• Ball is essentially the **Intel** of aluminum beverage cans.
• It's like the **Foxconn** for many of the drink cans you consume.

• Aluminum Beverage Cans: Manufactures infinitely recyclable aluminum cans for various beverages including soft drinks, beer, energy drinks, and sparkling water.
• Aluminum Aerosol Cans: Produces sustainable aluminum aerosol packaging for personal care products, household goods, and pharmaceutical applications.
• Aluminum Cups: Offers infinitely recyclable aluminum cups as a sustainable alternative to plastic for events and everyday use.

Ball Corporation (symbol: BALL) primarily sells its products to other companies (B2B) rather than directly to individuals. While Ball Corporation does not typically disclose the names of its specific major customers in its public filings due to competitive reasons, based on its well-known business segments, its major customers are leading companies within the beverage, food, household product, and aerospace industries.

Here are categories of its major customers and examples of prominent companies within those categories that are highly likely to be customers, including their public symbols where applicable:

1. Beverage Companies

These are large multinational producers of soft drinks, beer, energy drinks, sparkling water, and other canned beverages that rely on Ball for metal packaging.

• The Coca-Cola Company (KO)
• PepsiCo, Inc. (PEP)
• Anheuser-Busch InBev SA/NV (BUD)
• Molson Coors Beverage Company (TAP)
• Keurig Dr Pepper Inc. (KDP)

2. Food & Household Product Companies

These include large manufacturers of various canned foods (e.g., soups, vegetables, fruits) and other household items that utilize metal packaging.

• General Mills, Inc. (GIS)
• Conagra Brands, Inc. (CAG)
• The Kraft Heinz Company (KHC)
• J.M. Smucker Company (SJM)

3. Aerospace & Defense Entities

For its Ball Aerospace segment, customers include various government agencies and prime contractors in the defense and space industries.

• U.S. Government (e.g., Department of Defense, NASA)
• Lockheed Martin Corporation (LMT)
• Northrop Grumman Corporation (NOC)
• RTX Corporation (formerly Raytheon Technologies Corporation) (RTX)
• The Boeing Company (BA)

Ball Corporation's major suppliers include:

• Novelis (parent company Hindalco Industries Limited, NSE: HINDALCO)
• Constellium SE (NYSE: CSTM)
• Norsk Hydro ASA (OTC: NHYDY)

Daniel W. Fisher, Chairman and CEO

Daniel W. Fisher joined Ball Corporation in 2010 and was elected CEO in 2022 and Chairman in 2023. He previously served in various leadership roles at Ball, including President, Senior Vice President and Chief Operating Officer of Global Beverage Packaging, and Vice President of Finance. Prior to Ball, he held financial leadership positions at Bradken Corporation, Danaher Corporation, and Emerson Electric (formerly Daniel Industries and Emerson Process Management), where he notably served as chief financial and information technology officer. He also held a leadership position for Grey Mountain Partners, a private equity firm.

Daniel J. Rabbitt, Interim Chief Financial Officer

Daniel J. Rabbitt was appointed Interim Chief Financial Officer in May 2025. He joined Ball Corporation in 2016 as Senior Vice President of Corporate Planning and Development. Before this role, he managed Ball's Aerosol business as vice president and general manager. Prior to his tenure at Ball, he co-founded Mountain Union Telecom, LLC, and served as its CFO.

Ron Lewis, Senior Vice President, Chief Supply Chain and Operations Officer

Ron Lewis's experience includes serving as Chief Supply Chain Officer at Coca-Cola European Partners, Senior Vice President – Supply Chain at Coca-Cola Enterprises, Inc., and Chief Procurement Officer at The Coca-Cola Company. He held various supply chain and procurement leadership roles within Coca-Cola entities.

Hannah Lim-Johnson, Senior Vice President, Chief Legal Officer, and Corporate Secretary

Before joining Ball, Hannah Lim-Johnson served as Senior Vice President, Chief Legal Officer, and Corporate Secretary at Meritor from 2020 to 2021, and as Senior Vice President and Chief Legal Officer at Kelly Services from 2017 to 2020. Her prior experience also includes roles as Deputy General Counsel, Chief Litigation Counsel, and Assistant Corporate Secretary at PSEG, as well as litigation counsel positions at The ADT Corporation and Tyco International.

Kathleen Pitre, Senior Vice President & President of North and Central America

Kathleen Pitre previously held the position of Senior Vice President, Corporate Planning and Development at Ball Corporation. Her career at Ball also includes serving as Vice President and General Manager, Global Aerocan from 2015 to 2016, and Vice President and General Manager, Ball Aerocan, Americas from 2012 to 2015.

Ball Corporation (BALL) faces several key business risks, with the most significant revolving around commodity price volatility, market shifts in its key segments, and its debt levels.

1. Commodity Price Volatility
   The most immediate financial pressure on Ball Corporation stems from volatile commodity prices, particularly aluminum, which is a primary raw material for its packaging products. This volatility in aluminum prices can lead to increased raw material costs due to supply and demand imbalances, directly impacting the company's profitability and financial health.
2. Weakness in the Beer/Alcohol Segment
   The beer and alcohol sector represents a significant portion of Ball Corporation's product mix, estimated at 30-35%. Continued weakness or deceleration in this segment, especially in regions like North America, poses a substantial risk to the company's demand, volume growth, and overall profitability.
3. Debt Levels
   Ball Corporation carries a significant amount of debt, with a net debt of approximately US$4.75 billion as of December 2024. While the company's interest coverage is considered manageable, the substantial debt level presents inherent risks to the balance sheet, suggesting that shareholders should closely monitor the company's use of debt.

