Ardagh Metal Packaging S.A. - Fourth Quarter and Full Year 2025 Results

LUXEMBOURG, Feb. 26, 2026 /PRNewswire/ -- Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the fourth quarter and year ended December 31, 2025.

December 31, 2025

December 31, 2024

Change

Constant Currency

Fourth Quarter

($'m except per share data)

Revenue

1,346

1,195

13 %

10 %

Loss for the period

(16)

(11)

Adjusted EBITDA (1)

166

164

1 %

(1 %)

Loss per share

(0.03)

Adjusted earnings per share (1)

0.03

Dividend per ordinary share

0.10

Full Year

Revenue

5,497

4,908

12 %

10 %

Profit/(loss) for the year

(3)

Adjusted EBITDA (1)

739

672

10 %

8 %

Loss per share

(0.02)

(0.05)

Adjusted earnings per share (1)

0.21

0.17

Dividend per ordinary share

0.40

Oliver Graham, CEO of Ardagh Metal Packaging (AMP), said:

"2025 was another year of strong performance for AMP, underpinned by shipments growth of over 3%, a favorable product mix and solid operating performance. We delivered Adjusted EBITDA growth of 10% which significantly outperformed our initial guidance. Our tight focus on cost control generated meaningful operational and overhead cost savings, while our operations teams effectively balanced evolving demand patterns – both in terms of category mix and can sizes – to position our capacity to support our customers' growth.

Our strong performance in the Americas was driven by significant growth in North America full-year volumes (+6%) despite supply chain challenges. Our strong customer portfolio, in particular in the energy category, drove favorable mix which more than offset the impact of softness in the Brazil beer market. In Europe, operations and overhead cost savings, as well as shipments growth in carbonated soft drinks and in other growing non–alcoholic categories offset the expected metal input cost recovery headwind.

In each of our markets the beverage can continues to take a higher share of our customers' packaging mix, driven by the can's convenience, branding potential, total cost of ownership and sustainability credentials. We anticipate continued supportive global industry shipments growth in 2026, with more modest shipments growth for AMP as a result of some softness in North America following contract resets. AMP's Adjusted EBITDA growth in 2026 is expected to be driven by volume growth in Europe and Brazil, an attractive customer mix, operational efficiencies and other savings."

2026 outlook:

Financial Performance Review

Bridge of 2024 to 2025 Revenue and Adjusted EBITDA

Three months ended December 31, 2025

Revenue

Europe

Americas

Group

$'m

Revenue 2024

542

653

1,195

Organic

(34)

154

120

FX translation

—

Revenue 2025

539

807

1,346

Adjusted EBITDA

Europe

Americas

Group

$'m

Adjusted EBITDA 2024

108

164

Organic

(6)

(1)

FX translation

—

Adjusted EBITDA 2025

102

166

2025 Adjusted EBITDA margin %

11.9 %

12.6 %

12.3 %

2024 Adjusted EBITDA margin %

10.3 %

16.5 %

13.7 %

Year ended December 31, 2025

Revenue

Europe

Americas

Group

$'m

Revenue 2024

2,161

2,747

4,908

Organic

443

515

FX translation

—

Revenue 2025

2,307

3,190

5,497

Adjusted EBITDA

Europe

Americas

Group

$'m

Adjusted EBITDA 2024

257

415

672

Organic

FX translation

—

Adjusted EBITDA 2025

272

467

739

2025 Adjusted EBITDA margin %

11.8 %

14.6 %

13.4 %

2024 Adjusted EBITDA margin %

11.9 %

15.1 %

13.7 %

Group Performance

Fourth Quarter

Group

Revenue increased by $151 million, or 13%, on a reported basis to $1,346 million in the three months ended December 31, 2025, compared with $1,195 million in the three months ended December 31, 2024. On a constant currency basis, revenue increased by 10%, principally due to the pass through of higher input costs to customers and favorable volume/mix effects.

Adjusted EBITDA increased by $2 million, or 1%, on a reported basis, to $166 million in the three months ended December 31, 2025, compared with $164 million in the three months ended December 31, 2024. On a constant currency basis, Adjusted EBITDA decreased by 1%. The decrease is principally due to higher operations and overhead costs, partly offset by favorable volume/mix effects.

Americas

Revenue increased by $154 million, or 24%, on a reported and constant currency basis, to $807 million in the three months ended December 31, 2025, compared with $653 million in the three months ended December 31, 2024. The increase in revenue is principally due to the pass through of higher input costs to customers and favorable volume/mix effects.

