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Ball (BALL) investor relations material

Ball Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary4 Nov, 2025

Executive summary

  • Q3 2025 net sales reached $3.38 billion, up 10% year-over-year, with net earnings from continuing operations of $321 million, a 66% increase from Q3 2024.

  • Comparable operating earnings and diluted EPS rose 5.1% and 12.1% respectively, with global beverage can volumes up 4.2%.

  • Over $1.35 billion returned to shareholders via share repurchases and dividends year-to-date, on track for at least $1.5 billion by year-end.

  • The aerospace business was divested in February 2024, resulting in a $4.61 billion pre-tax gain and a strategic shift.

  • Major acquisitions included Florida Can Manufacturing and Alucan Entec, expanding North American and European operations.

Financial highlights

  • Q3 2025 comparable net earnings were $277 million, with net earnings attributable to shareholders at $321 million.

  • Operating cash flow for the first nine months was $51 million, with free cash flow at negative $253 million.

  • North and Central America segment operating earnings rose 3.5% to $210 million on $1.64 billion sales; EMEA operating earnings increased 14.8% to $147 million on $1.06 billion sales; South America operating earnings up 2.6% to $80 million on $508 million sales.

  • Gross margin for Q3 2025 was approximately 15%, consistent with prior year.

  • Cash and cash equivalents at quarter-end were $568 million, down from $1.44 billion a year ago.

Outlook and guidance

  • Targeting 12%-15% comparable diluted EPS growth for full-year 2025, with global volume growth expected to exceed the long-term 2%-3% range.

  • On pace to return at least $1.5 billion to shareholders in 2025.

  • Capital expenditures for 2025 are expected to be around $465 million, with $375 million already committed.

  • 2025 net debt to comparable EBITDA projected slightly above 2.75x; CapEx to remain below D&A.

  • Full-year 2025 interest expense expected at $320 million; effective tax rate slightly above 22%.

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Frequently asked questions

Canning Experts

Ball Corporation is an American company most famous for its production of various types of jars used for home canning and preservation. The company is headquartered in Westminster, Colorado, and is today one of the largest manufacturers of recyclable food and drink containers, working with some of the most influential beverage companies in the world. The company has been traded on the NYSE since 1973.

Over 150 Years of History

Ball Corporation has roots tracing back to the late 19th century and began as a small enterprise producing wooden-jacketed tin cans for paint and kerosene. Founded in 1880 by five Ball brothers in Buffalo, New York, the company quickly recognized the growing demand for glass containers. By 1884, Ball Corporation had transitioned into the production of glass fruit jars, which became commonly known as "Ball jars."

Throughout the 20th century, Ball Corporation continued to innovate and diversify. While maintaining its foothold in the glass container business, the company expanded into aerospace and defense technologies during the mid-20th century. In recent decades, Ball has shifted its focus entirely to become a significant player in the production of aluminum beverage cans and similar products. The company also operated an aerospace division for several years, although this segment of the business was acquired by BAE Systems in 2023.

Packaging

Ball Corporation is arguably the most important player metal packaging industry, more often than not setting the status quo within the industry. Predominantly, their packaging solutions cater to the beverage sector, providing a wide range of aluminum cans suitable for different beverages, including soft drinks, beers, and teas. Their product portfolio encompasses standard can sizes, as well as specialized shapes and configurations to meet whatever requirements their customers might have In addition to beverage containers, Ball manufactures aluminum packaging for food items and certain household and personal care products. The company's emphasis on research and development has led to the introduction of innovations, such as resealable aluminum containers and optimized lightweight designs that aim to reduce material consumption.

Working With The Biggest Names in the Beverage Industry

Ball supplies aluminum packaging and bottling services for some of the biggest names in the industry. Due to their cutting-edge techniques, experience, and strategically located packaging plants, companies like Monster, PepsiCo., Coca-Cola, and many other behemoths of the industry choose to work with Ball.

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