Howard Yu
Thank you, Dan. Starting with our results. 2024 full year comparable diluted earnings per share was $3.17 versus $2.90 in 2023. Fourth quarter 2024 comparable diluted earnings per share was $0.84 versus $0.78 of the fourth quarter of 2023, an increase of 9.3% and 7.7% respectively. Full year comparable net earnings of $977 million were up year over year driven by strong operational performance, cost management initiatives, and lower interest expense which were able to more than offset the earnings headwinds from the sale of our aerospace business.
Fourth quarter comparable net earnings of $250 million were up year over year, driven by cost management initiatives as well as lower tax and interest expense which were able to more than offset the earnings headwinds from the sale of our aerospace business.
In North and Central America, stronger than expected performance in December volumes was more than offset by lower than expected volume in October and November. Despite a softer US mass beer category and stretched end consumer, we continue to believe that our 2025 volume will return to growth and will be in line or slightly above market.
Throughout 2024, our team has done a great job of improving operational efficiencies, lowering costs, and effectively countering measuring risk. And through our Ball business system, we will continue to drive operational improvement in the plants to more profitably serve our customers' growth.
While we have a tough comp in the first quarter, as well as headwinds from poor weather across the US in January, we expect sequential improvement throughout the quarters, leading to volume growth in 2025. In EMEA, fourth quarter segment volumes was strong, and the segment comparable operating earnings increased 12.5%, matching our expectations entering the quarter.
Recent demand trends remain favorable, and the business is on track for significant year over year comparable operating earnings growth in 2025, driven by improving operational efficiencies and volume growth. In South America, segment comparable operating earnings increased slightly while segment volumes declined due to continued weakness in Argentina and the supply demand tightness in Brazil, partially offset by volume growth in Chile and Paraguay.
During the fourth quarter, consumer conditions in Argentina continued to demonstrate some gradual signs of recovery, and we continue to monitor the dynamic economic situation in Argentina and potential scenarios that could impact results. To provide additional volume support for our Brazil business, we plan to reopen Pouso Alegre facility.
Looking at the businesses within our other, our personal and home care business, which was previously called aerosol, performed well and grew volume mid single digit in the fourth quarter, and we expect to grow volumes above our long term range in 2025.
Moving on to additional key financial metrics and goals for 2025. We anticipate year-end 2025 net debt to comparable EBITDA to be 2.75 times as we work to deliver on our stated goals of repurchasing at least $3 billion worth of shares between 2024 and 2025. After repurchasing $1.7 billion of shares in 2024, we will repurchase at least $1.3 billion of shares in 2025. And we'll remain aggressive in repurchasing our stock at what we believe is very attractive pricing.
Through today's call, we have repurchased $290 million worth of shares year-to-date. 2025 CapEx is expected to be slightly below D&A in the range of $600 million. We anticipate being able to deliver on our target at comparable net earnings equal to adjusted free cash flow in 2025.
Relative to the estimated tax payments due on the aerospace sale, we now expect total payments to be $875 million. We paid a total of $766 million as of the end of the fourth quarter and expect the remaining portion to be paid in the first half of 2025.
Our 2025 full year effective tax rate on comparable earnings is expected to be slightly above 22%, largely driven by lower year over year tax credits.
Full year 2025 interest expense is expected to be in the range of $270 million.
Full year 2025 reported adjusted corporate undistributed costs recorded and other non-reportable as expected to be in the range of $160 million driven higher by lower interest income from the cash proceeds of the aerospace sale.
And last week Ball's board authorized the repurchase by the company of $4 billion of our common stock through the end of 2027, as well as declared its quarterly cash dividend.
Looking ahead to 2025, we are hyperfocused on operational excellence, cost management, driving efficiency and productivity across our business, and monitoring emerging marketing volatility.
We are fully committed to maximizing the potential of our company over the long term. We have executed on de-risking the corporation through debt retirement, and we have minimal near-term maturities. The runway is clear for us to activate near-term initiatives to consistently deliver high quality results and generate compounding shareholder returns. With that, I'll turn it back to Dan.
