Earnings release
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1 Ann T. Scott 303-460-3537, ascott@ball.com Bradford Walton 415-254-7168, Bradford.Walton@ball.com News Release For Immediate Release www.ball.com Investor Contact: Brandon Potthoff 303-460-2120, bpotthof@ball.com Media Contact: Jennifer Livingston 720-693-4743, jennifer.livingston@ball.com Ball Reports Strong Third Quarter 2026 Results Highlights • Third quarter U.S. GAAP total diluted loss per share of 36 cents vs. earnings per share of $1.18 in 2025 • Third quarter comparable diluted earnings per share of $1.10 vs. $1.03 in 2025, an increase of 6.8% • Third quarter comparable operating earnings of $451 million vs. $440 million in 2025, an increase of 2.5% • Global aluminum packaging shipments increased 4.7% in the third quarter • Returned $431 million to shareholders via share repurchases and dividends in the first nine months of 2026; on track to return at least $800 million through share buybacks and dividends to shareholders by year -end • Investing in a new beverage can manufacturing facility in Baruth, Germany, to support long -term customer growth in EMEA and further strengthen Ball's regional manufacturing network • Announced a new beverage can manufacturing facility in India to support long -term customer growth and further strengthen Ball’s manufacturing network in the region • In 2026, expect comparable diluted earnings per share growth of 10-plus percent and free cash flow in the range of $900 million • Focused on advancing sustainable aluminum packaging while driving 10 -plus percent comparable diluted EPS growth, increasing EVA, generating strong free cash flow, and sustaining long-term value creation in 2026 and beyond WESTMINSTER, Colo., November 3, 2026 – Ball Corporation (NYSE: BALL) today reported third quarter 2026 results. U.S. GAAP Financial Performance On a U.S. GAAP basis, the company reported third quarter 2026 net loss attributable to the corporation of $94 million or tota l diluted loss per share of 36 cents, on sales of $4.19 billion, compared to $321 million net earnings attributable to the corporation, or total diluted earnings per share of $1.18, on sales of $3.38 billion in 2025 . Non-GAAP Financial Performance Ball’s third quarter 2026 comparable net earnings were $293 million, or $1.10 per diluted share compared to $280 million, or $1.03 per diluted share in 2025. “Ball delivered another quarter of strong results, reflecting the power of our customer -focused strategy, disciplined execution and the ownership mindset embedded throughout our organization. In an operating environment that remains dynamic, our teams continued to execute at a high level, driving global volume and operating earnings growth. These results demonstrate the strength of the Ball Business System and our relentless focus on continuous improvement as we work to better serve customers and create l ong- term value for shareholders,” said Ron Lewis, chief executive officer. Results for the third quarter and first nine months of 2026 and 2025 reflect the segment reporting structure and profitabilit y measure updates adopted in the first quarter of 2026. Details of reportable segment comparable operating earnings, business consolidation and other activities, business segment descriptions and other non-comparable items can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release. References to volume data represent units shipped.
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2 Beverage Packaging, North and Central America Beverage packaging, North and Central America, segment comparable operating earn ings for third quarter 2026 were $210 million on sales of $2.06 billion compared to $215 million on sales of $1.64 billion during the same period in 2025. Third quarter sales reflect higher volume and favorable price/mix, primarily attributable to higher aluminum prices. Third quarter segment comparable operating earnings decreased year-over-year due to higher costs, primarily due to higher operating costs and plant start-up costs, partially offset by favorable price/mix, including the timing of metal pass through to our customers, and higher volume. Year-over-year third quarter segment volume increased low-single digit percent. Beverage Packaging, EMEA Beverage packaging, EMEA, segment comparable operating earnings for third quarter 2026 were $170 million on sales of $1.33 billion compared to $164 million on sales of $1.13 billion during the same period in 2025. Third quarter sales reflect higher year-over- year shipments and favorable price/mix. Third quarter comparable operating earnings reflect higher volume and favorable price/mix, partially offset by higher costs. Year- over-year third quarter segment volume increased mid-single digit percent. Results for the Beverage Packaging, EMEA segment include the acquired Benepack business and reflect the first quarter 2026 realignment of the company's facilities in India and Myanmar, as well as the former Saudi Arabian business, within the segmen t. Beverage Packaging, South America Beverage packaging, South America, segment comparable operating earnings for third quarter 2026 were $92 million on sales of $653 million compared to $77 million on sales of $508 million during the same period in 2025. Third quarter sales reflect higher volume and favorable price/mix, primarily attributable to higher aluminum prices. Third quarter segment comparable operating earnings were higher year-over-year driven by higher volumes and favorable price/mix, partially offset by higher costs. Third quarter segment volume increased by a low-double digit percentage year-over-year. Non-reportable Non-reportable is comprised of undistributed corporate expenses and the results of the company’s global personal & home care business. On March 21, 2025, Ball closed on a transaction for the aluminum cups business, which resulted in Ball deconsolidating the business. The financial results of the aluminum cups business are presented in other non -reportable through the date of the transaction. On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company, which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest. The financial res ults of the Saudi Arabian business are presented in the beverage packaging, EMEA, segment through the date of the transaction. Third quarter results reflect higher year-over-year undistributed corporate expenses.
