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

Ardagh Metal Packaging S.A. - Second Quarter 2026 Results LUXEMBOURG, July 23, 2026 /PRNewswire/ -- Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the second quarter ended June 30, 2026.

Three months ended

June 30, 2026

June 30, 2025

Change

Constant Currency

($'m except per share data)

Revenue

1,713

1,455

18 %

16 %

Profit for the period

Adjusted EBITDA (1)

240

210

14 %

13 %

Earnings per share

0.06

—

Adjusted earnings per share (1)

0.11

0.08

Dividend per ordinary share

0.10

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

"AMP continued its strong performance in the second quarter, with Adjusted EBITDA growth of 14% versus the prior year, significantly ahead of our guidance. Beverage can shipments declined by 1% versus the prior year quarter as we cycled strong prior year growth. Shipments were also impacted by contract resets in North America and lower shipments in Brazil following outperformance in the first quarter, partly offset by strong volume growth in Europe. This was in line with our expectations and comes ahead of an expected return to modest global volume growth in the second half, supported by the strength in global beverage can demand and our attractive customer and portfolio mix.

Our Adjusted EBITDA outperformance in the quarter was primarily driven by Europe, which benefitted from favorable input cost recovery and strong volume growth. Americas performance was broadly in line with expectations – despite softness in the Brazil industry, and metal supply constraints impacting shipments in North America. Metal supply availability in North America significantly improved over the course of the second quarter, and we anticipate operating under normal supply conditions during the second half of the year. We are pleased to upgrade our full–year 2026 Adjusted EBITDA guidance, despite an uncertain macro–economic backdrop, to a range of between $775–790 million.

I would like to share that this year AMP celebrates it's 10–year anniversary since its formation. Over the last decade, AMP has developed into a resilient global competitor, backed by significant investment in our facilities, our people and in our processes, to support the growth of our global and regional customers across a diverse range of categories. In celebrating this milestone, we extend our thanks to our customers, employees, suppliers and to all stakeholders that have made this successful journey possible, and we look forward to continued success ahead."

Financial Performance Review

Bridge of 2025 to 2026 Revenue and Adjusted EBITDA

Three months ended June 30, 2026

Revenue

Europe

Americas

Group

$'m

Revenue 2025

615

840

1,455

Organic

175

238

FX translation

—

Revenue 2026

698

1,015

1,713

Adjusted EBITDA

Europe

Americas

Group

$'m

Adjusted EBITDA 2025

133

210

Organic

FX translation

—

Adjusted EBITDA 2026

105

135

240

2026 Adjusted EBITDA margin %

15.0 %

13.3 %

14.0 %

2025 Adjusted EBITDA margin %

12.5 %

15.8 %

14.4 %

Six months ended June 30, 2026

Revenue

Europe

Americas

Group

$'m

Revenue 2025

1,143

1,580

2,723

Organic

314

409

FX translation

—

Revenue 2026

1,323

1,894

3,217

Adjusted EBITDA

Europe

Americas

Group

$'m

Adjusted EBITDA 2025

126

239

365

Organic

—

FX translation

—

Adjusted EBITDA 2026

180

239

419

2026 Adjusted EBITDA margin %

13.6 %

12.6 %

13.0 %

2025 Adjusted EBITDA margin %

11.0 %

15.1 %

13.4 %

Group Performance

Group

Revenue increased by $258 million or 18% to $1,713 million in the three months ended June 30, 2026, compared with $1,455 million in the same period last year. On a constant currency basis, revenue increased by 16%, principally reflecting the pass through of higher input costs to customers and favorable volume/mix effects.

Adjusted EBITDA increased by $30 million, or 14%, to $240 million in the three months ended June 30, 2026, compared with $210 million in the same period last year. On a constant currency basis, Adjusted EBITDA increased by 13%, principally due to higher input cost recovery, partly offset by higher operations and overhead costs.

Americas

Revenue increased by $175 million, or 21%, on a reported and constant currency basis, to $1,015 million in the three months ended June 30, 2026, compared with $840 million in the same period last year, principally reflecting the pass through of higher input costs to customers, partly offset by unfavorable volume/mix effects.

