# EDGAR Filing Document

**Accession Number:** 0000009389
**File Stem:** 0001104659-25-106108
**Filing Date:** 2025-11
**Character Count:** 175226
**Document Hash:** 33a8f31071a45baae1d69dce923e64f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-106108.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001104659-25-106108

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 99

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BALL Corp
- **CENTRAL INDEX KEY:** 0000009389
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL CANS [3411]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 350160610
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07349
- **FILM NUMBER:** 251447635

**BUSINESS ADDRESS:**
- **STREET 1:** 9200 W. 108TH CIRCLE
- **CITY:** WESTMINSTER
- **STATE:** CO
- **ZIP:** 80021
- **BUSINESS PHONE:** 3034695511

**MAIL ADDRESS:**
- **STREET 1:** 9200 W. 108TH CIRCLE
- **CITY:** WESTMINSTER
- **STATE:** CO
- **ZIP:** 80021

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BALL CORP
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BALL BROTHERS CO
- **DATE OF NAME CHANGE:** 19731115

?xml version='1.0' encoding='ASCII'? BALL Corp_September 30, 2025

[**Table of Contents**](#Toc)

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the Quarterly Period Ended September 30, 2025**

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission file number 001-07349**

**BALL CORPORATION**

---

| | |
|:---|:---|
| **State of Indiana**<br>(State or other jurisdiction of incorporation or <br>organization) | **35-0160610**<br>(I.R.S. Employer Identification No.) |

---

---

| | |
|:---|:---|
| **9200 West 108th Circle**<br>**Westminster, CO** <br>(Address of registrant's principal executive office) | **80021**<br>(Zip Code) |

---

Registrant's telephone number, including area code: **303/469-3131**

Securities registered pursuant to section 12(b) of the Act:

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| | | | |
|:---|:---|:---|:---|
| **Class** | **Trading Symbol** | **Name of Exchange** | **Outstanding at October 31, 2025** |
| Common Stock, without par value | BALL | NYSE | 267,987,212 shares |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer ☒ | Accelerated filer ◻ |
| Non-accelerated filer ◻ | Smaller reporting company◻ |
|  | Emerging growth company ◻ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

------

[**Table of Contents**](#Toc)

**Ball Corporation**

**QUARTERLY REPORT ON FORM 10-Q**

**For the period ended September 30, 2025**

**INDEX**

---

| | | |
|:---|:---|:---|
|  |  | **PageNumber** |
| [PART I.](#PARTIFINANCIALINFORMATION_814129) | [FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_814129) | 1 |
| [Item 1.](#Item1FINANCIALSTATEMENTS_7224) | [Financial Statements](#Item1FINANCIALSTATEMENTS_7224) | 1 |
|  | [Unaudited Condensed Consolidated Statements of Earnings for the Three and Nine Months Ended September 30, 2025 and 2024](#EARNINGS_115302) | 1 |
|  | [Unaudited Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024](#COMPREHENSIVEEARNINGS_652813) | 2 |
|  | [Unaudited Condensed Consolidated Balance Sheets at September 30, 2025, and December 31, 2024](#BALANCESHEETS_771642) | 3 |
|  | [Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024](#CASHFLOWS_390802) | 4 |
|  | Notes to the Unaudited Condensed Consolidated Financial Statements |  |
|  | [Note 1. Basis of Presentation](#Note1)  | 5 |
|  | [Note 2. Accounting Pronouncements](#Note2) | 6 |
|  | [Note 3. Business Segment Information](#Note3) | 7 |
|  | [Note 4. Acquisitions and Dispositions](#Note4) | 9 |
|  | [Note 5. Revenue from Contracts with Customers](#Note5) | 11 |
|  | [Note 6. Business Consolidation and Other Activities](#Note6) | 12 |
|  | [Note 7. Supplemental Cash Flow Statement and Other Disclosures](#Note7) | 12 |
|  | [Note 8. Receivables, Net](#Note8) | 13 |
|  | [Note 9. Inventories, Net](#Note9) | 13 |
|  | [Note 10. Property, Plant and Equipment, Net](#Note10) | 13 |
|  | [Note 11. Goodwill](#Note11) | 14 |
|  | [Note 12. Intangible Assets, Net](#Note12) | 14 |
|  | [Note 13. Other Assets](#Note13) | 14 |
|  | [Note 14. Leases](#Note14) | 15 |
|  | [Note 15. Debt](#Note15) | 15 |
|  | [Note 16. Taxes on Income](#Note16) | 16 |
|  | [Note 17. Employee Benefit Obligations](#Note17) | 17 |
|  | [Note 18. Equity and Accumulated Other Comprehensive Earnings (Loss)](#Note18) | 18 |
|  | [Note 19. Earnings and Dividends Per Share](#Note19) | 21 |
|  | [Note 20. Financial Instruments and Risk Management](#Note20) | 21 |
|  | [Note 21. Contingencies](#Note21) | 26 |
|  | [Note 22. Indemnifications and Guarantees](#Note22) | 27 |
| &nbsp;&nbsp;[Item 2.](#Item2MANAGEMENTSDISCUSSIONANDANALYSIS_13) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item2MANAGEMENTSDISCUSSIONANDANALYSIS_13) | 29 |
| &nbsp;&nbsp;[Item 3.](#Item3QUANTITATIVEANDQUALITATIVEDISCLOSUR) | [Quantitative and Qualitative Disclosures About Market Risk](#Item3QUANTITATIVEANDQUALITATIVEDISCLOSUR) | 37 |
| &nbsp;&nbsp;[Item 4.](#Item4CONTROLSANDPROCEDURES_430805) | [Controls and Procedures](#Item4CONTROLSANDPROCEDURES_430805) | 37 |
| [PART II.](#PARTIIOTHERINFORMATION_891266) | [OTHER INFORMATION](#PARTIIOTHERINFORMATION_891266) | 38 |

---

[**Table of Contents**](#Toc)

**PART I. FINANCIAL INFORMATION**

**Item 1. FINANCIAL STATEMENTS**

**BALL CORPORATION** 

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions, except per share amounts)** | **2025** | **2024** | **2025** | **2024** |
| **Net sales** | $3379 | $3082 | $9814 | $8915 |
| Cost of sales (excluding depreciation and amortization) | (2701) | (2425) | (7884) | (7065) |
| Depreciation and amortization | (158) | (150) | (463) | (460) |
| Selling, general and administrative | (130) | (142) | (416) | (518) |
| Business consolidation and other activities | 78 | (85) | 53 | (171) |
| Interest income | 8 | 14 | 20 | 58 |
| Interest expense | (85) | (67) | (236) | (228) |
| Debt refinancing and other costs |  |  |  | (3) |
| Earnings before taxes | 391 | 227 | 888 | 528 |
| Tax (provision) benefit | (76) | (42) | (190) | (118) |
| Equity in results of affiliates, net of tax | 7 | 8 | 20 | 21 |
| Earnings from continuing operations | 322 | 193 | 718 | 431 |
| Discontinued operations, net of tax | (1) | 6 | (3) | 3613 |
| Net earnings | 321 | 199 | 715 | 4044 |
| Net earnings attributable to noncontrolling interests |  | 2 | 3 | 4 |
| Net earnings attributable to Ball Corporation | $321 | $197 | $712 | $4040 |
| **Earnings per share:** |  |  |  |  |
| &nbsp;&nbsp;Basic - continuing operations | $1.18 | $0.63 | $2.58 | $1.38 |
| &nbsp;&nbsp;Basic - discontinued operations |  | 0.02 | (0.01) | 11.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total basic earnings per share | $1.18 | $0.65 | $2.57 | $13.08 |
| &nbsp;&nbsp;Diluted - continuing operations | $1.18 | $0.63 | $2.57 | $1.37 |
| &nbsp;&nbsp;Diluted - discontinued operations |  | 0.02 | (0.01) | 11.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total diluted earnings per share | $1.18 | $0.65 | $2.56 | $12.96 |
| **Weighted average shares outstanding: *(000s)*** |  |  |  |  |
| &nbsp;&nbsp;Basic | 271086 | 302406 | 276782 | 308851 |
| &nbsp;&nbsp;Diluted  | 272891 | 305219 | 278537 | 311674 |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**BALL CORPORATION**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| Net earnings | $321 | $199 | $715 | $4044 |
| Other comprehensive earnings (loss): |  |  |  |  |
| &nbsp;&nbsp;Currency translation adjustment | 23 | 43 | 140 | (96) |
| &nbsp;&nbsp;Pension and other postretirement benefits | 6 | (14) | (47) | 134 |
| &nbsp;&nbsp;Derivatives designated as hedges | 19 | (39) | (19) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive earnings (loss) | 48 | (10) | 74 | 32 |
| &nbsp;&nbsp;Tax (provision) benefit | (5) | 19 | 17 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive earnings (loss), net of tax | 43 | 9 | 91 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total comprehensive earnings | 364 | 208 | 806 | 4048 |
| &nbsp;&nbsp;Comprehensive earnings attributable to noncontrolling interests |  | 2 | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive earnings attributable to Ball Corporation | $364 | $206 | $803 | $4044 |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**BALL CORPORATION** 

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS** 

---

| | | |
|:---|:---|:---|
| <br>**($ in millions)** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $568 | $885 |
| &nbsp;&nbsp;Receivables, net | 2696 | 2166 |
| &nbsp;&nbsp;Inventories, net | 1856 | 1477 |
| &nbsp;&nbsp;Other current assets | 207 | 169 |
| &nbsp;&nbsp;Current assets held for sale | 20 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 5347 | 4841 |
| Noncurrent assets |  |  |
| &nbsp;&nbsp;Property, plant and equipment, net | 6573 | 6173 |
| &nbsp;&nbsp;Goodwill | 4377 | 4172 |
| &nbsp;&nbsp;Intangible assets, net | 1014 | 1080 |
| &nbsp;&nbsp;Other assets | 1410 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $18721 | $17628 |
| **Liabilities and Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;Short-term debt and current portion of long-term debt | $344 | $361 |
| &nbsp;&nbsp;Accounts payable | 3494 | 3418 |
| &nbsp;&nbsp;Accrued employee costs | 273 | 303 |
| &nbsp;&nbsp;Other current liabilities | 728 | 725 |
| &nbsp;&nbsp;Current liabilities held for sale |  | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 4839 | 4847 |
| Noncurrent liabilities |  |  |
| &nbsp;&nbsp;Long-term debt | 6864 | 5312 |
| &nbsp;&nbsp;Employee benefit obligations | 521 | 577 |
| &nbsp;&nbsp;Deferred taxes | 590 | 594 |
| &nbsp;&nbsp;Other liabilities | 455 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 13269 | 11698 |
| Equity |  |  |
| &nbsp;&nbsp;Common stock (684,935,489 shares issued - 2025; 684,168,252 shares issued - 2024) | 1422 | 1395 |
| &nbsp;&nbsp;Retained earnings | 12073 | 11527 |
| &nbsp;&nbsp;Accumulated other comprehensive earnings (loss) | (912) | (1003) |
| &nbsp;&nbsp;Treasury stock, at cost (415,247,531 shares - 2025; 394,790,362 shares - 2024) | (7137) | (6057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Ball Corporation shareholders' equity** | 5446 | 5862 |
| &nbsp;&nbsp;Noncontrolling interests | 6 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 5452 | 5930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $18721 | $17628 |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**BALL CORPORATION**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions)** | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |
| &nbsp;&nbsp;Net earnings | $715 | $4044 |
| &nbsp;&nbsp;Adjustments to reconcile net earnings to cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 463 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business consolidation and other activities | (53) | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax provision (benefit) | 24 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on Aerospace disposal | 4 | (4694) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension contributions | (36) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (157) | 78 |
| &nbsp;&nbsp;Changes in working capital components, net of acquisitions and dispositions | (909) | (630) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided by (used in) operating activities | 51 | (385) |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;Capital expenditures | (304) | (377) |
| &nbsp;&nbsp;Business acquisitions, net of cash acquired | (159) |  |
| &nbsp;&nbsp;Business dispositions, net of cash sold  | 26 | 5422 |
| &nbsp;&nbsp;Derivative settlements | (89) | 101 |
| &nbsp;&nbsp;Other, net | (48) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided by (used in) investing activities | (574) | 5181 |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;Long-term borrowings | 4382 | 450 |
| &nbsp;&nbsp;Repayments of long-term borrowings | (2866) | (3279) |
| &nbsp;&nbsp;Net change in short-term borrowings | (90) | 51 |
| &nbsp;&nbsp;Acquisitions of treasury stock | (1106) | (1061) |
| &nbsp;&nbsp;Common stock dividends | (166) | (185) |
| &nbsp;&nbsp;Other, net | (14) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided by (used in) financing activities | 140 | (3998) |
| Effect of exchange rate changes on cash | 31 | (64) |
| Change in cash, cash equivalents and restricted cash | (352) | 734 |
| Cash, cash equivalents and restricted cash - beginning of period *(a)* | 931 | 710 |
| Cash, cash equivalents and restricted cash - end of period | $579 | $1444 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Includes $32 million of cash presented in current assets held for sale on the unaudited condensed consolidated balance sheet as of December 31, 2024.* 

See accompanying notes to the unaudited condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

**1.&nbsp;&nbsp;&nbsp;&nbsp; Basis of Presentation**

The accompanying unaudited condensed consolidated financial statements (consolidated financial statements) include the accounts of Ball Corporation and its controlled affiliates, including its consolidated variable interest entities (collectively Ball, the company, we or our), and have been prepared by the company. Certain information and footnote disclosures, including critical and significant accounting policies normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted for this quarterly presentation.

Results of operations for the periods shown are not necessarily indicative of results for the year, particularly in view of the seasonality in the packaging segments. These consolidated financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and the notes thereto included in the company's 2024 Annual Report on Form 10-K filed on February 20, 2025, pursuant to the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2024 (annual report).

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires Ball's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on historical experience and various assumptions believed to be reasonable under the circumstances. Ball's management evaluates these estimates on an ongoing basis and adjusts or revises the estimates as circumstances change. As future events and their impacts cannot be determined with precision, actual results may differ from these estimates. In the opinion of management, the consolidated financial statements reflect all adjustments that are of a normal recurring nature and are necessary to fairly state the results of the periods presented.

On February 16, 2024, the company completed the divestiture of its aerospace business. The transaction represents a strategic shift; therefore, the company's consolidated financial statements reflect the aerospace business' financial results as discontinued operations for all periods presented. Unless otherwise specified, these notes to the unaudited condensed consolidated financial statements reflect continuing operations only.

Certain prior year amounts have been reclassified in order to conform to the current year presentation.

***Risks and Uncertainties***

*Global Economic Environment*

Current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, tariffs, and changing demand for certain goods and services. There is currently significant uncertainty as to the extent and duration of tariffs and the associated impacts on inflation and trade compliance. Furthermore, we cannot predict with any certainty the impact that interest rates, a global or any regional recession, tariffs, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, hyperinflationary economies in countries where we operate, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the instability in the Middle East and Myanmar, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become.

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

Ball management has reviewed the estimates used in preparing the company's consolidated financial statements and the following have a reasonably possible likelihood of being affected, to a material extent, by the direct and indirect impacts of the current global economic environment in the near-term.

● Estimates regarding the future financial performance of the business used in the impairment tests for goodwill, long-lived assets, equity method investments, recoverability of deferred tax assets and estimates regarding cash needs and associated indefinite reinvestment assertions;

● Estimates of recoverability for customer receivables;

● Estimates of net realizable value for inventory; and

● Estimates regarding the likelihood of forecasted transactions associated with hedge accounting positions at September 30, 2025, which could impact the company's ability to satisfy hedge accounting requirements and result in the recognition of income and/or expenses.

