Ball Corporation (NYSE:BALL) Q4 2022 Earnings Conference Call February 2, 2023 9:30 AM ET Company Participants Daniel Fisher - President and Chief Executive Officer Scott Morrison - Executive Vice President and Chief Financial Officer Conference Call Participants George Staphos - Bank of America Christopher Parkinson - Mizuho Arun Viswanathan - RBC Capital Markets Ghansham Panjabi - Baird Anthony Pettinari - Citi Adam Samuelson - Goldman Sachs Phil Ng - Jefferies Angel Castillo - Morgan Stanley Mike Roxland ...

Ball Corporation (NYSE:BALL) Q3 2022 Earnings Conference Call November 3, 2022 11:00 AM ET Company Participants Dan Fisher – Chief Executive Officer Scott Morrison – Executive Vice President and Chief Financial Officer Conference Call Participants George Staphos – Bank of America Adam Samuelson – Goldman Sachs Ghansham Panjabi – Baird Mike Leithead – Barclays Christopher Parkinson – Mizuho Mike Roxland – Truist Phil Ng – Jefferies Angel Castillo – Morgan Stanley Anthony Pettinari – Citi Kyle White – Deutsch ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-07349 Ball Corporation State of Indiana 35-0160610 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identif ...

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Financial Performance - Ball Corporation reported net sales of $2,801 million for the three months ended June 30, 2020, a decrease from $3,017 million in the same period of 2019, representing a decline of approximately 7.2%[127] - Net earnings attributable to Ball Corporation for the three months ended June 30, 2020, were $94 million, down from $197 million in the same period of 2019, reflecting a decrease of about 52.3%[127] - Cash flows from operating activities for the six months ended June 30, 2020, were $(232) million, a decrease from $253 million in the same period of 2019[153] - The company recorded net sales of $3,508 million for the six months ended June 30, 2020, compared to $6,540 million for the year ended December 31, 2019[173] - Gross profit for the six months ended June 30, 2020, was $446 million, down from $789 million for the year ended December 31, 2019[173] Cost and Expenses - Cost of sales for the three months ended June 30, 2020, was $2,230 million, accounting for 80% of consolidated net sales, compared to 80% in the same period of 2019[124] - Selling, general and administrative expenses were $111 million for the three months ended June 30, 2020, consistent with the same period in 2019, representing 4% of consolidated net sales[126] - Business consolidation costs were $112 million for the three months ended June 30, 2020, compared to $14 million in the same period of 2019, representing 4% of consolidated net sales[128] - Total interest expense for the three months ended June 30, 2020, was $67 million, down from $81 million in the same period of 2019, with interest expense as a percentage of average monthly borrowings at 3%[129] Tax and Earnings - The effective tax rate for the three months ended June 30, 2020, was 20.7%, an increase from 13.7% in the same period of 2019, primarily due to the revaluation of deferred tax assets[130] - Comparable diluted earnings per share for the six months ended June 30, 2020, were $1.26 compared to $1.13 in the same period in 2019[151] - Comparable operating earnings for the three months ended June 30, 2020, were $48 million higher compared to the same period in 2019, and for the six months, they were $76 million higher[136] Segment Performance - Segment sales for the three months ended June 30, 2020, were $19 million lower compared to the same period in 2019, while for the six months, they were $31 million higher[135] - Net sales for the Beverage Packaging segment in South America for the three months ended June 30, 2020, were $48 million lower compared to the same period in 2019[143] - Comparable operating earnings for the Aerospace segment for the three months ended June 30, 2020, were $30 million lower compared to the same period in 2019[144] - Total segment earnings for the Beverage Packaging segment in EMEA for the three months ended June 30, 2020, were $45 million compared to $65 million in the same period in 2019[137] - Comparable operating earnings as a percentage of segment net sales for the Beverage Packaging segment in South America were 14% for the three months ended June 30, 2020, compared to 17% in the same period in 2019[142] Investments and Capital Expenditures - The company expects capital expenditures for property, plant, and equipment to exceed $900 million for 2020, with approximately $700 million contractually committed as of June 30, 2020[160] - Cash outflows from investing activities increased by $177 million, from $264 million in 2019 to $441 million in 2020, primarily due to a $172 million increase in capital expenditures for large growth projects[155] Cash Flow and Debt - Cash flows from financing activities decreased by $495 million, from inflows of $107 million in 2019 to outflows of $388 million in 2020, mainly due to the redemption of €400 million and $1 billion senior notes[156] - Total interest-bearing debt was $7.7 billion as of June 30, 2020, compared to $7.8 billion at December 31, 2019[163] - As of June 30, 2020, approximately $436 million of cash was held outside the U.S., with no material restrictions on repatriation[161] COVID-19 Impact - The company is unable to reasonably estimate the full impact of the COVID-19 outbreak on its financial results[185] - The company has implemented alternative work arrangements, including work from home, to minimize risks associated with COVID-19[187] - The company may face increased competition within the beverage packaging and aerospace industries due to COVID-19[185] - The company could lose key customers or experience a reduction in demand for its products and services[185] - The company may be subject to adverse fluctuations in currency exchange rates impacting its operations[185] - The company has taken actions such as delaying growth capital spending and modifying payment terms with customers to mitigate potential supply disruptions[187] - The company may face prolonged work stoppages at its facilities due to the pandemic[185] - The company’s access to capital markets may be restricted, adversely affecting its short-term liquidity[185] - The company may be impacted by deterioration in the global credit, financial, and economic environment[185] - The company has the potential for goodwill and other long-lived assets to become impaired due to the pandemic[185]

