CROWN HOLDINGS, INC. (CCK) Business

ITEM 1. Business

Crown Holdings, Inc. (the "Company" or the "Registrant") (where the context requires, the "Company" shall include reference to the Company and its consolidated subsidiary companies) is a Pennsylvania corporation.

The Company was founded in 1892 and is a leading global diversified packaging business that manufactures metal cans and ends (aluminum and steel) for the beverage, food, and aerosol industries and a wide range of transit packaging products and solutions from multiple substrates including steel, paper, and plastic. The Company’s transit packaging products include automation and equipment technologies, protective packaging solutions, and steel and plastic consumables which are sold into the metals, food and beverage, construction, agricultural, corrugated, and general industries.

At December 31, 2025, the Company operated 179 plants along with sales and service facilities throughout 39 countries and had approximately 23,000 employees. In 2025, consolidated net sales for the Company were $12.4 billion with 61% derived from operations outside the United States ("U.S.").

Approximately 73% of the Company’s consolidated net sales were derived from the Company’s global beverage can business. Over the last several years, the Company has deployed capital to expand production capacity in its global beverage can operations to support growing customer demand in both the alcoholic and non-alcoholic drink categories serving local, regional and global customers. The beverage can continues to disproportionately be the package of choice for new beverage product introductions. The Company continues to drive innovation by increasing its ability to offer multiple specialty can sizes, including slim and sleek cans, to help customers differentiate their products. It also continues to deliver new printing and decorating capabilities, as well as services that aid customers throughout the entire production cycle, from consultation and development to line implementation and quality assurance.

The Company is guided by commitments to its stakeholders and its own goals to foster a resilient business with longevity, which requires an emphasis on financial performance and sustainability. The Company’s Twentyby30TM program, which is a comprehensive sustainability strategy that outlines twenty measurable goals to be achieved by 2030, has accelerated critical initiatives and progress around carbon footprint management and efficient use of resources, among other issues.

The Company continues to leverage the inherent eco-friendly benefits of its primary product, metal packaging, to advance toward its targets. Both aluminum and steel cans are infinitely recyclable. Aluminum beverage cans remain the world’s most recycled beverage packaging, exemplify sustainability and are a strong contributor to the circular economy. The Company is working in conjunction with industry partners to drive higher recycling rates and increase recycled content to ensure infinitely recycled metal packaging is available for generations of future use. Additionally, Transit Packaging uses recycled materials in its paper, cardboard, and strapping products.

REPORTABLE SEGMENTS

The Company’s business is generally organized by product line and geography. The reportable segments are: Americas Beverage, European Beverage, Asia Pacific, and Transit Packaging. Operations are managed regionally to best serve our customers.

AMERICAS BEVERAGE

The Americas Beverage segment manufactures infinitely recyclable aluminum beverage cans and ends, glass bottles, steel crowns and aluminum caps. Manufacturing facilities are located in the U.S., Brazil, Canada, Colombia, and Mexico. Americas Beverage had net sales in 2025 of $5.6 billion and segment income (as defined under Note Z to the consolidated financial statements) of $1,030 million.

EUROPEAN BEVERAGE

The European Beverage segment manufactures infinitely recyclable aluminum beverage cans and ends in Europe, the Middle East, and North Africa. European Beverage had net sales in 2025 of $2.3 billion and segment income (as defined under Note Z to the consolidated financial statements) of $334 million.

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ASIA PACIFIC

The Asia Pacific segment manufactures infinitely recyclable beverage cans and ends, food cans, and specialty packaging in Cambodia, China, Indonesia, Malaysia, Myanmar, Thailand, and Vietnam. 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.

The Asia Pacific segment had net sales in 2025 of $1.1 billion and segment income (as defined under Note Z to the consolidated financial statements) of $183 million.

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. The automation and equipment business along with our product offering allow the Company to offer a comprehensive solution to pack, wrap, strap, secure and store products all over the world.

The Transit Packaging segment had net sales in 2025 of $2.0 billion and segment income (as defined under Note Z to the consolidated financial statements) of $258 million.

