Item 1. FINANCIAL STATEMENTS

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BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

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​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
($ in millions, except per share amounts)	​	2025			2024			2025			2024
​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales	​	$	3,338	​	$	2,959	​	$	6,435	​	$	5,833
​	​	​	​	​	​	​	​	​	​	​	​	​
Cost of sales (excluding depreciation and amortization)	​	​	(2,690)	​	​	(2,357)	​	​	(5,183)	​	​	(4,640)
Depreciation and amortization	​	​	(155)	​	​	(152)	​	​	(305)	​	​	(310)
Selling, general and administrative	​	​	(137)	​	​	(139)	​	​	(286)	​	​	(376)
Business consolidation and other activities	​	​	(12)	​	​	(60)	​	​	(25)	​	​	(86)
Interest income	​	​	5	​	​	18	​	​	12	​	​	44
Interest expense	​	​	(81)	​	​	(68)	​	​	(151)	​	​	(161)
Debt refinancing and other costs	​	​	—	​	​	(1)	​	​	—	​	​	(3)
​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings before taxes	​	​	268	​	​	200	​	​	497	​	​	301
Tax (provision) benefit	​	​	(61)	​	​	(49)	​	​	(114)	​	​	(76)
Equity in results of affiliates, net of tax	​	​	8	​	​	8	​	​	13	​	​	13
Earnings from continuing operations	​	​	215	​	​	159	​	​	396	​	​	238
Discontinued operations, net of tax	​	​	—	​	​	—	​	​	(2)	​	​	3,607
Net earnings	​	​	215	​	​	159	​	​	394	​	​	3,845
Net earnings attributable to noncontrolling interests	​	​	3	​	​	1	​	​	3	​	​	2
Net earnings attributable to Ball Corporation	​	$	212	​	$	158	​	$	391	​	$	3,843
​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings per share:	​	​	​	​	​	​	​	​	​	​	​	​
Basic - continuing operations	​	$	0.77	​	$	0.51	​	$	1.41	​	$	0.76
Basic - discontinued operations	​	​	—	​	​	—	​	​	(0.01)	​	​	11.55
Total basic earnings per share	​	$	0.77	​	$	0.51	​	$	1.40	​	$	12.31
​	​	​	​	​	​	​	​	​	​	​	​	​
Diluted - continuing operations	​	$	0.76	​	$	0.51	​	$	1.40	​	$	0.75
Diluted - discontinued operations	​	​	—	​	​	—	​	​	(0.01)	​	​	11.46
Total diluted earnings per share	​	$	0.76	​	$	0.51	​	$	1.39	​	$	12.21
​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​
Weighted average shares outstanding: (000s)	​	​	​	​	​	​	​	​	​	​	​	​
Basic	​	​	276,102	​	​	309,269	​	​	279,677	​	​	312,109
Diluted	​	​	277,771	​	​	311,964	​	​	281,405	​	​	314,690

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See accompanying notes to the unaudited condensed consolidated financial statements.

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BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

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​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
($ in millions)		2025			2024			2025			2024
​	​	​	​	​	​	​	​	​	​	​	​	​
Net earnings	​	$	215	​	$	159	​	$	394	​	$	3,845
​	​	​	​	​	​	​	​	​	​	​	​	​
Other comprehensive earnings (loss):	​	​	​	​	​	​	​	​	​	​	​	​
Currency translation adjustment	​	​	43	​	​	(52)	​	​	117	​	​	(139)
Pension and other postretirement benefits	​	​	(38)	​	​	7	​	​	(53)	​	​	148
Derivatives designated as hedges	​	​	(36)	​	​	25	​	​	(38)	​	​	33
Total other comprehensive earnings (loss)	​	​	(31)	​	​	(20)	​	​	26	​	​	42
Tax (provision) benefit	​	​	18	​	​	(8)	​	​	22	​	​	(47)
Total other comprehensive earnings (loss), net of tax	​	​	(13)	​	​	(28)	​	​	48	​	​	(5)
​	​	​	​	​	​	​	​	​	​	​	​	​
Total comprehensive earnings	​	​	202	​	​	131	​	​	442	​	​	3,840
Comprehensive earnings attributable to noncontrolling interests	​	​	3	​	​	1	​	​	3	​	​	2
Comprehensive earnings attributable to Ball Corporation	​	$	199	​	$	130	​	$	439	​	$	3,838

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See accompanying notes to the unaudited condensed consolidated financial statements.

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BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
($ in millions)		2025			2024
​	​	​	​	​	​	​
Assets	​	​	​	​	​	​
Current assets	​	​	​	​	​	​
Cash and cash equivalents	​	$	296	​	$	885
Receivables, net	​	​	2,897	​	​	2,166
Inventories, net	​	​	1,732	​	​	1,477
Other current assets	​	​	216	​	​	169
Current assets held for sale	​	​	111	​	​	144
Total current assets	​	​	5,252	​	​	4,841
Noncurrent assets	​	​	​	​	​	​
Property, plant and equipment, net	​	​	6,555	​	​	6,173
Goodwill	​	​	4,381	​	​	4,172
Intangible assets, net	​	​	1,056	​	​	1,080
Other assets	​	​	1,364	​	​	1,362
Total assets	​	$	18,608	​	$	17,628
​	​	​	​	​	​	​
Liabilities and Equity	​	​	​	​	​	​
Current liabilities	​	​	​	​	​	​
Short-term debt and current portion of long-term debt	​	$	548	​	$	361
Accounts payable	​	​	3,523	​	​	3,418
Accrued employee costs	​	​	247	​	​	303
Other current liabilities	​	​	916	​	​	725
Current liabilities held for sale	​	​	25	​	​	40
Total current liabilities	​	​	5,259	​	​	4,847
Noncurrent liabilities	​	​	​	​	​	​
Long-term debt	​	​	6,479	​	​	5,312
Employee benefit obligations	​	​	557	​	​	577
Deferred taxes	​	​	560	​	​	594
Other liabilities	​	​	476	​	​	368
Total liabilities	​	​	13,331	​	​	11,698
​	​	​	​	​	​	​
Equity	​	​	​	​	​	​
Common stock (684,848,026 shares issued - 2025; 684,168,252 shares issued - 2024)	​	​	1,414	​	​	1,395
Retained earnings	​	​	11,806	​	​	11,527
Accumulated other comprehensive earnings (loss)	​	​	(955)	​	​	(1,003)
Treasury stock, at cost (412,800,323 shares - 2025; 394,790,362 shares - 2024)	​	​	(7,059)	​	​	(6,057)
Total Ball Corporation shareholders' equity	​	​	5,206	​	​	5,862
Noncontrolling interests	​	​	71	​	​	68
Total equity	​	​	5,277	​	​	5,930
Total liabilities and equity	​	$	18,608	​	$	17,628

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See accompanying notes to the unaudited condensed consolidated financial statements.

