​ BALL CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ($ in millions, except per share amounts) ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ $ 3,997 ​ $ 3,338 ​ $ 7,600 ​ $ 6,435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales (excluding depreciation and amortization) ​ ​ (3,300) ​ ​ (2,690) ​ ​ (6,257) ​ ​ (5,183) ​ Depreciation and amortization ​ ​ (165) ​ ​ (155) ​ ​ (324) ​ ​ (305) ​ Selling, general and administrative ​ ​ (163) ​ ​ (137) ​ ​ (313) ​ ​ (286) ​ Business consolidation and other activities ​ ​ (22) ​ ​ (12) ​ ​ (33) ​ ​ (25) ​ Interest income ​ ​ 10 ​ ​ 5 ​ ​ 20 ​ ​ 12 ​ Interest expense ​ ​ (79) ​ ​ (81) ​ ​ (157) ​ ​ (151) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before taxes ​ ​ 278 ​ ​ 268 ​ ​ 536 ​ ​ 497 ​ Tax (provision) benefit ​ ​ (65) ​ ​ (61) ​ ​ (127) ​ ​ (114) ​ Equity in results of affiliates, net of tax ​ ​ 10 ​ ​ 8 ​ ​ 19 ​ ​ 13 ​ Earnings from continuing operations ​ ​ 223 ​ ​ 215 ​ ​ 428 ​ ​ 396 ​ Discontinued operations, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ (2) ​ Net earnings ​ ​ 223 ​ ​ 215 ​ ​ 428 ​ ​ 394 ​ Net earnings attributable to noncontrolling interests ​ ​ 2 ​ ​ 3 ​ ​ 2 ​ ​ 3 ​ Net earnings attributable to Ball Corporation ​ $ 221 ​ $ 212 ​ $ 426 ​ $ 391 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic - continuing operations ​ $ 0.83 ​ $ 0.77 ​ $ 1.60 ​ $ 1.41 ​ Basic - discontinued operations ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.01) ​ Total basic earnings per share ​ $ 0.83 ​ $ 0.77 ​ $ 1.60 ​ $ 1.40 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted - continuing operations ​ $ 0.83 ​ $ 0.76 ​ $ 1.59 ​ $ 1.40 ​ Diluted - discontinued operations ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.01) ​ Total diluted earnings per share ​ $ 0.83 ​ $ 0.76 ​ $ 1.59 ​ $ 1.39 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding: (000s) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 265,777 ​ ​ 276,102 ​ ​ 265,778 ​ ​ 279,677 ​ Diluted ​ ​ 267,139 ​ ​ 277,771 ​ ​ 267,271 ​ ​ 281,405 ​ ​ See accompanying notes to the unaudited condensed consolidated financial statements. ​ 1 Table of Contents BALL CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ($ in millions) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings ​ $ 223 ​ $ 215 ​ $ 428 ​ $ 394 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive earnings (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency translation adjustment ​ ​ 11 ​ ​ 43 ​ ​ (10) ​ ​ 117 Pension and other postretirement benefits ​ ​ 11 ​ ​ (38) ​ ​ 22 ​ ​ (53) Derivatives designated as hedges ​ ​ 62 ​ ​ (36) ​ ​ 82 ​ ​ (38) Total other comprehensive earnings (loss) ​ ​ 84 ​ ​ (31) ​ ​ 94 ​ ​ 26 Tax (provision) benefit ​ ​ (20) ​ ​ 18 ​ ​ (27) ​ ​ 22 Total other comprehensive earnings (loss), net of tax ​ ​ 64 ​ ​ (13) ​ ​ 67 ​ ​ 48 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total comprehensive earnings ​ ​ 287 ​ ​ 202 ​ ​ 495 ​ ​ 442 Comprehensive earnings attributable to noncontrolling interests ​ ​ 2 ​ ​ 3 ​ ​ 2 ​ ​ 3 Comprehensive earnings attributable to Ball Corporation ​ $ 285 ​ $ 199 ​ $ 493 ​ $ 439 ​ See accompanying notes to the unaudited condensed consolidated financial statements. ​ 2 Table of Contents BALL CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ($ in millions) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ Current assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 491 ​ $ 1,212 Receivables, net ​ ​ 3,262 ​ ​ 2,606 Inventories, net ​ ​ 2,517 ​ ​ 2,013 Other current assets ​ ​ 365 ​ ​ 265 Current assets held for sale ​ ​ 16 ​ ​ 17 Total current assets ​ ​ 6,651 ​ ​ 6,113 Noncurrent assets ​ ​ ​ ​ ​ ​ Property, plant and equipment, net ​ ​ 6,783 ​ ​ 6,656 Goodwill ​ ​ 4,397 ​ ​ 4,379 Intangible assets, net ​ ​ 908 ​ ​ 982 Other assets ​ ​ 1,371 ​ ​ 1,394 Total assets ​ $ 20,110 ​ $ 19,524 ​ ​ ​ ​ ​ ​ ​ Liabilities and Equity ​ ​ ​ ​ ​ ​ Current liabilities ​ ​ ​ ​ ​ ​ Short-term debt and current portion of long-term debt ​ $ 692 ​ $ 21 Accounts payable ​ ​ 4,549 ​ ​ 4,452 Accrued employee costs ​ ​ 236 ​ ​ 303 Other current liabilities ​ ​ 744 ​ ​ 711 Total current liabilities ​ ​ 6,221 ​ ​ 5,487 Noncurrent liabilities ​ ​ ​ ​ ​ ​ Long-term debt ​ ​ 6,528 ​ ​ 6,991 Employee benefit obligations ​ ​ 468 ​ ​ 499 Deferred taxes ​ ​ 691 ​ ​ 655 Other liabilities ​ ​ 436 ​ ​ 471 Total liabilities ​ ​ 14,344 ​ ​ 14,103 ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ Common stock (685,983,461 shares issued - 2026; 685,107,438 shares issued - 2025) ​ ​ 1,447 ​ ​ 1,422 Retained earnings ​ ​ 12,538 ​ ​ 12,219 Accumulated other comprehensive earnings (loss) ​ ​ (802) ​ ​ (869) Treasury stock, at cost (421,377,635 shares - 2026; 419,733,252 shares - 2025) ​ ​ (7,437) ​ ​ (7,351) Total Ball Corporation shareholders' equity ​ ​ 5,746 ​ ​ 5,421 Noncontrolling interests ​ ​ 20 ​ ​ — Total equity ​ ​ 5,766 ​ ​ 5,421 Total liabilities and equity ​ $ 20,110 ​ $ 19,524 ​ See accompanying notes to the unaudited condensed consolidated financial statements. ​ 3 Table of Contents BALL CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ($ in millions) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ Cash Flows from Operating Activities ​ ​ ​ ​ ​ ​ Net earnings ​ $ 428 ​ $ 394 Adjustments to reconcile net earnings to cash provided by (used in) operating activities: ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ 324 ​ ​ 305 Business consolidation and other activities ​ ​ 33 ​ ​ 25 Deferred tax provision (benefit) ​ ​ 24 ​ ​ (43) Loss on Aerospace disposal ​ ​ — ​ ​ 3 Pension contributions ​ ​ (15) ​ ​ (15) Other, net ​ ​ 49 ​ ​ (164) Changes in working capital components, net of acquisitions and dispositions ​ ​ (1,012) ​ ​ (838) Cash provided by (used in) operating activities ​ ​ (169) ​ ​ (333) ​ ​ ​ ​ ​ ​ ​ Cash Flows from Investing Activities ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ (302) ​ ​ (177) Business acquisitions, net of cash acquired ​ ​ (76) ​ ​ (158) Business dispositions, net of cash sold ​ ​ — ​ ​ 4 Derivative settlements ​ ​ (11) ​ ​ (66) Other, net ​ ​ (48) ​ ​ 6 Cash provided by (used in) investing activities ​ ​ (437) ​ ​ (391) ​ ​ ​ ​ ​ ​ ​ Cash Flows from Financing Activities ​ ​ ​ ​ ​ ​ Long-term borrowings ​ ​ 1,505 ​ ​ 2,930 Repayments of long-term borrowings ​ ​ (1,281) ​ ​ (1,624) Net change in short-term borrowings ​ ​ (145) ​ ​ (76) Acquisitions of treasury stock ​ ​ (115) ​ ​ (1,022) Common stock dividends ​ ​ (107) ​ ​ (112) Other, net ​ ​ 17 ​ ​ (8) Cash provided by (used in) financing activities ​ ​ (126) ​ ​ 88 ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate changes on cash ​ ​ 12 ​ ​ 23 ​ ​ ​ ​ ​ ​ ​ Change in cash, cash equivalents and restricted cash ​ ​ (720) ​ ​ (613) Cash, cash equivalents and restricted cash - beginning of period ​ ​ 1,221 ​ ​ 931 Cash, cash equivalents and restricted cash - end of period ​ $ 501 ​ $ 318 ​ See accompanying notes to the unaudited condensed consolidated financial statements. ​ ​ ​ ​ 4 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements 1. Basis of Presentation ​ 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 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. ​ 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 2025 Annual Report on Form 10-K filed on February 19, 2026, pursuant to the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2025 (annual report). ​ 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. ​ Certain prior year amounts have been reclassified to conform to the current year’s presentation, including changes made during the first quarter of 2026 to the Company’s reportable segments and measure of segment profitability. See Note 3 for details. ​ ​ 5 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements 2. Accounting Pronouncements ​ Recently Adopted Accounting Standards ​ Measurement of Credit Losses for Accounts Receivable and Contract Assets ​ In 2025, amended guidance was issued by the FASB with the goal of improving efficiencies associated with the measurement of credit losses for accounts receivable and contract assets by allowing entities to elect a practical expedient for measurement. The company applied the practical expedient prospectively beginning in the first quarter of 2026, the adoption did not have a material impact on its consolidated financial statements. ​ New Accounting Guidance and Disclosure Requirements ​ Environmental Credits and Environmental Credit Obligations ​ In 2026, new guidance was issued by the Financial Accounting Standards Board (FASB) with the goal to improve the financial accounting for and disclosure of environmental credits and environmental credit obligations. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to adopt the guidance on a retrospective basis, as detailed in the standard, in 2028. ​ Hedge Accounting Improvements ​ In 2025, new guidance was issued by the Financial Accounting Standards Board (FASB) with the goal of improving hedge accounting via five targeted improvements. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to adopt the guidance on a prospective basis in 2027. ​ Improvements to Accounting for Internal-Use Software ​ In 2025, new guidance was issued by the FASB with the goal to better align accounting with how internal-use software is developed. The company is assessing the impact that the adoption of this new guidance will have on its consolidated financial statements and expects to adopt the guidance on a prospective basis in 2028. ​ Disaggregation of Income Statement Expenses ​ In 2024, new guidance was issued by the 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. ​ ​ 3. Business Segment Information ​ 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. During the first quarter of 2026, the company implemented changes to its internal reporting structure to align with segment leadership and how the business is managed by the chief operating decision maker (CODM). As a result, the company’s plants in the former beverage packaging, other non-reportable segment have been included in the beverage packaging, EMEA segment. In addition, the company made changes to its measure of profitability, comparable segment operating earnings, which better aligns to how the CODM assesses segment performance and resource allocation. The changes are captured in the reconciling items table below. The company’s segment results and disclosures for the three and six months ended June 30, 2025, have been retrospectively recast to conform to current year presentation. ​ 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. ​ 6 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements Beverage packaging, EMEA: Consists of operations in numerous countries throughout Europe, as well as Egypt, Turkey, India and Myanmar, that manufacture and sell aluminum beverage containers throughout those countries. ​ 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. ​ As presented in the tables below, Other consists of 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; undistributed corporate expenses; and intercompany eliminations and other business activities. ​ In January 2026, the company acquired an 80 percent capital share of Benepack’s European beverage can manufacturing business from ORG Technology Co. Ltd. (ORG). ORG will retain a 20 percent ownership interest in the business. The business includes two manufacturing facilities, one in Belgium and one in Hungary, and is included in Ball’s beverage packaging, EMEA, segment. ​ On August 27, 2025, the company sold 41 percent of its 51 percent ownership interest in Ball United Arab Can Manufacturing Company, which resulted in Ball deconsolidating the business and retaining a 10 percent ownership interest. The financial results of the Saudi Arabian business, are presented in beverage packaging, EMEA in the tables below through the date of the transaction. ​ 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. See Note 4 for further details on the Benepack acquisition, Saudi Arabia and aluminum cups businesses. ​ 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., Vietnam and Saudi Arabia that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings. ​ Ron Lewis, Chief Executive Officer, is the company’s chief operating decision maker (CODM). For each