CARPENTER TECHNOLOGY Business Summary

Carpenter Technology Corporation (CRS) operates as a leading manufacturer and distributor of premium specialty alloys, generating revenue through the production of high-performance materials for mission-critical applications. The company’s business is divided into two primary segments: Specialty Alloys Operations (SAO), which accounts for the vast majority of revenue through the melting and manufacturing of stainless steels and superalloys, and Performance Engineered Products (PEP), which focuses on differentiated operations like titanium and additive manufacturing. As of early 2026, the company has capitalized on a robust multi-year aerospace cycle, with the Aerospace and Defense end-market driving over half of its total sales. Carpenter Technology maintains a dominant position in the high-end specialty metals niche, competing directly with ATI Inc., Haynes International, and Special Metals Corporation. It distinguishes itself through a vertically integrated supply chain and a specialized focus on nickel and cobalt-based superalloys that offer superior temperature and corrosion resistance compared to standard industrial competitors. Originally founded in 1889 by James Henry Carpenter, the company is currently led by Chairman and CEO Tony R. Thene, a veteran executive with a deep pedigree in the metals industry, including a long tenure at Alcoa. In February 2026, the board announced a structured succession plan where current President and COO Brian J. Malloy—who previously held leadership roles at Ametek and Alcoa—will transition to the CEO role on July 1, 2026, with Thene moving to Executive Chairman. The technical leadership is headed by VP and Chief Technology Officer Suniti Moudgil, while financial operations are managed by SVP and CFO Timothy Lain. The company’s governance is supported by a board featuring notable industry figures such as Julie Beck (former CFO of Terex) and Charles McLane Jr. (former CFO of Alcoa). Major institutional backing is provided by Vanguard Group and BlackRock, which remain the company’s largest shareholders, reflecting its status as a core industrial holding in the specialty materials sector.