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3 Outlook “Our third quarter results reflect disciplined execution across the business, supported by global volume growth, operational performance and the stability provided by our contractual passthrough mechanisms. We remain on track to deliver our long -term objective of 4 to 6 percent operating earnings growth while continuing to generate strong cash flow and grow EVA across the business. Our balanced approach to capital allocation enables us to return significant cash to shareholders through share rep urchases and dividends while investing in attractive EVA-accretive growth opportunities. Supported by a strong financial position and disciplined financial framework, we remain focused on improving returns, strengthening earnings power and delivering attracti ve long-term shareholder returns,” said Dan Rabbitt, senior vice president and chief financial officer. "Our strategy remains centered on building long-term value through strong customer partnerships, an engaged and empowered workforce, and disciplined operational and capital deployment decisions. The Ball Business System continues to strengthen our culture of ownership and accountability, while EVA remains the financial framework that guides how we invest, improve and grow the business. We see significant opportunities ahead to deploy capital into EVA -accretive growth projects, including investments that support our customers and strengthen our global manufacturing network. While the external environment remains volatile, we are confident in our ability to build on our momentum, invest behind attractive EVA -accretive opportunities and deliver sustainable growth for years to come," Lewis said. About Ball Corporation Ball Corporation (NYSE: BALL) is the global leader in sustainable aluminum packaging solutions, serving a robust portfolio of customers in the beverage, personal care and household products industries. With 16,000 employees in more than 65 manufacturi ng plants and facilities worldwide, Ball reported 2025 net sales of $13.16 billion. For more information, visit www.ball.com, or connect with us on LinkedIn or Instagram. Conference Call Details Ball Corporation (NYSE: BALL) will announce its third quarter 2026 earnings on Tuesday, November 3, 2026 before trading begins on the New York Stock Exchange. At 6:30 a.m. Mountain Time on that day (8:30 a.m. Eastern Time), Ball will hold its regular quarterly conference call on the company's results and performance: Ball Corporation Third Quarter 2026 Earnings Call For those unable to listen to the live call, a webcast replay and written transcript of the call will be posted within 48 hou rs of the call's conclusion to Ball's website at www.ball.com/investors under "news & presentations."