Daniel Fisher
Thanks, Howard. The business is operating well and we have future-proofed our business through long-term contract renewals, deleveraging, and footprint optimization.
Through the strength of our portfolio and the unwavering dedication of our employees, we are confident we will deliver on our long-term financial goals of exceeding 10% comparable diluted EPS growth, generating adjusted free cash flow in line with our comparable net earnings, and returning value to shareholders through large scale share repurchase and dividends.
The focus on executing our purpose and our promise was certainly on display during 2024. In 2025, we have the opportunity to deliver record adjusted free cash flow and comparable diluted earnings per share.
We will continue to meet our customers where they are to deliver affordable, innovative aluminum packaging solutions that can lead to a world free from waste.
Shareholder value creation remains our focus, and we continue to prioritize delivering compounding shareholder returns in 2025 and beyond. We are confident that consistent delivery of high quality results and operational performance, coupled with the significant share repurchases for the foreseeable future in addition to dividends will drive shareholder value creation.
We appreciate the work being done across the organization.
And extend our well-wishes to our employees, customers, suppliers, stakeholders, and everyone listening today.
Thank you.
And with that, Christine, we are ready for questions.
Operator
(Operator Instructions)
George Staphos, Bank of America.
George Staphos
I guess first question recognizing there's been delays, to what extent have you been able to determine the effect of tariffs and what that might have relative to the guidance that you're providing either in terms of volume and/or supply chain on aluminum? For instance, if there is some impact on Mexican shipments, might that be made up in North America or not? And then I had a couple of quick follow-ons.
Daniel Fisher
Yeah. George, great question. I'm on a call every single day and the details obviously are changing relative to tariffs. I think maybe start with what is eminent imminent is what's happening to the aluminum supply chain in China. And we have spent the better part of the last few weeks mitigating what started as a potential $40 million to $50 million issue and I think we've got that resolved down to millions of dollars -- a couple million dollars. So we've renegotiated deals with the supply base. We've enforced elements of our contract. A lot of that metal was going into South America actually because a lot of these supply chain -- metal supply chains have been altered significantly back in the '15 and '16 time frames.
So that one you -- can put that one to bed as it having minimal nominal year over year impact to us. But the -- I think what you're highlighting is our concern would be depending on the size of this or the peace coming across the border from Mexico it would be really end consumer additional pressure there in volume. The good news is, some of the stuff that comes across the border from Mexico is the growing aspect of your beer portfolio.
Obviously we've been in constant contact with some of those customers and we've got plans in place to help risk mitigate, but if it's 25%, that's a vastly different story than a 10% versus a 2.5% and the 25% to me would be more concerning just in terms of a pretty stressed in consumer. So I would be more concerned about the volume for that aspect of the portfolio, which is not that big for us, but every bit counts these days relative to accumulating a tailwind on growth.
So not a lot of detail for you. The stuff that I know in detail, we've worked, we've mitigated it. The other stuff is still in flight. The 25% number would be more concerning and it would be more concerning relative to end consumer demand, which would certainly dampen our current outlook.
George Staphos
And the other question and it's a two parter. Can you talk about -- and I'll try to make it painless, can you talk a little bit about how these investments you talked about including the Florida can business might affect your earnings and/or volumes? In other words, would you have been comfortable with the growth outlook you gave if you weren't making these investments, or do you need these to get there?
And then just, look, having covered the company for a while, like a lot of folks on this call, for the last few years, Ball's been very busy. But at times, sort of getting to the bottom line, the investments, the activity has not been necessarily as you would have expected. And so what comfort would you give analysts and investors that you can manage another can plan, you can manage investment and at the same time execute and get to the bottom line to hit your goals? Good luck in the quarter.
