possible labor disputes or work stoppages; (9) the potential that our customers may substitute alternate materials or adopt different manufacturing practices that replace or limit the suitability of our products; (10) the ability to successfully acquire and integrate acquisitions; (11) the availability of credit facilities to Carpenter Technology, its customers or other members of the supply chain; (12) the ability to obtain energy or raw materials, especially from suppliers located in countries that may be subject to unstable political or economic conditions; (13) Carpenter Technology's manufacturing processes are dependent upon highly specialized equipment located primarily in facilities in Reading and Latrobe, Pennsylvania and Athens, Alabama for which there may be limited alternatives if there are significant equipment failures or a catastrophic event; (14) the ability to hire and retain a qualified workforce and key personnel, including members of the executive management team, management, metallurgists and other skilled personnel; (15) fluctuations in oil and gas prices and production; (16) the impact of potential cyber attacks and information technology or data security breaches; (17) inability of suppliers to meet obligations due to supply chain disruptions or otherwise; (18) inability to meet increased demand, production targets or commitments; (19) the ability to manage the impacts of natural disasters, climate change, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as the COVID-19 pandemic; and (20) geopolitical, economic, and regulatory risks relating to our global business, including geopolitical and diplomatic tensions, instabilities and conflicts, such as the war in Ukraine, as well as compliance with U.S. and foreign trade and tax laws, sanctions, embargoes and other regulations. Any of these factors could have an adverse and/or fluctuating effect on Carpenter Technology's results of operations. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this presentation or as of the dates otherwise indicated in such forward-looking statements. Carpenter Technology undertakes no obligation to update or revise any forward-looking statements.

Non-GAAP and other financial measures

Financial information included in this presentation is unaudited. Some of the information included in this presentation is derived from Carpenter Technology's consolidated financial information but is not presented in Carpenter Technology's financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Certain of these data are considered "non-GAAP financial measures" under SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. Reconciliations to the most directly comparable GAAP financial measures and management's rationale for the use of the non-GAAP financial measures can be found in the Appendix to this presentation.

© 2023 CRS Holdings, LLC. All rights reserved.	2

At an inflection point - this is our time

• Leverage core strength in engineered materials and process capabilities to solve our customers' current and anticipated challenges
• Relentless focus on vision to be preferred solutions provider delivering products for critical applications across attractive end-use markets

• Strong underlying demand fundamentals driving record backlog
• Operating in an accelerating demand environment
• Pricing opportunities while optimizing mix as industry capacity is challenged

• Strengthening and expanding set of assets and capabilities to further elevate value
• Driving increased productivity across operations while ensuring safety and quality
• Difficult to replicate collection of unique manufacturing assets

• To date, achieving external targets communicated
• Have path to achieve goal to double OI vs. FY19
• Volume, price and product mix optimization driving margin benefits
• Cash generation creates significant shareholder value

© 2023 CRS Holdings, LLC. All rights reserved.	3

Our role as a preferred solutions provider to customers

Partner to OEMs & Tiers across end-use markets in solving critical needs

134 years of specialty alloy product and process innovation leadership

A global footprint with ~4,000 employees

Distribution

Energy

6% 6%

Transportation 7%

	FY23		Aerospace
13%	Net Sales	50%
& Defense
Medical	$2.55B

18%

Industrial & Consumer

500+ Alloys

• Nickel-based
• Cobalt-based
• Titanium

Product Forms

Ingot / Billet

Strip

Wire

• Stainless steels
• Soft magnetic
• Other specialty alloys

Bar

Powder

Components

Facility locations

Athens, AL	Franklin, PA	Belgium
Rancho	Kutztown, PA	Ontario, Canada
Cucamonga, CA	Latrobe, PA	Suzhou, China
Clearwater, FL	Orwigsburg, PA	Monterrey, Mexico
Chicago, IL	Philadelphia, PA	Mexico City, Mexico
Dundee, MI	Reading, PA	Singapore
Raleigh, NC	Washington, PA	Seoul, South Korea
Elyria, OH	Hartsville, SC	Torshälla, Sweden

Percentages reflect sales ex-surcharge. Year ending June 30, 2023.

© 2023 CRS Holdings, LLC. All rights reserved.

Vienna, OH	White House, TN	Taipei, Taiwan
Wauseon, OH		Liverpool, UK
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Our Vision and Core Values

Vision

Carpenter Technology strives to be the preferred solutions provider in specialty materials with a reputation for zero injuries, unquestionable quality, close customer connections, innovative growth, creative technology, and engaged talent.

We embrace our role in the manufacture of mission-critical, never-failproducts and behave in a passionate manner that will inspire our communities, customers, and investors. We will compete tirelessly to become and remain an irreplaceable partner in the supply chains where we participate.

Core Values
1 ZERO INJURY	2 TRANSPARENCY	3 ABOVE THE LINE	4 PERFORMANCE
WORKPLACE		ACCOUNTABILITY
5 PROFESSIONAL	6 COLLABORATION	7 DIGNITY &	8 INTEGRITY &
CONFRONTATION		RESPECT	ETHICS

© 2023 CRS Holdings, LLC. All rights reserved.	5