[Ball Corporation Q2 2025 Earnings Release](index=1&type=section&id=Ball%20Reports%20Second%20Quarter%202025%20Results) [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Highlights) The company reported strong Q2 2025 results, with significant EPS growth, increased global shipments, and raised full-year guidance Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Sales | $3.34 billion | $2.96 billion | | GAAP Net Earnings | $212 million | $158 million | | GAAP Diluted EPS | $0.76 | $0.51 | | Comparable Net Earnings | $249 million | $232 million | | Comparable Diluted EPS | $0.90 | $0.74 | - Global aluminum packaging shipments increased by **4.1%** in the second quarter[8](index=8&type=chunk) - The company returned **$1.13 billion** to shareholders through share repurchases and dividends in the first six months of 2025[6](index=6&type=chunk)[8](index=8&type=chunk) - Full-year guidance for comparable diluted earnings per share growth was increased to a range of **12-15%**[6](index=6&type=chunk)[8](index=8&type=chunk)[19](index=19&type=chunk) [Business Segment Performance](index=2&type=section&id=Business%20Segment%20Performance) The beverage packaging segments showed overall growth, though the North and Central America segment's earnings slightly declined due to costs [Beverage Packaging, North and Central America](index=2&type=section&id=Beverage%20packaging%2C%20North%20and%20Central%20America) This segment's sales grew on higher volume, but operating earnings slightly decreased due to unfavorable price/mix and increased costs Q2 2025 Performance (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Sales | $1.61 billion | $1.47 billion | | Comparable Operating Earnings | $208 million | $210 million | - Segment volume increased by a **mid-single-digit percentage** year-over-year[10](index=10&type=chunk) [Beverage Packaging, EMEA](index=3&type=section&id=Beverage%20Packaging%2C%20EMEA) The EMEA segment delivered strong growth in sales and operating earnings, driven by higher shipments and favorable price/mix Q2 2025 Performance (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Sales | $1.05 billion | $880 million | | Comparable Operating Earnings | $129 million | $113 million | - Segment volume increased by a **mid-single-digit percentage** year-over-year, contributing to the earnings growth[12](index=12&type=chunk) [Beverage Packaging, South America](index=3&type=section&id=Beverage%20Packaging%2C%20South%20America) The South America segment achieved significant earnings growth, propelled by a low-single-digit increase in segment volume Q2 2025 Performance (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Sales | $477 million | $422 million | | Comparable Operating Earnings | $51 million | $37 million | - Year-over-year segment volume increased by a **low-single-digit percentage**[13](index=13&type=chunk) [Non-reportable Segments](index=3&type=section&id=Non-reportable) This category's results were affected by the deconsolidation of the aluminum cups business and increased corporate expenses - The company closed a transaction for its aluminum cups business on March 21, 2025, resulting in its **deconsolidation**[15](index=15&type=chunk)[35](index=35&type=chunk) [2025 Outlook](index=3&type=section&id=Outlook) The company raised its full-year EPS guidance and plans to return at least $1.5 billion to shareholders while managing trade volatility - The company increased its full-year 2025 guidance for comparable diluted earnings per share growth to **12-15%**[6](index=6&type=chunk)[19](index=19&type=chunk) - Ball expects to return at least **$1.5 billion** to shareholders in 2025, supported by robust free cash flow generation[8](index=8&type=chunk)[17](index=17&type=chunk) - The company is managing the impact of tariffs and aluminum premium volatility through **local sourcing and manufacturing strategies**[16](index=16&type=chunk) [Condensed Financial Statements](index=6&type=section&id=Condensed%20Financial%20Statements) The unaudited statements show year-over-year revenue and net earnings growth, alongside changes in the balance sheet and cash flow Condensed Consolidated Statements of Earnings (Three Months Ended June 30) | ($ in millions) | 2025 | 2024 | | :--- | :--- | :--- | | Net sales | $3,338 | $2,959 | | Earnings before taxes | $268 | $200 | | Net earnings attributable to Ball Corporation | $212 | $158 | Condensed Consolidated Balance Sheets (As of June 30) | ($ in millions) | 2025 | 2024 | | :--- | :--- | :--- | | Total current assets | $5,252 | $5,752 | | Total assets | $18,608 | $18,961 | | Long-term debt | $6,479 | $5,517 | | Total equity | $5,277 | $6,983 | Condensed Consolidated Statements of Cash Flows (Six Months Ended June 30) | ($ in millions) | 2025 | 2024 | | :--- | :--- | :--- | | Cash provided by (used in) operating activities | ($333) | ($995) | | Cash provided by (used in) investing activities | ($391) | $5,204 | | Cash provided by (used in) financing activities | $88 | ($3,496) | | Change in cash, cash equivalents and restricted cash | ($613) | $638 | [Notes to the