ZURICH, May 6, 2026 /PRNewswire/ --
Highlights - Three Months Ended March 31, 2026
-- Net sales $5,914 million, up 77% driven by the Berry acquisition
-- GAAP Net income $278 million including acquisition related costs and GAAP
diluted EPS of $0.60
-- Acquisition synergies of $77 million, at upper end of expectations
-- Adjusted EBITDA $892 million, up 87% and adjusted EBIT $687 million, up
79%
-- Adjusted EBITDA margin of 15.1%, up from 14.3% and adjusted EBIT margin
of 11.6%, up modestly
-- GAAP EPS of $0.60 and Adjusted EPS of $0.96, up 6%
YTD Highlights - Nine Months Ended March 31, 2026
-- Net sales $17,108 million, up 72% driven by the Berry acquisition
-- GAAP Net income $717 million including acquisition related costs and GAAP
diluted EPS of $1.55
-- Adjusted EBITDA $2,628 million, up 88% and adjusted EBIT $1,977 million,
up 78%
-- Adjusted EBITDA margin of 15.4%, up from 14.1% and adjusted EBIT margin
of 11.6%, up from 11.2%
-- Adjusted EPS of $2.79, up 11%
-- Six divestiture agreements reached under previously announced portfolio
optimization initiative
Fiscal 2026 Guidance:
-- Adjusted EPS $3.98 to $4.03, growth of 12% at the midpoint; Mitigating
impact of Middle East conflict
-- Free Cash Flow revised to be $1.5-1.6 billion
Amcor CEO Peter Konieczny said, "Third quarter results were in line with expectations and reflect the resilience of our business as we mark the first anniversary of bringing legacy Amcor and Berry together as One Amcor. Over the past year, we have executed a smooth integration, built a strong leadership structure, and made meaningful progress on synergy delivery and portfolio optimization. While we continue to operate in a challenging market environment, our global scale, diversified portfolio, and strong customer and supplier partnerships position us well. We remain focused on what we can control--ensuring reliable supply, managing costs and pricing responsibly to offset inflation, and supporting our customers. With clear visibility to additional synergy benefits and a proven ability to navigate volatility, we are confident in our outlook and the continued strength of our business."
Key Financials (1)(2)(3) Three Months Ended March 31, Nine Months Ended March 31, GAAP results 2025 $ million 2026 $ million 2025 $ million 2026 $ million ------------- -------------- -------------- -------------- -------------- -------------- -------------- Net sales 3,333 5,914 9,927 17,108 Net income attributable to Amcor plc 196 278 550 717 EPS (diluted, $) 0.68 0.60 1.90 1.55 -------------- -------------- -------------- -------------- -------------- -------------- -------------- Three Months Ended March 31, Nine Months Ended March 31, Adjusted non-GAAP Reported Reported results 2025 $ million 2026 $ million % 2025 $ million 2026 $ million % ------------- -------------- -------------- -------------- -------------- -------------- -------------- Net sales 3,333 5,914 77 9,927 17,108 72 EBITDA 477 892 87 1,397 2,628 88 EBIT 384 687 79 1,112 1,977 78 Net income 261 446 71 728 1,293 78 EPS ($) 0.90 0.96 6 2.51 2.79 11 Free Cash Flow 20 (39) (17) (93) -------------- -------------- -------------- -------------- -------------- -------------- -------------- All amounts referenced throughout this document are in US dollars unless otherwise indicated and numbers may not add up to the totals provided due to rounding. (1) Adjusted non-GAAP results exclude items not considered representative of ongoing operations. Further details on non-GAAP measures and reconciliations to GAAP measures can be found under "Presentation of non-GAAP information". (2) All prior year results reflect the Amcor plc group, considered the accounting acquirer in the April 30, 2025 combination between Amcor plc and Berry Global. (3) All periods presented in this release have been retroactively adjusted to reflect the 1-for-5 reverse stock split effected on January 14, 2026. Further details can be found under 'Reverse Stock Split'.
Financial Results
Three months ended March 31, 2026
Net sales of $5,914 million were 70% higher than last year on a constant currency basis, including approximately $2.4 billion of acquired sales net of divestments, which represents growth of approximately 71%. The pass through of movements in raw material costs had no material impact on net sales and the remaining (1%) year over year variation reflects the impact of volumes and price/mix.
