Slide 1: Full Year & Fourth Quarter 2025 Earnings
Full Year & Fourth Quarter 2025 Earnings February 3, 2026 Ron Lewis Chief Executive Officer Dan Rabbitt Chief Financial Officer
Slide 2: Forward-Looking Statement
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 than statemen
Slide 3: Ron Lewis, Chief Executive Officer
pet Ron Lewis Chief Executive Officer
Slide 4: Ball is Positioned to Win
| Ball is Positioned to Win At 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 iy BALL EXECUTION m» g FINANCIAL STREN
Slide 5: Grounded in Our Four Strategic Pillars
Grounded in Our Four Strategic Pillars ¢ Delivering in our core business © Capitalizing onan evolving market _ 1 (2 2) (3 3 ) ‘4 J Executing Staying close to Accelerating Managing exceptionally in our customers and substrate shift and complexity to our our existing maximizing our category expansion
Slide 6: Ball Business System
pet BALL BUSINESS SYSTEM UNMATCHED CULTURE & PEOPLE Commercial Operational Excellence Excellence WE CARE AND WORK TOGETHER TO WIN Ow: TINUoUSLX OUR OPERATING MODEL
Slide 7: Our EVA Focused Strategy Drives Value Creation
Our EVA® Focused Strategy . Drives Value Creation of Compounding Shareholder Value Committed to our growth algorithm... CASH GENERATORS 2-3% 2x Volume X Operating Growth Leverage ALLocAToRS = ] O%+ 4-6% ] [ Share Count Reduction P E PS EVA DEVOTEES EARNINGS GROWERS pet
Slide 8: Excellent 2025 Performance
Excellent 2025 Performance Driving momentum into 2026 ) ( ADJUSTED FREE CASH FLOW FY 2025: A 2.4x increase YoY and new company record VOLUME GROWTH FY 2025: Ahead of FY25 guidance EPS GROWTH! SHAREHOLDER RETURNS? FY 2025: FY 2025: A new company record Delivered on our $1.5B commitment 4 for EPS J ‘e
Slide 9: Dan Rabbitt, Chief Financial Officer
pet Dan Rabbitt Chief Financial Officer
Slide 10: Full Year 2025 Financial Summary
Full Year 2025 Financial Summary Ler Shipped Beverage Volume Growth FY 2025 Long-term 2030 Guidance Range North & Central America 4.8% ~1-3% EMEA 5.5% ~3-5% South America 4.2% ~4-6% ( Global Aluminum Packaging 4.1% ~2-3% ) Comparable Operating Earnings USD in millions 1,472 FY2024 FY2025 Earnings Pe
Slide 11: Improving Balance Sheet & Strong Shareholder Returns
Improving Balance Sheet & Strong Shareholder Returns F ( \ Adjusted Free Cash Flow Net Debt & Net Leverage! Medium-term focus to reach USD in millions USD in millions 2.5x over time 2.8x { 2.4x 2.5x | $4,788 $956 FY 2024 FY 2025 FY 2024 FY 2025 Diluted Shares Outstanding Shares in millions ¥ $1.54B
Slide 12: 2026 Guidance
2026 Guidance Expect to grow EPS 10%+ in 2026; another year of double-digit EPS growth! EPS growth! Free cash flow Effective tax rate Interest expense Capex Corporate undistributed costs Net leverage Shareholder returns Earnings divided by diluted w 10%+ $900M+ ~23.5% $320M ~$600M (in-line with D&A)
Slide 13: 2025 Conclusions
2025 Conclusions — Strong volume growth in all beverage packaging segments 2026 Path Forward Leverage our customer partnerships and footprint to grow in-line with our long-term volume ranges => Grew EPS! 13% in FY2025, ahead of our long-term commitment to grow EPS! 10%+ annually Volume, Comparable O
Slide 14: Q&A
Q&A
Slide 15: Thank you.
Thank you. Investor Relations Contacts Brandon Potthoff 303-460-2120 bpoffhof@ball.com Davis Barker 720-663-4836 dbarker@ball.com . _ | a - an *
Slide 16: Use of Non-GAAP Measures
Use of Non-GAAP Measures Non-U.S. GAAP measures should not be considered in isolation. They should not be considered superior to, or a substitute for, financial measures calculated in accordance with U.S. GAAP and may not be comparable to similarly titled measures of other companies. Presentations o
Slide 17: Reconciliation: Comparable Diluted Earnings Per Share
Reconciliation: Comparable Diluted Earnings Per Share A summary of the effects of non-comparable items on after tax earnings is as follows: ($ in millions, except per share amounts) Net earnings attributable to Ball Corporation Business consolidation and other activities (1) Amortization of acquired
Slide 18: Reconciliation: Adjusted Free Cash Flow
Reconciliation: Adjusted Free Cash Flow A summary of free cash flow and adjusted free cash flow is as follows: Year Ended December 31, ($ in millions) 2025 Total cash provided by (used in) operating activities $ 1,262 Less: Capital expenditures 474) Free Cash Flow 788 Add: Cash taxes paid for Aerosp
Slide 19: Reconciliation: Net Debt & Net Leverage
Reconciliation: Net Debt & Net Leverage A summary of Comparable EBITDA, Net Debt, Interest Coverage, and Leverage is as follows: Year Ended December 31, ($ in millions, except ratios) 2025 Net earnings attributable to Ball Corporation $ 912 Net earnings attributable to noncontrolling interests, net