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.
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