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4 Forward-Looking Statement This release contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates," “will,” “believe,” “continue,” “goal” and similar expressions typically identify forward looking statements, which are generally any statements other than statements of historical fact. For example, the forward -looking statements in this news release include statements relating to our plans, strategies, objectives, commitments and guidance. Such statemen ts are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or e vents to differ materially 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, the cautionary statements refere nced below. Ball undertakes no obligation to publicly update or revise any forward -looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the Securities and Exchange Commission, including Ball's Form 10 -K, which are available on Ball's website and at www.sec.gov. Additional factors include among others: supply and demand constraints, fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substi tution; power and supply chain interruptions; customer and supplier consolidation; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass-through increased costs; footprint adjustments and other manufacturing changes, including the opening and closing of facilities and lines; war, political instability, sanctions, and other uncertainties surrounding geopolitical events and governmental policies; changes in foreign exchange or tax rates; tariffs, trade actions, or other gov ernmental actions; regulatory actions or issues including those related to tax, environmental regulation, social and governance reporting , competition, health and workplace safety, including governmental actions or public concerns affecting products filled in Ball ’s containers, or chemicals or substances used in raw materials or in the manufacturing process; changes in climate and extreme w eather events; changes in senior management, succession, and the ability to attract and retain skilled labor; strikes; disease; pan demic; labor cost changes; the ability to manage cyber threats; litigation; inflation; changes in the rates of return on assets of Ball’s defined benefit retirement plans; reduced cash flow; interest rates affecting Ball’s debt; successful or unsuccessful joint ventures, acquisitions and divestitures, and their effects on Ball’s operating results and business generally . # # #
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5 Ball Corporation Condensed Financial Statements (Third Quarter 2026) Unaudited Condensed Consolidated Statements of Earnings (Loss) Three Months Ended Nine Months Ended September 30, September 30, ($ in millions, except per share amounts) 2026 2025 2026 2025 Net sales $ 4,188 $ 3,379 $ 11,788 $ 9,814 Cost of sales (excluding depreciation and amortization) (3,479) (2,701) (9,736) (7,884) Depreciation and amortization (163) (158) (487) (463) Selling, general and administrative (141) (130) (454) (416) Business consolidation and other activities (482) 78 (515) 53 Interest income 7 8 27 20 Interest expense (75) (85) (232) (236) Earnings (loss) before taxes (145) 391 391 888 Tax (provision) benefit 43 (76) (84) (190) Equity in results of affiliates, net of tax 8 7 27 20 Earnings (loss) from continuing operations (94) 322 334 718 Discontinued operations, net of tax — (1) — (3) Net earnings (loss) (94) 321 334 715 Net earnings attributable to noncontrolling interests, net of tax — — 2 3 Net earnings (loss) attributable to Ball Corporation $ (94) $ 321 $ 332 $ 712 Earnings (loss) per share: Basic - continuing operations $ (0.36) $ 1.18 $ 1.25 $ 2.58 Basic - discontinued operations — — — (0.01) Total basic earnings (loss) per share $ (0.36) $ 1.18 $ 1.25 $ 2.57 Diluted - continuing operations $ (0.36) $ 1.18 $ 1.25 $ 2.57 Diluted - discontinued operations — — — (0.01) Total diluted earnings (loss) per share $ (0.36) $ 1.18 $ 1.25 $ 2.56 Weighted average shares outstanding (000s): Basic 263,819 271,086 265,118 276,782 Diluted 263,819 272,891 266,599 278,537
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6 Ball Corporation Condensed Financial Statements (Third Quarter 2026) Unaudited Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30, ($ in millions) 2026 2025 Cash Flows from Operating Activities: Net earnings $ 334 $ 715 Depreciation and amortization 487 463 Business consolidation and other activities 515 (53) Deferred tax provision (benefit) (93) 24 Loss on Aerospace disposal — 4 Pension contributions (25) (36) Other, net 30 (157) Changes in working capital components, net of acquisitions and dispositions (1,228) (909) Cash provided by (used in) operating activities 20 51 Cash Flows from Investing Activities: Capital expenditures (459) (304) Business acquisitions, net of cash acquired (76) (159) Business dispositions, net of cash sold — 26 Derivative settlements 8 (89) Other, net (47) (48) Cash provided by (used in) investing activities (574) (574) Cash Flows from Financing Activities: Changes in borrowings, net 152 1,426 Acquisitions of treasury stock (272) (1,106) Dividends (159) (166) Other, net 24 (14) Cash provided by (used in) financing activities (255) 140 Effect of currency exchange rate changes on cash, cash equivalents and restricted cash 9 31 Change in cash, cash equivalents and restricted cash (800) (352) Cash, cash equivalents and restricted cash - beginning of period 1,221 931 Cash, cash equivalents and restricted cash - end of period $ 421 $ 579