The Company estimates that volumes were approximately 1.5% lower than estimated combined volumes for the legacy Amcor and legacy Berry businesses in the March quarter last year, excluding non-core and divested businesses. The Company estimates that price/mix did not have a material impact on net sales.
Adjusted EBIT of $687 million was 72% higher than last year on a constant currency basis, including approximately $239 million of acquired EBIT net of divestments which represents growth of approximately 62%. The remaining 10% year over year variation mainly reflects synergy benefits from the Berry acquisition of approximately $57 million and continued disciplined execution against cost and productivity initiatives, partly offset by lower volumes.
GAAP net interest expense was $153 million and GAAP income tax expense was $32 million. Inclusive of acquisition related financial benefits of approximately $20 million, adjusted net interest expense was $150 million and adjusted tax expense was $91 million representing an effective tax rate of 17.0%. Adjusted net interest expense was $79 million higher than the prior year primarily as a result of increased acquisition related net debt.
Free cash outflow of $39 million was in-line with expectations after funding approximately $78 million of net transaction, restructuring and integration costs.
Net debt was $14,266 million at March 31, 2026.
Nine months ended March 31, 2026
Net sales of $17,108 million were 67% higher than last year on a constant currency basis, including approximately $6.9 billion of acquired sales net of divestments, which represents growth of approximately 69%. The pass through of movements in raw material costs had no material impact on net sales and the remaining (2%) year over year variation reflects the impact of volumes and price/mix.
Adjusted EBIT of $1,977 million was 73% higher than last year on a constant currency basis, including approximately $746 million of acquired EBIT net of divestments which represents growth of approximately 67%. The remaining 6% year over year variation mainly reflects synergy benefits from the Berry acquisition of approximately $140 million partly offset by lower volumes.
GAAP net interest expense was $460 million and GAAP income tax expense was $84 million. Inclusive of acquisition related financial benefits of approximately $30 million, adjusted net interest expense was $431 million and adjusted tax expense was $253 million representing an effective tax rate of 16.3%.
Free cash outflow was $93 million after funding approximately $262 million of net transaction, restructuring and integration costs. Prior to funding of transaction, restructuring and integration related cash costs, cash flow increased by approximately $186 million compared with last year.
Dividend
The Board's confidence in Amcor's near and long term growth opportunities and ability to generate significant free cash flow is reflected in today's declaration of a quarterly cash dividend of 65.0 cents per share, compared with 63.75 cents per share in the same quarter last year, declared as 12.75 cents per share before adjusting for the 1-for-5 reverse stock split effected on January 14, 2026. The dividend will be paid in US dollars to holders of Amcor's ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 91.0 Australian cents per share, which reflects the quarterly dividend of 65.0 cents per share converted at an AUD:USD average exchange rate of 0.7167 over the five trading days ended May 4, 2026.
The ex-dividend date will be May 27, 2026 for holders of CDIs trading on the ASX and May 28, 2026 for holders of shares trading on the NYSE. For all shareholders, the record date will be May 28, 2026 and the payment date will be June 17, 2026.
Fiscal 2026 Guidance
For the fiscal year ending June 30, 2026, the Company expects:
-- Adjusted EPS of approximately $3.98 to $4.03
-- Represents growth of approximately 12% at the midpoint
-- Mitigating adjusted EPS impact of Middle East conflict
-- Includes pre-tax synergy benefits related to the Berry acquisition
of $270 million
-- Free Cash Flow of $1.5 billion to $1.6 billion
-- Relative to previous $1.8 billion to $1.9 billion which assumed
$200 million of inventory reduction by year end, now reflects
higher inventory levels at higher cost to secure customer service
levels given the impact of the Middle East conflict
Amcor's guidance for fiscal 2026 reflects a full 12 months ownership of the Berry business and does not take into account the impact of potential portfolio optimization actions that may be completed through the year.
Amcor's guidance contemplates a range of factors, including ongoing geopolitical developments related to the conflict in the Middle East, which creates a higher degree of uncertainty and additional complexity when estimating future financial results, and actual results could vary materially. Reconciliations of the fiscal 2026 projected non-GAAP measures are not included herein because the individual components are not known with certainty as individual financial statements for fiscal 2026 have not been completed. Refer to page 14 for further information.
Conference Call
Amcor is hosting a conference call with investors and analysts to discuss these results on Wednesday, May 6, 2026 at 8:00am US Eastern Daylight Time / Wednesday May 6, 2026 at 10:00pm Australian Eastern Standard Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the "Investors" section.
