Ardagh Metal Packaging S.A. - Third Quarter 2026 Results

Ardagh Metal Packaging S.A. - Third Quarter 2026 Results LUXEMBOURG, Oct. 22, 2026 /PRNewswire/ -- Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the third quarter ended September 30, 2026.

Three months ended

September 30, 2026

September 30, 2025

Change

Constant Currency

($'m except per share data)

Revenue

1,694

1,428

19 %

Profit for the period

Adjusted EBITDA (1)

213

208

2 %

Earnings per share

0.07

0.04

Adjusted earnings per share (1)

0.08

Dividend per ordinary share

0.10

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

"AMP delivered a strong performance in the third quarter, with growth in global shipments and Adjusted EBITDA, ahead of our guidance. Beverage can shipments increased by 2%, driven by strong performance in Europe with growth of 6%, partly offset by a shipments decline of 1% in the Americas - which represented a sequential quarterly improvement, supported by the strength of our customer portfolio.

Our Adjusted EBITDA outperformance in the quarter reflected a good performance in both segments. Europe continued to benefit from robust volume growth and the Americas were supported by favorable volume/mix effects driven by continued demand for speciality cans in North America, helping to negate the expected impact of contract resets.

Beverage can industry demand remains resilient across each of our markets, driven by strength in key categories and continued share gains in the packaging mix. Given this demand strength we are pleased to announce that we are accelerating and upscaling our previously outlined growth investment plans in Europe, to capture this growth and to support our customers, by building two new can lines in existing facilities in the attractive markets of the UK and Spain."

Financial Performance Review

Bridge of 2025 to 2026 Revenue and Adjusted EBITDA

Three months ended September 30, 2026

Revenue

Europe

Americas

Group

$'m

Revenue 2025

625

803

1,428

Organic

198

273

FX translation

(7)

—

(7)

Revenue 2026

693

1,001

1,694

Adjusted EBITDA

Europe

Americas

Group

$'m

Adjusted EBITDA 2025

126

208

Organic

(4)

FX translation

—

Adjusted EBITDA 2026

122

213

2026 Adjusted EBITDA margin %

13.1 %

12.2 %

12.6 %

2025 Adjusted EBITDA margin %

13.1 %

15.7 %

14.6 %

Nine months ended September 30, 2026

Revenue

Europe

Americas

Group

$'m

Revenue 2025

1,768

2,383

4,151

Organic

170

512

682

FX translation

—

Revenue 2026

2,016

2,895

4,911

Adjusted EBITDA

Europe

Americas

Group

$'m

Adjusted EBITDA 2025

208

365

573

Organic

(4)

FX translation

—

Adjusted EBITDA 2026

271

361

632

2026 Adjusted EBITDA margin %

13.4 %

12.5 %

12.9 %

2025 Adjusted EBITDA margin %

11.8 %

15.3 %

13.8 %

Group Performance

Group

Revenue increased by $266 million, or 19% on both a reported and constant currency basis, to $1,694 million in the three months ended September 30, 2026, compared with $1,428 million in the same period last year, principally reflecting the pass through of higher input costs to customers and favorable volume/mix effects.

Adjusted EBITDA increased by $5 million, or 2% on both a reported and constant currency basis, to $213 million in the three months ended September 30, 2026, compared with $208 million in the same period last year, principally due to higher input cost recovery and favorable volume/mix effects, partly offset by higher operations and overhead costs.

Europe

Revenue increased by $68 million, or 11%, to $693 million in the three months ended September 30, 2026, compared with $625 million in the same period last year. On a constant currency basis revenue increased by 12%, principally due to the pass through of higher input costs to customers and favorable volume/mix effects.

Adjusted EBITDA increased by $9 million, or 11% on both a reported and constant currency basis, to $91 million in the three months ended September 30, 2026, compared with $82 million in the same period last year, principally due to higher input cost recovery, partly offset by unfavorable volume/mix effects (impact of IFRS 15 contract asset) and higher operations and overhead costs.

