Ball Corp.

Solid Q3 + strong YTD momentum (volumes, earnings, EPS) - Global volumes: +4.7% YoY in Q3; +3.4% YoY YTD, ahead of Ball’s long-term 2%–3% global volume target (keeps them on track to exceed full-year volume outlook). - Earnings: Comparable operating earnings +2.5% YoY in Q3; +6.4% YTD. - EPS: Comparable diluted EPS +6.8% YoY in Q3; +14% YTD—they emphasize performance consistent with their 2026 financial framework.

2026 outlook reaffirmed with specific financial guidance + capital returns - CapEx: now expected $650M (explicitly “in line with GAAP D&A in 2026”). - Free cash flow: expected ~$900M (higher CapEx offsets by disciplined execution). - Tax rate: full-year effective tax rate on comparable earnings slightly above 23%. - Interest expense: ~$310M. - Leverage: year-end net debt / comparable EBITDA ~2.7x. - Share repurchases/dividends: Board declared the quarterly cash dividend; Ball expects to return at least $800M to shareholders in 2026, including $600M+ in share buybacks (opportunity/positive for investors). - They reiterate long-term goal: 10%+ comparable diluted EPS growth, driven by EVA mindset, operating leverage, and disciplined investments.

Regional story: North America & EMEA capacity “friction” vs. South America strength - North & Central America: volumes low single digits YoY (consistent with full-year low-end of 1%–3% range); segment comparable operating earnings -2.3% YoY due to higher startup costs (Millersburg) despite favorable volume/price mix and metal pass-through timing. - Millersburg startup costs: management now expects full-year Millersburg startup costs ~ $25M (down from earlier higher expectation implied by prior setup); Q3 included ~$10M of this. - EMEA: volumes mid-single digits YoY; segment comparable operating earnings +3.7% YoY in Q3 and +9.1% YTD; they cite operational integration progress for Hungary + Belgium plants, but note friction from tightness (plants not fully at 24/7 capability yet). - South America: standout growth—volumes low double digits YoY; segment comparable operating earnings +19.5% YoY in Q3 and +24.2% YTD; expected 2026 volume growth in the 4%–6% band.