Those wishing to access the call should use the following toll-free numbers, with the Conference ID: 645052977
-- USA: 833 461 5787 (toll free) -- Australia: 1800 849 752 (toll free) -- United Kingdom: 0808 196 8935 (toll free) -- Singapore: 1800 408 1721 (toll free) -- Hong Kong: 800 938 481 (toll free)
From all other countries, the call can be accessed by dialing +1 585 542 9983 (toll).
A replay of the webcast will also be available in the 'Investors" section at www.amcor.com following the call.
Segment Information
Global Flexible Packaging Solutions segment - March 2026 quarter
Three Months Ended March 31,
---------- -----------
Constant
2025 $ million 2026 $ million Reported % currency %
------------ -------------- -------------- ---------- -----------
Net sales 2,406 3,250 35 29
Adjusted EBIT 343 452 32 28
Adjusted EBIT
/ Sales % 14.3 13.9
------------- -------------- -------------- ---------- -----------
Net sales of $3,250 million were 29% higher than last year on a constant currency basis including approximately $695 million of acquired sales net of divestments, which represents growth of approximately 29%. The pass through of movements in raw material costs had a favorable impact of approximately 1% on net sales and the remaining (1%) year over year variation reflects the impact of volumes and price/mix.
The Company estimates that volumes for the Global Flexible Packaging Solutions segment were approximately 1.5% lower compared to volumes for the combined legacy Amcor and Berry businesses in the March quarter last year. By market category, volumes were higher in pet food and protein, offset by lower volumes in healthcare and other nutrition. By region, volumes were lower across North America and Europe, and higher than the prior year across the Asian region. The Company estimates that price/mix had an unfavorable impact of less than (1%) on net sales.
Adjusted EBIT of $452 million was 28% higher than last year on a constant currency basis, reflecting approximately $78 million of acquired EBIT, net of divestments which represents growth of approximately 23%. The remaining 5% year over year growth mainly reflects synergy benefits from the Berry acquisition, favorable cost performance and productivity benefits, partly offset by lower volumes.
Global Flexible Packaging Solutions segment - March 2026 YTD
Nine Months Ended March 31,
---------- -----------
Constant
2025 $ million 2026 $ million Reported % currency %
------------ -------------- -------------- ---------- -----------
Net sales 7,072 9,304 32 27
Adjusted EBIT 963 1,256 30 28
Adjusted EBIT
/ Sales % 13.6 13.5
------------- -------------- -------------- ---------- -----------
Net sales of $9,304 million were 27% higher than last year on a constant currency basis including approximately $1.9 billion of acquired sales net of divestments, which represents growth of approximately 27%. The pass through of movements in raw material costs had a favorable impact of approximately 1% on net sales and the remaining (1%) year over year variation reflects the impact of volumes and price/mix.
Adjusted EBIT of $1,256 million was 28% higher than last year on a constant currency basis, reflecting approximately $220 million of acquired EBIT, net of divestments which represents growth of approximately 23%. The remaining 5% year over year growth mainly reflects synergy benefits from the Berry acquisition partly offset by lower volumes.
Global Rigid Packaging Solutions segment - March 2026 quarter
Three Months Ended March 31,
------------ ---------- -----------
Constant
2025 $ million 2026 $ million Reported % currency %
------------ -------------- -------------- ---------- -----------
Net sales 927 2,664 187 174
Adjusted EBIT 70 276 294 273
Adjusted EBIT
/ Sales % 7.6 10.4
------------- -------------- -------------- ---------- -----------
Net sales of $2,664 million were 174% higher than last year on a constant currency basis, including approximately $1.7 billion of acquired sales, which represents growth of approximately 182% and an unfavorable impact of approximately (5%) from the pass through of lower raw material costs. The remaining (3%) year over year variation reflects the impact of volumes and price/mix.
Excluding non-core business, the Company estimates that volumes for the Global Rigid Packaging Solutions segment were approximately 1.5% lower compared with volumes for the combined legacy Amcor and Berry businesses in the March quarter last year. By market category, volumes were higher in liquids, foodservice and beauty & wellness offset by lower volumes in healthcare and other nutrition. By region, volumes in North America were lower than the prior year inclusive of U.S. storm related disruptions. Volumes were higher in Europe and across emerging markets, primarily in Latin America. The Company estimates that price/mix had no material impact on net sales.