Americas

Revenue increased by $198 million, or 25% on both a reported and constant currency basis, to $1,001 million in the three months ended September 30, 2026, compared with $803 million in the same period last year, principally reflecting the pass through of higher input costs to customers and favorable volume/mix effects.

Adjusted EBITDA decreased by $4 million, or 3%, to $122 million in the three months ended September 30, 2026, compared with $126 million in the same period last year, principally driven by higher operations and overhead costs and lower input cost recovery, partly offset by favorable volume/mix effects.

Earnings Webcast and Conference Call Details

Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its third quarter 2026 earnings webcast and conference call for investors at 9.00 a.m. EDT (2.00 p.m. BST) on Thursday October 22, 2026. Please use the following webcast link to register for this call:

Webcast registration and access:

https://event.webcasts.com/starthere.jsp?ei=1777075&tp_key=8448e3c5dc

Conference call dial in:

United States/Canada: +1 646 769 9200

International: +44 020 7769 6464

Participant pin code: 4670396

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

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 approximately $5.5 billion in 2025.

For more information, visit https://ir.ardaghmetalpackaging.com/.

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, 2025 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.

Unaudited Condensed Consolidated Income Statement for the three months ended September 30, 2026 and 2025

Three months ended Septemober 30, 2026

Three months ended September 30, 2025

Before

exceptional

items

Exceptional

items

Total

Before

exceptional

items

Exceptional

items

Total

$'m

Revenue

1,694

—

1,694

1,428

—

1,428

Cost of sales

(1,497)

(1)

(1,498)

(1,233)

(1)

(1,234)

Gross profit

197

(1)

196

195

(1)

194

Sales, general and administration expenses

(69)

(1)

(70)

(71)

(2)

(73)

Intangible amortization

(12)

—

(12)

(34)

—

(34)

Operating profit

116

(2)

114

(3)

Net finance (expense)/income

(61)

(53)

(56)

(50)

Profit before tax

Income tax charge

(17)

—

(17)

(10)

—

(10)

Profit for the period

Earnings per share:

Basic and diluted earnings per share attributable to equity holders

0.07

0.04

Unaudited Condensed Consolidated Income Statement for the nine months ended September 30, 2026 and 2025

Nine months ended September 30, 2026

Nine months ended September 30, 2025

Before

exceptional

items

Exceptional

items

Total

Before

exceptional

items

Exceptional

items

Total

$'m

Revenue

4,911

—

4,911

4,151

—

4,151

Cost of sales

(4,296)

(3)

(4,299)

(3,606)

(16)

(3,622)

Gross profit

615

(3)

612

545

(16)

529

Sales, general and administration expenses

(236)

(7)

(243)

(213)

(4)

(217)

Intangible amortization

(84)

—

(84)

(102)

—

(102)

Operating profit

295

(10)

285

230

(20)

210

Net finance (expense)/income

(180)

(177)

(171)

(167)

Profit before tax

115

(7)

108

(16)

Income tax (charge)/credit

(35)

(34)

(17)

(16)

Profit for the period

(6)

(15)

Earnings per share:

Basic and diluted earnings per share attributable to equity holders

0.12

0.02

Unaudited Condensed Consolidated Statement of Financial Position

At September 30, 2026

At December 31, 2025

$'m

Non-current assets

Intangible assets

1,087

1,181

Property, plant and equipment

2,403

2,515

Other non-current assets

148

143

3,638

3,839

Current assets

Inventories

580

509

Trade and other receivables

676

467

Contract assets

273

267

Income tax receivable

Derivative financial instruments

Cash, cash equivalents and restricted cash

213

522

1,794

1,840

TOTAL ASSETS

5,432

5,679

TOTAL EQUITY

(760)

(675)

Non-current liabilities

Borrowings including lease obligations

4,206

4,301

Other non-current liabilities

316

324

4,522

4,625

Current liabilities

Borrowings including lease obligations

111

118

Payables and other current liabilities

1,559

1,611

1,670

1,729

TOTAL LIABILITIES

6,192

6,354

TOTAL EQUITY and LIABILITIES

5,432

5,679

Unaudited Condensed Consolidated Statement of Cash Flows

Three months ended

September 30,

Nine months ended

September 30,

2026

2025

2026

2025

$'m

Cash flows from operating activities

Cash generated from operations (2)

