BALLBall Corporation

4 paragraphs in Risk Factors of the 10-K filed Feb 19, 2026 with nothing like them in the 10-K filed Feb 20, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.

Compared with the Risk Factors in the latest 10-K of the other 23 Materials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.

Our investments in acquisitions, joint ventures and new developments may include risks that could have an adverse impact on our business.

We make investments in the growth of our business through the development of new facilities, the improvement of existing facilities, the acquisition of assets or securities of other businesses and through joint venture arrangements. The realization of the expected benefits of these investments is based in part on our ability to cost effectively execute our development plans and, in certain instances, to integrate these investments with our business operations. If we fail to execute our development plans in a cost effective or timely manner or fail to integrate the investments with our existing operations, our internal controls over financial reporting or our information systems, we may experience increases in costs of operations, loss of customers or suppliers, difficulties servicing our debt obligations and our financial performance may not meet shareholder expectations. In addition, our final estimates of the fair value of any assets or liabilities acquired with the investments may be materially different from our initial estimates and the company may not fully realize the anticipated benefits of the investments.

Our investments in joint ventures include investments in companies that we may not control. The performance of these investments may change as a result of decisions that are made by our joint venture partners who have control over these joint ventures. In addition, we may be obligated under the joint venture arrangement to assume certain costs, perform certain services or make additional capital investments. If we are unable to realize the benefits of our joint venture and other investments, our business, our operating results and the financial condition of our business could be materially adversely affected.

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existing coatings to accommodate PFAS-free coatings. To mitigate these risks, the company is working with its suppliers to require them to remove PFAS-containing coatings from our products.

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New in the latest 10-Q

6 paragraphs in the 10-Q filed Nov 3, 2026 with nothing like them in the 10-Q filed Aug 4, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

The company’s segment results and disclosures for the three and nine months ended September 30, 2025, have been retrospectively recast to conform to current year presentation.

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In August 2026, Ball completed a pension buy-out transaction, or “buy-out”, for its U.K. defined benefit pension plan, further reducing retirement plan risk. The buy-out transferred the related U.K. pension obligations to an insurance company and removed them from the company's unaudited condensed consolidated balance sheet through the conversion of the group annuity contract established in the buy-in transaction into a signed deed poll agreement with the insurance company to facilitate the assignment of individual policies directly to affected retirees and beneficiaries. As a result, the insurer assumed responsibility for future benefit payments, and the company was discharged from those obligations which triggered settlement accounting. The buy-out had no impact on the amount, timing, or form of monthly retirement benefit payments to such retirees and beneficiaries.

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In connection with this transaction, Ball recognized a noncash settlement charge of $475 million reflected in business consolidation and other activities. The charge included an accumulated other comprehensive income ("AOCI") loss of $475 million, including an $11 million loss related to the derecognition of the overfunded net pension asset recognized on the company's unaudited condensed consolidated balance sheet. Additionally, the company recognized a tax benefit of $116 million in connection with the settlement charge.

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($ in millions) Currency Pension and Derivatives Designated as Hedges Accumulated

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(a) Includes loss on pension settlement associated with the pension buy-out transaction recorded in business consolidation and other activities.

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Commodity Price Risk - The company manages commodity price risk in connection with market price fluctuations of aluminum through two different methods. First, the company enters into container sales contracts that include aluminum-based pricing terms which generally reflect the same price fluctuations under commercial purchase contracts for aluminum sheet. The terms include fixed, floating or pass-through aluminum component pricing. Second, the company uses certain derivative instruments, including option and forward contracts, as economic and cash flow hedges of commodity price risk where there are material differences between sales and purchase contracted pricing and volume.

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Nov 3, 2026 against Item 1A of the 10-K filed Feb 19, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.