Q4 2025 Ball Corp Earnings Call

February 3, 2026

Speaker #1: Greetings, and welcome to the Ball Corp full-year and fourth-quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation.

Operator: Greetings and welcome to the Ball Corp Full Year and Fourth Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brandon Potthoff, Head of Investor Relations. Thank you, sir. You may begin.

Speaker #1: If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.

Speaker #1: It is now my pleasure to introduce your host, Brandon Potthoff, head of investor relations. Thank you, sir. You may

Speaker #1: begin. Thank you, Christine.

Brandon Potthoff: Thank you, Christine. Good morning, everyone. This is Ball Corp's conference call regarding the company's full year and fourth quarter 2025 results. During this call, we will reference our fourth quarter 2025 earnings presentation available through this webcast and our website at investors/ball.com. The information provided during this call will contain forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied. We assume no obligation to update any forward-looking statements made today. Some factors that could cause the results or outcomes to differ are described in the company's latest Form 10-K, other SEC filings, and in today's earnings release and earnings presentation. If you do not already have our earnings release, it is available on our website at ball.com. Information regarding the use of non-GAAP financial measures may also be found in the notes section of today's earnings release.

Q4 2025 Ball Corp Earnings Call

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Q4 2025 Ball Corp Earnings Call

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Tuesday, February 3rd, 2026 at 2:00 PM

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Speaker #2: Good morning, everyone. This is Ball Corp conference call regarding the company's full-year and fourth-quarter 2025 results. During this call, we will reference our fourth-quarter 2025 earnings presentation, available through this webcast and our website, at investors/ball.com.

Speaker #2: The information provided during this call will contain forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied.

Speaker #2: We assume no obligation to update any forward-looking statements made today. Some factors that could cause the results or outcomes to differ are described in the company's latest Form 10-K, other SEC filings, and in today's earnings release and earnings presentation.

Speaker #2: If you do not already have our earnings release, it is available on our website at ball.com. Information regarding the use of non-GAAP financial measures may also be found in the notes section of today's earnings release.

Speaker #2: In addition, the release includes a summary of non-comparable items, as well as a reconciliation of comparable net earnings and diluted earnings per share calculations.

Brandon Potthoff: In addition, the release includes a summary of non-comparable items as well as a reconciliation of comparable net earnings and diluted earnings for share calculations. References to net sales and comparable operating earnings in today's release and call do not include the company's former aerospace business. Prior year-to-date net earnings attributable to the corporation and comparable net earnings do include the performance of the company's former aerospace business through the sale date of 16 February 2024. I would now like to turn the call over to our CEO, Ron Lewis.

In addition, the release includes a summary of non-comparable items as well as a reconciliation of comparable net earnings and diluted earnings for share calculations. References to net sales and comparable operating earnings in today's release and call do not include the company's former aerospace business. Prior year-to-date net earnings attributable to the corporation and comparable net earnings do include the performance of the company's former aerospace business through the sale date of 16 February 2024. I would now like to turn the call over to our CEO, Ron Lewis.

Speaker #2: References to net sales and comparable operating earnings in today's release and call do not include the company's former aerospace business. Prior year-to-date net earnings attributable to the corporation and comparable net earnings do include the performance of the company's former aerospace business through the sale date of February 16, 2024.

Speaker #2: I would now like to turn the call over to our CEO, Ron.

Speaker #2: Lewis. Thank

Speaker #3: Thank you, Brandon. Today, I'm joined on our call by Dan Rabbitt, Senior Vice President and Chief Financial Officer. I will provide some brief introductory remarks and discuss full-year and fourth-quarter 2025 financial performance and our outlook for 2026.

Ron Lewis: Thank you, Brandon. Today, I'm joined on our call by Dan Rabbitt, Senior Vice President and Chief Financial Officer. I will provide some brief introductory remarks and discuss full year and Q4 2025 financial performance and our outlook for 2026. Dan will touch on key metrics, and then we'll finish up with closing comments and a question-and-answer session. With this being my first call as the CEO of Ball Corp, I would like to take a minute to share my background and our vision for our company. I grew up on a farm in central Montana working alongside my mom and dad, and that's where I learned the value of hard work, teamwork, and treating everyone with dignity and respect, values that define Ball today.

Speaker #3: Dan will touch on key metrics and then we'll finish up with closing comments and a question-and-answer session. With this being my first call as the CEO of Ball Corp, I would like to take a minute to share my background and our vision for our company.

Speaker #3: I grew up on a farm in central Montana, working alongside my mom and dad. And that's where I learned the value of hard work, teamwork, and treating everyone with dignity and respect.

Speaker #3: Values that define Ball today. I spent 20 years in the Coca-Cola system, leading supply chains and buying cans from Ball, and over those years, I was asked several times to join Ball, and six and a half years ago, I did.

Ron Lewis: I spent 20 years in the Coca-Cola system leading supply chains and buying cans from Ball, and over those years, I was asked several times to join Ball, and 6.5 years ago, I did. Since then, I've led our MEA business, served as our COO, and most recently led our global supply chain and operations. I'm honored to step into this role because I believe in Ball. I believe Ball is well-positioned to win. Not only do I believe this, but the numbers back it up. It starts with the fundamentals of the beverage packaging market. Packaged liquid volume continues to grow globally, and aluminum cans are taking share as consumers, customers, and retailers favor a package that is convenient, functional, and increasingly aligned with sustainability goals. This backdrop creates a long runway of demand for our products. Within that growing market, Ball is outperforming.

I spent 20 years in the Coca-Cola system leading supply chains and buying cans from Ball, and over those years, I was asked several times to join Ball, and 6.5 years ago, I did. Since then, I've led our MEA business, served as our COO, and most recently led our global supply chain and operations. I'm honored to step into this role because I believe in Ball. I believe Ball is well-positioned to win. Not only do I believe this, but the numbers back it up. It starts with the fundamentals of the beverage packaging market. Packaged liquid volume continues to grow globally, and aluminum cans are taking share as consumers, customers, and retailers favor a package that is convenient, functional, and increasingly aligned with sustainability goals. This backdrop creates a long runway of demand for our products. Within that growing market, Ball is outperforming.

