Ardagh Metal Packaging S.A. - Third Quarter 2025 Results

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October 23, 2025 7:00 AM EDT

LUXEMBOURG, Oct. 23, 2025 /PRNewswire/ -- Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the third quarter ended September 30, 2025.

Three months ended







September 30, 2025


September 30, 2024


Change


Constant Currency



($'m except per share data)





Revenue


1,428


1,313


9 %


6 %

Profit for the period


27


18





Adjusted EBITDA (1)


208


196


6 %


3 %

Earnings per share


0.04


0.02





Adjusted earnings per share (1)


0.08


0.08





Dividend per ordinary share


0.10


0.10





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%.

Financial Performance Review







Bridge of 2024 to 2025 Revenue and Adjusted EBITDA














Three months ended September 30, 2025














Revenue


Europe


Americas


Group



$'m  


$'m  


$'m  

Revenue 2024


572


741


1,313

Organic


16


62


78

FX translation


37


—


37

Revenue 2025


625


803


1,428








Adjusted EBITDA


Europe


Americas


Group



$'m 


$'m  


$'m  

Adjusted EBITDA 2024


79


117


196

Organic


(3)


9


6

FX translation


6


—


6

Adjusted EBITDA 2025


82


126


208








2025 Adjusted EBITDA margin %


13.1 %


15.7 %


14.6 %

2024 Adjusted EBITDA margin %


13.8 %


15.8 %


14.9 %


Nine months ended September 30, 2025








Revenue


Europe


Americas


Group



$'m  


$'m  


$'m  

Revenue 2024


1,619


2,094


3,713

Organic


106


289


395

FX translation


43


—


43

Revenue 2025


1,768


2,383


4,151








Adjusted EBITDA


Europe


Americas


Group



$'m  


$'m  


$'m  

Adjusted EBITDA 2024


201


307


508

Organic


—


58


58

FX translation


7


—


7

Adjusted EBITDA 2025


208


365


573








2025 Adjusted EBITDA margin %


11.8 %


15.3 %


13.8 %

2024 Adjusted EBITDA margin %


12.4 %


14.7 %


13.7 %

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.

Unaudited Consolidated Condensed Income Statement for the three months ended September 30, 2025 and 2024
















Three months ended September 30, 2025


Three months ended September 30, 2024



Before
exceptional
items


Exceptional
items


Total


Before
exceptional
items


Exceptional
items


Total



$'m


$'m


$'m


$'m


$'m


$'m

Revenue


1,428


—


1,428


1,313


—


1,313

Cost of sales


(1,233)


(1)


(1,234)


(1,124)


(2)


(1,126)

Gross profit


195


(1)


194


189


(2)


187

Sales, general and administration expenses


(71)


(2)


(73)


(70)


(1)


(71)

Intangible amortization


(34)


—


(34)


(33)


—


(33)

Operating profit


90


(3)


87


86


(3)


83

Net finance expense


(56)


6


(50)


(50)


(4)


(54)

Profit before tax


34


3


37


36


(7)


29

Income tax charge


(10)


—


(10)


(11)


—


(11)

Profit for the period


24


3


27


25


(7)


18














Earnings per share:













Basic and diluted earnings per share






0.04






0.02

 

Unaudited Consolidated Condensed Income Statement for the nine months ended September 30, 2025 and 2024
















Nine months ended September 30, 2025


Nine months ended September 30, 2024



Before
exceptional
items


Exceptional
items


Total


Before
exceptional
items


Exceptional
items


Total



$'m


$'m


$'m


$'m


$'m


$'m

Revenue


4,151


—


4,151


3,713


—


3,713

Cost of sales


(3,606)


(16)


(3,622)


(3,215)


(19)


(3,234)

Gross profit


545


(16)


529


498


(19)


479

Sales, general and administration expenses


(213)


(4)


(217)


(216)


(5)


(221)

Intangible amortization


(102)


—


(102)


(106)


—


(106)

Operating profit


230


(20)


210


176


(24)


152

Net finance expense


(171)


4


(167)


(153)


13


(140)

Profit before tax


59


(16)


43


23


(11)


12

Income tax charge


(17)


1


(16)


(7)


3


(4)

Profit for the period


42


(15)


27


16


(8)


8














Earnings/(loss) per share:













Basic and diluted earnings/(loss) per share






0.02






(0.02)

 

Unaudited Consolidated Condensed Statement of Financial Position






At September 30, 2025


At December 31, 2024


$'m


$'m

Non-current assets




Intangible assets

1,209


1,223

Property, plant and equipment

2,515


2,480

Other non-current assets

142


129


3,866


3,832

Current assets




Inventories

451


382

Trade and other receivables

501


332

Contract assets

268


251

Income tax receivable

36


35

Derivative financial instruments

17


20

Cash, cash equivalents and restricted cash

317


610


1,590


1,630

TOTAL ASSETS

5,456


5,462





TOTAL EQUITY

(334)


(136)





Non-current liabilities




Borrowings including lease obligations

3,953


3,797

Other non-current liabilities*

377


353


4,330


4,150

Current liabilities




Borrowings including lease obligations

140


105

Payables and other current liabilities

1,320


1,343


1,460


1,448

TOTAL LIABILITIES

5,790


5,598

TOTAL EQUITY and LIABILITIES

5,456


5,462


* Other non-current liabilities include liabilities for Earnout Shares of $7 million at September 30, 2025 (December 2024: $10 million).

 

Unaudited Consolidated Condensed Statement of Cash Flows












Three months ended


Nine months ended



September 30,


September 30,



2025


2024


2025


2024



$'m


$'m


$'m


$'m

Cash flows from operating activities









Cash generated from operations (2)


214


200


257


199

Net interest paid


(18)


(18)


(117)


(111)

Settlement of foreign currency derivative financial instruments


(8)


(5)


(39)


(4)

Income tax paid


(7)


(8)


(20)


(19)

Cash flows from operating activities


181


169


81


65










Cash flows used in investing activities









Net capital expenditure


(50)


(34)


(131)


(132)

Net cash used in investing activities


(50)


(34)


(131)


(132)










Cash flows (used in)/received from financing activities









Changes in borrowings


28


112


22


293

Deferred debt issue costs paid


(3)


(6)


(6)


(6)

Lease payments


(31)


(25)


(82)


(69)

Dividends paid


(66)


(66)


(198)


(198)

Net cash (used in)/received from financing activities


(72)


15


(264)


20










Net increase/(decrease) in cash, cash equivalents and restricted cash


59


150


(314)


(47)










Cash, cash equivalents and restricted cash at beginning of period


256


236


610


443

Foreign exchange gains/(losses) on cash, cash equivalents and restricted cash


2


7


21


(3)

Cash, cash equivalents and restricted cash at end of period


317


393


317


393

 

Financial assets and liabilities

At September 30, 2025, the Group's net debt and available liquidity was as follows:








Drawn amount


Available liquidity



$'m


$'m

Senior Facilities*


3,682


—

Global Asset Based Loan Facility


25


310

Lease obligations


369


—

Other borrowings


39


—

Total borrowings / undrawn facilities


4,115


310

Deferred debt issue costs


(22)


—

Net borrowings / undrawn facilities


4,093


310

Cash, cash equivalents and restricted cash


(317)


317

Derivative financial instruments used to hedge foreign currency and interest rate risk


37


—

Net debt / available liquidity


3,813


627


*Includes Senior Secured Green Notes, Senior Green Notes and Senior Secured Term Loan.

 

Reconciliation of profit for the period to Adjusted profit






Three months ended September 30,


2025


2024


$'m


$'m

Profit for the period as presented in the income statement

27


18

Less: Dividend on preferred shares

(6)


(6)

Profit for the period used in calculating earnings per share

21


12

Exceptional items, net of tax

(3)


7

Intangible amortization, net of tax

27


26

Adjusted profit for the period

45


45





Weighted average number of ordinary shares

597.7


597.7





Earnings per share

0.04


0.02





Adjusted earnings per share

0.08


0.08

 

Reconciliation of profit for the period to Adjusted EBITDA










Three months ended


Nine months ended


September 30,


September 30,


2025


2024


2025


2024


$'m


$'m


$'m


$'m

Profit for the period

27


18


27


8

Income tax charge

10


11


16


4

Net finance expense

50


54


167


140

Depreciation and amortization

118


110


343


332

Exceptional operating items

3


3


20


24

Adjusted EBITDA

208


196


573


508

 

Reconciliation of Adjusted EBITDA to Adjusted operating cash flow and Adjusted free cash flow










Three months ended


Nine months ended


September 30,


September 30,


2025


2024


2025


2024


$'m


$'m


$'m


$'m

Adjusted EBITDA

208


196


573


508

Movement in working capital

10


10


(305)


(261)

Maintenance capital expenditure

(31)


(18)


(82)


(68)

Lease payments

(31)


(25)


(82)


(69)

Exceptional restructuring costs

—


(1)


(1)


(21)

Adjusted operating cash flow

156


162


103


89

Net interest paid

(18)


(18)


(117)


(111)

Settlement of foreign currency derivative financial instruments

(8)


(5)


(39)


(4)

Income tax paid

(7)


(8)


(20)


(19)

Adjusted free cash flow - pre Growth Investment capital expenditure

123


131


(73)


(45)

Growth investment capital expenditure

(19)


(16)


(49)


(64)

Adjusted free cash flow - post Growth Investment capital expenditure

104


115


(122)


(109)

Related Footnotes

(1) For a reconciliation to the most comparable IFRS measures, see Page 9.

(2) Cash from operations for the three months ended September 30, 2025 is derived from the aggregate of Adjusted EBITDA as presented on Page 9, working capital inflows of $10 million (2024: inflows of $10 million) and other exceptional cash outflows of $4 million (2024: $6 million). Cash used in operations for the nine months ended September 30, 2025 is derived from the aggregate of Adjusted EBITDA as presented on Page 9, working capital outflows of $305 million (2024: outflows of $261 million) and other exceptional cash outflows of $11 million (2024: $48 million).

 

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/ardagh-metal-packaging-sa--third-quarter-2025-results-302592079.html

SOURCE Ardagh Metal Packaging S.A.


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