Adjusted EBIT of $276 million was 273% higher than last year on a constant currency basis, including approximately $175 million of acquired EBIT which represents growth of approximately 253%. The remaining 20% year over year variation mainly reflects synergy benefits from the Berry acquisition and cost reduction initiatives, partly offset by lower volumes.
Adjusted EBIT margins of 10.4% were 280 basis points higher than the prior year reflecting the improved quality of the combined business.
Global Rigid Packaging Solutions segment - March 2026 YTD
Nine Months Ended March 31,
------------ ---------- -----------
Constant
2025 $ million 2026 $ million Reported % currency %
------------ -------------- -------------- ---------- -----------
Net sales 2,855 7,804 173 164
Adjusted EBIT 216 824 281 266
Adjusted EBIT
/ Sales % 7.6 10.6
------------- -------------- -------------- ---------- -----------
Net sales of $7,804 million, were 164% higher than last year on a constant currency basis, including approximately $5.0 billion of acquired sales net of divestments, which represents growth of approximately 173% and an unfavorable impact of approximately (3%) from the pass through of lower raw material costs. The remaining (6%) year over year variation reflects lower volumes and price/mix.
Adjusted EBIT of $824 million was 266% higher than last year on a constant currency basis, including approximately $580 million of acquired EBIT net of divestments which represents growth of approximately 269%. The remaining (3%) year over year variation mainly reflects lower volumes and performance in non-core businesses partly offset by synergy benefits from the Berry acquisition and cost reduction initiatives.
Adjusted EBIT margins of 10.6% were 300 basis points higher than the prior year reflecting the improved quality of the combined business.
About Amcor
Amcor is the global leader in developing and producing responsible consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty and wellness categories. Our global product innovation and sustainability expertise enable us to solve packaging challenges around the world every day, producing a range of flexible packaging, rigid packaging, cartons and closures that are more sustainable, functional and appealing for our customers and their consumers. We are guided by our purpose of elevating customers, shaping lives and protecting the future. Supported by a commitment to safety, over 75,000 people generate $23 billion in annualized sales from operations that span over 400 locations in more than 40 countries. NYSE: AMCR; ASX: AMC
www.amcor.com I LinkedIn I YouTube
Amcor plc UK Establishment Address: 83 Tower Road North, Warmley, Bristol, England, BS30 8XP, United Kingdom UK Overseas Company Number: BR020803 Registered Office: 3rd Floor, 44 Esplanade, St Helier, JE4 9WG, Jersey Jersey Registered Company Number: 126984, Australian Registered Body Number (ARBN): 630 385 278
U.S. GAAP Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended March Nine Months Ended March
31, 31,
$ in millions,
except per share
data 2025 2026 2025 2026
------------------- ----------- ----------- ----------- -----------
Net sales 3,333 5,914 9,927 17,108
Cost of sales (2,679) (4,724) (7,988) (13,755)
-------------------- ----------- ----------- ----------- -----------
Gross profit 654 1,190 1,939 3,353
Selling, general,
and administrative
expenses (266) (488) (797) (1,363)
Amortization of
acquired intangible
assets (37) (134) (116) (411)
Research and
development
expenses (27) (44) (82) (128)
Restructuring,
transaction and
integration
expenses, net (32) (69) (71) (262)
Other income, net 21 6 49 64
-------------------- ----------- ----------- ----------- -----------
Operating income 313 461 922 1,253
Interest expense,
net (75) (153) (222) (460)
Other non-operating
income/(expenses),
net (1) 2 (3) 4
-------------------- ----------- ----------- ----------- -----------
Income before income
taxes and equity in
income of
affiliated
companies 237 310 697 797
Income tax expense (40) (32) (141) (84)
Equity in income of
affiliated
companies, net of
tax -- -- 1 4
-------------------- ----------- ----------- ----------- -----------
Net income 197 278 557 717
Net income
attributable to
non-controlling
interests (1) -- (7) --
-------------------- ----------- ----------- ----------- -----------
Net income
attributable to
Amcor plc 196 278 550 717
-------------------- ----------- ----------- ----------- -----------
USD:EUR average FX
rate 0.9507 0.8543 0.9327 0.8564
Basic earnings per
share attributable
to Amcor 0.68 0.60 1.91 1.55
Diluted earnings per
share attributable
to Amcor 0.68 0.60 1.90 1.55
Weighted average
number of shares
outstanding --
Basic 288.6 463.4 288.4 463.1
Weighted average
number of shares
outstanding --
Diluted 289.1 463.8 289.0 463.5
-------------------- ----------- ----------- ----------- -----------
All prior periods have been retroactively adjusted to reflect the 1 for 5
reverse stock split effected on January 14, 2026.