Speaker #3: And since then, I've led our EMEA business, served as our COO, and most recently led our global supply chain and operations. I'm honored to step into this role because I believe in Ball.

Speaker #3: And I believe Ball is well-positioned to win, not only do I believe this, but the numbers back it up. It starts with the fundamentals of the beverage packaging market.

Speaker #3: Packaged liquid volume continues to grow globally, and aluminum cans are taking share as consumers, customers, and retailers favor a package that is convenient, functional, and increasingly aligned with sustainability goals.

Speaker #3: This backdrop creates a long runway of demand for our products. Within that growing market, Ball is outperforming. Across our regions, we are consistently outpacing the canned market in shipped volumes, supported by strong customer partnerships, innovation in formats, and a commercial and operational footprint that is unmatched.

Ron Lewis: Across our regions, we are consistently outpacing the can market in shipped volumes supported by strong customer partnerships, innovation in formats, and a commercial and operational footprint that is unmatched. Our long-term volume range remains intact, and in 2025, we exceeded it. We pair that commercial momentum with financial strength. In 2025, we delivered record-adjusted free cash flow and record-comparable diluted EPS. We also returned more than $1.5 billion to shareholders through buybacks and dividends. Our disciplined capital allocation remains rooted in EVA, deploying capital only where it earns returns above our cost of capital. And operationally, we've never been stronger. Our plants are executing at a high level, driving meaningful improvements in profit per can through cost management and standardization. Our utilization rates across our business are as strong as they have been in multiple years, and our unmatched global scale is a competitive advantage.

Across our regions, we are consistently outpacing the can market in shipped volumes supported by strong customer partnerships, innovation in formats, and a commercial and operational footprint that is unmatched. Our long-term volume range remains intact, and in 2025, we exceeded it. We pair that commercial momentum with financial strength. In 2025, we delivered record-adjusted free cash flow and record-comparable diluted EPS. We also returned more than $1.5 billion to shareholders through buybacks and dividends. Our disciplined capital allocation remains rooted in EVA, deploying capital only where it earns returns above our cost of capital. And operationally, we've never been stronger. Our plants are executing at a high level, driving meaningful improvements in profit per can through cost management and standardization. Our utilization rates across our business are as strong as they have been in multiple years, and our unmatched global scale is a competitive advantage.

Speaker #3: Our long-term volume range remains intact, and in 2025, we exceeded it. We pair that commercial momentum with financial strength. In 2025, we delivered record-adjusted free cash flow and record-comparable diluted EPS.

Speaker #3: We also returned more than $1.5 billion to shareholders through buybacks and dividends. Our disciplined capital allocation remains rooted in EBA, deploying capital only where it earns returns above our cost of capital.

Speaker #3: And operationally, we've never been stronger. Our plants are executing at a high level, driving meaningful improvements in profit per can, through cost management and standardization.

Speaker #3: Our utilization rates across our business are as strong as they have been in multiple years, and our unmatched global scale is a competitive advantage.

Speaker #3: While we've made meaningful progress, we continue to see significant opportunity to further our teams and provide additional operating improvement. That opportunity is energizing, leveraging, and offers cost performance upside as we look ahead.

Ron Lewis: While we've made meaningful progress, we continue to see significant opportunity for further improvement. That opportunity is energizing our teams and provides additional operating leverage and cost performance upside as we look ahead. When you combine industry tailwinds, commercial outperformance, financial discipline, and the operational excellence through our Ball Business System, the result is a company that is exceptionally well-positioned to win today and over the long term. As I've met with dozens of customers and investors since assuming my role, I've been asked a lot about what will change. I want to reinforce that our strategy is intact, and it is working. It's about executing every day, staying close to our customers, accelerating the substrate shift to aluminum, and managing complexity to our advantage. And we are doubling down on profitable growth. This will be a significant focus for us in 2026 and beyond.

While we've made meaningful progress, we continue to see significant opportunity for further improvement. That opportunity is energizing our teams and provides additional operating leverage and cost performance upside as we look ahead. When you combine industry tailwinds, commercial outperformance, financial discipline, and the operational excellence through our Ball Business System, the result is a company that is exceptionally well-positioned to win today and over the long term. As I've met with dozens of customers and investors since assuming my role, I've been asked a lot about what will change. I want to reinforce that our strategy is intact, and it is working. It's about executing every day, staying close to our customers, accelerating the substrate shift to aluminum, and managing complexity to our advantage. And we are doubling down on profitable growth. This will be a significant focus for us in 2026 and beyond.

Speaker #3: When you combine industry tailwinds, commercial outperformance, financial discipline, and operational excellence through our Ball business system, the result is a company that is exceptionally well-positioned to win—today and over the long term.

Speaker #3: As I've met with dozens of customers and investors since assuming my role, I've been asked a lot about what will change. I want to reinforce that our strategy is intact, and it is working.

Speaker #3: It's about executing every day—staying close to our customers, accelerating the substrate shift to aluminum, and managing complexity to our advantage. And we are doubling down on profitable growth.

Speaker #3: This will be a significant focus for us in 2026 and beyond. We execute our strategy through our operating model, the Ball business system. The Ball business system is simple and powerful.

Ron Lewis: We execute our strategy through our operating model, the Ball Business System. The Ball Business System is simple and powerful. First, are we listening to our customers? Are we their indispensable business partner? Are we the easiest can maker to do business with? You can see that our commercial excellence agenda is working as we're growing faster than the market across all of our regions. Second is our laser focus on operational excellence. Every shift, every day in 67 plants around the world, we are bringing stability and standardization to our business so that we can all continuously improve. Then we are leveraging these efficiencies and our scale to fuel our growth. This allows us to reinvest back in our business to compete and win in the marketplace. And purposefully, at the center of the Ball Business System is our people and our culture.

