BALL Corp Q4 FY2024 earnings call

• Employees volunteered over 23,000 hours in 23 countries for over 1,880 causes in 2024, with over $4M invested in communities. • Safety performance improved, with 2024 incident rates lower than 2023 and industry rates. • Delivered solid Q4 results, returning $1.96B to shareholders via repurchases and dividends. • Aluminum packaging outperformed other substrates globally. • In 2025, focused on exceeding 10% comparable diluted EPS growth, anticipating 11%-14% growth, 2%-3% global volume growth, with EMEA to see significant operating earnings growth, South America expected to recover, and North America confident in volume growth in line with or above market.

Aluminum packaging performance varied by region. In North America, persistent economic pressure on end consumers and exposure to U.S. domestic beer led to softer volume. EMEA fourth quarter volume was strong, driven by customer investment in can filling; it's expected to continue growth in 2025 due to sustainability legislation and aluminum's competitive advantages. South America saw segment comparable operating earnings increase slightly, but volumes declined due to weakness in Argentina and supply-demand tightness in Brazil, partially offset by growth in Chile and Paraguay. Global beverage can shipments were down low single-digits year-over-year in Q4 and up 1% in 2024.

• Anticipate 11%-14% comparable diluted EPS growth in 2025. • Expect global volume growth in the 2%-3% range. • EMEA to have significant year-over-year comparable operating earnings growth driven by efficiency and volume. • South America expects volume and operating earnings growth. • North America confident in volume growth in line with or slightly above market, with over 85% of 2026 volume under contract, including a large customer extension leading to a new plant in Oregon.

• Impact of tariffs on aluminum supply chain and volume. • Economic conditions in Argentina affecting South America performance. • Weather and market volatility affecting North America volumes.

Q: Recognizing delays, to what extent have you determined the effect of tariffs on volume and supply chain?

A: Spent weeks mitigating aluminum supply chain issues, with some resolved, but concern remains on Mexico shipments affecting North America volume.

Q: How do investments in can plants affect earnings and volumes?

A: Investments repositioned footprints and acquired efficient assets, with the Northwest investment in line with CapEx plans and the Florida can acquisition expected to add efficiency and growth.

Q: Thoughts on North America volume growth and competitive environment?

A: Confident North America will grow faster than market, with contract renewals rewarding strategic partnerships and pricing stable but margins healthy.

Q: Views on Europe volume growth in 2025?

A: Europe had a destocking event in 2023, but 2025 starts well, with stable end consumer and low can penetration offering growth opportunity.

Q: EBIT leverage in North America and cost saves?

A: Heavy lifting on efficiency done, new investments offer opportunities, but growth needed, with curtailed lines and new assets aiding margin improvement.

Q: Competitive backdrop and beer demand inflection?

A: North America beer category has challenges, but pricing and consumer behavior in peak season will indicate inflection, with innovation and partner strategies key.

Q: Cups deconsolidation and share repurchase impact?

A: Cups deconsolidation expected to improve earnings, with share repurchases a significant driver of EPS growth.

Q: Concerns over alcohol health impact and share repurchase pace?

A: End consumer health in North America is a concern, but share repurchases are aggressive with stock seen as undervalued.

Q: Energy markets and South America growth?

A: Europe energy portfolio grows, North America energy drinks show growth potential, South America expects growth in Brazil and recovered economies.

Q: Beverage can plant acquisitions and beer thesis?

A: Acquisitions add volume and efficiency, with payback period and EBITDA impact, and beer growth dependent on portfolio strategies and customer investments.