管理層發言
Greetings, and welcome to the Ball Corporation Second Quarter 2026 Earnings Conference Call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brandon Potthoff, Head of Investor Relations.
Good morning, everyone. This is Ball Corporation's conference call regarding the company's second quarter 2026 results. During this call, we will reference our second quarter 2026 earnings presentation available through this webcast and on our website at investors.ball.com. The information provided during this call will contain forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied. We assume no obligation to update any forward-looking statements made today. Some factors that could cause the results or outcomes to differ are described in the company's latest Form 10-K, other SEC filings and in today's earnings release and earnings presentation. If you do not already have our earnings release, it is available on our website at ball.com. Information regarding the use of non-GAAP financial measures may also be found in the notes section of today's earnings release. In addition, this presentation and the release include a summary of noncomparable items as well as a reconciliation of comparable net earnings and diluted earnings per share calculations. I would now like to turn the call over to our CEO, Ron Lewis.
Thank you, Brandon. Today, I'm joined by Dan Rabbitt, Senior Vice President and Chief Financial Officer. I will provide some brief introductory remarks and discuss second quarter and first half 2026 financial performance and our outlook for the remainder of 2026. Dan will touch on key metrics, and then we will finish up with closing comments and a question-and-answer session. As we begin, I want to reinforce the same big picture message we have discussed in prior quarters because it remains central to how we think about Ball's long-term value creation. The fundamentals supporting our business remain firmly in place. Packaged liquid volume continues to grow globally and aluminum cans continue to gain share as consumers, customers and retailers prioritize convenience, performance and sustainability. These trends continue to support a durable runway of demand for our products. Within that growing market, Ball remains well positioned. Across our regions, we continue to benefit from long-term customer partnerships, a well contracted portfolio, disciplined capacity management and an unmatched global footprint. Together, those advantages support strong utilization and consistent commercial performance. We are pairing those operating advantages with financial discipline. Through the first half of 2026, our results have reinforced our confidence in the framework we laid out for the year, supported by a healthy balance sheet and a capital allocation approach grounded in EVA. We remain focused on investing where we can earn attractive returns and returning capital to shareholders. Operationally, our teams continue to make progress. Standardization, cost discipline and the Ball Business System are helping us reduce complexity, improve productivity and create a more repeatable operating model as volumes grow. When you bring together attractive industry fundamentals, strong customer relationships, disciplined execution, financial strength and an operating system built for continuous improvement, Ball remains well positioned to deliver on our 2026 objectives and create long-term value for shareholders. Our first half results reinforce the resilience of our business and the consistency of our execution even as the external environment remains complex. The strategy we have discussed in prior quarters remains clear, consistent and grounded in four strategic pillars, and our first half performance provides further evidence that it is working. First, we remain focused on executing in our core business. That discipline shows up through service, cost management and ongoing efforts to improve operational consistency across our plants and regions. Second, we stay close to our customers and maximize the strength of our global network; long-term customer partnerships, strong service levels and a balanced footprint give us the flexibility to respond quickly and reliably. Third, we continue to accelerate the substrate shift to aluminum and expand into targeted categories. Aluminum's sustainability and performance advantages remain compelling and we are focused on translating these advantages into disciplined growth. Fourth, we manage complexity to our advantage. Our scale, standardization and systems help us stay focused on the levers we control and build more repeatable performance over time. The Ball Business System connects these priorities across the organization helping us standardize best practices, improve productivity and drive continuous improvement. At the center of that system are our people and culture, low ego, high collaboration and a shared commitment to doing the right things the right way. That consistency is what supports our first half performance and gives us confidence in our ability to deliver on our 2026 objectives while continuing to create value long term. That is where the Ball Business System and EVA come together. One helps us to operate with greater consistency, the other guiding how we allocate capital to create long-term value. In the second quarter and first half, that discipline showed up in our financial performance while we continue to focus on delivering operational results in line with our Ball Business System goals. It is also why our 2026 framework remains unchanged: 10-plus percent comparable diluted EPS growth, strong free cash flow and consistent returns to shareholders. With that context, let me address how those priorities translated into our second quarter and first half results. Turning to our second quarter performance. We continue to build on the solid start we discussed last quarter. Global volumes improved 4.3% year-over-year with growth in each region, reflecting continued momentum across our portfolio and keeping us on track with the full year volume outlook we outlined earlier this year. Comparable operating earnings grew 7.7% year-over-year, supported by disciplined cost management, commercial performance and continued progress through the Ball Business System, even as we absorbed the previously discussed North American start-up costs. That performance flowed through to the bottom line, with comparable diluted EPS growth of 14.4%, reflecting operating earnings performance and capital allocation. Our first half performance reinforces our confidence in delivering 10-plus percent comparable diluted EPS growth for the full year. We also remain focused on shareholder returns and remain on track to return approximately $800 million to shareholders in 2026. Operationally, we continue to advance our priorities, including integrating Benepack to expand our EMEA capacity and continuing to make progress at our Millersburg facility, which remains on track toward full ramp-up in 2027. Overall, this was a solid second quarter and first half that reinforced the resilience of our business and our confidence in the 2026 framework. With that context, I'll let Dan walk through the details of our second quarter financial performance and provide more color on our expectations for the balance of 2026. Over to you, Dan.
