Ball (BALL) investor relations material

Executive summary

• Q1 2026 delivered strong results with global beverage can volumes up 0.8%–1% year-over-year, driven by disciplined execution, operational excellence, and market demand.

• Comparable operating earnings grew 10% year-over-year to $387 million, and comparable diluted EPS rose 22% to $0.94, exceeding long-term growth 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, and advanced the Millersburg, Oregon facility ramp-up.

• Maintained a healthy balance sheet and robust capital allocation, focusing on EVA and long-term value creation.

Financial highlights

• Global shipped beverage volumes increased 0.8%–1% year-over-year; North America and EMEA saw low-single-digit growth, while South America declined mid-single digits.

• Comparable operating earnings rose 10% to $387 million; comparable diluted EPS reached $0.94, up 22% from $0.77 in Q1 2025.

• Net earnings attributable to shareholders were $205 million, up from $179 million year-over-year.

• Free cash flow for the quarter was negative due to seasonal working capital outflows; full-year free cash flow expected above $900 million.

• Targeting $800 million in shareholder returns for 2026 through dividends and buybacks.

Outlook and guidance

• Confident in achieving over 10% comparable diluted EPS growth and free cash flow above $900 million for full-year 2026.

• Effective tax rate projected slightly above 23%; interest expense around $320 million; capex guidance ~$600 million, in line with D&A.

• Net leverage targeted at 2.7x by year-end 2026.

• Plans to return at least $800 million to shareholders via buybacks and dividends by year-end.

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