BALL Corp

Previous wording

We purchase our raw materials from relatively few suppliers. We also have exposure to inflation, in particular the rising costs of raw materials, as well as other direct cost inputs. We mitigate our exposure to the changes in the costs of aluminum through the inclusion of provisions in contracts covering the majority of our volume to pass-through aluminum price changes, as well as through the use of derivative instruments. The pass-through provisions generally result in proportional increases or decreases in sales and costs with a greatly reduced impact, if any, on net earnings; however, there may be timing differences of when the costs are passed through. Because of our customer and supplier concentration, our business, financial condition and results of operations could be adversely affected by the loss, insolvency or bankruptcy of a major customer or supplier or a change in a supply agreement with a major customer or supplier, although our contract provisions generally mitigate the risk of customer loss, and our long-term relationships represent a known, stable customer base.

Current wording

We purchase our raw materials from relatively few suppliers. We also have exposure to inflation, in particular the rising costs of raw materials, as well as other direct cost inputs. We mitigate our exposure to the changes in the costs of aluminum through the inclusion of provisions in contracts covering the majority of our volumes to pass-through aluminum price changes, as well as through the use of derivative instruments. The pass-through provisions generally result in proportional increases or decreases in sales and costs with a greatly reduced impact, if any, on net earnings; however, there may be timing differences of when the costs are passed through. Because of our customer and supplier concentration, our business, financial condition and results of operations could be adversely affected by the loss, insolvency or bankruptcy of a major customer or supplier or a change in a supply agreement with a major customer or supplier, although our contract provisions generally mitigate the risk of customer loss, and our long-term relationships represent a known, stable customer base.

Previous wording

Sales in the three months ended September 30, 2025, increased $297 million compared to the same period in 2024 primarily due to increases of $145 million from higher volume, $120 million from price/mix, mainly from higher aluminum prices, and $64 million from currency translation. Sales in the nine months ended September 30, 2025, increased $899 million compared to the same period in 2024 primarily due to increases of $500 million from higher volume, $370 million from price/mix, mainly from higher aluminum prices, and $91 million from currency translation.

Current wording

Sales in the three months ended March 31, 2026, increased $506 million compared to the same period in 2025 primarily due to increases of $345 million from price/mix, mainly from higher aluminum prices, $33 million from higher volume and $107 million from currency translation.

Previous wording

Net earnings attributable to Ball Corporation for the three months ended September 30, 2025, increased $124 million compared to the same period in 2024 primarily due to increases of $163 million from business consolidation and other activities and $28 million from the results of the reportable segments discussed below, partially offset by $18 million of higher interest expense and $34 million from a higher provision for income taxes. Net earnings attributable to Ball Corporation for the nine months ended September 30, 2025, decreased $3.33 billion compared to the same period in 2024 primarily due to decreases of $3.61 billion from lower discontinued operations, net of tax, $72 million from a higher provision for income taxes and $35 million from lower interest income in corporate undistributed expenses, net, partially offset by increases of $82 million from lower incremental compensation cost from the successful sale of the aerospace business incurred in 2024, $224 million from business consolidation and other activities and $84 million from the results of the reportable segments discussed below.

Current wording

Net earnings attributable to Ball Corporation for the three months ended March 31, 2026, increased $26 million compared to the same period in 2025 primarily due to increases from the results of the reportable segments discussed below.

Previous wording

Cost of sales, excluding depreciation and amortization, was $2,701 million and $2,425 million for the three months ended September 30, 2025 and 2024, respectively, and $7,884 million and $7,065 million for the nine months ended September 30, 2025 and 2024, respectively. These amounts represented 80 percent and 79 percent of consolidated net sales for the three months ended September 30, 2025 and 2024, respectively, and 80 percent and 79 percent of consolidated net sales for the nine months ended September 30, 2025 and 2024, respectively. The increase for the three months ended September 30, 2025, was primarily due to higher raw materials costs of $244 million, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segment sections below. The increase for the nine months ended September 30, 2025, was primarily due to higher raw materials costs of $747 million, driven by higher aluminum prices and higher volume, and other items discussed in the reportable segment sections below.

