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
Constant
June 30, 2026 June 30, 2025 Change Currency
-------------- ------------- ------ --------------
($'m except per share data)
-----------------------------
Revenue 1,713 1,455 18 % 16 %
Profit for the
period 35 5
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 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."
-- Global beverage can shipments declined by 1% in the quarter versus the
prior year quarter, and cycled strong prior year growth (+5%). The global
shipments decline was driven by a decrease of 6% in the Americas as North
America decreased by 5%, as a result of the previously communicated
contract resets, and Brazil decreased by 15% due to customer mix. H1
Brazil shipments were broadly in line with the industry. This was offset
by growth of 5% in Europe.
-- Adjusted EBITDA of $240 million for the quarter was ahead of our guidance
range of $210--220 million, driven by a strong outperformance in Europe
and represented a 14% increase (13% at constant currency) versus the
prior year quarter.
-- In the Americas Adjusted EBITDA for the quarter increased by 2% to $135
million, resulting from lower operations and overhead costs compared with
the prior year quarter, partly offset by lower input cost recovery and
lower shipments.
-- In Europe Adjusted EBITDA for the quarter increased by 36% (33% at
constant currency) to $105 million, primarily due to stronger input cost
recovery -- including a favorable pricing impact related to metal timing
-- and volume growth, partly offset by higher operations and overhead
costs.
-- Strong total liquidity position of $647 million at June 30, 2026. Net
debt to Adjusted EBITDA ratio reduces to 5.2x -- favourable to
expectations -- and down from 5.3x at June 30, 2025 (5.7x on a like for
like basis, pro--forma for the Q4 2025 refinancing of the preferred
shares).
-- Regular quarterly ordinary dividend of 10c announced. No change to
capital allocation priorities.
-- 2026 Adjusted EBITDA guidance improved: Raising the full year 2026
Adjusted EBITDA guidance range to between $775--790 million, from the
prior guidance range of $750--775 million, assuming modest global
shipments growth. Guidance assumes some reversal of the favorable first
half timing--related factors during the second half -- such as the
favorable pricing impact of metal timing and Q1 revaluation gains related
to freight cost hedging -- as well as some inflationary headwinds as a
result of the conflict in the Middle East.
-- Third quarter Adjusted EBITDA expected to be in the range of $200--210
million. This compares with Q3 2025 Adjusted EBITDA of $208 million ($207
million at constant currency).
Financial Performance Review
Bridge of 2025 to 2026 Revenue and Adjusted EBITDA
Three months ended June 30, 2026
Revenue Europe Americas Group
------------------------------- ------ -------- ------
$'m $'m $'m
Revenue 2025 615 840 1,455
Organic 63 175 238
FX translation 20 -- 20
------ -------- ------
Revenue 2026 698 1,015 1,713
------ -------- ------
Adjusted EBITDA Europe Americas Group
------------------------------- ------ -------- ------
$'m $'m $'m
Adjusted EBITDA 2025 77 133 210
Organic 26 2 28
FX translation 2 -- 2
------ -------- ------
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 $'m $'m
Revenue 2025 1,143 1,580 2,723
Organic 95 314 409
FX translation 85 -- 85
------ -------- ------
Revenue 2026 1,323 1,894 3,217
------ -------- ------
Adjusted EBITDA Europe Americas Group
------------------------------- ------ -------- ------
$'m $'m $'m
Adjusted EBITDA 2025 126 239 365
Organic 46 -- 46
FX translation 8 -- 8
------ -------- ------
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$(R)$ 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: stephen.lyons@ardaghgroup.com
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 Before
exceptional Exceptional exceptional Exceptional
items items Total items items Total
$'m $'m $'m $'m $'m $'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 96 (14) 82
Net finance
expense (62) (2) (64) (59) (8) (67)
----------- ----------- ------- ----------- ----------- -------
Profit before tax 57 (6) 51 37 (22) 15
Income tax
(charge)/credit (17) 1 (16) (11) 1 (10)
----------- ----------- ------- ----------- ----------- -------
Profit for the
period 40 (5) 35 26 (21) 5
----------- ----------- ------- ----------- ----------- -------
Earnings per
share:
------- -------
Basic and diluted 0.06 --
earnings per
share
attributable to
equity holders
------- -------
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 Before
exceptional Exceptional exceptional Exceptional
items items Total items items Total
$'m $'m $'m $'m $'m $'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 60 (13) 47 25 (19) 6
Income tax
(charge)/credit (18) 1 (17) (7) 1 (6)
----------- ----------- ------- ----------- ----------- -------
Profit for the
period 42 (12) 30 18 (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 $'m
---------------- --------------------
Non-current assets
Intangible assets 1,098 1,181
Property, plant and equipment 2,429 2,515
Other non-current assets 143 143
---------------- --------------------
3,670 3,839
---------------- --------------------
Current assets
Inventories 584 509
Trade and other receivables 756 467
Contract assets 280 267
Income tax receivable 32 34
Derivative financial instruments 58 41
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 Six months ended June
June 30, 30,
--------------------- ------------------------
2026 2025 2026 2025
$'m $'m $'m $'m
--------- ---------- ---------- ------------
Cash flows
from/(used in)
operating
activities
Cash generated from
operations (2) 402 319 77 43
Net interest paid (99) (82) (110) (99)
Settlement of foreign
currency derivative
financial
instruments (1) (24) (8) (31)
Income tax paid (10) (3) (13) (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) 23 (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 48 70 (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) 9 (1) 19
--------- ---------- ---------- ------------
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 $'m
------------ -------------------
Senior Secured Green and Senior Green
Notes 4,002 --
Global Asset Based Loan facility 28 361
Bradesco facility -- 97
Lease obligations 325 --
Other borrowings 18 --
------------ -------------------
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 $'m
-------------- -------------
Profit for the period as presented in the
income statement 35 5
Less: Dividend on preferred shares -- (6)
-------------- -------------
Profit/(loss) for the period used in
calculating earnings per share 35 (1)
Exceptional items, net of tax 5 21
Intangible amortization, net of tax 28 28
-------------- -------------
Adjusted profit for the period 68 48
-------------- -------------
Weighted average number of ordinary shares 597.7 597.7
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 $'m $'m $'m
------------- ------------- ------------- ------------
Profit for
the period 35 5 30 --
Income tax
charge 16 10 17 6
Net finance
expense 64 67 124 117
Depreciation
and
amortization 121 114 240 225
Exceptional
operating
items 4 14 8 17
------------- ------------- ------------- ------------
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 $'m $'m $'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) (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) (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).
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SOURCE Ardagh Metal Packaging S.A.
(END) Dow Jones Newswires
July 23, 2026 07:00 ET