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7 Ball Corporation Condensed Financial Statements (Third Quarter 2026) Unaudited Condensed Consolidated Balance Sheets September 30, ($ in millions) 2026 2025 Assets Current assets Cash and cash equivalents $ 410 $ 568 Receivables, net 3,509 2,696 Inventories, net 2,645 1,856 Other current assets 290 207 Current assets held for sale 16 20 Total current assets 6,870 5,347 Property, plant and equipment, net 6,786 6,573 Goodwill 4,380 4,377 Intangible assets, net 869 1,014 Other assets 1,348 1,410 Total assets $ 20,253 $ 18,721 Liabilities and Equity Current liabilities Short-term debt and current portion of long-term debt $ 895 $ 344 Payables and other accrued liabilities 5,688 4,495 Total current liabilities 6,583 4,839 Long-term debt 6,389 6,864 Other long-term liabilities 1,541 1,566 Equity 5,740 5,452 Total liabilities and equity $ 20,253 $ 18,721
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Ball Corporation Notes to the Condensed Financial Statements (Third Quarter 2026) 8 1. U.S. GAAP Measures Business Segment Information Ball’s operations are organized and reviewed by management along its product lines and geographical areas and presented in the three reportable segments outlined below. During the first quarter of 2026, the company implemented changes to its segment reporting structure to align with segment leadership and how the business is managed by the chief operating decision maker ( CODM). As a result, the company’s plants in the former beverage packaging, other non-reportable segment have been included in the beverage packaging, EMEA segment. In addition, the company made changes to its measure of profitability, comparable operating earnings, which better a ligns to how the CODM assesses segment performance and resource allocation. See section 2. Non-U.S. GAAP Measures for further details. The company’s segment results and disclosures for the three and nine months ended September 30, 2025, have been retrospectively recast to conform to current year presentation. Beverage packaging, North and Central America: Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries. Beverage packaging, Europe, Middle East and Africa (EMEA): Consists of operations in numerous countries throughout Europe, as well as Egypt, Turkey, India and Myanmar, that manufacture and sell aluminum beverage containers throughout those countries. Beverage packaging, South America: Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America. Other consists of a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (personal & home care or PHC) throughout North America, South America and Europe; undistributed corporate expenses; and intercompany eliminations and other business activities. In January 2026, the company acquired an 80 percent capital share of Benepack’s European beverage can manufacturing business from ORG Technology Co. Ltd. (ORG). ORG will retain a 20 percent ownership interest in the business. The business includes two manufacturing facilities, one in Belgium and one in Hungary, and is included in Ball’s beverage packaging, EMEA, segment. The investment further optimizes the company’s European manufacturing network as the facilities are well positioned to serve the growing demand of customers for sustainable packaging in the region. On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company , which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest. The financial results of the Saudi Arabian business, which were a part of the beverage packaging, other, non -reportable operating segment, are presented in beverage packaging, EMEA in the tables below through the date of the transaction. On March 21, 2025, Ball and Ayna.AI LLC (Ayna) executed a Unit Purchase Agreement to form a strategic partnership in which Ba ll owns a 49 percent interest, which resulted in Ball deconsolidating the aluminum cups business. The financial results of the business are presented in Other in the table below through the date of the transaction. The company also has investments in operations in Guatemala, Panama, the U.S. , Vietnam and Saudi Arabia that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or comparable operating earnings.
