LUXEMBOURG, Feb. 26, 2026 /PRNewswire/ -- Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the fourth quarter and year ended December 31, 2025.
December 31, December 31, Constant
2025 2024 Change Currency
------------- -------------- ------ --------------
Fourth Quarter ($'m except per share data)
-----------------------------
Revenue 1,346 1,195 13 % 10 %
Loss for the
period (16) (11)
Adjusted
EBITDA(1) 166 164 1 % (1 %)
Loss per share (0.03) (0.03)
Adjusted
earnings per
share(1) 0.03 0.03
Dividend per
ordinary
share 0.10 0.10
Full Year
Revenue 5,497 4,908 12 % 10 %
Profit/(loss)
for the year 11 (3)
Adjusted EBITDA
(1) 739 672 10 % 8 %
Loss per share (0.02) (0.05)
Adjusted
earnings per
share(1) 0.21 0.17
Dividend per
ordinary
share 0.40 0.40
Oliver Graham, CEO of Ardagh Metal Packaging $(AMP)$, said:
"2025 was another year of strong performance for AMP, underpinned by shipments growth of over 3%, a favorable product mix and solid operating performance. We delivered Adjusted EBITDA growth of 10% which significantly outperformed our initial guidance. Our tight focus on cost control generated meaningful operational and overhead cost savings, while our operations teams effectively balanced evolving demand patterns -- both in terms of category mix and can sizes -- to position our capacity to support our customers' growth.
Our strong performance in the Americas was driven by significant growth in North America full-year volumes (+6%) despite supply chain challenges. Our strong customer portfolio, in particular in the energy category, drove favorable mix which more than offset the impact of softness in the Brazil beer market. In Europe, operations and overhead cost savings, as well as shipments growth in carbonated soft drinks and in other growing non--alcoholic categories offset the expected metal input cost recovery headwind.
In each of our markets the beverage can continues to take a higher share of our customers' packaging mix, driven by the can's convenience, branding potential, total cost of ownership and sustainability credentials. We anticipate continued supportive global industry shipments growth in 2026, with more modest shipments growth for AMP as a result of some softness in North America following contract resets. AMP's Adjusted EBITDA growth in 2026 is expected to be driven by volume growth in Europe and Brazil, an attractive customer mix, operational efficiencies and other savings."
-- Global beverage can shipments grew by 3% for the full year versus the
prior year, split between growth of 5% in the Americas -- as growth in
North America of 6% offset a decline of 2% in Brazil -- and growth of 2%
in Europe.
-- Global beverage can shipments grew by 4% in the quarter versus the prior
year quarter, which was driven by growth of 6% in the Americas -- as
growth in North America of 9% offset a decline of 4% in Brazil -- and
growth of 1% in Europe.
-- Adjusted EBITDA of $166 million for the quarter was ahead of our guidance
range of $147--162 million, with both segments performing ahead of
expectations, and represented a 1% increase versus the prior year
quarter.
-- In the Americas Adjusted EBITDA for the quarter decreased by 6% to $102
million due to temporary supply chain disruptions driving higher
operations and overhead costs and lower input cost recovery, partly
offset by favorable volume/mix effects.
-- In Europe Adjusted EBITDA for the quarter increased by 14% (8% at
constant currency) to $64 million, due to stronger input cost recovery
and currency effects, partly offset by increased operations and overhead
costs.
-- Adjusted Free Cash Flow for 2025 of $172 million inclusive of total capex
of $184 million ($63 million growth investment).
-- Announcing plans to add additional capacity in the coming years within
existing facilities in Spain and the UK, two attractive end markets.
Together with other actions to improve the existing network, those
investments will support AMP's continued growth in Europe.
-- Strong total liquidity position of $964 million at December 31, 2025.
-- Net leverage of 5.3x represents an increase versus the prior year (4.9x),
in line with expectations and reflecting the impact (0.4x) of the
redemption of the preferred shares in December 2025.
-- Green bond financing of $1,290 million equivalent notes in December
extends AMP's debt maturities - with no bonds maturing before September
2028 - demonstrates AMP's sustainability credentials and simplifies the
overall capital structure. The outcome also results in small savings to
overall cash flow, considering no further dividends related to the
preferred shares.