We execute our strategy through our operating model, the Ball Business System. The Ball Business System is simple and powerful. First, are we listening to our customers? Are we their indispensable business partner? Are we the easiest can maker to do business with? You can see that our commercial excellence agenda is working as we're growing faster than the market across all of our regions. Second is our laser focus on operational excellence. Every shift, every day in 67 plants around the world, we are bringing stability and standardization to our business so that we can all continuously improve. Then we are leveraging these efficiencies and our scale to fuel our growth. This allows us to reinvest back in our business to compete and win in the marketplace. And purposefully, at the center of the Ball Business System is our people and our culture.

Speaker #3: First, are we listening to our customers? Are we their indispensable business partner? Are we the easiest can maker to do business with? You can see that our commercial excellence agenda is working, as we're growing faster than the market across all of our regions.

Speaker #3: Second is our laser focus on operational excellence. Every shift, every day, in 67 plants around the world, we are bringing stability, and standardization to our business so that we can all continuously improve.

Speaker #3: Then we are leveraging these efficiencies and our scale to fuel our growth. This allows us to reinvest back in our business to compete and win in the marketplace.

Speaker #3: And purposefully, at the center of the Ball business system is our people and our culture. I'm privileged to have the opportunity to drive and lead this company because our culture is one where we're not only focused on what we do, but also how we do it.

Ron Lewis: I'm privileged to have the opportunity to drive and lead this company because our culture is one where we are not only focused on what we do but also how we do it. This is a low ego, high collaboration environment where we are focused on empowering our people to work shoulder to shoulder to help our customers and our company to win. I believe that the team with the best people and the most motivated people is the team that wins. In short, people matter, and leadership matters. And while the Ball Business System is the backbone of our operating model, EVA remains our North Star. It's more than a metric. It's a mindset that ensures disciplined capital allocation and returns above our cost of capital. This focus underpins our long-term algorithm: 10+% annual Comparable Diluted EPS growth, strong Free Cash Flow, and consistent returns to shareholders.

I'm privileged to have the opportunity to drive and lead this company because our culture is one where we are not only focused on what we do but also how we do it. This is a low ego, high collaboration environment where we are focused on empowering our people to work shoulder to shoulder to help our customers and our company to win. I believe that the team with the best people and the most motivated people is the team that wins. In short, people matter, and leadership matters. And while the Ball Business System is the backbone of our operating model, EVA remains our North Star. It's more than a metric. It's a mindset that ensures disciplined capital allocation and returns above our cost of capital. This focus underpins our long-term algorithm: 10+% annual Comparable Diluted EPS growth, strong Free Cash Flow, and consistent returns to shareholders.

Speaker #3: This is a low-ego, high-collaboration environment where we are focused on empowering our people to work shoulder to shoulder to help our customers and our company to win.

Speaker #3: I believe that the team with the best people, and the most motivated people, is the team that wins. In short, people matter, and leadership matters.

Speaker #3: And while the Ball business system is the backbone of our operating model, EBA remains our North Star. It's more than a metric; it's a mindset that ensures disciplined capital allocation and returns above our cost of capital.

Speaker #3: This focus underpins our long-term algorithm, 10 plus percent annual comparable diluted EPS growth, strong free cash flow, and consistent returns to shareholders. Through the Ball business system, and our EBA mindset, we will continue to work as a team to leverage our scale, strengthen customer partnerships, and create fuel for growth.

Ron Lewis: Through the Ball Business System and our EVA mindset, we will continue to work as a team to leverage our scale, strengthen customer partnerships, and create fuel for growth. These principles position us to deliver sustainable results in 2026 and beyond, and maximize value for our shareholders. Now, let me turn to our performance on slide 8. 2025 was a record year for Ball, reflecting the strength of our strategy and disciplined execution. We delivered strong volume growth across our global aluminum packaging businesses, with Q4 global shift volumes up 6% and full year growth of 4.1%. We achieved record earnings per share of $3.57, an increase of 13% from 2024. Adjusted free cash flow reached $956 million, a new high watermark for our company and up 2.4 times year-over-year. We returned significant value to shareholders through $1.54 billion of combined share repurchases and dividends.

Through the Ball Business System and our EVA mindset, we will continue to work as a team to leverage our scale, strengthen customer partnerships, and create fuel for growth. These principles position us to deliver sustainable results in 2026 and beyond, and maximize value for our shareholders. Now, let me turn to our performance on slide 8. 2025 was a record year for Ball, reflecting the strength of our strategy and disciplined execution. We delivered strong volume growth across our global aluminum packaging businesses, with Q4 global shift volumes up 6% and full year growth of 4.1%. We achieved record earnings per share of $3.57, an increase of 13% from 2024. Adjusted free cash flow reached $956 million, a new high watermark for our company and up 2.4 times year-over-year. We returned significant value to shareholders through $1.54 billion of combined share repurchases and dividends.

Speaker #3: These principles position us to deliver sustainable results in 2026 and beyond, and maximize value for our shareholders. Now, let me turn to our performance on slide eight.

Speaker #3: 2025 was a record year for Ball, reflecting the strength of our strategy and disciplined execution. We delivered strong volume growth across our global aluminum packaging businesses.

Speaker #3: With fourth-quarter global shift volumes up 6%, and full-year growth of 4.1%, we achieved record earnings per share of $3.57, an increase of 13% from 2024.

Speaker #3: Adjusted free cash flow reached $956 million, a new high watermark for our company and up 2.4 times year over year. We returned significant value to shareholders through $1.54 billion of combined share repurchases and dividends.

Speaker #3: And we are also pleased to close late last week on the previously announced acquisition of two Benipak beverage can facilities. These European plants enhance our regional footprint and strengthen our ability to serve growing customer demand in both the near and long term.

Ron Lewis: We are also pleased to close late last week on the previously announced acquisition of two Benepack beverage can facilities. These European plants enhance our regional footprint and strengthen our ability to serve growing customer demand in both the near and long term, while remaining fully aligned with our disciplined EVA-based approach to capital allocation. Looking ahead to 2026, we expect another strong year where we deliver our financial algorithm of 10+% comparable diluted EPS growth. With that outlook in mind, I'll let Dan walk you through the details of our Q4 and full year financial performance and provide more color on our expectations for 2026. Before I turn it over, I want to congratulate Dan on being named CFO. This was my first leadership decision as CEO, and it was an easy one.

