Welcome back, everyone. Good morning. Gabe Hajde here, Wells Fargo Senior Paper and Packaging Analyst. I'm joined by my colleagues in the room, Richard Carlson and Bailey Gordon. We'd like to welcome everyone today to Ball Corporation. Representing the company is CEO Ron Lewis. He took over in November, so he's been in the role about seven months, but not new to Ball. He joined in 2019, actually, after spending 19 years at Coca-Cola. We talked about that last night at dinner. Very much a seasoned veteran in the space and the industry. Also attending is VP of Corporate Affairs and Communications, Courtney Reynolds, in the room, and Brandon Potthoff, IR. As many of you are familiar, but those who may not be, Ball is the global leader in beverage metal packaging, aluminum metal packaging globally. Largest player in the key three geographies that they choose to participate in, North America, South America, and Europe. This is intended to be kind of an interactive session to the extent that you all have questions. I think there's a microphone that's available. Feel free if you'd like. With that introduction, Ron, I think you had a couple of just a few prepared remarks, and then we can get into Q&A. Sure. Thanks, Gabe. It is exactly seven months as of today that I've been in the role, and seven years that I've been at Ball. Thanks for the opportunity. We're excited to tell our story. We delivered nine quarters of consecutive volume growth, and this will be our 10th quarter. We'll be in sort of this mid-single digit range, and that'll put us at the half year, more or less on track with where we expect to be from a volume and operating earnings perspective on path towards delivering our 10+% DPS and $900 million worth of free cash flow or greater. That's what we committed to in January, and that's what we intend to deliver, and we're right on track to do that. That'll be a record year on top of a record year we had in 2025. We're excited to be here because I think we have a great story to tell, and I'm looking forward to you helping me to tell it. We'll do our best. You come, again, a little bit of a unique perspective, being on the other side of the table, being a Ball customer. Just maybe help folks understand, investors, how that helps inform your leadership in the organization. There's obviously multiple ways to attack leadership, but one of which is unique customers I think that you have, that you bring to the table. With unique relationships with customers. Just how that informs your kind of leadership style and/or approach to the business. Sure. Thanks, Gabe. I would say I joined this company and this industry because I actually do believe in the aluminum package. What is it about the aluminum package and why the can? My two Rs. I have three Rs. The first R is the robustness of this package. The can has a 12-month shelf life. Other packages, plastic bottles, similar size, has a 12-week shelf life. That matters. It's robust in the supply chain. It doesn't break. It has flexibility from a single to a multi-pack up to a 30-pack. As someone who's spent a bit of time merchandising cans and bottles on shelves in stores, I can tell you I'd much rather be slinging 12-packs of soft drinks or 24-packs of beer than putting individual bottles on a shelf. It's robust. There's a real resilience to this material as well. I'm going to use the term 75%. That's a percentage. 75% on average of all of the cans we make have recycled content in them, up to 75%. 75% of every product we make is recycled. That's pretty significant. 75% of all the cans that are placed in the markets in which we operate, on average, are collected. Some are at 100%, some are lower, and 75% of all of the aluminum ever created in the history of time is still in circulation. It's infinitely recyclable, and it makes economic sense to recycle it. That's a positive for the can. You asked about customers. Customers want reliability. That's my third R. Scale customers want scaled reliability. Reliability from an assurance of supply, reliability from a quality perspective, and reliability from a service perspective. I think what I'm trying to bring to this company is very much of a customer-centric orientation and mindset. I think we've really focused on that in my first seven months in this role, and that's where I spend my time is with our, where we create value, and that's one of the places we create value. One of the words that you used, I think on both conference calls thus far, is humility. Studying leadership, I think over time, that has struck me as something that's unique, tough to truly get with authenticity. I think the message comes through. Can you just talk about sort of employee engagement and with that sort of leading from the front lines? Sure as opposed, like, with a humble mindset? Yeah. Thanks for that question. It's pretty foundational and near and dear to my heart. Sort of the things that I try to embody and I want in our company and our leaders, firstly, is humility. We want humble, we want hungry, we want steely grit and determination and resolve, we want people that, because we have to solve problems every day, and we want quiet confidence. That's when we are at our best. That's the first point. We talk about low ego and high collaboration. This is One Ball. We win as a team. The second thing I would say is we are a manufacturing company. We make something. I'm proud of that. We have 16,000 people, the overwhelming majority of whom come on shift every day. Those are our frontline heroes. I talked about where we create value. We create value