On this page of StockholderLetter.com we present the latest annual shareholder letter from CROWN HOLDINGS, INC. — ticker symbol CCK. Reading current and past CCK letters to shareholders can bring important insights into the investment thesis.
Positioned to deliver ANNUAL REPORT 2025
ANNUAL MEETING We cordially invite you to attend the Annual Meeting of Shareholders to be held at 9:30 a.m. Eastern time on Thursday, April 30, 2026, at the Tampa Marriott Water Street, 505 Water Street, Tampa, FL 33602. A formal notice of this meeting, together with the Proxy Statement and Proxy Card, was mailed to each Shareholder of Common Stock of record as of March 10, 2026, and only holders of record on said date will be entitled to vote. The Board of Directors of the Company requests the Shareholders of Common Stock to sign proxies and return them in advance of the meeting or register your vote by telephone or through the internet. You may also vote in person at the Annual Meeting if you are a Shareholder of record. Please go to www.crowncork.com/investors/governance/proxy-online for details on any health and safety rules for the Annual Meeting.
Financial Highlights In millions, except share price and employee data 2025 Net Sales 2024 2023 $12,365 $11,801 $12,010 1,553 1,419 1,269 738 424 450 $6.38 $3.55 $3.76 Market Price (Closing)* 102.97 82.69 92.09 Number of Employees 23,000 23,000 25,000 Shares Outstanding at December 31 113,421,634 118,503,631 120,644,313 Average Shares Outstanding Diluted 115,742,839 119,426,593 119,666,669 Income From Operations Net Income Attributable to Crown Holdings Per Average Common Share: Earnings per Share Attributable to Crown Holdings Diluted *Source: New York Stock Exchange Composite Transactions Net Sales 69% 45% 45% 25% 19% 9% 16% 18% 11% BY SEGMENT 12% BY GEOGRAPHIC AREA 10% 16% 5% BY PRODUCT Americas Beverage Europe, Middle East & North Africa Beverage Cans European Beverage United States & Canada Food Cans & Closures Asia Paci c Central & South America Transit Packaging Transit Packaging Asia Other Other Crown Annual Report 2025 Preface | 3
Both brand owners and consumers increasingly view cans as the most sustainable and responsible beverage packaging option.
A letter to shareholders Your Company continued its strong momentum with an excellent year in 2025, exceeding previous expectations with best-ever adjusted EBITDA of $2.09 billion, an 8% increase over 2024. Over the past three years, Crown has advanced adjusted EBITDA by $348 million, or 20%. Solid performance throughout the global beverage and North American food can businesses in 2025 drove segment income expansion of over 8%, on the heels of 6% and 7% gains in 2024 and 2023, respectively. Adjusted diluted earnings per share climbed 22% compared to 2024. The Company also generated its highest-ever adjusted free cash ow of $1.15 billion in 2025 notably above prior expectations and has generated nearly $2.0 billion over the past two years. We returned $625 million to shareholders in the form of quarterly dividends and repurchases of common stock while also reducing the Company s net leverage ratio from 2.7x adjusted EBITDA to 2.5x adjusted EBITDA. This represents the lowest net leverage ratio for the Company in more than 15 years. Looking forward, the Company expects to continue to return signi cant cash to shareholders through repurchases of its common stock in addition to paying its quarterly dividend. The theme for this year s report is Positioned to deliver, which we believe aptly describes the Company s current operational and nancial condition. Our pursuit of operational excellence has led to strong nancial results, a sound balance sheet, and, ultimately, higher shareholder value. During the period between 2019 and 2023, Crown increased its global beverage can capacity by more than 20% to pro tably meet growing customer requirements in both the alcoholic and non-alcoholic drinks segments. We substantially completed this capacity expansion program in early 2024 and have established a manufacturing platform that is Positioned to deliver existing and expected additional demand with lower levels of capital expenditure. Following total combined expenditures of over $1.6 billion in 2022 and 2023, capital expenditures summed to $816 million for 2024 and 2025 and are estimated at $550 million for 2026. The Company s stock price gained 25% during 2025 compared to a 16% advance for the S&P 500 Index and an increase of 13% for the Dow Jones Industrial Average. The Dow Jones U.S. Containers and Packaging Index, which represents peer companies, declined 13% during 2025. Crown Annual Report 2025 The Company s global beverage can businesses comprised 73% of revenue and continue to be a major strategic focus. Both brand owners and consumers increasingly view cans as the most sustainable and responsible beverage packaging option. Given its in nite recyclability, the can is truly a circular package, boasting a 60-day turnaround from the point of consumption to the point at which it appears back on the shelf. The same beverage can will essentially be used six times a year, which helps to explain why 80% of all aluminum ever produced is still in use today. Cans are the ideal package for a successful catalog of brands, including sparkling waters, energy drinks, carbonated soft drinks, teas, coffees, nutritional and probiotic beverages, cocktails, wines, beer, and hybrid alcoholic/non-alcoholic drinks, among others. Looking forward, the Company expects to continue to return signi cant cash to shareholders through repurchases of its common stock in addition to paying its quarterly dividend. Following a ve-year period where Crown s total beverage can shipments rose at a compound annual rate of 3.3%, global volume growth was 1% in 2025. Strong expansion in Europe and the Middle East was offset by declines in Southeast Asia due to macroeconomic challenges related to tariffs and an ongoing border dispute between Thailand and Cambodia. Preface | 5
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CCK Shareholder/Stockholder Letter Transcript:

Positioned
to deliver
ANNUAL REPORT 2025

ANNUAL MEETING
We cordially invite you to attend the Annual Meeting of Shareholders to be held at 9:30 a.m.
Eastern time on Thursday, April 30, 2026, at the Tampa Marriott Water Street, 505 Water Street,
Tampa, FL 33602. A formal notice of this meeting, together with the Proxy Statement and
Proxy Card, was mailed to each Shareholder of Common Stock of record as of March 10, 2026,
and only holders of record on said date will be entitled to vote. The Board of Directors of the
Company requests the Shareholders of Common Stock to sign proxies and return them in
advance of the meeting or register your vote by telephone or through the internet. You may also
vote in person at the Annual Meeting if you are a Shareholder of record.
Please go to www.crowncork.com/investors/governance/proxy-online
for details on any health and safety rules for the Annual Meeting.

