CROWN HOLDINGS, INC. (CCK)

Introduction

The following discussion presents management's analysis of the results of operations for the three and six months ended June 30, 2026 compared to 2025 and changes in financial condition and liquidity from December 31, 2025. This discussion should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, along with the consolidated financial statements and related notes included in and referred to within this report.

Business Strategy and Trends

The Company's strategy is to maximize long-term shareholder value by pursuing profitable growth opportunities while returning cash to shareholders through dividends and share repurchases.

Global industry demand for beverage cans has been growing in recent years in North America, Brazil and Europe. Growth has been driven by new product introductions, customer and consumer focus on the sustainability benefits of aluminum and population and GDP growth in many markets. To meet such demand, the Company has made long-term investments of at least $2,000 for new manufacturing facilities and additional production lines in existing facilities since 2019. Capital spending is estimated at $550 in 2026 which supports the Company's growth objectives.

The Company's strategy is anchored by strong cash flow generation and a healthy balance sheet with a long-term net leverage target of 2.5x adjusted EBITDA (a non-GAAP measure). The Company believes it has the flexibility and resources to fund growth, repay debt and return excess cash flow to shareholders. On July 25, 2024, the Company's Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company's common stock through the end of 2027. As of June 30, 2026, the Company had approximately $800 remaining that may yet be purchased under the program.

The Company continues to actively elevate its commitment to sustainability, which is a core focus of the Company. In 2020, the Company introduced Twentyby30, a robust program that outlines twenty measurable, science based, environmental, social and governance goals to be completed by 2030. The Company was honored as one of Forbes' Net Zero Leaders for 2025, a recognition that reflects the commitment and hard work of the global organization, driving meaningful and consistent progress toward the Company's sustainability goals.

The Company continues to actively manage the challenges of supply chain disruptions, foreign exchange, interest rate fluctuations, and inflationary pressures, including increasing costs for raw materials, energy and transportation. Additionally, tariffs, retaliatory trade measures and further trade restrictions could result in higher raw material costs and a wide range of possible outcomes including impacts on consumers and industrial activity. The Company attempts to mitigate inflationary pressures on energy and raw material costs with contractual pass-through provisions that include annual selling price adjustments based on price indices. The Company also uses commodity forward contracts to manage its exposure to raw material costs. The ability to mitigate inflationary risks through these measures varies by region and the impact on the results of the Company's segments is discussed, as applicable, under the heading "Results of Operations" below.

To date, the war between Russia and Ukraine and the conflicts in the Middle East, including the war in Iran, have not had a direct material impact on the Company's business, financial condition, or results of operations.

Results of Operations

The key measure used by the Company in assessing performance is segment income, a non-GAAP measure defined by the Company as income from operations adjusted to exclude intangibles amortization charges, restructuring and other and the impact of fair value adjustments to inventory acquired in an acquisition.

The foreign currency translation impacts referred to in the discussion below were primarily due to changes in the Mexican peso in the Company's Americas Beverage segment, the euro and the British pound in the Company's European Beverage segment, and the Thai baht in the Company's Asia Pacific segment. The Company's Transit

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Packaging segment is a global business and the foreign currency translation impacts referred to in the discussion below are primarily related to the euro, the Indian rupee, the Mexican peso, the Swedish krona, and the Brazilian real.

The Company calculates the impact of foreign currency translation by dividing current year U.S. dollar results by the current year average foreign exchange rates and then multiplying those amounts by the applicable prior year average exchange rates.

Net Sales and Segment Income

Three and six months ended June 30, 2026 compared to 2025

Net sales increased primarily due to the pass-through of higher material costs of $395 and $629, 5% higher beverage can volumes in both periods, and favorable foreign currency translation of $32 and $106, respectively .

Americas Beverage

The Americas Beverage segment manufactures aluminum beverage cans and ends, steel crowns, glass bottles, and aluminum closures and supplies a variety of customers from its operations in the U.S., Brazil, Canada, Colombia and Mexico.