U.S. GAAP Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended March 31,
($ million) 2025 2026
------------------------------------------ ------------ ---------------
Net income 557 717
Depreciation, amortization and impairment 399 1,114
Net (gain)/loss on disposal of businesses
and investments (8) 2
Changes in operating assets and
liabilities, excluding effect of
acquisitions, divestitures, and currency (804) (1,101)
Other non-cash items 132 (176)
------------------------------------------- ------------ ---------------
Net cash provided by operating activities 276 556
Purchase of property, plant and equipment
and other intangible assets (360) (687)
Proceeds from sales of property, plant and
equipment and other intangible assets 9 38
Business acquisitions (11) (17)
Proceeds from divestitures, net of cash
divested 113 --
Proceeds from sale of affiliated companies
and other investments -- 70
Net debt proceeds 2,044 1,787
Dividends paid (550) (894)
Purchase of treasury shares, proceeds from
exercise of options and tax withholdings
for share-based incentive plans (38) (57)
Cash and cash equivalents included in held
for sale -- (17)
Other, including effect of exchange rate on
cash and cash equivalents (26) (19)
------------------------------------------- ------------ ---------------
Net increase in cash and cash equivalents 1,457 760
Cash and cash equivalents balance at
beginning of the year 588 827
------------------------------------------- ------------ ---------------
Cash and cash equivalents balance at end of
the period 2,045 1,587
------------------------------------------- ------------ ---------------
U.S. GAAP Condensed Consolidated Balance Sheets (Unaudited)
($ million) June 30, 2025 March 31, 2026 ------------------------------------------ ------------- -------------- Cash and cash equivalents 827 1,587 Trade receivables, net 3,426 3,513 Inventories, net 3,471 3,362 Property, plant, and equipment, net 8,202 7,410 Goodwill and other intangible assets, net 18,679 18,639 Assets held for sale, net -- 503 Other assets 2,461 2,568 ------------------------------------------- ------------- -------------- Total assets 37,066 37,582 ------------------------------------------- ------------- -------------- Trade payables 3,490 2,989 Short-term debt and current portion of long-term debt 257 653 Long-term debt, less current portion 13,841 15,200 Liabilities held for sale -- 177 Accruals and other liabilities 7,738 6,901 Shareholders' equity 11,740 11,662 ------------------------------------------- ------------- -------------- Total liabilities and shareholders' equity 37,066 37,582 ------------------------------------------- ------------- --------------
Components of Fiscal 2026 Net Sales growth
Three Months Ended March 31, Nine Months Ended March 31,
Global Global Global Global
Flexible Rigid Flexible Rigid
Packaging Packaging Packaging Packaging
($ million) Solutions Solutions Total Solutions Solutions Total
---------------- --------- ---------- ----- ---------- ---------- ------
Net sales fiscal
year 2026 3,250 2,664 5,914 9,304 7,804 17,108
Net sales fiscal
year 2025 2,406 927 3,333 7,072 2,855 9,927
---------------- --------- ---------- ----- ---------- ---------- ------
Reported Growth
% 35 187 77 32 173 72
---------------- --------- ---------- ----- ---------- ---------- ------
FX % 6 13 7 5 9 5
---------------- --------- ---------- ----- ---------- ---------- ------
Constant
Currency Growth
% 29 174 70 27 164 67
---------------- --------- ---------- ----- ---------- ---------- ------
RM Pass Through
% 1 (5) -- 1 (3) --
Items affecting
comparability
% 29 182 71 27 173 69 ---------------- --------- ---------- ----- ---------- ---------- ------ Organic Growth % (1) (3) (1) (1) (6) (2) Volume % (2) (3) (2) (2) (5) (3) Price/Mix % 1 -- 1 1 (1) 1 ---------------- --------- ---------- ----- ---------- ---------- ------
Reconciliation of Non-GAAP Measures