reportable segment, the CODM uses comparable segment 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. ​ 7 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements Summary of Business by Segment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ($ in millions) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage packaging, North and Central America ​ $ 2,006 ​ $ 1,613 ​ $ 3,782 ​ $ 3,076 Beverage packaging, EMEA ​ ​ 1,242 ​ ​ 1,123 ​ ​ 2,353 ​ ​ 2,081 Beverage packaging, South America ​ ​ 591 ​ ​ 477 ​ ​ 1,176 ​ ​ 1,021 Reportable segment sales ​ ​ 3,839 ​ ​ 3,213 ​ ​ 7,311 ​ ​ 6,178 Other ​ ​ 158 ​ ​ 125 ​ ​ 289 ​ ​ 257 Net sales ​ $ 3,997 ​ $ 3,338 ​ $ 7,600 ​ $ 6,435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comparable segment operating earnings (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage packaging, North and Central America ​ $ 207 ​ $ 212 ​ $ 412 ​ $ 412 Beverage packaging, EMEA ​ ​ 162 ​ ​ 152 ​ ​ 296 ​ ​ 263 Beverage packaging, South America ​ ​ 82 ​ ​ 50 ​ ​ 149 ​ ​ 117 Reportable segment comparable operating earnings ​ ​ 451 ​ ​ 414 ​ ​ 857 ​ ​ 792 Other (b) ​ ​ (18) ​ ​ (12) ​ ​ (37) ​ ​ (38) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciling items, net ​ ​ (155) ​ ​ (134) ​ ​ (284) ​ ​ (257) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings before taxes ​ $ 278 ​ $ 268 ​ $ 536 ​ $ 497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciling items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Business consolidation and other activities ​ ​ (22) ​ ​ (12) ​ ​ (33) ​ ​ (25) Factoring fee expense (c) ​ ​ (10) ​ ​ (9) ​ ​ (20) ​ ​ (19) FX gain (loss) (c) ​ ​ 4 ​ ​ 6 ​ ​ 23 ​ ​ 13 Intangible amortization ​ ​ (38) ​ ​ (38) ​ ​ (75) ​ ​ (74) Interest expense ​ ​ (79) ​ ​ (81) ​ ​ (157) ​ ​ (151) Interest income ​ ​ 10 ​ ​ 5 ​ ​ 20 ​ ​ 12 Stock-based compensation expense (c) ​ ​ (7) ​ ​ (10) ​ ​ (13) ​ ​ (18) Unrealized gain (loss) on equity-linked notes (c) ​ ​ (13) ​ ​ — ​ ​ (27) ​ ​ — Other, net (c) ​ ​ — ​ ​ 5 ​ ​ (2) ​ ​ 5 Reconciling items, net ​ $ (155) ​ $ (134) ​ $ (284) ​ $ (257) (a) The difference between reportable segment net sales and comparable operating earnings is comprised of other segment items. Other segment items include cost of sales, depreciation, and selling, general and administrative, adjusted for other items, identified by (c) above. 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 $45 million and $30 million for the three months ended June 30, 2026, and 2025, respectively; and $83 million and $73 million for the six months ended June 30, 2026 and 2025, respectively. (c) During the first quarter of 2026, the company changed its measure of comparable segment operating earnings to exclude these amounts, as well as interest income and total intangible amortization. 8 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ($ in millions) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beverage packaging, North and Central America ​ $ 57 ​ $ 57 ​ $ 112 ​ $ 113 Beverage packaging, EMEA ​ ​ 58 ​ ​ 51 ​ ​ 114 ​ ​ 100 Beverage packaging, South America ​ ​ 37 ​ ​ 36 ​ ​ 74 ​ ​ 72 Reportable segment depreciation and amortization ​ ​ 152 ​ ​ 144 ​ ​ 300 ​ ​ 285 Other ​ ​ 13 ​ ​ 11 ​ ​ 24 ​ ​ 20 Depreciation and amortization ​ $ 165 ​ $ 155 ​ $ 324 ​ $ 305 ​ The company does not disclose total assets by segment as it is not provided to the CODM. ​ 4. Acquisitions and Dispositions ​ Acquisition of Benepack European Production Facilities ​ In January 2026, the company acquired an 80 percent capital share of Benepack’s European beverage can manufacturing business from ORG Technology Co. Ltd. (ORG). ORG retained a 20 percent ownership interest in the business. The acquisition has been accounted for as a business combination. The business includes two manufacturing facilities, one in Belgium and one in Hungary, and is included in Ball’s beverage packaging, EMEA, segment. The investment further optimizes the company’s European manufacturing network as the facilities are well positioned to serve the growing demand of customers for sustainable packaging in the region. ​ The valuation by management of certain assets and liabilities remains in process. As such, the purchase price allocation recognized in the unaudited condensed consolidated balance sheet is provisional and based upon preliminary estimates. The company expects the final accounting to be completed within one year of the acquisition. ​ The following table summarizes the consideration paid for Benepack’s European beverage can manufacturing business and the preliminary amounts assigned for the assets acquired and liabilities assumed, as well as the fair value of the noncontrolling interest at the acquisition date: ​ ​ ​ ​ ​ ($ in millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 19 Receivables ​ ​ 38 Inventories ​ ​ 35 Other current assets ​ ​ 4 Property, plant and equipment ​ ​ 167 Goodwill ​ ​ 60 Total assets acquired ​ $ 323 ​ ​ ​ ​ Short-term borrowings and current portion of long-term debt ​ ​ 176 Accounts payable ​ ​ 21 Accrued employee costs ​ ​ 2 Other current liabilities ​ ​ 3 Other liabilities ​ ​ 7 Total liabilities assumed ​ $ 209 ​ ​ ​ ​ Net assets acquired ​ ​ 114 ​ ​ ​ ​ Noncontrolling interests ​ ​ 19 Aggregate value of cash consideration paid ​ $ 95 9 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements ​ Benepack contributed sales of $49 million and $76 million for the three and six months ended June 30, 2026, respectively, and operating earnings of $8 million and $11 million for the three and six months ended June 30, 2026, respectively. ​ Saudi Arabia ​ On August 27, 2025, the company sold 41 percent of its 51 percent ownership in Ball United Arab Can Manufacturing Company for total cash consideration of $71 million. The transaction resulted in deconsolidation upon closing with Ball retaining a 10 percent ownership interest, which is reported in other assets as an equity method investment on the unaudited condensed consolidated balance sheet. ​ Aluminum Cups ​ 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. For the six months ended June 30, 2025, Ball recorded losses of $7 million, relating