In addition to the above potential impacts on the estimates used in preparing the consolidated financial statements, the current global economic environment has the potential to increase Ball's vulnerabilities to near-term severe impacts related to certain concentrations in its business. In line with other companies in the packaging industry, Ball makes the majority of its sales and significant purchases to or from a relatively small number of global, or large regional, customers and suppliers. Furthermore, Ball makes the majority of its sales from a small number of product lines. The potential of the current global economic environment to affect a significant customer or supplier, or to affect demand for certain products to a significant degree, heightens the vulnerability of Ball to these concentrations.

**2.&nbsp;&nbsp;&nbsp;&nbsp; Accounting Pronouncements** 

*New Accounting Guidance and Disclosure Requirements*

***Improvements to Accounting for Internal-Use Software***

In 2025, new guidance was issued by the Financial Accounting Standards Board (FASB) with the goal to better align accounting with how internal-use software is developed. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to adopt the guidance on a prospective basis in 2028.

***Measurement of Credit Losses for Accounts Receivable and Contract Assets***

In 2025, amended guidance was issued by the FASB with the goal of improving efficiencies associated with the measurement of credit losses for accounts receivable and contract assets by allowing entities to elect a practical expedient for measurement. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to adopt the guidance on a prospective basis in 2026.

***Disaggregation of Income Statement Expenses***

In 2024, new guidance was issued by the FASB with the goal of providing financial statement users with more expense information of certain categories of expenses that are included in line items on the face of the statements of earnings. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to meet the disclosure requirements on a prospective basis in its 2027 annual report and interim periods thereafter.

***Income Tax Disclosures***

In 2023, new guidance was issued by the FASB with the goal of providing financial statement users with more information in the income tax rate reconciliation table and regarding income taxes paid. The company is preparing for the adoption of this new guidance in its consolidated financial statements and expects to meet the disclosure requirements on a prospective basis in its 2025 annual report.

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

**3.&nbsp;&nbsp;&nbsp;&nbsp; Business Segment Information**

Ball's operations are organized and reviewed by management along its product lines and geographical areas and presented in the three reportable segments outlined below.

*Beverage packaging, North and Central America:* Consists of operations in the U.S., Canada and Mexico that manufacture and sell aluminum beverage containers throughout those countries.

*Beverage packaging, EMEA:* Consists of operations in numerous countries throughout Europe, as well as Egypt and Turkey, that manufacture and sell aluminum beverage containers throughout those countries.

*Beverage packaging, South America:* Consists of operations in Brazil, Argentina, Paraguay and Chile that manufacture and sell aluminum beverage containers throughout most of South America.

As presented in the tables below, Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in India and Myanmar; a non-reportable operating segment that manufactures and sells extruded aluminum aerosol containers and recloseable aluminum bottles across multiple consumer categories as well as aluminum slugs (personal & home care or PHC) throughout North America, South America and Europe; undistributed corporate expenses; and intercompany eliminations and other business activities.

On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company, which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest. The financial results of the Saudi Arabian business, which were a part of the beverage packaging, other, non-reportable operating segment, are presented in Other in the tables below through the date of the transaction and as of December 31, 2024, the assets and liabilities of the Saudi Arabian business were presented as current assets held for sale and current liabilities held for sale on the unaudited condensed consolidated balance sheet.

On March 21, 2025, Ball closed on a transaction for its aluminum cups business, which resulted in Ball deconsolidating the business. The financial results of the aluminum cups business are presented in Other in the tables below through the date of the transaction and the assets and liabilities of the business were presented as current assets held for sale and current liabilities held for sale on the unaudited condensed consolidated balance sheet as of December 31, 2024. See [Note 4](#Note4)for further details on the Saudi Arabia and aluminum cups businesses.

The accounting policies of the segments are the same as those used in the consolidated financial statements, as discussed in [Note 1](#Note1). The company also has investments in operations in Guatemala, Panama, the U.S. and Vietnam that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings.

Dan Fisher, Chairman and Chief Executive Officer, is the company's chief operating decision maker (CODM). For each reportable segment, the CODM uses segment comparable operating earnings to analyze profitability compared to internal forecasts and comparative prior periods. These analyses allow the CODM to have constructive dialogue with other company leaders on how to improve company performance.

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

**Summary of Business by Segment** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| **Net sales** |  |  |  |  |
| Beverage packaging, North and Central America | $1638 | $1456 | $4714 | $4328 |
| Beverage packaging, EMEA | 1059 | 950 | 3012 | 2640 |
| Beverage packaging, South America | 508 | 484 | 1529 | 1388 |
| &nbsp;&nbsp;Reportable segment sales | 3205 | 2890 | 9255 | 8356 |
| Other | 174 | 192 | 559 | 559 |
| &nbsp;&nbsp;**Net sales** | $3379 | $3082 | $9814 | $8915 |
| **Comparable segment operating earnings *(a)*** |  |  |  |  |
| Beverage packaging, North and Central America | $210 | $203 | $613 | $605 |
| Beverage packaging, EMEA | 147 | 128 | 372 | 326 |
| Beverage packaging, South America | 80 | 78 | 200 | 170 |
| &nbsp;&nbsp;Reportable segment comparable operating earnings | 437 | 409 | 1185 | 1101 |
| **Reconciling items** |  |  |  |  |
| Other *(b)* | (6) | 4 | (13) | (66) |
| Business consolidation and other activities | 78 | (85) | 53 | (171) |
| Amortization of acquired intangibles | (33) | (34) | (101) | (105) |
| Interest expense | (85) | (67) | (236) | (228) |
| Debt refinancing and other costs |  |  |  | (3) |
| &nbsp;&nbsp;**Earnings before taxes** | $391 | $227 | $888 | $528 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *The difference between reportable segment net sales and comparable operating earnings is comprised of other segment items. Other segment items includes cost of sales, depreciation and amortization, selling, general and administrative and interest income amounts. The CODM does not receive or use these amounts at the reportable segment level. However, the CODM is provided these amounts at a consolidated level to manage operations.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Includes undistributed corporate expenses, net, of $29 million and $32 million for the three months ended September 30, 2025 and 2024, respectively, and $102 million and $149 million for the nine months ended September 30, 2025 and 2024, respectively. Undistributed corporate expenses, net, includes corporate interest income of $7 million for the three months ended September 30, 2024, and $1 million and $36 million for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2024, undistributed corporate expenses, net, includes $82 million of incremental compensation cost from the successful sale of the aerospace business.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| **Depreciation and amortization** |  |  |  |  |
| &nbsp;&nbsp;Beverage packaging, North and Central America | $57 | $53 | $169 | $160 |
| &nbsp;&nbsp;Beverage packaging, EMEA | 53 | 47 | 149 | 140 |
| &nbsp;&nbsp;Beverage packaging, South America | 36 | 34 | 108 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reportable segment depreciation and amortization | 146 | 134 | 426 | 413 |
| &nbsp;&nbsp;Other | 12 | 16 | 37 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | $158 | $150 | $463 | $460 |

---

The company does not disclose total assets by segment as it is not provided to the CODM.

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

**4.&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and Dispositions**

**Saudi Arabia**

On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company for total cash consideration of $74 million, of which $66 million was received upon closing. The sale is subject to customary closing adjustments. The remaining cash consideration is expected to be received in the fourth quarter of 2025. A gain of $86 million was recognized upon sale and is presented in business consolidation and other activities in the unaudited condensed consolidated statements of earnings in the third quarter of 2025. As of December 31, 2024, the assets and liabilities of the business were presented as current assets and current liabilities held for sale. The transaction resulted in deconsolidation upon closing with Ball retaining a 10 percent ownership interest, which is reported in other assets as an equity method investment on the unaudited condensed consolidated balance sheet.

**Aluminum Cups**

In the fourth quarter of 2024, Ball's Board of Directors provided approval for the company to form a strategic partnership for the aluminum cups business in early 2025. As a result, Ball recorded a noncash impairment charge of $233 million in the fourth quarter of 2024 to adjust the carrying value of the disposal group of our aluminum cups business to its estimated fair value less cost to sell. This charge was included in business consolidation and other activities in the consolidated statement of earnings for the year ended December 31, 2024. The remaining assets and liabilities were presented as current assets held for sale and current liabilities held for sale on the unaudited condensed consolidated balance sheet as of December 31, 2024.

On March 21, 2025, Ball and Ayna.AI LLC (Ayna) executed a Unit Purchase Agreement to form a strategic partnership in which Ball owns a 49 percent interest. Ball's interest in the entity, Oasis Venture Holdings LLC ("Oasis"), is accounted for under the equity method of accounting. Ball recorded an additional loss of $8 million related to the transaction in business consolidation and other activities in the unaudited condensed consolidated statement of earnings for the nine months ended September 30, 2025.

**Acquisition of Florida Can Manufacturing**

In February 2025, the company closed on the acquisition of Florida Can Manufacturing for cash consideration of $160 million. The business is comprised of an aluminum beverage can manufacturing facility located in Winter Haven, Florida, and is included in Ball's beverage packaging, North and Central America, segment. The transaction strengthens the segment's supply network and enhances its ability to meet growing customer demand for sustainable beverage packaging solutions in the region.

**Personal & Home Care Acquisition of Alucan Entec** 

In October 2024, the company acquired the entire share capital of Alucan Entec, S.A, an impact extruded aluminum packaging business with a manufacturing facility in Lummen, Belgium, and Llinars del Vallés, Spain, for the purchase price of €82 million, subject to customary closing adjustments. Using the exchange rate on the date of close, the initial cash consideration of $80 million (or €75 million) was paid at close, with an additional holdback of $8 million (or €7 million) to be paid over the next three years, less any potential obligations covered by the holdback arrangement. The business is part of Ball's PHC segment. The transaction broadens the geographic reach and expands the product portfolio of Ball's PHC business, serving the growing personal, home care and beverage bottle markets.

**Aerospace** 

In the third quarter of 2023, Ball entered into a Stock Purchase Agreement with BAE Systems, Inc. (BAE) and, for the limited purposes set forth therein, BAE Systems plc, to sell all outstanding equity interests in Ball's aerospace business. On February 16, 2024, the company completed the divestiture of the aerospace business for a purchase price of $5.6 billion, subject to working capital adjustments and other customary closing adjustments under the terms of the agreement. In the third quarter of 2025, Ball finalized the customary closing adjustments with BAE, resulting in an immaterial adjustment. The divestiture resulted in a pre-tax gain of $4.61 billion. Completion of the divestiture resulted in the removal of the aerospace business from the company's obligor group, as the business no longer guarantees the company's senior notes and senior credit facilities.

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

The sale of the aerospace business represents a strategic shift that will have a major effect on Ball's operations and financial results, including the removal of the aerospace reportable segment. Due to this shift, the aerospace business' financial results are reported as discontinued operations in the unaudited condensed consolidated statements of earnings. See [Note 1](#Note1) for further information on the basis of presentation.

The following table presents components of discontinued operations, net of tax, for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| **Net sales** | $— | $— | $— | $261 |
| Cost of sales (excluding depreciation and amortization) |  |  |  | (214) |
| Depreciation and amortization |  |  |  | (9) |
| Selling, general and administrative |  |  |  | (11) |
| Gain (loss) on disposition | (1) | (1) | (4) | 4694 |
| Tax (provision) benefit |  | 7 | 1 | (1108) |
| **Discontinued operations, net of tax** | $(1) | $6 | $(3) | $3613 |

---

The following table presents depreciation and amortization, capital expenditures and significant operating and investing noncash items from discontinued operations for the nine months ended September 30, 2025 and 2024, included within the consolidated statements of cash flows. Amounts include adjustments to reconcile net earnings to cash provided by (used in) operating activities:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions)** | **2025** | **2024** |
| **Provided by (used in)** |  |  |
| &nbsp;&nbsp;Depreciation and amortization | $— | $9 |
| &nbsp;&nbsp;Loss (gain) on Aerospace disposal | 4 | (4694) |
| &nbsp;&nbsp;Capital expenditures |  | (13) |

---

For the nine months ended September 30, 2024, noncash investing activities included $17 million for the acquisition of property, plant and equipment (PP&E) for which payment had not been made for the aerospace business. These noncash capital expenditures were excluded from the consolidated statement of cash flows.

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

**5.&nbsp;&nbsp;&nbsp;&nbsp; Revenue from Contracts with Customers**

The following table disaggregates the company's net sales based on the timing of transfer of control:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions)** | **Point in Time** | **Over Time** | **Total** | **Point in Time** | **Over Time** | **Total** |
| 2025 | $603 | $2776 | $3379 | $1715 | $8099 | $9814 |
| 2024 | 678 | 2404 | 3082 | 1861 | 7054 | 8915 |

---

The company did not have any contract assets at either September 30, 2025, or December 31, 2024. The opening and closing balances of the company's current and noncurrent contract liabilities are as follows:

---

| | | |
|:---|:---|:---|
| <br>**($ in millions)** | **Contract**<br>**Liabilities**<br>**(Current)** | **Contract**<br>**Liabilities**<br>**(Noncurrent)** |
| Balance at December 31, 2024 | $50 | $2 |
| Increase (decrease) | 21 |  |
| Balance at September 30, 2025 | $71 | $2 |

---

During the nine months ended September 30, 2025, contract liabilities increased by $21 million, which is net of cash received of $61 million and amounts recognized as sales of $40 million, the majority of which related to current contract liabilities. The amount of sales recognized in the nine months ended September 30, 2025, that was included in the opening contract liabilities balance was $40 million, all of which related to current contract liabilities. The difference between the opening and closing balances of the company's contract liabilities primarily results from timing differences between the company's performance and the customer's payments. Current contract liabilities are classified within other current liabilities on the unaudited condensed consolidated balance sheets and noncurrent contract liabilities are classified within other liabilities.

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

**6.&nbsp;&nbsp;&nbsp;&nbsp; Business Consolidation and Other Activities**

**2025** 

During the three and nine months ended September 30, 2025, the company recorded net income of $78 million and $53 million, respectively. During the three and nine months ended September 30, 2025, the net income was primarily composed of the $86 million gain on the sale of the Saudi Arabia business, partially offset by costs for previously announced facility closures and the loss related to the aluminum cups business transaction. The income for the nine months ended September 30, 2025, also includes the receipt of insurance proceeds for replacement costs related to the 2023 fire at the company's Verona, Virginia, extruded aluminum slug manufacturing facility. See [Note 4](#Note4) for further details on the aluminum cups transaction.

**2024** 

During the three and nine months ended September 30, 2024, the company recorded net charges of $85 million and $171 million, respectively, which were primarily related to facility closure costs of $94 million and $147 million, respectively, and costs for employee severance, employee benefits and other related items resulting from the company restructuring its operating model. The charges for the three and nine months ended September 30, 2024, were partially offset by income from the receipt of insurance proceeds for replacement costs related to the 2023 fire at the company's Verona, Virginia, extruded aluminum slug manufacturing facility.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Supplemental Cash Flow Statement and Other Disclosures** 

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <br>**($ in millions)** | **2025** | **2024** |
| Beginning of period: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $885 | $695 |
| &nbsp;&nbsp;Current restricted cash (included in other current assets) | 8 | 15 |
| &nbsp;&nbsp;Noncurrent restricted cash (included in other assets) | 6 |  |
| &nbsp;&nbsp;Cash reported in current assets held for sale | 32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash | $931 | $710 |
| End of period: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $568 | $1440 |
| &nbsp;&nbsp;Current restricted cash (included in other current assets) | 4 | 4 |
| &nbsp;&nbsp;Noncurrent restricted cash (included in other assets) | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash | $579 | $1444 |

---

The company's restricted cash is primarily related to receivables factoring programs and represents amounts collected from customers that have not yet been remitted to the banks as of the end of the reporting period. Restricted cash also relates to consideration owed for business acquisitions.