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BALL CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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​	​	​	​	​	​	​
​	​	Six Months Ended June 30,
($ in millions)		2025			2024
​	​	​	​	​	​	​
Cash Flows from Operating Activities	​	​	​	​	​	​
Net earnings	​	$	394	​	$	3,845
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:	​	​	​	​	​	​
Depreciation and amortization	​	​	305	​	​	319
Business consolidation and other activities	​	​	25	​	​	86
Deferred tax provision (benefit)	​	​	(43)	​	​	185
Gain on Aerospace disposal	​	​	3	​	​	(4,695)
Pension contributions	​	​	(15)	​	​	(15)
Other, net	​	​	(164)	​	​	23
Changes in working capital components, net of acquisitions and dispositions	​	​	(838)	​	​	(743)
Cash provided by (used in) operating activities	​	​	(333)	​	​	(995)
​	​	​	​	​	​	​
Cash Flows from Investing Activities	​	​	​	​	​	​
Capital expenditures	​	​	(177)	​	​	(260)
Business acquisitions, net of cash acquired	​	​	(158)	​	​	—
Business dispositions, net of cash sold	​	​	4	​	​	5,422
Other, net	​	​	(60)	​	​	42
Cash provided by (used in) investing activities	​	​	(391)	​	​	5,204
​	​	​	​	​	​	​
Cash Flows from Financing Activities	​	​	​	​	​	​
Long-term borrowings	​	​	2,930	​	​	450
Repayments of long-term borrowings	​	​	(1,624)	​	​	(3,278)
Net change in short-term borrowings	​	​	(76)	​	​	99
Acquisitions of treasury stock	​	​	(1,022)	​	​	(665)
Common stock dividends	​	​	(112)	​	​	(125)
Other, net	​	​	(8)	​	​	23
Cash provided by (used in) financing activities	​	​	88	​	​	(3,496)
​	​	​	​	​	​	​
Effect of exchange rate changes on cash	​	​	23	​	​	(75)
​	​	​	​	​	​	​
Change in cash, cash equivalents and restricted cash	​	​	(613)	​	​	638
Cash, cash equivalents and restricted cash - beginning of period (a)	​	​	931	​	​	710
Cash, cash equivalents and restricted cash - end of period (a)	​	$	318	​	$	1,348

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(a)	Includes $9 million and $32 million of cash presented in current assets held for sale on the unaudited condensed consolidated balance sheets as of June 30, 2025, and December 31, 2024, respectively.

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See accompanying notes to the unaudited condensed consolidated financial statements.

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

1. Basis of Presentation

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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.

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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).

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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.

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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.

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

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Risks and Uncertainties

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Global Economic Environment

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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, hyperinflation in Argentina and Egypt, 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.

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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.

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	●	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 June 30, 2025, which could impact the company’s ability to satisfy hedge accounting requirements and result in the recognition of income and/or expenses.

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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.

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2. Accounting Pronouncements

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New Accounting Guidance and Disclosure Requirements

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Disaggregation of Income Statement Expenses

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In 2024, new guidance was issued by the Financial Accounting Standards Board (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.

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Income Tax Disclosures

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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.

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3. Business Segment Information

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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.

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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.

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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.

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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.

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

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, Saudi Arabia 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; a non-reportable operating segment that manufactured and sold aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities. As of June 30, 2025, and 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 sheets. 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 for further details on the Saudi Arabia and aluminum cups businesses.

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The accounting policies of the segments are the same as those used in the consolidated financial statements, as discussed in Note 1. 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.

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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.

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

Summary of Business by Segment

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​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
($ in millions)		2025			2024			2025			2024
​	​	​	​	​	​	​	​	​	​	​	​	​
Net sales	​	​	​	​	​	​	​	​	​	​	​	​
Beverage packaging, North and Central America	​	$	1,613	​	$	1,469	​	$	3,076	​	$	2,872
Beverage packaging, EMEA	​	​	1,050	​	​	880	​	​	1,953	​	​	1,690
Beverage packaging, South America	​	​	477	​	​	422	​	​	1,021	​	​	904
Reportable segment sales	​	​	3,140	​	​	2,771	​	​	6,050	​	​	5,466
Other	​	​	198	​	​	188	​	​	385	​	​	367
Net sales	​	$	3,338	​	$	2,959	​	$	6,435	​	$	5,833
​	​	​	​	​	​	​	​	​	​	​	​	​
Comparable segment operating earnings (a)	​	​	​	​	​	​	​	​	​	​	​	​
Beverage packaging, North and Central America	​	$	208	​	$	210	​	$	403	​	$	402
Beverage packaging, EMEA	​	​	129	​	​	113	​	​	225	​	​	198
Beverage packaging, South America	​	​	51	​	​	37	​	​	120	​	​	92
Reportable segment comparable operating earnings	​	​	388	​	​	360	​	​	748	​	​	692
Reconciling items	​	​	​	​	​	​	​	​	​	​	​	​
Other (b)	​	​	8	​	​	2	​	​	(7)	​	​	(70)
Business consolidation and other activities	​	​	(12)	​	​	(60)	​	​	(25)	​	​	(86)
Amortization of acquired intangibles	​	​	(35)	​	​	(33)	​	​	(68)	​	​	(71)
Interest expense	​	​	(81)	​	​	(68)	​	​	(151)	​	​	(161)
Debt refinancing and other costs	​	​	—	​	​	(1)	​	​	—	​	​	(3)
Earnings before taxes	​	$	268	​	$	200	​	$	497	​	$	301

(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.