to the transaction in business consolidation and other activities in the unaudited condensed consolidated statement of earnings. ​ Acquisition of Florida Can Manufacturing ​ In February 2025, the company closed on the acquisition of Florida Can Manufacturing for cash consideration of $160 million. The business is comprised of an aluminum beverage can manufacturing facility located in Winter Haven, Florida, and is included in Ball’s beverage packaging, North and Central America, segment. The transaction strengthens the segment’s supply network and enhances its ability to meet growing customer demand for sustainable beverage packaging solutions in the region. ​ ​ ​ 5. Revenue from Contracts with Customers ​ The following table disaggregates the company’s net sales based on the timing of transfer of control: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ($ in millions) ​ Point in Time ​ Over Time ​ Total Point in Time ​ Over Time ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ $ 753 ​ $ 3,244 ​ $ 3,997 ​ $ 1,367 ​ $ 6,233 ​ $ 7,600 2025 ​ ​ 568 ​ ​ 2,770 ​ ​ 3,338 ​ ​ 1,112 ​ ​ 5,323 ​ ​ 6,435 ​ The company did not have any contract assets at either June 30, 2026, or December 31, 2025. 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, 2025 ​ $ 74 ​ $ 2 Increase (decrease) ​ ​ 15 ​ ​ — Balance at June 30, 2026 ​ $ 89 ​ $ 2 ​ During the six months ended June 30, 2026, contract liabilities increased by $15 million, which is net of cash received of $20 million, and amounts recognized as sales of $5 million, the majority of which related to current contract liabilities. The amount of sales recognized in the six months ended June 30, 2026, that was included in the opening contract liabilities balance was $5 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 customers’ payments. Current contract liabilities are classified within other current 10 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements liabilities on the unaudited condensed consolidated balance sheets and noncurrent contract liabilities are classified within other liabilities. ​ 6. Business Consolidation and Other Activities ​ 2026 ​ During the three and six months ended June 30, 2026, the company recorded net charges of $22 million and $33 million, respectively. During the three and six months ended June 30, 2026, the net charges were primarily composed of expenses associated with tariff contingencies where the company is seeking recovery and costs for previously announced facility closures. ​ 2025 ​ During the three and six months ended June 30, 2025, the company recorded net charges of $12 million and $25 million, respectively. During the three and six months ended June 30, 2025, the net charges were primarily composed of costs for previously announced facility closures and the loss related to the aluminum cups business transaction. The charges for the six months ended June 30, 2025, were partially offset by income from the receipt of insurance proceeds for replacement costs related to the 2023 fire at the company’s Verona, Virginia extruded aluminum slug manufacturing facility. See Note 4 for further details on the aluminum cups transaction. ​ 7. Supplemental Cash Flow Statement and Other Disclosures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ($ in millions) ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of period: ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1,212 ​ ​ ​ $ 885 Current restricted cash (included in other current assets) ​ ​ 7 ​ ​ ​ ​ 8 Noncurrent restricted cash (included in other assets) ​ ​ 2 ​ ​ ​ ​ 6 Cash reported in current assets held for sale ​ ​ — ​ ​ ​ ​ 32 Total cash, cash equivalents and restricted cash ​ $ 1,221 ​ ​ ​ $ 931 ​ ​ ​ ​ ​ ​ ​ ​ ​ End of period: ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 491 ​ ​ ​ $ 296 Current restricted cash (included in other current assets) ​ ​ 8 ​ ​ ​ ​ 6 Noncurrent restricted cash (included in other assets) ​ ​ 2 ​ ​ 7 Cash reported in current assets held for sale ​ ​ — ​ ​ 9 Total cash, cash equivalents and restricted cash ​ $ 501 ​ ​ ​ $ 318 ​ The company’s 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. Restricted cash also relates to consideration owed for business acquisitions. ​ 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 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ($ in millions) ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of period: ​ ​ ​ ​ ​ ​ ​ ​ PP&E acquired but not yet paid ​ $ 161 ​ ​ ​ $ 96 ​ ​ ​ ​ ​ ​ ​ End of period: ​ ​ ​ ​ ​ ​ ​ ​ PP&E acquired but not yet paid ​ $ 146 ​ ​ ​ $ 104 ​ 11 Table of Contents 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 $276 million and $424 million at June 30, 2026, and December 31, 2025, respectively. These amounts are classified within accounts payable on the unaudited condensed consolidated balance sheets, and the associated payments are reflected in the cash flows from operating activities section of the unaudited condensed consolidated statements of cash flows. ​ ​ 8. Receivables, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ($ in millions) ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ Trade accounts receivable ​ $ 2,081 ​ $ 1,410 Unbilled receivables ​ ​ 693 ​ ​ 661 Less: Allowance for doubtful accounts ​ ​ (16) ​ ​ (14) Net trade accounts receivable ​ ​ 2,758 ​ ​ 2,057 Other receivables ​ ​ 504 ​ ​ 549 ​ ​ $ 3,262 ​ $ 2,606 ​ 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 $1.73 billion and $1.82 billion at June 30, 2026, and December 31, 2025, respectively. A total of $216 million and $364 million were available for sale under these programs as of June 30, 2026, and December 31, 2025, respectively. The company has recorded expenses related to its factoring programs of $10 million and $9 million for the three months ended June 30, 2026, and 2025, respectively, and $20 million and $19 million for the six months ended June 30, 2026, and 2025, respectively, and has presented these amounts in selling, general and administrative in its unaudited condensed consolidated statements of earnings. ​ Other receivables include income and indirect tax receivables, aluminum