Daniel Fisher
Yeah. Thanks. I think if I'm following that train of logic, I would just say that I guess over the last couple of years in North America, we've significantly outperformed on earnings. So I guess I'm struggling with some of the -- some parts of the question, but I'll answer this in terms of the (multiple speakers)
George Staphos
I mean going back to the can plant additions from the growth boom and how that came through in terms of earnings. That's where I was going with that. I'm sorry about that. And clearly, you definitely did get great operating leverage over the last couple of years, but that's where I was going with that part of the question.
Daniel Fisher
Yeah. Well, the investments have more than paid for themselves by restructuring aged assets that were less productive. So all of that, I mean if you look at that, it's actually worked out pretty well. The two investments that we have, one, I've said repeatedly that we didn't want to abandon the Northwest marketplace permanently. So that one shouldn't come as a surprise.
It's in line with investments by our customer in that part of the world. So it's repositioning that footprint to be more closely aligned to their investments. So that should work well moving forward. It's a lot of thought in that application of investment there. And then picking up a significantly reduced price point on a great plant that's nearby and existing Tampa facility in a market that's growing. We're going to really like that in 2026 and beyond.
Howard Yu
I think George, maybe just one thing to add is that that Northwest investment that Dan's talking about, that would still be within our envelope of CapEx that we've described. And so our CapEx in 2025 will be below D&A and despite that that investment in the Northwest. And so I wanted to make that clear as well.
George Staphos
And do you need these to hit your goals or these would have been additive to the goals you gave?
Daniel Fisher
Additive in '26.
Operator
Phil Ng, Jefferies.
Phil Ng
Volume in North America has been anything but predictable. It's been weaker, but you sounded pretty confident, North America will grow faster than the market and faster than your longer term target. So I guess first out of the gates, what are you seeing? And then you called out contract renewal with one of your larger customers in North America, which is great, gives you visibility out years. Did you pick up any volumes and how should we think about pricing for those contracts that you guys renew?
Daniel Fisher
Yeah. I would say 2025. Let me start with that piece. I think the industry is expecting kind of that 1%-ish growth rate. For us, obviously, we were lapping 2023 pretty significant marketing dislocation and then last year, we had a sizable share reallocation on one of our major beer partners. So we're stable heading into this year, some incremental volume pick ups. And it's going to boil down to health of the end consumer.
Are you with the right customers with the right partners from a mixed perspective? So I believe we are. So that's why I'm more bullish that will tick a little north of how the market performs. And then relative to pricing, fairly stable in the out years relative to the large customer contract that we picked up. Some of that obviously when you're making investments on behalf of those customers, you're able to offer a different value proposition. So that's created some structure and some stabilization for us relative to that customer.
Phil Ng
Any share gains and volumes picked up as part of that investment with that customer?
Daniel Fisher
We believe that we've picked up I would say -- I would characterize it this way, I think where we have a secured volume, we believe that'll be -- it'll be growing at a faster rate than their portfolio given some of the pressure, for instance, in the Northwest on some anti-plastic sentiment.
Phil Ng
And then when I think about Dan, how you've historically been aligned globally and certainly, North America as well, you guys have been aligned with the big brands, big customers. And when I think about North America, frankly, there's been a lot of innovation in the beverage industry, and a lot of that's actually coming from smaller brands and entrepreneurs whether it's ready to drink cocktails, non-alcoholic beers, and actually non-alcoholic beverages on that ready to drink side functional soda and stuff of that nature.
So my question to you is, how is your growth to market strategy perhaps evolving? Are you going after some of these customers in a bigger way just because demand's been pretty mute in North America and the big concerns have been is this a structural dynamic you can't grow out of? So how is your go to market strategy pivoting in an evolving marketplace where there's still a lot of innovation out there?
Daniel Fisher
No, I think that's a great comment, Phil. So historically, I mean we're kind of with everybody in the marketplace. Our portfolio is exponentially larger than any of our competitors in terms of the customer and the category mix. We've got a pretty healthy balance across everything. It's interesting, you commented on ready to drink cocktails. So one of our bigger customers actually acquired the brand that owns 40% of the ready to drink cocktail.
