With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

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Ball Corporation is a supplier of aluminum packaging products such as extruded aluminum aerosol containers, reclosable aluminum bottles, aluminum cups, and aluminum slugs for the beverage, personal care, and household products industries in the United States, Brazil, and internationally. Ball is the world’s largest producer of aluminum beverage cans.

Q2 2026

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Q4 2025

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Q1 2025

Q4 2024

Ball (BALL): Company Profile, Stock Price, News, Rankings

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Ball

ball

Greetings, and welcome to the Ball Corporation's Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brandon Podhoff, Head of Investor Relations. Thank you, sir. You may begin.

Thank you, Christine. Good morning, everyone. This is Volt Corporation's conference call regarding the company's second quarter twenty twenty five results. The information provided during this call will contain forward looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied.

We assume no obligation to update any forward looking statements made today. Some factors that could cause the results or outcomes to differ are described in the company's latest Form 10 ks, our most recent earnings release and Form eight ks and in other company SEC filings as well as company news releases. If you do not already have our earnings release, it is available on our website at ball.com. Information regarding the use of non GAAP financial measures may also be found in the notes section of today's earnings release. In addition, the release includes a summary of non comparable items as well as a reconciliation of comparable net earnings and diluted earnings per share calculations.

References to net sales and comparable operating earnings in today's release and call do not include the company's former aerospace business. Prior year to date net earnings attributable to the corporation and comparable net earnings do include the performance of the company's former aerospace business through the sale date of 02/16/2024. I would now like to turn the call over to our CEO, Dan Fisher.

Thank you, Brandon. Today, I'm joined on our call by Dan Rabbit, Senior Vice President and Interim CFO. I will provide some brief introductory remarks and discuss second quarter financial performance. Dan will touch on key metrics for 2025 and then we will finish up with closing comments and Q and A. Before we move on, I'd like to extend my sincere appreciation to Dan for stepping in as Interim Chief Financial Officer.

Dan has served as our Senior Vice President of Corporate Planning and Development since 2016 and has successfully led more than 25 strategic transactions from acquisitions and joint ventures to investments and divestitures. He also previously led our aerosol business as Vice President and General Manager. His deep institutional knowledge and proven deal making expertise have brought immediate leadership and continuity to our finance organization. In just over one month since assuming the role, Dan has ensured we're on track with our financial discipline, supported both our capital allocation targets and partnered closely across the business. Dan, thank you for your steady leadership dedication during this important time.

Turning to business performance. We delivered strong second quarter results and returned 1,130,000,000 to shareholders via share repurchases and dividends through today's call. This performance reemphasizes our opportunity to deliver record adjusted free cash flow and comparable diluted earnings per share in 2025. Aluminum Packaging is outperforming other substrates across the globe, demonstrating the resilient and defensive nature of our global business. We continue to monitor the ongoing uncertainties related to tariffs and consumer pressures, particularly in The U.

S. And we are confident in our ability to proactively manage these challenges and sustain our positive momentum throughout the year to deliver 12% to 15% comparable diluted EPS growth. Twenty twenty five second quarter comparable diluted earnings per share was $0.90 versus $0.74 in the 2024, an increase of 22%. Second quarter comparable net earnings of $249,000,000 were driven by higher volume and cost management initiatives, partially offset by higher interest expense and lower interest income. In North And Central America, stronger than expected volume performance was not enough to offset product mix and cost to serve headwinds.

Our team executed well, successfully serving higher than expected demand, managing the impacts of the Section two thirty two tariffs and mitigating risks despite a volatile environment. Volume growth was largely driven by strength in energy drinks and non alcoholic beverages. We remain attentive to the ongoing geopolitical landscape and tariff developments and are actively managing these dynamics. In EMEA, second quarter segment volume remained robust and segment comparable operating earnings increased 14%. Demand trends continue to be favorable, strengthening our confidence in achieving significant year over year comparable operating earnings growth in 2025, driven by sustained volume growth and ongoing operational efficiency.

