Ardagh Metal Packaging Earnings Call Transcripts
Fiscal Year 2026
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The company is experiencing steady global growth, with Europe showing strong can adoption potential and North America in a transition year expected to rebound. Cost inflation is being managed through hedging and supply chain diversification, while sustainability trends and regulatory shifts favor cans. Operational flexibility and innovation in specialty cans support ongoing growth.
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Q1 adjusted EBITDA grew 15% year-over-year, exceeding guidance, led by Europe. 2026 guidance is reaffirmed, with moderate H2 input cost increases expected and strong demand in energy and soft drink categories. Net leverage rose to 5.7x, and a $175M legal award was secured.
Fiscal Year 2025
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Global shipments grew over 3% and Adjusted EBITDA rose 10% in 2025, exceeding guidance. North America led growth, while Europe and Brazil tracked industry trends. 2026 is a transition year for North America, with growth expected to resume in 2027.
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Mid-single digit growth in North America was driven by energy drinks and innovation, with 2026 expected as a transition year before growth resumes. Europe and Brazil anticipate recovery, supported by sustainability trends and operational improvements. Specialty can formats and green financing remain strategic strengths.
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Q3 adjusted EBITDA grew 6% year-over-year to $208 million, with both Europe and Americas segments performing in line with expectations. Full-year adjusted EBITDA guidance was raised to $720–$735 million, and sustainability targets saw strong progress.
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Q2 saw 5% global shipments and 18% adjusted EBITDA growth, led by strong Americas performance and resilient demand in key beverage categories. Full-year EBITDA guidance was raised, with continued investment in capacity and a robust liquidity position.
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Global shipments grew 6% and adjusted EBITDA rose 16% year-over-year, both ahead of guidance, driven by strong performance in all regions. Full-year guidance for shipments and adjusted EBITDA was raised, with minimal expected impact from tariffs and a continued focus on disciplined capital allocation.
Fiscal Year 2024
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Double-digit Adjusted EBITDA growth in 2024 was driven by strong European performance and improved cost recovery, with robust liquidity and reduced leverage. 2025 guidance projects further shipment and EBITDA growth, though headwinds from inflation, FX, and input costs are expected.
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Q3 results exceeded guidance with double-digit adjusted EBITDA growth in both segments and strong cash flow, prompting a raised full-year EBITDA outlook. Americas growth was revised down due to energy category softness, while Europe’s performance and outlook remain robust.
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Q2 results exceeded guidance with 3% global shipment growth and 18% higher Adjusted EBITDA year-over-year. Full-year Adjusted EBITDA guidance was raised, supported by strong performance in both Europe and the Americas, improved cost recovery, and robust liquidity.