Noncash investing activities include the acquisition of property, plant and equipment (PP&E) for which payment has not been made. These noncash capital expenditures are excluded from the unaudited condensed consolidated statements of cash flows. A summary of the PP&E acquired but not yet paid, inclusive of amounts related to the historical aerospace business, is as follows:

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| <br>**($ in millions)** | **2025** | **2024** |
| Beginning of period: |  |  |
| &nbsp;&nbsp;PP&E acquired but not yet paid | $96 | $204 |
| End of period: |  |  |
| &nbsp;&nbsp;PP&E acquired but not yet paid | $115 | $101 |

---

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

*Supplier Finance Programs*

The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's regional supplier finance programs was $276 million and $423 million at September 30, 2025, and December 31, 2024, respectively. These amounts are classified within accounts payable on the unaudited condensed consolidated balance sheets, and the associated payments are reflected in the cash flows from operating activities section of the unaudited condensed consolidated statements of cash flows.

**8.&nbsp;&nbsp;&nbsp;&nbsp; Receivables, Net** 

---

| | | |
|:---|:---|:---|
| <br>**($ in millions)** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Trade accounts receivable | $1631 | $1258 |
| Unbilled receivables | 585 | 490 |
| Less: Allowance for doubtful accounts | (15) | (12) |
| &nbsp;&nbsp;Net trade accounts receivable | 2201 | 1736 |
| Other receivables | 495 | 430 |
|  | $2696 | $2166 |

---

The company has entered into several regional accounts receivable factoring programs with various financial institutions for certain receivables of the company. The programs are accounted for as true sales of the receivables, with limited recourse to Ball, and had combined limits of approximately $1.79 billion and $1.60 billion at September 30, 2025, and December 31, 2024, respectively. A total of $580 million and $428 million were available for sale under these programs as of September 30, 2025, and December 31, 2024, respectively. The company has recorded expense related to its factoring programs of $9 million and $12 million for the three months ended September 30, 2025 and 2024, respectively, and $28 million and $35 million for the nine months ended September 30, 2025 and 2024, respectively, and has presented these amounts in selling, general and administrative in its unaudited condensed consolidated statements of earnings.

Other receivables include income and indirect tax receivables, aluminum scrap sale receivables and other miscellaneous receivables.

**9.&nbsp;&nbsp;&nbsp;&nbsp; Inventories, Net**

---

| | | |
|:---|:---|:---|
| <br>**($ in millions)** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Raw materials and supplies | $1360 | $1089 |
| Finished goods | 591 | 470 |
| Less: Inventory reserves | (95) | (82) |
|  | $1856 | $1477 |

---

**10.**&nbsp;&nbsp;&nbsp;&nbsp; **Property, Plant and Equipment, Net**

---

| | | |
|:---|:---|:---|
| <br>**($ in millions)** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Land | $224 | $198 |
| Buildings | 1935 | 1794 |
| Machinery and equipment | 8071 | 7450 |
| Construction-in-progress | 901 | 836 |
|  | 11131 | 10278 |
| Accumulated depreciation | (4558) | (4105) |
|  | $6573 | $6173 |

---

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

Depreciation expense was $121 million and $113 million for the three months ended September 30, 2025 and 2024, respectively, and $352 million and $345 million for the nine months ended September 30, 2025 and 2024, respectively.

**11.&nbsp;&nbsp;&nbsp;&nbsp; Goodwill**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **($ in millions)** | **BeveragePackaging,North & CentralAmerica** | **BeveragePackaging,EMEA** | **BeveragePackaging,South America** | **Other** | **Total** |
| Balance at December 31, 2024 | $1277 | $1289 | $1300 | $306 | $4172 |
| Effects of currency exchange  |  | 166 |  | 39 | 205 |
| Balance at September 30, 2025 | $1277 | $1455 | $1300 | $345 | $4377 |

---

**12.&nbsp;&nbsp;&nbsp;&nbsp;Intangible Assets, Net** 

---

| | | |
|:---|:---|:---|
| <br>**($ in millions)** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Acquired customer relationships and other intangibles (net of accumulated amortization and impairment losses of $1.26 billion at September 30, 2025, and $1.11 billion at December 31, 2024) | $974 | $1031 |
| Capitalized software (net of accumulated amortization of $178 million at September 30, 2025, and $168 million at December 31, 2024) | 19 | 28 |
| Other intangibles (net of accumulated amortization of $16 million at September 30, 2025, and $12 million at December 31, 2024) | 21 | 21 |
|  | $1014 | $1080 |

---

Total amortization expense of intangible assets was $37 million for the three months ended September 30, 2025 and 2024, respectively, and $111 million and $115 million for the nine months ended September 30, 2025 and 2024, respectively.

**13.&nbsp;&nbsp;&nbsp;&nbsp;Other Assets**

---

| | | |
|:---|:---|:---|
| <br>**($ in millions)** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Long-term pension assets | $40 | $36 |
| Right-of-use operating lease assets | 331 | 334 |
| Investments in affiliates | 258 | 233 |
| Long-term deferred tax assets | 49 | 63 |
| Other | 732 | 696 |
|  | $1410 | $1362 |

---

Investments in affiliates primarily includes the company's 50 percent ownership interest in an entity in Guatemala, a 50 percent ownership interest in an entity in Panama, a 50 percent ownership interest in an entity in Vietnam, a 50 percent ownership interest in an entity in the U.S., a 33 percent ownership interest in an entity in the U.S. and a 10 percent ownership interest in an entity in Saudi Arabia.

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

**14.&nbsp;&nbsp;&nbsp;&nbsp;Leases**

The company enters into operating leases for buildings, warehouses, office equipment, production equipment, aircraft, land and other types of equipment. The company also enters into finance leases for certain plant equipment and an aircraft. Supplemental balance sheet information related to the company's leases follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**($ in millions)** | <br>**Balance Sheet Location** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| **Operating leases:** |  |  |  |
| Operating lease ROU asset | Other assets | $331 | $334 |
| Current operating lease liabilities | Other current liabilities | 78 | 79 |
| Noncurrent operating lease liabilities | Other liabilities | 260 | 265 |
| **Finance leases:** |  |  |  |
| Finance lease ROU assets, net | Property, plant and equipment, net | 8 | 31 |
| Current finance lease liabilities | Short-term debt and current portion of long-term debt | 2 | 26 |
| Noncurrent finance lease liabilities | Long-term debt | 6 | 5 |

---

**15.&nbsp;&nbsp;&nbsp;&nbsp;Debt** 

Long-term debt outstanding and interest rates in effect, along with short-term debt outstanding, consisted of the following:

---

| | | |
|:---|:---|:---|
| <br>**($ in millions)** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| **Senior Notes** |  |  |
| &nbsp;&nbsp;5.25% due July 2025 | $— | $189 |
| &nbsp;&nbsp;4.875% due March 2026 | 256 | 256 |
| &nbsp;&nbsp;1.50%, euro denominated, due March 2027 | 645 | 569 |
| &nbsp;&nbsp;6.875% due March 2028 | 750 | 750 |
| &nbsp;&nbsp;6.00% due June 2029 | 1000 | 1000 |
| &nbsp;&nbsp;2.875% due August 2030 | 1300 | 1300 |
| &nbsp;&nbsp;3.125% due September 2031 | 850 | 850 |
| &nbsp;&nbsp;4.25%, euro denominated, due July 2032 | 997 |  |
| &nbsp;&nbsp;5.50% due September 2033 | 750 |  |
| **Senior Credit Facility (at variable rates)** |  |  |
| &nbsp;&nbsp;U.S. dollar revolver due June 2027 |  |  |
| &nbsp;&nbsp;Multi-currency revolver due June 2027 |  |  |
| &nbsp;&nbsp;Term A loan due June 2027 (5.51% - 2025) | 625 | 625 |
| **Finance lease obligations** | 8 | 7 |
| **Other (including debt issuance costs)** | (59) | (43) |
|  | 7122 | 5503 |
| Less: Current portion of long-term debt | (258) | (191) |
| **Long-term debt** | $6864 | $5312 |
| **Short-term debt** |  |  |
| &nbsp;&nbsp;Current portion of long-term debt | $258 | $191 |
| &nbsp;&nbsp;Short-term finance leases |  | 24 |
| &nbsp;&nbsp;Short-term committed loans |  | 109 |
| &nbsp;&nbsp;Short-term uncommitted credit facilities | 86 | 37 |
| **Short-term debt and current portion of long-term debt** | $344 | $361 |

---

 

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

The company's senior credit facilities include long-term multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At September 30, 2025, $1.70 billion was available under these revolving credit facilities. Additionally, at September 30, 2025, the company's short-term uncommitted credit facilities provided the company with up to $1.02 billion.

In August 2025, Ball issued $750 million of 5.50% senior notes due in 2033, and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $600 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $100 million. In October 2025, Ball issued a notice to call the 4.875% senior notes due March 2026 and the 6.875% senior notes due March 2028.

In July 2025, Ball repaid at maturity the outstanding 5.25% senior notes due in the amount of $189 million.

In May 2025, Ball issued €850 million of 4.25% senior notes due in 2032, and repaid a portion of the U.S. dollar revolving credit facility due in 2027 in the amount of $500 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $200 million.

The fair value of Ball's long-term debt was estimated to be $6.99 billion and $5.19 billion at September 30, 2025, and December 31, 2024, respectively. The fair value reflects the market rates at each period end for debt with credit ratings similar to the company's ratings and is classified as Level 2 within the fair value hierarchy. Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt based on discounted cash flows.

The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The company's most restrictive debt covenant requires it to maintain a leverage ratio (as defined) of no greater than 4.5 times. The company was in compliance with the leverage ratio requirement at September 30, 2025, and for all prior periods presented, and has met all debt payment obligations.

**16. Taxes on Income** 

The company's effective tax rate was 19.4 percent and 21.4 percent for the three and nine months ended September 30, 2025, respectively. As compared to the statutory U.S. tax rate, the effective tax rate for the three and nine months ended September 30, 2025, increased by 1.4 and 0.5 percentage points, respectively, for U.S. permanent differences, increased by 0.8 and 0.9 percentage points, respectively, for state and local taxes, and decreased by 3.9 and 1.7 percentage points, respectively, for the sale of the Saudi Arabian business.

The company's effective tax rate was 18.5 percent and 22.3 percent for the three and nine months ended September 30, 2024, respectively. As compared to the statutory U.S. tax rate, the effective tax rate for the three and nine months ended September 30, 2024, increased by 0.7 and 0.8 percentage points, respectively, for Pillar Two Global Minimum Taxes, increased by 0.2 and 1.0 percentage points, respectively, for non-U.S. rate differences and withholding taxes net of credits and decreased by 2.8 and 0.5 percentage points, respectively, for state and local taxes.

On July 4, 2025, the One Big Beautiful Bill Act (the Act) was signed into law. The Act changed U.S. income tax law by, among other things, allowing full expensing of qualified property, changing the calculation of interest expense deduction limitations and modifying certain elements of the international tax framework. The act does not materially impact our effective tax rate in the third quarter of 2025 and is not expected to in future periods.

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

**17.&nbsp;&nbsp;&nbsp;&nbsp;Employee Benefit Obligations**

---

| | | |
|:---|:---|:---|
| <br>**($ in millions)** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Underfunded defined benefit pension liabilities | $226 | $263 |
| Less: Current portion | (21) | (20) |
| &nbsp;&nbsp;Long-term defined benefit pension liabilities | 205 | 243 |
| Long-term retiree medical liabilities | 74 | 79 |
| Deferred compensation plans | 173 | 206 |
| Other | 69 | 49 |
|  | $521 | $577 |

---

Components of net periodic benefit cost associated with the company's defined benefit pension plans were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>**($ in millions)** | **U.S.** | **Non-U.S.** | **Total** | **U.S.** | **Non-U.S.** | **Total** |
| Ball-sponsored plans: |  |  |  |  |  |  |
| &nbsp;&nbsp;Service cost | $4 | $— | $4 | $4 | $1 | $5 |
| &nbsp;&nbsp;Interest cost | 14 | 23 | 37 | 15 | 21 | 36 |
| &nbsp;&nbsp;Expected return on plan assets | (20) | (22) | (42) | (22) | (21) | (43) |
| &nbsp;&nbsp;Amortization of prior service cost |  | 1 | 1 |  | 1 | 1 |
| &nbsp;&nbsp;Recognized net actuarial loss | 1 | 4 | 5 | 1 | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net periodic benefit cost | $(1) | $6 | $5 | $(2) | $6 | $4 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>**($ in millions)** | **U.S.** | **Non-U.S.** | **Total** | **U.S.** | **Non-U.S.** | **Total** |
| Ball-sponsored plans: |  |  |  |  |  |  |
| &nbsp;&nbsp;Service cost | $11 | $— | $11 | $12 | $2 | $14 |
| &nbsp;&nbsp;Interest cost | 43 | 68 | 111 | 45 | 62 | 107 |
| &nbsp;&nbsp;Expected return on plan assets | (59) | (66) | (125) | (66) | (60) | (126) |
| &nbsp;&nbsp;Amortization of prior service cost |  | 2 | 2 |  | 2 | 2 |
| &nbsp;&nbsp;Recognized net actuarial loss | 2 | 13 | 15 | 3 | 11 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net periodic benefit cost | $(3) | $17 | $14 | $(6) | $17 | $11 |

---

Non-service pension expense of $1 million and income of $1 million for the three months ended September 30, 2025 and 2024, respectively, and expense of $3 million and income of $3 million for the nine months ended September 30, 2025 and 2024, respectively, is included in selling, general and administrative in the unaudited condensed consolidated statements of earnings.

Contributions to the company's defined benefit pension plans were $36 million for the first nine months of 2025 compared to $24 million for the first nine months of 2024, and such contributions are expected to be approximately $43 million for the full year of 2025. This estimate may change based on changes in the Pension Protection Act, actual plan asset performance and available company cash flow, among other factors.

In November 2023, the Trustee Board of the U.K. defined benefit pension plan entered into an agreement with an insurance company for a bulk annuity purchase, or "buy-in", for its U.K. defined benefit pension plan to reduce retirement plan risk, while delivering promised benefits to plan participants. This transaction allows the company to reduce volatility by removing investment, longevity, mortality, interest rate and inflation risk upon the transfer of substantially all of the pension plan assets to the insurer in exchange for the group annuity insurance contract. At this time the company retains both the fair value of the annuity contract within plan assets and the pension benefit obligations related to these participants. The plan was frozen on April 5, 2024, and future service accruals were replaced with

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

defined contribution benefits for the impacted employees. The company anticipates the "buy-out" will occur within three years of the plan freeze, which will trigger a pension settlement that will result in all plan balances, including accumulated pension components within other comprehensive income, being charged to expense as a noncash settlement charge.