So these two things generally, if they're really successful innovative launches, they typically get acquired. So you've got -- you have to play -- candidly, you have to play kind of who are the acquires, who are the innovators. You kind of start there with your anchor investors and then you work both sides of the equation to help stimulate product launches.
And so the poppies of the world, the liquid death, so it's like they're large in our portfolio. So but it's hard to if Coke is growing and ABI is growing and the large customers are growing, we're going to grow. If they're not growing, you can have all of the startups in the world and you're just not going to move the needle on the size of volume. So there's definitely a balance. I don't think we've moved away from innovation, driving sustainability with the -- and helping the smaller innovation driven brands and customers in the marketplace, but at the same time, you got to help make sure that your key partners are winning in the market, and that's really how you're going to win.
Operator
Ghansham Panjabi, Baird.
Ghansham Panjabi
Dan, going back to the Analyst Day from June of last year where you spent a fair amount of time on some of the productivity initiatives that we're going to unfold over a multiyear basis, largely in North America. And to put that in just kind of given what you've done or have announced with Oregon, and also the acquisition in Florida, does that allow you the opportunity -- a bigger opportunity as it relates to reconfiguration of the footprint and to re-accelerate that productivity because it's not like volumes are growing faster in the industry relative to those two additions?
Daniel Fisher
I think these -- once these are in place, yes, you'll be able to pick up efficiencies. We didn't vacate demand, for instance, in the Northwest. So you're shipping in that demand. So that will be a benefit, right, in terms of delivered cost.
And then it's we're acquiring an incredibly efficient asset base down in Florida that we can do some things relative to running different can sizes and then becoming more efficient on lines within that subregion. So we just closed a deal today. So we've got some ideas on what we're going to do, but we're going to have to get in there and do that. But yes, that will -- anytime, you've got incredibly efficient assets, well run assets that gives you opportunity to be more flexible in a system of our size.
Ghansham Panjabi
And then as it relates to Europe, obviously Europe was a very nice surprise I would say for the industry from a volume perspective last year, how are you thinking about 2025 as it relates to volume growth, tougher comparisons and just the fact that it is Europe? So.
Daniel Fisher
Yeah. Well, as we sit here today, like we thought we'd be entering into -- 2023 fourth quarter, there was the destocking event that took place which muted volume. Then everybody got off to a pretty good start in the first quarter. So I thought the comp would be a little bit more challenging this year '25 versus '24 because of that sequencing of events and we're off to a really good start there.
So I think it's just, listen, we've always talked about the opportunities that Europe presents because it's got the lowest can penetration. And as it evolves into a focus on carbon footprint, we've got a great product for that. It's a glass-rich environment in Europe, as you know. And I think the health of the end consumer to some extent is a little more balanced in terms of our customers not necessarily being able to put through price at the same rate with the same veracity that they're able to in North America.
And as a result of that, I think it's a really stable environment for continued growth and we're fortunate that we put in place a couple of large assets there to grow into and we're continuing to grow into those. So I think we'll be at the high end of our long term guidance for Europe again this year.
Operator
Stefan Diaz, Morgan Stanley.
Stefan Diaz
Maybe first, going back to North America, do you need to see low single digit volume growth to be able to hit your EPS guide, or can we sort of have like a flat to down environment in 2025 and still grow earnings just considering the shares you're buying back? Or maybe is it just as simple as if you grow 2% to 3% globally, you should be able to hit your EPS guide?
Daniel Fisher
Yeah. I'd say for a negative print on volume that looks like what we did this year, I think we'll be very challenged to hit EPS target even with share buyback at a more aggressive rate. A flattish environment offset by maybe a little bit more growth in Europe, I think it's probably a good recipe to deliver the range we outlined, but yeah, we're getting to a point where you're going to need some growth in North America.
