Ball is one of the world's largest manufacturers of aluminum beverage cans, selling primarily to large multinational beverage companies like Coca-Cola, PepsiCo, and major beer brewers under multi-year supply contracts. Ball operates across three core segments: Beverage Packaging North and Central America (~48% of net sales), EMEA (~30%), and South America (~16%), with Ball holding the largest market share in each region. Ball's business model is capital-intensive and largely fixed-cost, so volume is the primary earnings driver — higher volumes spread fixed costs over more units, and management targets 2x operating leverage on volume growth. Contracts include aluminum cost pass-through mechanisms, insulating Ball from direct commodity exposure. Ball's long-term financial algorithm targets 10%+ annual EPS growth, combining low-single-digit volume growth, operating leverage, and 4%-6% annual share buybacks. The company's growth strategy centers on the secular shift from glass and PET to aluminum cans, particularly in Europe and South America where glass dominates the beer market. Ball is adding capacity through a new Oregon plant expected online in H2 2026, and two recent acquisitions — Florida Can Manufacturing in the U.S. Southeast and Benepack's Belgium and Hungary facilities in Europe. Ball also operates a small Personal & Home Care segment making aluminum aerosol containers and slugs, representing less than 5% of net sales.