Ball (BALL) investor relations material

Executive summary

• Q1 2026 delivered strong results with global beverage can volumes up 0.8% year-over-year, marking nine consecutive quarters of growth, driven by disciplined execution and resilient demand for aluminum packaging.

• Comparable operating earnings grew 10% year-over-year to $387 million, and comparable diluted EPS rose 22% to $0.94, exceeding long-term targets.

• Net sales increased to $3.60 billion, up $506 million year-over-year, reflecting higher aluminum prices, increased volume, and favorable currency translation.

• Completed the Benepack acquisition, expanding EMEA capacity in Hungary and Belgium.

• Strategic focus remains on sustainable aluminum packaging, operational efficiency, and long-term value creation.

Financial highlights

• Comparable diluted EPS reached $0.94, up from $0.77 in Q1 2025.

• Free cash flow for 2026 is expected to exceed $900 million, with Q1 free cash flow negative due to seasonal working capital outflows.

• Effective tax rate for Q1 2026 was 24.0%, with full-year guidance slightly above 23%.

• Interest expense for 2026 expected to be around $320 million.

• Net debt at quarter-end was $7.08 billion, with net leverage targeted at 2.7x by year-end 2026.

Outlook and guidance

• Management expects over 10% comparable diluted EPS growth and free cash flow above $900 million for 2026.

• Volume growth expected at the low end of long-term ranges in North America (1%-3%) and South America (4%-6%), and above the 3%-5% range in EMEA due to the Benepack acquisition.

• At least $800 million in shareholder returns planned for 2026 through dividends and share repurchases.

• CapEx for 2026 projected at ~$600 million, in line with GAAP D&A.

• Management expects record shipped volume, operating earnings, and EPS in 2026.