It's not only the profitability associated with the volume growth, it's also really hard to offset negative volume of productivity gains. At some point, we're a volume business. We've done a lot of heavy lifting and done some tremendous things to increase the level of profitability in North America, but you'll start running into a bit more of a challenged environment relative to North America, and then you'll have to rely more on mix and some other things to steer you to a heavier profitability lift there.
But yeah, I'm feeling really good where we're at right now starting the year. Things are pointing in the right direction with the strength of Europe in the event that things don't materialize in the growth in North America, but certainly growth is going to at some point an important cog if not necessary to expand margins.
Stefan Diaz
And then so the last couple calls now, you noted a supply demand mismatch in Brazil. So I guess maybe how are your inventory levels in the region and maybe how is demand shaken out versus your expectations so far quarter quarter to date? And then maybe if you could also just parse out Brazil volumes in the quarter versus Argentina volumes just so it's easier for us to compare versus your competitors.
Daniel Fisher
Sure. So Brazil grew in the fourth quarter. We didn't. I would say we entered into -- we're managing certainly the downturn in Argentina aggressively from a cost perspective in the second and third quarter. We were doing the same thing in Chile, which has been soft and has declined for the last two or three years. And then Brazil was kind of low single digit growth for the first two quarters.
And we also were running a much tighter capacity outlook within our network there. And then suddenly, it got real hot at the end of Q3. So we entered. We were tight and running short on inventory positions at the end of Q3. We started turning on a curtailed mine in Argentina, a curtailed mine in Chile, multiple curtailed mines in Brazil, and as we said in the opening, we're turning back on a curtailed plant, but that's just taking longer than we anticipated.
So we'll return to growth in Q1 and we'll grow in excess of our long term outlook next year because we're seeing recovery in Chile, we're seeing recovery in Argentina. We'll be fit to serve Brazil and we'll be coming off in much easier comp obviously in Q3 and Q4 '25 versus '24.
Operator
Anthony Pettinari, Citi.
Anthony Pettinari
Yeah, in previous quarters, you've kind of been able to grow EBIT year over year without much volume growth. And I guess that change in 4Q. I'm just wondering did you, I don't know, lap any key cost saves or were there any kind of PPI pass throughs or change in price mix? I guess maybe you lapped the Wallkill plant closure but I'm just curious if there was anything that kind of drove that leverage.
Daniel Fisher
Yeah. I think you're talking specifically about North America. We've done -- listen, we're running to historical asset utilization rates now. So we've done kind of the heavy lifting over the last couple years. So we've lapped that. So in many respects what you're describing is yes, we're going to have to get a little bit of growth. I think the new investments that we're making will also give us an opportunity to create an even more efficient supply chain with the Florida can investment in particular.
So there are things that we can do now that we have that asset in the portfolio, but yeah, we're tight and we're also obviously shipping products as I indicated to an earlier question into the Northwest. So there's inefficiency relative to that.
That will lap once we get the new facility up in Oregon. So there's opportunities there to do some more and gain productivity, but turning on curtailed lines and running them is going to be the most efficient way to lever up margin wise.
Anthony Pettinari
And then can you maybe talk about operating rates or sort of system utilization in Europe? I guess volume growth has probably been ahead of other regions, but I don't think you've added a lot of capacity in recent years. I'm just wondering if there's anything kind of in the CapEx plan for '25, '26 for Europe or opportunities for the debottlenecking or new lines or anything like that.
Daniel Fisher
Yeah. We have -- I guess over the last two to three years, we've added two huge facilities, one in the UK and one in the Czech Republic. So we've been -- those will both be four line plants by the end of next year. So we have done some incremental line enhancements and investments and that's been able to lift us. It's actually getting quite tight all throughout Europe right now.
Over there's a lack of capacity to meet the demand in the UK. So we're looking at things there. But yeah, that -- if these growth rates continue, I mean that's a big market growing at 3%, 4%, 5%. So that would -- that's going to require probably think about '27, '28 to be doing other things in that part of the world.
Operator
Mike Roxland, Truist.