Current wording

Cost of sales, excluding depreciation and amortization, was $2,957 million and $2,493 million for the three months ended March 31, 2026, and 2025, respectively. These amounts represented 82 percent and 80 percent of consolidated net sales for the three months ended March 31, 2026, and 2025, respectively. The increase for the three months ended March 31, 2026, was primarily due to higher raw materials costs of $357 million, driven by higher aluminum prices and higher volumes.

Previous wording

Depreciation and amortization expense was $158 million and $150 million for the three months ended September 30, 2025 and 2024, respectively, and $463 million and $460 million for the nine months ended September 30, 2025 and 2024, respectively. These amounts represented 5 percent of consolidated net sales for the three months ended September 30, 2025 and 2024, respectively, and 5 percent of consolidated net sales for the nine months ended September 30, 2025 and 2024, respectively. The increase for the three and nine months ended September 30, 2025, was primarily due to the company’s larger depreciable asset base.

Current wording

Depreciation and amortization expense was $159 million and $150 million for the three months ended March 31, 2026, and 2025, respectively. These amounts represented 4 percent and 5 percent of consolidated net sales for the three months ended March 31, 2026, and 2025, respectively.

Previous wording

Selling, general and administrative was $130 million and $142 million for the three months ended September 30, 2025 and 2024, respectively, and $416 million and $518 million for the nine months ended September 30, 2025 and 2024, respectively. These amounts represented 4 percent and 5 percent of consolidated net sales for the three months ended September 30, 2025 and 2024, respectively, and 4 percent and 6 percent of consolidated net sales for the nine months ended September 30, 2025 and 2024, respectively. The decrease for the three months ended September 30, 2025, was primarily due to decreased costs for professional services of $8 million. The decrease for the nine months ended September 30, 2025, was primarily due to decreases in compensation costs of $67 million, which in 2024 included incremental cash bonuses and stock-based compensation cost from the successful sale of the aerospace business, and costs for professional services of $20 million.

Current wording

Selling, general and administrative was $150 million and $149 million for the three months ended March 31, 2026, and 2025, respectively. These amounts represented 4 percent and 5 percent of consolidated net sales for the three months ended March 31, 2026, and 2025, respectively.

Previous wording

Business consolidation and other activities resulted in income of $78 million and charges of $85 million for the three months ended September 30, 2025 and 2024, respectively, and income of $53 million and charges of $171 million for the nine months ended September 30, 2025 and 2024, respectively. The 2025 amounts include the $86 million gain related to the sale of the Saudi Arabian business and costs for previously announced facility closures and a loss related to the aluminum cups business transaction. The charges for the nine months ended September 30, 2025, were partially offset by income from the receipt of insurance proceeds for replacement costs related to the 2023 fire at the company’s Verona, Virginia extruded aluminum slug manufacturing facility. The 2024 amounts primarily included facility shutdown costs. Further details regarding business consolidation and other activities are provided in Note 6.

Current wording

Business consolidation and other activities resulted in charges of $11 million and $13 million for the three months ended March 31, 2026, and 2025, respectively. The 2026 amounts include costs for previously announced facility closures. The 2025 amount includes a loss related to the aluminum cups business transaction and costs for previously announced facility closures. Further details regarding business consolidation and other activities are provided in Note 6.

Previous wording

Interest expense was $85 million and $67 million for the three months ended September 30, 2025 and 2024, respectively, and $236 million and $228 million for the nine months ended September 30, 2025 and 2024, respectively. Interest expense as a percentage of average borrowings was 4.6 percent for the three months ended September 30, 2025 and 2024, and decreased approximately 40 basis points from 4.9 percent for the nine months ended September 30, 2024, to 4.5 percent for the nine months ended September 30, 2025. The interest expense increase for the three months ended September 30, 2025, was primarily driven by an increase of $18 million from a higher amount of weighted average principal outstanding during the quarter. The interest expense increase for the nine months ended September 30, 2025, was primarily driven by an increase of $29 million from a higher amount of weighted average principal outstanding during the year, partially offset by a decrease of $21 million from lower weighted average interest rates on outstanding debt during the year.