Reconciliation of adjusted Earnings before interest, tax, depreciation, and amortization (EBITDA), Earnings before interest and tax $(EBIT)$, Net income, Earnings per share (EPS) and Adjusted Free Cash Flow
Three Months Ended March 31, Three Months Ended March 31,
2025 2026
Net EPS Net EPS
($ million) EBITDA EBIT Income (Diluted) EBITDA EBIT Income (Diluted)
----------------- ------ ---- ------ --------- ------ ---- ------ ---------
Net income
attributable to
Amcor 196 196 196 0.68 278 278 278 0.60
Net income
attributable to
non-controlling
interests 1 1 -- --
Tax expense 40 40 32 32
Interest expense,
net 75 75 153 153
Depreciation and
amortization 131 346
------------------ ------ ---- ------ --------- ------ ---- ------ ---------
EBITDA, EBIT, Net
income, and EPS 443 312 196 0.68 809 463 278 0.60
Impact of
hyperinflation 3 3 3 0.01 (2) (2) (2) --
Restructuring,
integration and
related expenses,
net(1) 14 14 14 0.06 59 65 65 0.15
Transaction costs 18 18 18 0.06 4 4 4 0.01
Other -- -- -- -- 22 22 22 0.04
Amortization of
acquired
intangibles(2) 37 37 0.13 134 134 0.29
Interest expense
Berry
Transaction 5 -- 3 0.01
Tax effect of
above items (12) (0.04) (59) (0.13)
------------------ ------ ---- ------ --------- ------ ---- ------ ---------
Adjusted EBITDA,
EBIT, Net income
and EPS 477 384 261 0.90 892 687 446 0.96
------------------ ------ ---- ------ --------- ------ ---- ------ ---------
Reconciliation of adjusted growth to
constant currency growth
% growth - Adjusted
EBITDA, EBIT, Net income,
and EPS 87 79 71 6
% currency impact (7) (7) (8) (4)
------------------ ------ ---- ------ --------- ------ ---- ------ ---------
% constant
currency growth 80 72 63 2
------------------ ------ ---- ------ --------- ------ ---- ------ ---------
% items affecting
comparability(3) 70 62
% from all other
sources 10 10
------------------ ------ ---- ------ --------- ------ ---- ------ ---------
Adjusted EBITDA 477 892
Interest paid, net (40) (143)
Income tax paid (21) (190)
Purchase of
property, plant
and equipment and
other intangible
assets (117) (227)
Proceeds from
sales of
property, plant
and equipment and
other intangible
assets, net of
restructuring 2 4
Movement in
working capital (277) (287)
Other (4) (9)
------------------ ------ ---- ------ --------- ------ ---- ------ ---------
Adjusted Free Cash
Flow 20 39
Berry Transaction,
restructuring and
Integration
costs, net -- (78)
Free Cash Flow 20 (39)
------------------ ------ ---- ------ --------- ------ ---- ------ ---------
All prior periods have been retroactively adjusted to reflect the 1 for 5
reverse stock split effected on January 14, 2026. (1) Three months ended March
31, 2026 primarily reflects restructuring and integration costs incurred in
connection with the Berry Global acquisition. (2) Amortization of acquired
intangible assets from business combinations. (3) Reflects the impact of
acquired, disposed, and ceased operations.
Nine Months Ended March 31, 2025 Nine Months Ended March 31, 2026
Net EPS Net EPS
($ million) EBITDA EBIT Income (Diluted)(1) EBITDA EBIT Income (Diluted)(1)
----------------- ------ ----- ------ ------------ ------ ----- ------ ------------
Net income
attributable to
Amcor 550 550 550 1.90 717 717 717 1.55
Net income
attributable to
non controlling
interests 7 7 -- --
Tax expense 141 141 84 84
Interest expense,
net 222 222 460 460
Depreciation and
amortization 401 1,083
------------------ ------ ----- ------ ------------ ------ ----- ------ ------------
EBITDA, EBIT, Net
income and EPS 1,321 920 550 1.90 2,344 1,261 717 1.55
Impact of
hyperinflation 8 8 8 0.03 13 13 13 0.03
Restructuring,
integration and
related expenses,
net(2) 44 44 44 0.15 210 230 230 0.50
Transaction costs 27 27 27 0.09 32 32 32 0.07
Other (3) (3) (3) (0.01) 29 29 29 0.06
Amortization of
acquired
intangibles(3) 116 116 0.40 411 411 0.89
Interest expense
Berry
Transaction 5 0.02 29 0.06
Tax effect of
above items (19) (0.07) (168) (0.37)
------------------ ------ ----- ------ ------------ ------ ----- ------ ------------