Thank you, Ron. I'll walk through our second quarter 2026 financial performance and provide additional context on the first half and our expectations for the balance of the year. Overall, the business continued to perform well in the second quarter. Global shipped beverage can volumes increased 4.3% year-over-year, supported by growth across each region and continued progress against our full year expectations. Across both the quarter and the first half, our teams remain focused on service, cost discipline and improving the controllable performance drivers that support our 2026 framework. As Ron noted, comparable operating earnings increased 7.7% year-over-year and comparable diluted EPS increased 14.4%, aided by disciplined performance and capital allocation tailwinds. Our first half performance remains consistent with the financial framework we laid out in 2026. In North and Central America, volumes increased low single digits year-over-year, consistent with our expectations for full year growth at the low end of our long-term 1% to 3% range. Demand remained constructive in energy drinks and nonalcoholic beverages. Segment comparable operating earnings declined 2.4% year-over-year as higher costs, including approximately $5 million of start-up costs, were partially offset by favorable price mix, including the timing of metal pass-through to our large customers who procure their own aluminum. We continue to expect full year start-up costs to total approximately $35 million, with roughly $30 million expected in the second half. In EMEA, volumes increased mid-single digits year-over-year, supported by underlying demand and the contribution from Benepack, partially offset by last year's sale of our Saudi Arabian business. Segment comparable operating earnings increased 6.6% year-over-year, reflecting higher volume and favorable price mix, partially offset by higher costs. We continue to make progress integrating the Hungary and Belgium facilities for 2026; with the inclusion of Benepack, we continue to expect volume growth above the top end of our long-term 3% to 5% range. In South America, volumes increased mid-teens year-over-year as the region moved past first quarter customer timing and inventory impacts. Segment comparable operating earnings increased 64% year-over-year, driven by higher volumes and favorable price/mix. Looking ahead, we continue to expect volume growth at the low end of our long-term 4% to 6% range in 2026. Now focusing on modeling details for 2026. As Ron noted, with the resilience of our business and our pass-through models, we continue to expect to be on track with our long-term 10%-plus comparable diluted EPS growth goal. We anticipate free cash flow of greater than $900 million in 2026. Our 2026 full year effective tax rate on comparable earnings is expected to be slightly above 23%. Full year 2026 interest expense is expected to be in the range of $310 million. CapEx is expected to be in line with GAAP depreciation and amortization in 2026. Full year 2026 reported adjusted corporate undistributed costs recorded in other nonreportable are expected to be in the range of $175 million. We anticipate year-end 2026 net debt to comparable EBITDA to be around 2.7x, and we will repurchase at least $600 million of shares, which will bring our total capital return to shareholders to $800 million in 2026. And last week, Ball's Board declared its quarterly cash dividend. And with that, I'll turn it back to Ron.
Thanks, Dan. In summary, the key message is that we are delivering against the framework we laid out for 2026. Through the first half, we grew global volumes, expanded comparable diluted EPS and generated strong earnings performance and remained on track with our free cash flow and capital return priorities. That progress reflects the consistency of our strategy and the discipline of our team. We continue to stay close to our customers, manage the levers we control, invest through an EVA lens and use the Ball Business System to improve how we operate across the company. Importantly, our first half results reinforce our confidence in the full year framework. We remain focused on delivering 10-plus percent comparable diluted EPS growth, generating strong free cash flow and returning approximately $800 million to shareholders in 2026. We know there is still work ahead and our teams remain focused on the operating and commercial priorities that matter most in the second half. But the first half demonstrates that the strategy is consistent, the framework is intact and Ball remains well positioned to create long-term value for shareholders. Thank you. And with that, Christine, we are ready for questions.