Adjusted EBITDA increased by $2 million, or 2%, to $135 million on a reported and constant currency basis, compared with $133 million in the same period last year, primarily driven by lower operations and overhead costs, partly offset by lower input cost recovery and unfavorable volume/mix effects.

Europe

Revenue increased by $83 million, or 13%, to $698 million in the three months ended June 30, 2026, compared with $615 million in the same period last year. 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 $28 million, or 36%, to $105 million in the three months ended June 30, 2026, compared with $77 million in the same period last year. On a constant currency basis, Adjusted EBITDA increased by 33% principally due to higher input cost recovery, partly offset by higher operations and overhead costs.

Earnings Webcast and Conference Call Details

Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its second quarter 2026 earnings webcast and conference call for investors at 9.00 a.m. EDT (2.00 p.m. BST) on Thursday July 23, 2026. Please use the following webcast link to register for this call:

Webcast registration and access:

https://event.webcasts.com/viewer/event.jsp?ei=1765961&tp_key=0376c05a25

Conference call dial in:

United States/Canada: +1 646 769 9200

International: +44 020 7769 6464

Participant pin code: 4417361

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.

Contacts:

Investors:

Email: [email protected]

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

Three months ended June 30, 2026

Three months ended June 30, 2025

Before

exceptional

items

Exceptional

items

Total

Before

exceptional

items

Exceptional

items

Total

$'m

Revenue

1,713

—

1,713

1,455

—

1,455

Cost of sales

(1,474)

(1)

(1,475)

(1,257)

(13)

(1,270)

Gross profit

239

(1)

238

198

(13)

185

Sales, general and administration expenses

(84)

(3)

(87)

(67)

(1)

(68)

Intangible amortization

(36)

—

(36)

(35)

—

(35)

Operating profit

119

(4)

115

(14)

Net finance expense

(62)

(2)

(64)

(59)

(8)

(67)

Profit before tax

(6)

(22)

Income tax (charge)/credit

(17)

(16)

(11)

(10)

Profit for the period

(5)

(21)

Earnings per share:

Basic and diluted earnings per share attributable to equity holders

0.06

—

Unaudited Consolidated Condensed Income Statement for the six months ended June 30, 2026 and 2025

Six months ended June 30, 2026

Six months ended June 30, 2025

Before

exceptional

items

Exceptional

items

Total

Before

exceptional

items

Exceptional

items

Total

$'m

Revenue

3,217

—

3,217

2,723

—

2,723

Cost of sales

(2,799)

(2)

(2,801)

(2,373)

(15)

(2,388)

Gross profit

418

(2)

416

350

(15)

335

Sales, general and administration expenses

(167)

(6)

(173)

(142)

(2)

(144)

Intangible amortization

(72)

—

(72)

(68)

—

(68)

Operating profit

179

(8)

171

140

(17)

123

Net finance expense

(119)

(5)

(124)

(115)

(2)

(117)

Profit before tax

(13)

(19)

Income tax (charge)/credit

(18)

(17)

(7)

(6)

Profit for the period

(12)

(18)

—

Earnings/(loss) per share:

Basic and diluted earnings/(loss) per share attributable to equity

holders

0.05

(0.02)

Unaudited Consolidated Condensed Statement of Financial Position

At June 30, 2026

At December 31, 2025

$'m

Non-current assets

Intangible assets

1,098

1,181

Property, plant and equipment

2,429

2,515

Other non-current assets

143

3,670

3,839

Current assets

Inventories

584

509

Trade and other receivables

756

467

Contract assets

280

267

Income tax receivable

Derivative financial instruments

Cash, cash equivalents and restricted cash

189

522

1,899

1,840

TOTAL ASSETS

5,569

5,679

TOTAL EQUITY

(750)

(675)

Non-current liabilities

Borrowings including lease obligations

4,213

4,301

Other non-current liabilities

311

324

4,524

4,625

Current liabilities

Borrowings including lease obligations

131

118

Payables and other current liabilities*

1,664

1,611

1,795

1,729

TOTAL LIABILITIES

6,319

6,354

TOTAL EQUITY and LIABILITIES

5,569

5,679

*Payables and other current liabilities include liabilities for earnout shares of $8 million at June 30, 2026 (December 2025: $3 million, included in other non-current liabilities).

