Carpenter Technology Expects FY25 Operating Income Of $460M-$500M, Q1 Operating Income Of $114M-$120M

Fiscal Year 2025 Outlook

• Expect operating income to be in the range of $460 million to $500 million, pulling forward financial goal 2 years from fiscal year 2027 to fiscal year 2025
• With operating income guidance, expect to generate $250 million to $300 million in adjusted free cash flow, which represents approximately 85 percent conversion rate
• For first quarter of fiscal year 2025, anticipate between $114 million and $120 million in operating income
• Well positioned for continued growth beyond fiscal year 2025 with strong market demand outlook for our broad portfolio of specialized solutions, increasing productivity, optimizing product mix and pricing actions