Current wording

Interest expense was $78 million and $70 million for the three months ended March 31, 2026, and 2025, respectively. Interest expense as a percentage of average borrowings decreased approximately 40 basis points from 4.4 percent for the three months ended March 31, 2025, to 4.0 percent for the three months ended March 31, 2026. The increase in interest expense for the three months ended March 31, 2026, was primarily driven by a higher amount of weighted average principal outstanding during the year, partially offset by lower weighted average interest rates on outstanding debt during the year.

Previous wording

Ball’s operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below.

Current wording

Ball’s operations are organized and reviewed by management along its product lines and geographical areas, and its operating results are presented in the three reportable segments discussed below. As of first quarter of 2026, the manufacturing facilities in the beverage packaging, other non-reportable segment are now included in the beverage packaging, EMEA segment. In addition, the company made changes to its measure of profitability, comparable segment operating earnings, which better aligns to how the CODM assesses segment performance and resource allocation. The company’s segment results and disclosures for the three months ended March 31, 2025, have been retrospectively recast to conform to current year presentation. See Note 3 for further details on the changes to segment results.

Previous wording

Ball permanently ceased production at its aluminum beverage can manufacturing facility in Kent, Washington, in the first quarter of 2024 and acquired an aluminum beverage can manufacturing facility in Winter Haven, Florida, in the first quarter of 2025 as part of its acquisition of Florida Can Manufacturing. See Note 4 for further details on the acquisition.

Current wording

Ball acquired an aluminum beverage can manufacturing facility in Winter Haven, Florida, in the first quarter of 2025 as part of its acquisition of Florida Can Manufacturing. See Note 4 for further details on the acquisition.

Previous wording

Segment sales for the three and nine months ended September 30, 2025, were $24 million and $141 million higher, respectively, compared to the same periods in 2024. The increase for the three months ended September 30, 2025, was primarily due to an increase of $19 million from higher volume. The increase for the nine months ended September 30, 2025, was primarily due to increases of $98 million from higher volume and $42 million from price/mix, mainly from higher aluminum prices.

Current wording

Segment sales for the three months ended March 31, 2026, were $313 million higher compared to the same period in 2025. The increase for the three months ended March 31, 2026, was primarily due to increases of $271 million from price/mix, mainly from higher aluminum prices, and $42 million from higher volume.

Previous wording

Comparable operating earnings for the three and nine months ended September 30, 2025, were $19 million and $46 million higher, respectively, compared to the same periods in 2024. The increase for the three months ended September 30, 2025, was primarily due to increases of $15 million from higher volume. The increase for the nine months ended September 30, 2025, was primarily due to increases of $49 million from higher volume and $39 million from price/mix, partially offset by a decrease of $53 million from higher costs.

Current wording

Comparable operating earnings for the three months ended March 31, 2026, were $5 million higher compared to the same period in 2025. The increase for the three months ended March 31, 2026, was primarily due to increases of $29 million from higher volume and $26 million from price/mix, partially offset by $49 million from higher costs.

Previous wording

Segment sales for the three and nine months ended September 30, 2025, were $109 million and $372 million higher, respectively, compared to the same periods in 2024. The increase for the three months ended September 30, 2025, was primarily due to $58 million from currency translation and $48 million from higher volume. The increase for the nine months ended September 30, 2025, was primarily due to increases of $175 million from higher volume, $102 million from price/mix, mainly from higher aluminum prices, and $95 million from currency translation.

Current wording

Segment sales for the three months ended March 31, 2026, were $153 million higher compared to the same period in 2025. The increase for the three months ended March 31, 2026, was primarily due to increases of $32 million from higher volume and $92 million from currency translation.

Previous wording

Cash flows provided by operating activities were $51 million in 2025, primarily driven by earnings from continuing operations of $715 million and a reconciling adjustment to operating cash flows of $463 million for depreciation and amortization, partially offset by working capital outflows of $909 million. On February 16, 2024, the company completed the sale of the aerospace business. We currently estimate a total cash tax of $840 million for the sale of the aerospace business, of which $766 million was paid in 2024 and $60 million was paid through the third quarter of 2025. The remaining amount is expected to be paid in 2025. See Note 4 for further details. In a dynamic economic environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms. At September 30, 2025, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $38 million, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $30 million and a change of one day in days inventory on hand will impact cash flows provided by (used in) operating activities by $30 million.