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Ball Corporation Notes to the Condensed Financial Statements (Third Quarter 2026) 9 Three Months Ended Nine Months Ended September 30, September 30, ($ in millions) 2026 2025 2026 2025 Net sales Beverage packaging, North and Central America $ 2,060 $ 1,638 $ 5,842 $ 4,714 Beverage packaging, EMEA 1,331 1,125 3,684 3,206 Beverage packaging, South America 653 508 1,829 1,529 Reportable segment net sales 4,044 3,271 11,355 9,449 Other 144 108 433 365 Net sales $ 4,188 $ 3,379 $ 11,788 $ 9,814 Comparable segment operating earnings Beverage packaging, North and Central America $ 210 $ 215 $ 622 $ 627 Beverage packaging, EMEA 170 164 466 427 Beverage packaging, South America 92 77 241 194 Reportable segment comparable operating earnings 472 456 1,329 1,248 Other (a) (21) (16) (58) (54) Comparable operating earnings $ 451 $ 440 $ 1,271 $ 1,194 Reconciling items, net (b) $ (596) $ (49) $ (880) $ (306) Earnings (loss) before taxes $ (145) $ 391 $ 391 $ 888 (a) Includes undistributed corporate expenses, net, of $38 million and $29 million for the three months ended September 30, 2026 and 2025, respectively, and $121 million and $102 million for the nine months ended September 30, 2026 and 2025, respectively. (b) For further details regarding reconciling items refer to the summary of reconciling items table at the end of section 2. Non-U.S. GAAP Measures. 2. Non-U.S. GAAP Measures Non-U.S. GAAP Measures – Non-U.S. GAAP measures should not be considered in isolation. They should not be considered superior to, or a substitute for, financial 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 presented 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 measures 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, including restructuring charges, business consolidation and other activities, gains 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. During the first quarter of 2026, the company amended its definitions of Comparable Operating Earnings and Comparable Earning s Before Interest, Taxes, Depreciation and Amortization. As a result, Comparable Operating Earnings excludes interest income, total amortization expense, factoring fee expense, foreign exchange gain (loss), stock-based compensation expense, unrealized gain (loss) from equity-linked notes and other items included in the reconciling table below. The company also amended its definition o f Comparable Net Earnings to exclude total amortization expense. The prior year amounts associated with these definitions have 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), intangible 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 other non-comparable items after tax. Comparable Diluted Earnings Per Share - Comparable Diluted Earnings Per Share is Comparable Net Earnings divided by diluted
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Ball Corporation Notes to the Condensed Financial Statements (Third Quarter 2026) 10 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 operating activities less capital expenditures; and, it may be adjusted for additional items that affect comparability betwee n periods. Free Cash Flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is avail able 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 Aerospace disposition and other material dispositions. Adjusted Free Cash Flow is not a defined term under U.S. GAAP, and it should not be inferred that the 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 internally 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) evaluate strategic investments, (3) pla n 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 otherwis e stated and the acquired assets contribute to revenue generation. Please see the company’s website for further details of the company’s non-U.S. GAAP financial measures, including prior year quarterly and annual amounts that have been recast to conform with current definitions above, at www.ball.com/investors under the “Financial Results” tab. A summary of the effects of non-comparable items on after tax earnings (loss) is as follows: 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 (a) The company reported a U.S. GAAP loss from continuing operations and a net loss attributable to the company in the three mont hs 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 ende d 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 fa cility closures. (2) Ball held $76 million and $45 million of investments linked to the common stock of ORG Technology Co. Ltd. (ORG), as of September 30, 2026 and 2025, respectively. Unrealized gains and losses resulting from changes in fair value of the investment are removed from Comparable Net Earnings to provide a clearer view of Ball’s ongoing operations.
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Ball Corporation Notes to the Condensed Financial Statements (Third Quarter 2026) 11 A summary of the effects of reconciling items on earnings (loss) before taxes is as follows: Three Months Ended Nine Months Ended September 30, September 30, ($ 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 (a) For further details regarding reconciling items refer to the summary of reconciling items table at the end of this section. A summary of Comparable EBITDA, Net Debt, Interest Coverage and Leverage is as follows: 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 (a) For further details regarding reconciling items refer to the summary of reconciling items table at the end of this section.