scrap sale receivables and other miscellaneous receivables. ​ 9. Inventories, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ($ in millions) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ Raw materials and supplies ​ $ 1,930 ​ $ 1,483 Finished goods ​ ​ 685 ​ ​ 619 Less: Inventory reserves ​ ​ (98) ​ ​ (89) ​ ​ $ 2,517 ​ $ 2,013 ​ ​ ​ 10. Property, Plant and Equipment, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ($ in millions) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ Land ​ $ 225 ​ $ 225 Buildings ​ ​ 2,007 ​ ​ 1,935 Machinery and equipment ​ ​ 8,444 ​ ​ 8,194 Construction-in-progress ​ ​ 925 ​ ​ 932 ​ ​ ​ 11,601 ​ ​ 11,286 Accumulated depreciation ​ ​ (4,818) ​ ​ (4,630) ​ ​ $ 6,783 ​ $ 6,656 ​ 12 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements Depreciation expense was $127 million and $117 million for the three months ended June 30, 2026, and 2025, respectively, and $249 million and $231 million for the six months ended June 30, 2026, and 2025, respectively. ​ 11. Goodwill ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in millions) ​ ​ ​ Beverage Packaging, North & Central America ​ ​ ​ Beverage Packaging, EMEA ​ ​ ​ Beverage Packaging, South America ​ ​ ​ Other ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2025 ​ $ 1,277 ​ $ 1,457 ​ $ 1,300 ​ $ 345 ​ $ 4,379 Additions ​ ​ — ​ ​ 60 ​ ​ — ​ ​ — ​ ​ 60 Effects of currency exchange ​ ​ — ​ ​ (41) ​ ​ — ​ ​ (1) ​ ​ (42) Balance at June 30, 2026 ​ $ 1,277 ​ $ 1,476 ​ $ 1,300 ​ $ 344 ​ $ 4,397 ​ ​ 12. Intangible Assets, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ($ in millions) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ Acquired customer relationships and other intangibles (net of accumulated amortization and impairment losses of $1.35 billion at June 30, 2026, and $1.30 billion at December 31, 2025) ​ $ 862 ​ $ 940 Capitalized software (net of accumulated amortization of $184 million at June 30, 2026, and $181 million at December 31, 2025) ​ ​ 20 ​ ​ 22 Other intangibles (net of accumulated amortization of $18 million at June 30, 2026, and $16 million at December 31, 2025) ​ ​ 26 ​ ​ 20 ​ ​ $ 908 ​ $ 982 ​ Total amortization expense of intangible assets was $38 million for the three months ended June 30, 2026, and 2025, and $75 million and $74 million for the six months ended June 30, 2026, and 2025, respectively. ​ 13. Other Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ($ in millions) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ Long-term pension assets ​ $ 46 ​ $ 37 Right-of-use operating lease assets ​ ​ 354 ​ ​ 355 Investments in affiliates ​ ​ 259 ​ ​ 257 Long-term deferred tax assets ​ ​ 38 ​ ​ 64 Other ​ ​ 674 ​ ​ 681 ​ ​ $ 1,371 ​ $ 1,394 ​ ​ ​ 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., a 33 percent ownership interest in an entity in the U.S. and a 10 percent ownership interest in an entity in Saudi Arabia. ​ In 2025, Ball acquired $99 million of equity-linked notes. These notes are linked to the stock market performance of ORG Technology Co. Ltd. (ORG) Class A shares, the equity investee of the issuer of the notes. The notes, accounted for using the fair value option, mature in September and December 2028 and are classified as Level 3 within the fair value hierarchy. The fair value of the equity-linked notes, classified in other assets on the unaudited condensed consolidated balance sheets, was $73 million and $101 million as of June 30, 2026 and December 31, 2025, respectively. The related losses recognized for the three and six months ended June 30, 2026, were $13 million and $27 million respectively. 13 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements The notes have underlying credit risk as the company could lose a portion or all of the value of the notes if the issuer of the notes or ORG experience financial difficulties. ​ ​ 14. Leases ​ The company enters into operating leases for buildings, warehouses, office equipment, production equipment, land and other types of equipment. The company also enters into finance leases for certain plant equipment. Supplemental balance sheet information related to the company’s leases follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ($ in millions) Balance Sheet Location ​ 2026 ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ Operating leases: ​ ​ ​ ​ ​ ​ ​ Operating lease ROU asset Other assets ​ $ 354 ​ $ 355 Current operating lease liabilities Other current liabilities ​ ​ 83 ​ ​ 78 Noncurrent operating lease liabilities Other liabilities ​ ​ 279 ​ ​ 283 Finance leases: ​ ​ ​ ​ ​ ​ ​ Finance lease ROU assets, net Property, plant and equipment, net ​ ​ 6 ​ ​ 7 Current finance lease liabilities Short-term debt and current portion of long-term debt ​ ​ 2 ​ ​ 2 Noncurrent finance lease liabilities Long-term debt ​ ​ 5 ​ ​ 6 ​ ​ ​ ​ 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) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ Senior Notes ​ ​ ​ ​ ​ ​ 1.50%, euro denominated, due March 2027 ​ $ 628 ​ $ 646 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 ​ ​ 971 ​ ​ 998 5.50% due September 2033 ​ ​ 750 ​ ​ 750 Senior Credit Facility (at variable rates) ​ ​ ​ ​ ​ ​ U.S. dollar revolver due November 2030 (4.61% - 2026) ​ ​ 225 ​ ​ — Multi-currency revolver due November 2030 ​ ​ — ​ ​ — Term A loan due November 2030 (4.64% - 2026) ​ ​ 1,500 ​ ​ 1,500 Finance lease obligations ​ ​ 7 ​ ​ 8 Other (including debt issuance costs) ​ ​ (54) ​ ​ (59) ​ ​ ​ 7,177 ​ ​ 6,993 Less: Current portion of long-term debt ​ ​ (649) ​ ​ (2) Long-term debt ​ $ 6,528 ​ $ 6,991 ​ ​ ​ ​ ​ ​ ​ Short-term debt ​ ​ ​ ​ ​ ​ Current portion of long-term debt ​ $ 649 ​ $ 2 Short-term uncommitted credit facilities ​ ​ 43 ​ ​ 19 Short-term debt and current portion of long-term debt ​ $ 692 ​ $ 21 ​ ​ The company’s senior credit facilities include a $1.50 billion term loan and long-term multi-currency revolving facilities that mature in November 2030, which provide the company with up to U.S. dollar equivalent of $2.00 billion. At June 30, 2026, $1.71 billion was available under these revolving credit facilities. The company had approximately $942 million of short-term uncommitted credit facilities available at June 30, 2026. 