Current wording

Cash flows used in operating activities were $777 million in 2026, primarily driven by working capital outflow of $1.15 billion, partially offset by earnings from continuing operations of $205 million and a reconciling adjustment to operating cash flow of $159 for depreciation and amortization. In a dynamic economic environment, payment terms with our customers and vendors become a more important element of total mix of information used to negotiate our contract terms. At March 31, 2026, a change of one day in days sales outstanding will impact cash flows provided by (used in) operating activities by $40 million, a change of one day in days payable outstanding will impact cash flows provided by (used in) operating activities by $33 million and a change of one day in days inventory on hand will impact cash flows provided by (used in) operating activities by $33 million.

Previous wording

Cash flows used in investing activities were $574 million in 2025, primarily driven by capital expenditures of $304 million, $160 million of cash consideration used for the acquisition of Florida Can Manufacturing and $89 million of derivative settlements. See Note 4 for further details on the acquisition.

Current wording

Cash flows used in investing activities were $306 million in 2026, primarily driven by capital expenditures of $161 million, $75 million of cash consideration, net of cash acquired, for the acquisition of Benepack’s European beverage can manufacturing business and $52 million for the purchase of notes linked to the stock market performance of ORG. See Note 4 for further details on the acquisition. See Note 13 for further details on the equity-linked notes.

Previous wording

Cash flows provided by financing activities were $140 million in 2025, primarily driven by a net inflow from long-term and short-term borrowings of $1.43 billion, primarily driven by the issuance of $750 million of 5.50% senior notes due in 2033 and €850 million of 4.25% senior notes due in 2032, partially offset by repurchases of common stock of $1.11 billion and dividends of $166 million. See Note 15 for further details on the company’s borrowings and additional amounts available.

Current wording

Cash flows provided by financing activities were $605 million in 2026, primarily driven by a net inflow from long-term and short-term borrowing of $650 million. See Note 15 for further details on the company’s borrowings and additional amounts available.

Previous wording

We have entered into several regional accounts receivable factoring programs with various financial institutions for certain of our accounts receivable. The programs are accounted for as true sales of the receivables, with limited recourse to Ball, and had combined limits of approximately $1.79 billion and $1.60 billion at September 30, 2025, and December 31, 2024, respectively. A total of $580 million and $428 million were available for sale under these programs as of September 30, 2025, and December 31, 2024, respectively. The company has recorded expense related to its factoring programs of $9 million and $12 million for the three months ended September 30, 2025 and 2024, respectively, and $28 million and $35 million for the nine months ended September 30, 2025 and 2024, respectively, and has presented these amounts in selling, general and administrative in its unaudited condensed consolidated statements of earnings.

Current wording

We have entered into several regional accounts receivable factoring programs with various financial institutions for certain of our accounts receivable. The programs are accounted for as true sales of the receivables, with limited recourse to Ball, and had combined limits of approximately $1.77 billion and $1.82 billion at March 31, 2026, and December 31, 2025, respectively. A total of $308 million and $364 million were available for sale under these programs as of March 31, 2026, and December 31, 2025, respectively. The company has recorded expense related to its factoring programs of $10 million for the three months ended March 31, 2026, and 2025, respectively, and has presented these amounts in selling, general and administrative in its unaudited condensed consolidated statements of earnings.

Previous wording

The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's regional supplier finance programs was $276 million and $423 million at September 30, 2025, and December 31, 2024, respectively. These amounts are classified within accounts payable on the unaudited condensed consolidated balance sheets, and the associated payments are reflected in the cash flows from operating activities section of the unaudited condensed consolidated statements of cash flows.

Current wording

The amount of obligations outstanding that the company confirmed as valid to the financial institutions under the company's regional supplier finance programs was $229 million and $424 million at March 31, 2026, and December 31, 2025, respectively. These amounts are classified within accounts payable on the unaudited condensed consolidated balance sheets, and the associated payments are reflected in the cash flows from operating activities section of the unaudited condensed consolidated statements of cash flows.

Previous wording

Contributions to the company’s defined benefit pension plans were $36 million in the first nine months of 2025 compared to $24 million in the same period of 2024, and such contributions are expected to be approximately $43 million for the full year of 2025. This estimate may change based on changes in the Pension Protection Act, actual plan asset performance and available company cash flow, among other factors.