In South America, segment comparable operating earnings increased 38%, supported by strong volume performance in Argentina and Chile. While the Brazilian market performed below our initial expectations, we expect to return to growth in the second half of the year. Our regional performance culminated in Ball's global beverage can shipments being up 4.3% year over year in the 2025. We delivered a strong 2025, positioning us well for the rest of the year. We recognize there remains important work ahead to achieve our full year objectives.

Our teams are committed to carefully navigating ongoing uncertainties and leveraging the resilience and strength of our global portfolio. We're laser focused on our updated goal of delivering 12% to 15% comparable diluted EPS growth for the year. And while mindful of the challenges, we have confidence in our team's proven ability to execute effectively and deliver meaningful value to shareholders. After a strong first half, we now anticipate 2025 global volume growth to be above the long term 2% to 3% range and expect all of our businesses to perform in line with or ahead of our long term targets in 2025. This reflects the durability of underlying global demand, the strength of our customer relationships in addition to the operational consistency of our teams across markets.

In EMEA, we continue to expect mid single digit volume growth in 2025 as the competitive advantages of aluminum packaging and low can penetration rates continue to drive share gains across the region. In South America, recovery in Argentina and Chile coupled with anticipated growth in Brazil and Paraguay is expected to drive volume above our 4% to 6% long term range in 2025. In our North American business, higher than expected volume growth across non alcoholic categories, especially energy drinks, gives us confidence that we will see volume grow near the top end of our 1% to 3% long term range in 2025. We remain confident in our ability to deliver volume growth in line with or slightly above the market in 2025. We believe the defensive nature of our portfolio combined with our strong customer alignment positions us well to navigate potential economic uncertainty.

With that, I will turn it over to Dan to talk about key metrics for 2025.

Thank you, Dan, and it's a pleasure to be on this call with you today. We anticipate year end 2025 net debt to comparable EBITDA to be around 2.75 times. And we will repurchase at least $1,300,000,000 of shares in 2025. Through today's call, we have already purchased 1,000,000,000 shares year to date. 2025 CapEx is expected to be slightly below the D and A in the range of $600,000,000 We anticipate being able to deliver on our target of comparable net earnings equal to adjusted free cash flow in 2025.

Relative to the estimated tax payments due on the aerospace sale, we expect the remaining portion to be paid in the 2025. Our 2025 full year effective tax rate on comparable earnings is expected to be slightly above 22% largely driven by lower year over year tax credits. Full year 2025 interest expense is expected to be in the range of $300,000,000 and full year 2025 reported adjusted corporate undistributed costs recorded in other non reportable are expected to be in the range of $150,000,000 and last week Ball's Board declared its quarterly cash dividend. As we look ahead to the 2025, we remain committed to operational excellence, disciplined cost control, and enhancing productivity across our global footprint. We continue to actively monitor developments in emerging markets and broader geopolitical conditions staying agile and responsive in a dynamic environment.

Our resilient defensive business model along with the proactive measures we've implemented to reinforce our balance sheet positions us favorably against external volatility. With a solid financial foundation and a clear runway ahead, we are confident in executing initiatives designed to deliver sustainable, high quality results and drive consistent long term value creation for the shareholders. And with that, I'm turning it back to Dan Fisher.

Thanks, Dan. Our business continues to perform well, driven by robust demand across our global network. Tight capacity conditions reinforce the critical importance of executing at the highest level operationally, ensuring we meet customer expectations reliably and efficiently. Thanks to the agility and dedication of our teams, we remain firmly on track to deliver on our financial objectives for the year, including achieving 12% to 15% comparable diluted EPS growth, generating adjusted free cash flow aligned with comparable net earnings and returning significant capital to shareholders through substantial share repurchases and dividends. While external volatility persists, particularly relating to geopolitical events and market conditions, the resilience of our business model positions us strongly to manage through uncertainty.