(b)

Includes undistributed corporate expenses, net, of $30 million and $21 million for the three months ended June 30, 2025 and 2024, respectively, and $73 million and $117 million for the six months ended June 30, 2025 and 2024, respectively. Undistributed corporate expenses, net, includes corporate interest income of $12 million for the three months ended June 30, 2024, and $1 million and $29 million for the six months ended June 30, 2025 and 2024, respectively. For the three and six months ended June 30, 2024, undistributed corporate expenses, net, includes $3 million and $82 million of incremental compensation cost from the successful sale of the aerospace business, respectively.

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​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
($ in millions)		2025			2024		​	2025			2024
​	​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	​	​	​	​	​	​	​	​	​	​	​	​
Beverage packaging, North and Central America	​	$	56	​	$	53	​	$	112	​	$	107
Beverage packaging, EMEA	​	​	49	​	​	46	​	​	96	​	​	93
Beverage packaging, South America	​	​	36	​	​	38	​	​	72	​	​	79
Reportable segment depreciation and amortization	​	​	141	​	​	137	​	​	280	​	​	279
Other	​	​	14	​	​	15	​	​	25	​	​	31
Depreciation and amortization	​	$	155	​	$	152	​	$	305	​	$	310

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

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Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

4. Acquisitions and Dispositions

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Saudi Arabia

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In November 2024, the company entered into an agreement to sell 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company, which is expected to close in the third quarter of 2025. As of June 30, 2025, and December 31, 2024, the assets and liabilities of the business were presented as current assets and current liabilities held for sale. As of June 30, 2025, the assets and liabilities were $91 million and $25 million, respectively, which are primarily related to working capital and property, plant and equipment. The entity also has a noncontrolling interest of $64 million as of June 30, 2025, which will be derecognized upon sale. The transaction is expected to result in deconsolidation upon closing and Ball will retain a 10 percent ownership interest. A gain of approximately $85 million is expected to be recognized upon sale and no impairment or loss resulted from meeting held for sale presentation.

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Aluminum Cups

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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.

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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 $7 million related to the transaction in business consolidation and other activities in the unaudited condensed consolidated statement of earnings for the six months ended June 30, 2025.

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Acquisition of Florida Can Manufacturing

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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.

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Personal & Home Care Acquisition of Alucan Entec

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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.

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Aerospace

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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. The company is in the process of finalizing the working capital adjustments and other customary closing adjustments with BAE, which may adjust the final cash proceeds and gain on sale amounts. As such, during the fourth quarter of 2024, Ball reduced the gain by $60 million based on preliminary concessions related to the purchase price. After this adjustment and the $3 million loss recorded in the unaudited condensed consolidated statement of earnings for

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

the six months ended June 30, 2025, the divestiture resulted in a pre-tax gain of $4.61 billion. Cash proceeds received at close from the sale of $5.42 billion, net of the cash disposed, are presented in business dispositions, net of cash sold, in the 2024 consolidated statement of cash flows. Income taxes related to the transaction that have not yet been paid are recorded in other current liabilities on the unaudited condensed consolidated balance sheet. Additionally, the 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.

​

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 for further information on the basis of presentation.

​

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

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
($ 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)	​	​	—	​	​	(3)	​	​	4,695
Tax (provision) benefit	​	​	1	​	​	—	​	​	1	​	​	(1,115)
Discontinued operations, net of tax	​	$	—	​	$	—	​	$	(2)	​	$	3,607

​

The following table presents depreciation and amortization, capital expenditures and significant operating and investing noncash items from discontinued operations for the six months ended June 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:

​

​	​	​	​	​	​	​
​	​	Six Months Ended June 30,
($ in millions)		2025		​	2024
​	​	​	​	​	​	​
Provided by (used in)	​	​	​	​	​	​
Depreciation and amortization	​	$	—	​	$	9
Gain on Aerospace disposal	​	​	3	​	​	(4,695)
Capital expenditures	​	​	—	​	​	(13)

​

For the six months ended June 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.

​

​

​

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

​

5. 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 June 30,								​	Six Months Ended June 30,
($ in millions)	​	Point in Time		​	Over Time		​	Total			Point in Time		​	Over Time		​	Total
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
2025	​	$	568	​	$	2,770	​	$	3,338	​	$	1,112	​	$	5,323	​	$	6,435
2024	​	​	627	​	​	2,332	​	​	2,959	​	​	1,183	​	​	4,650	​	​	5,833

​

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

​

​	​	​	​	​	​	​
​	​	Contract		​	Contract
​	​	Liabilities		​	Liabilities
($ in millions)		(Current)		​	(Noncurrent)
​	​	​	​	​	​	​
Balance at December 31, 2024	​	$	50	​	$	2
Increase (decrease)	​	​	9	​	​	—
Balance at June 30, 2025	​	$	59	​	$	2

​

During the six months ended June 30, 2025, contract liabilities increased by $9 million, which is net of cash received of $39 million and amounts recognized as sales of $30 million, the majority of which related to current contract liabilities. The amount of sales recognized in the six months ended June 30, 2025, that was included in the opening contract liabilities balance, was $30 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.

​

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

6. Business Consolidation and Other Activities

​

2025

​

During the three and six months ended June 30, 2025, the company recorded net charges of $12 million and $25 million, respectively. During the three and six months ended June 30, 2025, the net charges were primarily composed of costs for previously announced facility closures and the loss related to the aluminum cups business transaction. The charges for the six months ended June 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. See Note 4 for further details on the aluminum cups transaction.

​

2024

​

During the three and six months ended June 30, 2024, the company recorded net charges of $60 million and $86 million, respectively, which were primarily related to facility closure costs of $39 million and $64 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 six months ended June 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.

​

7.	Supplemental Cash Flow Statement and Other Disclosures

​

​	​	​	​	​	​	​
​	​	June 30,
($ in millions)	​	2025			2024
​	​	​	​		​	​
Beginning of period:	​	​	​		​	​
Cash and cash equivalents	​	$	885		$	695
Current restricted cash (included in other current assets)	​	​	8		​	15
Noncurrent restricted cash (included in other assets)	​	​	6		​	—
Cash reported in current assets held for sale	​	​	32		​	—
Total cash, cash equivalents and restricted cash	​	$	931		$	710
​	​	​	​		​	​
End of period:	​	​	​		​	​
Cash and cash equivalents	​	$	296		$	1,346
Current restricted cash (included in other current assets)	​	​	6		​	2
Noncurrent restricted cash (included in other assets)	​	​	7	​	​	—
Cash reported in current assets held for sale	​	​	9	​	​	—
Total cash, cash equivalents and restricted cash	​	$	318		$	1,348

​

The company’s current 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. Noncurrent restricted cash is comprised of additional cash consideration to be paid for the acquisition of Alucan Entec, S.A, less any potential obligations covered by the holdback arrangement. See Note 4 for further details.