Condensed Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Financial%20Statements) The notes detail significant corporate activities, including the aerospace business divestiture and non-GAAP measure reconciliations - The divestiture of the aerospace business was completed on February 16, 2024, for a purchase price of **$5.6 billion**[30](index=30&type=chunk)[37](index=37&type=chunk) - In February 2025, the company acquired Florida Can Manufacturing for **$160 million** in cash to strengthen its supply network[36](index=36&type=chunk) - On March 21, 2025, Ball formed a strategic partnership for its aluminum cups business, **deconsolidating the business**[32](index=32&type=chunk)[35](index=35&type=chunk) Reconciliation of Net Earnings to Comparable Net Earnings (Q2) | ($ in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net earnings attributable to Ball Corporation (GAAP) | $212 | $158 | | Facility closure costs and other items | $12 | $60 | | Amortization of acquired Rexam intangibles | $35 | $33 | | Debt refinancing and other costs | $— | $1 | | Non-comparable tax items | ($11) | ($23) | | (Gain) loss on Aerospace disposal | $1 | $— | | Aerospace disposition compensation | $— | $3 | | **Comparable Net Earnings (Non-GAAP)** | **$249** | **$232** |

Core Insights - Ball Corporation reported strong second quarter 2025 results, with net earnings of $212 million and diluted earnings per share of 76 cents, compared to $158 million and 51 cents in the same period of 2024 [3][12] - The company increased its full-year guidance for comparable diluted earnings per share growth to 12-15% due to a robust financial position and focused growth strategy [5][18] - Ball returned $1.13 billion to shareholders in the first half of 2025 and is on track to return at least $1.5 billion by year-end [12][17] Financial Performance - Second quarter 2025 net sales reached $3.34 billion, up from $2.96 billion in 2024, reflecting higher volume and price/mix [3][12] - Comparable net earnings for the second quarter were $249 million, or 90 cents per diluted share, compared to $232 million, or 74 cents per diluted share in 2024 [4][50] - The company reported a year-over-year increase in global aluminum packaging shipments of 4.1% in the second quarter [12] Segment Performance - Beverage Packaging, North and Central America, reported comparable operating earnings of $208 million on sales of $1.61 billion, compared to $210 million on sales of $1.47 billion in 2024 [7][8] - Beverage Packaging, EMEA, saw comparable operating earnings increase to $129 million on sales of $1.05 billion, up from $113 million on sales of $880 million in 2024 [9][10] - Beverage Packaging, South America, reported comparable operating earnings of $51 million on sales of $477 million, compared to $37 million on sales of $422 million in 2024 [13] Strategic Outlook - The company is focused on advancing sustainable aluminum packaging and enhancing operational efficiencies while managing costs [5][18] - Ball continues to assess the evolving trade landscape and its implications for business, emphasizing local sourcing and manufacturing to mitigate international trade fluctuations [16] - The company remains committed to returning value to shareholders through share repurchases and dividends, supported by strong free cash flow generation [17][18]

Core Insights - Ball Corporation (BALL) is set to report its second-quarter 2025 results on August 5, with net sales estimated at $3.15 billion, reflecting a 6.6% increase year-over-year [1] - The earnings consensus estimate is 87 cents per share, indicating a year-over-year growth of 17.6%, although this estimate has decreased by 1.1% over the past 60 days [1][5] - The company has a history of exceeding earnings estimates, with an average surprise of 4.9% over the last four quarters [2][3] Financial Performance Expectations - Q2 sales are projected to be driven by Beverage Packaging across all regions, despite rising labor and input costs potentially offsetting volume gains [5] - The Beverage Packaging segment in North and Central America is expected to generate net sales of $1.52 billion, a 3.2% year-over-year increase, with a projected operating income decline of 14.4% to $180 million [8] - The Europe segment's sales are anticipated to reach $923 million, indicating a 4.9% growth, while operating income is expected to drop by 13.6% [9] - The South America segment is projected to have net sales of $448 million, reflecting a 6.2% increase, but with a forecasted operating income decrease of 12.8% [10] Market Context - Ball Corporation's stock has declined by 10.1% over the past year, contrasting with a 1.9% decline in the industry [11] - The company is currently facing challenges due to weaker-than-expected demand and high input costs, which are likely to impact its Q2 performance [7]