Adjusted EBITDA,
EBIT, Net income
and EPS 1,397 1,112 728 2.51 2,628 1,977 1,293 2.79
------------------ ------ ----- ------ ------------ ------ ----- ------ ------------
Reconciliation of adjusted growth to
constant currency growth
% growth - Adjusted
EBITDA, EBIT, Net income,
and EPS 88 78 78 11
% currency impact (5) (5) (6) (3)
------------------ ------ ----- ------ ------------ ------ ----- ------ ------------
% constant
currency growth 83 73 72 8
------------------ ------ ----- ------ ------------ ------ ----- ------ ------------
% items affecting
comparability(4) 78 67
% from all other
sources 5 6
------------------ ------ ----- ------ ------------ ------ ----- ------ ------------
Adjusted EBITDA 1,397 2,628
Interest paid, net (167) (406)
Income tax paid (148) (381)
Purchase of
property, plant
and equipment and
other intangible
assets (360) (687)
Proceeds from
sales of
property, plant
and equipment and
other intangible
assets, net of
restructuring 9 13
Movement in
working capital (710) (899)
Other (38) (99)
------------------ ------ ----- ------ ------------ ------ ----- ------ ------------
Adjusted Free Cash
Flow (17) 169
Berry Transaction,
restructuring and
Integration
costs, net -- (262)
Free Cash Flow (17) (93)
------------------ ------ ----- ------ ------------ ------ ----- ------ ------------
All prior periods have been retroactively adjusted to reflect the 1 for 5
reverse stock split effected on January 14, 2026. (1) Calculation of diluted
EPS for the nine months ended March 31, 2025 excludes net income attributable
to shares to be repurchased under forward contracts of $1 million. (2) Nine
months ended March 31, 2026 primarily reflects restructuring and integration
costs incurred in connection with the Berry Global acquisition. (3)
Amortization of acquired intangible assets from business combinations. (4)
Reflects the impact of acquired, disposed, and ceased operations.
Reconciliation of adjusted EBIT by reportable segment
Three Months Ended March 31, 2025 Three Months Ended March 31, 2026
Global Global Global Global
Flexible Rigid Flexible Rigid
Packaging Packaging Packaging Packaging
($ million) Solutions Solutions Other Total Solutions Solutions Other Total
----------------- --------- --------- ----- ------ --------- --------- ----- ------
Net income
attributable to
Amcor 196 278
Net income
attributable to
non-controlling
interests 1 --
Tax expense 40 32
Interest expense,
net 75 153
------------------ --------- --------- ----- ------ --------- --------- ----- ------
EBIT 303 64 (55) 312 362 187 (86) 463
Impact of
hyperinflation -- 3 -- 3 -- (2) -- (2)
Restructuring,
integration and
related expenses,
net(1) 4 2 8 14 15 21 29 65
Transaction costs -- 1 17 18 -- -- 4 4
Other 1 (2) 1 -- 2 10 10 22
Amortization of
acquired
intangibles(2) 35 2 -- 37 73 60 1 134
------------------ --------- --------- ----- ------ --------- --------- ----- ------
Adjusted EBIT 343 70 (29) 384 452 276 (42) 687
------------------ --------- --------- ----- ------ --------- --------- ----- ------
Adjusted EBIT /
sales % 14.3 % 7.6 % 11.5 % 13.9 % 10.4 % 11.6 %
------------------ --------- --------- ----- ------ --------- --------- ----- ------
Reconciliation of adjusted growth to comparable
constant currency growth
% growth -
Adjusted EBIT 32 294 -- 79
% currency impact (4) (21) -- (7)
------------------ --------- --------- ----- ------ --------- --------- ----- ------
% constant
currency growth 28 273 -- 72
------------------ --------- --------- ----- ------ --------- --------- ----- ------
% items affecting
comparability(3) 23 253 -- 62
% from all other
sources 5 20 -- 10
------------------ --------- --------- ----- ------ --------- --------- ----- ------
(1) Three months ended March 31, 2026 primarily includes costs incurred in
connection with the Berry Global acquisition. (2) Amortization of acquired
intangible assets from business combinations. (3) Reflects the impact of
acquired operations.
