Ball (BALL) Investor Day 2024 summary

Strategic focus and future direction

• Transitioned to a pure-play aluminum packaging company, leveraging sustainability and innovation as core differentiators and growth drivers.

• Divested aerospace business to focus resources and leadership on aluminum packaging, with a de-risked balance sheet and lower leverage.

• Strategy centers on scalable aluminum packaging, simplifying sustainability for customers, and leveraging global scale and partnerships.

• Clear path to decarbonization aligned with customer climate goals and Ball’s climate transition plan.

• Emphasizes a flatter, more nimble organization, empowering continuous improvement and faster decision-making.

Financial guidance and capital allocation

• Targeting consistent 10%+ annual EPS growth, with a goal of reaching $30B market capitalization by 2030.

• 2024 guidance: low single-digit global volume growth, $1,480–$1,525M operating earnings, mid-single-digit+ EPS growth, $500M adjusted free cash flow, $1.3B in share repurchases, and $650M CapEx.

• Productivity savings of $500M targeted over the next four years, driven by operational efficiencies, standardization, and supply chain optimization.

• Focused on maintaining a net debt/EBITDA leverage ratio below 2.5x, with strong liquidity and limited near-term maturities.

• Committed to share repurchases, dividends, and opportunistic M&A focused on aluminum packaging.

Growth drivers, innovation, and market outlook

• Growth algorithm built on sustainability tailwinds, best-in-class customer base, and innovative product portfolio.

• Volume growth outlook (2024–2030E): North & Central America 1–3%, EMEA 3–5%, South America 4–6%, Personal & Home Care 6–8%.

• EMEA: Regulatory and customer focus on carbon neutrality and substrate shift from glass to aluminum; aiming for a carbon-neutral can by 2030.

• South America: Resilient growth through market expansion, new can sizes, and premiumization as disposable incomes rise.

• Personal and home care: Aluminum aerosol segment growing mid-single digits, with bolt-on M&A opportunities and vertical integration as differentiators.