Ball Corporation

“Competition within the packaging industry is intense. Increases in productivity, combined with potential surplus capacity, have maintained competitive pricing pressures. The principal methods of competition in the general packaging industry are price, innovation, sustainability, service and quality.”

Annual report 2025A · The company itself

“The overall global aluminum packaging industry is growing and is expected to continue to grow in the medium to long term.”

Annual report 2025A · The company itself

“Segment sales in 2025 were $667 million higher compared to 2024 primarily due to increases of $291 million from higher volume and $375 million from price/mix.”

Annual report 2025A · The company itself

“In the aluminum packaging industry, sales and earnings can be increased by reducing costs, increasing prices, developing new products, expanding volume and making strategic acquisitions.”

Annual report 2025A · The company itself

“Business ​ Ball Corporation and its consolidated subsidiaries (collectively, Ball, the company, we or our) is one of the world’s leading suppliers of aluminum packaging for the beverage, personal care and household products industries.”

Annual report 2025A · The company itself

“Our largest product line is aluminum beverage containers and we also produce extruded aluminum aerosol containers, recloseable aluminum bottles across multiple consumer categories and aluminum slugs.”

Annual report 2025A · The company itself

“Personal & Home Care ​ Our personal & home care (PHC) operations manufacture and sell extruded aluminum aerosol containers, recloseable aluminum bottles across multiple consumer categories, and aluminum slugs, which represented less than 5 percent of Ball’s consolidated net sales in 2025. There are 9 manufacturing facilities that manufacture these products – six in Europe and one each in Canada, Brazil and Mexico.”

Annual report 2025A · The company itself

“The PHC market in which we operate shipped approximately 6.8 billion units in 2025 and we are one of the major producers in this market with shipments of 1.5 billion aluminum PHC containers, representing approximately 21 percent of total shipments in the market.”

Annual report 2025A · The company itself

“OVERVIEW ​ Business Overview and Industry Trends ​ Ball Corporation is one of the world’s leading aluminum packaging suppliers.”

Annual report 2025A · The company itself

“We limit our exposure to changes in the cost of aluminum as a result of the inclusion of provisions in most of our aluminum beverage container sales contracts to pass-through aluminum price changes, as well as through the use of derivative instruments.”

Annual report 2025A · The company itself

“We purchase aluminum and other raw materials and packaging supplies, including dunnage, from several sources. While all such materials and supplies are available from independent suppliers, they are subject to fluctuations in price and availability attributable to a number of factors, including general economic conditions, commodity price fluctuations (particularly aluminum on the London Metal Exchange), the demand by other industries for the same raw materials and the availability of complementary and substitute materials.”

Annual report 2025A · The company itself

“Commodity Price Risk ​ Aluminum ​ We manage commodity price risk in connection with market price fluctuations of aluminum through two different methods. First, we enter into container sales contracts that include aluminum-based pricing terms that generally reflect the same price fluctuations under commercial purchase contracts for aluminum sheet. Second, we use certain derivative instruments, including option and forward contracts, as economic and cash flow hedges of commodity price risk where there are material differences between contracted sales and purchase pricing.”

Annual report 2025A · The company itself

“We mitigate our exposure to the changes in the costs of aluminum through the inclusion of provisions in contracts covering the majority of our volumes to pass-through aluminum price changes, as well as through the use of derivative instruments. The pass-through provisions generally result in proportional increases or decreases in sales and costs with a greatly reduced impact, if any, on net earnings; however, there may be timing differences of when the costs are passed through.”

Annual report 2025A · The company itself

“Business ​ Ball Corporation and its consolidated subsidiaries (collectively, Ball, the company, we or our) is one of the world’s leading suppliers of aluminum packaging for the beverage, personal care and household products industries.”

Annual report 2025A · The company itself

“The loss of a key customer, or an adverse change in its requirements, could have a significant negative impact on our sales.”

Annual report 2025A · The company itself

“Because of our customer and supplier concentration, our business, financial condition and results of operations could be adversely affected by the loss, insolvency or bankruptcy of a major customer or supplier or a change in a supply agreement with a major customer or supplier, although our contract provisions generally mitigate the risk of customer loss, and our long-term relationships represent a known, stable customer base.”

Annual report 2025A · The company itself

“Our investments in joint ventures include investments in companies that we may not control. The performance of these investments may change as a result of decisions that are made by our joint venture partners who have control over these joint ventures. In addition, we may be obligated under the joint venture arrangement to assume certain costs, perform certain services or make additional capital investments.”

Annual report 2025A · The company itself

“Comparable operating earnings as a % of segment net sales ​ ​ ​ 12 % ​ 13 % ​ 12 % ​ Ball acquired an aluminum beverage can manufacturing facility in Winter Haven, Florida, in the first quarter of 2025 as part of its acquisition of Florida Can Manufacturing and permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington, in the first quarter of 2024.”

