Slides
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Third Quarter 2026 Earnings November 3, 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 not be co mparable to similarly titled measures of other companies. Presentations of earnings and cash flows presented in accordance with U.S. GAAP ar e 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. We have not provided guidance for the most directly compara ble U.S. GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity and lo w v isibility with respect to certain special items, including restructuring charges, business consolidation and other costs, gains and losses r ela ted to acquisition and divestiture of businesses, the ultimate outcome of certain legal or tax proceedings and other non - comparable items. These it ems are uncertain, depend on various factors and could be material to our results computed in accordance with U.S. GAAP. Please 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 through Q3 2026 ✓ Healthy balance sheet ✓ Capital allocation guided by EVA® ✓ Expect continued momentum through year - end 2026 © 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 Focused on profitable growth and EPS delivery = 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 in 2026 VOLUME GROWTH YoY COMPARABLE OPERATING EARNINGS GROWTH YoY EPS GROWTH 1 YoY SHAREHOLDER RETURNS YTD EXCITING Q3 WINS ACROSS THE BUSINESS Can continues to win In line with expectations Q3 2026: 2.5% On track to deliver our goal to grow EPS 10%+ Q3 2026: 6.8% On track to deliver $800M 2 to shareholders in 2026 ~$430M ✓ Strong volume growth across the business puts us on track with our 2026 expectations ✓ Record quarterly comparable operating earnings for total company and EMEA ✓ Integration of Benepack acquisition and Millersburg ramp on track with our expectations ✓ Announced new investments in Germany and India to support long - term customer growth 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 Q3 2026: 4.7%
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8 Dan Rabbitt Chief Financial Officer
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9 $1.03 $1.10 $440 $451 Q3 2026 Financial Summary Comparable Operating Earnings USD in millions 2.5% Earnings Per Share 1 USD per share 6.8% YoY Shipped Volume Growth Q3 2026 Long - term 2030 Guidance Range North & Central America +LSD 1 - 3% EMEA +MSD 3 - 5% South America +LDD 4 - 6% Global Aluminum Packaging 4.7% 2 - 3% 1) Comparable Diluted Earnings Per Share is Comparable Net Earnings divided by diluted weighted average shares outstanding 2) LSD = low single digit, MSD = mid - single digit, and LDD = low double digit. Q3 2025 Q3 2026 Q3 2025 Q3 2026
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10 2026 Guidance Guidance 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 ~$650M (in - line with D&A) Corporate undistributed costs ~$165M Net leverage 2 ~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 2) Net leverage represents Net Debt to Comparable EBITDA
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11 Q3 2026 Highlights 2026 Path Forward Continued strong volume growth across all packaging segments✓ Grew Comparable Operating Earnings 2.5% in Q3 2026 including record comparable operating earnings for total company and EMEA ✓ Grew EPS 1 6.8% in Q3 2026, on track to deliver our long - term commitment to grow EPS 1 10%+ in 2026✓ Announced new investments to support long - term customer growth in Baruth, Germany and Uttar Pradesh, India✓ 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 support global substrate shift to aluminum, particularly in EMEA 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 Contact Brandon Potthoff 303 - 460 - 2120 bpotthof@ball.com Megan Sanford 303 - 460 - 4251 msanford@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: (a) The company reported a U.S. GAAP loss from continuing operations and a net loss attributable to the company in the three months ended September 30, 2026, and, as a result, all potentially issuable securities were excluded in the total diluted earnings (loss) per share calculation as their effect would have been anti-dilutive. Had these securities been included, approximately 265 million weighted average shares would have been used in calculating total diluted earnings (loss) per share for the three months ended September 30, 2026. Comparable net earnings for the three months ended September 30, 2026, was positive; therefore, approximately 265 million weighted average shares were used to calculate comparable diluted