OTHER

The Company’s other segments ("Other") include the Company’s North America tinplate businesses: food can, aerosol can, and closures, and beverage tooling and equipment operations in the U.S. and the United Kingdom ("U.K."). The Company manufactures a variety of food and aerosol cans and ends and closures in assorted shapes and sizes. The Company’s customers include manufacturers of food, including pet food, personal care, household, and industrial products.

Additional financial information concerning the Company’s reportable segments is set forth within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report and under Note Z to the consolidated financial statements.

SALES AND DISTRIBUTION

Global marketers qualify suppliers on the basis of their ability to provide quality service, innovation, and technologies in a cost-effective manner. With its global reach, the Company primarily markets and sells products to customers through its own sales and marketing staff. In some instances, contracts with customers are centrally negotiated, but products are ordered through and distributed directly by the Company’s local facilities. The Company’s facilities are generally located in proximity to their respective major customers. The Company works closely with customers in order to develop new business and to extend the duration of existing contracts.

Many customers provide the Company with quarterly or annual estimates of product requirements along with related quantities pursuant to which periodic commitments are given. Such estimates assist the Company in managing production and controlling the use of working capital. The Company schedules its production to meet customer requirements. Because the production time for the Company’s rigid packaging products is short, any backlog of customer orders in relation to overall sales is not significant. The standard backlog in Transit Packaging’s automation, equipment and tools business is typically not significant, however, supply chain constraints may increase the backlog from time to time.

COMPETITION

Most of the Company’s packaging products for consumer goods are sold in highly competitive markets, primarily based on price, quality, service, and performance. The Company competes with other packaging manufacturers as well as with fillers, food processors and packers, some of whom manufacture containers for their own use and for sale to others. The Company’s competitors include, but are not limited to, Ardagh Metal Packaging, Ball Corporation, Baosteel Packaging, Can-Pack S.A., Metal Container Corporation, Silgan Holdings Inc., Sonoco, and Trivium Packaging.

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Transit Packaging also faces substantial competition from many regional and local competitors of various sizes in the manufacture, distribution and sale of its products. Transit Packaging differentiates itself from the competition by leveraging its global scale, broad product portfolio and established brand reputation. Transit Packaging products compete, to some extent, with various other packaging materials, including other products made of paper, plastics, wood, and various types of metal.

CUSTOMERS

The Company’s largest beverage can customers consist of many of the leading manufacturers and marketers of packaged consumer products in the world, including Anheuser-Busch InBev, Coca-Cola, Heineken, Keurig Dr Pepper, Molson Coors, Pepsi-Cola, and Refresco, among others. In addition to sales to Coca-Cola and Pepsi-Cola, the Company also supplies independent licensees of Coca-Cola and Pepsi-Cola. Consolidation trends among beverage marketers have led to a concentrated customer base. The Company’s top ten global customers represented in the aggregate approximately 48% of its 2025 consolidated net sales.

For the years ended December 31, 2025, 2024 and 2023, one customer accounted for approximately 12%, 12%, and 11%, respectively, of the Company’s consolidated net sales, and another customer accounted for approximately 11%, 12%, and 12%, respectively, of the Company's consolidated net sales. These customers are global beverage companies served by the Company’s beverage operations in the Americas, Europe, and Asia.

Each reportable segment, with the exception of Transit Packaging, has major customers and the loss of one or more of these major customers could have a material adverse effect on an individual segment or the Company as a whole.

MATERIALS AND SUPPLIERS

The Company uses various raw materials, primarily aluminum and steel, in its manufacturing operations. Transit Packaging also uses materials derived from crude oil and natural gas, such as polyethylene and polypropylene. In general, these raw materials are purchased in highly competitive, price-sensitive markets, which have historically exhibited price and demand cyclicality. These and other materials used in the manufacturing process have historically been available in adequate supply from multiple sources.