Current wording

Contributions to the company’s defined benefit pension plans were $7 million in the first three months of 2026 and 2025, and such contributions are expected to be approximately $29 million for the full year of 2026. This estimate may change based on changes in the Pension Protection Act, actual plan asset performance and available company cash flow, among other factors. The company anticipates a “buy-out” for its U.K. defined benefit pension plan will occur within the second half of 2026, which will trigger a pension settlement that will result in all plan balances, including accumulated pension components within other comprehensive income, being charged to expense as a noncash settlement charge. As of March 31, 2026, accumulated other comprehensive income included $463 million of unrecognized pension losses, expected to be recognized upon settlement.

Previous wording

The company expects that 2025 capital expenditures for property, plant and equipment will likely be in the range of $465 million. Approximately $375 million of capital expenditures for property, plant and equipment were contractually committed as of September 30, 2025, and the company intends to return approximately $220 million to shareholders in the form of dividends for the full year 2025, inclusive of the cash dividend of 20 cents per share, payable December 15, 2025, to shareholders of record as of December 1, 2025.

Current wording

The company expects that 2026 capital expenditures for property, plant and equipment will likely be in the range of $600 million. Approximately $280 million of capital expenditures for property, plant and equipment were contractually committed as of March 31, 2026, and the company intends to return approximately $210 million to shareholders in the form of dividends for the full year of 2026, inclusive of the cash dividend of 20 cents per share, payable June 15, 2026, to shareholders of record as of June 1, 2026.

Previous wording

As of September 30, 2025, approximately $556 million of our cash was held outside of the U.S. In the event that we would need to utilize any of the cash held outside of the U.S. for purposes within the U.S., there are no material legal or other economic restrictions regarding the repatriation of cash from any of the countries outside the U.S. where we have cash. The company believes its U.S. operating cash flows and cash on hand, as well as availability under its long-term, revolving credit facilities, uncommitted short-term credit facilities and accounts receivable factoring programs, will be sufficient to meet the cash requirements of the U.S. portion of our ongoing operations, scheduled principal and interest payments on U.S. debt, dividend payments, capital expenditures and other U.S. cash requirements. If non-U.S. funds are needed for our U.S. cash requirements and we are unable to provide the funds through intercompany financing arrangements, we may be required to repatriate funds from non-U.S. locations where the company has previously asserted indefinite reinvestment of funds outside the U.S.

Current wording

As of March 31, 2026, approximately $622 million of our cash was held outside of the U.S. In the event that we would need to utilize any of the cash held outside of the U.S. for purposes within the U.S., there are no material legal or other economic restrictions regarding the repatriation of cash from any of the countries outside the U.S. where we have cash. The company believes its U.S. operating cash flows and cash on hand, as well as availability under its long-term, revolving credit facilities, uncommitted short-term credit facilities and accounts receivable factoring programs, will be sufficient to meet the cash requirements of the U.S. portion of our ongoing operations, scheduled principal and interest payments on U.S. debt, dividend payments, capital expenditures and other U.S. cash requirements. If non-U.S. funds are needed for our U.S. cash requirements and we are unable to provide the funds through intercompany financing arrangements, we may be required to repatriate funds from non-U.S. locations where the company has previously asserted indefinite reinvestment of funds outside the U.S.

Previous wording

The company’s share repurchases totaled $1.11 billion during the nine months ended September 30, 2025, compared to $1.06 billion of repurchases during the same period of 2024. The repurchases were completed using cash on hand, cash provided by operating activities and available borrowings. The company plans to continue capital return to shareholders via an estimated $1.3 billion in share repurchases in 2025.

Current wording

The company had immaterial share repurchase activity during the three months ended March 31, 2026, compared to $555 million of repurchases during the same period of 2025. The company plans to continue capital return to shareholders via an estimated $600 million in share repurchases in 2026.

Previous wording

On January 29, 2025, the Board of Directors approved the repurchase by the company of up to $4.00 billion in shares of its common stock through the end of 2027. This repurchase authorization replaced all previous authorizations. At September 30, 2025, $3.14 billion remains available to be repurchased.

Current wording

On January 29, 2025, the Board of Directors approved the repurchase by the company of up to $4.00 billion in shares of its common stock through the end of 2027. This repurchase authorization replaced all previous authorizations. At March 31, 2026, $2.93 billion remains available to be repurchased.