Group 1 - Ball Corporation's board declared a cash dividend of 20 cents per share, payable on September 16, 2025, to shareholders of record as of September 2, 2025 [1] - Edmund "Ted" Doering has been elected as the new Chief Information Officer (CIO) of Ball Corporation, succeeding Brian Gabbard, who will retire at the end of September [2] - Ted Doering brings over 30 years of global IT leadership experience, previously serving as executive vice president and CIO at Berry Global, and has expertise in value creation and enterprise risk management [2] Group 2 - Ball Corporation will announce its second quarter 2025 earnings on August 5, 2025, before trading begins on the New York Stock Exchange [3] - A quarterly conference call will be held at 9 a.m. Mountain Time on the same day to discuss the company's results and performance [3] - A replay and transcript of the conference call will be available within 48 hours on Ball's website [4] Group 3 - Ball Corporation specializes in innovative and sustainable aluminum packaging solutions for various sectors, employing 16,000 people globally [4] - The company reported net sales of $11.80 billion for 2024, excluding the divested aerospace business [4]

Company Performance - Ball Corporation has recently experienced a rebound in volumes and an improved pricing mix for aluminum products [1] Investment Perspective - The analysis suggests a long-term investment horizon of 5-10 years, focusing on a portfolio that includes a mix of growth, value, and dividend-paying stocks, with a particular emphasis on value [1]

Group 1 - The stock of Ball Corporation (BALL) is experiencing significant attention due to high implied volatility in the options market, particularly for the June 20, 2025 $2.5 Call option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant change in the stock's price, potentially due to an upcoming event [2] - Analysts have a mixed outlook on BALL, with three increasing their earnings estimates for the current quarter and two decreasing them, resulting in a net increase of the Zacks Consensus Estimate from 85 cents to 87 cents per share [3] Group 2 - The high implied volatility surrounding BALL shares may indicate a developing trading opportunity, as options traders often seek to sell premium on such options to capture decay [4]

Financial Performance - For the three months ended March 31, 2025, net sales increased by $223 million to $3,097 million, compared to $2,874 million in the same period in 2024, primarily driven by a $150 million increase from price/mix and a $117 million increase from higher volume [106]. - Net earnings attributable to Ball Corporation for the three months ended March 31, 2025, decreased by $3.51 billion to $179 million, primarily due to a $3.61 billion decrease from lower discontinued operations [107]. - Cost of sales for the three months ended March 31, 2025, was $2,493 million, representing 80% of consolidated net sales, compared to $2,283 million or 79% of net sales in the same period in 2024, with a $179 million increase attributed to higher aluminum costs [109]. - Comparable operating earnings for Beverage Packaging in North and Central America increased to $195 million for the three months ended March 31, 2025, from $192 million in 2024, with net sales rising to $1,463 million from $1,403 million [119]. - Beverage Packaging in EMEA reported net sales of $903 million for the three months ended March 31, 2025, an increase of $93 million compared to $810 million in 2024, with comparable operating earnings rising to $96 million from $85 million [123]. - Beverage Packaging in South America achieved net sales of $544 million for the three months ended March 31, 2025, up from $482 million in 2024, with comparable operating earnings increasing to $69 million from $55 million [125]. Tax and Interest - The effective tax rate for the three months ended March 31, 2025, was 23.1%, a decrease of 3.6 percentage points from 26.7% in the same period in 2024, primarily due to increased tax benefits from U.S. permanent differences [117]. - Interest expense decreased to $70 million for the three months ended March 31, 2025, from $93 million in 2024, with the interest expense as a percentage of average borrowings decreasing from 5.2% to 4.4% [116]. Cash Flow and Investments - Cash flows used in operating activities were $665 million in Q1 2025, primarily due to working capital outflows of $887 million, offset by earnings of $181 million and depreciation adjustments of $150 million [133]. - Cash flows used in investing activities totaled $207 million in Q1 2025, mainly driven by $160 million for the acquisition of Florida Can Manufacturing and $81 million in capital expenditures [134]. - Cash flows provided by financing activities were $396 million in Q1 2025, primarily from net inflows of $1.01 billion in borrowings, offset by $555 million in stock repurchases and $57 million in dividends [135]. Shareholder Returns and Debt - The company plans to return approximately $1.3 billion to shareholders through share repurchases in 2025, with $555 million repurchased in Q1 2025 compared to $182 million in Q1 2024 [142]. - Total interest-bearing debt increased to $6.75 billion as of March 31, 2025, up from $5.69 billion at December 31, 2024 [144]. - The company has $3.67 billion remaining