14 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements During the first quarter of 2026, Ball paid down $137 million of short-term borrowings assumed as part of the Benepack acquisition. See Note 4 for further details on the acquisition. ​ The fair value of Ball’s long-term debt was estimated to be $7.01 billion and $6.89 billion at June 30, 2026, and December 31, 2025, 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 March 31, 2027. The company was in compliance with the leverage ratio requirement at June 30, 2026, and for all prior periods presented, and has met all debt payment obligations. ​ 16. Taxes on Income ​ The company’s effective tax rate was 23.4 percent and 23.7 percent for the three and six months ended June 30, 2026, respectively. As compared to the statutory U.S. tax rate, the effective tax rate for the three and six months ended June 30, 2026, increased by 3.6 and 3.5 percentage points, respectively, for non-U.S. rate differences, increased by 1.9 and 1.8 percentage points, respectively, for U.S. taxes on foreign income net of credits and decreased by 2.5 and 2.6 percentage points, respectively, for tax holidays. ​ 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. ​ 17. Employee Benefit Obligations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ($ in millions) ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ Underfunded defined benefit pension liabilities ​ $ 176 ​ $ 191 Less: Current portion ​ ​ (19) ​ ​ (19) Long-term defined benefit pension liabilities ​ ​ 157 ​ ​ 172 Long-term retiree medical liabilities ​ ​ 75 ​ ​ 77 Deferred compensation plans ​ ​ 170 ​ ​ 178 Other ​ ​ 66 ​ ​ 72 ​ ​ $ 468 ​ $ 499 ​ Components of net periodic benefit cost associated with the company’s defined benefit pension plans were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2026 ​ 2025 ($ in millions) ​ ​ ​ U.S. ​ ​ ​ Non-U.S. ​ ​ ​ Total ​ ​ ​ U.S. ​ ​ ​ Non-U.S. ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ball-sponsored plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 3 ​ $ — ​ $ 3 ​ $ 3 ​ $ — ​ $ 3 Interest cost ​ ​ 13 ​ ​ 22 ​ ​ 35 ​ ​ 15 ​ ​ 23 ​ ​ 38 Expected return on plan assets ​ ​ (19) ​ ​ (21) ​ ​ (40) ​ ​ (20) ​ ​ (22) ​ ​ (42) Amortization of prior service cost ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Recognized net actuarial loss ​ ​ — ​ ​ 5 ​ ​ 5 ​ ​ 1 ​ ​ 4 ​ ​ 5 Total net periodic benefit cost ​ $ (3) ​ $ 6 ​ $ 3 ​ $ (1) ​ $ 5 ​ $ 4 15 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2026 ​ 2025 ($ in millions) ​ ​ ​ U.S. ​ ​ ​ Non-U.S. ​ ​ ​ Total ​ ​ ​ U.S. ​ ​ ​ Non-U.S. ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ball-sponsored plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 6 ​ $ — ​ $ 6 ​ $ 7 ​ $ — ​ $ 7 Interest cost ​ ​ 25 ​ ​ 45 ​ ​ 70 ​ ​ 29 ​ ​ 45 ​ ​ 74 Expected return on plan assets ​ ​ (38) ​ ​ (43) ​ ​ (81) ​ ​ (40) ​ ​ (43) ​ ​ (83) Amortization of prior service cost ​ ​ — ​ ​ 1 ​ ​ 1 ​ ​ — ​ ​ 1 ​ ​ 1 Recognized net actuarial loss ​ ​ 1 ​ ​ 9 ​ ​ 10 ​ ​ 2 ​ ​ 8 ​ ​ 10 Total net periodic benefit cost ​ $ (6) ​ $ 12 ​ $ 6 ​ $ (2) ​ $ 11 ​ $ 9 ​ Non-service pension expense of $1 million for the three months ended June 30, 2025, and expense of $2 million for the six months ended June 30, 2025, 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 2026 and 2025, and such contributions are expected to be approximately $29 million for the full year of 2026. 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 in third quarter of 2026, 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. As of June 30, 2026, accumulated other comprehensive income included $454 million of unrecognized pension losses, expected to be recognized upon settlement. ​ 18. Equity and Accumulated Other Comprehensive Earnings (Loss) ​ The following tables provide additional details of the company’s equity activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ Treasury Stock ​ ​ ​ ​ Accumulated Other ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ Number of ​ ​ ​ Retained ​ Comprehensive ​ Noncontrolling ​ Total ($ in millions; share amounts in thousands) ​ ​ ​ Shares ​ ​ ​ Amount ​ ​ ​ Shares ​ ​ ​ Amount ​ ​ ​ Earnings ​ ​ ​ Earnings (Loss) ​ ​ ​ Interest ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at March 31, 2026 ​ 685,842 ​ $ 1,437 ​ (419,674) ​ $ (7,341) ​ $ 12,370 ​ $ (866) ​ $ 19 ​ $ 5,619 Net earnings ​ — ​ ​ — ​ — ​ ​ — ​ ​ 221 ​ ​ — ​ ​ 2 ​ ​ 223 Other comprehensive earnings (loss), net of tax ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 64 ​ ​ — ​ ​ 64 Common dividends ​ — ​ ​ — ​ — ​ ​ — ​ ​ (53) ​ ​ — ​ ​ — ​ ​ (53) Treasury stock purchases ​ — ​ ​ — ​ (1,784) ​ ​ (102) ​ ​ — ​ ​ — ​ ​ — ​ ​ (102) Treasury shares reissued ​ — ​ ​ — ​ 80 ​ ​ 3 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3 Shares issued and stock-based compensation, net of shares exchanged ​ 141 ​ ​ 10 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 10 Distributions from deferred compensation plans and other activity ​ — ​ ​ — ​ — ​ ​ 3 ​ ​ — ​ ​ — ​ ​ (1) ​ ​ 2 Balance at June 30, 2026 ​ 685,983 ​ $ 1,447 ​ (421,378) ​ $ (7,437) ​ $ 12,538 ​ $ (802) ​ $ 20 ​ $ 5,766 16 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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-based compensation, 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 December 31, 2025 ​ 685,107 ​ $ 1,422 ​ (419,733) ​ $ (7,351) ​ $ 12,219 ​ $ (869) ​ $ — ​ $ 5,421 Net earnings ​ — ​ ​ — ​ — ​ ​ — ​ ​ 426 ​ ​ — ​ ​ 2 ​ ​ 428 Other comprehensive earnings (loss), net of tax ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 67 ​ ​ — ​ ​ 67 Common dividends ​ — ​ ​ — ​ — ​ ​ — ​ ​ (107) ​ ​ — ​ ​ — ​ ​ (107) Treasury stock purchases ​ — ​ ​ — ​ (1,804) ​ ​ (103) ​ ​ — ​ ​ — ​ ​ — ​ ​ (103) Treasury shares reissued ​ — ​ ​ — ​ 159 ​ ​ 5 ​ ​ — ​ ​ — ​ ​ — ​ ​ 5 Shares issued and stock-based compensation, net of shares exchanged ​ 876 ​ ​ 25 ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 25 Business acquisitions ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 19 ​ ​ 19 Distributions from deferred