Our proactive steps to optimize our footprint, secure long term contracts and maintain disciplined financial management further bolster our ability to deliver consistent high quality performance. Creating long term shareholder value remains our top priority. As we continue to execute effectively, leverage our strengths in innovative and sustainable aluminum packaging solutions and manage our operations with rigor, we are confident in our ability to generate meaningful and compounding returns for shareholders through 2025 and beyond. We appreciate the work being done across the organization and extend our well wishes to our employees, customers, suppliers, stakeholders and everyone listening today. Thank you. And with that Christine, we are ready for questions.

Thank you. We will now be conducting a question and answer session. Thank you. Our first question comes from the line of Ghansham Panjabi with Baird. Please proceed with your question.

Could you just give us a bit more color on what's driving the outperformance in the non alcohol categories for the beverage North America and Central America segment, especially during the second quarter? And given the strength there and your obvious positive view on for the back half of the year for the segment as well, can you just give us more context as to why margins were down 140 basis points for that segment? I know you called out price mix and higher cost. Just give us some detail there.

Sure, Ghansham. Yes, I think the coming into the year, we did think that there would be more aggressive nature relative to the energy drink customers. And they got out of the gate strong. One of our large strategic partners is growing nearly 20%. So that was unanticipated.

And so I'm encouraged. There's some innovation in that category, probably more so than any other category, flavor proliferations and the right can mix, the right promotional activity advertising. So I think they figured out a recipe that's winning right now. I think the other thing in the non alcohol category in particular is we're seeing a lot of multi pack purchases that are connected to purchasing on promotional activity. The promotional activity is not higher than it has been the last couple of years, but people are buying connected to that.

So that's certainly good for the can. We continue to believe that those tailwinds will persist for the back half of the year. Obviously, beer is softer than we anticipated. Some of our customers in that category, some brands are doing a little better than the aggregate. So I think some of our mix has certainly benefited there.

And then just in terms of maybe transitioning to margin piece, certainly some inefficiencies when you're growing that fast unanticipated in the delivery of that. Yes, we highlighted mix, less beer, more non alk is lower margin for us. So we will take the volume growth and I think we just need to figure out how to more effectively and efficiently deliver that, The spike in the one customer in particular growing nearly 20% created some pretty inefficient service model and delivery schedules for us. And then there is a little bit of mix related to tariffs, a little bit of a drag on that. So we'll see that kind of level off here quarter to quarter, but that didn't help.

So I think somewhere in the neighborhood of $10,000,000 worth of all of that was a drag and just our inability to deliver in sequence on time from some of our faster growing categories and then a bit of a drag on the tariff.

Very helpful. And then for my second question, you're on track for a new high watermark on EPS. Last one was 2021. It's been an oscillating journey since then. As I look at the segment distribution, North America is at a high watermark in terms of earnings margins, I should say, and I guess earnings.

What about Europe? I mean, Europe's had a good spurt in terms of growth. It's been very consistent. Is there any reason why Europe cannot benefit from a margin expansion standpoint to the same extent North America has relative to what you delivered in 2021? Thanks.

Yes, Ghansham. I would say, I wouldn't expect margins to improve, but the operating leverage will be more consistent. You're already operating at pretty high margin. We lost if we're able to ever reenter Russia, yes, that was those were tremendous margins there. But I think we're going to operate on a sustained mid single digit growth basis and flow through operational leverage consistent to that two and one probably more effectively and more efficiently than in any of the other regions. So I'm feeling really good about that.

Our next question comes from the line of Stephane Diaz with Morgan Stanley. Please proceed with your question.

Hi. Good morning. Thanks for taking my questions.

I guess maybe just to begin, how have your conversations with customers sort of gone so far regarding their plans around tariffs, their hedging strategies? And have you started discussing 2026 and like potential impacts around increased prices and impact of that on like potential ordering patterns?

