Slides
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Ball Second Quarter 2026 Earnings August 4 , 2026 Ron Lewis Chief Executive Officer Dan Rabbitt Chief Financial Officer
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2 Forward - Looking Statement This presentation contains “forward - looking” statements concerning future events and financial performance. Words such as “aims” , “goals,” “vision,” and similar expressions typically identify forward looking statements, which are generally any statements other tha n s tatements of historical fact. For example, the forward - looking statements in this presentation include statements relating to our 2026 guidan ce, and our plans, objectives, and strategies for creating value, improving financial performance. Such statements are based on current e xpe ctations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ material ly from those expressed or implied. You should therefore not place undue reliance upon any forward - looking statements, and they should be read in conjunction with, and qualified in their entirety by, these cautionary statements. Ball undertakes no obligation to publicly upd ate or revise any forward - looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertain ties that could cause actual outcomes and results to be different are summarized in filings with the Securities and Exchange Commission, incl udi ng in Ball’s Form 10 - K, which are available on Ball’s website and at www.sec.gov. Additional risks and uncertainties that might affect Ball i nclude supply, and demand constraints, including changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; foo tprint adjustments and other manufacturing changes; failure to achieve synergies, productivity improvements or cost reductions; unfa vor able environmental laws or regulations; changes in major customer or supplier contracts or loss of a major customer or supplier; i nab ility to pass through increased costs; war, political instability and sanctions; and tariffs, trade actions, or other governmental actions. Non - U.S. GAAP Measures This presentation contains references to Non - U.S. GAAP measures. Non - U.S. GAAP measures should not be considered in isolation. T hey should not be considered superior to, or a substitute for, financial measures calculated in accordance with U.S. GAAP and may no t be comparable to similarly titled measures of other companies. Presentations of earnings and cash flows presented in accordance wit h U.S. GAAP are available in the company's earnings releases and quarterly and annual regulatory filings. Information reconciling forward - lo oking U.S. GAAP measures to non - U.S. GAAP measures is not available without unreasonable effort. We have not provided guidance for the most dire ctly comparable U.S. GAAP financial measures, as they are not available without unreasonable effort due to the high variability, c omp lexity and low visibility with respect to certain special items, including restructuring charges, business consolidation and other costs, ga ins and losses related to acquisition and divestiture of businesses, the ultimate outcome of certain legal or tax proceedings and other non - comparable items. These items are uncertain, depend on various factors and could be material to our results computed in accordance with U.S. GAAP. Pl eas e refer to the appendix of this presentation for reconciliations of non - U.S. GAAP financial measures to the most directly comparable U.S. GAAP measures.
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3 Ron Lewis Chief Executive Officer
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4 Ball is Positioned to Win STRONG MARKET & VOLUME GROWTH ✓ Packaged liquid volume is growing globally ✓ Aluminum cans taking share as consumers and customers recognize aluminum’s advantages ✓ Ball is outgrowing the can market in the regions where we operate BALL EXECUTION ✓ Long - term customer partnerships ✓ Well - contracted ✓ Strong utilization levels ✓ Unmatched global footprint FINANCIAL STRENGTH ✓ Strong results in H1 to start 2026 ✓ Healthy balance sheet ✓ Capital allocation guided by EVA® ✓ Expect 2026 to continue momentum © 2026 Ball Corporation . All rights reserved .
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5 Grounded in Our Strategic Pillars © 2026 Ball Corporation . All rights reserved . Unauthorized reproduction, use, or disclosure to third parties is strictly prohibited . This presentation is confidential and intended solely for the recipient . It is provided for information purposes only . Neither Ball Corporation nor its affiliates shall be liable for any reliance upon the information contained herein or for any decisions made based upon the information provided . Delivering in our core business 1 Executing exceptionally in our existing business 2 Staying close to our customers and maximizing our network Capitalizing on an evolving market 3 Accelerating substrate shift and category expansion Managing complexity to our advantage 4
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6 Our EVA® Focused Strategy Drives Value Creation X Committed to our growth algorithm… = 2x Operating Leverage 4 – 6% Share Count Reduction 2 – 3% Volume Growth 10%+ EPS 1 EVA® EARNINGS GROWERS CAPITAL ALLOCATORS EVA DEVOTEES CASH GENERATORS 6 30+ Years of Compounding Shareholder Value 1) EPS represents Comparable Diluted Earnings Per Share which is defined as Comparable Net Earnings divided by diluted weighted average shares outstanding © 2026 Ball Corporation . All rights reserved .