**18.&nbsp;&nbsp;&nbsp;&nbsp;Equity and Accumulated Other Comprehensive Earnings (Loss)**

The following tables provide additional details of the company's equity activity, inclusive of activity related to the aerospace business impacting the company's equity:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Treasury Stock** | **Treasury Stock** | | | | |
| <br>**($ in millions; share amounts in thousands)** | **Number of**<br>**Shares** | <br>**Amount** | **Number of**<br>**Shares** | <br>**Amount** | <br>**Retained**<br>**Earnings** | **Accumulated Other**<br>**Comprehensive**<br>**Earnings (Loss)** | <br>**Noncontrolling** <br>**Interest** | <br>**Total**<br>**Equity** |
| **Balance at June 30, 2025** | 684848 | $1414 | (412800) | $(7059) | $11806 | $(955) | $71 | $5277 |
| Net earnings |  |  |  |  | 321 |  |  | 321 |
| Other comprehensive earnings (loss), net of tax |  |  |  |  |  | 43 |  | 43 |
| Common dividends |  |  |  |  | (54) |  |  | (54) |
| Treasury stock purchases |  |  | (2455) | (84) |  |  |  | (84) |
| Treasury shares reissued |  |  | 7 | 2 |  |  |  | 2 |
| Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged  | 87 | 8 |  |  |  |  |  | 8 |
| Business dispositions |  |  |  |  |  |  | (65) | (65) |
| Distributions from deferred compensation plans and other activity |  |  |  | 4 |  |  |  | 4 |
| **Balance at September 30, 2025** | 684935 | $1422 | (415248) | $(7137) | $12073 | $(912) | $6 | $5452 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Treasury Stock** | **Treasury Stock** | | | | |
| <br>**($ in millions; share amounts in thousands)** | **Number of**<br>**Shares** | <br>**Amount** | **Number of**<br>**Shares** | <br>**Amount** | <br>**Retained**<br>**Earnings** | **Accumulated Other**<br>**Comprehensive**<br>**Earnings (Loss)** | <br>**Noncontrolling** <br>**Interest** | <br>**Total**<br>**Equity** |
| **Balance at June 30, 2024** | 683801 | $1370 | (377841) | $(5017) | $11481 | $(921) | $70 | $6983 |
| Net earnings  |  |  |  |  | 197 |  | 2 | 199 |
| Other comprehensive earnings (loss), net of tax |  |  |  |  |  | 9 |  | 9 |
| Common dividends |  |  |  |  | (60) |  |  | (60) |
| Treasury stock purchases |  |  | (6216) | (394) |  |  |  | (394) |
| Treasury shares reissued |  |  | 50 | 3 |  |  |  | 3 |
| Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged  | 248 | 14 |  |  |  |  |  | 14 |
| Distributions from deferred compensation plans and other activity |  |  |  | 1 |  |  |  | 1 |
| **Balance at September 30, 2024** | 684049 | $1384 | (384007) | $(5407) | $11618 | $(912) | $72 | $6755 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Treasury Stock** | **Treasury Stock** | | | | |
| <br>**($ in millions; share amounts in thousands)** | **Number of**<br>**Shares** | <br>**Amount** | **Number of**<br>**Shares** | <br>**Amount** | <br>**Retained**<br>**Earnings** | **Accumulated Other**<br>**Comprehensive**<br>**Earnings (Loss)** | <br>**Noncontrolling** <br>**Interest** | <br>**Total**<br>**Equity** |
| **Balance at December 31, 2024** | 684168 | $1395 | (394790) | $(6057) | $11527 | $(1003) | $68 | $5930 |
| Net earnings |  |  |  |  | 712 |  | 3 | 715 |
| Other comprehensive earnings (loss), net of tax |  |  |  |  |  | 91 |  | 91 |
| Common dividends |  |  |  |  | (166) |  |  | (166) |
| Treasury stock purchases |  |  | (20547) | (1100) |  |  |  | (1100) |
| Treasury shares reissued |  |  | 89 | 8 |  |  |  | 8 |
| Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged  | 767 | 27 |  |  |  |  |  | 27 |
| Business dispositions |  |  |  |  |  |  | (65) | (65) |
| Distributions from deferred compensation plans and other activity |  |  |  | 12 |  |  |  | 12 |
| **Balance at September 30, 2025** | 684935 | $1422 | (415248) | $(7137) | $12073 | $(912) | $6 | $5452 |

---

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Treasury Stock** | **Treasury Stock** | | | | |
| <br>**($ in millions; share amounts in thousands)** | **Number of**<br>**Shares** | <br>**Amount** | **Number of**<br>**Shares** | <br>**Amount** | <br>**Retained**<br>**Earnings** | **Accumulated Other**<br>**Comprehensive**<br>**Earnings (Loss)** | <br>**Noncontrolling** <br>**Interest** | <br>**Total**<br>**Equity** |
| **Balance at December 31, 2023** | 683241 | $1312 | (367551) | $(4390) | $7763 | $(916) | $68 | $3837 |
| Net earnings |  |  |  |  | 4040 |  | 4 | 4044 |
| Other comprehensive earnings (loss), net of tax |  |  |  |  |  | 4 |  | 4 |
| Common dividends |  |  |  |  | (185) |  |  | (185) |
| Treasury stock purchases |  |  | (16530) | (1075) |  |  |  | (1075) |
| Treasury shares reissued |  |  | 74 | 13 |  |  |  | 13 |
| Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged  | 808 | 72 |  |  |  |  |  | 72 |
| Distributions from deferred compensation plans and other activity |  |  |  | 45 |  |  |  | 45 |
| **Balance at September 30, 2024** | 684049 | $1384 | (384007) | $(5407) | $11618 | $(912) | $72 | $6755 |

---

In the second quarter of 2025, in a privately negotiated transaction, Ball entered into an accelerated share repurchase agreement to buy $250 million of its common shares using cash on hand and available borrowings. In the third quarter of 2025, Ball settled the agreement and received a total of 4.44 million shares with the average price per share paid of $56.30.

On January 29, 2025, the Board of Directors approved the repurchase by the company of up to $4.00 billion in shares of its common stock through the end of 2027. This repurchase authorization replaced all previous authorizations.

**Accumulated Other Comprehensive Earnings (Loss)**

The activity related to accumulated other comprehensive earnings (loss) was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($ in millions)** | **Currency Translation(Net of Tax)** | **Pension and Other Postretirement Benefits (Net of Tax)** | **Derivatives Designated as Hedges(Net of Tax)** | **Accumulated Other Comprehensive Earnings (Loss)** |
| Balance at December 31, 2024 | $(618) | $(402) | $17 | $(1003) |
| Other comprehensive earnings (loss) before reclassifications | 134 | (45) | (77) | 12 |
| Amounts reclassified into earnings | 6<br> *(a)* | 10 | 63 | 79 |
| Balance at September 30, 2025 | $(478) | $(437) | $3 | $(912) |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Currency translation recorded in business consolidation and other activities from business disposal.* 

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

The following table provides additional details of the amounts reclassified into net earnings from accumulated other comprehensive earnings (loss):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| Gains (losses) on cash flow hedges: |  |  |  |  |
| &nbsp;&nbsp;Commodity contracts recorded in net sales | $6 | $1 | $18 | $(5) |
| &nbsp;&nbsp;Commodity contracts recorded in cost of sales | (14) | 7 | (12) | (3) |
| &nbsp;&nbsp;Currency exchange contracts recorded in selling, general and administrative | 8 | (36) | (93) | 12 |
| &nbsp;&nbsp;Interest rate contracts recorded in interest expense | 1 | 3 | 4 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total before tax effect | 1 | (25) | (83) | 13 |
| &nbsp;&nbsp;Tax benefit (expense) on amounts reclassified into earnings | (1) | 7 | 20 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recognized gain (loss), net of tax | $— | $(18) | $(63) | $11 |
| Amortization and disposal of pension and other postretirement benefits: *(a)* |  |  |  |  |
| &nbsp;&nbsp;Actuarial gains (losses) *(b)* | $(4) | $(3) | $(12) | $(9) |
| &nbsp;&nbsp;Prior service income (expense) *(b)* |  |  | (1) | (1) |
| &nbsp;&nbsp;Aerospace disposal |  |  |  | (127) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total before tax effect | (4) | (3) | (13) | (137) |
| &nbsp;&nbsp;Tax benefit (expense) on amounts reclassified into earnings | 1 | 1 | 3 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recognized gain (loss), net of tax | $(3) | $(2) | $(10) | $(101) |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *2024 includes amounts associated with the Salaried Employees of Ball Aerospace & Technologies Corp. Pension Plan* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *These components are included in the computation of net periodic benefit cost detailed in* [*Note 17*](#Note17) *.* 

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

**19.**&nbsp;&nbsp;&nbsp;&nbsp;**Earnings and Dividends Per Share** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions, except per share amounts; shares in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Earnings from continuing operations attributable to Ball Corporation, net of tax | $322 | $191 | $715 | $427 |
| Discontinued operations, net of tax | (1) | 6 | (3) | 3613 |
| Net earnings attributable to Ball Corporation | $321 | $197 | $712 | $4040 |
| Basic weighted average common shares | 271086 | 302406 | 276782 | 308851 |
| Effect of dilutive securities | 1805 | 2813 | 1755 | 2823 |
| Weighted average shares applicable to diluted earnings per share | 272891 | 305219 | 278537 | 311674 |
| Basic - continuing operations | $1.18 | $0.63 | $2.58 | $1.38 |
| Basic - discontinued operations |  | 0.02 | (0.01) | 11.70 |
| &nbsp;&nbsp;Per basic share | $1.18 | $0.65 | $2.57 | $13.08 |
| Diluted - continuing operations | $1.18 | $0.63 | $2.57 | $1.37 |
| Diluted - discontinued operations |  | 0.02 | (0.01) | 11.59 |
| &nbsp;&nbsp;Per diluted share | $1.18 | $0.65 | $2.56 | $12.96 |

---

Certain outstanding options were excluded from the diluted earnings per share calculation because they were anti-dilutive. The excluded options totaled approximately 5 million for the three months ended September 30, 2025 and 2024, respectively, and 5 million for the nine months ended September 30, 2025 and 2024, respectively.

The company declared and paid dividends of $0.20 per share for the three months ended September 30, 2025 and 2024, and $0.60 per share for the nine months ended September 30, 2025 and 2024.

**20.&nbsp;&nbsp;&nbsp;&nbsp;Financial Instruments and Risk Management** 

**Policies and Procedures**

The company employs established risk management policies and procedures, which seek to reduce the company's commercial risk exposure to fluctuations in commodity prices, interest rates, currency exchange rates, net investments in foreign operations and prices of the company's common stock with regard to common share repurchases and the company's deferred compensation stock plan. However, there can be no assurance that these policies and procedures will be successful. Although the instruments utilized involve varying degrees of credit, market and interest risk, the counterparties to the agreements are expected to perform fully under the terms of the agreements. The company monitors counterparty credit risk, including lenders, on a regular basis, but Ball cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, in the event of default under the company's master derivative agreements, the non-defaulting party has the option to offset any amounts owed with regard to open derivative positions.

**Commodity Price Risk -** The company manages commodity price risk in connection with market price fluctuations of aluminum through two different methods. First, the company enters into container sales contracts that include aluminum-based pricing terms which generally reflect the same price fluctuations under commercial purchase contracts for aluminum sheet. The terms include fixed, floating or pass-through aluminum component pricing. Second, the company uses certain derivative instruments, including option and forward contracts, as economic and cash flow hedges of commodity price risk where there are material differences between sales and purchase contracted pricing and volume.

**Interest Rate Risk -** The company's objective in managing exposure to interest rate changes is to minimize the impact of interest rate changes on earnings and cash flows and to lower its overall borrowing costs. To achieve these objectives, the company may use a variety of interest rate swaps, collars and options to manage its mix of floating and fixed-rate debt.

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

**Currency Exchange Rate Risk -** The company's objective in managing exposure to currency fluctuations is to limit the exposure of cash flows and earnings from changes associated with currency exchange rate changes through the use of various derivative contracts. In addition, at times the company manages earnings translation volatility through the use of currency option strategies, and the change in the fair value of those options is recorded in the company's net earnings.

**Net Investments in Foreign Operations Risk** **–** The company is exposed to changes in foreign currencies impacting its net investments held in foreign subsidiaries. The company's objective in managing exposure to net investments in foreign operations is to limit the foreign exchange translation risk associated with its net investments in non-U.S. dollar foreign entities. The company uses fixed-for-fixed cross currency swaps and euro denominated debt designated as net investment hedges to achieve this objective.

The following table provides additional information related to the commercial risk management derivative instruments described above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($ in millions)** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Commercial risk area** | **Commodity** | **Currency** | **Interest Rate** | **Net Investment** |
| Notional amount of contracts | $1685 | $2894 | $600 | 1050 |
| Net gain (loss) included in AOCI, after-tax  |  | 2 | 1 | $(83) |
| Net gain (loss) included in AOCI, after-tax, expected to be recognized in net earnings within the next 12 months |  | 2 | 1 |  |
| Longest duration of forecasted hedge transactions in years | 2 | 1 | 2 | 4 |

---

In May 2025, Ball issued €850 million of 4.25% senior notes due in 2032 and designated the principal as a net investment hedge. During the three and nine months ended September 30, 2025, the company recorded a net gain of $3 million and a net loss of $32 million, after tax, respectively, in accumulated other comprehensive earnings (loss) for this nonderivative financial instrument. The net loss included in accumulated other comprehensive earnings (loss) as of September 30, 2025, was $32 million, after tax, for this nonderivative financial instrument.

**Common Stock Price Risk**

The company's deferred compensation stock program is subject to variable plan accounting and, accordingly, is marked to fair value using the company's closing stock price at the end of the related reporting period. The company entered into total return swaps to reduce the company's earnings exposure to these fair value fluctuations that will be outstanding through March 2026, and which have a combined notional value of 1.1 million shares. Based on the current number of shares in the program, each $1 change in the company's stock price would have an insignificant impact on pretax earnings, net of the impact of related derivatives.

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

**Fair Value Measurements**

Ball has classified all applicable financial derivative assets and liabilities as Level 2 within the fair value hierarchy as of September 30, 2025, and December 31, 2024, and presented those values in the tables below. The company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| <br>**($ in millions)** | <br>**Balance Sheet Location** | **DerivativesDesignatedas HedgingInstruments** | **Derivatives notDesignated asHedgingInstruments** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;Commodity contracts |  | $36 | $— | $36 |
| &nbsp;&nbsp;Currency contracts |  |  | 24 | 24 |
| &nbsp;&nbsp;Interest rate and other contracts |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current derivative contracts | Other current assets | $38 | $24 | $62 |
| &nbsp;&nbsp;Commodity contracts |  | $2 | $— | $2 |
| &nbsp;&nbsp;Currency contracts |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent derivative contracts | Other noncurrent assets | $2 | $1 | $3 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Commodity contracts |  | $37 | $— | $37 |
| &nbsp;&nbsp;Currency contracts |  | 39 | 27 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current derivative contracts | Other current liabilities | $76 | $27 | $103 |
| &nbsp;&nbsp;Interest rate and other contracts |  | 1 |  | 1 |
| &nbsp;&nbsp;Net investment hedge |  | 100 |  | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent derivative contracts | Other noncurrent liabilities | $101 | $— | $101 |

---

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**($ in millions)** | <br>**Balance Sheet Location** | **DerivativesDesignatedas HedgingInstruments** | **Derivatives notDesignated asHedgingInstruments** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;Commodity contracts |  | $26 | $— | $26 |
| &nbsp;&nbsp;Currency contracts |  |  | 36 | 36 |
| &nbsp;&nbsp;Interest rate and other contracts |  | 4 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current derivative contracts | Other current assets | $30 | $36 | $66 |
| &nbsp;&nbsp;Currency contracts |  | $51 | $— | $51 |
| &nbsp;&nbsp;Interest rate and other contracts |  | 6 |  | 6 |
| &nbsp;&nbsp;Net investment hedge |  | 20 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent derivative contracts | Other noncurrent assets | $77 | $— | $77 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;Commodity contracts |  | $7 | $— | $7 |
| &nbsp;&nbsp;Currency contracts |  |  | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current derivative contracts | Other current liabilities | $7 | $13 | $20 |
| &nbsp;&nbsp;Commodity contracts |  | $1 | $— | $1 |
| &nbsp;&nbsp;Other contracts |  |  | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent derivative contracts | Other noncurrent liabilities | $1 | $12 | $13 |

---

The company uses closing spot and forward market prices as published by the London Metal Exchange, the Chicago Mercantile Exchange, Reuters and Bloomberg to determine the fair value of any outstanding aluminum, currency, energy, cross currency swaps and interest rate spot and forward contracts. Option contracts are valued using a Black-Scholes model with observable market inputs for aluminum, currency and interest rates. The company values each of its financial instruments either internally using a single valuation technique, from a reliable observable market source or from third-party software. The present value discounting factor is based on the comparable time period Secured Overnight Financing Rate (SOFR) or Euro London Inter-Bank Offered Rate (Euro LIBOR). Ball performs validations of the company's internally derived fair values reported for the company's financial instruments on a quarterly basis utilizing counterparty valuation statements. The company additionally evaluates counterparty creditworthiness and, as of September 30, 2025, has not identified any circumstances requiring the reported values of the company's financial instruments be adjusted.