-- Regular quarterly ordinary dividend of 10c announced. No change to
capital allocation priorities.
2026 outlook:
-- Full year 2026 Adjusted EBITDA in the range of $750--775 million.
Adjusted EBITDA growth supported by modest global shipments growth, as
well as operating cost improvements and currency effects. At prevailing
rates (euro/dollar at 1.17 vs. 1.12 average for 2025) foreign exchange
represents an estimated annual benefit of c. $10 million.
-- First quarter Adjusted EBITDA of $160--170 million. This compares with Q1
2025 Adjusted EBITDA of $155 million ($160 million at constant
currency) and laps strong prior year shipments growth of 6%.
Financial Performance Review
Bridge of 2024 to 2025 Revenue and Adjusted EBITDA
Three months ended December 31, 2025
Revenue Europe Americas Group
------------------------------------ ------- --------- ------
$'m $'m $'m
Revenue 2024 542 653 1,195
Organic (34) 154 120
FX translation 31 -- 31
------- --------- ------
Revenue 2025 539 807 1,346
------- --------- ------
Adjusted EBITDA Europe Americas Group
------------------------------------ ------- --------- ------
$'m $'m $'m
Adjusted EBITDA 2024 56 108 164
Organic 5 (6) (1)
FX translation 3 -- 3
------- --------- ------
Adjusted EBITDA 2025 64 102 166
------- --------- ------
2025 Adjusted EBITDA margin % 11.9 % 12.6 % 12.3 %
2024 Adjusted EBITDA margin % 10.3 % 16.5 % 13.7 %
Year ended December 31, 2025
Revenue Europe Americas Group
------------------------------ ------ -------- ------
$'m $'m $'m
Revenue 2024 2,161 2,747 4,908
Organic 72 443 515
FX translation 74 -- 74
------ -------- ------
Revenue 2025 2,307 3,190 5,497
------ -------- ------
Adjusted EBITDA Europe Americas Group
------------------------------ ------ -------- ------
$'m $'m $'m
Adjusted EBITDA 2024 257 415 672
Organic 5 52 57
FX translation 10 -- 10
------ -------- ------
Adjusted EBITDA 2025 272 467 739
------ -------- ------
2025 Adjusted EBITDA margin % 11.8 % 14.6 % 13.4 %
2024 Adjusted EBITDA margin % 11.9 % 15.1 % 13.7 %
Group Performance
Fourth Quarter
Group
Revenue increased by $151 million, or 13%, on a reported basis to $1,346 million in the three months ended December 31, 2025, compared with $1,195 million in the three months ended December 31, 2024. 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 $2 million, or 1%, on a reported basis, to $166 million in the three months ended December 31, 2025, compared with $164 million in the three months ended December 31, 2024. On a constant currency basis, Adjusted EBITDA decreased by 1%. The decrease is principally due to higher operations and overhead costs, partly offset by favorable volume/mix effects.
Americas
Revenue increased by $154 million, or 24%, on a reported and constant currency basis, to $807 million in the three months ended December 31, 2025, compared with $653 million in the three months ended December 31, 2024. The increase in revenue is principally due to the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA decreased by $6 million, or 6%, on a reported and constant currency basis, to $102 million in the three months ended December 31, 2025, compared with $108 million in the three months ended December 31, 2024. The decrease was primarily due to higher operations and overhead costs and lower input cost recovery, partly offset by favorable volume/mix effects.
Europe
Revenue decreased by $3 million, or 1%, on a reported basis, to $539 million in the three months ended December 31, 2025, compared with $542 million in the three months ended December 31, 2024. On a constant currency basis, revenue decreased by 6%. The decrease is principally due to unfavorable volume/mix effects (impact of IFRS 15 contract asset) and the pass through of lower input costs to customers.
Adjusted EBITDA increased by $8 million, or 14% on a reported basis, to $64 million in the three months ended December 31, 2025, compared with $56 million in the three months ended December 31, 2024. On a constant currency basis, Adjusted EBITDA increased 8%, principally due higher input cost recovery, partly offset by higher operations and overhead costs.