分析師問答
Our first question comes from Ghansham Panjabi with Baird.
Ron, I know comparisons are a bit tougher in the beverage North America and Central America segment given your performance from last year. But looking back, how did the flagship events over the summer, including America 250 and the World Cup, impact your volumes? Was that material in any way? Or were you supply constrained just given your footprint position at this point? And then in Europe, adjusting for Benepack and some of the portfolio moves there and segment realignment, what were underlying volumes during the second quarter? And was that consistent with your expectations going into 2Q?
We said coming into the year in North America that we were running notably tight and that certainly is the case. And so we didn't see any really meaningful growth in North America due to America 250 or the World Cup. But what it did do coming into this quarter and Q3 that we've just started, it gave us a lot of confidence in the growth that we were going to see and that flowed through. We served our customers with distinction and the best of our ability, but the fact is we are trying to bring this new plant up in Millersburg, and until we do that, we will be notably tight until we can get that capacity up and running. Thanks, Ghansham. Let me answer the high level and then I'll let Dan do some of the details. But in general, our long-term growth outlook is 3% to 5% growth. With the acquisition of Benepack for the full year, we should be exceeding that on an annualized basis. Our organic business was right in line with our long-term growth outlook. But there are some puts and takes with the change in the sector. Let me let Dan detail that out for you.
Ghansham, yes, I think we grew our volumes in the second quarter a little less than 500 million unit cans compared to last year. The way to think about where it came from was our legacy businesses in that segment are really the traditional Europe footprint that we've had for a while now and some Asian assets. Those delivered mid-single-digit growth for that segment. The puts and takes that neutralize each other were the integration of the Benepack business, which came with some cans, and the loss of the Saudi Arabian business as well. So good performance; it was really all done on the assets that we brought into the year, and we're overall pleased with where they stand.
Our next question comes from the line of Anthony Pettinari with Citi.
The detail and the full year outlook are extremely helpful. I'm just wondering if there's any finer point you could put on the cadence from 3Q to 4Q versus maybe a normal seasonal cadence. You talked about the start-up costs, and I think you talked about them in the second half. I'm just wondering if we could expect those to be more weighted towards 3Q or 4Q? Or if there are changes in energy costs in EMEA? Or just any thoughts on what the 3Q, 4Q cadence might look like versus a normal year?
Anthony, thanks for the question. We expect roughly $35 million of startup costs in the year. We've detailed about $5 million of those in the first half, really in the second quarter. It's challenging to give a specific split between Q3 and Q4. We still expect to see the $30 million of the $35 million flow into the back half of the year. The great news is our plant in Millersburg is now making commercial cans as of last month, and we're looking forward to ramping that up; you should expect to see the full benefit of that in 2027. We're in the process of getting it ramped up, so I wouldn't provide more detail than the back half timing.
No, that's fair. And then maybe just a related question. I don't know if you can give maybe some additional thoughts or color on the South American market and your individual markets there given the 2Q outperformance. Some of your peers have maybe expressed some conservatism towards the end of the year. I'm just wondering if you can give any more thoughts given the really strong quarter that you had there.
We're quite pleased with our performance in South America. We noted last quarter that we were going to see a good second quarter when we knew that was coming through. South America can be volatile quarter to quarter. It's driven by customer activity we have the privilege to serve, what time of year it is, and so forth. I would say let's not get too fixated on any one quarter. Last quarter we were down a little; this quarter we were up a lot. For the full year, we are focused on delivering against our long-term growth outlook of 4% to 6%. We came into the year saying we'd be on the low end of that range. We have even more confidence that we'll be at least at the low end and maybe into the middle of that range on a full year basis. So Q1 and Q2 kind of offset and we are right where we're supposed to be for the full year as of the first half. The can market in general is very healthy. We make cans in more countries in South America than anybody else, so we have a privileged place in the region. In the quarter, we drove strong mid-teen volume growth combined with a really good network, strong operational performance and good commercial performance, and that delivered meaningful flow-through. I don't want to comment specifically about individual countries other than to say outside of Brazil, which is the predominance of our business, the other countries we operate in are generally accretive to our business, and this quarter was no exception. We have a privileged customer portfolio; they enjoyed success from the World Cup, and we benefited from their success.