Annual report 2025A · The company itself

“Aluminum beverage containers are primarily sold under multi-year supply contracts to fillers of carbonated soft drinks, beer, energy drinks and other beverages.”

Annual report 2025A · The company itself

“We manufacture packaging products primarily for beverages.”

Annual report 2025A · The company itself

“We sell our aluminum packaging products mainly to large, multinational beverage, personal care and household products companies with which we have developed long-term relationships.”

Annual report 2025A · The company itself

“Our success depends partially on our ability to improve production processes and services. We must also introduce new products and services to meet changing customer needs. If we are unable to implement better production processes or to develop new products through research and development or licensing of new technology, we may not be able to remain competitive with other manufacturers.”

Annual report 2025A · The company itself

“With a growth mindset and by pursuing operational excellence, we lean on our competitive strengths to reach our financial goals. We are focused on maintaining our strong financial position by listening to and partnering with our global customers, delivering operational efficiencies and an innovative product portfolio from our best-in-class manufacturing facilities and returning value to shareholders via share repurchases and dividends.”

Annual report 2025A · The company itself

“Health, Safety and Wellbeing ​ The health, safety and wellbeing of all employees is a top priority at Ball. Our environmental, health and safety function and our operations executives partner to consistently reinforce policies and procedures that are designed to reduce workplace risks and ensure safe methods of plant production, including through regular training and reporting on injuries and lost-time incidents.”

Annual report 2025A · The company itself

“Talent ​ Attracting, developing and retaining top talent is essential to our success. Our talent management organization has dedicated acquisition and development functions, with standard hiring processes, assessments, and investment in development planning to align with our cultural values and strategic goals.”

Annual report 2025A · The company itself

“Our success depends partially on our ability to improve production processes and services. We must also introduce new products and services to meet changing customer needs. If we are unable to implement better production processes or to develop new products through research and development or licensing of new technology, we may not be able to remain competitive with other manufacturers.”

Annual report 2025A · The company itself

“With a growth mindset and by pursuing operational excellence, we lean on our competitive strengths to reach our financial goals. We are focused on maintaining our strong financial position by listening to and partnering with our global customers, delivering operational efficiencies and an innovative product portfolio from our best-in-class manufacturing facilities and returning value to shareholders via share repurchases and dividends.”

Annual report 2025A · The company itself

“This is exhibited through our commitment to achieve a science-based 55 percent reduction in our greenhouse gas (GHG) footprint by 2030 and net zero carbon emissions prior to 2050.”

Annual report 2025A · The company itself

“Our Strategy ​ We exist to unlock the infinite potential of aluminum to advance a world free from waste. By leveraging our competitive advantages of bringing our scale to sustainability, the power of our partnerships and the unmatched talent of our people we will win alongside our customers. Our strategy comprises four pillars: executing every day, staying close to our customers, accelerating the substrate shift to aluminum and managing complexity to our advantage.”

Annual report 2025A · The company itself

“The company’s financial results are exposed to currency exchange rate fluctuations and a significant proportion of assets, liabilities and earnings are denominated in non-U.S. dollar currencies. The company presents its financial statements in U.S. dollars and has a significant proportion of its net assets, debt and income in non-U.S. dollar currencies, primarily the euro, as well as the currencies of Argentina, Egypt, Turkey and other emerging markets.”

Annual report 2025A · The company itself

“Our currency translation risk results from the currencies in which we transact business. The company faces currency exposures in our global operations as a result of various factors including intercompany currency denominated loans, selling our products in various currencies, purchasing raw materials and equipment in various currencies and tax exposures not denominated in the functional currency of the entity with the exposure.”

Annual report 2025A · The company itself

“Comparable operating earnings as a % of segment net sales ​ ​ 12 % ​ 12 % ​ 10 % ​ Segment sales in 2025 were $517 million higher compared to 2024 primarily due to increases of $251 million from higher volume, $171 million from currency translation and $103 million from price/mix.”

Annual report 2025A · The company itself

“Increases in raw material costs, including potential increases due to tariffs, sanctions, or other trade actions, could have a material adverse effect on our business, financial condition or results of operations.”

Annual report 2025A · The company itself

“For example, in September 2025, we received notice from the U.S. Customs and Border Protection challenging the tariff classification and applicable rate of duty of certain aluminum imports asserting additional duties and tariffs are payable, as well our use of certain exemptions. We intend to vigorously defend the matter.”

Annual report 2025A · The company itself

“The majority of our consolidated net sales were from the sale of beverage containers, and we expect to derive a significant portion of our future revenues and cash flows from the sale of beverage containers. Our business would suffer if the use of beverage containers decreased.”