We are also pleased to close late last week on the previously announced acquisition of two Benepack beverage can facilities. These European plants enhance our regional footprint and strengthen our ability to serve growing customer demand in both the near and long term, while remaining fully aligned with our disciplined EVA-based approach to capital allocation. Looking ahead to 2026, we expect another strong year where we deliver our financial algorithm of 10+% comparable diluted EPS growth. With that outlook in mind, I'll let Dan walk you through the details of our Q4 and full year financial performance and provide more color on our expectations for 2026. Before I turn it over, I want to congratulate Dan on being named CFO. This was my first leadership decision as CEO, and it was an easy one.

Speaker #3: While remaining fully aligned with our disciplined EBA-based approach to capital allocation, looking ahead to 2026, we expect another strong year where we deliver our financial algorithm of 10-plus percent comparable diluted EPS growth.

Speaker #3: With that outlook in mind, I'll let Dan walk you through the details of our fourth quarter and full-year financial performance, and provide more color on our expectations for 2026.

Speaker #3: Before I turn it over, I want to congratulate Dan on being named CFO. This was my first leadership decision as CEO, and it was an easy one.

Speaker #3: Dan's extensive knowledge of Ball and the industry, coupled with his financial expertise and strong leadership, made him the clear choice for this role. Over to you,

Ron Lewis: Dan's extensive knowledge of Ball and the industry, coupled with his financial expertise and strong leadership, made him the clear choice for this role. Over to you, Dan.

Dan's extensive knowledge of Ball and the industry, coupled with his financial expertise and strong leadership, made him the clear choice for this role. Over to you, Dan.

Speaker #3: Dan: Thank you very much, Ron.

Dan Rabbitt: Thank you very much, Ron. Like you, I'm also humbled by and ready for this role. Two important mentors earlier in my career, Ray Seabrook and Scott Morrison, served as Ball's CFO, and I'm honored to sit in the same seat as they did. Let's walk through our strong full year and fourth quarter 2025 results beginning on slide 10. Fourth quarter, comparable earnings were up 6.8% and full year 2025 increased by 5.6%. And as Ron mentioned, our comparable diluted EPS of $3.57 is a 13% increase and a record for our corporation. In North and Central America, segment comparable operating earnings increased 12% in the fourth quarter and 3.3% for the full year 2025. High single-digit percent volume growth in the fourth quarter and 4.8% growth for the full year was led by continued strength in energy drinks and non-alcoholic beverages.

Speaker #2: Like you, I'm also humbled by and ready for this role. Two important mentors earlier in my career—Ray Seabrook and Scott Morrison—served as Ball's CFO, and I'm honored to sit in the same seat as they did.

Speaker #2: Let's walk through our strong full-year and fourth-quarter 2025 results, beginning on slide 10. Fourth-quarter comparable earnings were up 6.8%, and full-year 2025 increased by 5.6%.

Speaker #2: And as Ron mentioned, our comparable diluted EPS of $3.57 is a 13% increase and a record for our corporation. In North and Central America, segment comparable operating earnings increased 12% in the fourth quarter and 3.3% for the full-year 2025.

Speaker #2: High single-digit percent volume growth in the fourth quarter and 4.8% growth for the full-year was led by continued strength in energy drinks and non-alcoholic beverages.

Speaker #2: Our team is executing at a high level, successfully meeting elevated demand, navigating the complexities of Section 232 tariffs, and mitigating risk for us and our customers in a volatile environment.

Dan Rabbitt: Our team is executing at a high level, successfully meeting elevated demand, navigating the complexities of Section 232 tariffs, and mitigating risks for us and our customers in a volatile environment. We remain vigilant in monitoring the evolving geopolitical landscape and tariff developments, and we are actively managing these dynamics to protect our business and support long-term growth for Ball and our customers. In 2026, we expect volume to grow at the low end of our long-term 1% to 3% range. As we bring new capacity online in Millersburg, Oregon, to support contracted growth, we anticipate startup costs to begin in the back half of the year, consistent with what we've historically seen when commissioning new plants. Additionally, we expect some direct tariff cost in 2026 as we work to domesticate some ends productions in the United States. These costs combined are approximately $35 million in 2026.

Our team is executing at a high level, successfully meeting elevated demand, navigating the complexities of Section 232 tariffs, and mitigating risks for us and our customers in a volatile environment. We remain vigilant in monitoring the evolving geopolitical landscape and tariff developments, and we are actively managing these dynamics to protect our business and support long-term growth for Ball and our customers. In 2026, we expect volume to grow at the low end of our long-term 1% to 3% range. As we bring new capacity online in Millersburg, Oregon, to support contracted growth, we anticipate startup costs to begin in the back half of the year, consistent with what we've historically seen when commissioning new plants. Additionally, we expect some direct tariff cost in 2026 as we work to domesticate some ends productions in the United States. These costs combined are approximately $35 million in 2026.

Speaker #2: We remain vigilant in monitoring the evolving geopolitical landscape and tariff developments, and we are actively managing these dynamics to protect our business and support long-term growth for Ball and our customers.

Speaker #2: In 2026, we expect volume to grow at the low end of our long-term one to three percent range as we bring new capacity online in Millersburgh, Oregon to support contracted growth.

Speaker #2: We anticipate startup costs to begin in the back half of the year consistent with what we've historically seen when commissioning new plants. Additionally, we expect some direct tariff cost in 2026 as we work to domesticate some ends production in the United States.

Speaker #2: These costs combined are approximately $35 million in 2026. And while these temporary costs will be a headwind this year, they reflect our commitment to growing and delivering long-term operating leverage.