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7 Continued Strong Performance to Start 2026 VOLUME GROWTH YoY COMPARABLE OPERATING EARNINGS GROWTH YoY EPS GROWTH 1 YoY SHAREHOLDER RETURNS YTD 2 EXCITING Q2 WINS ACROSS THE BUSINESS Can continues to win In line with expectations Q2 2026: 7.7% Above our goal to grow EPS 10%+ Q2 2026: 14.4% On track to deliver $800M to shareholders in 2026 $220M ✓ Strong volume growth across the business puts us on track with our expectations in 1H 2026 ✓ Strong comparable operating earnings growth in line with our long - term goals ✓ Integration of Benepack acquisition , on track with our expectations ✓ Millersburg facility progressing well and on track to be fully ramped for 2027 1) EPS Growth represents the period percent change in Comparable Diluted Earnings Per Share which is defined as Comparable Net E arn ings divided by diluted weighted average shares outstanding 2) Shareholder returns target represents the sum of stock repurchases and dividends expected by the company in 2026 Q2 2026: 4.3%
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8 Dan Rabbitt Chief Financial Officer
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9 $0.90 $1.03 $402 $433 Q2 2026 Financial Summary Comparable Operating Earnings USD in millions 8% Earnings Per Share 1 USD per share 14% YoY Shipped Beverage Volume Growth Q2 2026 Long - term 2030 Guidance Range North & Central America +LSD 1 - 3% EMEA +MSD 3 - 5% South America +MTD 4 - 6% Global Aluminum Packaging 4.3% 2 - 3% 1) Comparable Diluted Earnings Per Share is Comparable Net Earnings divided by diluted weighted average shares outstanding Q2 2025 Q2 2026 Q2 2025 Q2 2026
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10 2026 Guidance Guidance unchanged and on track to grow EPS 10%+ in 2026 GUIDANCE EPS growth 1 10%+ Free cash flow $900M+ OPERATING ASSUMPTIONS Effective tax rate ~23.5% Interest expense $310M Capex ~$600M (in - line with D&A) Corporate undistributed costs ~$175M Net leverage ~2.7x Shareholder returns $800M target 1) EPS Growth represents the period percent change in Comparable Diluted Earnings Per Share which is defined as Comparable Net Earnings divided by diluted weighted average shares outstanding
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11 Q2 2026 Highlights 2026 Path Forward Continued strong volume growth across all packaging segments✓ Grew Comparable Operating Earnings 8% in Q2 2026✓ Grew EPS 1 14% in Q2 2026, above our long - term commitment to grow EPS 1 10%+ annually✓ Continued progress ramping up our new Millersburg plant and integrating Benepack ✓ Leverage our customer partnerships and footprint to grow in - line with our long - term volume ranges Expect to achieve record Shipped Volume, Comparable Operating Earnings and EPS 1 Continue to ride the global substrate shift to aluminum, particularly in Europe and energy/innovation - led categories Maintain EVA® as the core financial lens with disciplined cash returns to shareholders 11 1) EPS represents Comparable Diluted Earnings Per Share which is defined as Comparable Net Earnings divided by diluted weighted ave rage shares outstanding
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Q&A
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13 Investor Relations Contacts Brandon Potthoff 303 - 460 - 2120 bpoffhof@ball.com Thank you.