Our next question comes from the line of George Staphos with Bank of America.
I wanted to spend my first question on operations and then dig into the volume outlook. Ron, if we look at the results, they were at least in line with your guidance, but in North and Central America, even if we add back the start-up costs, comparable operating earnings would have been about flat despite volume growth. Recognizing there is inflation with Millersburg, I'm sure there are other factors that hit the network. Can you talk about why you didn't see your normal operating leverage? And then within Europe as well, we had mid-single-digit volume growth; I don't think we saw the normal lift in EBIT relative to volume. Was that Dan just a function of the different moving pieces year over year in terms of the businesses there? How should we think about that?
I'll start and then ask Dan to add a little color. In North America, we are notably tight as we've said coming into the year. We did have volume growth in the quarter and the first half. With high utilization rates and some strong volume growth, it equates to some operational friction, which puts pressure on planning, scheduling, labor, freight, maintenance, and so on. Our plant environments are challenging to work in, and that contributed. That's why we're investing for growth; we bought a plant in Florida that's fully operational for us and we're bringing up the new plant in Millersburg, Oregon to relieve some pressure and support our customers and help deliver operating leverage in the long term. In Europe, the acquisition of the two plants in Belgium and Hungary addressed capacity needs, but we knew we needed to ramp them up and integrate them into our network. That will take more or less the full year of 2026, and so we're similarly tight there. Dan, do you want to add the back half of that?
As we think about the quarter, demand was really strong in all of our markets. Our two biggest markets, North America and EMEA, came in with limited capacity, so we were pretty tight coming in. Volumes and orders came in really strong and put stress on our network. We never intended to be evaluated on operating leverage segment by segment every quarter; that's not how the business always works. North America came up a little short, primarily due to start-up costs and the strain from strong demand challenging our ability to deliver at times. These are good problems to have because they're based on orders and strong demand. Operating leverage in the rest of the company was pretty good, and for the enterprise at large, performance was strong—8% operating earnings growth is a great result.
I appreciate that, Dan. A point of clarification: was there any operational friction costs related to Benepack in 2Q that in some ways we should adjust for? And then, Ron, you talked about strength in energy and nonalcoholic beverages. What are you seeing and implying in terms of the outlook for alcohol, for beer? Has there been any change in momentum in ready-to-drink or other categories?
On Benepack operational friction: these are plants. One is a brand-new start-up plant in Hungary and the plant in Belgium we are working diligently to get to 24/7 operations. We're right on track with expectations for those plants, but they are not fully accretive to our overall business yet, which is what we said when we bought those plants. On category perspective: the can is winning and continues to win. We've shown volume growth across our business, accelerating last year; this is our sixth consecutive quarter of growth. We expect that to continue. Categories including beer, soft drinks and energy are delivering growth for our business and the can industry overall.
Our next question comes from the line of Gabe Hajde with Wells Fargo.
I wanted to piggyback on George's question a bit differently. There has been commentary about alcohol as part of the portfolio being about 40% and maybe over time getting closer to 30%. As you look at things, is that still part of initiatives across the organization? Again, I appreciate that you're servicing customers and making sure that they have everything they need. Is it natural attenuation if you're projecting beer to be down low single digits in volume terms while the can continues to win? Help us think about that over the medium term.
The can is winning. Beer is an important category for us and the industry, but it's not our only nor our biggest category. As other categories grow and the can wins across categories, the overall substrate shift will continue. Consumers want convenience and buy more packaged beverages, and the can continues to take share from other substrates. Regardless of what's sold in the can, the can will continue to grow and we will help our customers win.
Also, last call you mentioned being about 90% contracted in North America through the near term and more than 50% through the end of the decade. Are there any updates there? And specifically in Europe, you mentioned picking up some business; anything material we should be mindful of going into 2027?
On contracted volumes: we don't intend to provide quarterly updates on that metric. Anecdotally, there's been no material change. We remain more than 50% sold out through the end of the decade as we said before, and that's still true. It was shared to give confidence demand is out there from our customers, but we won't update it regularly. On Europe: Europe is a land of opportunity. Can penetration rates are lower there, sustainability tailwinds are stronger, and there's more investment in can filling capacity. We see strong volume growth in the region for us and competitors. Given the acquisition, we expect to finish above the high end of our 3% to 5% growth outlook for the year in EMEA. We will continue to serve customers there as they grow with the can.