Dan Rabbitt: And while these temporary costs will be a headwind this year, they reflect our commitment to growing and delivering long-term operating leverage. In MEA, segment comparable operating earnings increased 36.7% in the fourth quarter and 19% for the full year in 2025. High single-digit volume growth in the fourth quarter and 5.5% growth for the full year is indicative of the favorable demand trends we continue to see across the region. The work our team has done in MEA is world-class. We are thrilled to add the Benepack assets to our best-in-class European footprint, and we welcome our new colleagues. These two plants will give us ample opportunity to grow volumes in the coming years as well as operating leverage as we fill the facilities up with volume.

And while these temporary costs will be a headwind this year, they reflect our commitment to growing and delivering long-term operating leverage. In MEA, segment comparable operating earnings increased 36.7% in the fourth quarter and 19% for the full year in 2025. High single-digit volume growth in the fourth quarter and 5.5% growth for the full year is indicative of the favorable demand trends we continue to see across the region. The work our team has done in MEA is world-class. We are thrilled to add the Benepack assets to our best-in-class European footprint, and we welcome our new colleagues. These two plants will give us ample opportunity to grow volumes in the coming years as well as operating leverage as we fill the facilities up with volume.

Speaker #2: In EMEA, segment comparable operating earnings increased 36.7% in the fourth quarter and 19% for the full-year in 2025. High single-digit volume growth in the fourth quarter and five and a half percent growth for the full-year is indicative of the favorable demand trends we continue to see across the region.

Speaker #2: The work our team has done in EMEA is world-class. We are thrilled to add the Benipak assets to our best-in-class European footprint, and we welcome our new colleagues.

Speaker #2: These two plants will give us ample opportunity to grow volumes in the coming years, as well as operating leverage as we fill the facilities up with volume.

Speaker #2: With the Benipak assets, we expect to deliver volume growth above the top end of our long-term three to five percent growth range and deliver operating leverage of two times in 2026.

Dan Rabbitt: With the Benepack assets, we expect to deliver volume growth above the top end of our long-term 3% to 5% growth range and deliver operating leverage of 2x in 2026. In South America, segment comparable operating earnings increased 1% in the fourth quarter and 10.5% for the full year 2025. High single-digit percent volume growth in the fourth quarter resulted in 4.2% growth in the full year 2025. Our teams across the region continue to execute well, positioning us for sustained momentum into 2026 where we expect volume growth at the low end of our long-term range of 4% to 6% and operating leverage of 2x. Across the businesses, our team has done a tremendous job of growing volumes and increasing profitability on a per-can basis.

With the Benepack assets, we expect to deliver volume growth above the top end of our long-term 3% to 5% growth range and deliver operating leverage of 2x in 2026. In South America, segment comparable operating earnings increased 1% in the fourth quarter and 10.5% for the full year 2025. High single-digit percent volume growth in the fourth quarter resulted in 4.2% growth in the full year 2025. Our teams across the region continue to execute well, positioning us for sustained momentum into 2026 where we expect volume growth at the low end of our long-term range of 4% to 6% and operating leverage of 2x. Across the businesses, our team has done a tremendous job of growing volumes and increasing profitability on a per-can basis.

Speaker #2: In South America, segment comparable operating earnings increased 1% in the fourth quarter and 10.5% for the full-year 2025. High single-digit percent volume growth in the fourth quarter resulted in 4.2% growth in the full-year 2025.

Speaker #2: Our team's across the region continued to execute well. Positioning us for sustained momentum into 2026, where we expect volume growth at the low end of our long-term range of four to six percent and operating leverage of two times.

Speaker #2: Across the businesses, our team has done a tremendous job of growing volumes and increasing profitability on a per-cam basis. Since 2019, our EMEA and North American businesses have expanded profit per can by more than 30%, with EMEA reaching an all-time record.

Dan Rabbitt: Since 2019, our MEA and North American businesses have expanded profit per can by more than 30%, with MEA reaching an all-time record. We achieve this through disciplined cost management and operational excellence, focusing on stability, standardization, and ensuring every plant is executing at a high level. I'm proud of the work our team delivered in 2025. This is one of our best years in Ball's history. That strength is reflected across our financials. We achieved record-adjusted Free Cash Flow of $956 million, a 2.4 times increase year-over-year, and delivered significant shareholder returns. Net Debt to EBITDA ended the year at 2.8 times, in line with our expectations. We are focused on getting Net Debt to EBITDA to 2.5 times in the coming years while still returning value to shareholders through share repurchases of 4% to 6% of our shares outstanding per year.

Since 2019, our MEA and North American businesses have expanded profit per can by more than 30%, with MEA reaching an all-time record. We achieve this through disciplined cost management and operational excellence, focusing on stability, standardization, and ensuring every plant is executing at a high level. I'm proud of the work our team delivered in 2025. This is one of our best years in Ball's history. That strength is reflected across our financials. We achieved record-adjusted Free Cash Flow of $956 million, a 2.4 times increase year-over-year, and delivered significant shareholder returns. Net Debt to EBITDA ended the year at 2.8 times, in line with our expectations. We are focused on getting Net Debt to EBITDA to 2.5 times in the coming years while still returning value to shareholders through share repurchases of 4% to 6% of our shares outstanding per year.

Speaker #2: We achieved this through disciplined cost management and operational excellence, focusing on stability, standardization, and ensuring every plant is executing at a high level. I'm proud of the work our team delivered in 2025.

Speaker #2: This is one of our best years in Ball's history. That strength is reflected across our financials. We achieved record adjusted free cash flow of $956 million, a 2.4 times increase year over year, and delivered significant shareholder returns.

Speaker #2: Net debt to EBITDA end of the year at $2.8 times in line with our expectations. We are focused on getting net debt to EBITDA to $2.5 times in the coming years while still returning value to shareholders through share repurchases of four to six percent of our shares outstanding per year.

Speaker #2: We purchased $1.32 billion of shares in 2025, reducing shares outstanding to 265 million a 16% reduction over the past two years. Our strong balance sheet, disciplined capital allocation, and operational execution give us confidence in our ability to sustain growth and maximize shareholder value.