196

214

273

257

Net interest paid

(12)

(18)

(122)

(117)

Settlement of foreign currency derivative financial instruments

—

(8)

(39)

Income tax paid

(5)

(7)

(18)

(20)

Cash flows from operating activities

179

181

125

Cash flows used in investing activities

Net capital expenditure

(43)

(50)

(138)

(131)

Net cash used in investing activities

(43)

(50)

(138)

(131)

Cash flows used in financing activities

Changes in borrowings

(20)

Deferred debt issue costs paid

—

(3)

(12)

(6)

Lease payments

(31)

(105)

(82)

Dividends paid

(60)

(66)

(180)

(198)

Net cash used in financing activities

(111)

(72)

(294)

(264)

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

(307)

(314)

Cash, cash equivalents and restricted cash at beginning of period

189

256

522

610

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

(1)

(2)

Cash, cash equivalents and restricted cash at end of period

213

317

213

317

Financial assets and liabilities

At September 30, 2026, the Group's net debt and available liquidity was as follows:

Drawn amount

Available liquidity

$'m

Senior Secured Green and Senior Green Notes

3,996

—

Global Asset Based Loan facility

—

427

Bradesco facility

—

Lease obligations

320

—

Other borrowings

—

Total borrowings / undrawn facilities

4,343

523

Deferred debt issue costs

(26)

—

Net borrowings / undrawn facilities

4,317

523

Cash, cash equivalents and restricted cash

(213)

213

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

—

Net debt / available liquidity

4,104

736

Reconciliation of profit for the period to Adjusted profit for the period

Three months ended September 30,

2026

2025

$'m

Profit for the period as presented in the income statement

Less: Dividend on preferred shares

—

(6)

Profit for the period used in calculating earnings per share

Exceptional items, net of tax

(6)

(3)

Intangible amortization, net of tax

Adjusted profit for the period

Weighted average number of ordinary shares

597.7

Earnings per share

0.07

0.04

Adjusted earnings per share

0.08

Reconciliation of profit for the period to Adjusted EBITDA

Three months ended

September 30,

Nine months ended

September 30,

2026

2025

2026

2025

$'m

Profit for the period

Income tax charge

Net finance expense

177

167

Depreciation and amortization

118

337

343

Exceptional operating items

Adjusted EBITDA

213

208

632

573

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

Three months ended

September 30,

Nine months ended

September 30,

2026

2025

2026

2025

$'m

Adjusted EBITDA

213

208

632

573

Movement in working capital

(15)

(347)

(305)

Maintenance capital expenditure

(34)

(31)

(100)

(82)

Lease payments

(31)

(105)

(82)

Exceptional restructuring costs paid

(1)

—

(2)

(1)

Adjusted operating cash flow

132

156

103

Net interest paid

(12)

(18)

(122)

(117)

Settlement of foreign currency derivative financial instruments

—

(8)

(39)

Income tax paid

(5)

(7)

(18)

(20)

Adjusted free cash flow - pre Growth Investment capital expenditure

115

123

(70)

(73)

Growth investment capital expenditure

(9)

(19)

(38)

(49)

Adjusted free cash flow - post Growth Investment capital expenditure

106

104

(108)

(122)

Related Footnotes

(1) For a reconciliation to the most comparable IFRS measures, see Page 9.

(2) Cash generated from operations for the three months ended September 30, 2026 is derived from the aggregate of Adjusted EBITDA as presented on Page 9, working capital outflows of $15 million (2025: inflows of $10 million) and other exceptional cash outflows of $2 million (2025: outflows of $4 million). Cash generated from operations for the nine months ended September 30, 2026 is derived from the aggregate of Adjusted EBITDA as presented on Page 9, working capital outflows of $347 million (2025: $305 million) and other exceptional cash outflows of $12 million (2025: $11 million).

SOURCE Ardagh Metal Packaging S.A.