​

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:

​

​	​	​	​	​	​	​
​	​	June 30,
($ in millions)	​	2025			2024
​	​	​	​		​	​
Beginning of period:	​	​	​		​	​
PP&E acquired but not yet paid	​	$	96		$	204
​	​	​	​	​	​	​
End of period:	​	​	​		​	​
PP&E acquired but not yet paid	​	$	104		$	139

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 $365 million and $423 million at June 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. Receivables, Net

​

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
($ in millions)	​	2025			2024
​	​	​	​	​	​	​
Trade accounts receivable	​	$	1,775	​	$	1,258
Unbilled receivables	​	​	589	​	​	490
Less: Allowance for doubtful accounts	​	​	(14)	​	​	(12)
Net trade accounts receivable	​	​	2,350	​	​	1,736
Other receivables	​	​	547	​	​	430
​	​	$	2,897	​	$	2,166

​

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 $1.78 billion and $1.60 billion at June 30, 2025, and December 31, 2024, respectively. A total of $602 million and $428 million were available for sale under these programs as of June 30, 2025, and December 31, 2024, respectively. The company has recorded expense related to its factoring programs of $9 million and $10 million for the three months ended June 30, 2025 and 2024, respectively, and $19 million and $23 million for the six months ended June 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. Inventories, Net

​

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
($ in millions)		2025			2024
​	​	​	​	​	​	​
Raw materials and supplies	​	$	1,281	​	$	1,089
Finished goods	​	​	538	​	​	470
Less: Inventory reserves	​	​	(87)	​	​	(82)
​	​	$	1,732	​	$	1,477

​

​

​

10. Property, Plant and Equipment, Net

​

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
($ in millions)		2025			2024
​	​	​	​	​	​	​
Land	​	$	212	​	$	198
Buildings	​	​	1,925	​	​	1,794
Machinery and equipment	​	​	8,015	​	​	7,450
Construction-in-progress	​	​	872	​	​	836
​	​	​	11,024	​	​	10,278
Accumulated depreciation	​	​	(4,469)	​	​	(4,105)
​	​	$	6,555	​	$	6,173

​

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

Depreciation expense was $117 million and $116 million for the three months ended June 30, 2025 and 2024, respectively, and $231 million and $232 million for the six months ended June 30, 2025 and 2024, respectively.

​

11. Goodwill

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
($ in millions)		Beverage****Packaging,North & CentralAmerica			**Beverage****Packaging,**EMEA			**Beverage****Packaging,**South America			Other			Total
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Balance at December 31, 2024	​	$	1,277	​	$	1,289	​	$	1,300	​	$	306	​	$	4,172
Effects of currency exchange	​	​	—	​	​	172	​	​	—	​	​	43	​	​	215
Business dispositions	​	​	—	​	​	—	​	​	—	​	​	(6)	​	​	(6)
Balance at June 30, 2025	​	$	1,277	​	$	1,461	​	$	1,300	​	$	343	​	$	4,381

​

​

12. Intangible Assets, Net

​

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
($ in millions)		2025			2024
​	​	​	​	​	​	​
Acquired customer relationships and other intangibles (net of accumulated amortization and impairment losses of $1.23 billion at June 30, 2025, and $1.11 billion at December 31, 2024)	​	$	1,008	​	$	1,031
Capitalized software (net of accumulated amortization of $176 million at June 30, 2025, and $168 million at December 31, 2024)	​	​	26	​	​	28
Other intangibles (net of accumulated amortization of $14 million at June 30, 2025, and $12 million at December 31, 2024)	​	​	22	​	​	21
​	​	$	1,056	​	$	1,080

​

Total amortization expense of intangible assets was $38 million and $36 million for the three months ended June 30, 2025 and 2024, respectively, and $74 million and $78 million for the six months ended June 30, 2025 and 2024, respectively.

​

13. Other Assets

​

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
($ in millions)		2025			2024
​	​	​	​	​	​	​
Long-term pension assets	​	$	40	​	$	36
Right-of-use operating lease assets	​	​	336	​	​	334
Investments in affiliates	​	​	238	​	​	233
Long-term deferred tax assets	​	​	69	​	​	63
Other	​	​	681	​	​	696
​	​	$	1,364	​	$	1,362

​

​

​

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. and a 33 percent ownership interest in an entity in the U.S.

​

​

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

14. 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:

​

​	​	​	​	​	​	​	​
​	​	​	June 30,		​	December 31,
($ in millions)	Balance Sheet Location	​	2025		​	2024
​	​	​	​	​	​	​	​
Operating leases:	​	​	​	​	​	​	​
Operating lease ROU asset	Other assets	​	$	336	​	$	334
Current operating lease liabilities	Other current liabilities	​	​	78	​	​	79
Noncurrent operating lease liabilities	Other liabilities	​	​	268	​	​	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. Debt

​

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

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
($ in millions)		2025			2024
​	​	​	​	​	​	​
Senior Notes	​	​	​	​	​	​
5.25% due July 2025 (a)	​	$	189	​	$	189
4.875% due March 2026	​	​	256	​	​	256
1.50%, euro denominated, due March 2027	​	​	648	​	​	569
6.875% due March 2028	​	​	750	​	​	750
6.00% due June 2029	​	​	1,000	​	​	1,000
2.875% due August 2030	​	​	1,300	​	​	1,300
3.125% due September 2031	​	​	850	​	​	850
4.25% euro denominated, due July 2032	​	​	1,002	​	​	—
Senior Credit Facility (at variable rates)	​	​	​	​	​	​
U.S. dollar revolver due June 2027 (5.66% - 2025)	​	​	250	​	​	—
Multi-currency revolver due June 2027 (5.68% - 2025)	​	​	100	​	​	—
Term A loan due June 2027 (5.68% - 2025)	​	​	625	​	​	625
Finance lease obligations	​	​	8	​	​	7
Other (including debt issuance costs)	​	​	(52)	​	​	(43)
​	​	​	6,926	​	​	5,503
Less: Current portion of long-term debt	​	​	(447)	​	​	(191)
Long-term debt	​	$	6,479	​	$	5,312
​	​	​	​	​	​	​
Short-term debt	​	​	​	​	​	​
Current portion of long-term debt	​	$	447	​	$	191
Short-term finance leases	​	​	—	​	​	24
Short-term committed loans	​	​	—	​	​	109
Short-term uncommitted credit facilities	​	​	101	​	​	37
Short-term debt and current portion of long-term debt	​	$	548	​	$	361

