Crown (CCK) investor relations material

Executive summary

• Adjusted diluted EPS rose 7% to $2.39 in Q3, as global beverage-can shipments grew more than 6%.

• Strong beverage-can demand supported the outlook, while conflict-related inflation and weaker Transit Packaging results weighed on earnings.

Financial highlights

• Q3 net sales were $3,711 million vs. $3,202 million, reflecting higher shipments and $405 million of material-cost pass-through; FX translation reduced sales by $8 million.

• Q3 operating income was $442 million vs. $423 million; segment income was $484 million vs. $490 million.

• Q3 net income attributable to shareholders was $225 million vs. $214 million; diluted EPS was $2.08 vs. $1.85 and adjusted diluted EPS was $2.39 vs. $2.24.

• 9M adjusted diluted EPS was $6.72 vs. $6.05; net sales were $10,638 million vs. $9,238 million.

• Adjusted free cash flow through 9M was $771 million; capital spending was $310 million.

Outlook and guidance

• FY2026 adjusted diluted EPS guidance is $8.35-$8.45; adjusted free cash flow is expected to be at least $950 million on capex of ~$550 million.

• Q4 adjusted diluted EPS is expected at $1.63-$1.73; beverage-can volume growth is forecast at 3.5%-4%, versus 6% in Q3.

• FY2026 global beverage-can volume growth target is 4%-5%; 2027 outlook calls for Europe growth of 2%-5%, low- to mid-single-digit Asia growth, and a capacity-constrained, sold-out North America.

• FY-end adjusted net leverage is forecast at ~2.5x; net interest expense is expected at ~$355 million and the effective tax rate at ~25%.

• Contractual repricing, mostly around April 1, 2027, is expected to recover much of 2026 inflation pressure; management estimated perhaps half of the cited impact would be recouped.