Nine Months Ended March 31, 2025 Nine Months Ended March 31, 2026
Global Global Global Global
Flexible Rigid Flexible Rigid
Packaging Packaging Packaging Packaging
($ million) Solutions Solutions Other Total Solutions Solutions Other Total
----------------- --------- --------- ----- ------ --------- --------- ----- ------
Net income
attributable to
Amcor 550 717
Net income
attributable to
non-controlling
interests 7 --
Tax expense 141 84
Interest expense,
net 222 460
------------------ --------- --------- ----- ------ --------- --------- ----- ------
EBIT 815 212 (107) 920 934 525 (197) 1,261
Impact of
hyperinflation -- 8 8 1 12 -- 13
Restructuring,
integration and
related expenses,
net(1) 30 5 9 44 78 97 55 230
Transaction costs -- 1 26 27 8 2 22 32
Other 10 (16) 3 (3) 10 6 13 29
Amortization of
acquired
intangibles(2) 108 6 2 116 225 183 3 411
Adjusted EBIT 963 216 (67) 1,112 1,256 824 (104) 1,977
------------------ --------- --------- ----- ------ --------- --------- ----- ------
Adjusted EBIT /
sales % 13.6 % 7.6 % 11.2 % 13.5 % 10.6 % 11.6 %
------------------ --------- --------- ----- ------ --------- --------- ----- ------
Reconciliation of adjusted growth to comparable
constant currency growth
% growth -
Adjusted EBIT 30 281 -- 78
% currency impact (2) (15) -- (5)
------------------ --------- --------- ----- ------ --------- --------- ----- ------
% constant
currency growth 28 266 -- 73
------------------ --------- --------- ----- ------ --------- --------- ----- ------
% items affecting
comparability(3) 23 269 -- 67
% from all other
sources 5 (3) -- 6
------------------ --------- --------- ----- ------ --------- --------- ----- ------
(1) Nine months ended March 31, 2026 primarily includes costs incurred in
connection with the Berry Global acquisition. (2) Amortization of acquired
intangible assets from business combinations. (3) Reflects the impact of
acquired, disposed, and ceased operations.
Reconciliation of net debt
($ million) June 30, 2025 March 31, 2026 ------------------------------------- ------------- -------------- Cash and cash equivalents (827) (1,587) Short-term debt 116 92 Current portion of long-term debt 141 561 Long-term debt, less current portion 13,841 15,200 -------------------------------------- ------------- -------------- Net debt 13,271 14,266 -------------------------------------- ------------- --------------
Historical net sales and adjusted EBIT by reporting segment
Effective January 1, 2026, the Company's flexible operations in Latin America previously included in the Global Flexible Packaging Solutions reportable segment are now reflected in the Global Rigid Packaging Solutions reportable segment as the Company has consolidated management of its flexible and rigid packaging operations under one management team and the Company's Chief Operating Decision Maker is now reviewing results under this new structure. Prior period amounts have been recast to conform with current period presentation.
Three Months Three Months Three Months Three Months Three Months Three Months Three Months
Ended June Ended September Ended December Ended March Ended June Ended September Ended December
($ million) 30, 2024 30, 2024 31, 2024 31, 2025 30, 2025 30, 2025 31, 2025
------------ ------------ --------------- -------------- ------------ ------------ --------------- --------------
Global
Flexibles
Packaging
Solutions -
Net Sales 2,467 2,345 2,322 2,406 2,993 3,055 2,998
Global
Flexibles
Packaging
Solutions -
adjusted
EBIT 385 312 309 343 435 409 394
Flexibles
adjusted
EBIT Margin
% 15.6 13.3 13.3 14.3 14.5 13.4 13.1
------------- ---- ------ ---- --------- ---- -------- ---- ------ ---- ------ ---- --------- ---- --------
Global Rigids
Packaging
Solutions -
Net Sales 1,067 1,008 920 927 2,088 2,689 2,451
Global Rigids
Packaging
Solutions -
adjusted
EBIT 93 79 67 70 219 312 236
Rigid
adjusted
EBIT Margin
% 8.7 7.8 7.3 7.6 10.5 11.6 9.6
------------- ---- ------ ---- --------- ---- -------- ---- ------ ---- ------ ---- --------- ---- --------
Other - Net
Sales
Other -
adjusted
EBIT (24) (26) (12) (29) (43) (34) (27)
Other
adjusted
EBIT Margin
%
------------ ---- ------ ---- --------- ---- -------- ---- ------ ---- ------ ---- --------- ---- --------
Total Net
Sales 3,535 3,353 3,241 3,333 5,082 5,745 5,449
Total
adjusted
(MORE TO FOLLOW) Dow Jones Newswires
May 06, 2026 06:00 ET (10:00 GMT)