Unaudited Consolidated Condensed Statement of Cash Flows

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

$'m

Cash flows from/(used in) operating activities

Cash generated from operations (2)

402

319

Net interest paid

(99)

(82)

(110)

(99)

Settlement of foreign currency derivative financial instruments

(1)

(24)

(8)

(31)

Income tax paid

(10)

(3)

(13)

Cash flows from/(used in) operating activities

292

210

(54)

(100)

Cash flows used in investing activities

Purchase of property, plant and equipment and intangible assets

(36)

(42)

(95)

(81)

Net cash used in investing activities

(36)

(42)

(95)

(81)

Cash flows used in financing activities

Changes in borrowings

(115)

(4)

(6)

Deferred debt issue costs paid

(4)

(2)

(12)

(3)

Lease payments

(29)

(26)

(74)

(51)

Dividends paid

(60)

(66)

(120)

(132)

Net cash used in financing activities

(208)

(98)

(183)

(192)

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

(332)

(373)

Cash, cash equivalents and restricted cash at beginning of period

142

177

522

610

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

cash

(1)

Cash, cash equivalents and restricted cash at end of period

189

256

189

256

Financial assets and liabilities

At June 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

4,002

—

Global Asset Based Loan facility

361

Bradesco facility

—

Lease obligations

325

—

Other borrowings

—

Total borrowings / undrawn facilities

4,373

458

Deferred debt issue costs

(29)

—

Net borrowings / undrawn facilities

4,344

458

Cash, cash equivalents and restricted cash

(189)

189

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

—

Net debt / available liquidity

4,155

647

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

Three months ended June 30,

2026

2025

$'m

Profit for the period as presented in the income statement

Less: Dividend on preferred shares

—

(6)

Profit/(loss) for the period used in calculating earnings per share

(1)

Exceptional items, net of tax

Intangible amortization, net of tax

Adjusted profit for the period

Weighted average number of ordinary shares

597.7

Earnings per share

0.06

—

Adjusted earnings per share

0.11

0.08

Reconciliation of profit for the period to Adjusted EBITDA

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

$'m

Profit for the period

—

Income tax charge

Net finance expense

124

117

Depreciation and amortization

121

114

240

225

Exceptional operating items

Adjusted EBITDA

240

210

419

365

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

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

$'m

Adjusted EBITDA

240

210

419

365

Movement in working capital

166

113

(332)

(315)

Maintenance capital expenditure

(29)

(27)

(66)

(51)

Lease payments

(29)

(26)

(74)

(51)

Exceptional restructuring costs paid

—

(1)

Adjusted operating cash flow

348

270

(54)

(53)

Net interest paid

(99)

(82)

(110)

(99)

Settlement of foreign currency derivative financial instruments

(1)

(24)

(8)

(31)

Income tax paid

(10)

(3)

(13)

Adjusted free cash flow - pre Growth Investment capital

expenditure

238

161

(185)

(196)

Growth investment capital expenditure

(7)

(15)

(29)

(30)

Adjusted free cash flow - post Growth Investment capital

expenditure

231

146

(214)

(226)

Related Footnotes

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

(2) Cash from operations for the three months ended June 30, 2026 is derived from the aggregate of Adjusted EBITDA as presented on Page 10, working capital inflows of $166 million (2025: inflows of $113 million) and other exceptional cash outflows of $4 million (2025: outflows of $4 million). Cash used in operations for the six months ended June 30, 2026 is derived from the aggregate of Adjusted EBITDA as presented on Page 10, working capital outflows of $332 million (2025: outflows of $315 million) and other exceptional cash outflows of $10 million (2025: outflows of $7 million).

SOURCE Ardagh Metal Packaging S.A.