available for share repurchases under the Board of Directors' approved plan as of March 31, 2025 [143]. Capital Expenditures and Operational Focus - The company expects capital expenditures for property, plant, and equipment to be around $600 million for 2025, with $276 million already contractually committed as of March 31, 2025 [139]. - The company is focused on maintaining a strong financial position through operational efficiencies, innovative product offerings, and strategic acquisitions to enhance growth in the aluminum packaging industry [99]. - Ball Corporation continues to evaluate potential strategic acquisitions and divestitures to benefit the company and its shareholders [102]. Operational Metrics - As of March 31, 2025, days sales outstanding was 77 days, with a one-day change impacting operating cash flows by $34 million [133]. - The company recorded net sales of $1.734 billion for the three months ended March 31, 2025, with a gross profit of $218 million [153]. - Contributions to defined benefit pension plans were $7 million in Q1 2025, with an expected total of approximately $32 million for the full year [138].

Financial Data and Key Metrics Changes - The first quarter of 2025 saw comparable diluted earnings per share increase to $0.76 from $0.68 in the first quarter of 2024, marking a 12% increase [12] - Comparable net earnings for the first quarter were $216 million, driven by higher volumes, lower interest expenses, and cost management initiatives [12][13] - The company anticipates a net debt to comparable EBITDA ratio of 2.75 times by the end of 2025 and plans to repurchase at least $1.3 billion worth of shares [16][17] Business Line Data and Key Metrics Changes - In North and Central America, comparable operating earnings increased by 2% due to stronger-than-expected volume performance [12] - EMEA segment volume remained robust with a 13% increase in comparable operating earnings, driven by favorable demand trends [13] - South America saw a 25% increase in segment comparable operating earnings, supported by strong volume performance across all markets [14] Market Data and Key Metrics Changes - Global shipments increased by 2.6% year-over-year in the first quarter of 2025, with North America returning to growth despite economic pressures [9] - The company expects global volume growth in the 2% to 3% range for 2025, with EMEA projected to achieve mid-single-digit volume growth [10] - In South America, recovery in Argentina and Chile, along with anticipated growth in Brazil, is expected to drive volume growth above the long-term range of 4% to 6% in 2025 [10] Company Strategy and Development Direction - The company is focused on operational excellence, disciplined cost management, and driving efficiency across the organization [17][20] - A strategic partnership was formed with Oasis Venture Holdings for the aluminum cup business, indicating a long-term growth strategy [11] - The company aims to deliver 11% to 14% comparable diluted EPS growth in 2025 while managing external uncertainties [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating ongoing uncertainties related to tariffs and consumer pressures, particularly in the U.S. [8][19] - The company remains optimistic about achieving its financial goals despite external volatility, citing the resilience of its global footprint [19][20] - Management highlighted the importance of maintaining strong customer relationships and operational consistency to drive future growth [10][11] Other Important Information - The company plans to keep capital expenditures slightly below depreciation and amortization, estimating around $600 million for 2025 [16] - The effective tax rate for 2025 is expected to be slightly above 22%, influenced by lower year-over-year tax credits [17] - The company has repurchased $651 million worth of shares year-to-date [16] Q&A Session Summary Question: Can you frame your supply position in Europe and where the next leg of growth will come from? - Management indicated that they have made significant investments in Europe, which has allowed them to scale operations effectively, and they expect continued growth into 2026 and 2027 [25][26] Question: How are self-improvement initiatives tracking in North America? - Management noted that while they do not expect margin expansion, they are seeing improvements in operational efficiencies, particularly in Europe and South America [29][30] Question: What is the potential impact of tariffs on demand, particularly regarding Mexico beer exposure? - Management stated that the impact of tariffs is minimal and they have not seen significant changes in customer behavior or forecasts [38][40] Question: How is the promotional environment shaping up in major markets? - Management observed that there has been constructive pricing and innovation in the energy segment, leading to mid-single-digit growth [50][52] Question: Can the company achieve 11% EPS growth if volumes fall short due to tariffs? - Management expressed confidence in navigating uncertainties and highlighted the resilience