in our plants for our customers. That's where I spend my time. We have 65 plants around the world. I'll get to visit at least a third of them this year. That's not insignificant amount of time to spend in our plants, I love it. It's where I come from, I come from operations. When you take care of your people, they take care of your customers. That's where I'm really focused, it fits with everything I'm doing. It's my background. I grew up working shoulder to shoulder with my dad on a farm, I like the value of a hard day's work. I like seeing the fruits of my labor, that's why we love going to our plants. Nobody that works at our company should work there if they don't love making things and honoring those that get to come in on shift every day and make those products. Sounds like a good place to work. It's perfect for me. It's perfect for me, yeah. It's a great place to work. We take care of our people, and they take care of us. Switching gears a little bit, affordability has been, this is an industrial conference, I interact with our consumer analysts quite a bit. That's been hitting the consumer overall, generally speaking. Kind of a multi-part question. Just first, when we look in the marketplace, how would you characterize the current, I'll call it wave of inflation relative to what we experienced just a couple of years ago with COVID, to the extent whether it's breadth, magnitude? Obviously, I guess just for posterity's sake, you guys take virtually no aluminum risk. It is a direct pass-through. As it flows through to your customers and then maybe potentially retailers on the shelf, just the current inflationary environment and how it could play out near term and then medium term. Okay. Come back to me if I don't answer all of that. Sure. No worries. No worries. I might miss some of it. I would say the difference between what we experienced a few years ago with the pandemic, COVID, it was a worldwide supply chain disruption. I don't need to remind everybody about the toilet paper debacle. Right. You couldn't get things. The current disruptions that we face, they're point disruptions. They're point disruption in a strait, just like we had a point disruption in the Suez Canal. When that happens, it isn't that you can't get things, it's just that the price may go higher. That's how I would contrast the two. I would say coming out of COVID and the pandemic, our customers had to take significant price increases because the massive inflation. You saw really, really impact on the consumer from an inflationary cost pressure. I think this time around, our customers say to us at least, they recognize and understand how stretched the consumer is, and they have to find a balance of volume growth because they need new consumers. They want consumers in their portfolio products, along with achieving their price mechanism. I think they are world-class. I am amazed at the Revenue Growth Management disciplines that they have around package, price, architecture, et cetera. When they go to that discipline, the can wins. It wins because of the robustness, because of the multi-pack capabilities. You can buy six-pack, 12-pack, 18-pack, 20-pack, 24-pack, 30-pack. You go look in the shelf, it is amazing. Is it impacting the consumer? For sure, it impacts all of us. What I can say is you can look every single week, every single month, every single quarter, every single year, the can wins. It wins share, and it's a growing part of the beverage, the ecosystem we operate in. We are so privileged to work in a section of the consumer goods industry that grows. It's grown year in and year out, and I believe it will continue to in the foreseeable future. One more on supply chain pinch points. Our metals and mining analyst was here today talking a little bit about, there's some, unfortunately, obviously that depends on the day and the tweet, but things are on and off in Iran. There's primary aluminum production that sits in Middle East, and p otential for shortages in aluminum. Excuse me. I think I saw a press release this morning. Novelis is back online. I know we talked about it last night at dinner. We did. That's a good thing. Just as it sits in the summer 2026 selling season, as you look out, you guys source aluminum globally. I think it's a non-issue for you all, but just how you see things. Yeah. Our supply chains, we like short supply chains as much as possible. Yes, 9% of the primary aluminum in the world is produced in the Middle East, it has been affected and disrupted. Yeah. You would also have read this morning that the shipments out of China grew more than people expected. It is a global commodity. It flows around the world. The price does impact, but there's no issue from a supply perspective. When I say short supply chains, 75% of the recycled content of this can or 75% of this can comes from a UBC. That's a short supply chain. This does not matter what is happening in the Middle East to collect 75% of the material that goes in that can. It's a robust, as I said, it's a growing industry, and we're proud to be a part of that and leading that growth, but it's a very resilient business as well. You mentioned it. The biggest cost we have is the aluminum in this can. We want to be rewarded for being the most efficient converter of coils of aluminum into cans, bottles and ends. The cost of the metal is either passed through to our customer, or they buy the metal themselves, or if they would like us to manage the price of it, we will, but we hedge it in a way that we want to get rewarded for the conversion. It's a pretty