(a)	In July 2025, Ball redeemed the outstanding 5.25% senior notes due in the amount of $189 million.

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 June 30, 2025, $1.36 billion was available under these revolving credit facilities. Additionally, at June 30, 2025, the company’s short-term uncommitted credit facilities provided the company with up to $1.03 billion.

​

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 $6.76 billion and $5.19 billion at June 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 5.0 times, which will change to 4.5 times as of September 30, 2025. The company was in compliance with the leverage ratio requirement at June 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 22.8 percent and 22.9 percent for the three and six months ended June 30, 2025, respectively. As compared to the statutory U.S. tax rate, the effective tax rate for the three and six months ended June 30, 2025, increased by 0.8 and 0.9 percentage points, respectively, for non-U.S. rate differences and withholding taxes net of credits, increased by 0.7 and 0.9 percentage points, respectively, for state and local taxes, increased by 0.7 and 0.6 percentage points, respectively, for Pillar Two Global Minimum Taxes and decreased by 1.4 and 0.8 percentage points, respectively, for federal tax credits.

​

The company’s effective tax rate was 24.5 percent and 25.2 percent for the three and six months ended June 30, 2024, respectively. As compared to the statutory U.S. tax rate, the effective tax rate for the three and six months ended June 30, 2024, increased by 1.7 and 1.2 percentage points, respectively, for state and local taxes, increased by 1.1 and 1.5 percentage points, respectively, for non-U.S. rate differences and withholding taxes net of credits and increased by 0.7 and 0.8 percentage points, respectively, related to Pillar Two Global Minimum 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 company is currently assessing the impact the Act will have on its consolidated financial statements, which we anticipate to begin reflecting in the third quarter of 2025.

​

17. Employee Benefit Obligations

​

​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
($ in millions)	​	2025			2024
​	​	​	​	​	​	​
Underfunded defined benefit pension liabilities	​	$	252	​	$	263
Less: Current portion	​	​	(21)	​	​	(20)
Long-term defined benefit pension liabilities	​	​	231	​	​	243
Long-term retiree medical liabilities	​	​	75	​	​	79
Deferred compensation plans	​	​	187	​	​	206
Other	​	​	64	​	​	49
​	​	$	557	​	$	577

​

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

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

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,
​	​	2025								​	2024
($ in millions)		U.S.			Non-U.S.			Total			U.S.			Non-U.S.			Total
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Ball-sponsored plans:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Service cost	​	$	3	​	$	—	​	$	3	​	$	4	​	$	—	​	$	4
Interest cost	​	​	15	​	​	23	​	​	38	​	​	15	​	​	21	​	​	36
Expected return on plan assets	​	​	(20)	​	​	(22)	​	​	(42)	​	​	(22)	​	​	(19)	​	​	(41)
Amortization of prior service cost	​	​	—	​	​	—	​	​	—	​	​	—	​	​	—	​	​	—
Recognized net actuarial loss	​	​	1	​	​	4	​	​	5	​	​	1	​	​	3	​	​	4
Total net periodic benefit cost	​	$	(1)	​	$	5	​	$	4	​	$	(2)	​	$	5	​	$	3

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Six Months Ended June 30,
​	​	2025								​	2024
($ in millions)		U.S.			Non-U.S.			Total			U.S.			Non-U.S.			Total
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Ball-sponsored plans:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Service cost	​	$	7	​	$	—	​	$	7	​	$	8	​	$	1	​	$	9
Interest cost	​	​	29	​	​	45	​	​	74	​	​	30	​	​	41	​	​	71
Expected return on plan assets	​	​	(40)	​	​	(43)	​	​	(83)	​	​	(44)	​	​	(39)	​	​	(83)
Amortization of prior service cost	​	​	—	​	​	1	​	​	1	​	​	—	​	​	1	​	​	1
Recognized net actuarial loss	​	​	2	​	​	8	​	​	10	​	​	2	​	​	7	​	​	9
Total net periodic benefit cost	​	$	(2)	​	$	11	​	$	9	​	$	(4)	​	$	11	​	$	7

​

Non-service pension expense of $1 million and income of $1 million for the three months ended June 30, 2025 and 2024, respectively, and expense of $2 million and income of $2 million for the six months ended June 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 $15 million for the first six months of 2025 and 2024, and such contributions are expected to be approximately $32 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 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.

​

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

18. 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				​	Treasury Stock				​	​	​	​	Accumulated Other		​	​	​	​	​	​
​	​	Number of	​	​		​	Number of	​	​		​	Retained		​	Comprehensive		​	Noncontrolling		​	Total
($ in millions; share amounts in thousands)		Shares		Amount			Shares		Amount			Earnings			Earnings (Loss)			Interest			Equity
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Balance at March 31, 2025	​	684,673	​	$	1,401	​	(405,213)	​	$	(6,607)	​	$	11,649	​	$	(942)	​	$	68	​	$	5,569
Net earnings	​	—	​	​	—	​	—	​	​	—	​	​	212	​	​	—	​	​	3	​	​	215
Other comprehensive earnings (loss), net of tax	​	—	​	​	—	​	—	​	​	—	​	​	—	​	​	(13)	​	​	—	​	​	(13)
Common dividends	​	—	​	​	—	​	—	​	​	—	​	​	(55)	​	​	—	​	​	—	​	​	(55)
Treasury stock purchases	​	—	​	​	—	​	(7,598)	​	​	(456)	​	​	—	​	​	—	​	​	—	​	​	(456)
Treasury shares reissued	​	—	​	​	—	​	11	​	​	3	​	​	—	​	​	—	​	​	—	​	​	3
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	​	175	​	​	13	​	—	​	​	—	​	​	—	​	​	—	​	​	—	​	​	13
Distributions from deferred compensation plans and other activity	​	—	​	​	—	​	—	​	​	1	​	​	—	​	​	—	​	​	—	​	​	1
Balance at June 30, 2025	​	684,848	​	$	1,414	​	(412,800)	​	$	(7,059)	​	$	11,806	​	$	(955)	​	$	71	​	$	5,277

