Crown Holdings (CCK): what its 10-K says it depends on

Customers

Top ten global customers

earns from · approximately 48% of its 2025 consolidated net salesnamed as a risk

The Company’s top ten global customers represented in the aggregate approximately 48% of its 2025 consolidated net sales.Business (Item 1)

Largest beverage customer (unnamed global beverage company)

earns from · approximately 12%named as a risk

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.Business (Item 1)

PepsiCo

earns from

In addition to sales to Coca-Cola and Pepsi-Cola, the Company also supplies independent licensees of Coca-Cola and Pepsi-Cola.Business (Item 1)

Also named by CELH, KDP

Anheuser-Busch InBev

earns from

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.Business (Item 1)

Also named by STZ, TAP

Coca-Cola

earns from

In addition to sales to Coca-Cola and Pepsi-Cola, the Company also supplies independent licensees of Coca-Cola and Pepsi-Cola.Business (Item 1)

Also named by KDP

Heineken

earns from

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.Business (Item 1)

Also named by TAP

Keurig Dr Pepper

earns from

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.Business (Item 1)

Also named by SJM

Molson Coors

earns from

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.Business (Item 1)

Refresco

earns from

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.Business (Item 1)

Partners and platforms

Joint ventures in Asia, Middle East and South America

depends onnamed as a risk

A portion of the Company’s operations, including certain beverage can operations in Asia, the Middle East, and South America, is conducted through joint ventures.Risk factors (Item 1A)

Other companies

Global beverage can business

concentrated in · Approximately 73% of the Company’s consolidated net sales

Approximately 73% of the Company’s consolidated net sales were derived from the Company’s global beverage can business.Business (Item 1)

Competitors

Ball Corporation

competes with

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.Business (Item 1)

Also named by TAP

Ardagh Metal Packaging

competes with

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.Business (Item 1)

Places

Texas

approximately 13,000 were filed in Texasnamed as a risk

Of the Company’s outstanding claims, approximately 18,000 claims relate to claimants alleging first exposure to asbestos after 1964 and approximately 41,900 relate to claimants alleging first exposure to asbestos before or during 1964, of which approximately 13,000 were filed in Texas, 1,300 were filed in Pennsylvania, 6,000 were filed in other states that have enacted asbestos legislation, and 21,600 were filed in other states.Risk factors (Item 1A)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

Outside the United States

earns from · approximately 61% of its consolidated net salesnamed as a risk

The Company’s international operations generated approximately 61% of its consolidated net sales in the year ended 2025 and 63% of its consolidated net sales in the years ended 2024 and 2023.Risk factors (Item 1A)

Also named by APD, ARW, BALL, COO, GGG, GIS, HPE, LITE and 10 more

Europe

earns from · $2.3 billion

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.Business (Item 1)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

Asia Pacific

earns from · $1.1 billion

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.Business (Item 1)

Also named by AIG, AVY, BLK, BNY, CL, COHR, DCI, EEFT and 17 more

Americas Beverage segment

earns from · $5.6 billion

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.Business (Item 1)

Mexico

operates innamed as a risk

•war (such as the ongoing military conflict between Russia and Ukraine, the Israel - Hamas conflict, other hostilities in the Middle-East, the Thailand - Cambodia border conflict, and potential conflicts in Venezuela), civil disturbance (such as cartel-related violence in Mexico), global or regional catastrophic events, natural disasters, and acts of terrorism;Risk factors (Item 1A)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Hazards

Asbestos litigation (Crown Cork & Seal)

$177 millionnamed as a risk

As of December 31, 2025, Crown Cork’s accrual for pending and future asbestos-related claims and related legal costs was $177 million, including $125 million for unasserted claims.Risk factors (Item 1A)

Also named by ESAB, FERG, LECO, PPG, ROK, VNT, WTS

Thailand - Cambodia border conflict

operates innamed as a risk

•war (such as the ongoing military conflict between Russia and Ukraine, the Israel - Hamas conflict, other hostilities in the Middle-East, the Thailand - Cambodia border conflict, and potential conflicts in Venezuela), civil disturbance (such as cartel-related violence in Mexico), global or regional catastrophic events, natural disasters, and acts of terrorism;Risk factors (Item 1A)