resilient business model that we've built over years, decades, and it serves us really well. I kind of jumped over it. A lot of people asked this question first, the walk around the world- you mentioned 10 quarters in a row. I think with Q2 there should be growth. Yep. I feel like I heard you say mid-single digit? Yeah. I don't want to pin it on second quarter for 2026, can you elaborate maybe just what you're seeing in North America currently? Sure. Some folks were optimistic about some events that are happening. Yeah. We got World Cup, we got America 250. Europe, I've heard mixed things. You might have a double travel season, where people choose not to travel to the Middle East, so they'll do two trips in Europe. Which could be a good thing. Brazil, what we heard yesterday a little bit was that things slow down in the winter months, maybe not necessarily surprising as customers modulate inventory. Just any updates or kind of. Take a walk around the world. If you'd like. Okay, sure. Let me start in North America then. We talk about our long-term growth outlook, and this is a long-term growth outlook. It isn't every single quarter, but our long-term growth outlook is to grow our business 2%-3% volume every year, and we want to achieve a two times operating leverage on that 2%-3% volume growth. How that decomposes is 1%-3% in North America, 3%-5% in Europe, and 4%-6% in South America. That combined rolls up to 2%-3% because 50% of our business is in North America, 35%-ish is in Europe, and 15%-ish is in South America. You look across the piece, we announced we were a little light in Q1. We were about 1% volume growth. We will make up for all of that, and in the half year, we'll be right in our 2%-3% range. Q2 is going to be I said mid-single. You repeated it. That's more or less where we're going to be. Promotional activity, all of the World Cup, America 250, those are great opportunities for our customers to activate an asset that they have. They activate it with the can. When we walk out to go to a Kroger or a Publix or an Albertsons or a Safeway or a Walmart or any big box retailer, there will be a display when you come in the front lobby. It's going to be built with cans. That's what I mean by activating the asset. They've spent a significant amount of time, effort, resources, money, thinking, brain power, on how they're going to take advantage of this asset to bring people together. They're going to do that with a can, and there will be lingering effects of that. North America, right on track for what we planned for the year. We are challenged because we grew more than that 1%-3% last year. In fact, we grew more, 5% last year. We're challenged, and we're building a new plant here that we'll have up and running certainly for next year. Europe actually will be on the high end of our range, of that 3%-5% as we flow throughout the year, which I wouldn't say we've seen any significant challenges for the first half of the year. I hadn't heard this double holiday idea. I like a double holiday. Maybe I should go there. I love that. South America is where I would diverge a little bit. We did start the year soft there, it was, for very good reasons, a little bit of a destocking from a customer perspective. We came back gangbusters. April made up for all that deficit. I said 20% on earnings call. That's more or less where April was. May is just as strong, and we will be incredibly strong in the second quarter. We have high hopes, I personally do, that Brazil will win the World Cup. Brazilians, more than anybody, they really want to get together. The times of the matches is going to be perfect. It's going to be in the evening. We're hoping for a long run from Brazil. I want to knock on, hopefully this is wood. That they do a great job. I actually have high hopes for Brazil. It was a tough summer. The fall has been much more mild, and we've seen actually a pickup and material. Like I said, we should be in the low double, maybe teens, and that's kind of where we're going to finish the quarter in Brazil and in South America this year. Brazil will go deep. That's funny. 100%. I checked it. Theoretically, there can be a USA-Brazil final, and that's what I'm putting in my bracket. It's a little far-fetched, but until it doesn't happen, that's what I'm going to believe. We talked about it a little bit last night. You talked about versatility of the can, which I believe in. I feel like I'm a packaging nerd, so when I walk into grocery stores, I see what you're talking about. I walk into C stores. What I've observed in the kind of on-the-go channel is now more single-serve options for cans. It used to be you walk through, you saw just 20-ounce bottles. Now it might even be 60/40 cans. I don't know, 50/50 at least. Just to the extent that that decision tree or the decision that has been made, there's some channel fill associated with it. The feedback that you're getting from that channel specifically, are they getting the desired outcome, meaning throughput is as good or if not better. Consumers used to associate a bottle with resealability. Now it's not as big of a deal. Just curious. Maybe it's anecdotes. There's no hard data. Yeah, it will be anecdotal. I will say this. On a relative basis, we have three main categories. There's the beer category, there's the soft drinks category, and there's the energy drinks category. Beer and energy sells more on a relative basis in that gas station, petrol station, convenience store. Gas prices do matter. They absolutely do. Let me pick out the highlight. Energy drinks continue to grow double