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Common Stock				​	Treasury Stock				​	​	​	​	Accumulated Other		​	​	​	​	​	​
​	​	Number of	​	​		​	Number of	​	​		​	Retained		​	Comprehensive		​	Noncontrolling		​	Total
($ in millions; share amounts in thousands)		Shares		Amount			Shares		Amount			Earnings			Earnings (Loss)			Interest			Equity
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Balance at March 31, 2024	​	683,560	​	$	1,352	​	(370,544)	​	$	(4,537)	​	$	11,386	​	$	(893)	​	$	69	​	$	7,377
Net earnings	​	—	​	​	—	​	—	​	​	—	​	​	158	​	​	—	​	​	1	​	​	159
Other comprehensive earnings (loss), net of tax	​	—	​	​	—	​	—	​	​	—	​	​	—	​	​	(28)	​	​	—	​	​	(28)
Common dividends	​	—	​	​	—	​	—	​	​	—	​	​	(62)	​	​	—	​	​	—	​	​	(62)
Treasury stock purchases	​	—	​	​	—	​	(7,249)	​	​	(485)	​	​	—	​	​	—	​	​	—	​	​	(485)
Treasury shares reissued	​	—	​	​	—	​	(48)	​	​	3	​	​	—	​	​	—	​	​	—	​	​	3
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	​	241	​	​	18	​	—	​	​	—	​	​	—	​	​	—	​	​	—	​	​	18
Distributions from deferred compensation plans and other activity	​	—	​	​	—	​	—	​	​	2	​	​	(1)	​	​	—	​	​	—	​	​	1
Balance at June 30, 2024	​	683,801	​	$	1,370	​	(377,841)	​	$	(5,017)	​	$	11,481	​	$	(921)	​	$	70	​	$	6,983

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Common Stock				​	Treasury Stock				​	​	​	​	Accumulated Other		​	​	​	​	​	​
​	​	Number of	​	​		​	Number of	​	​		​	Retained		​	Comprehensive		​	Noncontrolling		​	Total
($ in millions; share amounts in thousands)		Shares		Amount			Shares		Amount			Earnings			Earnings (Loss)			Interest			Equity
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Balance at December 31, 2024	​	684,168	​	$	1,395	​	(394,790)	​	$	(6,057)	​	$	11,527	​	$	(1,003)	​	$	68	​	$	5,930
Net earnings	​	—	​	​	—	​	—	​	​	—	​	​	391	​	​	—	​	​	3	​	​	394
Other comprehensive earnings (loss), net of tax	​	—	​	​	—	​	—	​	​	—	​	​	—	​	​	48	​	​	—	​	​	48
Common dividends	​	—	​	​	—	​	—	​	​	—	​	​	(112)	​	​	—	​	​	—	​	​	(112)
Treasury stock purchases	​	—	​	​	—	​	(18,092)	​	​	(1,016)	​	​	—	​	​	—	​	​	—	​	​	(1,016)
Treasury shares reissued	​	—	​	​	—	​	82	​	​	6	​	​	—	​	​	—	​	​	—	​	​	6
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	​	680	​	​	19	​	—	​	​	—	​	​	—	​	​	—	​	​	—	​	​	19
Distributions from deferred compensation plans and other activity	​	—	​	​	—	​	—	​	​	8	​	​	—	​	​	—	​	​	—	​	​	8
Balance at June 30, 2025	​	684,848	​	$	1,414	​	(412,800)	​	$	(7,059)	​	$	11,806	​	$	(955)	​	$	71	​	$	5,277

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Common Stock				​	Treasury Stock				​	​	​	​	Accumulated Other		​	​	​	​	​	​
​	​	Number of	​	​		​	Number of	​	​		​	Retained		​	Comprehensive		​	Noncontrolling		​	Total
($ in millions; share amounts in thousands)		Shares		Amount			Shares		Amount			Earnings			Earnings (Loss)			Interest			Equity
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Balance at December 31, 2023	​	683,241	​	$	1,312	​	(367,551)	​	$	(4,390)	​	$	7,763	​	$	(916)	​	$	68	​	$	3,837
Net earnings	​	—	​	​	—	​	—	​	​	—	​	​	3,843	​	​	—	​	​	2	​	​	3,845
Other comprehensive earnings (loss), net of tax	​	—	​	​	—	​	—	​	​	—	​	​	—	​	​	(5)	​	​	—	​	​	(5)
Common dividends	​	—	​	​	—	​	—	​	​	—	​	​	(125)	​	​	—	​	​	—	​	​	(125)
Treasury stock purchases	​	—	​	​	—	​	(10,314)	​	​	(681)	​	​	—	​	​	—	​	​	—	​	​	(681)
Treasury shares reissued	​	—	​	​	—	​	24	​	​	10	​	​	—	​	​	—	​	​	—	​	​	10
Shares issued and stock compensation for stock options and other stock plans, net of shares exchanged	​	560	​	​	58	​	—	​	​	—	​	​	—	​	​	—	​	​	—	​	​	58
Distributions from deferred compensation plans and other activity	​	—	​	​	—	​	—	​	​	44	​	​	—	​	​	—	​	​	—	​	​	44
Balance at June 30, 2024	​	683,801	​	$	1,370	​	(377,841)	​	$	(5,017)	​	$	11,481	​	$	(921)	​	$	70	​	$	6,983

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

​

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. The company paid $250 million in June 2025, and received 3.63 million shares, which represented approximately 80 percent of the total shares. The average price per share paid under this agreement as of June 30, 2025, was $55.15. The remaining shares will settle during the third quarter of 2025.

