Ball Corp.

Strong Q2 + H1 execution; EPS growth ahead of volume - Q2 2026: Global shipped beverage can volumes +4.3% YoY (growth in all regions). - Comparable operating earnings: +7.7% YoY. - Comparable diluted EPS: +14.4% YoY (capital allocation tailwinds + disciplined execution, despite North America start-up costs). - H1 confidence: Reinforces ability to deliver 10%+ comparable diluted EPS growth for full-year 2026.

Region highlights (what’s driving performance + what’s lagging) - North & Central America: Volumes low single digits YoY; segment comparable operating earnings -2.4% YoY (start-up cost drag ~$5M in Q2, partially offset by favorable price/mix timing incl. metal pass-through). - EMEA: Volumes mid-single digits YoY; segment comparable operating earnings +6.6% YoY (Benepack contribution + favorable price/mix, partially offset by higher costs). Expect EMEA volume growth above 3%–5% long-term range. - South America: Volumes mid-teens YoY (upstream timing/inventory normalization helped); segment comparable operating earnings +64% YoY (higher volume + favorable price/mix). - Surprising/important nuance: Despite some operational friction in North America and Europe (capacity tightness), enterprise results were strong (management cited ~8% operating earnings growth and good rest-of-company leverage).

2026 full-year financial outlook (key numbers investors should model) - Volume outlook: Management reiterated 2026 volume growth at the low end of the long-term range: - North America: low end of 1%–3%; - EMEA: above top end of 3%–5% (implied full-year result + Benepack); - South America: low end of 4%–6% (despite Q2 outperformance). - Free cash flow: > $900M in 2026. - Effective tax rate (comparable earnings): slightly above 23%. - Interest expense: ~$310M. - CapEx: in line with GAAP D&A. - Start-up costs (key challenge): ~$35M total in 2026, with ~$5M already in 1H (notably Q2) and ~$30M expected in 2H; exact Q3 vs Q4 split not tightly guided.