Full Year
Group
Revenue in the year ended December 31, 2025, increased by $589 million, or 12% on a reported basis, to $5,497 million, compared with $4,908 million in the year ended December 31, 2024. On a constant currency basis, revenue increased by 10%, principally reflecting the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA increased by $67 million, or 10% on a reported basis, to $739 million in the year ended December 31, 2025, compared with $672 million in the year ended December 31, 2024. On a constant currency basis, Adjusted EBITDA increased by 8%, principally due to favorable volume/mix effects, lower operations and overhead costs, partly offset by lower input cost recovery.
Americas
Revenue increased by $443 million, or 16%, on a reported and constant currency basis, to $3,190 million for the year ended December 31, 2025, compared with $2,747 million in the year ended December 31, 2024. The increase in revenue was primarily driven by the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA increased by $52 million, or 13%, on a reported and constant currency basis, to $467 million for the year ended December 31, 2025, compared with $415 million in the year ended December 31, 2024. The increase was primarily driven by favorable volume/mix effects, partly offset by higher operations and overhead costs and lower input cost recovery.
Europe
Revenue increased by $146 million, or 7% on a reported basis, to $2,307 million for the year ended December 31, 2025, compared with $2,161 million in the year ended December 31, 2024. On a constant currency basis, revenue increased by 3%, principally due to the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA increased by $15 million, or 6% on a reported basis, to $272 million for the year ended December 31, 2025, compared with $257 million in the year ended December 31, 2024. On a constant currency basis, Adjusted EBITDA increased by 2%, principally due to lower operations and overhead costs, and favorable volume/mix effects, partly offset by lower input cost recovery.
Earnings Webcast and Conference Call Details
Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its fourth quarter and full year ended 31 December 2025 earnings webcast and conference call for investors at 9.00 a.m. EST (2.00 p.m. GMT) on Thursday February 26, 2026. Please use the following webcast link to register for this call:
Webcast registration and access:
https://event.webcasts.com/starthere.jsp?ei=1749571&tp_key=c69c48b5eb
Conference call dial in:
United States/Canada: +1 646 769--9200
International: +44 (0)20 7769--6464
Participant pin code: 7198287
An investor earnings presentation to accompany this release is available at https://www.ardaghmetalpackaging.com/investors
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 $5.5 billion in 2025.
For more information, visit https://www.ardaghmetalpackaging.com/investors
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, 2024 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
Media:
Pat Walsh, Murray Consultants
Tel.: +353 1 498 0300 / +353 87 2269345
Email: pwalsh@murraygroup.ie
Unaudited Consolidated Condensed Income Statement for the three months ended December 31,
2025 and 2024
Three months ended December 31, Three months ended December 31,
2025 2024
---------------------------------- ----------------------------------
Before Before
exceptional Exceptional exceptional Exceptional
items items Total items items Total
$'m $'m $'m $'m $'m $'m
----------- ----------- -------- ----------- ----------- --------
Revenue 1,346 -- 1,346 1,195 -- 1,195
Cost of sales (1,194) -- (1,194) (1,047) 3 (1,044)
----------- ----------- -------- ----------- ----------- --------
Gross profit 152 -- 152 148 3 151
Sales, general
and
administration
expenses (70) (12) (82) (67) -- (67)
Intangible
amortization (36) -- (36) (34) -- (34)
----------- ----------- -------- ----------- ----------- --------
Operating profit 46 (12) 34 47 3 50
Net finance
expense (55) (18) (73) (52) -- (52)
----------- ----------- -------- ----------- ----------- --------
Loss before tax (9) (30) (39) (5) 3 (2)
Income tax
credit/(charge) 2 21 23 2 (11) (9)
----------- ----------- -------- ----------- ----------- --------
Loss for the
period (7) (9) (16) (3) (8) (11)
----------- ----------- -------- ----------- ----------- --------
Loss per share:
-------- --------
Basic and diluted
loss per share ($0.03) ($0.03)
-------- --------
Unaudited Consolidated Condensed Income Statement for the year ended December 31, 2025
and 2024
Year ended December 31, 2025 Year ended December 31, 2024
--------------------------------- ---------------------------------
Before Before
exceptional Exceptional exceptional Exceptional
items items Total items items Total
$'m $'m $'m $'m $'m $'m
----------- ----------- ------- ----------- ----------- -------
Revenue 5,497 -- 5,497 4,908 -- 4,908
Cost of sales (4,800) (16) (4,816) (4,262) (16) (4,278)
----------- ----------- ------- ----------- ----------- -------
Gross profit 697 (16) 681 646 (16) 630
Sales, general
and
administration
expenses (283) (16) (299) (283) (5) (288)
Intangible
amortization (138) -- (138) (140) -- (140)
----------- ----------- ------- ----------- ----------- -------
Operating profit 276 (32) 244 223 (21) 202
Net finance
expense (226) (14) (240) (205) 13 (192)
----------- ----------- ------- ----------- ----------- -------
(Loss)/profit
before tax 50 (46) 4 18 (8) 10
Income tax
credit/(charge) (15) 22 7 (5) (8) (13)
----------- ----------- ------- ----------- ----------- -------
Profit/(loss) for
the year 35 (24) 11 13 (16) (3)
----------- ----------- ------- ----------- ----------- -------
Loss per share:
------- -------
Basic and diluted
loss per share ($0.02) ($0.05)
------- -------
Unaudited Consolidated Condensed Statement of Financial Position
At December 31, 2025 At December 31, 2024
$'m $'m
-------------------- --------------------
Non--current assets
Intangible assets 1,181 1,223
Property, plant and equipment 2,515 2,480
Other non--current assets 143 129
-------------------- --------------------
3,839 3,832
-------------------- --------------------
Current assets
Inventories 509 382
Trade and other receivables 467 332
Contract assets 267 251
Income tax receivable 34 35
Derivative financial instruments 41 20
Cash, cash equivalents and
restricted cash 522 610
-------------------- --------------------
1,840 1,630
-------------------- --------------------
TOTAL ASSETS 5,679 5,462
-------------------- --------------------
TOTAL EQUITY (675) (136)
-------------------- --------------------
Non--current liabilities
Borrowings including lease
obligations 4,301 3,797
Other non--current liabilities* 324 353
-------------------- --------------------
4,625 4,150
-------------------- --------------------
Current liabilities
Borrowings including lease
obligations 118 105
Payables and other current
liabilities 1,611 1,343
-------------------- --------------------
1,729 1,448
-------------------- --------------------
TOTAL LIABILITIES 6,354 5,598
-------------------- --------------------
TOTAL EQUITY and LIABILITIES 5,679 5,462
-------------------- --------------------
* Other non--current liabilities include liabilities for earnout shares of $3
million at December 31, 2025 (December 31, 2024: $10 million).
Unaudited Consolidated Condensed Statement of Cash Flows
Three months ended, Year ended,
December 31, December 31,
--------------------- --------------
2025 2024 2025 2024
$'m $'m $'m $'m
---------- --------- ------ ------
Cash flows from operating
activities
Cash generated from operations
(2) 461 460 718 659
Net interest paid (85) (78) (202) (189)
Settlement of foreign currency
derivative financial
instruments (2) 12 (41) 8
Income tax paid (6) (9) (26) (28)
---------- --------- ------ ------
Cash flows from operating
activities 368 385 449 450
---------- --------- ------ ------
Cash flows used in investing
activities
Capital expenditure (53) (47) (184) (179)
---------- --------- ------ ------
Cash flows used in investing
activities (53) (47) (184) (179)
---------- --------- ------ ------
Cash flows used in financing
activities
Changes in borrowings 330 (5) 352 288
Redemption of preferred shares (289) -- (289) --
Lease payments (29) (28) (111) (97)
Dividends paid (64) (66) (262) (264)
Deferred debt issue costs paid (11) (2) (17) (8)
Consideration paid on
termination of derivative
financial instruments (35) -- (35) --
Exceptional early redemption
premium paid (12) -- (12) --
---------- --------- ------ ------
Cash flows used in financing
activities (110) (101) (374) (81)
---------- --------- ------ ------
Net increase/(decrease) in
cash, cash equivalents and
restricted cash 205 237 (109) 190
