Overview

• Global aluminum packaging leader's Q1 revenue rose and beat analyst expectations

• Adjusted EPS for Q1 beat analyst expectations, driven by higher volumes and operating earnings

• Company remains on track to return at least $800 mln to shareholders by year-end

Outlook

• Ball expects 2026 comparable diluted EPS growth of 10-plus percent

• Company sees 2026 free cash flow greater than $900 mln

Result Drivers

• NORTH AMERICA VOLUME AND PRICING - Higher volume and improved price/mix, mainly from higher aluminum prices, boosted North and Central America segment earnings, partially offset by higher costs

• EMEA ACQUISITION AND SHIPMENTS - Inclusion of Benepack business, higher shipments, and currency translation drove EMEA segment growth

• SOUTH AMERICA PRICING OFFSET - Higher prices, mainly from increased aluminum prices, offset lower volume and higher costs in South America, resulting in flat operating earnings

Company press release: ID:nPn20DYJ3a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$3.60 bln	$3.36 bln (11 Analysts)
Q1 Adjusted EPS	Beat	$0.94	$0.85 (13 Analysts)
Q1 Net Income		$205 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the non-paper containers & packaging peer group is "buy"

• Wall Street's median 12-month price target for Ball Corp is $71.00, about 16.5% above its May 4 closing price of $60.93

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 14 three months ago

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