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

The following tables provide the effects of derivative instruments in the unaudited condensed consolidated statements of earnings:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | | **2025** | **2025** | **2024** | **2024** |
| <br>**($ in millions)** | <br>**Location of Gain (Loss)Recognized in Earnings on Derivatives** | **Cash FlowHedge - ReclassifiedAmount fromAccumulatedOtherComprehensiveEarnings (Loss)** | **Gain (Loss) onDerivatives notDesignated asHedgeInstruments** | **Cash FlowHedge - ReclassifiedAmount fromAccumulatedOtherComprehensiveEarnings (Loss)** | **Gain (Loss) onDerivatives notDesignated asHedgeInstruments** |
| Commodity contracts - *manage exposure to customer pricing* | Net sales | $6 | $— | $1 | $— |
| Commodity contracts - *manage exposure to supplier pricing* | Cost of sales | (14) | (5) | 7 | 9 |
| Interest rate contracts - *manage exposure for outstanding debt* | Interest expense | 1 |  | 3 |  |
| Currency contracts - *manage currency exposure* | Selling, general and administrative | 8 | 3 | (36) | (29) |
| Equity contracts | Selling, general and administrative |  | (7) |  | 9 |
| Total |  | $1 | $(9) | $(25) | $(11) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | | **2025** | **2025** | **2024** | **2024** |
| <br>**($ in millions)** | <br>**Location of Gain (Loss)Recognized in Earnings on Derivatives** | **Cash FlowHedge - ReclassifiedAmount fromAccumulatedOtherComprehensiveEarnings (Loss)** | **Gain (Loss) onDerivatives notDesignated asHedgeInstruments** | **Cash FlowHedge - ReclassifiedAmount fromAccumulatedOtherComprehensiveEarnings (Loss)** | **Gain (Loss) onDerivatives notDesignated asHedgeInstruments** |
| Commodity contracts - *manage exposure to customer pricing* | Net sales | $18 | $— | $(5) | $— |
| Commodity contracts - *manage exposure to supplier pricing* | Cost of sales | (12) | 1 | (3) | 3 |
| Interest rate contracts *- manage exposure for outstanding debt* | Interest expense | 4 |  | 9 |  |
| Currency contracts - *manage currency exposure* | Selling, general and administrative | (93) | (167) | 12 | 27 |
| Equity contracts | Selling, general and administrative |  | (8) |  | 12 |
| &nbsp;&nbsp;Total |  | $(83) | $(174) | $13 | $42 |

---

[**Table of Contents**](#Toc)

**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

The changes in accumulated other comprehensive earnings (loss) for derivatives designated as hedges were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| Amounts reclassified into earnings: |  |  |  |  |
| &nbsp;&nbsp;Commodity contracts | $8 | $(8) | $(6) | $8 |
| &nbsp;&nbsp;Interest rate contracts | (1) | (3) | (4) | (9) |
| &nbsp;&nbsp;Currency exchange contracts | (8) | 36 | 93 | (12) |
| Change in fair value of hedges: |  |  |  |  |
| &nbsp;&nbsp;Commodity contracts | 5 | (16) | (14) | (6) |
| &nbsp;&nbsp;Interest rate contracts | 1 | (14) | (5) | 2 |
| &nbsp;&nbsp;Currency exchange contracts | 14 | (34) | (83) | 11 |
| &nbsp;&nbsp;Net investment hedge | 7 | (20) | (99) | (20) |
| &nbsp;&nbsp;Currency and tax impacts | (3) | 16 | 5 | 7 |
|  | $23 | $(43) | $(113) | $(19) |

---

**21.&nbsp;&nbsp;&nbsp;&nbsp;Contingencies** 

Ball is subject to numerous lawsuits, claims or proceedings arising out of the ordinary course of business, including actions related to product liability; personal injury; the use and performance of company products; warranty matters; patent, trademark or other intellectual property infringement; contractual liability; the conduct of the company's business; tax reporting in domestic and non-U.S. jurisdictions; workplace safety; environmental; trade compliance and other matters. The company has also been identified as a potentially responsible party (PRP) at several waste disposal sites under U.S. federal and related state environmental statutes and regulations and may have joint and several liability for any investigation and remediation costs incurred with respect to such sites. In addition, the company has received claims alleging that employees in certain plants have suffered damages due to exposure to alleged workplace hazards. Some of these lawsuits, claims and proceedings involve substantial amounts, including as described below, and some of the environmental proceedings involve potential monetary costs or sanctions that may be material. Ball has denied liability with respect to many of these lawsuits, claims and proceedings and is vigorously defending such lawsuits, claims and proceedings. The company carries various forms of commercial, property and casualty, and other forms of insurance; however, such insurance may not be applicable or adequate to cover the costs associated with a judgment against Ball with respect to these lawsuits, claims and proceedings. The company estimates that potential liabilities for all currently known and estimable environmental matters are approximately $26 million in the aggregate, and such amounts have been included in other current liabilities and other noncurrent liabilities at September 30, 2025. Based on the information available at the present time, any reasonably possible loss that may be incurred in excess of the recorded accruals cannot be estimated.

In September 2025, the company received notice from the U.S. Customs and Border Protection challenging the tariff classification and applicable rate of duty of certain aluminum imports asserting that additional duties and tariffs are payable. The company believes the notice is without merit and intends to vigorously defend the matter. While the outcome of this matter is uncertain at this time, any such additional tariffs could be material and could materially impact the company's results of operations. The company is unable to develop a reasonable estimate of loss.

On February 1, 2012, Ball Metal Beverage Container Corp. ("BMBCC") filed suit against Crown Technology Holding, Inc. ("Crown") in the United States District Court for the Southern District of Ohio seeking a declaratory judgment that the CDL beverage can end made and sold by BMBCC did not infringe certain U.S. patents held by Crown. In response, Crown filed a counterclaim alleging that the CDL ends made and sold by BMBCC infringed the subject patents and seeking damages. On September 25, 2019, the District Court granted BMBCC's motion for summary judgment holding that the patents at issue were invalid due to indefiniteness. On October 20, 2019, Crown appealed this decision to the Court of Appeals for the Federal Circuit ("CAFC"). On December 31, 2020, the CAFC in a non-precedential decision, vacated the decision of the District Court finding that the District Court had not considered an additional factor under a novel position advanced by the CAFC, and remanded the case to the District Court for further proceedings. On August 2, 2023, the District Court again granted summary judgment to Ball finding that patent claims at issue are invalid due to invalidity under the revised analytical framework specified by the CAFC. On August 4, 2023, Crown appealed this decision to the CAFC. On June 30, 2025, the CAFC affirmed the decision of the District Court.

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**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

The company's operations in Brazil are involved in various governmental assessments, which have historically mainly related to claims for taxes on the internal transfer of inventory, gross revenue taxes, and indirect tax incentives and deductibility of goodwill. In addition, one of the company's Brazilian subsidiaries received an income tax assessment focused on the disallowance of deductions associated with the acquisition price paid to a third party for a portion of its operations. Based on the information available at the present time, the Company is unable to predict the ultimate outcome of these claims including the amount of reasonably possible loss and intends to vigorously defend these matters.

**22. Indemnifications and Guarantees** 

*General Guarantees*

The company or its appropriate consolidated direct or indirect subsidiaries have made certain indemnities, commitments and guarantees under which the specified entity may be required to make payments in relation to certain transactions. These indemnities, commitments and guarantees are in contracts to which the company or its subsidiaries are a party, including agreements with customers of the subsidiaries in connection with the sales of their packaging products and services; guarantees to suppliers of subsidiaries of the company guaranteeing the performance of the respective entity under a purchase agreement, construction contract, renewable energy purchase contract or other commitment; guarantees in respect of certain non-U.S. subsidiaries' pension plans; indemnities for liabilities associated with the infringement of third-party patents, trademarks or copyrights under various types of agreements; indemnities to various lessors in connection with facility, equipment, furniture and other personal property leases for certain claims arising from such leases; indemnities pursuant to agreements relating to certain joint ventures; indemnities in connection with the sale of businesses or substantially all of the assets and specified liabilities of businesses; and indemnities to directors, officers and employees of the company to the extent permitted under the laws of the State of Indiana and the United States of America. The duration of these indemnities, commitments and guarantees varies and, in certain cases, is indefinite.

In addition, many of these indemnities, commitments and guarantees do not provide for any limitation on the maximum potential future payments the company could be obligated to make. As such, the company is unable to reasonably estimate its potential exposure under these items.

The company has not recorded any material liabilities for these indemnities, commitments and guarantees in the accompanying unaudited condensed consolidated balance sheets. The company does, however, accrue for payments under promissory notes and other evidences of incurred indebtedness and for losses for any known contingent liability, including those that may arise from indemnifications, commitments and guarantees, when future payment is both reasonably estimable and probable. Finally, the company carries specific and general liability insurance policies and has obtained indemnities, commitments and guarantees from third-party purchasers, sellers and other contracting parties, which the company believes would, in certain circumstances, provide recourse to certain claims arising from these indemnifications, commitments and guarantees.

*Debt Guarantees* 

The company's and its subsidiaries' obligations under the senior notes and senior credit facilities (or, in the case of U.S. domiciled non-U.S. subsidiaries under the senior credit facilities, the obligations of non-U.S. credit parties only) are guaranteed on a full, unconditional and joint and several basis by certain of the company's domestic subsidiaries and the domestic subsidiary borrowers, and obligations of other guarantors and the subsidiary borrowers under the senior credit facilities are guaranteed by the company, in each case with certain exceptions. These guarantees are required in support of the senior notes and senior credit facilities referred to above, are coterminous with the terms of the respective note indentures, senior notes and credit agreement, and they could be enforced by the holders of the obligations thereunder during the continuation of an event of default under the note indentures, the senior notes and/or the credit agreement. The maximum potential amounts which could be required to be paid under such guarantees are essentially equal to then-outstanding obligations under the respective senior notes or the credit agreement (or, in the case of U.S. domiciled non-U.S. subsidiaries under the senior credit facilities, the obligations of non-U.S. credit parties only), with certain exceptions. All obligations under the guarantees of the senior credit facilities are secured, with certain exceptions, by a valid first priority perfected lien or pledge on (i) 100 percent of the capital stock of each of the company's material wholly owned domestic subsidiaries directly owned by the company or any of its wholly owned domestic subsidiaries and (ii) 65 percent of the capital stock of each of the company's material wholly owned first-tier non-U.S. subsidiaries directly owned by the company or any of its wholly owned domestic subsidiaries. In addition, the obligations of certain

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**Ball Corporation**

**Notes to the Unaudited Condensed Consolidated Financial Statements**

non-U.S. borrowers and non-U.S. pledgors under the loan documents will be secured, with certain exceptions, by a valid first priority perfected lien or pledge on 100 percent of the capital stock of certain of the company's material wholly owned non-U.S. subsidiaries and material wholly owned U.S. domiciled non-U.S. subsidiaries directly owned by the company or any of its wholly owned material subsidiaries. The company is not in default under the above-referenced senior notes or senior credit facilities.

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**Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*Management's discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements (consolidated financial statements) and accompanying notes included in* [*Item 1*](#Item1FINANCIALSTATEMENTS_7224) *of this Quarterly Report on Form 10-Q, which include additional information about our accounting policies, practices and the transactions underlying our financial results. The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires us to make estimates and assumptions that affect the reported amounts in our consolidated financial statements and the accompanying notes, including various claims and contingencies related to lawsuits, taxes, environmental and other matters arising during the normal course of business. We apply our best judgment, our knowledge of existing facts and circumstances and actions that we may undertake in the future in determining the estimates that affect our consolidated financial statements. We evaluate our estimates on an ongoing basis using our historical experience, as well as other factors we believe appropriate under the circumstances, such as current economic conditions, and adjust or revise our estimates as circumstances change. As future events and their effects cannot be determined with precision, actual results may differ from these estimates. Ball Corporation and its subsidiaries are referred to collectively as "Ball Corporation," "Ball," "the company," "we" or "our" in the following discussion and analysis.*

**OVERVIEW**

*Business Overview and Industry Trends* 

Ball Corporation is one of the world's leading aluminum packaging suppliers. With a growth mindset and by pursuing operational excellence, we lean on our competitive strengths to reach our financial goals. We are focused on maintaining our strong financial position by listening to and partnering with our global customers, delivering operational efficiencies and an innovative product portfolio from our best-in-class manufacturing facilities and returning value to shareholders via share repurchases and dividends. In the aluminum packaging industry, sales and earnings can be increased by reducing costs, increasing prices, developing new products, expanding volume and making strategic acquisitions.

We sell our aluminum packaging products mainly to large, multinational beverage, personal care and household products companies with which we have developed long-term relationships. This is evidenced by our high customer retention and our large number of long-term supply contracts. While we have a diversified customer base, we sell a significant portion of our packaging products to major companies and brands, as well as to numerous regional customers. The overall global aluminum packaging industry is growing and is expected to continue to grow in the medium to long term.

We purchase our raw materials from relatively few suppliers. We also have exposure to inflation, in particular the rising costs of raw materials, as well as other direct cost inputs. We mitigate our exposure to the changes in the costs of aluminum through the inclusion of provisions in contracts covering the majority of our volume to pass-through aluminum price changes, as well as through the use of derivative instruments. The pass-through provisions generally result in proportional increases or decreases in sales and costs with a greatly reduced impact, if any, on net earnings; however, there may be timing differences of when the costs are passed through. Because of our customer and supplier concentration, our business, financial condition and results of operations could be adversely affected by the loss, insolvency or bankruptcy of a major customer or supplier or a change in a supply agreement with a major customer or supplier, although our contract provisions generally mitigate the risk of customer loss, and our long-term relationships represent a known, stable customer base.

From time to time, we have evaluated and expect to continue to evaluate possible transactions that we believe will benefit the company and our shareholders, which may include strategic acquisitions, divestitures of parts of our company or equity investments. At any time, we may be engaged in discussions or negotiations at various stages of development with respect to one or more possible transactions or may have entered into non-binding letters of intent. As part of any such initiatives, we may participate in processes being run by other companies or leading our own activities.