of aluminum packaging in a recession [72][75] Question: What are the expectations for margin sustainability in North America? - Management acknowledged that maintaining current margins will be challenging due to affordability pressures from customers, but they are focused on operational efficiency [114][116] Question: How is the company viewing trends in Latin America? - Management noted that Brazil is expected to see 2% to 3% growth, with recovery in Argentina and Chile contributing to overall growth in the region [123][125] Question: What are the supply-demand dynamics in Europe? - Management indicated that Europe presents more growth opportunities than North America due to the substrate shift away from glass, but building capacity is more challenging [127][130]

Financial Data and Key Metrics Changes - The first quarter of 2025 saw comparable diluted earnings per share increase to $0.76 from $0.68 in the first quarter of 2024, representing a 12% increase [13] - Comparable net earnings for the first quarter were $216 million, driven by higher volumes, lower interest expenses, and cost management initiatives [13][15] - The company anticipates a net debt to comparable EBITDA ratio of 2.75 times by the end of 2025 and plans to repurchase at least $1.3 billion worth of shares [16][17] Business Line Data and Key Metrics Changes - In North and Central America, comparable operating earnings increased by 2% due to stronger-than-expected volume performance [13][14] - EMEA segment comparable operating earnings increased by 13%, supported by robust demand trends [14] - South America saw a 25% increase in segment comparable operating earnings, driven by strong volume performance across all markets [15] Market Data and Key Metrics Changes - Global shipments increased by 2.6% year-over-year in the first quarter of 2025, with volume growth in North America returning despite economic pressures [10] - The company expects global volume growth in the 2% to 3% range for 2025, with mid-single-digit growth anticipated in EMEA [11] - In South America, volume growth is expected to exceed the long-term range of 4% to 6% in 2025 due to recovery in Argentina and Chile [11] Company Strategy and Development Direction - The company is focused on achieving 11% to 14% comparable diluted earnings per share growth in 2025 and is confident in its ability to navigate external uncertainties [9][19] - A strategic partnership was formed with Oasis Venture Holdings for the aluminum cup business, indicating a focus on long-term growth potential [12] - The company emphasizes operational excellence, disciplined cost management, and efficiency improvements across its operations [17][20] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the ability to manage uncertainties related to tariffs and consumer pressures, particularly in the U.S. [9][19] - The company is optimistic about the demand for aluminum packaging, which continues to outperform other substrates globally [9] - Management highlighted the resilience of the business model, stating that the company typically performs well during economic slowdowns [75] Other Important Information - The company plans to maintain a full-year effective tax rate on comparable earnings slightly above 22% due to lower year-over-year tax credits [17] - Capital expenditures for 2025 are expected to be slightly below depreciation and amortization, in the range of $600 million [16][102] - The company has repurchased $651 million worth of shares year-to-date [16] Q&A Session Summary Question: Can you frame your supply position in Europe and where the next leg of incremental growth will come from? - Management indicated that they have made significant investments in Europe, which allows for scaling up production, and they expect continued growth into 2026 and 2027 [26][28] Question: How are self-improvement initiatives tracking in North America? - Management noted that while they do not expect margin expansion, they are seeing improvements in operational efficiencies, particularly in Europe and South America [30] Question: What is the potential impact of tariffs on demand, particularly regarding beer exposure in Mexico? - Management stated that the impact of tariffs is minimal and that they have not seen significant changes in customer behavior or forecasts [39] Question: How is the promotional environment shaping up in major markets? - Management observed that there has been innovation in the energy segment and a more deliberate effort to price products to drive volume [48][50] Question: Can the company achieve 11% EPS growth if volume falls short due to tariffs? - Management expressed confidence in navigating uncertainties and highlighted the resilience of aluminum packaging during economic downturns [72][75] Question: What are the expectations for margin sustainability in North America? - Management acknowledged that maintaining current margins will be challenging due to affordability pressures from CPG customers [112][114] Question: How is the contracting process for the new Florida facility shaping up? - Management confirmed that the Florida facility has been integrated and is expected to contribute significantly during the peak season [53]