Summer weather seasonality

named as a risk

Unseasonably cool weather can reduce consumer demand for certain beverages packaged in the Company’s containers.Risk factors (Item 1A)

Commodities and inputs

Aluminum

exposed to its price · 47% of consolidated cost of products soldnamed as a risk

In 2025, consumption of aluminum and steel represented 47% and 8%, respectively, of consolidated cost of products sold, excluding depreciation and amortization.Business (Item 1)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Steel

exposed to its price · 8% of consolidated cost of products soldnamed as a risk

In 2025, consumption of aluminum and steel represented 47% and 8%, respectively, of consolidated cost of products sold, excluding depreciation and amortization.Business (Item 1)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Mexican peso

exposed to its price · approximately $20 millionnamed as a risk

For the year ended 2025, the Company was primarily impacted by changes in the Mexican peso, the euro, and the Thai baht.Risk factors (Item 1A)

Also named by AYI, AZO, BAX, CDRE, CP, DCH, EZPW, FCFS and 14 more

Euro

exposed to its pricenamed as a risk

For the year ended 2025, the Company was primarily impacted by changes in the Mexican peso, the euro, and the Thai baht.Risk factors (Item 1A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Thai baht

exposed to its pricenamed as a risk

For the year ended 2025, the Company was primarily impacted by changes in the Mexican peso, the euro, and the Thai baht.Risk factors (Item 1A)

Also named by CLS

Natural gas and electricity

depends onnamed as a risk

The Company’s manufacturing facilities are dependent, in varying degrees, upon the availability of water and processed energy, such as natural gas and electricity.Business (Item 1)

Also named by CDRE

Bisphenol-A

subject tonamed as a risk

While the Company is exploring various alternatives to the use of bisphenol-A and conversion to alternatives is underway in some applications, there can be no assurance the Company will be completely successful in its efforts or that the alternatives will not be more costly to the Company.Risk factors (Item 1A)

Polyethylene and polypropylene resin

exposed to its pricenamed as a risk

Transit Packaging also uses materials derived from crude oil and natural gas, such as polyethylene and polypropylene.Business (Item 1)

Regulators

French Competition Authority (Autorité de la concurrence)

subject to · €4 millionnamed as a risk

On December 29, 2023, the FCA issued a decision imposing a fine of €4 million on the Company.Risk factors (Item 1A)

Also named by NVDA

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

The EU and Canada have banned the use of bisphenol-A in baby bottles, and the U.S. Environmental Protection Agency ("EPA") has considered adding bisphenol-A, which it has described as a potential reproductive, developmental, and systemic toxicant, to the chemical concern list and using its Design for the Environment program to encourage reductions in bisphenol-A manufacturing and use.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

European Commission

subject tonamed as a risk

In December 2024, the Company appealed the General Court’s judgment to the European Court of Justice.Risk factors (Item 1A)

Also named by AAPL, BKNG, FWONA, IONS, KRYS, META, MRNA, TEX and 1 more

Pension Benefit Guaranty Corporation (PBGC)

subject tonamed as a risk

In the event its U.S. pension plan is terminated for any reason while the plan is underfunded, the Company will incur a liability to the PBGC that may be equal to the entire amount of the underfunding, which under certain circumstances may be senior to the Company’s outstanding notes.Risk factors (Item 1A)

Also named by TLN

Supreme Court of the United States tariff ruling

subject tonamed as a risk

On February 20, 2026, the Supreme Court of the United States ruled that many tariffs imposed by the current administration were unlawful.Risk factors (Item 1A)

Laws and programs

One Big Beautiful Bill Act (OBBBA)

subject tonamed as a risk

The ultimate impact of this legislation on the Company’s financial results remains uncertain and could be material.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

Sugar-sweetened beverage taxes

subject tonamed as a risk

For example, taxes on certain sugar-sweetened beverages and/or energy drinks have been enacted in France, the U.K., Poland, Portugal, Hungary, India, and Saudi Arabia.Risk factors (Item 1A)

Also named by GPGI, KDP

U.S. tariffs on aluminum and steel

subject tonamed as a risk

In February 2025, the U.S. imposed additional tariffs on aluminum and steel as well as on imports from China and announced and subsequently paused implementation of tariffs from Canada and Mexico.Risk factors (Item 1A)