Previous wording

Given our cash flow projections and unused credit facilities that are available until June 2027, our liquidity is expected to meet our ongoing cash and debt service requirements. Total interest-bearing debt of $7.26 billion and $5.69 billion was outstanding at September 30, 2025, and December 31, 2024, respectively.

Current wording

Given our cash flow projections and unused credit facilities that are available until November 2030, our liquidity is expected to meet our ongoing cash and debt service requirements. Total debt of $7.86 billion and $7.01 billion was outstanding at March 31, 2026, and December 31, 2025, respectively.

Previous wording

The company’s senior credit facilities include a $1.35 billion term loan and long-term, multi-currency revolving facilities that mature in June 2027, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At September 30, 2025, approximately $1.70 billion was available under the company’s long-term, multi-currency committed revolving credit facilities. The company also had approximately $1.02 billion of short-term uncommitted credit facilities available at September 30, 2025, of which $86 million was outstanding and due on demand. At December 31, 2024, the company had $109 million of committed short-term loans outstanding, a $24 million short-term finance lease outstanding and $37 million outstanding under short-term uncommitted credit facilities.

Current wording

At March 31, 2026, approximately $1.24 billion was available under the company’s long-term, multi-currency committed revolving credit facilities. The company also had approximately $940 million of short-term uncommitted credit facilities available at March 31, 2026, of which $139 million was outstanding and due on demand. At December 31, 2025, the company had $19 million outstanding under short-term uncommitted credit facilities.

Previous wording

We were in compliance with the leverage ratio requirement at September 30, 2025, and for all prior periods presented, and have met all debt payment obligations. The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive of our debt covenants requires us to maintain a leverage ratio (as defined) of no greater than 4.5 times. As of September 30, 2025, the company could borrow an additional $2.39 billion under its long-term multi-currency committed revolving facilities and short-term uncommitted credit facilities. Additional details about our debt are available in Note 15 accompanying the consolidated financial statements within Item 1 of this report. In 2024 and 2025, we entered into and designated net investment hedges against the net assets of our euro denominated operations. See Note 20 for further details.

Current wording

We were in compliance with the leverage ratio requirement at March 31, 2026, and for all prior periods presented, and have met all debt payment obligations. The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive of our debt covenants requires us to maintain a leverage ratio (as defined) of no greater than 5.0 times, which will change to 4.5 times as of March 31, 2026. As of March 31, 2026, the company could borrow an additional $1.93 billion under its long-term multi-currency committed revolving facilities and short-term uncommitted credit facilities. Additional details about our debt are available in Note 15 accompanying the consolidated financial statements within Item 1 of this report.

Previous wording

Included in the amounts disclosed in the table above, at September 30, 2025, and December 31, 2024, the obligor group held receivables due from other subsidiary companies of $497 million and $440 million, respectively, long-term notes receivable due from other subsidiary companies of $9.15 billion and $10.03 billion, respectively, payables due to other subsidiary companies of $243 million and $1.79 billion, respectively, and long-term notes payable due to other subsidiary companies of $2.32 billion and $2.20 billion, respectively.

Current wording

Included in the amounts disclosed in the table above, at March 31, 2026, and December 31, 2025, the obligor group held receivables due from other subsidiary companies of $795 million and $503 million, respectively, long-term notes receivable due from other subsidiary companies of $10.07 billion and $9.93 billion, respectively, payables due to other subsidiary companies of $1.09 billion, and long-term notes payable due to other subsidiary companies of $5.06 billion and $4.97 billion, respectively.

Previous wording

For the nine months ended September 30, 2025, and the year ended December 31, 2024, the obligor group recorded the following transactions with other subsidiary companies: sales to them of $952 million and $1.23 billion, respectively, net credits from them of $49 million and $75 million, respectively, and net interest income from them of $239 million and $336 million, respectively. The obligor group received dividends from other subsidiary companies of $54 million during the year ended December 31, 2024.

Current wording

For the three months ended March 31, 2026, the obligor group recorded the following transactions with other subsidiary companies: sales to them of $183 million, net credits from them of $13 million, and net interest income from them of $70 million.