Ball Corp.

Strong Q3 and YTD operating momentum (good): - Global volumes: +4.7% YoY in Q3; +3.4% for the first 9 months, ahead of Ball’s 2%–3% long-term volume target. - Comparable operating earnings: +2.5% YoY in Q3; +6.4% YoY YTD. - Comparable diluted EPS: +6.8% YoY in Q3; +14% YoY YTD. - Management says this reinforces confidence in delivering 10%+ comparable diluted EPS growth for full-year 2026.

Segment performance was supportive, with notable North America start-up drag (mixed-to-bad): - North & Central America: volumes low single digits; segment comparable operating earnings -2.3% YoY due to higher costs, including ~$10M tied to starting up the Millersburg facility (metal pass-through timing helped offset partially). - Full-year Millersburg start-up costs now expected ~ $25M (vs earlier guidance implied higher). - Q4 expectation: metal pass-through timing benefit from Q3 should reverse in Q4 (impacted by metal price declines and customer metal procurement timing). - EMEA: volumes mid-single digits; segment comparable operating earnings +3.7% YoY in Q3 and +9.1% YTD (record comparable operating earnings for EMEA). Some operational friction from tighter capacity/integration of acquired plants. - South America: volumes low double digits; segment comparable operating earnings +19.5% YoY in Q3 and +24.2% YTD; management expects volume growth in the mid range of 4%–6% in 2026.

2026 full-year financial outlook and capital return (good): - CapEx: $650M (management reiterates “CapEx ~ D&A over time” framework). - Free cash flow: guided ~$900M for 2026 (despite higher CapEx this year). - Tax rate (on comparable earnings): slightly above 23%. - Interest expense: ~$310M. - Net debt / comparable EBITDA: ~2.7x at year-end. - Share repurchases: at least $600M in 2026; total capital return to shareholders ~$800M (and board declared a quarterly cash dividend last week—details not specified in transcript).