Ball Corporation (NYSE: BALL) operates in two primary business segments: aluminum packaging and aerospace technologies.

Addressable Markets for Main Products and Services:

Aluminum Packaging

• Global Metal Packaging Market: The global metal packaging market was valued at approximately USD 146.70 billion in 2023 and is projected to reach USD 194.68 billion by 2032. North America held a significant share, accounting for 34.57% of the market in 2023. The U.S. metal packaging market alone is projected to reach an estimated value of USD 53.06 billion by 2032.
• Global Aluminum Beverage Cans Market: The global aluminum beverage cans market size was valued at USD 35.56 billion in 2024 and is estimated to reach USD 60.75 billion by 2033. Another estimate indicates the global beverage cans market (aluminum dominates with over 96% share) was USD 39.20 billion in 2023 and is projected to reach USD 59.61 billion by 2030. North America leads this market, holding a 30.47% share in 2024.
• Global Aluminum Aerosol Cans Market: The global aluminum aerosol cans market is projected to grow from USD 4.8 billion in 2025 to USD 7.7 billion by 2035. In 2023, the global market size was valued at USD 4.2 billion and is expected to reach USD 6.65 billion by 2033. Europe constituted the largest market, with approximately 40% of the share in 2024. The broader global aerosol cans market (all materials) was valued at USD 11.19 billion in 2024 and is projected to reach USD 19.52 billion by 2034, with aluminum dominating by material.
• Global Food Cans Market: The global food can market was valued at USD 25.66 billion in 2023 and is predicted to reach USD 36.20 billion by 2032. Separately, the global food beverage metal cans market size was estimated at USD 50.50 billion in 2024 and is predicted to increase to approximately USD 99.71 billion by 2034. The broader global canned food market was estimated at USD 118.53 billion in 2023 and is projected to reach USD 154.72 billion by 2030.

Aerospace and Technologies

• Global Aerospace and Defense Market: The global aerospace and defense market was valued at approximately USD 820.61 billion in 2024 and is expected to reach around USD 1,250.28 billion by 2034. Another estimate places the market size at around USD 750 billion in 2022, projected to reach USD 1,388 billion by 2030.
• North America/U.S. Aerospace and Defense Market: The North America aerospace and defense market was valued at USD 292.14 billion in 2024 and is expected to reach around USD 445.10 billion by 2034. Specifically, the United States Aerospace and Defense market size is estimated at USD 525.16 billion in 2025 and is expected to reach USD 694.86 billion by 2030.

Ball Corporation (NYSE: BALL) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

1. Growing Demand for Sustainable Aluminum Packaging: The global shift towards eco-friendly packaging solutions is a significant tailwind for Ball. Aluminum cans are highly recyclable and are increasingly preferred by consumers and companies, positioning Ball to capitalize on this secular trend.
2. Volume Growth Across Key Beverage Categories and Regions: Ball anticipates continued strong demand for aluminum beverage cans, fueled by trends such as increased at-home dining. Growth in specific beverage segments like energy drinks and non-alcoholic beverages is also expected. Regionally, strong growth is projected in EMEA due to increased can penetration and sustainability initiatives, and a recovery with robust volume growth is anticipated in South America. North America is also forecasted to see volume growth.
3. Strategic Capacity Expansion and Operational Efficiencies: The company is making strategic investments to boost its production capacity, including the new Millersburg, Oregon facility, which is expected to enhance output, reduce supply chain costs, and improve operating leverage. Furthermore, ongoing operational efficiency programs and cost management initiatives are set to contribute to improved financial results.
4. Strategic Acquisitions: Ball has demonstrated a strategy of expanding its market presence through acquisitions, such as the acquisition of Florida Can Manufacturing, which is bolstering its beverage can capacity in North America.
5. Product Innovation: Continuous innovation in packaging solutions, including the development of lightweight and highly recyclable products, along with the introduction of new formats like smaller cans, is expected to drive incremental volume and maintain the company's competitive edge.

Capital Allocation Decisions (Last 3-5 Years)

1. Share Repurchases

• Ball Corporation repurchased $1.71 billion in shares during 2024 and approximately $3 million in 2023.
• In 2022, the company's share repurchases totaled $618 million, including a $300 million accelerated share repurchase.
• Ball authorized a new share repurchase program of up to $4 billion of its common stock in January 2025, replacing previous authorizations. The company also plans to repurchase at least $1.3 billion in shares during 2025.

2. Share Issuance

• Explicit dollar amounts for significant share issuances are not distinctly reported in the available summaries of cash flow statements for the specified period. However, the company's statements of cash flows show "net issuances (purchases) of common stock" or similar lines, which indicate that share repurchases have significantly outweighed any issuances over the last several years.

3. Inbound Investments

• In October 2024, Ball acquired Alucan Entec, an aluminum aerosol packaging business, for an initial cash consideration of $80 million (or €75 million).
• In early 2025, Ball formed a strategic partnership for its aluminum cups business with Ayna.AI LLC, retaining a 49 percent interest in the new entity.

4. Outbound Investments

• Ball completed the divestiture of its aerospace business on February 16, 2024, for a purchase price of $5.6 billion.
• In 2022, Ball sold its Russian aluminum beverage packaging business for $530 million in cash.
• In the first quarter of 2022, Ball sold its remaining 49 percent equity method investment in Ball Metalpack for $298 million in cash.

5. Capital Expenditures

• Capital expenditures were $484 million in 2024, $1.045 billion in 2023, and $1.651 billion in 2022.
• Expected capital expenditures for 2025 are projected to be around $600 million.
• These investments support growth projects, including the construction of a new two-line can plant in Oregon and the acquisition of Florida Can Manufacturing for $160 million in 2025 to expand capacity in North America.