​

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)		​ CurrencyTranslation**(Net of Tax)**		​		Pension andOther PostretirementBenefits**(Net of Tax)**			Derivatives Designated as Hedges**(Net of Tax)**			AccumulatedOtherComprehensive****Earnings (Loss)
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Balance at December 31, 2024	​	$	(618)	​	​	$	(402)	​	$	17	​	$	(1,003)
Other comprehensive earnings (loss) before reclassifications	​	​	111	​	​	​	(46)	​	​	(93)	​	​	(28)
Amounts reclassified into earnings	​	​	6	(a)	​	​	7	​	​	63	​	​	76
Balance at June 30, 2025	​	$	(501)	​	​	$	(441)	​	$	(13)	​	$	(955)

(a)	Currency translation recorded in business consolidation and other activities from business disposal.

​

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

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
($ in millions)		2025			2024			2025			2024
​	​	​	​	​	​	​	​	​	​	​	​	​
Gains (losses) on cash flow hedges:	​	​	​	​	​	​	​	​	​	​	​	​
Commodity contracts recorded in net sales	​	$	17	​	$	(19)	​	$	12	​	$	(6)
Commodity contracts recorded in cost of sales	​	​	(1)	​	​	4	​	​	2	​	​	(10)
Currency exchange contracts recorded in selling, general and administrative	​	​	(73)	​	​	16	​	​	(101)	​	​	48
Interest rate contracts recorded in interest expense	​	​	3	​	​	3	​	​	3	​	​	6
Total before tax effect	​	​	(54)	​	​	4	​	​	(84)	​	​	38
Tax benefit (expense) on amounts reclassified into earnings	​	​	14	​	​	(1)	​	​	21	​	​	(9)
Recognized gain (loss), net of tax	​	$	(40)	​	$	3	​	$	(63)	​	$	29
​	​	​	​	​	​	​	​	​	​	​	​	​
Amortization and disposal of pension and other postretirement benefits: (a)	​	​	​	​	​	​	​	​	​	​	​	​
Actuarial gains (losses) (b)	​	$	(4)	​	$	(3)	​	$	(8)	​	$	(6)
Prior service income (expense) (b)	​	​	(1)	​	​	—	​	​	(1)	​	​	(1)
Aerospace disposal	​	​	—	​	​	—	​	​	—	​	​	(127)
Total before tax effect	​	​	(5)	​	​	(3)	​	​	(9)	​	​	(134)
Tax benefit (expense) on amounts reclassified into earnings	​	​	1	​	​	1	​	​	2	​	​	35
Recognized gain (loss), net of tax	​	$	(4)	​	$	(2)	​	$	(7)	​	$	(99)

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

(b)	These components are included in the computation of net periodic benefit cost detailed in Note 17.

​

​

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

19. Earnings and Dividends Per Share

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
($ in millions, except per share amounts; shares in thousands)		2025			2024			2025			2024
​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings from continuing operations attributable to Ball Corporation, net of tax	​	$	212	​	$	158	​	$	393	​	$	236
Discontinued operations, net of tax	​	​	—	​	​	—	​	​	(2)	​	​	3,607
Net earnings attributable to Ball Corporation	​	$	212	​	$	158	​	$	391	​	$	3,843
​	​	​	​	​	​	​	​	​	​	​	​	​
Basic weighted average common shares	​	​	276,102	​	​	309,269	​	​	279,677	​	​	312,109
Effect of dilutive securities	​	​	1,669	​	​	2,695	​	​	1,728	​	​	2,581
Weighted average shares applicable to diluted earnings per share	​	​	277,771	​	​	311,964	​	​	281,405	​	​	314,690
​	​	​	​	​	​	​	​	​	​	​	​	​
Basic - continuing operations	​	$	0.77	​	$	0.51	​	$	1.41	​	$	0.76
Basic - discontinued operations	​	​	—	​	​	—	​	​	(0.01)	​	​	11.55
Per basic share	​	$	0.77	​	$	0.51	​	$	1.40	​	$	12.31
​	​	​	​	​	​	​	​	​	​	​	​	​
Diluted - continuing operations	​	$	0.76	​	$	0.51	​	$	1.40	​	$	0.75
Diluted - discontinued operations	​	​	—	​	​	—	​	​	(0.01)	​	​	11.46
Per diluted share	​	$	0.76	​	$	0.51	​	$	1.39	​	$	12.21

​

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 and six months ended June 30, 2025 and 2024.

​

The company declared and paid dividends of $0.20 per share for the three months ended June 30, 2025 and 2024, and $0.40 per share for the six months ended June 30, 2025 and 2024.

​

​

20. 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.

​

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)	​	June 30, 2025
Commercial risk area	​	Commodity		​	Currency			Interest Rate			Net Investment
​	​	​	​	​	​	​	​	​	​	​	​	​
Notional amount of contracts	​	$	1,586	​	$	3,064	​	$	600	​	€	1,050
Net gain (loss) included in AOCI, after-tax	​	​	(11)	​	​	(3)	​	​	1	​	​	(90)
Net gain (loss) included in AOCI, after-tax, expected to be recognized in net earnings within the next 12 months	​	​	(11)	​	​	(3)	​	​	2	​	​	—
​	​	​	​	​	​	​	​	​	​	​	​	​
Longest duration of forecasted hedge transactions in years	​	​	2	​	​	2	​	​	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 six months ended June 30, 2025, the company recorded a net loss, after tax in accumulated other comprehensive earnings (loss) for this nonderivative financial instrument of $35 million. The net loss included in AOCI, after tax, as of June 30, 2025, was $35 million 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 1.3 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.

​

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 June 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.