Adjusted EBITDA decreased by $6 million, or 6%, on a reported and constant currency basis, to $102 million in the three months ended December 31, 2025, compared with $108 million in the three months ended December 31, 2024. The decrease was primarily due to higher operations and overhead costs and lower input cost recovery, partly offset by favorable volume/mix effects.

Europe

Revenue decreased by $3 million, or 1%, on a reported basis, to $539 million in the three months ended December 31, 2025, compared with $542 million in the three months ended December 31, 2024. On a constant currency basis, revenue decreased by 6%. The decrease is principally due to unfavorable volume/mix effects (impact of IFRS 15 contract asset) and the pass through of lower input costs to customers.

Adjusted EBITDA increased by $8 million, or 14% on a reported basis, to $64 million in the three months ended December 31, 2025, compared with $56 million in the three months ended December 31, 2024. On a constant currency basis, Adjusted EBITDA increased 8%, principally due higher input cost recovery, partly offset by higher operations and overhead costs.

Full Year

Group

Revenue in the year ended December 31, 2025, increased by $589 million, or 12% on a reported basis, to $5,497 million, compared with $4,908 million in the year ended December 31, 2024. On a constant currency basis, revenue increased by 10%, principally reflecting the pass through of higher input costs to customers and favorable volume/mix effects.

Adjusted EBITDA increased by $67 million, or 10% on a reported basis, to $739 million in the year ended December 31, 2025, compared with $672 million in the year ended December 31, 2024. On a constant currency basis, Adjusted EBITDA increased by 8%, principally due to favorable volume/mix effects, lower operations and overhead costs, partly offset by lower input cost recovery.

Americas

Revenue increased by $443 million, or 16%, on a reported and constant currency basis, to $3,190 million for the year ended December 31, 2025, compared with $2,747 million in the year ended December 31, 2024. The increase in revenue was primarily driven by the pass through of higher input costs to customers and favorable volume/mix effects.

Adjusted EBITDA increased by $52 million, or 13%, on a reported and constant currency basis, to $467 million for the year ended December 31, 2025, compared with $415 million in the year ended December 31, 2024. The increase was primarily driven by favorable volume/mix effects, partly offset by higher operations and overhead costs and lower input cost recovery.

Europe

Revenue increased by $146 million, or 7% on a reported basis, to $2,307 million for the year ended December 31, 2025, compared with $2,161 million in the year ended December 31, 2024. On a constant currency basis, revenue increased by 3%, principally due to the pass through of higher input costs to customers and favorable volume/mix effects.

Adjusted EBITDA increased by $15 million, or 6% on a reported basis, to $272 million for the year ended December 31, 2025, compared with $257 million in the year ended December 31, 2024. On a constant currency basis, Adjusted EBITDA increased by 2%, principally due to lower operations and overhead costs, and favorable volume/mix effects, partly offset by lower input cost recovery.

Earnings Webcast and Conference Call Details

Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its fourth quarter and full year ended 31 December 2025 earnings webcast and conference call for investors at 9.00 a.m. EST (2.00 p.m. GMT) on Thursday February 26, 2026. Please use the following webcast link to register for this call:

Webcast registration and access:

https://event.webcasts.com/starthere.jsp?ei=1749571&tp_key=c69c48b5eb

Conference call dial in:

United States/Canada: +1 646 769–9200

International: +44 (0)20 7769–6464

Participant pin code: 7198287

An investor earnings presentation to accompany this release is available at https://www.ardaghmetalpackaging.com/investors

About Ardagh Metal Packaging

Ardagh Metal Packaging (AMP) is a leading global supplier of sustainable and infinitely recyclable metal beverage cans to brand owners globally. An operating business of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. AMP operates 23 production facilities in nine countries, employing approximately 6,500 people with sales of $5.5 billion in 2025.

For more information, visit https://www.ardaghmetalpackaging.com/investors

Forward–Looking Statements

This release contains "forward–looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward–looking statements are not historical facts and are inherently subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward–looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward–looking information contained in this release. Certain factors that could cause actual events to differ materially from those discussed in any forward–looking statements include the risk factors described in Ardagh Metal Packaging S.A.'s Annual Report on Form 20–F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (the "SEC") and any other public filings made by Ardagh Metal Packaging S.A. with the SEC. In addition, new risk factors and uncertainties emerge from time to time, and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual events to differ materially from those contained in any forward–looking statements. Under no circumstances should the inclusion of such forward–looking statements in this release be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward–looking statements. Any forward–looking information presented herein is made only as of the date of this release, and we do not undertake any obligation to update or revise any forward–looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. The person responsible for the release of this information on behalf of Ardagh Metal Packaging Finance plc and Ardagh Metal Packaging Finance USA LLC is Stephen Lyons, Investor Relations Director.