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Ball Corporation Notes to the Condensed Financial Statements (Third Quarter 2026) 12 A summary of reconciling items for the tables referenced above 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 A summary of free cash flow and adjusted free cash flow is as follows: 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)
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Ball Corporation Notes to the Condensed Financial Statements (Third Quarter 2026) 13 3. Non-U.S. GAAP Measures Recast for 2025 Full Year Results (unaudited) Business Segment Information: First Second Third Fourth Full Quarter Quarter Quarter Quarter Year ($ in millions, except ratios) 2025 2025 2025 2025 2025 Net sales Beverage packaging, North and Central America $ 1,463 $ 1,613 $ 1,638 $ 1,572 $ 6,286 Beverage packaging, EMEA 958 1,123 1,125 1,026 4,232 Beverage packaging, South America 544 477 508 633 2,162 Reportable segment net sales 2,965 3,213 3,271 3,231 12,680 Other 132 125 108 116 481 Net sales $ 3,097 $ 3,338 $ 3,379 $ 3,347 $ 13,161 Comparable segment operating earnings Beverage packaging, North and Central America $ 200 $ 212 $ 215 $ 165 $ 792 Beverage packaging, EMEA 111 152 164 137 564 Beverage packaging, South America 67 50 77 121 315 Reportable segment comparable operating earnings 378 414 456 423 1,671 Other (a) (26) (12) (16) (46) (100) Comparable operating earnings $ 352 $ 402 $ 440 $ 377 $ 1,571 Reconciling items, net (a) $ (123) $ (134) $ (49) $ (137) $ (443) Earnings before taxes $ 229 $ 268 $ 391 $ 240 $ 1,128 (a) For further details regarding reconciling items refer to the summary of reconciling items table at the end of this section. A summary of the effects of non-comparable items on after tax earnings is as follows: First Second Third Fourth Full Quarter Quarter Quarter Quarter Year ($ in millions, except per share amounts) 2025 2025 2025 2025 2025 Net earnings attributable to Ball Corporation $ 179 $ 212 $ 321 $ 200 $ 912 Business consolidation and other activities 13 12 (78) 12 (41) Intangible amortization 36 38 37 38 149 Unrealized (gain) loss on equity-linked notes — — 3 (4) (1) Debt refinancing and other costs — — — 19 19 Non-comparable tax items (11) (12) (4) (19) (46) (Gain) loss on Aerospace disposal 2 1 1 (1) 3 Comparable Net Earnings $ 219 $ 251 $ 280 $ 245 $ 995 Comparable Diluted Earnings Per Share $ 0.77 $ 0.90 $ 1.03 $ 0.91 $ 3.61
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Ball Corporation Notes to the Condensed Financial Statements (Third Quarter 2026) 14 A summary of the effects of reconciling items on earnings before taxes is as follows: First Second Third Fourth Full Quarter Quarter Quarter Quarter Year ($ in millions) 2025 2025 2025 2025 2025 Net earnings attributable to Ball Corporation $ 179 $ 212 $ 321 $ 200 $ 912 Net earnings attributable to noncontrolling interests, net of tax — 3 — — 3 Discontinued operations, net of tax 2 — 1 (3) — Earnings from continuing operations 181 215 322 197 915 Equity in results of affiliates, net of tax (5) (8) (7) (7) (27) Tax provision (benefit) 53 61 76 50 240 Earnings before taxes 229 268 391 240 1,128 Reconciling items, net (a) 123 134 49 137 443 Comparable Operating Earnings $ 352 $ 402 $ 440 $ 377 $ 1,571 (a) For further details regarding reconciling items refer to the summary of reconciling items table at the end of this section.
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Ball Corporation Notes to the Condensed Financial Statements (Third Quarter 2026) 15 A summary of Comparable EBITDA, Net Debt, Interest Coverage and Leverage is as follows: Year Ended December 31, ($ in millions, except ratios) 2025 Net earnings attributable to Ball Corporation $ 912 Net earnings attributable to noncontrolling interests, net of tax 3 Earnings from continuing operations 915 Equity in results of affiliates, net of tax (27) Tax provision (benefit) 240 Earnings before taxes 1,128 Reconciling items, net (a) 443 Comparable Operating Earnings 1,571 Depreciation and amortization 622 Intangible amortization (149) Comparable EBITDA $ 2,044 Interest expense $ (314) Total debt at period end $ 7,012 Cash and cash equivalents (1,212) Net Debt $ 5,800 Interest Coverage (Comparable EBITDA/Interest Expense) 6.51 x Leverage (Net Debt/Comparable EBITDA) 2.83 x (a) For further details regarding reconciling items refer to the summary of reconciling items table at the end of this section. A summary of reconciling items for the tables referenced above is as follows: First Second Third Fourth Full Quarter Quarter Quarter Quarter Year ($ in millions) 2025 2025 2025 2025 2025 Business consolidation and other activities 13 12 (78) 12 (41) Debt refinancing and other costs — — — 19 19 Factoring fee expense 10 9 9 10 38 FX (gain) loss (7) (6) (9) (9) (31) Intangible amortization 36 38 37 38 149 Interest expense 70 81 85 78 314 Interest income (7) (5) (8) (10) (30) Stock-based compensation expense 8 10 5 3 26 Unrealized (gain) loss on equity-linked notes — — 3 (4) (1) Other, net — (5) 5 — — Reconciling items, net $ 123 $ 134 $ 49 $ 137 $ 443