Ball Corporation

Recent actions are shareholder‑friendly and strategically consistent: divested aerospace at an attractive valuation, refocused on core packaging, authorized a 4 billion repurchase, returned 1.96 billion in 2024 and 1.13 billion in 1H25, repurchased about 18.1 million shares through June 30, 2025, and executed a small, strategic plant acquisition in Florida while deconsolidating the aluminum cups business and moving to reduce the Saudi exposure.

Capex guidance of approximately 600 million in 2025 looks balanced between maintenance and productivity, supporting EVA improvement. Track record over the last 24 months merits credit, with the caveat that buybacks at elevated multiples can pressure future returns if free cash flow underperforms.