Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the third quarter ended September 30, 2025.
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Oliver Graham, CEO of Ardagh Metal Packaging (AMP), said:
“We delivered a strong performance in the third quarter, with Adjusted EBITDA growth of 6% versus the prior year quarter. Our result was towards the upper end of our guidance range with both segments performing broadly in line with expectations. Adjusted EBITDA growth in the quarter was supported by shipments growth in Europe and North America, lower operational and overhead costs, as well as favorable category mix.
Overall global volumes are up over 3% year-to-date versus the prior period and the beverage can continues to benefit from innovation and share gains in our customers' packaging mix. Our resilient business performance in the current macro environment gives us confidence to further upgrade our full year Adjusted EBITDA guidance to $720-735 million.”
— Global beverage can shipments declined by 1% in the quarter as growth of 2% in Europe was offset by a decline of 3% in the Americas. North America shipments grew by 1% – broadly in line with the industry following a strong first half (year-to-date volumes +5%) despite temporary operational challenges. Brazil volumes declined by 17%, as industry volumes declined sharply, reflecting a weak consumer backdrop.
— Adjusted EBITDA of $208 million for the quarter was at the upper end of our guidance range and represented a 6% increase versus the prior year quarter (+3% at constant currency).
— In the Americas Adjusted EBITDA for the quarter increased by 8% on both a reported and constant currency basis to $126 million driven by lower operational and overhead costs, and favorable category mix, partly offset by lower volumes.
— In Europe Adjusted EBITDA for the quarter increased by 4% (-4% at constant currency) to $82 million, due to volume/mix and currency effects, partly offset by lower input cost recovery.
— Adjusted Free Cash Flow expectations for 2025 remain unchanged – expected to be at least $150 million. Expectations for total capex in 2025 of approximately $200 million, of which approximately one-third relates to growth investment.
— Strong total liquidity position of $627 million at September 30, 2025. Net debt to Adjusted EBITDA ratio reduces to 5.2x, down from 5.6x at September 30, 2024.
— Regular quarterly ordinary dividend of 10c announced. No change to capital allocation priorities.
— Publication of sustainability report highlights strong progress towards targets in 2024, including a 10% annual reduction in scope 1 & 2 emissions and a 14% reduction in scope 3 emissions – with scope 3 emissions now 25% below the 2020 baseline.
— Raising 2025 Adjusted EBITDA guidance to $720-$735 million – based on an expected average euro/dollar currency rate of 1.12 versus an average of 1.086 for 2024. Full year shipments growth forecast expected to be around 3%.
Group Performance
Group
Revenue of $1,428 million in the three months ended September 30, 2025, increased by $115 million, or 9%, compared with $1,313 million in the same period last year. On a constant currency basis, revenue increased by 6%, reflecting the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA increased by $12 million, or 6%, to $208 million in the three months ended September 30, 2025, compared with $196 million in the same period last year. On a constant currency basis, Adjusted EBITDA increased by 3%, principally due to favorable volume/mix effects (including the positive impact of IFRS 15 contract assets) and lower operational and overhead costs, partly offset by lower input cost recovery.
Americas
Revenue increased by $62 million, or 8%, on a reported and constant currency basis, to $803 million in the three months ended September 30, 2025, compared with $741 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 (including a positive impact of IFRS 15 contract assets).
Adjusted EBITDA increased by $9 million, or 8%, to $126 million on a reported and constant currency basis, compared with $117 million in the same period last year, primarily driven by lower operations and overhead costs, partly offset by unfavorable volume/mix effects (including a positive impact of IFRS 15 contract assets).
Europe
Revenue increased by $53 million, or 9%, to $625 million in the three months ended September 30, 2025, compared with $572 million in the same period last year. On a constant currency basis, revenue increased by 3% principally due to favorable volume/mix effects, partly offset by the pass through of lower input costs to customers.
Adjusted EBITDA increased by $3 million, or 4%, to $82 million compared with $79 million in the same period last year. On a constant currency basis, Adjusted EBITDA decreased by 4% principally due to lower input cost recovery, partly offset by favorable volume/mix effects.
Earnings Webcast and Conference Call Details
Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its third quarter 2025 earnings webcast and conference call for investors at 10.00 a.m. EDT (3.00 p.m. BST) on Thursday October 23, 2025. Please use the following webcast link to register for this call:
Webcast registration and access:
https://event.webcasts.com/starthere.jsp?ei=1736414&tp_key=04ce548bdd
Conference call dial in:
United States/Canada: +1 800-330-6710 International: +44 (0)20 7769 6464 Participant pin code: 5209543
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 metal beverage can production facilities in nine countries, employing more than 6,000 people with sales of approximately $4.9 billion in 2024.
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, 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® 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.
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