Mike Roxland
Just wanted to talk to you about the competitive backdrop. There have been some concerns out there in North America anyway that pricing could be a risk later this year or early next year when some big contracts come up for for renewal. Obviously, Dan, you addressed one of them. As you mentioned, you got that extend to the end of the next decade or this decade, I should say, but just trying to get a sense from you as to what the competitive environment is like, particularly given softer demand, maybe some competitors looking to gain share.
And I think in a recent conference, you also called out as the Midwest in particular is being somewhat challenged.
Daniel Fisher
Yeah. I think I've been pretty consistent on this, Michael. As you know, there -- when you look at the number of facilities that were built, there was quite a few facilities built in the upper Midwest. Northern Kentucky region, and the demand growth has really been on the coast in the Southeast in Texas. So there are reasons for those bills. I think there were a lot of subsidies that went into those bills, but they're not necessarily positioned for the demand profile moving forward.
With that said, we're tight. We've structured our asset base in a way that has enabled us to be tight but also be very close with our strategic partners to make sure that we're doing the right things for them. Medium and long term, that was rewarded in the contract renewal.
Relatively speaking, the pricing that we're seeing is better than the past 20 years minus the pricing that we were securing during a massively under supplied marketplace. So they're really healthy margins to make money and flow cash and manage. They could potentially not be as good as what we were looking at three years ago.
I'm talking about incremental differences, not meaningful differences, but I think we're happy with what we're securing and at the prices we're securing, and we think we can grow and expand margins based on that and flow really nice cash.
Mike Roxland
One quick follow up. Just in terms of beer, obviously category still lagging. We're still trying to figure out the SKUs, the mix, how to target both premium and discount without getting stuck in the middle. How far along do you think the beer companies are in this process? And I'll throw it out there. When do you expect beer demand to inflect higher? Any sense when that could ultimately turn?
Daniel Fisher
Honestly, I don't know the inflection. I would expect it would be a very aggressive behavior here in the peak season coming up in North America. You're starting to see -- I even saw one of our customers today just in a non-alcohol range there, the pricing is not enough to grow the top line. So I think once they start hitting these price elasticity curves where they cannot grow the top line, I think behavioral patterns will change. I think some of the plans I've seen. I'm encouraged. I really do think it's going to be what customer or what partner you have is going to matter.
Obviously some of the folks that had really nice growth trajectory, they're dealing with tariffs right now and they're dealing with how they make sense out of that. I think that'll continue to grow medium and long term because of the relationship they have with the population growth that prefers those products and then others I think are going to get more focused on their portfolio.
There's going to be some new innovation that comes out and the folks that have struck a nice balance between being a beverage company and being a beer company, those are the ones that I believe will win medium and long term. And I think we have an overweight to them. That's a great question. When are we going to see it? And the end consumer obviously still weak.
You're in the dry January portion of the year. So no surprises here that you see softness in the beer side right now. Things start to pick up here. Right now, with the Super Bowl week and then beyond that, heading into spring break, weather patterns, that'll all be important to see pricing behaviors and I think hopefully a return to volume growth being the principal driver of their economic decisions.
Mike Roxland
And good luck in '25.
Operator
Mike Leithead, Barclays.
Mike Leithead
I have two semi-related questions. Howard, just a quick housekeeping. I think the release dates you plan to deconsolidate cups starting in 2025, I think in the past, you've talked about it being about a $40 million drag. So is that a $40 million earnings tailwind as we think about '25 year over year?
Howard Yu
Yeah, Mike. I think it depends on when we're able to get to a full agreement here as it relates to the joint venture structure. As it is today, those losses associated with cups are still flowing through right now in the quarter. And so timing matters here. If we assume that we had talked about $40 million historically and we go through the first quarter, get this transaction done, then it's probably somewhere around the $25 million that we'd see improvement year over year.
Mike Leithead
And then second, on the share repurchase, if I do the math, it's about $1.3 billion, I believe, of repurchases this year, which today is about 8.5% of the company. So is cups and buybacks the largest drivers of the 10% year over year EPS growth? Or just how should we think about core beverage can earnings growth compared to '24?
