Ball Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported third quarter 2026 net sales of $4.19 billion, up from $3.38 billion in the same period in 2025.
• Reported a U.S. GAAP net loss attributable to the corporation of $94 million ($0.36 diluted loss per share), compared to net earnings of $321 million ($1.18 diluted earnings per share) in 2025.
• Reported comparable net earnings of $293 million ($1.10 comparable diluted earnings per share), an increase from $280 million ($1.03 comparable diluted earnings per share) in 2025, representing a 6.8% increase.
• Comparable operating earnings were $451 million, up 2.5% from $440 million in 2025.
• For the first nine months of 2026, net sales were $11.79 billion compared to $9.81 billion in 2025.
• Cash provided by operating activities for the first nine months of 2026 was $20 million, compared to $51 million in 2025.
• Free cash flow for the first nine months of 2026 was negative $439 million, compared to negative $439 million in 2025 (calculated as operating cash flow of $20 million less capital expenditures of $459 million).
• Adjusted free cash flow for the first nine months of 2026 was negative $543 million.
• Total debt at period end (September 30, 2026) was $7.28 billion, with cash and cash equivalents of $410 million, resulting in net debt of $6.87 billion.
• Interest coverage ratio (Comparable EBITDA to interest expense) was 6.92x for the nine months ended September 30, 2026.
• Leverage ratio (Net Debt to Comparable EBITDA) was 3.21x for the nine months ended September 30, 2026.
• A $475 million noncash settlement charge was recognized in the third quarter related to a pension buy-out transaction for the U.K. defined benefit pension plan.

Guidance and Future Outlook:

• For 2026, the company expects comparable diluted earnings per share growth of 10-plus percent.
• The company expects free cash flow for 2026 to be in the range of $900 million.
• Long-term objective remains 4 to 6 percent operating earnings growth.
• The company aims to generate strong cash flow and grow Economic Value Added (EVA) across the business.
• Management targets returning at least $800 million to shareholders through share buybacks and dividends by year-end 2026.

Business Segments and Product Lines:

• Beverage Packaging, North and Central America: Sales were $2.06 billion (up from $1.64 billion in 2025); comparable operating earnings were $210 million (down from $215 million in 2025). Volume increased low-single digit percent.
• Beverage Packaging, EMEA: Sales were $1.33 billion (up from $1.13 billion in 2025); comparable operating earnings were $170 million (up from $164 million in 2025). Volume increased mid-single digit percent.
• Beverage Packaging, South America: Sales were $653 million (up from $508 million in 2025); comparable operating earnings were $92 million (up from $77 million in 2025). Volume increased low-double digit percent.
• Global aluminum packaging shipments increased 4.7% in the third quarter.
• Announced investment in a new beverage can manufacturing facility in Baruth, Germany.
• Announced a new beverage can manufacturing facility in India.
• Acquired an 80 percent capital share of Benepack's European beverage can manufacturing business in January 2026.
• Deconsolidated the aluminum cups business on March 21, 2025, and sold 41 percent of its interest in Ball United Arab Can Manufacturing Company on August 27, 2025.

Market and Competitive Landscape:

• Sales growth was driven by higher volume and favorable price/mix, primarily attributable to higher aluminum prices.
• The company operates in a dynamic operating environment with a focus on customer-focused strategy and disciplined execution.
• The company serves a robust portfolio of customers in the beverage, personal care, and household products industries.

Risks and Challenges:

• Higher operating costs and plant start-up costs impacted North and Central America segment earnings.
• Higher costs partially offset volume and price/mix benefits in EMEA and South America segments.
• Undistributed corporate expenses increased year-over-year in the third quarter.
• Forward-looking statements are subject to risks including supply and demand constraints, raw material cost fluctuations, geopolitical events, regulatory actions, and labor issues.

Management Commentary and Tone:

• Ron Lewis, CEO, stated results reflect the power of the customer-focused strategy, disciplined execution, and the ownership mindset, noting the strength of the Ball Business System.
• Dan Rabbitt, CFO, highlighted disciplined execution supported by global volume growth, operational performance, and contractual passthrough mechanisms.
• Management expressed confidence in the ability to build on momentum, invest in EVA-accretive opportunities, and deliver sustainable growth despite a volatile external environment.

Other Key Points:

• Returned $431 million to shareholders via share repurchases and dividends in the first nine months of 2026.
• Acquired 80% of Benepack's European beverage can business in January 2026 to optimize the European manufacturing network.
• Sold 41% of its 51% ownership in Ball United Arab Can Manufacturing Company in August 2025, retaining a 10% interest.
• Deconsolidated the aluminum cups business in March 2025 following a strategic partnership with Ayna.AI LLC.
• The company has 16,000 employees in more than 65 manufacturing plants and facilities worldwide.
• 2025 net sales were reported as $13.16 billion.