The Company has agreements for what it considers adequate supplies of raw materials. However, sufficient quantities may not be available in the future due to, among other things, shortages due to excessive demand, production disruption at suppliers (such as machine breakdowns and delays in start-up), force majeure events (such as fire or weather events), transportation issues, or government-imposed import restrictions. From time to time, some of the raw materials have been in short supply but, to date, these shortages have not had a significant impact on the Company’s operations.

In 2025, consumption of aluminum and steel represented 47% and 8%, respectively, of consolidated cost of products sold, excluding depreciation and amortization. Due to the significance of these raw materials to the overall cost of products sold, raw material efficiency is a critical cost component of the products manufactured. Supplier consolidations, changes in ownership, government regulations including tariffs, trade restrictions or retaliatory trade measures, political unrest and increased demand for raw materials in the packaging and other industries, among other risk factors, could cause uncertainty as to the availability of and the level of prices at which the Company might be able to source such raw materials in the future. Moreover, the prices of aluminum and steel can be subject to significant volatility. The Company’s raw material supply contracts vary as to terms and duration, with aluminum contracts typically multi-year in duration with fluctuating prices based on aluminum ingot and regional premium costs and steel contracts typically one year in duration with fixed prices or set repricing dates.

The Company generally attempts to mitigate its aluminum and steel price risk by matching its purchase obligations with its sales agreements; however, there can be no assurance that the Company will be able to fully mitigate that risk. The Company also uses commodity and foreign currency forwards in an attempt to manage its exposure to aluminum price volatility.

There can be no assurance that the Company will be able to fully recover from its customers the impact of aluminum and steel price increases, government-imposed tariffs, or that the use of derivative instruments will effectively manage the Company’s exposure to price volatility. In addition, if the Company were unable to purchase aluminum and steel for a significant period of time, its operations would be disrupted, and if the Company were unable to fully recover the higher cost of aluminum and steel, its financial results may be adversely affected.

As a result of continuing global supply and demand pressures, other commodity-related costs affecting the Company’s business may increase as well, including petroleum-based products, energy, and transportation costs. The Company attempts to increase prices on its products accordingly in order to recover these costs. Certain of the Company’s sales contracts contain non-metal

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pass-through provisions that include annual selling price adjustments based on a producer price index. In certain years the referenced index may be negative, requiring the Company to reduce its selling price while its actual costs may have increased.

In response to the volatility of raw material prices, ongoing productivity and cost reduction efforts in recent years have focused on improving raw material cost management. The Company’s manufacturing facilities are dependent, in varying degrees, upon the availability of water and processed energy, such as natural gas and electricity. Certain of these may become difficult or impossible to obtain on acceptable terms due to external factors, which could increase the Company’s costs or interrupt its business.

In addition to mitigating risks around pricing, the Company maintains its commitment to upholding and evolving standards for ethics and compliance as it sources materials. Regular engagement with suppliers is ongoing to manage materials and the impact on environments and communities. The Company strives to ensure partners meet standards for responsible supply as noted in the formal Code of Business Conduct and Ethics. Through the Twentyby30 program, the Company has committed to sourcing standards that by 2030 or sooner require 100% of core raw materials and service suppliers, by spend, to be assessed and comply with Crown Responsible and Ethical Sourcing policies and requirements.

SUSTAINABILITY

Sustainability remains a core focus of the Company’s business strategy and commitments. The Company recognizes the role of corporate social responsibility and the impact of sustainability performance on economic opportunity and stakeholder relationships, including customers and employees. As a major manufacturer with operations worldwide, the Company can significantly impact industry progress by supporting important sustainability initiatives and adopting practices that create change both within the organization and within partner relationships.

In 2020, Crown established its comprehensive Twentyby30 program, setting 20 measurable goals to be reached by 2030 or sooner. These objectives encompass all aspects of sustainability and reflect areas considered material to the Company’s business as well as areas where it can create notable impact. Structured within five core program pillars of Climate Action, Resource Efficiency, Optimum Circularity, Working Together and Never Compromise, these initiatives include efforts such as making operational improvements in energy, water and waste and elevating our focus on material use efficiency, recycling, responsible and ethical sourcing and food contact and safety.