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14 Use of Non - GAAP Measures Non - U.S. GAAP measures should not be considered in isolation. They should not be considered superior to, or a substitute for, fi nancial measures calculated in accordance with U.S. GAAP and may not be comparable to similarly titled measures of other companies. Presentations of earnings and cash flows pres ent ed in accordance with U.S. GAAP are available in the company's earnings releases and quarterly and annual regulatory filings. Information reconciling forward - looking U.S. GAAP m easures to non - U.S. GAAP measures is not available without unreasonable effort due to the high variability, complexity and low visibility with respect to certain special items, in cluding restructuring charges, business consolidation and other activities, gains and losses related to acquisition and divestiture of businesses, the ultimate outcome of certain lega l o r tax proceedings and other non - comparable items. These items are uncertain, depend on various factors and could be material to our results computed in accordance with U.S. GAAP. During the first quarter of 2026, the company amended its definitions of Comparable Operating Earnings and Comparable Earning s B efore Interest, Taxes, Depreciation and Amortization. Comparable Operating Earnings now excludes interest income, total amortization expense, factoring fee expense, for eign exchange gain (loss), stock - based compensation expense, unrealized gain (loss) from equity - linked notes and other items included in the reconciling table above. T he company also amended its definition of Comparable Net Earnings to now exclude total amortization expense. The prior year amounts associated with these definitions h ave been recast to conform with the current year’s definition and presentation. • Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (Comparable EBITDA) - Comparable EBITDA is Comparable Operating Earnings before depreciation and amortization. • Comparable Operating Earnings - Comparable Operating Earnings is earnings before, business consolidation, factoring fee expense, foreign exchange gain (loss) , i ntangible amortization, interest expense, interest income, stock - based compensation, taxes, unrealized gain (loss) on equity - linked notes and other items. • Comparable Net Earnings - Comparable Net Earnings is net earnings attributable to Ball Corporation before business consolidation, amortization and othe r n on - comparable items after tax. • Comparable Diluted Earnings Per Share - Comparable Diluted Earnings Per Share is Comparable Net Earnings divided by diluted weighted average shares outstanding. • Net Debt - Net Debt is total debt less cash and cash equivalents, which are derived directly from the company’s financial statements. • Free Cash Flow - Free Cash Flow is typically derived directly from the company's cash flow statements and is defined as cash flows from operat ing activities less capital expenditures; and, it may be adjusted for additional items that affect comparability between periods. Free Cash Flow is not a defined term und er U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures. • Adjusted Free Cash Flow - Adjusted Free Cash Flow is defined as Free Cash Flow adjusted for payments made for income tax liabilities related to the Aer os pace disposition and other material dispositions. Adjusted Free Cash Flow is not a defined term under U.S. GAAP, and it should not be inferred tha t t he entire Adjusted Free Cash Flow amount is available for discretionary expenditures. We use Comparable EBITDA, Comparable Operating Earnings, Comparable Net Earnings and Comparable Diluted Earnings Per Share in ter nally to evaluate the company's operating performance. Ball management uses Interest Coverage (Comparable EBITDA to interest expense) and Leverage (Net Debt to Comparable EBITDA) as metrics to monitor the credit quality of Ball Corporation. Management internally uses free cash flow measures to: (1) evaluate the company's liquidity, (2) ev aluate strategic investments, (3) plan stock buyback and dividend levels and (4) evaluate the company's ability to incur and service debt. Note that when non - U.S. GAAP measures exclude amortization of intangibles, the measures include the revenue of the acquired entities and all other expenses unless otherwise stated and the acquired assets contribute to revenue ge neration. Please see the company’s website for further details of the company’s non - U.S. GAAP financial measures, including prior year qua rterly and annual amounts that have been recast to conform with current definitions above, at www.ball.com/investors under the “Financial Results” tab.
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15 Reconciliation: Comparable Diluted Earnings Per Share A summary of the effects of non - comparable items on after tax earnings is as follows: (1) The charges for the three and six months ended June 30, 2026, were primarily composed of expenses associated with tariff cont ing encies where the company is seeking recovery and costs for previously announced facility closures. The charges for the three and six months ended June 30 , 2025, were primarily composed of costs for previously announced facility closures and the loss related to the aluminum cups business transaction. The charges for the six months ended June 30, 2025, were partially offset by income from the receipt of insurance proceeds for replacement costs related to the 2023 fire at the company’s Verona, Virginia extruded aluminum slug manufacturing facility. (2) As of June 30, Ball holds $73 million of investments that are linked to the common stock of ORG Technology Co. Ltd. (ORG). Un rea lized gains and losses resulting from changes in fair value of the investment are removed from Comparable Net Earnings to provide a clearer view of Bal l’s ongoing operations.
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16 Reconciliation: Adjusted Free Cash Flow A summary of free cash flow and adjusted free cash flow is as follows: Reconciliation: Comparable Operating Earnings A summary of the effects of non - comparable items on earnings before taxes is as follows: (a) For further details regarding reconciling items refer to the summary of reconciling items table on slide 18.
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17 Reconciliation: Net Debt & Net Leverage A summary of Comparable EBITDA, Net Debt, Interest Coverage, and Leverage is as follows: (a) For further details regarding reconciling items refer to the summary of reconciling items table on slide 18.
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18 (a) Summary of Reconciling Items A summary of reconciling items for the tables referenced on slide 16 and 17 is as follows: