Ardagh Metal Packaging S.a Stock Earnings Reports

Ardagh Metal Packaging (AMP) delivered a solid Q3 2025: adjusted EBITDA of $208M (up 6% YoY, 3% on a constant currency basis) and shipments up year-to-date >3%. Management raised full-year adjusted EBITDA guidance to $720M–$735M and expects full-year shipments growth of ~3%. Europe: Q3 revenue $625M (+9% reported, +3% cc); shipments +2% driven by energy drinks, RTD teas/coffees, ciders, wine and water, offset by continued beer weakness (beer >40% of EU portfolio). AMP now expects low single-digit European shipment growth for full-year 2025 and sees EU market growth of ~3–4% in 2026 with AMP broadly tracking it. Americas: Q3 revenue $803M (+8%) and adjusted EBITDA $126M (+8%); North America shipments +1% in Q3 and +5% YTD, with full-year North America shipments guidance of mid-single-digit growth. Brazil volumes were weak in Q3 (beverage cans -17%) due to a soft industry/consumer backdrop; Q4 is expected to improve so full-year Brazil volumes will be broadly flat. Supply-chain: temporary operational and metal/can-sheet supply issues (including effects from a key supplier disruption) modestly affected Q3 North America (estimated ~1–2 pts of growth lost); management is cautiously optimistic these constraints will moderate in Q4 and into 2026, aided by new domestic mill capacity. Financial position: liquidity >$600M, net leverage 5.2x (targeting ~5.0x at year-end), reaffirmed adjusted free cash flow target of at least $150M for 2025, maintenance CapEx ~$135M, growth CapEx ~$65M, and announced quarterly ordinary dividend of $0.10/share. Management expects 2026 to be a transitional year in North America with some volume resets related to footprint dynamics but anticipates stronger growth in 2027 driven by additional filling locations and ongoing market growth. Sustainability: reported progress (2024 reductions in Scope 1/2 by 10% and Scope 3 by 14% year over year; Scope 3 now 25% below 2020 baseline).