The Company maintains a Corporate Environmental Sustainability Policy; a Human Rights Policy; a Responsible and Ethical Sourcing Policy; a Conflict Minerals Policy; and an Environmental, Health and Safety Policy. These policies serve as guidelines for all employees to adhere to as the Company works to advance its sustainability strategy.

Across Twentyby30 program pillars, the Company works toward continuous improvement in product design and manufacturing practices to provide the best outcome for the environment, communities, employees, and consumers, both now and in the future.

Aluminum and steel contribute to these improvements as, by nature, they are infinitely recyclable without loss of properties. This means they can be used repeatedly to form new consumer packaging with no degradation in performance, quality or safety. Recycling these metals offers significant savings in energy and water consumption, as well as carbon dioxide emissions. As such, the Company is collaborating with industry partners to improve consumer recycling rates and increasing the use of recycled content. In addition, the Company is making strides in its energy and water usage on a global level, working to implement more renewable energy, minimize water usage and execute water replenishment programs.

The Company made the following efforts in 2025 to be a more proactive sustainability leader:

•The Company’s updated near-term and new net-zero targets have been officially validated by the Science Based Targets initiative ("SBTi"), formalizing the ambition to reach net-zero greenhouse gas emissions across the value chain by 2050.

•The Company commissioned additional water replenishment projects to replenish water used in high water stress regions, including Brazil, Greece and Mexico.

Socially, the Company is continuing to elevate its commitments to community engagement through volunteer opportunities and a charitable giving program, which donates to various non-profit organizations across the regions in which it operates. Within its own workforce, the Company is prioritizing employee welfare and striving to more regularly engage its professionals to foster a more connected global team dedicated to individual and collective improvement as an organization.

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Crown remains a leader in the Containers and Packaging industry as indicated by Sustainalytics, ISS, and MSCI ESG risk ratings. The Company continues to rank in line with or above average compared to peers in the industry with a low-risk rating from Sustainalytics, Prime status from ISS Corporate Rating, and another year ranked AA from MSCI. These assessments measure the Company’s ESG risk exposure, management, and transparency, with high scores signaling strong performance and future resilience.

As a result of its collective efforts, the Company has been honored as one of Forbes’ Net Zero Leaders for 2025, a recognition that reflects the commitment and hard work of the global team driving meaningful, consistent progress toward the Company’s sustainability goals.

ENVIRONMENTAL MATTERS

The Company’s operations are subject to numerous laws and regulations governing the protection of the environment, disposal of waste, discharges into water, emissions into the atmosphere and the protection of employee health and safety. Future regulations may impose stricter environmental requirements on the packaging industry and may require additional capital investment. Anticipated future restrictions in some jurisdictions on the use of certain coatings may require the Company to employ additional control equipment or process modifications. There can be no assurance that current or future environmental laws or liabilities will not have a material effect on the Company’s consolidated financial condition, liquidity or results of operations. Discussion of the Company’s environmental matters is contained within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report under the caption “Environmental Matters,” and under Note Q to the consolidated financial statements.

HUMAN CAPITAL

At December 31, 2025, the Company had approximately 23,000 employees worldwide, with approximately 6,000 employed by the Americas Beverage segment, 4,000 employed by the European Beverage segment, 3,500 employed by the Asia Pacific segment, 7,000 employed by the Transit Packaging segment, and 2,500 employed by other business units.

A significant portion of the Company’s workforce is unionized. Collective bargaining agreements with varying terms and expiration dates cover approximately 10,500 employees. The Company did not experience any significant union-initiated work stoppages during the 2025 fiscal year and believes that its employee relations remain good. The Company does not expect that renegotiation of any collective bargaining agreements expiring in 2026 will have a material adverse effect on its consolidated results of operations, financial position, or cash flow.