Howard Yu
I mean I think we're going to see some -- obviously operating earnings growth is going to matter. When we talked about the algo, certainly Dan's talked about the North America piece and maybe a little bit of challenges there, but we feel very good about our growth profile both in terms of volume and the leverage associated with operating earnings in EMEA as well as in South America.
We're bullish on Argentina and the green shoots that we're seeing there. The macros certainly are going to improve. And so I think that there's no reason to believe that we're not going to be able to achieve that healthy aIgo in that region as well.
And then, as you said, I mean we are going to have a significant amount of share buyback and the like. One thing to keep in mind is that, we will see less interest income this year because with the proceeds associated with the aerospace sale, we had over $42 million of interest income that won't repeat year over year.
Operator
Edlain Rodriguez, Mizuho.
Edlain Rodriguez
I mean big picture question, Dan. I mean in terms of now you have questions that whether beer or alcoholic drinks might be bad for your health. But I think somebody has said, it's probably cancerous or dangerous for you. So at the margin, this will make some people think twice about drinking alcohol, not being included. So of all the things that you think about that keeps you awake at night, is this one of them, is this or should this be one of them? Like any thoughts there would be appreciated.
Daniel Fisher
You're probably asking the wrong guy because I enjoy my alcohol. But --
Edlain Rodriguez
You and me, both.
Daniel Fisher
Yeah, I really don't. We seem that -- we see I think we've known it's probably not at moderation, everything. I mean I don't want to go down this path with you, but the thing that keeps me up at night right now is the health of the end consumer in North America. That's what keeps me up at night. All of this other stuff is noise. And that's what I'm hearing from our customers as well.
So until which time I can sift through a return to some normal spending patterns by the end consumers, this stuff is really -- it's on the radar as it should be, but it's not -- we're not losing sleep over this. This is not going to in the next three to five years create a challenge for us in the slightest. In fact, beer -- you're counting on beer growth everywhere else in the world.
I mean if beer doesn't grow, then we're not growing in the can. So it doesn't seem to be a concern in other parts of the world, but it seems to be a focus of a lot of conversation in North America. So it's dislocated in that sense. But yeah, I wish I had a better answer for you.
Edlain Rodriguez
But no, that's good enough. And just to follow up in terms of the share buyback, I mean, of course, the share price has come down quite a bit over the past couple of weeks, months. Like what are you thinking in terms of the pace of the share buyback? Are you trying -- are you -- should we be thinking like more aggressive in the near term or just going to be like more disciplined systematic throughout the year?
Howard Yu
Everyone, I think you've seen our behavior here and I think I indicated even earlier that we bought back $290 million worth of shares in a month plus. So the answer to your question is yes. We see this as an opportunity for us to be overly aggressive perhaps and with the value of the stock, we're going to lean into that here in the short term. Certainly, recognizing that, we'll likely exceed the $1.3 billion worth of shares here in 2025.
Operator
Chris Parkinson, Wolfe Research.
Christopher Parkinson
Could you just give us a little bit more color since you went over the beer thesis on what you're seeing in energy markets in particular in both the US and Europe? There's been a lot of noise over the last 6 to 12 months. So just hoping to hear kind of the best updates there as well.
Daniel Fisher
Yeah. I think Europe is probably pretty easy. Our Europe energy portfolio is growing at high mid single digits. So and that has continued to perform that way for the last five, six, seven years. So not a lot of change on that front. I think in North America, there are tiers to the energy drink, classification. One product, I think one of the larger products, it's definitely tied to Hispanic population, the construction industry and so interest rates matter to that particular product.
Others have different effects. The end consumer though matters. Now what we're seeing kind of right out of the gate is more aggressive pricing, and we're seeing growth through January in the energy segment. So I think they're in a place where they have a lot more price, I think, to work with relative to their products to push for growth in some instances, and I think you're going to see that a much more competitive baseline to grow volume and grow share, which is good.