Financial Data and Key Metrics Changes - In Q1 2025, comparable diluted earnings per share increased to $0.76 from $0.68 in Q1 2024, representing a 12% growth [12] - Comparable net earnings for Q1 2025 were $216 million, driven by higher volumes, lower interest expenses, and cost management initiatives [12][14] - The company anticipates a net debt to comparable EBITDA ratio of 2.75 times by year-end 2025 and plans to repurchase at least $1.3 billion worth of shares in 2025 [15][16] Business Line Data and Key Metrics Changes - North and Central America saw a 2% increase in comparable operating earnings, driven by stronger-than-expected volume performance, particularly in energy drinks and non-alcoholic beverages [12][13] - EMEA segment volume remained robust, with comparable operating earnings increasing by 13% [13] - South America experienced a 25% increase in segment comparable operating earnings, supported by strong volume performance across all markets [14] Market Data and Key Metrics Changes - Global shipments increased by 2.6% year-over-year in Q1 2025, with volume growth expected to be in the 2% to 3% range for the year [8][9] - In EMEA, mid-single-digit volume growth is anticipated for 2025, driven by the competitive advantages of aluminum packaging [9] - In South America, recovery in Argentina and Chile, along with growth in Brazil, is expected to drive volume growth above the long-term range of 4% to 6% in 2025 [9] Company Strategy and Development Direction - The company is focused on achieving 11% to 14% comparable diluted earnings per share growth in 2025 and generating record adjusted free cash flow [7][19] - A strategic partnership, Oasis Venture Holdings, was formed to enhance the aluminum cup business, indicating a focus on long-term growth potential [10] - The company emphasizes operational excellence, disciplined cost management, and driving efficiency across the organization [17][20] Management's Comments on Operating Environment and Future Outlook - Management remains confident in navigating uncertainties related to tariffs and consumer pressures, particularly in the U.S., while sustaining positive momentum [7][19] - The company is optimistic about the resilience of its global portfolio and strong customer alignment, which positions it well to handle potential economic slowdowns [10][19] - Management highlighted the importance of monitoring geopolitical developments and their potential impact on operations [17] Other Important Information - The company has repurchased $651 million worth of shares year-to-date and plans to continue aggressive stock repurchases [15] - The effective tax rate for 2025 is expected to be slightly above 22%, influenced by lower year-over-year tax credits [16] - Capital expenditures for 2025 are expected to be slightly below depreciation and amortization, in the range of $600 million [15][16] Q&A Session Summary Question: Can you frame your supply position in Europe and the next leg of incremental growth? - Management indicated that they have made significant investments in Europe, which allows for scaling up production, and they expect continued growth into 2026 and 2027 [25][28] Question: How are self-improvement initiatives tracking in North America? - Management noted that while they do not expect margin expansion, they are seeing improvements in Europe and South America due to lean initiatives [30] Question: What is the impact of tariffs on demand, particularly regarding Mexico beer exposure? - Management stated that the impact of tariffs is minimal and they have not seen significant changes in customer behavior or forecasts [36][38] Question: How is the promotional environment shaping up in major markets? - Management observed that there has been innovation in the energy segment and a more deliberate effort to price products to drive volume [46] Question: Can the company achieve 11% EPS growth if volume falls short due to tariffs? - Management expressed confidence in navigating uncertainties and highlighted the resilience of aluminum packaging in a recession [70][74] Question: What are the expectations for margin sustainability in North America? - Management acknowledged that maintaining current margins will be challenging due to affordability concerns among CPG customers [112][114] Question: How is the company adjusting its mix in specialty cans? - Management noted that there is growth in 12-ounce cans and that affordability is a key factor in the current market [115] Question: What are the trends in Latin America and expectations for growth? - Management indicated that Brazil is expected to see 2% to 3% growth, with recovery in Argentina and Chile contributing to overall growth in the region [121][123] Question: How should the market view supply-demand dynamics in Europe? - Management highlighted that Europe presents more growth opportunities than North America due to the shift away from glass packaging [125][128]