Business Segment Information

6 Months Ended

Jun. 30, 2025

Business Segment Information

Business Segment Information

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.

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.

Beverage packaging, EMEA: Consists of operations in numerous countries throughout Europe, as well as Egypt and Turkey, 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 (beverage packaging, other) that manufactures and sells aluminum beverage containers in India, Saudi Arabia and Myanmar; 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; a non-reportable operating segment that manufactured and sold aluminum cups (aluminum cups); undistributed corporate expenses; and intercompany eliminations and other business activities. As of June 30, 2025, and December 31, 2024, the assets and liabilities of the Saudi Arabian business were presented as current assets held for sale and current liabilities held for sale on the unaudited condensed consolidated balance sheets. 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 and the assets and liabilities of the business were presented as current assets held for sale and current liabilities held for sale on the unaudited condensed consolidated balance sheet as of December 31, 2024. See Note 4 for further details on the 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. and Vietnam that are accounted for under the equity method of accounting and, accordingly, those results are not included in segment sales or earnings.

Dan Fisher, Chairman and Chief Executive Officer, is the company’s chief operating decision maker (CODM). For each reportable segment, the CODM uses segment comparable 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.

Summary of Business by Segment

	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2025		2024		2025		2024
Net sales
Beverage packaging, North and Central America	$	1,613	$	1,469	$	3,076	$	2,872
Beverage packaging, EMEA		1,050		880		1,953		1,690
Beverage packaging, South America		477		422		1,021		904
Reportable segment sales		3,140		2,771		6,050		5,466
Other		198		188		385		367
Net sales	$	3,338	$	2,959	$	6,435	$	5,833
Comparable segment operating earnings (a)
Beverage packaging, North and Central America	$	208	$	210	$	403	$	402
Beverage packaging, EMEA		129		113		225		198
Beverage packaging, South America		51		37		120		92
Reportable segment comparable operating earnings		388		360		748		692
Reconciling items
Other (b)		8		2		(7)		(70)
Business consolidation and other activities		(12)		(60)		(25)		(86)
Amortization of acquired intangibles		(35)		(33)		(68)		(71)
Interest expense		(81)		(68)		(151)		(161)
Debt refinancing and other costs		—		(1)		—		(3)
Earnings before taxes	$	268	$	200	$	497	$	301

(a) The difference between reportable segment net sales and comparable operating earnings is comprised of other segment items. Other segment items includes cost of sales, depreciation and amortization, selling, general and administrative and interest income amounts. 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 $30 million and $21 million for the three months ended June 30, 2025 and 2024, respectively, and $73 million and $117 million for the six months ended June 30, 2025 and 2024, respectively. Undistributed corporate expenses, net, includes corporate interest income of $12 million for the three months ended June 30, 2024, and $1 million and $29 million for the six months ended June 30, 2025 and 2024, respectively. For the three and six months ended June 30, 2024, undistributed corporate expenses, net, includes $3 million and $82 million of incremental compensation cost from the successful sale of the aerospace business, respectively.

	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2025		2024		2025		2024
Depreciation and amortization
Beverage packaging, North and Central America	$	56	$	53	$	112	$	107
Beverage packaging, EMEA		49		46		96		93
Beverage packaging, South America		36		38		72		79
Reportable segment depreciation and amortization		141		137		280		279
Other		14		15		25		31
Depreciation and amortization	$	155	$	152	$	305	$	310

The company does not disclose total assets by segment as it is not provided to the CODM.