digits, and they do so because of the innovations they bring to the market. Different size packages. There's actually been a much more of a scaling up into the 16 ounce and a 12-ounce package as opposed to the traditional 8.4-ounce package. That's been a big win. They're innovating on in and out flavors that are great-tasting products, and there's a lot of functionality now, much more so. Energy continues to grow in that category. That's when you say, I see more cans. You're seeing a lot of more energy cans in the doors in the stores that are cans. The one thing that I think is really exciting, and I don't know if it'll be huge, I think it's a nice plus, is they're trying to hit a price point for a consumer as well that is stretched. As they walk into that store and they've put $120 in their gas tank and they want a little something to drink, you can get a seven and a half ounce mini can for a much lower price point than you would for a 20- ounce can. If you go into a store, you'll see a can rack, maybe even in the 20 ounce door. I've seen it. We're excited for that. Anecdotally, it's just a positive for us and teaching the consumer that it's okay to go in and grab a small can and get a little treat. Yep. Argentina was an issue for maybe four or five quarters. We didn't hear much about it. You didn't mention in your kind of walk around the world. It kind of back to run rate where we expect it to be. Anything that we should be thinking about outside of Brazil? Sorry. Yeah. We generally don't go into too much detail on those sorts of things. I will just say, we are really pleased to be, in the Southern Cone of South America, we are the only can maker. We're the only can maker in Argentina, in Paraguay, and in Chile. Combined with our Brazil business, we have a great position in that continent. Argentina's getting better. Honestly, there's been a lot of tough medicine they've taken, but we love our business there and there's a lot of really interesting and good innovation. I'll give you another example, the opposite side of the spectrum. We make a large can and it's a value for our customers to sell to consumers, so a 24 ounce can. That's been a nascent product that's really never existed, and now it's been launched in a major way, in not only Argentina, but in Chile and maybe coming to Brazil soon. Yeah. Got it. Exciting. Your predecessor made a comment on a call. I think he said beer directionally or alcohol was about 40% of the mix in North America, and maybe if you look five years out, it'd be closer to 30%. Nothing's ever linear. Two-part question. That's intentional, I think, by design, for a couple of reasons. Progress on that, and then to the extent that you've been able to diversify even within the alcohol category. I think Mark Anthony is a reasonable size customer for you all. They're winning in the marketplace, sometimes you have customers and you win and lose with those customers. You want to be best in class in terms of on time and in full and all those things. Just maybe talk about the alcohol category, because what we get sometimes some pushback, to not get excited about the story or t here's always two sides to a story. Is that, well, they have alcohol exposure in North America. There's a little bit of a negative sentiment around that. I want to b e very clear on something. It may have been the case, but we are not intentional. We love all of our customers. We especially love them when they sell cans, we love them when they sell Ball cans, and we love them when they sell even more Ball cans. We love all of our customers. There is no intention to move in or out of any category. It happens naturally. As energy grows 10%, 12%, we will naturally have more of our portfolio in energy. It's gravity. As it relates to alcohol, specifically, that category is, I think, finding their legs and learning what products consumers want. You said a specific customer around seltzers. There's a winner in seltzers. There's a winner in hard tea. There's a winner in ready-to-drink cocktails. We're proud to be a supplier and a partner to those customers. I think just like in the other categories, the three categories, you have to innovate with new products, and they're doing that. You have to find the right occasions throughout the day. What are the day parts when you can consume, and you have to find what's the appeal, what's the brand appeal for that product? World Cup's a great example. There's going to be great occasions, great marketing, and you saw it. Our primary customers are winning in the beer category in North America. I want to go even higher, and that is if you believe that consumers want convenience, they're going to drink a certain amount of things, and if they want convenience, they'll probably drink more from a package. If they're going to drink more from a package, it's going to be a can. The data points that out. It proves it out on a weekly, quarterly, monthly, annual basis for quite a long time and for the future. The fact of the matter is there are puts and takes across the piece, but the can continues to grow. It grew the last two weeks. It grew the last four weeks. It grew the last 12 weeks. It grew the last 26 weeks. It grew the last 52 weeks in all categories, and it will continue to. On that note. Yes. Your customers have to make decisions in advance. Some of those filling sites have to be pre-ordered. There's capital decisions around that planning. You've talked about it a little bit, but just managing that with them to the extent you can, engage, no pun intended, in those conversations. Just