---------- --------- ------ ------
Cash, cash equivalents and
restricted cash at beginning
of period 317 393 610 443
Foreign exchange gains/(losses)
on cash, cash equivalents and
restricted cash -- (20) 21 (23)
---------- --------- ------ ------
Cash, cash equivalents and
restricted cash at end of
period 522 610 522 610
---------- --------- ------ ------
Financial assets and liabilities
At December 31, 2025, the Group's net debt and available liquidity was as
follows:
Drawn amount Available liquidity
$'m $'m
------------ -------------------
Senior Secured Green and Senior Green
Notes 4,056 --
Global Asset Based Loan Facility -- 351
Bradesco Facility -- 91
Lease obligations 368 --
Other borrowings 27 --
------------ -------------------
Total borrowings / undrawn facilities 4,451 442
Deferred debt issue costs (32) --
------------ -------------------
Net borrowings / undrawn facilities 4,419 442
Cash, cash equivalents and restricted
cash (522) 522
Derivative financial instruments used
to hedge foreign currency and interest
rate risk 3 --
------------ -------------------
Net debt / available liquidity 3,900 964
------------ -------------------
Reconciliation of loss for the period to Adjusted profit
Three months ended Year ended
December 31, December 31,
-------------------- --------------
2025 2024 2025 2024
$'m $'m $'m $'m
--------- --------- ------ ------
Loss for the period (16) (11) 11 (3)
Less: Dividend on preferred shares (4) (6) (22) (24)
--------- --------- ------ ------
Loss for the period used in
calculating earnings per share (20) (17) (11) (27)
Exceptional items, net of tax 9 8 24 16
Intangible amortization, net of
tax 29 27 110 110
--------- --------- ------ ------
Adjusted profit for the period 18 18 123 99
--------- --------- ------ ------
Weighted average number of
ordinary shares 597.7 597.7 597.7 597.7
Loss per share (0.03) (0.03) (0.02) (0.05)
Adjusted earnings per share $0.03 $0.03 $0.21 $0.17
Reconciliation of loss for the period to Adjusted EBITDA
Three months ended Year ended
December 31, December 31,
-------------------- --------------
2025 2024 2025 2024
$'m $'m $'m $'m
--------- --------- ------- -----
(Loss)/profit for the period (16) (11) 11 (3)
Income tax (credit)/charge (23) 9 (7) 13
Net finance expense 73 52 240 192
Depreciation and amortization 120 117 463 449
Exceptional operating items 12 (3) 32 21
--------- --------- ------- -----
Adjusted EBITDA 166 164 739 672
--------- --------- ------- -----
Reconciliation of Adjusted EBITDA to Adjusted operating cash flow and
Adjusted free cash flow
Three months ended Year ended
December 31, December 31,
-------------------- --------------
2025 2024 2025 2024
$'m $'m $'m $'m
--------- --------- ------ ------
Adjusted EBITDA 166 164 739 672
Movement in working capital 303 301 (2) 40
Maintenance capital expenditure (39) (43) (121) (111)
Lease payments (29) (28) (111) (97)
Exceptional restructuring costs
paid -- (2) (1) (23)
--------- --------- ------ ------
Adjusted operating cash flow 401 392 504 481
--------- --------- ------ ------
Net interest paid (85) (78) (202) (189)
Settlement of foreign currency
derivative financial instruments (2) 12 (41) 8
Income tax paid (6) (9) (26) (28)
--------- --------- ------ ------
Adjusted free cash flow -- pre
Growth Investment capital
expenditure 308 317 235 272
--------- --------- ------ ------
Growth investment capital
expenditure (14) (4) (63) (68)
--------- --------- ------ ------
Adjusted free cash flow -- post
Growth Investment capital
expenditure 294 313 172 204
--------- --------- ------ ------
Related Footnotes
(1) For a reconciliation to the most comparable IFRS measures, see Page 10.
(2) Cash from operations for the three months ended December 31, 2025 is
derived from the aggregate of Adjusted EBITDA as presented on Page 10, working
capital inflows of $303 million (2024: inflows of $301 million) and other
exceptional cash outflows of $8 million (2024: $5 million). Cash used in
operations for year ended December 31, 2025 is derived from the aggregate of
Adjusted EBITDA as presented on Page 10, working capital outflows of $2
million (2024: inflows of $40 million) and other exceptional cash outflows of
$19 million (2024: $53 million).
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SOURCE Ardagh Metal Packaging S.A.
(END) Dow Jones Newswires
February 26, 2026 07:00 ET (12:00 GMT)