compensation plans and other activity ​ — ​ ​ — ​ — ​ ​ 12 ​ ​ — ​ ​ — ​ ​ (1) ​ ​ 11 Balance at June 30, 2026 ​ 685,983 ​ $ 1,447 ​ (421,378) ​ $ (7,437) ​ $ 12,538 ​ $ (802) ​ $ 20 ​ $ 5,766 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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-based compensation, 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 ​ 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) ​ ​ ​ ​ Currency Translation (Net of Tax) ​ ​ ​ ​ Pension and Other Postretirement Benefits (Net of Tax) ​ Derivatives Designated as Hedges (Net of Tax) ​ ​ ​ Accumulated Other Comprehensive Earnings (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2025 ​ $ (484) ​ ​ $ (416) ​ $ 31 ​ $ (869) Other comprehensive earnings (loss) before reclassifications ​ ​ (9) ​ ​ ​ 8 ​ ​ 63 ​ ​ 62 Amounts reclassified into earnings ​ ​ — ​ ​ ​ 8 ​ ​ (3) ​ ​ 5 Balance at June 30, 2026 ​ $ (493) ​ ​ $ (400) ​ $ 91 ​ $ (802) ​ 17 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements 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) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) on cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts recorded in net sales ​ $ (68) ​ $ 17 ​ $ (110) ​ $ 12 Commodity contracts recorded in cost of sales ​ ​ 48 ​ ​ (1) ​ ​ 76 ​ ​ 2 Currency exchange contracts recorded in cost of sales ​ ​ 2 ​ ​ — ​ ​ 2 ​ ​ — Currency exchange contracts recorded in selling, general and administrative ​ ​ 34 ​ ​ (73) ​ ​ 35 ​ ​ (101) Interest rate contracts recorded in interest expense ​ ​ (10) ​ ​ 3 ​ ​ 1 ​ ​ 3 Total before tax effect ​ ​ 6 ​ ​ (54) ​ ​ 4 ​ ​ (84) Tax benefit (expense) on amounts reclassified into earnings ​ ​ (1) ​ ​ 14 ​ ​ (1) ​ ​ 21 Recognized gain (loss), net of tax ​ $ 5 ​ $ (40) ​ $ 3 ​ $ (63) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization and disposal of pension and other postretirement benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Actuarial gains (losses) ​ $ (5) ​ $ (4) ​ $ (9) ​ $ (8) Prior service income (expense) ​ ​ (1) ​ ​ (1) ​ ​ (1) ​ ​ (1) Total before tax effect ​ ​ (6) ​ ​ (5) ​ ​ (10) ​ ​ (9) Tax benefit (expense) on amounts reclassified into earnings ​ ​ 1 ​ ​ 1 ​ ​ 2 ​ ​ 2 Recognized gain (loss), net of tax ​ $ (5) ​ $ (4) ​ $ (8) ​ $ (7) ​ ​ ​ ​ 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) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings from continuing operations attributable to Ball Corporation, net of tax ​ $ 221 ​ $ 212 ​ $ 426 ​ $ 393 Discontinued operations, net of tax ​ ​ — ​ ​ — ​ ​ — ​ ​ (2) Net earnings attributable to Ball Corporation ​ $ 221 ​ $ 212 ​ $ 426 ​ $ 391 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares ​ ​ 265,777 ​ ​ 276,102 ​ ​ 265,778 ​ ​ 279,677 Effect of dilutive securities ​ ​ 1,362 ​ ​ 1,669 ​ ​ 1,493 ​ ​ 1,728 Weighted average shares applicable to diluted earnings per share ​ ​ 267,139 ​ ​ 277,771 ​ ​ 267,271 ​ ​ 281,405 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic - continuing operations ​ $ 0.83 ​ $ 0.77 ​ $ 1.60 ​ $ 1.41 Basic - discontinued operations ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.01) Per basic share ​ $ 0.83 ​ $ 0.77 ​ $ 1.60 ​ $ 1.40 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted - continuing operations ​ $ 0.83 ​ $ 0.76 ​ $ 1.59 ​ $ 1.40 Diluted - discontinued operations ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.01) Per diluted share ​ $ 0.83 ​ $ 0.76 ​ $ 1.59 ​ $ 1.39 ​ Certain outstanding options were excluded from the diluted earnings per share calculation because they were anti-dilutive. The excluded options totaled approximately 4 million and 5 million for the three months ended June 30, 2026 and 2025, respectively, and 4 million and 5 million for the six months ended June 30, 2026 and 2025, respectively. ​ The company declared and paid dividends of $0.20 per share for the three months ended June 30, 2026 and 2025, respectively, and $0.40 per share for the six months ended June 30, 2026 and 2025. ​ ​ 18 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements 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. ​ 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, 2026 Commercial risk area ​ Commodity ​ Currency ​ ​ ​ Interest Rate ​ ​ ​ Net Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional amount of contracts ​ $ 1,877 ​ $ 3,222 ​ $ 600 ​ € 1,050 Net gain (loss) included in AOCI, after-tax ​ ​ 89 ​ ​ — ​ ​ 2 ​ $ (65) Net gain (loss) included in AOCI, after-tax, expected to be recognized in net earnings within the next 12 months ​ ​ 89 ​ ​ — ​ ​ 2 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Longest duration of forecasted hedge transactions in years ​ ​ 1 ​ ​ 2 ​ ​ 1 ​ ​ 3 ​ 19 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements In May 2025, Ball issued €850 million of 4.25% senior notes due in 2032 and designated the principal as a net investment hedge. In December 2025, Ball designated its €550 million of 1.50% senior notes due in 2027 as a net investment hedge. During the three and six months ended June 30, 2026, the company recorded a net gain of $14 million and a net gain of $34 million, after tax, respectively, in accumulated other comprehensive earnings (loss) for these nonderivative financial instruments. The net gain included in accumulated other comprehensive earnings (loss) as of June 30, 2026, was $1 million, after tax, for these nonderivative financial instruments. ​ 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 2027, and which have a combined notional value of 0.9 million shares. Based on the current number of shares in the program, each $1 change in the company’s stock price would have an insignificant impact on pretax earnings, net of the impact of related derivatives. ​ Fair Value Measurements ​ Ball has classified all applicable financial derivative assets and liabilities as Level 2 within the fair value hierarchy as of June 30, 2026, and December 31, 2025, and presented those values in the tables below. The company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ($ in millions) Balance Sheet Location ​ ​ ​ Derivatives Designated as Hedging Instruments ​ ​ ​ Derivatives