again, informing your view as to why you're so confident in the growth is they're installing new filling capacity in cans Can you just talk about that, just from a planning horizon standpoint and I know one of your big customers on the East Coast of the U.S. That gives you visibility for growth out in the future. Sure. It gives me a chance to talk a little bit about our economic North Star, which is EVA mindset. EVA. We intend to deliver greater than our 9% cost of capital, or we don't get rewarded as a management team and as a company. EVA has been and will forever be the foundation and the North Star of our economic decisions as a business. Second point is we reinvest in our business to compound our growth. We spend roughly at our depreciation and amortization level. That's $657 million this year. We've said $600 million is our budget. About 2/3 of that is growth CapEx. There will be years when we blip up above that because we have big opportunities with a specific customer. That's what we spend on capital, and capital to grow our business and grow our earnings. We install capital only when we have long-term offtake agreements, and it usually has to come from a large strategic customer. We're building a plant in Oregon. That's as a result of a long-term, large strategic customer commitment to not only that plant, but to our entire network in North America. We're really pleased. We're grateful for that opportunity to build this one-line plant that we can expand and beyond. Same thing, one of our most strategic customers in the energy drink category space continues to grow and grow and grow. We're privileged to be able to support them when the time comes. We make those decisions in collaboration with our customers. It takes two to three years to build one of these plants, so they need to make commitments to us, and that's why they give us these long-term commitments. Yeah. Fundamentally, though, what we expect from our entire network of those 65 plants, we expect productivity. We expect more output from every plant every single year, from the best to the worst, getting even a little bit better. We expect everyone, the estate that we have, to get better, and eventually you run out of runway and you do have to build. We're very judicious in how we build, and we only do it when we have commitment from a customer that we know will be a partner of ours for the long term. We're talking about customers, we're talking about relationships, contracts. I think probably maybe for the benefit of the audience, those who aren't familiar, in North America, contracts tend to run 5 to 10 years. Some variation of that, typically. Can you remind us, I think you mentioned on the most recent call, you're contracted virtually all for this year. Then for 2027, 90%? Just update us on that. Anything that's changed, let's say in the past two years, as it relates to contract renewals or c ontract terms from a longevity standpoint. Sure. Let's see. It is true that we have usually multi-year contracts, and the larger the customer and the bigger the commitments that we make, the longer the contract is. We've renewed a couple of very big contracts, you said in the last two years. One of them resulted in us building this asset in Oregon that will be up and running later this year, and we'll scale into it next year. You mentioned the one on the East Coast. We're talking North America specifically. That's also as a result of a long-term extension. Multi years. Let's see. Terms. One of the things that changed coming out of COVID is we do have generally terms in our con-- You had asked about length. We have the right to go back and say, If there are extraordinary things that happen, we have the right to go back and ask for something. That's not an easy thing to do, even in today's market. Freight costs have gone through the roof, and generally, our customers, well, not generally, they do have the burden of that freight cost. It's a challenge to have that conversation with your customer, but we can prove it. It's real, so we pass those on. What did I miss in your question? I think you mentioned 90%. Yeah. Sorry. contracted for this year. Yeah 90% for next year. Yeah. Listen, this year, because we grew so fast last year, more than we expected to, we are tight. Yep. We are expecting more output from all of our plants, but we are tight. We're in the high 90% utilization rates across all of the Northern Hemisphere, Europe and North America. Because we have the most advantaged network, we have the broadest breadth and depth of customers. I think we have the most envied customer portfolio in our industry. We are contracted out 90%-ish for next year, and more than 50% out through the end of the decade and even into the next decade. We do that because, as you said, these are long-term decisions that our customers need to make. As long as we provide them reliability, and to make the commitment, they want assurance of supply, they want quality, they want service. That's why we do this. We're really happy with where we stand. Again, we renewed a few really big contracts. What we hear from our customers is they like the quality that we supply them, and we're going to continue to lean into that. I think Washington, 1 line plant. Oregon? Oregon. Oregon. Oregon. Yep. Sorry. 1 line plant, which is kind of atypical- Correct For a bevcan plant, room to build it out. Benepack, I think is an interesting acquisition. that's underappreciated from folks. You basically got two plants for the cost of one. Pretty much, yes. Buy one, get one free. Yep. It's adding a little bit of growth this year, maybe in Europe, but then really it'll hit stride next year. Correct. Just help us understand that. Sure. As I said, we sell about 115 billion cans, bottles, and ends a year. About 50 billion of those in North America. 