earnings per share. (1) The charges for the three months and nine months ended September 30, 2026, were primarily composed of a $475 million noncash settlement charge recognized upon completion of a pension buy-out transaction for the company’s U.K. defined benefit pension plan and costs for previously announced facility closures. The charges for the three months ended September 30, 2026 were partially offset by the reversal of previously accrued tariff contingencies resolved by a favorable final ruling from the U.S. Department of Commerce. The income for the three and nine months ended September 30, 2025, was primarily composed of the $86 million gain on the sale of the Saudi Arabian business. The income for the nine months ended was partially offset by costs for previously announced facility closures. (2) Ball held $76 million and $45 million of investments linked to the common stock of ORG Technology Co. Ltd. (ORG), as of September 30, 2026 and 2025, respectively. Unrealized gains and losses resulting from changes in fair value of the investment are removed from Comparable Net Earnings t o provide a clearer view of Ball’s ongoing operations. Three Months Ended Nine Months Ended September 30, September 30, ($ in millions, except per share amounts) 2026 2025 2026 2025 Net earnings (loss) attributable to Ball Corporation $ (94) $ 321 $ 332 $ 712 Business consolidation and other activities (1) 482 (78) 515 (53) Intangible amortization 37 37 112 111 Unrealized (gain) loss on equity-linked notes (2) (3) 3 24 3 Non-comparable tax items (129) (4) (163) (26) Loss on Aerospace disposal — 1 — 4 Comparable Net Earnings $ 293 $ 280 $ 820 $ 751 Comparable Diluted Earnings Per Share $ 1.10 (a) $ 1.03 $ 3.08 $ 2.70
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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. Nine Months Ended September 30, ($ in millions) 2026 Total cash provided by (used in) operating activities $ 20 Less: Capital expenditures (459) Free Cash Flow (439) Add: Cash taxes paid for Aerospace disposition (104) Adjusted Free Cash Flow $ (543) Three Months Ended Nine Months Ended September 30, September 30, ($ in millions) 2026 2025 2026 2025 Net earnings (loss) attributable to Ball Corporation $ (94) $ 321 $ 332 $ 712 Net earnings attributable to noncontrolling interests, net of tax — — 2 3 Discontinued operations, net of tax — 1 — 3 Earnings (loss) from continuing operations (94) 322 334 718 Equity in results of affiliates, net of tax (8) (7) (27) (20) Tax provision (benefit) (43) 76 84 190 Earnings (loss) before taxes (145) 391 391 888 Reconciling items, net (a) 596 49 880 306 Comparable Operating Earnings $ 451 $ 440 $ 1,271 $ 1,194
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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. Twelve Less: Nine Add: Nine Months Ended Months Ended Months Ended Year Ended December 31, September 30, September 30, September 30, ($ in millions, except ratios) 2025 2025 2026 2026 Net earnings attributable to Ball Corporation $ 912 $ 712 $ 332 $ 532 Net earnings attributable to noncontrolling interests, net of tax 3 3 2 2 Discontinued operations, net of tax — 3 — (3) Earnings from continuing operations 915 718 334 531 Equity in results of affiliates, net of tax (27) (20) (27) (34) Tax provision (benefit) 240 190 84 134 Earnings before taxes 1,128 888 391 631 Reconciling items, net (a) 443 306 880 1,017 Comparable Operating Earnings 1,571 1,194 1,271 1,648 Depreciation and amortization 622 463 487 646 Intangible amortization (149) (111) (112) (150) Comparable EBITDA $ 2,044 $ 1,546 $ 1,646 $ 2,144 Interest expense $ (314) $ (236) $ (232) $ (310) Total debt at period end $ 7,284 Cash and cash equivalents (410) Net Debt $ 6,874 Interest Coverage (Comparable EBITDA/Interest Expense) 6.92 x Leverage (Net Debt/Comparable EBITDA) 3.21 x
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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: Twelve Months Ended Three Months Ended Nine Months Ended December 31, September 30, September 30, ($ in millions) 2025 2026 2025 2026 2025 Business consolidation and other activities (41) 482 (78) 515 (53) Debt refinancing and other costs 19 — — — — Factoring fee expense 38 13 9 33 28 FX (gain) loss (31) (10) (9) (33) (22) Intangible amortization 149 37 37 112 111 Interest expense 314 75 85 232 236 Interest income (30) (7) (8) (27) (20) Stock-based compensation expense 26 7 5 20 23 Unrealized (gain) loss on equity-linked notes (1) (3) 3 24 3 Other, net — 2 5 4 — Reconciling items, net $ 443 $ 596 $ 49 $ 880 $ 306