Non–IFRS Financial Measures

This release may contain certain financial measures such as Adjusted EBITDA, Adjusted operating cash flow, Adjusted free cash flow, net debt and ratios relating thereto that are not calculated in accordance with IFRS ® Accounting Standards. Non–IFRS financial measures may be considered in addition to IFRS financial information, but should not be used as substitutes for the corresponding IFRS measures. The non–IFRS financial measures used by Ardagh Metal Packaging S.A. may differ from, and not be comparable to, similarly titled measures used by other companies.

Contacts:

Investors:

Email: [email protected]

Media:

Pat Walsh, Murray Consultants

Tel.: +353 1 498 0300 / +353 87 2269345

Email: [email protected]

Unaudited Consolidated Condensed Income Statement for the three months ended December 31, 2025 and 2024

Three months ended December 31, 2025

Three months ended December 31, 2024

Before

exceptional

items

Exceptional

items

Total

Before

exceptional

items

Exceptional

items

Total

$'m

Revenue

1,346

—

1,346

1,195

—

1,195

Cost of sales

(1,194)

—

(1,194)

(1,047)

(1,044)

Gross profit

152

—

152

148

151

Sales, general and administration expenses

(70)

(12)

(82)

(67)

—

(67)

Intangible amortization

(36)

—

(36)

(34)

—

(34)

Operating profit

(12)

Net finance expense

(55)

(18)

(73)

(52)

—

(52)

Loss before tax

(9)

(30)

(39)

(5)

(2)

Income tax credit/(charge)

(11)

(9)

Loss for the period

(7)

(9)

(16)

(3)

(8)

(11)

Loss per share:

Basic and diluted loss per share

($0.03)

Unaudited Consolidated Condensed Income Statement for the year ended December 31, 2025 and 2024

Year ended December 31, 2025

Year ended December 31, 2024

Before

exceptional

items

Exceptional

items

Total

Before

exceptional

items

Exceptional

items

Total

$'m

Revenue

5,497

—

5,497

4,908

—

4,908

Cost of sales

(4,800)

(16)

(4,816)

(4,262)

(16)

(4,278)

Gross profit

697

(16)

681

646

(16)

630

Sales, general and administration expenses

(283)

(16)

(299)

(283)

(5)

(288)

Intangible amortization

(138)

—

(138)

(140)

—

(140)

Operating profit

276

(32)

244

223

(21)

202

Net finance expense

(226)

(14)

(240)

(205)

(192)

(Loss)/profit before tax

(46)

(8)

Income tax credit/(charge)

(15)

(5)

(8)

(13)

Profit/(loss) for the year

(24)

(16)

(3)

Loss per share:

Basic and diluted loss per share

($0.02)

($0.05)

Unaudited Consolidated Condensed Statement of Financial Position

At December 31, 2025

At December 31, 2024

$'m

Non–current assets

Intangible assets

1,181

1,223

Property, plant and equipment

2,515

2,480

Other non–current assets

143

129

3,839

3,832

Current assets

Inventories

509

382

Trade and other receivables

467

332

Contract assets

267

251

Income tax receivable

Derivative financial instruments

Cash, cash equivalents and restricted cash

522

610

1,840

1,630

TOTAL ASSETS

5,679

5,462

TOTAL EQUITY

(675)

(136)

Non–current liabilities

Borrowings including lease obligations

4,301

3,797

Other non–current liabilities*

324

353

4,625

4,150

Current liabilities

Borrowings including lease obligations

118

105

Payables and other current liabilities

1,611

1,343

1,729

1,448

TOTAL LIABILITIES

6,354

5,598

TOTAL EQUITY and LIABILITIES

5,679

5,462

* Other non–current liabilities include liabilities for earnout shares of $3 million at December 31, 2025 (December 31, 2024: $10 million).