The Company believes that its employees are essential to achieving its business objectives and growth strategy. Attracting, developing, and retaining a skilled and engaged workforce globally is crucial to the success of all business activities. To that end, the Company has cultivated a senior management team with extensive industry expertise and complementary skill sets and has consistently re‑invested in resources needed to effectively staff and efficiently support its operations. As for executive, corporate, and plant roles worldwide, the Company continues to hire talented professionals with material, design, and manufacturing expertise who can build and sustain strong customer relationships. To support retention, the Company aims to provide competitive, market-based compensation and offers professional development opportunities that both contribute to the Company’s success and help employees maximize their potential. The Company is committed to maintaining a positive and inclusive work environment that prioritizes employee safety, fosters belonging, and supports fulfilling career pathways.

The Company supports the well-being of its employees and their families through a variety of physical, mental, and health programs, as well as rigorous on-the-job safety initiatives. These programs differ by region but include Company-sponsored or subsidized medical insurance beyond government provisions, annual medical, cancer, and audiometry screenings, and voluntary health fairs. The Company also offers employee mental health assistance programs. The Company’s total safety culture provides the foundation for health and safety initiatives across the organization and empowers employees to proactively support their own safety and that of their colleagues, with a focus on reducing incidents, injuries, and near misses.

The Company recognizes that an inclusive work environment and long-term career opportunities are essential to sustaining business success. Through the "Working Together" pillar of its Twentyby30 program, the Company prioritizes employment engagement and growth opportunities across all roles. These programs include specialized training programs and wide exposure across the organization, support both employee development and new talent attraction as the Company grows. The Company values a workforce with diverse backgrounds, experiences, and perspectives and is committed to building a pipeline of talents. Recruitment programs currently include an accelerated manufacturing program, first focused on engineering skills, which provides assignments across various businesses and countries to encourage a flexible mindset and to develop a broad range of

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capabilities. This program provides an opportunity for diverse candidates to progress quickly into higher-level roles that match their interests, skills, and long-term goals. In addition, the Company also continues to advance gender and cultural diversity, including among leadership roles.

Looking ahead, the Company is committed to being recognized by current employees and prospective hires as a "great place to work," offering a workplace grounded in safety, fulfillment, and growth. Achieving this reputation requires that employees feel heard, supported, and valued. To ensure the Company evolves in the way it empowers employees, the Company has implemented a global employee engagement survey that gathers meaningful feedback and consistently drives the creation of local action plans that directly address improvement areas. The Company places a high importance on skills management and lifelong learning opportunities that benefit both the individual employee and the broader organization. The Company provides a variety of educational opportunities, including a mix of mandatory and voluntary trainings that occur in classrooms, online, and on the job. The Company also recognizes the importance of multifunctional teams and as such, management development includes international exposure and cross-divisional activity to promote common approaches and shared values. While talent development programs vary by region, offerings include leadership, lean manufacturing operations, and employee performance management trainings.

As part of updating its Human Rights policy based on the latest legal developments, the Company has developed a comprehensive Human Rights training program translated into the predominant local languages used within the organization. This program is designed to strengthen employees’ understanding, awareness, and commitment to human rights principles within the organization.

The Company maintains a written Code of Business Conduct and Ethics (the "Code") outlining policies related to anti-corruption, fair trade, protection of confidential information, and environmental, health, and safety matters. The Code also emphasizes the Company’s commitment to ensuring that all employees are treated with respect and dignity and can work in an environment free from all forms of unlawful employment discrimination. The Company’s compliance teams are responsible for implementing these policies. The Company’s compliance program allows employees to confidentially report suspected violations of Company policies, including anonymously when allowed by local law.

