March 31, 2026
March 31, 2025
Change
Constant Currency
($'m except per share data)
Revenue
1,504
1,268
19 %
13 %
Loss for the period
(5)
(5)
Adjusted EBITDA (1)
179
155
15 %
11 %
Loss per share
(0.01)
(0.02)
Adjusted earnings per share (1)
0.05
0.02
Dividend per ordinary share
0.10
0.10
Oliver Graham, CEO of Ardagh Metal Packaging (AMP), said:
"We are pleased to report strong first quarter results for AMP, with Adjusted EBITDA growth of 15% versus the prior year, significantly ahead of our guidance and demonstrating the resilience of our business. Beverage can sales declined by 1% versus the prior year quarter, in line with our expectations, as we cycled strong prior year growth (+6%) and due to the impact of contract resets in North America.
Our Adjusted EBITDA outperformance in the quarter was driven by Europe, which benefitted from strong input cost recovery and favorable volume/mix. Performance in the Americas was broadly in line with expectations. Brazil delivered strong results driven by above-market volume growth, which was offset by the impact of a more challenging operating environment in North America, where we experienced higher costs associated with aluminum supply chain disruptions, which we expect to continue into Q2.
We reaffirm our full year Adjusted EBITDA guidance for 2026 despite macro-economic and geopolitical uncertainty - and the associated increases in certain input costs - and we continue to anticipate moderate global shipments growth. AMP's guidance is supported by our first quarter outperformance, our robust contractual cost pass-through mechanisms, energy hedging arrangements, and volume outlook, all of which help mitigate the potential impact of higher commodity prices."
Global beverage can shipments declined by 1% in the quarter versus the prior year quarter, which was driven by a decline of 2% in the Americas, a decline in North America of 5% offsetting growth of 14% in Brazil, and a decline of 1% in Europe.
Adjusted EBITDA of $179 million for the quarter was ahead of our guidance range of $160–170 million, driven by a strong outperformance in Europe, and represented a 15% increase (+11% at constant currency) versus the prior year quarter.
In the Americas Adjusted EBITDA for the quarter decreased by 2% to $104 million due to supply chain disruptions - reflecting adverse weather and expected disruption to aluminum supply - 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 53% (+36% at constant currency) to $75 million, due to stronger input cost recovery, currency movements and favorable volume/mix, partly offset by higher operational and overhead costs.
Strong total liquidity position of $488 million at March 31, 2026. In the quarter AMP completed the refinancing of the asset-based lending facility, which was upsized to $450 million and its maturity date extended to January 2031.
On April 6, 2026, a court in the United States District Court for the Northern District of Illinois entered a jury verdict in connection with a lawsuit filed against Boston Beer in 2022 for breach of contract in respect of minimum volume purchase requirements, awarding damages of approximately $175 million, plus pre-judgment interest if assessed, to the Group, subject to any post-trial motions.
Regular quarterly ordinary dividend of 10c announced. No change to capital allocation priorities.
2026 Adjusted EBITDA guidance unchanged: Full year 2026 Adjusted EBITDA in the range of $750–775 million and modest global shipments growth. Adjusted EBITDA growth driven by favorable volume/mix, operating cost improvements and currency effects.
Second quarter Adjusted EBITDA expected to be in the range of $210-220 million. This compares with Q2 2025 Adjusted EBITDA of $210 million ($212 million at constant currency) and takes into account strong prior year shipments growth of 5%.
Financial Performance Review
Bridge of 2025 to 2026 Revenue and Adjusted EBITDA
Three months ended March 31, 2026
Revenue
Europe
Americas
Group
$'m
$'m
$'m
Revenue 2025
528
740
1,268
Organic
32
139
171
FX translation
65
—
65
Revenue 2026
625
879
1,504
Adjusted EBITDA
Europe
Americas
Group
$'m
$'m
$'m
Adjusted EBITDA 2025
49
106
155
Organic
20
(2)
18
FX translation
6
—
6
Adjusted EBITDA 2026
75
104
179
2026 Adjusted EBITDA margin %
12.0 %
11.8 %
11.9 %
2025 Adjusted EBITDA margin %
9.3 %
14.3 %
12.2 %
Group Performance
Group
Revenue of $1,504 million in the three months ended March 31, 2026 increased by $236 million, or 19%, compared with $1,268 million in the same period last year. On a constant currency basis, revenue increased by 13%, mainly reflecting the pass through to customers of higher input costs and favorable volume/mix effects.
Adjusted EBITDA increased by $24 million, or 15%, to $179 million in the three months ended March 31, 2026, compared with $155 million in the same period last year. On a constant currency basis, Adjusted EBITDA increased by 11%, principally due to favorable volume/mix effects and higher input cost recovery, partly offset by higher operational and overhead costs.
Americas
Revenue increased by $139 million, or 19%, on a reported and constant currency basis, to $879 million in the three months ended March 31, 2026, compared with $740 million in the same period last year, principally reflecting the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA decreased by $2 million, or 2%, to $104 million on a reported and constant currency basis, compared with $106 million in the same period last year. The decrease in Adjusted EBITDA was primarily driven by higher operations and overhead costs and lower input cost recovery, partly offset by favorable volume/mix effects.
Europe
Revenue increased by $97 million, or 18%, to $625 million in the three months ended March 31, 2026, compared with $528 million in the same period last year. On a constant currency basis, revenue increased by 5% principally due to favorable volume/mix effects (including the impact of IFRS 15 contract asset).
Adjusted EBITDA increased by $26 million, or 53%, to $75 million compared with $49 million in the same period last year. On a constant currency basis, Adjusted EBITDA increased by 36% principally due to higher input cost recovery and favorable volume/mix effects (including the impact of IFRS 15 contract asset), partly offset by higher operations and overhead costs.
Earnings Webcast and Conference Call Details
Ardagh Metal Packaging S.A. (NYSE:AMBP) will hold its first quarter 2026 earnings webcast and conference call for investors at 8.00 a.m. EDT (1.00 p.m. BST) on Thursday April 23, 2026. Please use the following webcast link to register for this call:
Webcast registration and access:
https://event.webcasts.com/starthere.jsp?ei=1756471&tp_key=9304d31a1f
Conference call dial in:
United States/Canada: +1 646 769-9200International: +44 (0)20 7769-6464Participant pin code: 9506100
An investor earnings presentation to accompany this release is available at https://www.ardaghmetalpackaging.com/investors.
About Ardagh Metal PackagingArdagh 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 approximately $5.5 billion in 2025.
For more information, visit https://www.ardaghmetalpackaging.com/investors.
Forward-Looking StatementsThis 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, 2025 filed with the U.S. ...