The U.S. and Canadian beverage can markets have experienced growth in recent years due to the introduction of new beverage products in cans versus other packaging formats. In Brazil and Mexico, the Company's volumes have increased in recent years primarily due to market growth driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packaging. In May 2025, the Company announced it will add a new high-speed production line to its beverage can plant in Ponta Grossa, Brazil. The line is expected to commence commercial production in late 2026.

Net sales and Segment income in the Americas Beverage segment were as follows:

Three and six months ended June 30, 2026 compared to 2025

For the three and six months ended June 30, 2026 compared to 2025, Net sales increased primarily due to $298 and $482 from the pass-through of higher aluminum costs.

Segment income decreased primarily due to 14% and 10% lower beverage can volumes in Brazil, partially offset by 5% and 3% higher beverage can volumes in North America and continued commercial and operational improvements. Additionally, the six months ended June 30, 2026 included higher costs not recovered.

European Beverage

The Company's European Beverage segment manufactures aluminum beverage cans and ends and supplies a variety of customers from its operations throughout Europe, the Middle East and North Africa. In recent years, the European beverage can market has been growing due to consumer focus on sustainability benefits of aluminum and a market shift to cans versus other packaging formats. To meet volume requirements, the Company plans to add additional line capacity in Korinthos, Greece in the second half of 2026 and Agoncillo, Spain in early 2027. In April 2026, the

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Company announced plans to construct a new two-line, high-speed beverage can plant in Northern India. This plant is expected to commence operations in the second half of 2027.

Net sales and Segment income in the European Beverage segment were as follows:

Three and six months ended June 30, 2026 compared to 2025

For the three and six months ended June 30, 2026 compared to 2025, Net sales increased primarily due to higher volumes of 6% and 7%, the pass-through of higher aluminum costs of $36 and $47, and favorable foreign currency translation of $16 and $52.

Segment income improved primarily due to higher volumes and favorable foreign currency translation of $3 and $8 and continued commercial and operational improvements.

Asia Pacific

The Company's Asia Pacific segment consists of beverage can operations in Cambodia, China, Indonesia, Malaysia, Thailand and Vietnam and non-beverage can operations, primarily food cans and specialty packaging. Historically, growth in the beverage can market in Southeast Asia has been driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packaging. After several years of softness in the Asia Pacific beverage can market from the effects of higher inflation and interest rates, the market has started to show renewed growth in Vietnam and China while the rest of the market remains soft.

Net sales and Segment income in the Asia Pacific segment were as follows:

Three and six months ended June 30, 2026 compared to 2025

For the three and six months ended June 30, 2026 compared to 2025, Net sales increased primarily due to 29% and 23% higher beverage can volumes and favorable foreign currency translation of $4 and $11.

Segment income increased primarily due to higher volumes, partially offset by higher costs not recovered, primarily utility and transportation costs.

Transit Packaging

The Company's Transit Packaging segment includes the Company's worldwide automation and equipment technologies, protective packaging solutions, and steel and plastic consumables. Automation and equipment technologies include manual, semi-automatic, and automatic equipment and tools, which are primarily used in end-of-line operations to apply and remove consumables such as strap and film. Protective solutions include standard and purpose designed products, such as airbags, edge protectors, and honeycomb products, among others, that help prevent movement of, and/or damage to, a wide range of industrial and consumer goods during transport. Steel and plastic consumables include steel strap, plastic strap, industrial film, and other related products that are used across a wide range of industries.

This segment may be subject to direct and indirect effects from tariffs which may slow consumer and industrial activity, the impact of which cannot be reasonably predicted. The Company will continue to monitor these conditions,

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including potential actions to mitigate their impact. This economic uncertainty could affect projected future financial performance and may require a quantitative goodwill impairment test in the future to determine if an impairment charge is necessary.

Net sales and Segment income in the Transit Packaging segment were as follows:

Three and six months ended June 30

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ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

(in millions, except per share, average settlement cost per asbestos claim, employee, shareholder, and statistical data)

INTRODUCTION

The following discussion summarizes the significant factors affecting the results of operations and financial condition of Crown Holdings, Inc. (the "Company") as of and during the two-year period ended December 31, 2025. This discussion should be read in conjunction with the consolidated financial statements included in this Annual Report. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please read "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

BUSINESS STRATEGY AND TRENDS

The Company’s strategy is to maximize long-term shareholder value by pursuing profitable growth opportunities while returning cash to shareholders through dividends and share repurchases.