Dan Rabbitt: We purchased 1.32 billion of shares in 2025, reducing shares outstanding to 265 million, a 16% reduction over the past two years. Our strong balance sheet, disciplined capital allocation, and operational execution give us confidence in our ability to sustain growth and maximize shareholder value. Our future is as bright as any point in my 20-year history at Ball, and we are well-positioned to deliver on our commitments in 2026 and beyond. Focusing on modeling details for 2026. As Ron noted, we expect to be on track with our algorithm of 10% plus comparable diluted EPS growth. We anticipate free cash flow of greater than $900 million in 2026. Our 2026 full year effective tax rate on comparable earnings is expected to be slightly above 23%. Full year 2026 interest expense is expected to be in the range of $320 million.

We purchased 1.32 billion of shares in 2025, reducing shares outstanding to 265 million, a 16% reduction over the past two years. Our strong balance sheet, disciplined capital allocation, and operational execution give us confidence in our ability to sustain growth and maximize shareholder value. Our future is as bright as any point in my 20-year history at Ball, and we are well-positioned to deliver on our commitments in 2026 and beyond. Focusing on modeling details for 2026. As Ron noted, we expect to be on track with our algorithm of 10% plus comparable diluted EPS growth. We anticipate free cash flow of greater than $900 million in 2026. Our 2026 full year effective tax rate on comparable earnings is expected to be slightly above 23%. Full year 2026 interest expense is expected to be in the range of $320 million.

Speaker #2: Our future is as bright as any point in my 20-year history at Ball, and we are well-positioned to deliver on our commitments in 2026 and beyond.

Speaker #2: Focusing on modeling details for 2026, as Ron noted, we expect to be on track with our algorithm of 10% plus comparable diluted EPS growth.

Speaker #2: We anticipate free cash flow of greater than $900 million in 2026. Our 2026 full-year effective tax rate on comparable earnings is expected to be slightly above 23%.

Speaker #2: Full-year 2026 interest expense is expected to be in the range of $320 million. CapEx is expected to be in line with gap depreciation and amortization in 2026.

Dan Rabbitt: CapEx is expected to be in line with GAAP depreciation and amortization in 2026. Full year 2026 reported adjusted corporate undistributed costs recorded in other non-reportable are expected to be in the range of $160 million. We anticipate year-end 2026 net debt to comparable EBITDA to be around 2.7 times, and we will purchase at least $600 million of shares, which will bring our total capital return to shareholders to $800 million in 2026. Last week, Ball's board declared its quarterly cash dividend. With that, I'll turn it back to Ron.

CapEx is expected to be in line with GAAP depreciation and amortization in 2026. Full year 2026 reported adjusted corporate undistributed costs recorded in other non-reportable are expected to be in the range of $160 million. We anticipate year-end 2026 net debt to comparable EBITDA to be around 2.7 times, and we will purchase at least $600 million of shares, which will bring our total capital return to shareholders to $800 million in 2026. Last week, Ball's board declared its quarterly cash dividend. With that, I'll turn it back to Ron.

Speaker #2: Full-year 2026 reported adjusted corporate undistributed costs recorded in Other Non-Reportable are expected to be in the range of $160 million. We anticipate year-end 2026 net debt to comparable EBITDA to be around 2.7 times, and we will purchase at least $600 million of shares, which will bring our total capital return to shareholders to $800 million in 2026.

Speaker #2: And last week, Ball's board declared its quarterly cash dividend. With that, I'll turn it back to Ron. Thanks, Dan. 2025 was one of the strongest years in Ball's history.

Ron Lewis: Thanks, Dan. 2025 was one of the strongest years in Ball's history. We exceeded long-term volume growth ranges globally, delivered 6% comparable operating earnings growth, and achieved 13% EPS growth, in line with our commitments throughout the year. We also marked another year of EVA growth, reflecting disciplined capital allocation and operational efficiency. Looking ahead to 2026, our focus is clear: leverage our customer partnerships and footprint to grow in line with long-term volume ranges, deliver record volumes, operating earnings, and EPS, and continue to ride the global substrate shift to aluminum. We will maintain EVA as our core financial lens, with capital spending aligned to depreciation, growth CapEx backed by long-term agreements, and continued cash returns to shareholders. These priorities position Ball to deliver profitable and sustainable growth and maximize shareholder value in 2026 and beyond.

Speaker #2: We exceeded long-term volume growth ranges globally, delivered and achieved 13% EPS growth, in line with our commitments throughout the year. We also marked another year of EVA growth, reflecting disciplined capital allocation and operational efficiency.

Speaker #2: Looking ahead to 2026, our focus is clear. Leverage our customer partnerships and footprint to grow in line with long-term volume ranges, deliver record volumes, operating earnings, and EPS.

Speaker #2: And continue to ride the global substrate shift to aluminum. We will maintain EVA as our core financial lens, with capital spending aligned to depreciation.

Speaker #2: Growth CapEx backed by long-term agreements and continued cash returns to shareholders. These priorities position Ball to deliver profitable and sustainable growth and maximize shareholder value in 2026 and beyond.

Speaker #2: Lastly, and most importantly, as we close a record year, let me thank those who made it possible: our customers, our suppliers, our shareholders, and our Ball team, who make a difference every day.

Ron Lewis: Lastly and most importantly, as we close a record year, let me thank those who made it possible: our customers, our suppliers, our shareholders, and our Ball team who make a difference every day. Thank you. And with that, Christine, we are ready for questions.

Lastly and most importantly, as we close a record year, let me thank those who made it possible: our customers, our suppliers, our shareholders, and our Ball team who make a difference every day. Thank you. And with that, Christine, we are ready for questions.

Speaker #2: Thank you. And with that, Christine, we are ready for questions.

Speaker #3: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad.

Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. Thank you. Our first question comes from a line of Ghansham Panjabi with Baird. Please proceed with your question.

Speaker #3: A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue.

Speaker #3: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions.

Speaker #3: Thank you. Our first question comes from the line of Goncham Punjabi with Baird. Please proceed with your question.