40-ish billion in broader Europe, Middle East. This adds, this year, about 1 billion cans worth of capacity and sales to our network. Of that 1 billion, we don't intend to make a lot of money with it this year, because even though they are built plants, they are startups. In fact, in one case, the plant in Hungary literally is a startup. It hadn't made a can. And it is only a one-line plant right now. We will scale it to two when the time is right, and that's how we really get EVA dollars and EVA out of our business, is when we scale into and build out assets that we already have in the ground. Similarly, while the plant in Belgium was running, it wasn't running 24/7. Again, we grew much faster than we anticipated in mainland Europe last year. This was a great opportunity for us to buy versus build because we can get to market faster. They were already built. Now we have to treat them more or less as a startup, get them to Ball Operational Excellence standards, which is running 24/7 in a standard way, and quite frankly, start up an entire brand new plant. Then we look forward to scaling into that, building out those plants for our customers. Yep. You mentioned productivity, 2024, you got it kicked off three, four -year productivity program, $500 million gross. As you said, you've got to do some of that every single year. Correct to offset, I call it the inflation treadmill, stuff that you can't get priced for. As you look across the platform or the business, is there another leg to that, do we think, kind of through the end of the decade? I know you task your teams with it. We got to push hard. Just how to think about that. Yeah, 100%. My job is to set the strategy of the company, there are four pillars to our strategy. It's to execute the strategy. I don't need to go through all the pillars with you, but I'll give you one, excellence in execution every day. That's the very first leg of our strategy. Our platform that we operate is our Ball Business System. This isn't exotic. It's commercial excellence and operational excellence with the people that run it in the middle and the culture that we drive. Let's go into the Ball Operational Excellence platform. Yes. On June of 2024, I stood on a stage and said, we're going to deliver $500 million of productivity in this business. We will deliver that a year early. We'll deliver that by the end of this year. That's just one waypoint on this journey. Every single year, we need productivity out of this business, every single year. It is for, as you say, to offset any inflationary cost pressures that we receive. Now, you said gross as well. It is true. Some of this we share with customers in terms of our efficiency from a Lightweighting this can perspective. They want to enjoy some of that benefit as well. Some of that offsets our inflationary cost pressures, but some of it should fall to the bottom line. If there's one thing I want this version, this generation of Ball leaders and the people that have the privilege to lead this company to give to our investors is we intend to improve our gross profit. Over the next five years, we intend to be the preeminent packaging company in the world by every metric. That means we have to improve our gross profit. That isn't going to come through anything other than being the best can maker there is. That's productivity. That's what we have to deliver. That's what we aim to do. Well, I've covered the industry for a long time, it's the first way I've heard it expressed that way. Okay. Well, fantastic. It's pretty exciting. It is. It is. Last one for you, typically a layup. Just capital allocation. You talked about EVA being the North Star. You pay a dividend. We had a discussion about that last night. I think you appropriately maintain flexibility to buy back stock. 4%-6% being repurchased this year. Just can you talk about the philosophy, your targets, and then maybe to the extent there is M&A out in the marketplace? Sure. Very quickly, I talk about balance. I'm not one side or the other. Balance for me in the short term is growing volume and profitable volume. Growing in the midterm, it's about how do we allocate our capital? For CapEx, it's growth CapEx. We have to sometimes spend growth CapEx to grow. In the long term, it is about where do we allocate our capital? We have an intention to We've been higher than 3x net debt to EBITDA. We ended last year at 2.8x. We intend to end this year at 2.7x on a path to 2.5x. Doesn't mean that if there are opportunities in the marketplace for us to acquire EBITDA at a multiple lower than what we earn today and bring it into our system and build it out, we will do that. There's been a few examples. Florida Can. We bought a plant in Winter Haven, Florida. We immediately took it to 24/7 Ball operational standards. That was a great acquisition for us. Benepack, you mentioned. Those will be a great acquisition for us. Are there big opportunities? We're always looking, but we will stay very true to our core, which is aluminum packaging. If there are opportunities in aluminum packaging, we'll certainly look to expand our business as and when we can if it's accretive to our EBITDA. Okay. Wraps it up. Thank you very much, Ron. Thank you, Gabe. I learned a lot. Thank you everyone in the room. Yeah. Thank you so much for your time. We appreciate your interest.