Global industry demand for beverage cans has been growing in recent years in North America, Brazil, and Europe. Growth has been driven by new product introductions, customer and consumer focus on the sustainability benefits of aluminum, and population and GDP growth in many markets. To meet such demand, the Company made long-term investments of at least $2,000 for new manufacturing facilities and additional production lines in existing facilities since 2019. Capital spending to support our growth objectives is estimated at $550 in 2026 and includes capacity expansion and facility upgrades in Brazil, Greece, and Spain.

The Company’s strategy is anchored by strong cash flow generation and a healthy balance sheet with a long-term net leverage target of 2.5x adjusted EBITDA (a non-GAAP measure). The Company believes it has the flexibility and resources to fund growth, repay debt and return excess cash flow to shareholders. On July 25, 2024, the Company’s Board of Directors authorized the repurchase of an aggregate amount of $2,000 of the Company’s common stock through the end of 2027. As of December 31, 2025, the Company had approximately $1,300 remaining that may yet be purchased under the program.

The Company continues to actively elevate its commitment to sustainability, which is a core focus of the Company. In 2020, the Company introduced Twentyby30, a robust program that outlines twenty measurable, science based, environmental, social and governance goals to be completed by 2030. The Company was honored as one of Forbes’ Net Zero Leaders for 2025, a recognition that reflects the commitment and hard work of the global organization, driving meaningful and consistent progress toward the Company’s sustainability goals.

To date the war between Russia and Ukraine and the conflicts in the Middle East, and southeast Asia have not had a direct material impact on the Company’s business, financial condition, or results of operations.

The Company continues to actively manage the challenges of supply chain disruptions, foreign exchange, interest rate fluctuations, and inflationary pressures, including increasing costs for raw materials, energy, and transportation. Additionally, tariffs, retaliatory trade measures, and further trade restrictions could result in higher raw material costs. The Company generally attempts to mitigate aluminum and steel price risk by matching its purchase obligations with its sales agreements. Additionally, the Company attempts to mitigate inflationary pressures on energy and raw material costs with contractual pass-through provisions that include annual selling price adjustments based on price indices. The Company also uses commodity forward contracts to manage its exposure to raw material costs. The ability to mitigate inflationary risks through these measures varies by region and the impact on the results of the Company’s segments is discussed, as applicable, under the heading "Results of Operations" below.

RESULTS OF OPERATIONS

The key measure used by the Company in assessing performance is segment income, a non-GAAP measure defined by the Company as income from operations adjusted to exclude intangibles amortization charges, restructuring and other and the impact of fair value adjustments to inventory acquired in an acquisition.

The foreign currency translation impacts referred to in the discussion below were primarily due to changes in the Mexican peso in the Company’s Americas Beverage segment, the euro in the Company’s European Beverage segment, and the Thai baht in

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the Company’s Asia Pacific segment. The Company’s Transit Packaging segment is a global business and the foreign currency translation impacts referred to in the discussion below are primarily related to the euro, the Indian rupee, the Swedish krona, and the Mexican peso. The Company calculates the impact of foreign currency translation by dividing current year U.S. dollar results by the current year average foreign exchange rates and then multiplying those amounts by the applicable prior year average exchange rates.

NET SALES AND SEGMENT INCOME

Year ended December 31, 2025 compared to 2024

Net sales increased primarily due to $507 from the pass-through of higher aluminum, steel, and other commodity costs, higher volumes in European Beverage and Other, and favorable foreign currency translation of $84, partially offset by lower volumes in Asia Pacific and Transit Packaging.

Americas Beverage

The Americas Beverage segment manufactures aluminum beverage cans and ends, steel crowns, glass bottles, and aluminum closures and supplies a variety of customers from its operations in the U.S., Brazil, Canada, Colombia, and Mexico.