Our next question comes from the line of Edlain Rodriguez with Mizuho.
A quick question on volumes by segment. How do you think your regional volumes compared with the market—did they lag or outpace the respective markets?
For the full year, we said we would be in the 2% to 3% long-term outlook and maybe towards the high end of that range. We said North America would be on the low end of our 1% to 3% range, EMEA would be above our 3% to 5% range, and South America would be on the low end of our 4% to 6% range. In the quarter, we grew low single digits in North America, right in line with expectations. In EMEA we grew mid-single digits and were right in line with that market. The standout was South America, where we grew mid-teens while the broader market was flattish to up slightly. Those are the puts and takes by region for the quarter.
Also, can you talk about capital allocation? Should we expect about $200 million of share repurchases in each remaining quarter? Or will there be more nuance?
From a capital allocation perspective specific to share repurchases, we're standing by the guidance we've held all year. We will repurchase around $600 million of shares and deliver close to another $200 million in dividends for a total of $800 million returned to shareholders. Through the first half we've done about $100 million of those repurchases. That was contemplated given the back-half nature of our free cash flow—we didn't want to take balance sheet risk by leveraging up to make those repurchases.
Our next question comes from the line of Hillary Cacanando with Deutsche Bank.
In North America, would you say the volume growth is still coming from substrate shift, or is it more from new product launches? If so, are there any new products or categories coming out over the next year that you're really excited about?
Looking at market data, the overall beverage market in North America is relatively flat while the can grows in the 2% to 3% range and other substrates decline similarly. So the can continues to take share. Many new product launches and innovations from customers are in a can. The flexibility of package sizes and multipacks helps customers meet consumer needs and supports can growth. That innovation around sizes and pack configuration helps the can win and helps our customers win.
And a modeling question: Millersburg start-up cost is $35 million in 2026. Are you expecting any start-up costs in 2027 or are you pretty much done with start-up spending in 2026?
The $5 million in the second quarter and roughly $30 million more in the second half is what we expect on the startup costs. That's very much on plan; the plan was for it to be a contributor next year. We're making cans there now—initially not on a continuous basis—but the ramp is about getting it up to speed so it can be productive for next year. We don't expect additional startup costs building into 2027.
Our next question comes from the line of Mike Roxland with Truist.
Congrats on all the progress. My first question is trying to get an early read on how volumes are shaping up for 2027, realizing that you're more than 90% sold. You opened Millersburg last month and expect a full ramp in 2027. When should that occur—early 2027, mid-2027? Similar question for Benepack: when do you expect those assets to be fully operational next year?
Thanks, Mike. On behalf of our 16,000 Ball employees, thank you. We aren't providing 2027 guidance on this call. We grew 4-plus percent in Q2 on the back of strong prior performance; this is our sixth consecutive quarter of growth. For the long term, we're confident in our 2% to 3% volume growth outlook and that is what you should model. This year we will probably finish slightly above that range; next year we expect to be in that range. Millersburg started making commercial cans last month; we expect to deliver pretty much the full value of that plant beginning sometime in the first quarter of 2027. It may not be fully ramped on January 1, but you should expect pretty much the full value in 2027. Benepack is about integrating assets this year; they should be fully ramped and operational in our network in 2027 and accretive as any other plant start-up would be. We have opportunities to deliver value in 2027 from these investments.
Very clear. One quick follow-up: where do volumes stand currently for July thus far by region? Any early read or what your order books look like for August thus far?
We're right on track in July relative to our quarter and full year plan. It's still very much summer in the Northern Hemisphere with high activity. We have great confidence in our Q3 plan based on July and month-to-date August numbers; nothing special to call out other than we're right on plan.
Our next question comes from the line of Josh Spector with UBS.
This is Anojja Shah, sitting in for Josh. I know it's a smaller category, but I wanted to talk about the 'other' category—your aerosol business did pretty well in 2Q. Can you talk about what went right and is this a new run rate for aerosols? Separately, one of your aerosol competitors announced an expansion in Pennsylvania. Can you talk about the competitive environment you're seeing there right now?