Yes, I haven't it's a great question. I guess when we get closer to '26 and we see where exactly these things level off, I think those will become clearer. One of the things that's working to our advantage is I think with the strapped in consumer, they need cans in their portfolio to push for volume. There's not a lot of price, so they continue to pass through. I think you're seeing it kind of across the board.

And so I'm not worried about pricing and the dynamics that we saw a couple of years ago that really constrained our volume. The multi packs are being pushed. That's because end consumers are strapped in the cans of vehicle for our customers to grow with. But I haven't had conversations with any of our customers relative to '26. I think everybody is spending time in Washington trying to fight for exclusions and things of that nature and just trying to figure out where the plane is going to land in terms of all the trade deals around the world.

But it's a good question. We'll get back to you with probably some more color on the next call.

Great. That's really helpful. And then I just want to clarify some of the margin headwinds in North America in 2Q. All of that had to deal with operational inefficiencies with higher than expected growth. None of that was due to contractual pricing.

So you don't really expect this to continue on until like the second half and into 2026, if that's correct?

Yes. That's a great point. And think about this, it wouldn't necessarily be contractual pricing, but as you see us growing at a faster rate, the categories that that growth allows for out of alcohol, it's lower margin. And so there's an element there. When we talk about mix, I guess you could talk about the portfolio thinking that that's price mix, but it's not contractual in nature in terms of going down.

Yes. Thank you so much. I'll turn it over.

Our next question comes from the line of Phil Ng with Jefferies. Please proceed with your question.

Hey, Hey, I guess one of your large competitors talked about how North American demand has been strong and it's been stronger than you expected as well. And they're going to run pretty tight going into next year and they don't have much inventory. Curious to get what your situation in terms of capacity and ability to service that demand and appreciating a lot to still discuss with your customers in 2026. Remind us how you are set up from a contract standpoint? Is there any movement there?

Do you kind of hope to kind of at least grow in line with the market next year?

Yes, great question. So we do have the new facility that's going to come online in the Northwest. So that will be helpful. So that part of the country for us is really tight. One thing that we're hoping to get a little bit more clarity to Phil is, I mean, we have used our Monterrey facility to kind of ship into North America.

So if these tariffs persist at the levels they are without some relief valves and that actually creates even a tighter landscape in the Southwest and Texas in particular. So the reality is as we start to go through our plans and our strategic planning process will be happening here over the next six to eight months. What I expect is that we'll be running full out in all of our facilities potentially carrying a little bit more inventory to balance that. I mean we can continue to grow. We did buy the asset in Florida that will help as a relief valve as well.

But if we continue to grow 5%, I think for the next eighteen months, twenty four months, we'll have to incrementally probably add a few lines here or there, do some speed up projects. But I think we're comfortable to spend in line or below D and A for our North America business for the next couple of years still. The wildcard is just going to be can we use those facilities in Mexico as relief valves as we historically have right for the last decade or so.

Okay. That's helpful. And then earnings is pretty flat.

We'll grow in line or ahead of the market depending on somewhat the success of our customers. But right now a couple of our large strategic partners have certainly got a winning recipe and they believe that will continue here for the foreseeable future.

Okay. That's a great backdrop, running rollout and customers winning. So that's great.

Indeed. From an earnings perspective, South America was pretty strong. So it's good to see that improvement. How is Argentina shaping up? And when you look at Brazil, little softer to start the year, but you sounded pretty upbeat in the back half, so there's a lot of noise on trade flow, uncertainty on that front.

So just give us some line of sight, what gives you confidence that the back half could be better in Brazil as well?

Yes. I think what happens in Brazil, so take Brazil, obviously, what we've been benefit we benefited from greatly in the second quarter is almost not making any money in Chile and Argentina and some of those places and they're really nice mix for us. So that recovery contributed to sort of an easier comp I would say in the second quarter year over year. And then heading specifically outlining Brazil, I think some of our competitors even commented on this. Like we're with we have a huge concentration with one customer.