RESEARCH AND DEVELOPMENT

The Company’s global Research, Development & Engineering ("RD&E") Center for packaging products for consumer goods is located in Wantage, U.K. The Company utilizes its centralized corporate RD&E capabilities to advance and deliver technologies for the Company’s worldwide packaging activities that (1) promote development of value-added metal packaging systems for its customers, (2) design cost-efficient manufacturing processes, systems and materials and material-efficient container designs that further the sustainability of metal packaging, (3) provide continuous quality and/or production efficiency improvements in its manufacturing facilities, (4) advance customer and supplier relationships, and (5) provide value-added engineering services and technical support. These capabilities facilitate (1) the identification of new and/or expanded market opportunities by working directly with customers to develop new packaging products or enhance existing packaging products through the application of new technologies that better differentiate customers’ products in the retail environment (for example, the creation of new packaging shapes, novel decoration methods, or the addition of digital content through unique codes) and/or the incorporation of consumer-valued features (for example, improved openability and/or ease of use) and (2) the reduction of manufacturing costs by reducing the material content of the Company’s products (while retaining necessary performance characteristics), reducing spoilage, and increasing operating efficiencies in manufacturing facilities. The corporate RD&E Center is also applying technical expertise to advance product design and manufacturing capabilities for the Company’s beverage equipment operations and its Transit Packaging segment, supplementing the group’s existing product developments.

The Company maintains a substantial portfolio of patents and other intellectual property ("IP") in the field of metal packaging systems. As a result, the Company has licensed IP in geographic regions where the Company has a limited market presence today. Existing technologies such as Interchangeable SuperEnd® beverage ends have been licensed in Australia, New Zealand, Saudi Arabia, China, Thailand, and Africa to provide customers with global access to Crown’s brand building innovations. In addition to package components, the Company maintains a legacy of innovation that features numerous industry-firsts, including launching new interactive inks, decorative and shaping techniques, new package sizes and styles and new canmaking technologies. Examples include the Company’s Accents™ variable printing technology, which facilitates up to 24 different beverage can designs in a single run, and its Quantum™ debossing technology, which implements unique textures on food cans that replace can wall beading with proprietary debossed patterns, such as hexagonal or oval arrays, to prevent counterfeiting and reduce material usage by up to 13%. The RD&E team has also expanded efforts to advance innovations through strategic partnerships with suppliers and through the use of Open Innovation to access new technologies. These efforts are aimed at enhancing the Company’s products for our customers by developing improved coatings with enhanced barriers, and new decoration technologies.

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Transit Packaging is also well known throughout its markets for its ability to drive product innovation and leadership in new technologies. Transit Packaging focuses on market driven innovation and has a long history of creating product and service solutions that solve problems and create value for its customers. Transit Packaging has grown its global patent portfolio to nearly 380 U.S. issued patents or pending patent applications and approximately 1,050 foreign issued patents or pending patent applications. The portfolio broadly covers approximately 365 customized technologies and spans diverse business platforms, as well as the different countries in which it operates.

The Company spent $33 million in 2025, $32 million in 2024, and $33 million in 2023 in its RD&E activities.

WORKING CAPITAL

The Company historically uses cash during the first nine months of the year to finance seasonal working capital needs. Beverage products are generally consumed in greater amounts during the warmer months and the food packaging business is somewhat seasonal with the first quarter tending to be the slowest period as the autumn packaging period in the Northern Hemisphere has ended and new crops are not yet planted. The Company’s working capital requirements are funded by cash flows from operations, revolving credit facilities and receivables securitization and factoring programs.

Further information relating to the Company’s liquidity and capital resources is set forth within “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report under the caption “Liquidity” and under Note N to the consolidated financial statements.

AVAILABLE INFORMATION

The Company’s website address is www.crowncork.com. Information on the Company’s website is not incorporated by reference in this Annual Report on Form 10-K. The Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports filed by the Company with the U.S. Securities and Exchange Commission pursuant to sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, are accessible free of charge through the Company’s website as soon as reasonably practicable after the documents are filed with, or otherwise furnished to, the U.S. Securities and Exchange Commission ("SEC"). The SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers, including the Company, that file electronically with the SEC. The public can obtain any documents that the Company files with the SEC at http://www.sec.gov.

The Company’s Sustainability Report, Code of Business Conduct and Ethics, its Corporate Governance Guidelines, and the charters of its Audit, Compensation and Nominating and Corporate Governance committees are available on the Company’s website. These documents are also available in print to any shareholder who requests them. Amendments to and waivers of the Code of Business Conduct and Ethics requiring disclosure under applicable SEC rules will be disclosed on the Company’s website.