What Ball Corporation told the SEC could break it.

All of Ball's US/Canada/Mexico beverage containers are made of aluminum, sourced from 7+ global suppliers; aluminum price moves drive results (2025 sales rose $579M on price-mix, primarily higher aluminum prices).

“All of the beverage containers produced by Ball in the U.S., Canada and Mexico are made of aluminum. In North and Central America, a diverse base of more than seven global suppliers provide almost all of our aluminum can and end sheet requirements .”

Some of Ball's contracts in the Americas, Europe and Asia do not allow it to pass along increased raw-material costs; it relies on derivative agreements to manage this exposure, leaving residual margin risk.

“In the Americas, Europe and Asia, some contracts do not allow us to pass along increased raw material costs and we generally use derivative agreements to seek to manage this risk.”

Tariffs/sanctions on aluminum imports could raise Ball's raw-material costs; in September 2025 US Customs and Border Protection challenged the tariff classification, duty rate and exemptions on certain aluminum imports, with additional duties, interest and penalties reasonably possible (no reserve recorded).

“Increases in raw material costs, including potential increases due to tariffs, sanctions, or other trade actions, could have a material adverse effect on our business, financial condition or results of operations. For example, in September 2025, we received notice from the U.S. Customs and Border Protection challenging the tariff classification and applicable rate of duty of certain aluminum imports asserting additional duties and tariffs are payable, as well our use of certain exemptions.”