This report does not constitute a rating action. S&P Global Ratings expects favorable end-market demand to support Carpenter’s credit strength. In the first quarter of the fiscal year ending June 2027 (fiscal 2027), Carpenter’s revenue and S&P Global Ratings-adjusted EBITDA grew 9% and 23% year over year, respectively, driven by robust demand and improved pricing in its Specialty Alloys Operations segment. Strength was particularly pronounced in commercial aerospace, where bookings increased 25%. This was only partly offset by planned maintenance outages and a modest decline in Performance Engineered Products. We expect increased aircraft manufacturer build rates and distributor inventory replenishment to support demand over the next several years. Furthermore, we expect maintenance, repair, and operations spending to rise as airlines