Unaudited Consolidated Condensed Statement of Cash Flows

Three months ended,

Year ended,

December 31,

2025

2024

2025

2024

$'m

Cash flows from operating activities

Cash generated from operations (2)

461

460

718

659

Net interest paid

(85)

(78)

(202)

(189)

Settlement of foreign currency derivative financial instruments

(2)

(41)

Income tax paid

(6)

(9)

(26)

(28)

Cash flows from operating activities

368

385

449

450

Cash flows used in investing activities

Capital expenditure

(53)

(47)

(184)

(179)

Cash flows used in investing activities

(53)

(47)

(184)

(179)

Cash flows used in financing activities

Changes in borrowings

330

(5)

352

288

Redemption of preferred shares

(289)

–

(289)

–

Lease payments

(29)

(28)

(111)

(97)

Dividends paid

(64)

(66)

(262)

(264)

Deferred debt issue costs paid

(11)

(2)

(17)

(8)

Consideration paid on termination of derivative financial instruments

(35)

–

(35)

–

Exceptional early redemption premium paid

(12)

–

(12)

–

Cash flows used in financing activities

(110)

(101)

(374)

(81)

Net increase/(decrease) in cash, cash equivalents and restricted cash

205

237

(109)

190

Cash, cash equivalents and restricted cash at beginning of period

317

393

610

443

Foreign exchange gains/(losses) on cash, cash equivalents and restricted cash

–

(20)

(23)

Cash, cash equivalents and restricted cash at end of period

522

610

522

610

Financial assets and liabilities

At December 31, 2025, the Group's net debt and available liquidity was as follows:

Drawn amount

Available liquidity

$'m

Senior Secured Green and Senior Green Notes

4,056

—

Global Asset Based Loan Facility

—

351

Bradesco Facility

—

Lease obligations

368

—

Other borrowings

—

Total borrowings / undrawn facilities

4,451

442

Deferred debt issue costs

(32)

—

Net borrowings / undrawn facilities

4,419

442

Cash, cash equivalents and restricted cash

(522)

522

Derivative financial instruments used to hedge foreign currency and interest rate risk

—

Net debt / available liquidity

3,900

964

Reconciliation of loss for the period to Adjusted profit

Three months ended

Year ended

December 31,

2025

2024

2025

2024

$'m

Loss for the period

(16)

(11)

(3)

Less: Dividend on preferred shares

(4)

(6)

(22)

(24)

Loss for the period used in calculating earnings per share

(20)

(17)

(11)

(27)

Exceptional items, net of tax

Intangible amortization, net of tax

110

Adjusted profit for the period

123

Weighted average number of ordinary shares

597.7

Loss per share

(0.03)

(0.02)

(0.05)

Adjusted earnings per share

$0.03

$0.21

$0.17

Reconciliation of loss for the period to Adjusted EBITDA

Three months ended

Year ended

December 31,

2025

2024

2025

2024

$'m

(Loss)/profit for the period

(16)

(11)

(3)

Income tax (credit)/charge

(23)

(7)

Net finance expense

240

192

Depreciation and amortization

120

117

463

449

Exceptional operating items

(3)

Adjusted EBITDA

166

164

739

672

Reconciliation of Adjusted EBITDA to Adjusted operating cash flow and Adjusted free cash flow

Three months ended

Year ended

December 31,

2025

2024

2025

2024

$'m

Adjusted EBITDA

166

164

739

672

Movement in working capital

303

301

(2)

Maintenance capital expenditure

(39)

(43)

(121)

(111)

Lease payments

(29)

(28)

(111)

(97)

Exceptional restructuring costs paid

—

(2)

(1)

(23)

Adjusted operating cash flow

401

392

504

481

Net interest paid

(85)

(78)

(202)

(189)

Settlement of foreign currency derivative financial instruments

(2)

(41)

Income tax paid

(6)

(9)

(26)

(28)

Adjusted free cash flow – pre Growth Investment capital expenditure

308

317

235

272

Growth investment capital expenditure

(14)

(4)

(63)

(68)

Adjusted free cash flow – post Growth Investment capital expenditure

294

313

172

204

Related Footnotes

(1) For a reconciliation to the most comparable IFRS measures, see Page 10.

(2) Cash from operations for the three months ended December 31, 2025 is derived from the aggregate of Adjusted EBITDA as presented on Page 10, working capital inflows of $303 million (2024: inflows of $301 million) and other exceptional cash outflows of $8 million (2024: $5 million). Cash used in operations for year ended December 31, 2025 is derived from the aggregate of Adjusted EBITDA as presented on Page 10, working capital outflows of $2 million (2024: inflows of $40 million) and other exceptional cash outflows of $19 million (2024: $53 million).

SOURCE Ardagh Metal Packaging S.A.