not Designated as Hedging Instruments ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts ​ ​ $ 125 ​ $ — ​ $ 125 Currency contracts ​ ​ ​ 23 ​ ​ 27 ​ ​ 50 Interest rate and other contracts ​ ​ ​ 3 ​ ​ 6 ​ ​ 9 Total current derivative contracts Other current assets ​ $ 151 ​ $ 33 ​ $ 184 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts ​ ​ $ 3 ​ $ — ​ $ 3 Total noncurrent derivative contracts Other noncurrent assets ​ $ 3 ​ $ — ​ $ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts ​ ​ $ 32 ​ $ — ​ $ 32 Currency contracts ​ ​ ​ — ​ ​ 8 ​ ​ 8 Net investment hedge ​ ​ ​ 21 ​ ​ — ​ ​ 21 Total current derivative contracts Other current liabilities ​ $ 53 ​ $ 8 ​ $ 61 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts ​ ​ $ 3 ​ $ — ​ $ 3 Net investment hedge ​ ​ ​ 56 ​ ​ — ​ ​ 56 Total noncurrent derivative contracts Other noncurrent liabilities ​ $ 59 ​ $ — ​ $ 59 ​ 20 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ($ in millions) Balance Sheet Location ​ Derivatives Designated as Hedging Instruments ​ ​ ​ Derivatives not Designated as Hedging Instruments ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts ​ ​ $ 72 ​ $ — ​ $ 72 Currency contracts ​ ​ ​ — ​ ​ 14 ​ ​ 14 Interest rate and other contracts ​ ​ ​ 1 ​ ​ 2 ​ ​ 3 Total current derivative contracts Other current assets ​ $ 73 ​ $ 16 ​ $ 89 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts ​ ​ $ 5 ​ $ — ​ $ 5 Total noncurrent derivative contracts Other noncurrent assets ​ $ 5 ​ $ — ​ $ 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts ​ ​ $ 41 ​ $ 1 ​ $ 42 Currency contracts ​ ​ ​ 35 ​ ​ 17 ​ ​ 52 Total current derivative contracts Other current liabilities ​ $ 76 ​ $ 18 ​ $ 94 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts ​ ​ $ 1 ​ $ — ​ $ 1 Net investment hedge ​ ​ ​ 98 ​ ​ — ​ ​ 98 Total noncurrent derivative contracts Other noncurrent liabilities ​ $ 99 ​ $ — ​ $ 99 ​ 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). 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, 2026, has not identified any circumstances requiring the reported values of the company’s financial instruments to be adjusted. ​ 21 Table of Contents 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, ​ ​ ​ ​ 2026 ​ 2025 ($ in millions) ​ ​ ​ Location of Gain (Loss) Recognized in Earnings on Derivatives ​ ​ ​ Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) ​ Gain (Loss) on Derivatives not Designated as Hedge Instruments ​ ​ ​ Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) ​ ​ ​ Gain (Loss) on Derivatives not Designated as Hedge Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts - manage exposure to customer pricing ​ Net sales ​ $ (68) ​ $ — ​ $ 17 ​ $ — Commodity contracts - manage exposure to supplier pricing ​ Cost of sales ​ ​ 48 ​ ​ (21) ​ ​ (1) ​ ​ 6 Currency contracts - manage currency exposure ​ Cost of sales ​ ​ 2 ​ ​ — ​ ​ — ​ ​ — Interest rate contracts - manage exposure for outstanding debt ​ Interest expense ​ ​ — ​ ​ — ​ ​ 3 ​ ​ — Currency contracts - manage currency exposure ​ Selling, general and administrative ​ ​ 24 ​ ​ 5 ​ ​ (73) ​ ​ (99) Equity contracts ​ Selling, general and administrative ​ ​ — ​ ​ 2 ​ ​ — ​ ​ 4 Total ​ ​ ​ $ 6 ​ $ (14) ​ $ (54) ​ $ (89) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ 2025 ($ in millions) ​ ​ ​ Location of Gain (Loss) Recognized in Earnings on Derivatives ​ ​ ​ Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) ​ ​ ​ Gain (Loss) on Derivatives not Designated as Hedge Instruments ​ ​ ​ Cash Flow Hedge - Reclassified Amount from Accumulated Other Comprehensive Earnings (Loss) ​ ​ ​ Gain (Loss) on Derivatives not Designated as Hedge Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts - manage exposure to customer pricing ​ Net sales ​ $ (110) ​ $ — ​ $ 12 ​ $ — Commodity contracts - manage exposure to supplier pricing ​ Cost of sales ​ ​ 76 ​ ​ (33) ​ ​ 2 ​ ​ 6 Currency contracts - manage currency exposure ​ Cost of sales ​ ​ 2 ​ ​ — ​ ​ — ​ ​ — Interest rate contracts - manage exposure for outstanding debt ​ Interest expense ​ ​ 1 ​ ​ — ​ ​ 3 ​ ​ — Currency contracts - manage currency exposure ​ Selling, general and administrative ​ ​ 35 ​ ​ 14 ​ ​ (101) ​ ​ (170) Equity contracts ​ Selling, general and administrative ​ ​ — ​ ​ 10 ​ ​ — ​ ​ (1) Total ​ ​ ​ $ 4 ​ $ (9) ​ $ (84) ​ $ (165) ​ 22 Table of Contents 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ($ in millions) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts reclassified into earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts ​ $ 20 ​ $ (16) ​ $ 34 ​ $ (14) Interest rate contracts ​ ​ — ​ ​ (3) ​ ​ (1) ​ ​ (3) Currency exchange contracts ​ ​ (26) ​ ​ 73 ​ ​ (37) ​ ​ 101 Change in fair value of hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts ​ ​ 42 ​ ​ (19) ​ ​ 48 ​ ​ (19) Interest rate contracts ​ ​ 1 ​ ​ (2) ​ ​ 4 ​ ​ (6) Currency exchange contracts ​ ​ 25 ​ ​ (69) ​ ​ 34 ​ ​ (97) Net investment hedge ​ ​ (3) ​ ​ (84) ​ ​ 16 ​ ​ (106) Currency and tax impacts ​ ​ (18) ​ ​ 9 ​ ​ (22) ​ ​ 8 ​ ​ $ 41 ​ $ (111) ​ $ 76 ​ $ (136) ​ ​ ​ ​ 21. Contingencies ​ 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; environmental; trade compliance 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 $25 million in the aggregate, and such amounts have been included in other current liabilities and other noncurrent liabilities at June 30, 2026. 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. ​ 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. ​ 22. Indemnifications and Guarantees ​ General Guarantees ​ 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 23 Table of Contents Ball Corporation Notes to the Unaudited Condensed Consolidated Financial Statements 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. ​ 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. ​ 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 evidence 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. ​ Debt Guarantees ​ 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 certain 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 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. ​ 24 Table of Contents ​