Financial Highlights
In millions, except share price and employee data
2025
Net Sales
2024
2023
$12,365
$11,801
$12,010
1,553
1,419
1,269
738
424
450
$6.38
$3.55
$3.76
Market Price (Closing)*
102.97
82.69
92.09
Number of Employees
23,000
23,000
25,000
Shares Outstanding at December 31
113,421,634
118,503,631
120,644,313
Average Shares Outstanding   Diluted
115,742,839
119,426,593
119,666,669
Income From Operations
Net Income Attributable to Crown Holdings
Per Average Common Share:
Earnings per Share Attributable to Crown Holdings   Diluted
*Source: New York Stock Exchange   Composite Transactions
Net Sales
69%
45%
45%
25%
19%
9%
16%
18%
11%
BY SEGMENT
12%
BY GEOGRAPHIC AREA
10%
16%
5%
BY PRODUCT
Americas Beverage
Europe, Middle East & North Africa
Beverage Cans
European Beverage
United States & Canada
Food Cans & Closures
Asia Paci   c
Central & South America
Transit Packaging
Transit Packaging
Asia
Other
Other
Crown Annual Report 2025
Preface | 3

Both brand owners and consumers
increasingly view cans as the most sustainable
and responsible beverage packaging option.

A letter to shareholders
Your Company continued its strong momentum with an excellent year in 2025, exceeding previous
expectations with best-ever adjusted EBITDA of $2.09 billion, an 8% increase over 2024. Over the past
three years, Crown has advanced adjusted EBITDA by $348 million, or 20%. Solid performance throughout
the global beverage and North American food can businesses in 2025 drove segment income expansion
of over 8%, on the heels of 6% and 7% gains in 2024 and 2023, respectively. Adjusted diluted earnings per
share climbed 22% compared to 2024.
The Company also generated its highest-ever adjusted
free cash    ow of $1.15 billion in 2025   notably above prior
expectations   and has generated nearly $2.0 billion over the
past two years. We returned $625 million to shareholders in the
form of quarterly dividends and repurchases of common stock
while also reducing the Company   s net leverage ratio from
2.7x adjusted EBITDA to 2.5x adjusted EBITDA. This represents
the lowest net leverage ratio for the Company in more than 15
years. Looking forward, the Company expects to continue to
return signi   cant cash to shareholders through repurchases of
its common stock in addition to paying its quarterly dividend.
The theme for this year   s report is Positioned to deliver, which
we believe aptly describes the Company   s current operational
and    nancial condition. Our pursuit of operational excellence
has led to strong    nancial results, a sound balance sheet, and,
ultimately, higher shareholder value.
During the period between 2019 and 2023, Crown increased
its global beverage can capacity by more than 20% to
pro   tably meet growing customer requirements in both the
alcoholic and non-alcoholic drinks segments. We substantially
completed this capacity expansion program in early 2024 and
have established a manufacturing platform that is Positioned
to deliver existing and expected additional demand with
lower levels of capital expenditure. Following total combined
expenditures of over $1.6 billion in 2022 and 2023, capital
expenditures summed to $816 million for 2024 and 2025 and
are estimated at $550 million for 2026.
The Company   s stock price gained 25% during 2025 compared
to a 16% advance for the S&P 500 Index and an increase of
13% for the Dow Jones Industrial Average. The Dow Jones
U.S. Containers and Packaging Index, which represents peer
companies, declined 13% during 2025.
Crown Annual Report 2025
The Company   s global beverage can businesses comprised 73%
of revenue and continue to be a major strategic focus. Both
brand owners and consumers increasingly view cans as the
most sustainable and responsible beverage packaging option.
Given its in   nite recyclability, the can is truly a circular package,
boasting a 60-day turnaround from the point of consumption
to the point at which it appears back on the shelf. The same
beverage can will essentially be used six times a year, which
helps to explain why 80% of all aluminum ever produced is still
in use today. Cans are the ideal package for a successful catalog
of brands, including sparkling waters, energy drinks, carbonated
soft drinks, teas, coffees, nutritional and probiotic beverages,
cocktails, wines, beer, and hybrid alcoholic/non-alcoholic
drinks, among others.
Looking forward, the Company expects
to continue to return signi   cant cash to
shareholders through repurchases of its
common stock in addition to paying its
quarterly dividend.
Following a    ve-year period where Crown   s total beverage
can shipments rose at a compound annual rate of 3.3%, global
volume growth was 1% in 2025. Strong expansion in Europe and
the Middle East was offset by declines in Southeast Asia due to
macroeconomic challenges related to tariffs and an ongoing
border dispute between Thailand and Cambodia.
Preface | 5


shareholder letter icon 3/23/2026 Letter Continued (Full PDF)
 

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