We're pleased with our personal and home care business. Consistently, and this quarter was no exception, our PHC business is accretive to our overall volume growth and operating earnings growth. While relatively small, we like the PHC business and the outlook is positive. Thank you to our teams who work in that business.
I'll add: this business can grow at higher rates than our beverage can business. In this quarter it was high single-digit growth. A lot of it has to do with industry dynamics. For North America the market really consists of two markets: the U.S. and Mexico. We have significant operations in Mexico. When a competitor expands in Pennsylvania or the U.S., it's not necessarily directly relevant because our competition in that region is often those located in Mexico. Competitive dynamics vary by geography.
There was a change to Section 232 in July that includes incentives for domestic production of aluminum. Do you expect any near- to medium-term impact? I know you have a metal pass-through, but could this mean relief for end consumers that could positively impact volumes in North America?
Short answer: no, we aren't seeing any impacts. We don't foresee material changes relative to tariff and trade policies in the U.S. or globally. The Section 232 changes are not material enough to move the needle for us. We watch aluminum pricing because while it is a pass-through, it ultimately affects end consumer demand. The can is growing despite elevated aluminum costs, but we would welcome lower aluminum prices. Investments in smelting or rolling are positive and we encourage them as they come online globally.
Our next question comes from the line of Matt Roberts with Raymond James.
Quick clarification on volumes: are you saying above 2% to 3% or the high end? And then, thinking about incremental capacity in Millersburg in 2027—recognizing network and lead variables—will that facility change product mix versus the system average? Any difference in standard and specialty shipped in 2027?
For this year, the 2% to 3% range: we should be at or above it. As of the half year, we're right in the middle of that range and expect some acceleration in the back half. Call it 3% is a reasonable approximation for how we'll finish the year. On Millersburg: we're happy to bring capacity back to the Pacific Northwest. It is a one-line plant that will be fully ramped up in 2027 but it will only make standard-sized cans. You won't see a mix shift impact from this plant. There is a broader trend toward sleek cans and mix shift across the system, but it won't be driven by Millersburg coming online.
Our next question is a follow-up from Gabe Hajde with Wells Fargo.
Ron, as you think about North America as a 1% to 3% growing geography for you all, you've added Millersburg which gives relief in the Pacific Northwest. But you've said multiple times things are pretty tight and it's not optimal for the system. As you look across the system, are there other areas to add incremental capacity or creep capacity—decorators in the back end, additional lines—or will adding capacity require new facilities?
The can-making industry in North America is healthily tight. There's been many quarters of volume growth and that's why we're building and bringing Millersburg online. We will continue to be disciplined in investments, backing them with long-term offtake agreements with strategic customers. We can pursue debottlenecking and have a number of projects across plants to deliver efficiency and productivity. We expect to deliver improvements across the network each year.
Our final question comes from the line of Phil Ng with Jefferies.
This is John on for Phil. First, we've seen a couple of capacity announcements in India. You have capacity there—what are you seeing from competition and market growth in that region? And jumping to South America, could you quantify in any way the amount of World Cup volumes that came through in the quarter? How much of a drag could that be next year?
India is accretive to our comment on opportunity: it's a land of opportunity within a land of opportunity. Can growth is more than teens in the region and has been for a while. We've announced capacity expansion at one of our plants on top of a previous expansion. There are many capacity announcements; it's an exciting part of the world with government changes that we believe will be accretive to long-term can growth. We're excited to have a thriving business there. On World Cup volumes in South America: we had open capacity because it's the winter lower season, and our customers' success promoting World Cup was our success. It's hard to put a precise number on the impact. For modeling, it should not be meaningful on a year-to-year basis: we still plan to grow in the 4% to 6% range next year on top of strong growth this year.
One more: one of your larger North American beer customers has made investments in their metal can packaging operations to expand some of their growing brands. Is that more a factor of how tight you are running in North America or perhaps a focus on growing faster categories than mass beer? Any thoughts on your mix in North America and how you're thinking about it going forward?
I don't think we have enough information to comment on what customers do relative to building or buying capacity. We support all of our customers, and the industry is tight, which is positive for the sector. I don't want to comment on other companies' capacity decisions. That concludes the questions I believe. I want to thank everyone for your interest in Ball, our investors for your investment, and the analysts for helping tell our story. The first half of the year delivered as we expected and reflects the long-term resilient nature of this business and industry. Thank you on behalf of all my colleagues, and we look forward to talking with you again soon.
Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.