For instance, scope 1 and 2 emissions, we have defined a 50% reduction by 2030, and water usage was a 2025 target of 20%. The more you grow, the more you will use energy and water. So if you need to decrease that in absolute terms, you need to be even more ambitious in terms of production for cans.SANDRINE DUQUERROY-DELESALLE: We are including that growth into our strategy, because most of our targets for sustainability are absolute. So if we grow, we still need to reduce our GHG emissions, our water usage ...

Financial Data and Key Metrics Changes - Earnings for the quarter were $1.85 per share compared to a loss of $1.47 per share in the prior year quarter, with adjusted earnings per share at $2.24 compared to $1.99 in the prior year quarter [3] - Net sales in the quarter increased by 4.2% compared to the prior year, reflecting a 12% increase in shipments across European beverage [4] - Segment income was $490 million in the quarter compared to $472 million in the prior year, indicating year-on-year improvements in segment income, adjusted EBITDA, and free cash flow [4][5] - Free cash flow improved to $887 million from $668 million in the prior year [4] Business Line Data and Key Metrics Changes - European beverage posted a record quarter with income 27% above the prior year on the back of 12% volume growth [9] - North American beverage volumes were down 3% in the quarter, with a 5% decline in Brazil and Mexico contributing to this decrease [9][10] - Transit packaging income remained level to the prior year, with increased shipments offsetting the impact of lower equipment activity [10] Market Data and Key Metrics Changes - North American volumes were mixed, down 3% after a slow start in July and August, but rebounded in September [9] - Latin American volumes were down 5%, primarily due to a 15% volume decline across Brazil and Mexico [9] - European beverage growth was driven by market share gains and substitution, with strong demand noted in the Gulf states [10] Company Strategy and Development Direction - The company achieved its long-term net leverage target of 2.5x and remains committed to a healthy balance sheet while returning excess cash to shareholders [5] - The company is raising its guidance for full-year adjusted EPS to $7.70-$7.80, projecting fourth quarter adjusted EPS to be in the range of $1.65-$1.75 [5][6] - The company is focused on continuous operational improvements and maintaining a strong balance sheet to support shareholder returns [11] Management's Comments on Operating Environment and Future Outlook - Management noted limited direct impact from tariffs but remains attentive to indirect effects on global consumer and industrial demand [5] - The company expects the fourth quarter in Brazil to return to growth, supported by government initiatives to lower interest rates [9] - Management expressed confidence in the European market's growth potential, emphasizing that historical growth rates of 4%-5% are expected to continue [18] Other Important Information - The company repurchased $105 million of common stock in the quarter and $314 million year-to-date, returning over $400 million to shareholders this year [4] - The company is monitoring the impact of the Novelis fire on the industry but does not foresee a significant negative impact on its operations [110] Q&A Session Summary Question: Growth in Europe and potential concerns - Management indicated that the 12% growth in Europe is not expected to be sustainable quarter after quarter, with historical growth rates around 4%-5% being more realistic [17][18] Question: Americas EBIT outlook and impact from Mexico and Brazil - Management confirmed that the $1 billion EBIT target is still aspirational but achievable this year, with Brazil and Mexico contributing negatively to the Americas beverage segment [26][27] Question: North American beverage volumes and market dynamics - Management noted that the underperformance in North America was primarily due to pruning a complicated customer account, with overall market growth expected to be positive [32][98] Question: Capital allocation and free cash flow for 2026 - Management stated that they expect to maintain a strong cash flow and will responsibly return cash to shareholders, with potential for share buybacks depending on market conditions [90][92] Question: Impact of Novelis fire on the industry - Management indicated that while there is no direct impact on Crown, they are monitoring the situation as it may affect some customers [110]

Financial Data and Key Metrics Changes - Earnings for the quarter were $1.85 per share compared to a loss of $1.47 per share in the prior year quarter, with adjusted earnings per share at $2.24 compared to $1.99 in the prior year quarter [4] - Net sales in the quarter increased by 4.2% compared to the prior year, driven by a 12% increase in shipments across European beverage [4] - Free cash flow improved to $887 million from $668 million in the prior year, reflecting higher income and lower capital spending [5] - Segment income was $490 million in the quarter compared to $472 million in the prior year, indicating year-on-year improvements in segment income, adjusted EBITDA, and free cash flow [5] Business Line Data and Key Metrics Changes - European beverage posted a record quarter with income 27% above the prior year, supported by 12% volume growth [13] - Americas beverage volumes were down 5% in the quarter, primarily due to a 15% volume decline across Brazil and Mexico [12] - North American volumes were mixed, down 3% overall, but showed a rebound of 3% in September [12] - Transit packaging income remained level to the prior year, with increased shipments offsetting the impact of lower equipment activity [13] Market Data and Key Metrics Changes - Delivered aluminum reached $2.1 per pound, up $0.74 per pound or 54% in the last ten months, impacting North American beverage margins [9][10] - European beverage growth was driven by market growth and substitution, with margins remaining strong despite lower Southeast Asian volumes [13][14] Company Strategy and Development Direction - The company is committed to maintaining a healthy balance sheet while returning excess cash to shareholders, having achieved its long-term net leverage target of 2.5 times [5][6] - The company expects to continue benefiting from strong demand in European beverage and improving cost structures across its operations [8][14] - The company is cautious about future growth rates, indicating that while 12% growth was achieved, historical growth rates in the can business are typically lower [22][47] Management's Comments on Operating Environment and Future Outlook - Management raised guidance for the full year adjusted EPS to $7.7 to $7.8, projecting fourth quarter adjusted EPS to be in the range of $1.65 to $1.75 [6] - Management noted limited direct impact from tariffs but remains attentive to indirect effects on global consumer and industrial demand [5][6] - The company expects fourth quarter in Brazil to return to growth, supported by government initiatives to lower interest rates [12] Other Important Information - The company repurchased $105 million of common stock in the quarter and $314 million year to date, returning more than $400 million to shareholders this year [5] - The company is monitoring the impact of the Novelis fire, which has a more significant effect on other customers but not directly on its operations [126] Q&A Session Summary Question: Growth in Europe and potential concerns about pre-buying - Management indicated that the growth in Europe is driven by underlying market growth and substitution, with historical growth rates expected to be around 4% to 5% [22][47] Question: Outlook for Americas EBIT and impact from Mexico and Brazil - Management confirmed that the EBIT target of $1 billion is still aspirational but achievable this year, with significant impacts from Brazil and Mexico noted [30] Question: North American market performance and promotional spending - Management acknowledged underperformance due to customer pruning but noted that the overall market was estimated to be up 2% [39][40] Question: Capacity and growth expectations in Europe - Management expressed confidence in their capacity to meet demand, with ongoing investments in new lines in Germany and Greece [85][86] Question: Capital allocation and share repurchase strategy - Management emphasized flexibility in capital allocation, with potential for share repurchases depending on market conditions [106][107]