BALL (BALL) Economic Moat Analysis50

Evidence

​ We sell our aluminum packaging products mainly to large, multinational beverage, personal care and household products companies with which we have developed long-term relationships.

MD&A / Business Overview and Industry Trends / customer relationships · Filed 04/08/2026

This is evidenced by our high customer retention and our large number of long-term supply contracts.

MD&A / Business Overview and Industry Trends / retention and supply contracts · Filed 04/08/2026

We outperformed the market by growing our global aluminum packaging shipments by 4.1% compared to 2024, achieving a record level of adjusted free cash flow, and returning $1.54 billion to shareholders.

Proxy introductory letter / 2025 shipments and shareholder returns · Filed 17/03/2026

We mitigate our exposure to the changes in the costs of aluminum through the inclusion of provisions in contracts covering the majority of our volume to pass-through aluminum price changes, as well as through the use of derivative instruments.

MD&A / Business Overview and Industry Trends / majority-volume aluminum pass-through · Filed 04/08/2026

Our current or potential competitors may offer products at a lower price or products that are deemed superior to ours.

Risk Factors / competing product price and quality · Filed 19/02/2026

​ Our aluminum packaging products are subject to significant competition from substitute products, particularly plastic carbonated soft drink bottles made from PET, single serve and returnable beer bottles and other beverage containers made of glass, cardboard or other materials.

Risk Factors / substitute packaging competition · Filed 19/02/2026

While we have a diversified customer base, we sell a significant portion of our packaging products to major companies and brands, as well as to numerous regional customers.

MD&A / Business Overview and Industry Trends / major customer exposure · Filed 04/08/2026

The pass-through provisions generally result in proportional increases or decreases in sales and costs with a reduced impact, on net earnings; however, there may be timing differences of when the costs are passed through and amounts that are not fully passed through.

MD&A / Business Overview and Industry Trends / pass-through effects and limitations · Filed 04/08/2026

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.

Financial Instruments and Risk Management / aluminum-based sales pricing · Filed 04/08/2026

The terms include fixed, floating or pass-through aluminum component pricing.

Financial Instruments and Risk Management / fixed, floating and pass-through terms · Filed 04/08/2026

​ Financial Results ■ Achieved Volume Growth of +4.1% versus prior year and Operating Earnings of $1,554m, (+5.7% from prior year).

Executive Compensation / 2025 financial results / volume and operating earnings · Filed 17/03/2026

​ ■ Achieved $956m of Free Cash Flow and EPS of $3.57 (+12% over prior year).

Executive Compensation / 2025 financial results / free cash flow and EPS · Filed 17/03/2026

​ 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.

Unaudited condensed consolidated cash flows / six months ended June 30, 2026 and 2025 · Filed 04/08/2026

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.

Note 15 / debt covenant compliance and payment obligations · Filed 04/08/2026

​ Performance measure ​ ​ Threshold (25% Payout) ​ ​ Target (100% payout) ​ ​ Maximum (200% payout) ​ ​ Actual ​ ​ Payout % ​ ​ Adjusted Operating Cash Flow (75%) ​ ​ ​ $ 1,563m ​ ​ ​ ​ $ 1,699m ​ ​ ​ ≥$1,835m ​ ​ ​ ​ 1,765m ​ ​ ​ ​ ​ 148% ​ ​ ​ Unit Volume Growth (25%) ​ ​ ​ ​ 107.5m ​ ​ ​ ​ ​ 109.6m ​ ​ ​ ≥111.8m ​ ​ ​ ​ 110.8m ​ ​ ​ ​ ​ 154% ​ ​ ​ Overall Business Performance Factor ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 150% ​ ​ ​ (1) The definition of Adjusted Operating Cash Flow (OCF) for STI purposes, as approved by the HR Committee, is Comparable EBITDA (as reported) plus changes in working capital (Trade Accounts Receivable, Trade Accounts Payable and Inventory).

Executive Compensation / 2025 short-term incentive metrics and actual achievement · Filed 17/03/2026

Within the HR Committee’s approved framework and the terms of the equity plan rules, the Committee has negatively adjusted the 2025 STI OCF achievement by a total of $394m/ This reflected the impact of removing acquisitions and adding back dispositions, accounting adjustments for CAPEX related payables, neutralizing the impact of currency fluctuations, factoring activity outside an agreed level and other Committee approved adjustments.

