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    Phil Gibbs • KeyBanc Capital Markets

    Phil Gibbs's questions to Carpenter Technology Corp (CRS) leadership

    Phil Gibbs's questions to Carpenter Technology Corp (CRS) leadership • Q4 2025

    Question

    Phil Gibbs from KeyBanc Capital Markets asked for a breakdown of the drivers (pricing/mix vs. volume) for the FY2026 guidance, requested the jet engine sales growth figures, and inquired if the free cash flow guidance includes any tax benefits from accelerated depreciation.

    Answer

    President and CEO Tony Thene confirmed that pricing, mix, and volume leverage would all be key drivers in FY2026 but did not provide a specific breakdown. He stated that aero engine sales were up 5% sequentially. CFO Timothy Lain clarified that the FY2026 free cash flow guidance does not include potential cash tax benefits from accelerated depreciation or R&D expensing, suggesting a potential for future upside.

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    Phil Gibbs's questions to Commercial Metals Co (CMC) leadership

    Phil Gibbs's questions to Commercial Metals Co (CMC) leadership • Q3 2025

    Question

    Phil Gibbs of KeyBanc Capital Markets asked for clarification on the timing and amount of the European CO2 credit payments and whether the FY2026 CapEx guidance of $550 million was a gross or net figure.

    Answer

    President & CEO Peter Matt and CFO Paul Lawrence clarified that the European CO2 credit payment is now split into two tranches, resulting in a $28 million payment in Q4 2025 and the remainder in Q1 2026. Paul Lawrence confirmed the $550 million CapEx guidance for FY2026 is a gross number, before an expected $80 million tax credit and other incentives. He also noted West Virginia startup costs would be back-end loaded in FY2026.

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