**RESULTS OF CONSOLIDATED OPERATIONS** 

Management's discussion and analysis for our results of operations on a consolidated and segment basis include a quantification of factors that had a material impact. Other factors that did not have a material impact, but that are significant to understand the results, are qualitatively described.

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***Global Economic Environment***

Current and future inflationary effects may continue to be impacted by, among other things, supply chain disruptions, governmental stimulus or fiscal and monetary policies, changes in interest rates, tariffs and changing demand for certain goods and services. There is currently significant uncertainty as to the extent and duration of tariffs and the associated impacts on inflation. Furthermore, we cannot predict with any certainty the impact that interest rates, a global or any regional recession, tariffs, or higher inflation may have on our customers or suppliers. Additionally, we are unable to predict the potential effects that any future pandemic, hyperinflationary economies in countries where we operate, or the continuation or escalation of global conflicts, including the conflict between Russia and Ukraine and the instability in the Middle East and Myanmar, and related sanctions or market disruptions, may have on our business. It remains uncertain how long any of these conditions may last or how severe any of them may become.

***Consolidated Sales and Earnings***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| Net sales | $3379 | $3082 | $9814 | $8915 |
| Net earnings attributable to Ball Corporation | 321 | 197 | 712 | 4040 |
| Net earnings attributable to Ball Corporation as a % of net sales | 9% | 6% | 7% | 45% |

---

Sales in the three months ended September 30, 2025, increased $297 million compared to the same period in 2024 primarily due to increases of $145 million from higher volume, $120 million from price/mix, mainly from higher aluminum prices, and $64 million from currency translation. Sales in the nine months ended September 30, 2025, increased $899 million compared to the same period in 2024 primarily due to increases of $500 million from higher volume, $370 million from price/mix, mainly from higher aluminum prices, and $91 million from currency translation.

Net earnings attributable to Ball Corporation for the three months ended September 30, 2025, increased $124 million compared to the same period in 2024 primarily due to increases of $163 million from business consolidation and other activities and $28 million from the results of the reportable segments discussed below, partially offset by $18 million of higher interest expense and $34 million from a higher provision for income taxes. Net earnings attributable to Ball Corporation for the nine months ended September 30, 2025, decreased $3.33 billion compared to the same period in 2024 primarily due to decreases of $3.61 billion from lower discontinued operations, net of tax, $72 million from a higher provision for income taxes and $35 million from lower interest income in corporate undistributed expenses, net, partially offset by increases of $82 million from lower incremental compensation cost from the successful sale of the aerospace business incurred in 2024, $224 million from business consolidation and other activities and $84 million from the results of the reportable segments discussed below.

When analyzing net earnings attributable to Ball Corporation as a percentage of net sales, it is important to note that net earnings attributable to Ball Corporation in 2024 includes discontinued operations, net of tax resulting from the net sales attributable to the historical aerospace reportable segment through the date of the divestiture on February 16, 2024, that are reported as discontinued operations. However, net sales attributable to the historical aerospace reportable segment are not included in the 2024 net sales figures in the table above.

*Cost of Sales (Excluding Depreciation and Amortization)* 

Cost of sales, excluding depreciation and amortization, was $2,701 million and $2,425 million for the three months ended September 30, 2025 and 2024, respectively, and $7,884 million and $7,065 million for the nine months ended September 30, 2025 and 2024, respectively. These amounts represented 80 percent and 79 percent of consolidated net sales for the three months ended September 30, 2025 and 2024, respectively, and 80 percent and 79 percent of consolidated net sales for the nine months ended September 30, 2025 and 2024, respectively. The increase for the three months ended September 30, 2025, was primarily due to higher raw materials costs of $244 million, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segment sections below. The increase for the nine months ended September 30, 2025, was primarily due to higher raw materials costs of $747 million, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segment sections below.

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*Depreciation and Amortization* 

Depreciation and amortization expense was $158 million and $150 million for the three months ended September 30, 2025 and 2024, respectively, and $463 million and $460 million for the nine months ended September 30, 2025 and 2024, respectively. These amounts represented 5 percent of consolidated net sales for the three months ended September 30, 2025 and 2024, respectively, and 5 percent of consolidated net sales for the nine months ended September 30, 2025 and 2024, respectively. The increase for the three and nine months ended September 30, 2025, was primarily due to the company's larger depreciable asset base.

*Selling, General and Administrative* 

Selling, general and administrative was $130 million and $142 million for the three months ended September 30, 2025 and 2024, respectively, and $416 million and $518 million for the nine months ended September 30, 2025 and 2024, respectively. These amounts represented 4 percent and 5 percent of consolidated net sales for the three months ended September 30, 2025 and 2024, respectively, and 4 percent and 6 percent of consolidated net sales for the nine months ended September 30, 2025 and 2024, respectively. The decrease for the three months ended September 30, 2025, was primarily due to decreased costs for professional services of $8 million. The decrease for the nine months ended September 30, 2025, was primarily due to decreases in compensation costs of $67 million, which in 2024 included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business, and costs for professional services of $20 million.

*Business Consolidation and Other Activities* 

Business consolidation and other activities resulted in income of $78 million and charges of $85 million for the three months ended September 30, 2025 and 2024, respectively, and income of $53 million and charges of $171 million for the nine months ended September 30, 2025 and 2024, respectively. The 2025 amounts include the $86 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups business transaction. The charges for the nine months ended September 30, 2025, were partially offset by income from the receipt of insurance proceeds for replacement costs related to the 2023 fire at the company's Verona, Virginia extruded aluminum slug manufacturing facility. The 2024 amounts primarily included facility shutdown costs. Further details regarding business consolidation and other activities are provided in [Note 6](#Note6).

*Interest Income*

Interest income was $8 million and $14 million for the three months ended September 30, 2025 and 2024, respectively, and $20 million and $58 million for the nine months ended September 30, 2025 and 2024, respectively. The decreases in interest income for the three and nine months ended September 30, 2025, were primarily due to the higher amount of cash on hand in 2024 from the sale of the aerospace business.

*Interest Expense* 

Interest expense was $85 million and $67 million for the three months ended September 30, 2025 and 2024, respectively, and $236 million and $228 million for the nine months ended September 30, 2025 and 2024, respectively. Interest expense as a percentage of average borrowings was 4.6 percent for the three months ended September 30, 2025 and 2024, and decreased approximately 40 basis points from 4.9 percent for the nine months ended September 30, 2024, to 4.5 percent for the nine months ended September 30, 2025. The interest expense increase for the three months ended September 30, 2025, was primarily driven by an increase of $18 million from a higher amount of weighted average principal outstanding during the quarter. The interest expense increase for the nine months ended September 30, 2025, was primarily driven by an increase of $29 million from a higher amount of weighted average principal outstanding during the year, partially offset by a decrease of $21 million from lower weighted average interest rates on outstanding debt during the year.

*Income Taxes* 

The effective tax rate for the three and nine months ended September 30, 2025, was 19.4 percent and 21.4 percent, respectively, compared to 18.5 percent and 22.3 percent for the same periods in 2024. The increase of 0.9 percentage points for the three months ended September 30, 2025 was primarily due to lower state and local tax credits, partially

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offset by the sale of the Saudi Arabian business at a lower tax rate. The decrease of 0.9 percentage points for the nine months ending September 30, 2025 was primarily due to the sale of the Saudi Arabian business at a lower tax rate, and higher federal tax credits, partially offset by the effects of lower state and local tax credits. Similar impacts may occur in future periods, but given their inherent uncertainty, the company is unable to reasonably estimate their potential future impacts.

**RESULTS OF BUSINESS SEGMENTS**

***Segment Results***

Ball's operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.

*Beverage Packaging, North and Central America* 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| Net sales | $1638 | $1456 | $4714 | $4328 |
| Comparable operating earnings | 210 | 203 | 613 | 605 |
| Comparable operating earnings as a % of segment net sales | 13% | 14% | 13% | 14% |

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Ball permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington, in the first quarter of 2024 and acquired an aluminum beverage can manufacturing facility in Winter Haven, Florida, in the first quarter of 2025 as part of its acquisition of Florida Can Manufacturing. See [Note 4](#Note4) for further details on the acquisition.

Segment sales for the three and nine months ended September 30, 2025, were $182 million and $386 million higher, respectively, compared to the same periods in 2024. The increase for the three months ended September 30, 2025, was primarily due to increases of $106 million from price/mix, mainly from higher aluminum prices, and $76 million from higher volume. The increase for the nine months ended September 30, 2025, was primarily due to increases of $205 million from price/mix, mainly from higher aluminum prices, and $180 million from higher volume.

Comparable operating earnings for the three and nine months ended September 30, 2025, were $7 million and $8 million higher, respectively, compared to the same periods in 2024. The increase for the three months ended September 30, 2025, was primarily due to an increase of $29 million from higher volume, partially offset by $11 million from price/mix. The increase for the nine months ended September 30, 2025, was primarily due to an increase of $57 million from higher volume, partially offset by a decrease of $34 million from price/mix.

*Beverage Packaging, EMEA* 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| Net sales | $1059 | $950 | $3012 | $2640 |
| Comparable operating earnings | 147 | 128 | 372 | 326 |
| Comparable operating earnings as a % of segment net sales | 14% | 13% | 12% | 12% |

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Segment sales for the three and nine months ended September 30, 2025, were $109 million and $372 million higher, respectively, compared to the same periods in 2024. The increase for the three months ended September 30, 2025, was primarily due to $58 million from currency translation and $48 million from higher volume. The increase for the nine months ended September 30, 2025, was primarily due to increases of $175 million from higher volume, $102 million from price/mix, mainly from higher aluminum prices, and $95 million from currency translation.

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Comparable operating earnings for the three and nine months ended September 30, 2025, were $19 million and $46 million higher, respectively, compared to the same periods in 2024. The increase for the three months ended September 30, 2025, was primarily due to increases of $15 million from higher volume. The increase for the nine months ended September 30, 2025, was primarily due to increases of $49 million from higher volume and $39 million from price/mix, partially offset by a decrease of $53 million from higher costs.

*Beverage Packaging, South America* 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| Net sales | $508 | $484 | $1529 | $1388 |
| Comparable operating earnings | 80 | 78 | 200 | 170 |
| Comparable operating earnings as a % of segment net sales | 16% | 16% | 13% | 12% |

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Segment sales for the three and nine months ended September 30, 2025, were $24 million and $141 million higher, respectively, compared to the same periods in 2024. The increase for the three months ended September 30, 2025, was primarily due to an increase of $19 million from higher volume. The increase for the nine months ended September 30, 2025, was primarily due to increases of $98 million from higher volume and $42 million from price/mix, mainly from higher aluminum prices.

Comparable operating earnings for the three and nine months ended September 30, 2025, were $2 million and $30 million higher, respectively, compared to the same periods in 2024. The increase for the three months ended September 30, 2025, was primarily due to increases of $8 million from higher volume and $8 million from price/mix, partially offset by a decrease of $12 million from higher costs. The increase for the nine months ended September 30, 2025, was primarily due to increases of $35 million from higher volume and $26 million from price/mix, partially offset by a decrease of $26 million from higher costs.

*Management Performance Measures*

Management internally uses various measures to evaluate company financial performance such as comparable operating earnings (earnings before interest expense, taxes and business consolidation and other non-comparable items); comparable net earnings (net earnings attributable to Ball Corporation before business consolidation and other non-comparable items after tax); comparable diluted earnings per share (comparable net earnings divided by diluted weighted average shares outstanding); return on average invested capital (net operating earnings after tax over the relevant performance period divided by average invested capital over the same period); economic value added (EVA®) dollars (net operating earnings after tax less a capital charge on average invested capital employed); earnings before interest expense, taxes, depreciation and amortization (EBITDA); and diluted earnings per share. In addition, management uses operating cash flows, free cash flow (cash flows from operating activities less capital expenditures; and, it may be adjusted for additional items that affect comparability between periods) and adjusted free cash flow (free cash flow adjusted for payments made for income tax liabilities related to the aerospace disposition and other material dispositions) as measures to evaluate the company's liquidity. We believe this information is also useful to investors as it provides insight into the earnings and cash flow criteria that management uses to make strategic decisions. These financial measures may be adjusted at times for items that affect comparability between periods, including business consolidation and other non-comparable items.

Nonfinancial measures used in the packaging businesses include production efficiency and spoilage rates; quality control figures; environmental, health and safety statistics; production and sales volume data; asset utilization rates and measures of sustainability. References to sales volume data represent units shipped.

Many of the above noted financial measurements are presented on a non-U.S. GAAP basis and should be considered in connection with the consolidated financial statements included within [Item 1](#Item1FINANCIALSTATEMENTS_7224) of this report. Non-U.S. GAAP measures should not be considered in isolation and should not be considered superior to, or a substitute for, financial measures calculated in accordance with U.S. GAAP. A presentation of earnings in accordance with U.S. GAAP is available in [Item 1](#Item1FINANCIALSTATEMENTS_7224) of this report.

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**NEW ACCOUNTING PRONOUNCEMENTS**

For information regarding recent accounting pronouncements, see [Note 2](#Note2) to the consolidated financial statements included within [Item 1](#Item1FINANCIALSTATEMENTS_7224) of this report on Form 10-Q.

**FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES**

*Cash Flows and Capital Expenditures*

Our primary sources of liquidity are cash provided by operating activities and external borrowings. We believe that cash flows from operating activities and cash provided by short-term, long-term and committed revolver borrowings, when necessary, will be sufficient to meet our ongoing operating requirements, scheduled principal and interest payments on debt, dividend payments, anticipated share repurchases and anticipated capital expenditures. We have limited near-term debt maturities and our senior credit facilities are in place until 2027. The following table summarizes our cash flows:

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| <br>**($ in millions)** | **2025** | **2024** |
| Cash flows provided by (used in) operating activities | $51 | $(385) |
| Cash flows provided by (used in) investing activities | (574) | 5181 |
| Cash flows provided by (used in) financing activities | 140 | (3998) |

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Cash flows from the historical aerospace reportable segment are presented within each cash flow statement category in the consolidated statement of cash flows for the nine months ended September 30, 2024. Depreciation and amortization, capital expenditures and significant operating and investing noncash items of the aerospace discontinued operation are presented in [Note 4](#Note4).

Cash flows provided by operating activities were $51 million in 2025, primarily driven by earnings from continuing operations of $715 million and a reconciling adjustment to operating cash flows of $463 million for depreciation and amortization, partially offset by working capital outflows of $909 million. On February 16, 2024, the company completed the sale of the aerospace business. We currently estimate a total cash tax of $840 million for the sale of the aerospace business, of which $766 million was paid in 2024 and $60 million was paid through the third quarter of 2025. The remaining amount is expected to be paid in 2025. See [Note 4](#Note4) for further details. In a dynamic economic environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms. At September 30, 2025, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $38 million, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $30 million and a change of one day in days inventory on hand will impact cash flows provided by (used in) operating activities by $30 million.

Cash flows used in investing activities were $574 million in 2025, primarily driven by capital expenditures of $304 million, $160 million of cash consideration used for the acquisition of Florida Can Manufacturing and $89 million of derivative settlements. See [Note 4](#Note4) for further details on the acquisition.

Cash flows provided by financing activities were $140 million in 2025, primarily driven by a net inflow from long-term and short-term borrowings of $1.43 billion, primarily driven by the issuance of $750 million of 5.50% senior notes due in 2033 and €850 million of 4.25% senior notes due in 2032, partially offset by repurchases of common stock of $1.11 billion and dividends of $166 million. See [Note 15](#Note15) for further details on the company's borrowings and additional amounts available.