Executive Compensation / downward adjustment to incentive cash-flow achievement · Filed 17/03/2026

The vesting outcome can be increased or decreased based on the performance of two Modifier Measures (Sustainability and Relative TSR) ​ ​ Ties to our management- as-owners philosophy and rewards performance contributing to absolute EVA dollar growth and earnings per-share growth, while reinforcing disciplined execution through sustainability and safety performance 50% weighting in LTI program for NEOs ​ ​ 38 ​ ​ Stock Options (options) ​ ​ Designed to promote stock ownership and long-term performance ​ ​ Stock price appreciation ​ ​ Ties to our management- as-owners philosophy and rewards performance contributing to shareholder value through absolute stock price growth 25% weighting in LTI program for NEOs ​ ​ 39 ​ ​ Restricted Stock Units (RSUs) ​ ​ Designed to promote stock ownership and retention, with awards vesting after 3 years subject to continued employment ​ ​ Value based on stock price ​ ​ Ties to our management- as-owners philosophy 25% weighting in LTI program for NEOs ​ ​ 39 ​ ​ OTHER ONE-TIME INCENTIVES ​ ​ One-time Restricted Stock Units (“RSUs”) ​ ​ Designed to promote stock ownership, provide a recruitment, retention or performance-based incentive where appropriate and incentivize the creation of shareholder value ​ ​ Value based on stock price or bespoke performance conditions ​ ​ Granted from time-to- time and tied to our management-as-owners philosophy, generally in connection with the promotion or recruitment of individuals to facilitate ownership and retention or to incentivize a specific performance outcome ​ ​ 40 ​ ​ Deposit Share Program (“DSP”) ​ ​ Designed to promote financial investment in Ball, promote stock ownership and incentivize the creation of shareholder value ​ ​ Value based on stock price ​ ​ Granted from time-to-time (last offered in 2021) and tied to our management-as-owners philosophy, offering RSUs in exchange for the recipient voluntarily and newly investing in and holding shares of Ball stock ​ ​ 40 ​ 30 | WWW.BALL.COM/INVESTORS TABLE OF CONTENTS​​ EXECUTIVE COMPENSATION​ ​ ROLE OF THE HUMAN RESOURCES COMMITTEE AND EXECUTIVE COMPENSATION CONSULTANT The HR Committee oversees the design of the executive compensation program and determines the compensation of our executive officers.

Executive Compensation / long-term incentive structure and vesting conditions · Filed 17/03/2026

TAYLOR II ​ ​ ​ ​ ​ ​ ​ ​ ​ ■ Independent Director since 1999 ​ ■Chairman of the Board since 2025 ■ Age 65 ​ COMMITTEES ■ Human Resources ​ ■Nominating/Corporate Governance CAREER HIGHLIGHT Mr.

Board and Corporate Governance / independent chairman · Filed 17/03/2026

The HR Committee is composed solely of nonmanagement directors, all of whom are independent.

Executive Compensation / independent Human Resources Committee · Filed 17/03/2026

The HR Committee sets the CEO’s target total compensation package during an executive session without the CEO present.

Executive Compensation / CEO compensation determination · Filed 17/03/2026

The potential dilution under the 2026 Plan Amendment would be 12%, which the Company believes is reasonable for our industry.

Proposed 2026 Plan Amendment / potential dilution · Filed 17/03/2026

32 Table of Contents Item 4. CONTROLS AND PROCEDURES ​ Our chief executive officer and chief financial officer participated in management’s evaluation of our disclosure controls and procedures, as defined by the Securities and Exchange Commission (SEC), as of the end of the period covered by this report and concluded that our controls and procedures were effective.

Item 4 / management evaluation of disclosure controls · Filed 04/08/2026

​ ■ Improved quality performance, with non-conformance below both target and prior year.

Executive Compensation / operational excellence / quality performance · Filed 17/03/2026

The global economic environment has resulted in reductions in demand for our products in some instances, which, in turn, could increase these competitive pressures.

Risk Factors / experienced demand reductions in some instances · Filed 19/02/2026

Publication history

Sources

• filing-1 · Filed 19/02/2026
• filing-2 · Filed 04/08/2026
• filing-3 · Filed 17/03/2026