Ball Corporation · NYSE:BALL
Ball — Q3 2026 Earnings Presentation
18 slides from Ball's earnings presentation, Nov 3, 2026
Slide 1: Third Quarter 2026 Earnings
Third Quarter 2026 Earnings November 3, 2026 Ron Lewis Chief Executive Officer Dan Rabbitt Chief Financial Officer
Slide 2: Forward-Looking Statement and Non-U.S. GAAP Measures
Forward - Looking Statement This presentation contains “forward - looking” statements concerning future events and financial performance. Words such as “aims” , “goals,” “vision,” and similar expressions typically identify forward looking statements, which are generally any statements other tha n s
Slide 3: Ron Lewis, Chief Executive Officer
Ron Lewis Chief Executive Officer 3
Slide 4: Ball is Positioned to Win
Ball is Positioned to Win STRONG MARKET & VOLUME GROWTH ✓ Packaged liquid volume is growing globally ✓ Aluminum cans taking share as consumers and customers recognize aluminum’s advantages ✓ Ball is outgrowing the can market in the regions where we operate BALL EXECUTION FINANCIAL STRENGTH ✓ Long -
Slide 5: Grounded in Our Strategic Pillars
Grounded in Our Strategic Pillars Capitalizing on an evolving market Executing exceptionally in Accelerating substrate shift and our existing business category expansion Delivering in our core business 1 3 2 4 Staying close to our customers Managing complexity to and maximizing our network our advan
Slide 6: Our EVA Focused Strategy Drives Value Creation
Our EVA® Focused Strategy Drives Value Creation 30+ Years of Compounding Shareholder Value Focused on profitable growth and EPS delivery CASH GENERATORS 2–3% 2x Volume X Operating Growth Leverage EVA DEVOTEES EVA® CAPITAL ALLOCATORS = 10%+ 4 –6% Share Count Reduction EPS 1 EARNINGS GROWERS 1) EPS re
Slide 7: Continued Strong Performance in 2026
Continued Strong Performance in 2026 COMPARABLE OPERATING EXCITING Q3 WINS VOLUME GROWTH EARNINGS GROWTH YoY ACROSS THE BUSINESS YoY ✓ Strong volume growth across the Q3 2026: 4.7% Q3 2026: 2.5% business puts us on track with our 2026 expectations Can continues to win In line with ✓ Record quarterly
Slide 8: Dan Rabbitt, Chief Financial Officer
Dan Rabbitt Chief Financial Officer 8
Slide 9: Q3 2026 Financial Summary
Q3 2026 Financial Summary YoY Shipped Volume Growth Q3 2026 Long - term 2030 Guidance Range North & Central America +LSD 1- 3% EMEA +MSD 3- 5% South America +LDD 4 - 6% Global Aluminum Packaging 4.7% 2- 3% Comparable Operating Earnings Earnings Per Share 1 USD in millions USD per share 2.5% 6.8% $1.
Slide 10: 2026 Guidance
2026 Guidance Guidance on track to grow EPS 10%+ in 2026 GUIDANCE EPS growth 1 10%+ Free cash flow $900M OPERATING ASSUMPTIONS Effective tax rate ~23.5% Interest expense $310M Capex ~$650M (in - line with D&A) Corporate undistributed costs ~$165M Net leverage 2 ~2.7x Shareholder returns $800M target
Slide 11: Q3 2026 Highlights and 2026 Path Forward
Q3 2026 Highlights 2026 Path Forward Leverage our customer partnerships ✓ Continued strong volume growth across all packaging segments and footprint to grow in - line with our long - term volume ranges Grew Comparable Operating Earnings ✓ 2.5% in Q3 2026 including record comparable operating earning
Slide 12: Q&A
Q&A
Slide 13: Thank you.
Thank you. Investor Relations Contact Brandon Potthoff 303 - 460 - 2120 bpotthof@ball.com Megan Sanford 303 - 460 - 4251 msanford@ball.com 13
Slide 14: Use of Non-GAAP Measures
Use of Non - GAAP Measures Non - U.S. GAAP measures should not be considered in isolation. They should not be considered superior to, or a substitute for, fi nancial measures calculated in accordance with U.S. GAAP and may not be comparable to similarly titled measures of other companies. Presentati
Slide 15: Reconciliation: Comparable Diluted Earnings Per Share
Reconciliation: A summary of the effects of non Comparable Diluted Earnings Per Share - comparable items on after tax earnings is as follows: Three Months Ended Nine Months Ended September 30, September 30, ($ in millions, except per share amounts) 2026 2025 2026 2025 Net earnings (loss) attributabl
Slide 16: Reconciliation: Adjusted Free Cash Flow and Comparable Operating Earnings
Reconciliation: Adjusted Free Cash Flow A summary of free cash flow and adjusted free cash flow is as follows: Nine Months Ended September 30, ($ in millions) 2026 Total cash provided by (used in) operating activities $ 20 Less: Capital expenditures (459) Free Cash Flow (439) Add: Cash taxes paid fo
Slide 17: Reconciliation: Net Debt & Net Leverage
Reconciliation: Net Debt & Net Leverage A summary of Comparable EBITDA, Net Debt, Interest Coverage, and Leverage is as follows: Twelve Less: Nine Add: Nine Months Ended Months Ended Months Ended Year Ended December 31, September 30, September 30, September 30, ($ in millions, except ratios) 2025 20
Slide 18: Summary of Reconciling Items
(a) Summary of Reconciling Items A summary of reconciling items for the tables referenced on slide 16 and 17 is as follows: Twelve Months Three Months Ended Nine Months Ended Ended December 31, September 30, September 30, ($ in millions) 2025 2026 2025 2026 2025 Business consolidation and other acti