Speaker #4: Yeah. Thanks, Operator. Good morning, everybody. And congrats again on your new roles and look forward to working with you both. For the beverage North American Central American segment, the volume growth in 2025 of 4.8%, that really follows three consecutive negative years for that segment.

[Analyst] (Baird): Yeah, thanks, operator. Good morning, everybody, and congrats again on your new roles. I look forward to working with you both. For the beverage, you know, North America, Central America segment, you know, the volume growth in 2025 of 4.8%, that really follows three consecutive negative years for that segment. How would you disaggregate that improvement between industry growth last year, versus the three years prior, and then specific initiatives on your end? And also, what are you embedding for volume growth in 2026 for this segment and the other two segments as well?

Ghansham Panjabi: Yeah, thanks, operator. Good morning, everybody, and congrats again on your new roles. I look forward to working with you both. For the beverage, you know, North America, Central America segment, you know, the volume growth in 2025 of 4.8%, that really follows three consecutive negative years for that segment. How would you disaggregate that improvement between industry growth last year, versus the three years prior, and then specific initiatives on your end? And also, what are you embedding for volume growth in 2026 for this segment and the other two segments as well?

Speaker #4: How would you disaggregate that improvement between industry growth last year, versus the three years prior, and then specific initiatives on your end? And also, what are you embedding for volume growth in 2026 with this segment and the other two segments as

Speaker #2: Hi, Goncham. Thanks for the question and thanks for the congratulatory remark. As it relates to North America, volume growth 2025, we grew 4.8%. And as far as we know from the published data, the CAN industry grew about 2%.

Ron Lewis: Hi, Ghansham. Thanks for the question, and thanks for the congratulatory remark. As it relates to North America volume growth, 2025, we grew 4.8%. And as far as we know from the published data, the can industry grew about 2%. So the can is growing, which is fantastic, and we are growing faster than the can industry. And I credit that really to all of the customers and our customer portfolio have that's just really unrivaled. We have excellent customers in every category, be it energy, soft drinks, or in the beer category. And those customers, one, and we feel like we help them to win as they drive innovation, but be it different liquid or different can size, that we have the opportunity to provide for them.

Speaker #2: So the CAN is growing, which is fantastic. And we are growing faster than the CAN industry. And I credit that really to all of the customers in our customer portfolio; they have that just really unrivaled.

Speaker #2: We have excellent customers in every category, be it energy, soft drinks, or in the beer category. And those customers won and we feel like we helped them to win, as they drive innovation, but be it different liquid or different CAN size that we have the opportunity to provide for them.

Speaker #2: So really, it's our unrivaled network, our ability to serve them with different size packages, different kinds of packages, and we're happy and proud to be a part of their

Ron Lewis: So really, it's our unrivaled network, our ability to serve them with different, different-sized packages, different kinds of packages, and we're happy and proud to be a part of their, their ecosystem.

So really, it's our unrivaled network, our ability to serve them with different, different-sized packages, different kinds of packages, and we're happy and proud to be a part of their, their ecosystem.

Speaker #2: ecosystem. And then as it relates to the

[Analyst] (Baird): Then, as it relates to the outlook for 2026 for volumes for the three segments?

Ghansham Panjabi: Then, as it relates to the outlook for 2026 for volumes for the three segments?

Speaker #4: Outlook for 2026 for volumes for the three segments?

Speaker #2: Yeah. Thank you for that further follow-up question. In 2026, for North America specifically, quite frankly, we're sold out, and we are a bit capacity constrained until we can get our Millersburg asset up and running.

Ron Lewis: Yeah, thank you for that further follow-up question. In 2026, for North America specifically, quite frankly, we're sold out, and we are a bit capacity constrained until we can get our Millersburg asset up and running. So we think the can industry will continue to grow in a similar low single-digit % and will be towards the bottom end of our 1 to 3% long-term growth algorithm that we share with you and all of our people that cover us. So that's where we'll be until we get Millersburg up and running. As it relates to the categories, you know, I really can't speculate too much on where the categories will be this early in the year. But so far, we've started the year really well, and we're happy, and we're on plan.

Speaker #2: So, we think the can industry will continue to grow in a similar low single-digit percent, and we'll be towards the bottom end of our 1% to 3% long-term growth algorithm that we share with you and all of our people that cover us.

Speaker #2: So that's where we'll be until we get Millersburg up and running. As it relates to the categories, I really can't speculate too much on where the categories will be this early in the year.

Speaker #2: But so far, we've started the year really well and we're happy. And we're on

Speaker #2: plan. Okay.

[Analyst] (Baird): Okay. Fantastic. Best wishes for the future.

Ghansham Panjabi: Okay. Fantastic. Best wishes for the future.

Speaker #4: Fantastic. Best wishes for the future.

Speaker #2: Thank you. Thank you very much.

Ron Lewis: Thank you. Thank you very much.

Speaker #3: Our next question comes from the line of Anthony Pettinari with Citi. Please proceed with your question.

Operator: Our next question comes from a line of Anthony Pettinari with Citi. Please proceed with your question.

Speaker #3: question. Good

Speaker #5: morning. Ron, I was wondering if you could talk a little bit more about Benipak and how that fits into the existing European footprint and anything you can kind of share in terms of customer exposure, CAN sizes, maybe profitability versus the existing business.

[Analyst] (Citi): Good morning. Ron, I was wondering if you could talk a little bit more about Benepack and, you know, how that sits into the existing European footprint and anything you can kind of share in terms of, you know, customer exposure, you know, can sizes, maybe profitability versus, you know, the existing business, and if you, you know, could compare it to Florida Can, which was obviously another acquisition.

Anthony Pettinari: Good morning. Ron, I was wondering if you could talk a little bit more about Benepack and, you know, how that sits into the existing European footprint and anything you can kind of share in terms of, you know, customer exposure, you know, can sizes, maybe profitability versus, you know, the existing business, and if you, you know, could compare it to Florida Can, which was obviously another acquisition.

Speaker #5: And if you could compare it to Florida CAN, which was obviously another acquisition.