As they go, we go. And typically what happens is over a twelve month period, you more or less reflect the market. And if the market grows sort of in that 3% range in Brazil for the year, That means our partner is going to have to grow at a little faster rate than that in the back half of the year. And they have plans to do that and they've demonstrated that they do that pretty consistently. So that's the comfort and that's the belief we'll be with them here two weeks from now to get more clarity on that, but they're really confident that that trend will continue and persist.

And then everything else in and around Brazil is continuing to perform. It's always wait and see on Argentina, but I think the leadership down there has got them on the right trajectory. I think they have it will be important to see what happens relative to the crop performance down there. But everything seems to be largely on track in that economy. And as long as we're just incrementally growing and recovering at a steady clip And it's not backsliding.

We're going to be in good shape to deliver the back half of the year.

Okay. That's great color. Really appreciate that.

Our next question comes from the line of George Staphos with Bank of America. Please proceed with your question.

Thanks, everyone. Good morning. Thanks for Hi, the detail. Hey, Dan. How are you doing?

In terms and congrats on quarter in terms of the So the growth for North And Central America being at the top end of your range, which would be around 3% for the year. How much of that is predicated on what you're seeing right now in your customer mix and their strategies? And if some of your other customers start to do the same thing that the guys who are winning do, what would that mean And for your volume if you could give us a little bit of color in terms of what you mean by connected promotion? And then I had a quick follow on on aluminum.

Yes. So when we look at the broad let me start with the latter part first because yes, I should probably clarify this. There is the same amount of promotional activity happening just in terms of price changes and rev mix plans and buy one get one freeze, etcetera. But the concentration of purchases within those windows has accelerated by the end consumer. So it's not that there's more promotional activity, it's that the customers clearly the end consumer must be weakening and they're looking at those opportunities and buying multi packs at an accelerated rate versus the prior couple of years.

So that's what's happening and that's what's contributing to probably a little bit more volume growth than anyone anticipated in the first half of the year. Really it would be to your first question, really it would be in and around beer. I mean, is there going to be recovery? One of our customers in particular is struggling just because of the tariffs. So unless that relieves itself that we're not anticipating greater performance than the 3% top end.

And even with that, George, we'll be fine because we're underutilizing our Monterrey facility right now for that customer. So if that particular instance happens, we're good, right? We'll be able to ship, we'll be able to deliver even in a more efficient manner. If growth persists with a couple of our customers in the 15% to 20% range, We'll be living hand to mouth. But eventually you'll get out of peak season and there'll be more efficient delivery patterns in the back half of the year.

But right now, it's tight. We're living hand to mouth. I think we can deliver. We still have some room to grow in facilities specifically that are adjacent to breweries, right, where they've been underperforming. So if that category rebounds that's not a difficult solve for us.

It's if there's even more activity in some of our strategic partners in the non ALK or the CSD space that will create more inefficient patterns and then we'll just have to get out ahead of it for next year and probably carry a little bit more inventory if this is the direction of flight that we're going to see growth at this rate for a persistent manner.

Second question, to the extent that you can estimate and feel comfortable talking about it live mic on call, where do you think the your average large customer, however you want to define that, their embedded aluminum price is relative to sort of spot market if we look at Midwest premium? And when would we expect time wise that to basically converge? So basically the question on the question are customers using cans more now because they're hedged and when does that end? It doesn't sound like you're too worried about that because of where the consumer is for '26, but some thoughts there and I'll turn it over. Thank you.

Yes. You will start to see that here in the second half of the year and into next year. I think it's about a quarter for a 12 pack. So how impactful is that in the price sensitivity curve? I think it's the it's cans are clearly cheaper than PET outside of the two liter PET, cheaper than glass still.

So if that quarter for a 12 pack creates different buying behaviors, then I think you start to see and we saw the beginnings of that. You'll see the 24 packs and the 30 packs and the end consumer being far more conscious on that buy pattern, which then changes the velocity pattern, which changes the lumpiness of your business. So that to me feels more about what's going to happen than any kind of dramatic shift because of hedges etcetera.