We have entered into several regional accounts receivable factoring programs with various financial institutions for certain of our accounts receivable. The programs are accounted for as true sales of the receivables, with limited recourse to Ball, and had combined limits of approximately $1.79 billion and $1.60 billion at September 30, 2025, and December 31, 2024, respectively. A total of $580 million and $428 million were available for sale under these programs as of September 30, 2025, and December 31, 2024, respectively. The company has recorded expense related to its factoring programs of $9 million and $12 million for the three months ended September 30, 2025 and 2024, respectively, and $28 million and $35 million for the nine months ended September 30, 2025 and 2024, respectively, and has presented these amounts in selling, general and administrative in its unaudited condensed consolidated statements of earnings.

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**The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's regional supplier finance programs was $276 million and $423 million at September 30, 2025, and December 31, 2024, respectively. These amounts are classified within accounts payable on the unaudited condensed consolidated balance sheets, and the associated payments are reflected in the cash flows from operating activities section of the unaudited condensed consolidated statements of cash flows.**

**Contributions to the company's defined benefit pension plans were $36 million in the first nine months of 2025 compared to $24 million in the same period of 2024, and such contributions are expected to be approximately $43 million for the full year of 2025. This estimate may change based on changes in the Pension Protection Act, actual plan asset performance and available company cash flow, among other factors.** 

The company expects that 2025 capital expenditures for property, plant and equipment will likely be in the range of $465 million. Approximately $375 million of capital expenditures for property, plant and equipment were contractually committed as of September 30, 2025, and the company intends to return approximately $220 million to shareholders in the form of dividends for the full year 2025, inclusive of the cash dividend of 20 cents per share, payable December 15, 2025, to shareholders of record as of December 1, 2025.

As of September 30, 2025, approximately $556 million of our cash was held outside of the U.S. In the event that we would need to utilize any of the cash held outside of the U.S. for purposes within the U.S., there are no material legal or other economic restrictions regarding the repatriation of cash from any of the countries outside the U.S. where we have cash. The company believes its U.S. operating cash flows and cash on hand, as well as availability under its long-term, revolving credit facilities, uncommitted short-term credit facilities and accounts receivable factoring programs, will be sufficient to meet the cash requirements of the U.S. portion of our ongoing operations, scheduled principal and interest payments on U.S. debt, dividend payments, capital expenditures and other U.S. cash requirements. If non-U.S. funds are needed for our U.S. cash requirements and we are unable to provide the funds through intercompany financing arrangements, we may be required to repatriate funds from non-U.S. locations where the company has previously asserted indefinite reinvestment of funds outside the U.S.

Based on its indefinite reinvestment assertion, the company has not provided deferred taxes on earnings in certain non-U.S. subsidiaries because such earnings are intended to be indefinitely reinvested in its international operations. It is not practical to estimate the additional taxes that might become payable if these earnings were remitted to the U.S.

*Share Repurchases*

The company's share repurchases totaled $1.11 billion during the nine months ended September 30, 2025, compared to $1.06 billion of repurchases during the same period of 2024. The repurchases were completed using cash on hand, cash provided by operating activities and available borrowings. The company plans to continue capital return to shareholders via an estimated $1.3 billion in share repurchases in 2025.

In the second quarter of 2025, in a privately negotiated transaction, Ball entered into an accelerated share repurchase agreement to buy $250 million of its common shares using cash on hand and available borrowings. In the third quarter of 2025, Ball settled the agreement and received a total of 4.44 million shares with the average price per share paid of $56.30.

On January 29, 2025, the Board of Directors approved the repurchase by the company of up to $4.00 billion in shares of its common stock through the end of 2027. This repurchase authorization replaced all previous authorizations. At September 30, 2025, $3.14 billion remains available to be repurchased.

*Debt Facilities and Other Activities*

Given our cash flow projections and unused credit facilities that are available until June 2027, our liquidity is expected to meet our ongoing cash and debt service requirements. Total interest-bearing debt of $7.26 billion and $5.69 billion was outstanding at September 30, 2025, and December 31, 2024, respectively.

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In August 2025, Ball issued $750 million of 5.50% senior notes due in 2033 and repaid the outstanding U.S. dollar revolving credit facility due in 2027 in the amount of $600 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $100 million.

In July 2025, Ball repaid at maturity the outstanding 5.25% senior notes due in the amount of $189 million.

In May 2025, Ball issued €850 million of 4.25% senior notes due in 2032 and repaid a portion of the U.S. dollar revolving credit facility due in 2027 in the amount of $500 million, as well as the outstanding multi-currency revolving credit facility due in 2027 of $200 million.

The company's senior credit facilities include a $1.35 billion term loan and long-term, multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At September 30, 2025, approximately $1.70 billion was available under the company's long-term, multi-currency committed revolving credit facilities. The company also had approximately $1.02 billion of short-term uncommitted credit facilities available at September 30, 2025, of which $86 million was outstanding and due on demand. At December 31, 2024, the company had $109 million of committed short-term loans outstanding, a $24 million short-term finance lease outstanding and $37 million outstanding under short-term uncommitted credit facilities.

While ongoing financial and economic conditions in certain areas may raise concerns about credit risk with counterparties to derivative transactions, the company mitigates its exposure by allocating the risk among various counterparties and limiting exposure to any one party. We also monitor the credit ratings of our suppliers, customers, lenders and counterparties on a regular basis.

We were in compliance with the leverage ratio requirement at September 30, 2025, and for all prior periods presented, and have met all debt payment obligations. The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive of our debt covenants requires us to maintain a leverage ratio (as defined) of no greater than 4.5 times. As of September 30, 2025, the company could borrow an additional $2.39 billion under its long-term multi-currency committed revolving facilities and short-term uncommitted credit facilities. Additional details about our debt are available in [Note 15](#Note15) accompanying the consolidated financial statements within [Item 1](#Item1FINANCIALSTATEMENTS_7224) of this report. In 2024 and 2025, we entered into and designated net investment hedges against the net assets of our euro denominated operations. See [Note 20](#Note20) for further details.

*Saudi Arabia*

In August 2025, the company sold 41 percent of its share in Ball United Arab Can Manufacturing Company, which resulted in deconsolidation upon closing of the transaction. See [Note 4](#Note4) for further details.

**CONTINGENCIES, INDEMNIFICATIONS AND GUARANTEES** 

Details of the company's contingencies, legal proceedings, indemnifications and guarantees are available in [Note 21](#Note21) and [Note 22](#Note22) accompanying the consolidated financial statements within [Item 1](#Item1FINANCIALSTATEMENTS_7224) of this report. The company is routinely subject to litigation incidental to operating its businesses and has been designated by various federal, state, and international environmental agencies as a potentially responsible party, along with numerous other companies, for the clean-up of several hazardous waste sites.

*Guaranteed Securities*

The company's senior notes are guaranteed on a full and unconditional, joint and several basis by the issuer of the company's senior notes and the subsidiaries that guarantee the notes (the obligor group). The entities that comprise the obligor group are 100 percent owned by the company. As described in the supplemental indentures governing the company's existing senior notes, the senior notes are guaranteed by any of the company's domestic subsidiaries that guarantee any other indebtedness of the company.

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The following summarized financial information relates to the obligor group as of September 30, 2025, and December 31, 2024. Intercompany transactions, equity investments and other intercompany activity between obligor group subsidiaries have been eliminated from the summarized financial information. Investments in subsidiaries not forming part of the obligor group have also been eliminated.

---

| | | |
|:---|:---|:---|
| <br>**($ in millions)** | **Nine Months Ended**<br>**September 30, 2025** | **Year Ended**<br>**December 31, 2024** |
| Net sales | $5526 | $6708 |
| Gross profit *(a)* | 670 | 807 |
| Net earnings | 379 | 3824 |
| Net earnings attributable to Ball Corporation | 379 | 3824 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Gross profit is shown after depreciation and amortization related to cost of sales of $135 million for the nine months ended September 30, 2025, and $189 million for the year ended December 31, 2024.* 

---

| | | |
|:---|:---|:---|
| <br>**($ in millions)** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Current assets | $2317 | $2144 |
| Noncurrent assets | 13711 | 14698 |
| Current liabilities | 2740 | 4096 |
| Noncurrent liabilities | 10091 | 8415 |

---

Included in the amounts disclosed in the table above, at September 30, 2025, and December 31, 2024, the obligor group held receivables due from other subsidiary companies of $497 million and $440 million, respectively, long-term notes receivable due from other subsidiary companies of $9.15 billion and $10.03 billion, respectively, payables due to other subsidiary companies of $243 million and $1.79 billion, respectively, and long-term notes payable due to other subsidiary companies of $2.32 billion and $2.20 billion, respectively.

For the nine months ended September 30, 2025, and the year ended December 31, 2024, the obligor group recorded the following transactions with other subsidiary companies: sales to them of $952 million and $1.23 billion, respectively, net credits from them of $49 million and $75 million, respectively, and net interest income from them of $239 million and $336 million, respectively. The obligor group received dividends from other subsidiary companies of $54 million during the year ended December 31, 2024.

A description of the terms and conditions of the company's debt guarantees is located in [Note 22](#Note22) of [Item 1](#Item1FINANCIALSTATEMENTS_7224) of this report.

**Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** 

The company employs established risk management policies and procedures which seek to reduce the company's commercial risk exposure to fluctuations in commodity prices, interest rates, currency exchange rates, net investments in foreign operations and prices of the company's common stock with regard to common share repurchases and the company's deferred compensation stock plan. However, there can be no assurance that these policies and procedures will be successful. Although the instruments utilized involve varying degrees of credit, market and interest risk, the counterparties to the agreements are expected to perform fully under the terms of the agreements. The company monitors counterparty credit risk, including lenders, on a regular basis, but Ball cannot be certain that all risks will be discerned or that its risk management policies and procedures will always be effective. Additionally, in the event of default under the company's master derivative agreements, the non-defaulting party has the option to set off any amounts owed with regard to open derivative positions. Further details are available in Item 7A within Ball's 2024 Annual Report on Form 10-K filed on February 20, 2025, and in [Note 20](#Note20) accompanying the consolidated financial statements included within [Item 1](#Item1FINANCIALSTATEMENTS_7224) of this report.

**Item 4. CONTROLS AND PROCEDURES**

Our chief executive officer and chief financial officer participated in management's evaluation of our disclosure controls and procedures, as defined by the Securities and Exchange Commission (SEC), as of the end of the period covered by

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this report and concluded that our controls and procedures were effective. There were no changes to internal controls during the company's third quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**FORWARD-LOOKING STATEMENTS** 

This report contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates," "will," "believe," "likely," "continue," "goal" and similar expressions typically identify forward looking statements, which are generally any statements other than statements of historical fact. For example, the forward-looking statements in this Form 10-Q include statements relating to our plans, expectations and intentions. Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied. You should therefore not place undue reliance upon any forward-looking statements, and they should be read in conjunction with, and qualified in their entirety by, the cautionary statements referenced below. Ball undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the Securities and Exchange Commission, including Exhibit 99 in Ball's Form 10-K, which are available on Ball's website and at www.sec.gov. Additional factors that might affect: a) Ball's packaging segments include product capacity, supply, and demand constraints and fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substitution; changes in climate and weather and related events such as drought, wildfires, storms, hurricanes, tornadoes and floods; footprint adjustments and other manufacturing changes, including the opening and closing of facilities and lines; failure to achieve synergies, productivity improvements or cost reductions; unfavorable mandatory deposit or packaging laws; customer and supplier consolidation; power and supply chain interruptions; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass-through increased costs; war, political instability and sanctions, including relating to the situation in Russia and Ukraine and its impact on Ball's supply chain and its ability to operate in Europe, the Middle East and Africa regions generally; changes in foreign exchange or tax rates; and tariffs, trade actions, or other governmental actions, including business restrictions and orders affecting goods produced by Ball or in its supply chain, including imported raw materials; and b) Ball as a whole include those listed above plus: the extent to which sustainability-related opportunities arise and can be capitalized upon; changes in senior management, succession, and the ability to attract and retain skilled labor; regulatory actions or issues including those related to tax, environmental, social and governance reporting, competition, environmental, health and workplace safety, including U.S. Federal Drug Administration and other actions or public concerns affecting products filled in Ball's containers, or chemicals or substances used in raw materials or in the manufacturing process; technological developments and innovations; the ability to manage cyber threats; litigation; strikes; disease; pandemic; labor cost changes; inflation; rates of return on assets of Ball's defined benefit retirement plans; pension changes; uncertainties surrounding geopolitical events and governmental policies; reduced cash flow; interest rates affecting Ball's debt; successful or unsuccessful joint ventures, acquisitions and divestitures, and their effects on Ball's operating results and business generally.

**PART II. OTHER INFORMATION**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp; Legal Proceedings** 

There were no events required to be reported under [Item 1](#Item1FINANCIALSTATEMENTS_7224)for the three months ended September 30, 2025, except as discussed in [Note 21](#Note21) to the consolidated financial statements included within Part I, Item 1 of this report.

**Item 1A. Risk Factors**

Except as described below, there were no changes required to be reported under Item 1A for the three months ended September 30, 2025.

*We are vulnerable to fluctuations and disruptions in the supply and price of raw materials.*

We purchase aluminum and other raw materials and packaging supplies, including dunnage, from several sources. While all such materials and supplies are available from independent suppliers, they are subject to fluctuations in price and availability attributable to a number of factors, including general economic conditions, commodity price fluctuations (particularly aluminum on the London Metal Exchange), the demand by other industries for the same raw materials and

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the availability of complementary and substitute materials. Although we enter into commodities purchase agreements from time to time and sometimes use derivative instruments to seek to manage our risk, we cannot ensure that our current suppliers of raw materials will be able to supply us with sufficient quantities at reasonable prices. Economic, financial and operational factors, including strikes or labor shortages, as well as governmental action, could impact our suppliers, thereby causing supply shortages. Increases in raw material costs, including potential increases due to tariffs, sanctions, or other trade actions, could have a material adverse effect on our business, financial condition or results of operations. For example, U.S. Customs and Border Protection is currently challenging, and may continue to challenge, the tariff classification and applicable rate of duty of certain aluminum imports of ours. While we believe the challenge is without merit and intend to vigorously defend the matter, if we are unsuccessful we could owe additional tariffs that could be material and could impact our results of operations. The company is unable to develop a reasonable estimate at this time. Global supply chain disruptions can negatively impact our results. In the Americas, Europe and Asia, some contracts do not allow us to pass along increased raw material costs and we generally use derivative agreements to seek to manage this risk. Our hedging procedures may be insufficient and our results could be materially impacted if costs of materials increase. Due to the fixed-price contracts, increased prices could decrease our sales volume over time. The delayed timing in recovering the pass-through of increasing raw material costs may also impact our short-term profitability and certain costs due to price increases or supply chain inefficiencies may be unrecoverable, which would also impact our profitability.