Speaker #2: Sure. Thank you, Anthony, for the question. We're really excited about closing on our Benipak acquisition late last week, which we're announcing here on the call today.

Ron Lewis: Sure. Thank you, Anthony, for the question. We're really excited about closing on our Benepack acquisition late last week, which we're announcing here on the call today. And, you know, the plants are in Belgium and Hungary where we don't have plants today. So we think this is a really great opportunity for us to plug those two facilities into our European manufacturing network. And it really further optimizes our network and supports our long-term volume projections and growing our EVA dollars. We were able to acquire these assets at a really attractive price, you know, certainly at a price below where replacement costs are. And so we have a great long runway for strong utilization of these plants in the future. To quite frankly, we were on the top end of our range even before we made this acquisition.

Speaker #2: And the plants are in Belgium and Hungary where we don't have plants today. So we think this is a really great opportunity for us to plug those two facilities into our European manufacturing network.

Speaker #2: And it really further optimizes our network and supports our long-term volume projections and growing our EBA dollars. We were able to acquire these assets at a really attractive price, certainly at a price below where replacement costs are.

Speaker #2: And so we have a great long runway for strong utilization of these plants in the future. To quite frankly, we were on the top end of our range even before we made this acquisition.

Speaker #2: So, where we say we'll be in the 3% to 5% growth range, we exceeded that in 2025 in EMEA. And we would be towards the top end of that range even before we made this acquisition.

Ron Lewis: So where we say we'll be in the 3% to 5% growth range, we exceeded that in 2025 in EMEA, and we would be towards the top end of that range even before we made this acquisition. So quite frankly, it's a it's a great opportunity for us to lean into some great customer, some great customers, which are, quite frankly, right in line with our, our most important strategic customers. That's who, who we'll serve from those assets. Just like Florida Can, we plugged Florida Can in early last year, and it's up and running as a part of our network 24/7, and we're really, really pleased with that asset as well.

So where we say we'll be in the 3% to 5% growth range, we exceeded that in 2025 in EMEA, and we would be towards the top end of that range even before we made this acquisition. So quite frankly, it's a it's a great opportunity for us to lean into some great customer, some great customers, which are, quite frankly, right in line with our, our most important strategic customers. That's who, who we'll serve from those assets. Just like Florida Can, we plugged Florida Can in early last year, and it's up and running as a part of our network 24/7, and we're really, really pleased with that asset as well.

Speaker #2: So, quite frankly, it's a great opportunity for us to lean into some great customers, which are, quite frankly, right in line with our most important strategic customers.

Speaker #2: That's who we'll serve from those assets. And just like Florida CAN, we plugged Florida CAN in early last year, and it's up and running as a part of our network 24/7.

Speaker #2: And we're really, really pleased with that asset as well.

Speaker #3: Yeah. Go ahead. Sorry. Go ahead. We'll go ahead.

Dan Rabbitt: Yeah, this is,

[Analyst] (Citi): In terms, yeah.

Anthony Pettinari: In terms, yeah.

Dan Rabbitt: Go ahead. Sorry. Go ahead. Well, go ahead.

Speaker #5: No, no. I was just wondering in terms of, sort of, profitability. I mean, very roughly, is there a time frame, or are you pretty close to being there—maybe a few quarters? Or just how you think about profitability versus the existing business?

[Analyst] (Citi): No, no. I was just wondering in terms of sort of profitability, I mean, very roughly, is there a, a time frame, you know, or are you pretty close to being there or maybe a few quarters or just how you think about, you know, profitability versus the existing business?

Anthony Pettinari: No, no. I was just wondering in terms of sort of profitability, I mean, very roughly, is there a, a time frame, you know, or are you pretty close to being there or maybe a few quarters or just how you think about, you know, profitability versus the existing business?

Speaker #2: Yeah. This acquisition is similar to Florida CAN in that we are buying two newer facilities that have never run continuously that will require improvement to ramp up.

Dan Rabbitt: Yeah. This acquisition is similar to Florida Can in that we are buying two newer facilities that have never run continuously that will require improvement to ramp up. So, think of it as we have two plants where we'll spend the year really getting the labor and the operational procedures put in place. This year, we think it's going to do around about 1.7 billion, excuse me, of volumes. And operating earnings, the comparable operating earnings are really projected to be pretty close to flat. So it's not going to contribute a lot on that. And we really see it as an important part of our 2027 go forward here. The EVA for this looks terrific, though. We're getting it at a very good value. That's similar to Florida Can.

Speaker #2: It’s as we have two, so think of plants where we’ll spend the year really getting the labor and the operational procedures put in place.

Speaker #2: This year, we think it's going to do around about a billion seven of 1.7 billion, excuse me, of volumes. And operating earnings, the comparable operating earnings are really projected to be pretty close to flat.

Speaker #2: So it's not going to contribute a lot on that. And we really see it as an important part of our 2027 go forward here.

Speaker #2: The EVA for this looks terrific, though. We're getting it at a very good value. That's similar to Florida CAN. And we know these markets really well.

Dan Rabbitt: And we know these markets really well. So from a customer and labor, really optimistic about it.

And we know these markets really well. So from a customer and labor, really optimistic about it.

Speaker #2: So from a customer and labor standpoint, I'm really optimistic about it.

Speaker #5: Okay. That's very helpful. I'll turn it

[Analyst] (Citi): Okay. That, that's very helpful. I'll turn it over.

Anthony Pettinari: Okay. That, that's very helpful. I'll turn it over.

Speaker #5: over. Thanks,

[Analyst] (Baird): Thanks, Anthony.

Ghansham Panjabi: Thanks, Anthony.

Speaker #2: Anthony.

Speaker #3: Next question comes from a line of George Staffos with Bank of America. Please proceed with your question.

Operator: Our next question comes from a line of George Staphos with Bank of America. Please proceed with your question.

Speaker #4: Thanks very much. Hey, Ron. Hey, Dan. Congratulations again as well. Look forward to working with you. And also, thanks for the slide deck. It's a nice help here.

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