Understood. It will mean more operational planning on your side. But we'll turn it over Yes, and thanks for correct. The Thank

you, Our next question comes from the line of Anthony Pettinari with Citi. Please proceed with your question.

Good morning. Good morning. Dan, earlier you in talking about sort of North American profitability, I think you called out 10,000,000 in maybe inefficiencies or I don't know exactly the language, but Correct. Tariffs a smaller part of that $10,000,000 or was it separate? And then does that go down in 3Q?

And then just related question, does Florida did Florida can kind of weigh on profitability meaningfully in 2Q? Or just how did that asset perform versus expectations?

Yes. Thanks for the question. Florida can probably think in the neighborhood of like 1,000,000 to $2,000,000 of and we'll start to get to kind of breakeven by Q4 and then it will be incremental profit for us in 2026. The tariffs probably 2,000,000 to 3,000,000 of that $10,000,000 impact. So not a lot.

Okay. That's helpful. And then kind of maybe broader question. In terms of the impact of one big beautiful bill on your business and thinking maybe especially about bonus depreciation. Any kind of broad thoughts about how that could impact you this year, next year?

Thank you. The other Dan will take this one. The short answer is, we don't think it's going to change the trajectory much of the effective growth tax rate, me. And largely the benefits are going to come in through the acceleration of depreciation and a little bit ability to deduct more, but because of the EBITDA limit versus the operating earnings limit. But for the most part, we're still early and really figuring it out, but I don't think it's going to be much of a change for us.

Our next question comes from the line of Edlain Rodriguez with Mizuho. Please proceed with your question.

You've heard some beverage companies talking about the impact of immigration enforcement on certain customers. Like are you prepping for a potential demand slowdown in certain markets?

Or is there a disconnect between what's being said and what you're seeing out there from your customers?

Yes. This is a very difficult analysis. So I'll give you the optimistic viewpoint on this challenged issue, social issue. So there's more consumption happening online multipack and in grocery channel multipack, less at the C store channel. So that has a real impact for some of our customers that sell and have an overwhelming profit pool within the C store channel.

Because folks are concerned that ICE is going to be there. So it could be a benefit for the can. So I'm it's actually the opposite. I'm not thinking about a slowdown. I'm thinking about a continuance of volume lift with the multipack purchasing at home and the grocery channel.

Over a longer period of time, absent immigration, our economy doesn't work without immigration in some balanced form. But for right now, I would gather there's probably a bit of a benefit absent a headwind in the way you characterize that.

Okay. Got it. Got it. One quick one on Europe. I mean, again, continues to perform well.

Can you talk about how balanced supply demand is in that market? And whether some new supply might be needed to meet the growing demand that we see in there?

Yes. It's a land of opportunity And I think all of our competitors are saying the same thing because of the under penetration in cans, the carbon footprint of glass that we're capitalizing on. We put in a few big boxes, big facilities, and we're continuing to build those out. So there's incremental capacity that's being added to step into exactly what you described, the sustained growth at this mid single digit level, which will have to be supported. We're starting to hear some announcements from other competitors that they're adding some capacity line by line.

But if we continue to grow at the rate we're growing, we're going to have to move some of our projects probably to the left and do things by next year 2728. All of that will still be within our capital envelope that we've outlined. But yes, there's going to be a need for capacity adds if the market continues to grow mid single digits.

Our next question comes from the line of Josh Sector with UBS. Please proceed with your question.

Hi, everyone. It's Anoja Shah sitting in for Josh. Hi. Hi. We kind of touched on this a bit and I know cans have performed well historically in recessions as consumers tend to trade down eat more at home.

But what's the outlook if inflation goes up? Because we still don't know the full tariff impact yet. How cans perform during high inflation times? What are the puts and takes we should be thinking about?

Ball (BALL) Q2 2025 Earnings Call Transcript

Company Participants