The U.S. and Canadian beverage can markets have experienced growth in recent years due to the introduction of new beverage products in cans versus other packaging formats. In Brazil and Mexico, the Company’s volumes have increased in recent years primarily due to market growth driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packaging. In May 2025, the Company announced it will add a new high-speed production line to its beverage can plant in Ponta Grossa, Brazil. The line is expected to commence commercial production in late 2026.

Net sales and segment income in the Americas Beverage segment were as follows:

Year ended December 31, 2025 compared to 2024

Net sales increased primarily due to $405 from the pass-through of higher aluminum costs.

Segment income increased primarily due to continued operational improvements and improved customer mix.

European Beverage

The Company’s European Beverage segment manufactures aluminum beverage cans and ends and supplies a variety of customers from its operations throughout Europe, the Middle East and North Africa. In recent years, the European beverage can market has been growing due to consumer focus on sustainability benefits of aluminum and a market shift to cans versus other packaging formats. To meet volume requirements, the Company announced plans to add additional line capacity in Korinthos, Greece and Agoncillo, Spain.

Net sales and segment income in the European Beverage segment were as follows:

Year ended December 31, 2025 compared to 2024

Net sales increased primarily due to 10% higher beverage can volumes, favorable foreign currency translation of $63 and $38 from the pass-through of higher aluminum costs.

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Segment income increased primarily due to higher volumes.

Asia Pacific

The Company’s Asia Pacific segment consists of beverage can operations in Cambodia, China, Indonesia, Malaysia, Myanmar, Thailand and Vietnam and non-beverage can operations, primarily food cans and specialty packaging. Historically, growth in the beverage can market in Southeast Asia has been driven by increased per capita incomes and consumption, combined with an increased preference for cans over other forms of beverage packaging. In recent years, the Asia Pacific beverage can market has experienced some softness as the region struggles with the effects of higher inflation and interest rates. In 2024, the Company announced the closure of its beverage can facility in Sihanoukville, Cambodia.

The Company’s Yangon, Myanmar beverage can plant was temporarily idled in 2022 and has operated at limited capacity since 2023 due to currency restrictions, which resulted in the inability to source U.S. dollars required to procure U.S. dollar raw materials. In the third quarter of 2025, the Company recorded an asset impairment charge of $30 due to economic conditions and the impact to the Company’s business in Myanmar. In February 2026, the Company sold the Myanmar beverage can plant. The sale is not expected to have a material impact on the Company’s results of operations or cash flows.

Net sales and segment income in the Asia Pacific segment were as follows:

Year ended December 31, 2025 compared to 2024

Net sales and segment income decreased primarily due to 10% lower beverage can volumes. The decrease in net sales was partially offset by $36 from the pass-through of higher aluminum costs.

Transit Packaging

The Company’s Transit Packaging segment includes the Company’s worldwide automation and equipment technologies, protective packaging solutions, and steel and plastic consumables. Automation and equipment technologies include manual, semi-automatic, and automatic equipment and tools, which are primarily used in end-of-line operations to apply and remove consumables such as strap and film. Protective solutions include standard and purpose designed products, such as airbags, edge protectors, and honeycomb products, among others that help prevent movement of, and/or damage to, a wide range of industrial and consumer goods during transport. Steel and plastic consumables include steel strap, plastic strap, industrial film, and other related products that are used across a wide range of industries.

This segment may be subject to direct and indirect effects from tariffs which may slow consumer and industrial activity, the impact of which cannot be reasonably predicted. The Company will continue to monitor these conditions, including potential actions to mitigate their impact. This economic uncertainty could affect projected future financial performance and may require a quantitative goodwill impairment test in the future to determine if an impairment charge is necessary.

Net sales and segment income in the Transit Packaging segment were as follows:

Year ended December 31, 2025 compared to 2024

Net sales decreased primarily due to $47 of lower equipment volume and $35 lower material costs.

Segment income decreased primarily due to unfavorable product mix, driven by lower equipment volumes, partially offset by improved cost performance of $21.

Other

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Other includes the Company’s North America tinplate businesses: food can, aerosol can, and closures, and beverage tooling and equipment operations in the U.S. and U.K.

Net sales and segment income in Other were as follows:

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