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Table of Contents Title of each classTrading Symbol Name of each exchange on which registered Common Stock, without par value BLL New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Num ...

Financial Performance - Net sales for Q3 2019 were $2,953 million, a slight increase from $2,946 million in Q3 2018, while year-to-date sales decreased to $8,755 million from $8,832 million[4]. - Net earnings for Q3 2019 were $92 million, up from $59 million in Q3 2018, and year-to-date net earnings increased to $406 million from $304 million[5]. - Earnings per share for Q3 2019 were $0.28, compared to $0.17 in Q3 2018, with year-to-date earnings per share rising to $1.22 from $0.87[4]. - The company reported a total comprehensive earnings of $173 million for Q3 2019, compared to $26 million in Q3 2018[5]. - Ball Corporation reported net earnings attributable to Ball Corporation for the three months ended September 30, 2019, were $92 million, compared to a net loss of $43 million in the same period of the previous year[141]. - Net earnings for the nine months ended September 30, 2019, increased to $406 million from $303 million in 2018, driven by higher beverage can unit volumes and increased sales in the aerospace segment[164]. Assets and Liabilities - Total assets decreased to $16,237 million as of September 30, 2019, from $16,554 million at the end of 2018[8]. - Total liabilities decreased to $12,772 million from $12,992 million at the end of 2018[8]. - The company’s total equity decreased to $3,465 million as of September 30, 2019, from $3,562 million at the end of 2018[8]. - Trade accounts receivable increased to $922 million as of September 30, 2019, compared to $812 million at December 31, 2018, reflecting a growth of 13.5%[62]. - Total current assets amounted to $3,829 million, with cash and cash equivalents at $483 million and receivables at $1,957 million[148]. - Total liabilities reached $12,772 million, with current liabilities at $3,773 million and long-term debt at $6,623 million[148]. Cash Flow and Investments - Cash provided by operating activities for the nine months ended September 30, 2019, was $656 million, down from $1,027 million in the same period of 2018[10]. - The company reported a net change in short-term borrowings of $131 million, indicating a positive cash flow from financing activities of $350 million[150]. - Capital expenditures for property, plant, and equipment are expected to exceed $600 million in 2019, with approximately $430 million contractually committed as of September 30, 2019[200]. - The company has entered into accounts receivable factoring programs with limits of approximately $1.3 billion as of September 30, 2019, with $155 million available for sale under these programs[198]. Segment Performance - The Aerospace segment achieved net sales of $374 million for the three months ended September 30, 2019, up 32% from $283 million in the same period last year[30]. - Comparable operating earnings for the Beverage Packaging, North and Central America segment were $157 million for the three months ended September 30, 2019, compared to $153 million in the same period of 2018, representing a 2.6% increase[30]. - Beverage Packaging segment sales in South America for the three months ended September 30, 2019, were $392 million, slightly higher than $391 million in 2018, while for the nine months, sales decreased to $1,210 million from $1,229 million[182]. - Aerospace segment net sales for the three months ended September 30, 2019, were $374 million, an increase from $283 million in 2018, and for the nine months, sales rose to $1,081 million from $837 million[186]. Shareholder Returns - The company declared dividends of $0.15 per share for the three months ended September 30, 2019, compared to $0.10 per share in the same period of 2018, marking a 50% increase[106]. - The company repurchased 3.8 million shares at an average price of $65.93, totaling $250 million in May 2019[98]. - The Board authorized the repurchase of up to 50 million shares, replacing all previous authorizations[99]. Tax and Pension Obligations - The effective tax rate for the three months ended September 30, 2019, was 26.9%, influenced by various factors including pension plan settlements and share-based compensation[86]. - Contributions to defined benefit pension plans were $154 million for the first nine months of 2019, significantly higher than $53 million for the same period in 2018[93]. - Underfunded defined benefit pension liabilities decreased to $834 million as of September 30, 2019, from $954 million at December 31, 2018[87]. Risk Management - The company’s risk management policies aim to reduce exposure to fluctuations in commodity prices, interest rates, and currency exchange rates, although effectiveness cannot be guaranteed[107]. - The company has estimated potential liabilities for environmental matters at approximately $28 million, included in current and noncurrent liabilities[127]. - The company has not identified any circumstances requiring adjustments to the reported values of its financial instruments as of September 30, 2019[119].