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	June 30, 2025
($ in millions)	Balance Sheet Location		DerivativesDesignatedas Hedging****Instruments			Derivatives notDesignated asHedging****Instruments			Total
​	​	​	​	​	​	​	​	​	​	​
Assets:	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	​	$	28	​	$	—	​	$	28
Currency contracts	​	​	​	—	​	​	24	​	​	24
Interest rate and other contracts	​	​	​	3	​	​	2	​	​	5
Total current derivative contracts	Other current assets	​	$	31	​	$	26	​	$	57
​	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	​	$	2	​	$	—	​	$	2
Currency contracts	​	​	​	—	​	​	1	​	​	1
Total noncurrent derivative contracts	Other noncurrent assets	​	$	2	​	$	1	​	$	3
	​	​	​	​	​	​	​	​	​	​
Liabilities:	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	​	$	36	​	$	9	​	$	45
Currency contracts	​	​	​	48	​	​	54	​	​	102
Total current derivative contracts	Other current liabilities	​	$	84	​	$	63	​	$	147
​	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	​	$	1	​	$	—	​	$	1
Interest rate and other contracts	​	​	​	2	​	​	—	​	​	2
Net investment hedge	​	​	​	110	​	​	—	​	​	110
Total noncurrent derivative contracts	Other noncurrent liabilities	​	$	113	​	$	—	​	$	113

​

Ball Corporation

Notes to the Unaudited Condensed Consolidated Financial Statements

​	​	​	​	​	​	​	​	​	​	​
​	​	​	December 31, 2024
($ in millions)	Balance Sheet Location	​	DerivativesDesignatedas Hedging****Instruments			Derivatives notDesignated asHedging****Instruments			Total
​	​	​	​	​	​	​	​	​	​	​
Assets:	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	​	$	26	​	$	—	​	$	26
Currency contracts	​	​	​	—	​	​	36	​	​	36
Interest rate and other contracts	​	​	​	4	​	​	—	​	​	4
Total current derivative contracts	Other current assets	​	$	30	​	$	36	​	$	66
​	​	​	​	​	​	​	​	​	​	​
Currency contracts	​	​	$	51	​	$	—	​	$	51
Interest rate and other contracts	​	​	​	6	​	​	—	​	​	6
Net investment hedge	​	​	​	20	​	​	—	​	​	20
Total noncurrent derivative contracts	Other noncurrent assets	​	$	77	​	$	—	​	$	77
	​	​	​	​	​	​	​	​	​	​
Liabilities:	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	​	$	7	​	$	—	​	$	7
Currency contracts	​	​	​	—	​	​	13	​	​	13
Total current derivative contracts	Other current liabilities	​	$	7	​	$	13	​	$	20
​	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	​	$	1	​	$	—	​	$	1
Other contracts	​	​	​	—	​	​	12	​	​	12
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 June 30, 2025, has not identified any circumstances requiring the reported values of the company’s financial instruments be adjusted.

​

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 June 30,
​	​	​	​	2025					​	2024
($ in millions)		**Location of Gain (Loss)**Recognized in Earnings on Derivatives		Cash FlowHedge -ReclassifiedAmount fromAccumulatedOtherComprehensive****Earnings (Loss)		​	Gain (Loss) onDerivatives notDesignated asHedgeInstruments			Cash FlowHedge -ReclassifiedAmount fromAccumulatedOtherComprehensive****Earnings (Loss)			Gain (Loss) onDerivatives notDesignated asHedgeInstruments
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Commodity contracts - manage exposure to customer pricing	​	Net sales	​	$	17	​	$	—	​	$	(19)	​	$	—
Commodity contracts - manage exposure to supplier pricing	​	Cost of sales	​	​	(1)	​	​	6	​	​	4	​	​	(9)
Interest rate contracts - manage exposure for outstanding debt	​	Interest expense	​	​	3	​	​	—	​	​	3	​	​	—
Currency contracts - manage currency exposure	​	Selling, general and administrative	​	​	(73)	​	​	(99)	​	​	16	​	​	29
Equity contracts	​	Selling, general and administrative	​	​	—	​	​	4	​	​	—	​	​	(11)
Total	​	​	​	$	(54)	​	$	(89)	​	$	4	​	$	9

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Six Months Ended June 30,											​
​	​	​	​	2025					​	2024					​
($ in millions)		**Location of Gain (Loss)**Recognized in Earnings on Derivatives		Cash FlowHedge -ReclassifiedAmount fromAccumulatedOtherComprehensive****Earnings (Loss)			Gain (Loss) onDerivatives notDesignated asHedgeInstruments			Cash FlowHedge -ReclassifiedAmount fromAccumulatedOtherComprehensive****Earnings (Loss)			Gain (Loss) onDerivatives notDesignated asHedgeInstruments		​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Commodity contracts - manage exposure to customer pricing	​	Net sales	​	$	12	​	$	—	​	$	(6)	​	$	—	​
Commodity contracts - manage exposure to supplier pricing	​	Cost of sales	​	​	2	​	​	6	​	​	(10)	​	​	(6)	​
Interest rate contracts - manage exposure for outstanding debt	​	Interest expense	​	​	3	​	​	—	​	​	6	​	​	—	​
Currency contracts - manage currency exposure	​	Selling, general and administrative	​	​	(101)	​	​	(170)	​	​	48	​	​	56	​
Equity contracts	​	Selling, general and administrative	​	​	—	​	​	(1)	​	​	—	​	​	3	​
Total	​	​	​	$	(84)	​	$	(165)	​	$	38	​	$	53	​

​

​

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:

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​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended June 30,					​	Six Months Ended June 30,
($ in millions)		2025			2024			2025			2024
​	​	​	​	​	​	​	​	​	​	​	​	​
Amounts reclassified into earnings:	​	​	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	$	(16)	​	$	15	​	$	(14)	​	$	16
Interest rate contracts	​	​	(3)	​	​	(3)	​	​	(3)	​	​	(6)
Currency exchange contracts	​	​	73	​	​	(16)	​	​	101	​	​	(48)
Change in fair value of hedges:	​	​	​	​	​	​	​	​	​	​	​	​
Commodity contracts	​	​	(19)	​	​	9	​	​	(19)	​	​	10
Interest rate contracts	​	​	(2)	​	​	4	​	​	(6)	​	​	16
Currency exchange contracts	​	​	(69)	​	​	16	​	​	(97)	​	​	45
Net investment hedge	​	​	(84)	​	​	—	​	​	(106)	​	​	—
Currency and tax impacts	​	​	9	​	​	(6)	​	​	8	​	​	(9)
​	​	$	(111)	​	$	19	​	$	(136)	​	$	24

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21. Contingencies

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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 and environmental 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 June 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.

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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.

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22. Indemnifications and Guarantees

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General Guarantees

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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.

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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.

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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.

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Debt Guarantees

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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

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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