I haven't seen the same behavioral pattern in beer, but energy looks to be an area where I think you'll have a return to growth in 2025 in North America and it will maintain growth at similar rates in Europe.
Christopher Parkinson
And just in terms of the longer term South American, I'll go putting, let's put Argentina aside for a second. There's been a lot going on once again in terms of customer, or let's say industry bankruptcies to a few rainy carnivals post-COVID, all that stuff. When you take a stance, right here right now heading into '25, how much confidence do you have in that through growth rate, at least in Brazil and forecasting that, aluminum should still be the primary substrate winner versus class and everything else. Just any comments there would be also very helpful.
Daniel Fisher
Yeah. We believe that there'll be growth in Brazil. It'll be in that kind of 2%, 3%, 4% range next year, but for us, we'll grow in excess of 4% to 6% because Chile has returned to growth, Paraguay is growing at double digits. Argentina is returning and inflecting the growth. So we've got some, where we had unfavorable comps this year, we'll have favorable comps next year in those economies and Brazil will actually grow at a slower rate than we will, because of our portfolio, but we believe Brazil will grow, but to your point, it's probably a little bit more muted than what you saw this year.
We'll do one more question, Christine.
Operator
Arun Viswanathan, RBC.
Arun Viswanathan
Maybe I could just get first your thoughts around these two beverage can plant acquisitions. Could you provide maybe your thoughts on ROIC or kind of payback period if there's any synergies? What can those two kind of add to your kind of outlook over the next say two to three years maybe from a EBITDA standpoint if at all or free cash flow?
Daniel Fisher
Yeah, I think the -- so we're only acquiring one, the other one would just be a new facility. So we began in growth -- volume growth that we can't serve today in the upper -- in the Northwest, and then we'd be positioning the supply closer to the customer. So probably $20 million additionally a year. Back half of '26, most likely beginning of '27, and then we'll hit a $25 million to $35 million EBITDA run rate in the beginning of '27 for the Florida can acquisition. So about a four year to generate positive EVA.
Arun Viswanathan
And then just back to the beer question. So it sounds like there is a -- I mean I can appreciate the large customers of yours could acquire some nice growing properties, but what are they going to -- what is it really going to take for them to accelerate beer because as you said earlier and throughout the call that if you're not growing beer globally, it's going to be difficult and especially in North America.
So is it something where they can take a leadership position within the category? Was that done in CSD? Is it going to require some new beverage development or what do you think and what are you hearing from them as far as ways to really energize that growth profile?
Daniel Fisher
Yeah, in beer specifically, so I guess there's beer volume writ large and there's beer in cans. So I still like our ability to move the substrate needle over time. And the baseline. And that's -- we've been growing in beer for a decade plus. So a lot of it has to do with substrate, but then when you look at portfolios, there's certainly been a disaggregation from having too many, too large of a portfolio. So really moving to a more efficient delivery of brands that they believe are going to win with an affordability lens on that.
And so we're helping to make sure that we have a more strategic supply chain. But in the -- if you look at the largest brewer in the world, I mean their portfolio, they have the largest ready to drink cocktail. They have the fastest growing domestic light beer. They -- so there are I think you really have to look within these portfolios, what they're doing, what they're going to do. And do you believe in that trajectory and how can you help play a role in that? So I think innovation matters.
I think you'll see an investment in a lot more non-alcohol moving forward. It's not going to be a surprise to see that. But when you find a winner, and I think it might be -- I just look at -- I look at these traditional beer players as beverage companies and they've got to get that right because they own the distribution patterns, they own the shelf space to a large extent. And so they got to put things on the shelves that are going to sell, and there's a greater likelihood that it's going to be in a can than any other format.
And so that's sort of how we're thinking about it, but the beer question, I think that's the right question, but does it have to be beer?
Thanks, Christine. We'll leave it there and look forward to talking to you again here at the end of the first quarter. Hope everybody stays safe and healthy.
Operator
Thank you. Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.