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp; Unregistered Sales of Equity Securities and Use of Proceeds**

The following table summarizes the company's repurchases of its common stock during the third quarter of 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Purchases of Securities** | **Purchases of Securities** | **Purchases of Securities** | **Purchases of Securities** | **Purchases of Securities** |
|  | **Total Number of Shares Purchased (a)** | **Average Price Paid per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a)** | **Maximum Value of Shares that May Yet Be Purchased Under the Plans or Programs (b)** |
| July 1 to July 31, 2025 |  | $— |  | $3223446935 |
| August 1 to August 31, 2025 |  |  |  |  |
| &nbsp;&nbsp;Open market purchases | 557820 | 53.07 | 557820 | 3194054975 |
| &nbsp;&nbsp;2025 ASR | 814024 | (c) | 814024 | 3194054975 |
| September 1 to September 30, 2025 | 1083436 | 50.36 | 1083436 | 3140021085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 2455280 |  | 2455280 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Includes any open market purchases (on a trade-date basis), share repurchase agreements and/or shares retained by the company to settle employee withholding tax liabilities.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *The company has an ongoing repurchase program for which shares are authorized from time to time by Ball's Board of Directors. On January 29, 2025, the Board approved the repurchase by the company of up to $4.00 billion in shares of its common stock through the end of 2027. This repurchase authorization replaced all previous authorizations.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *In June 2025, the company entered into an accelerated share repurchase arrangement ("ASR") to purchase up to $250 million of the company's common stock. In August 2025, the purchase period for this ASR concluded. In total, 4.44 million net shares were delivered under this ASR in the second and third quarters at an average repurchase price of $56.30.* 

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp; Defaults Upon Senior Securities**

There were no events required to be reported under Item 3 for the three months ended September 30, 2025.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp; Mine Safety Disclosures**

Not applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp; Other Information**

There were no events required to be reported under Item 5 for the three months ended September 30, 2025.

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**Item 6.&nbsp;&nbsp;&nbsp;&nbsp; Exhibits**

---

| | |
|:---|:---|
| 2.1 | [Stock Purchase Agreement, dated as of August 16, 2023, by and among Ball Corporation, BAE Systems, Inc., and, solely for the purposes set forth therein, BAE Systems plc. (filed by incorporation by reference to Exhibit 2.1 of the Quarterly Report on Form 10-Q for the quarter ended September 30, 2024) filed October 31, 2024.](https://www.sec.gov/Archives/edgar/data/9389/000155837024014033/ball-20240930xex2d1.htm)<br>|
| 3(i) | [Articles of Incorporation of Ball Corporation as amended, (filed by incorporation by reference to the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025) filed August 5, 2025.](https://www.sec.gov/Archives/edgar/data/9389/000155837025010234/ball-20250630xex3di.htm) |
| 3(ii) | [Bylaws of Ball Corporation as amended, (filed by incorporation by reference to the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025) filed August 5, 2025.](https://www.sec.gov/Archives/edgar/data/9389/000155837025010234/ball-20250630xex3dii.htm) |
| 10.1 | [Eighteenth Supplemental Indenture dated August 14, 2025, among Ball Corporation, the guarantors named therein and Deutsche Bank Trust Company Americas (filed by incorporation by reference to Exhibit 4.2 of the Current Report on Form 8-K dated August 14, 2025) filed August 14, 2025.](https://www.sec.gov/Archives/edgar/data/9389/000110465925078701/tm2522576d5_ex4-2.htm) |
| 22 | [Obligor group subsidiaries of Ball Corporation](ball-20250930xex22.htm) |
| 31.1 | [Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) by Daniel W. Fisher, Chairman and Chief Executive Officer of Ball Corporation.](ball-20250930xex31d1.htm) |
| 31.2 | [Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) by Daniel J. Rabbitt, Senior Vice President and Interim Chief Financial Officer of Ball Corporation.](ball-20250930xex31d2.htm) |
| 32.1 | [Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code by Daniel W. Fisher, Chairman and Chief Executive Officer of Ball Corporation.](ball-20250930xex32d1.htm) |
| 32.2 | [Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code by Daniel J. Rabbitt, Senior Vice President and Interim Chief Financial Officer of Ball Corporation.](ball-20250930xex32d2.htm) |
| 99 | [Cautionary statement for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended.](ball-20250930xex99.htm) |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definitions Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | The cover page of the company's quarterly report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL (contained in Exhibit 101), the: (i) Unaudited Condensed Consolidated Statement of Earnings, (ii) Unaudited Condensed Statement of Comprehensive Earnings (Loss), (iii) Unaudited Condensed Consolidated Balance Sheet, (iv) Unaudited Condensed Consolidated Statement of Cash Flows and (v) Notes to the Unaudited Condensed Consolidated Financial Statements. |

---

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| Ball Corporation | Ball Corporation |
| (Registrant) | (Registrant) |
| By: | /s/ Daniel J. Rabbitt |
|  | Daniel J. Rabbitt |
|  | Senior Vice President and Interim Chief Financial Officer |
| Date: | November 4, 2025 |

---

## Ex-22

**Exhibit 22**

OBLIGOR GROUP SUBSIDIARIES OF BALL CORPORATION

#### September 30, 2025
The following is a list of Obligor Group subsidiaries of Ball Corporation (an Indiana Corporation)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;State or Country of Incorporation or Organization | &nbsp;&nbsp;Percentage Ownership<br>Direct & Indirect |
| &nbsp;&nbsp;Ball Advanced Aluminum Technologies Corp. *(f/k/a Neuman USA Ltd.)* | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Ball Asia Services Limited | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Ball Beverage Can Americas Inc. *(f/k/a Rexam Beverage Can Americas Inc.)* | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Ball BP Holding Company *(f/k/a Rexam BP Holding Company)* | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Ball Container LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Ball Corporation | &nbsp;&nbsp;Nevada | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Ball Glass Containers, Inc. | &nbsp;&nbsp;Delaware  | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Ball European Holdings, LLC\* | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Ball Holdings LLC | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Ball Inc. *(f/k/a Rexam Inc.)* | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Ball Metal Beverage Container Corp. | &nbsp;&nbsp;Colorado | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Ball Metal Container Corporation | &nbsp;&nbsp;Indiana | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Ball Packaging, LLC *(f/k/a Ball Packaging Corp., f/k/a Ball Packaging Holdings Corp.)* | &nbsp;&nbsp;Colorado | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Ball Pan-European Holdings, LLC *(f/k/a Ball Pan-European Holdings, Inc.)* | &nbsp;&nbsp;Delaware  | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Latas De Aluminio Ball, Inc. | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Rexam Beverage Can Company | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;USC May Verpackungen Holding Inc. | &nbsp;&nbsp;Delaware | &nbsp;&nbsp;100% |

---

\* Ball European Holdings, LLC (formerly Ball European Holdings S.à.R.L.) is a guarantor only under the company's long-term, multi-currency revolving facilities.

------

## Exhibit 31.1

**Exhibit 31.1**

**Certification**

I, Daniel W. Fisher, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this Quarterly Report on Form 10-Q of Ball Corporation;

2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 4, 2025 |  |
|  | /s/ Daniel W. Fisher |
|  | Daniel W. Fisher |
|  | Chairman and Chief Executive Officer |

---

------

## Exhibit 31.2

**Exhibit 31.2**

**Certification**

I, Daniel J. Rabbitt, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this Quarterly Report on Form 10-Q of Ball Corporation;

2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: November 4, 2025 |  |
|  | /s/ Daniel J. Rabbitt |
|  | Daniel J. Rabbitt  |
|  | Senior Vice President and Interim Chief Financial Officer |

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## Exhibit 32.1

**Exhibit 32.1**

**Certification of Chief Executive Officer**

**Pursuant to 18 U.S.C. Section 1350**

**and Rule 13a-14(b) or Rule 15d-14(b)**

My name is Daniel W. Fisher and I am the Chairman and Chief Executive Officer of Ball Corporation (the "Company").

I hereby certify pursuant to 18 U.S.C. Section 1350 as adopted by Section 906 of the Sarbanes—Oxley Act of 2002 that to the best of my knowledge and belief:

(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the U.S. Securities and Exchange Commission on November 4, 2025 ("Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and

(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of Ball Corporation as of, and for, the periods presented in the Report.

---

| |
|:---|
| /s/ Daniel W. Fisher |
| Daniel W. Fisher |
| Chairman and Chief Executive Officer |
| Ball Corporation |
| Date: November 4, 2025 |

---

This certification, which accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-K), irrespective of any general incorporation language contained in such filing.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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## Exhibit 32.2

**Exhibit 32.2**

**Certification of Chief Financial Officer**

**Pursuant to 18 U.S.C. Section 1350**

**and Rule 13a-14(b) or Rule 15d-14(b)**

My name is Daniel J. Rabbitt and I am the Senior Vice President and Interim Chief Financial Officer of Ball Corporation (the "Company").

I hereby certify pursuant to 18 U.S.C. Section 1350 as adopted by Section 906 of the Sarbanes—Oxley Act of 2002 that to the best of my knowledge and belief:

(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the U.S. Securities and Exchange Commission on November 4, 2025 ("Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and

(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of Ball Corporation as of, and for, the periods presented in the Report.

---

| |
|:---|
| /s/ Daniel J. Rabbitt |
| Daniel J. Rabbitt |
| Senior Vice President and Interim Chief Financial Officer |
| Ball Corporation |
| Date: November 4, 2025 |

---

This certification, which accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-K), irrespective of any general incorporation language contained in such filing.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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## Ex-99

**Exhibit 99**

**SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES**

**LITIGATION REFORM ACT OF 1995**

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the Reform Act), Ball is hereby filing cautionary statements identifying important factors that could cause Ball's actual results to differ materially from those described in forward-looking statements made by or on behalf of Ball. Forward-looking statements may be made in several different contexts; for example, in the company's Form 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission ("SEC"), quarterly and annual earnings news releases, quarterly earnings conference calls hosted by the company, public presentations at investor and credit conferences, the company's Annual Report and in other periodic communications with investors. As time passes, the relevance and accuracy of forward-looking statements may change; however, except as required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised to consult any further disclosures and cautionary statements Ball makes on related subjects in our Form 10-K, 10-Q and 8-K reports and other filings with the SEC. The Reform Act defines forward-looking statements as statements that express or imply an expectation or belief and contain a projection, plan or assumption with regard to, among other things, future revenues, income, earnings per share, cash flow or capital structure. Words such as "expects," "anticipates," "estimates," "believes," "targets," "likely," "foresees", "positions" and similar expressions typically identify forward-looking statements, which are generally any statements other than statements of historical fact. These forward-looking statements are not guarantees of future performance, and you should therefore not place undue reliance upon such statements. Rather, these statements involve estimates, assumptions uncertainties and known and unknown risks, many of which are outside our control, and such statements are therefore qualified in their entirety by reference to the following important factors, among others (including those described in any "Risk Factors" section of our most current Form 10-K, 10-Q or other filings with the SEC), that could cause Ball's actual results or performance to differ materially from those expressed or implied in forward-looking statements made by or on behalf of Ball:

● Fluctuation in customer and consumer growth, spending, demand or preferences, and changes in consumption patterns, both on a seasonal basis and those that may be longer-term or structural in nature, including any effect on demand for our products as a result of the enactment of laws and programs aimed at discouraging the consumption or altering the package or portion size of certain of our customers' products.

● Customer, competitor or supplier consolidation and potential correspondent supply chain influence.

● Loss of one or more major customers or suppliers or changes to contracts with one or more customers or suppliers.

● Failure to achieve anticipated productivity improvements or cost reductions including those associated with capital expenditures; failure to achieve an appropriate or optimal level of maintenance and capital expenditures; and failure to achieve expectations with respect to expansion plans, accretion to reported earnings, working capital improvements and investment income or cash flow projections.

● Changes in the environment and in climate, including the increasing frequency of severe weather events such as drought, wildfires, storms, hurricanes, tornadoes and floods; virus and disease outbreaks and responses thereto; acts of war, terrorism or other significant or catastrophic geopolitical events or natural disasters, or the catastrophic loss of one of our key manufacturing or operating facilities.

● Financial risks, including inflation and changes in interest rates affecting our debt or our ability to comply with the terms of our debt instruments; changes in the hedging markets or our inability or failure to economically hedge or insure against certain risks or potential exposures; changes in international currency exchange rates of the currencies in the countries in which the company and its joint ventures carry on business; counterparty risk; liquidity risk; inflation or deflation; and changes in capital availability and our access to financing, including the risk of constraints on financing in the event of a credit rating downgrade.

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| | |
|:---|:---|
|  | **Exhibit 99 (*continued)*** |
| ●  | Competition in each line of business, including with respect to pricing and the possible decrease in, or loss of, sales or margins resulting therefrom; product development and introductions by our competitors; and technology changes, including the effect on us of technological or product advances made by our competitors. |
| ●  | The ability or inability to achieve and protect technological and product extensions or new technological and product advances in the company's businesses, including our ability to maintain, develop, and capitalize on competitive technologies for the design and manufacture of products and to withstand competitive and legal challenges to the proprietary nature of such technology (or protect any unpatented proprietary know-how and trade secrets). |
| ●  | Ball's ability or inability adapt to fluctuating supply and demand and to have available sufficient production capacity, or have such capacity available in the right locations, in a timely manner, as well as footprint adjustments and other manufacturing changes. |
| ●  | Overcapacity or undercapacity of Ball or in the metal container industry generally, and its potential impact on costs, pricing and financial results. |
| ●  | Regulatory action or issues, or changes in federal, state, local or international laws, including those related to tax, environmental, health and workplace safety, including in respect of climate change, pollution, environmental, social and governance (ESG) reporting, greenhouse gas emissions, or chemicals or substances used in raw materials or in the manufacturing process, particularly concerning Bisphenol-A (BPA), a chemical used in the manufacture of epoxy coatings applied to many types of containers (including certain of those products produced by the company), as well as laws relating to recycling, unfavorable mandatory deposit or packaging legislation, or to the effects on health of ingredients or substances in, or attributes of, certain of our customers' products. |
| ●  | The effect of any antitrust, intellectual property, consumer, employee or other litigation, investigations or governmental proceedings. |
| ●  | The extent to which sustainability-related opportunities arise and can be capitalized upon. |
| ●  | The availability and cost of raw materials, commodities, supplies, energy, logistics and natural resources needed for the production of metal containers, supply chain disruptions, widespread ocean and shipping constraints, and our ability or inability to pass on to customers changes in freight and raw material costs, particularly aluminum.  |
| ●  | Changes in senior management; strikes and other labor issues; increases and trends in various employee benefits and labor costs, including pension, medical and health care costs incurred in the countries in which Ball has operations; the ability to attract and retain skilled labor; rates of return projected and earned on assets and discount rates used to measure future obligations and expenses of the company's defined benefit retirement plans; and changes in the company's pension plans. |
| ●  | International business and market risks and economic conditions; political and economic instability in various markets, including periodic sell-offs on global or regional debt or equity markets; restrictive trade practices of national governments; the imposition of duties, trade actions, taxes or other government charges by national governments; exchange controls; trade sanctions; and ongoing uncertainties and other effects surrounding geopolitical events and governmental policies and actions, both in the U.S. and in other countries. |

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| | |
|:---|:---|
|  | **Exhibit 99 (*continued*)** |
| ●  | Undertaking successful or unsuccessful acquisitions, divestitures, joint ventures or strategic realignments; and the effect of acquisitions, divestitures, joint ventures or strategic realignments on our business relationships, operating results and business generally. |
| ●  | The company's ability to protect its information technology network, systems and data and those of its customers and suppliers from attacks or catastrophic failure, and the strength of the company's cyber-security. |
| ●  | The timing and extent of regulation or deregulation, or changes to regulations and standards, including changes in generally accepted accounting principles or their interpretation. |
| ●  | Changes to unaudited results due to statutory audits of our financial statements or management's evaluation of the company's internal controls over financial reporting. |
| ●  | Loss contingencies related to income and other tax matters, including those arising from audits performed by national and local tax authorities. |

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