Annual report 2025A · The company itself

“Competition from plastic carbonated soft drink bottles is particularly intense in the U.S. and Europe, and there is competition from glass beer bottles in Brazil.”

Annual report 2025A · The company itself

“If market interest rates increase, our variable-rate debt and any need to refinance debt will create higher debt service requirements, which adversely affects our cash flows.”

Annual report 2025A · The company itself

“Based on our interest rate exposure at December 31, 2025, assumed floating rate debt levels throughout the next 12 months and the effects of our existing derivative instruments, a 100-basis point increase in interest rates would result in an estimated $7 million after-tax reduction in net earnings over a one-year period.”

Annual report 2025A · The company itself

“Market declines, longevity increases or legislative changes, such as the Pension Protection Act in the U.S., could result in a prospective decrease in our available cash flow and net earnings over time, and the recognition of an increase in our pension obligations could result in a reduction to our shareholders’ equity.”

Annual report 2025A · The company itself

“the creditworthiness of customers, suppliers and counterparties could deteriorate resulting in a financial loss or a disruption in our supply of raw materials; ● volatile market performance could affect the fair value of our pension assets, potentially requiring us to make significant additional contributions to our defined benefit pension plans to maintain prescribed funding levels; ● a significant weakening of our financial position or operating results could result in noncompliance with our debt covenants; and ● reduced cash flows from our operations could adversely affect our ability to execute our long-term strategy to repurchase our stock and invest in our businesses.”

Annual report 2025A · The company itself

“Unseasonable weather can reduce demand for certain beverages packaged in our containers. Climate changes and the increasing frequency of severe weather events could have various effects on the demand for our products, our supply chain and the costs of inputs to our production and delivery of products in different regions around the world.”

Annual report 2025A · The company itself

“Increased information technology (IT) security threats and more sophisticated and targeted computer crime could pose a risk to our systems, networks, products, solutions and services, as well as those of our suppliers and customers.”

Annual report 2025A · The company itself

“We purchase our raw materials from relatively few suppliers. We also have exposure to inflation, in particular the rising costs of raw materials, as well as other direct cost inputs.”

Annual report 2025A · The company itself

“Our operations are subject to federal, state, provincial and local laws and regulations in multiple jurisdictions relating to some of the raw materials utilized in our container making process. Various U.S. states have passed or are contemplating legislation restricting, and the EU is reviewing a proposal to restrict, the use of materials that contain intentionally added per- and polyfluoroalkyl substances (PFAS), which may require the company to continue to incur costs to convert 16 Table of Contents existing coatings to accommodate PFAS-free coatings.”

Annual report 2025A · The company itself

“Considering the company’s derivative financial instruments outstanding at December 31, 2025, and the various currency exposures, a hypothetical 10 percent reduction (U.S. dollar strengthening) in currency exchange rates compared to the U.S. dollar would result in an estimated $15 million after-tax reduction in net earnings over a one-year period.”

Annual report 2025A · The company itself

“Beverage Packaging, Other ​ Our aluminum beverage packaging operations in the beverage packaging, other, segment consist of three facilities – two in India and one in Myanmar.”

Annual report 2025A · The company itself

“Increased global IT security threats and more sophisticated and targeted computer crime also pose a risk to the security of our systems and networks and the confidentiality, availability and integrity of our data, as well as to the security and data of our suppliers and customers.”

Annual report 2025A · The company itself

“Requirements and restrictions of worldwide governmental authorities with respect to manufacturing, manufacturing facility locations within the jurisdiction, product content and safety, climate change, workplace safety and health, environmental, expropriation of assets and other standards could adversely affect our ability to manufacture or sell our products, and the ability of our customers and suppliers to manufacture and sell their products.”

Annual report 2025A · The company itself

“Beverage Packaging, EMEA, Segment ​ The beverage packaging, EMEA, segment accounted for 30 percent of Ball’s consolidated net sales in 2025. Our EMEA region operations include 19 facilities throughout Europe and one facility each in Cairo, Egypt, and Manisa, Turkey.”

Annual report 2025A · The company itself

“Beverage Packaging, South America, Segment ​ The beverage packaging, South America, segment accounted for 16 percent of Ball’s consolidated net sales in 2025. Our operations consist of 12 facilities—9 in Brazil and one each in Argentina, Chile and Paraguay. For the countries where we operate, the South American aluminum beverage container market is approximately 43 billion containers, and we are the largest producer in this region with an estimated 46 percent of South American shipments in 2025.”

Annual report 2025A · The company itself

“We derived approximately 53 percent of our consolidated net sales from outside of the U.S. for the year ended December 31, 2025.”

Annual report 2025A · The company itself