Ardagh Metal Packaging S.A. - Third Quarter 2026 Results

Europe’s shipment growth contrasted with declines in the Americas, while AMP plans to accelerate European capacity investment.

Rhea-AI Summary

Ardagh Metal Packaging (NYSE: AMBP) raised its full-year 2026 adjusted EBITDA guidance after third-quarter results exceeded its earnings outlook. Revenue rose 19% year over year to $1,694 million, while profit increased to $44 million from $27 million and earnings per share rose to $0.07 from $0.04. Adjusted EBITDA, an adjusted earnings measure, grew 2% to $213 million, exceeding guidance of $200–210 million.

Global can shipments increased 2%, with Europe up 6% and the Americas down 1%. The company now expects full-year adjusted EBITDA of $785–795 million, assuming modest global shipment growth; fourth-quarter guidance of $153–163 million compares with $166 million a year earlier. AMP plans two new can lines at existing UK and Spanish facilities. Liquidity totaled $736 million, and net debt to adjusted EBITDA fell to 5.1x from 5.2x a year earlier. The regular quarterly ordinary dividend remained $0.10 per share.

15 points · 1 major

PositiveiHow this balance works

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How the balance worksHow Sentiment works

0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 adjusted EBITDA guidance raised to $785–795 million, assuming modest global shipment growth.
• Moderate pointThird-quarter revenue rose 19% year over year to $1,694 million, partly reflecting higher input-cost pass-through.
• Moderate pointThird-quarter profit increased to $44 million from $27 million a year earlier.
• Moderate pointThird-quarter adjusted EBITDA rose 2% to $213 million, exceeding guidance of $200–210 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.European expansion plans accelerated and enlarged to add two can lines at existing UK and Spanish facilities.
• Moderate pointNine-month operating cash flow increased to $125 million from $81 million a year earlier.

9 minor points

• Minor pointThird-quarter earnings per share rose to $0.07 from $0.04 a year earlier.
• Minor pointGlobal third-quarter can shipments grew 2% year over year.
• Minor pointEurope third-quarter shipments increased 6% year over year.
• Minor pointEurope third-quarter revenue rose 11% to $693 million; constant-currency growth was 12%.
• Minor pointEurope third-quarter adjusted EBITDA increased 11% to $91 million, including on a constant-currency basis.
• Minor pointAmericas third-quarter revenue increased 25% to $1,001 million, including on a constant-currency basis.
• Minor pointTotal liquidity stood at $736 million at September 30, 2026.
• Minor pointNet debt to adjusted EBITDA declined to 5.1x from 5.2x a year earlier; refinancing-adjusted prior-year leverage was 5.6x.
• Minor pointThird-quarter net capital expenditure decreased to $43 million from $50 million a year earlier.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter adjusted EBITDA expected at $153–163 million, versus $166 million in 2025 ($164 million at constant currency).
• Minor pointAmericas third-quarter adjusted EBITDA fell 3% to $122 million amid higher operating costs and lower input-cost recovery.
• Minor pointAmericas third-quarter shipments declined 1% year over year.
• Minor pointNorth American third-quarter shipments declined 1% year over year, although improving sequentially from Q2.
• Minor pointBrazil third-quarter shipments fell 5% year over year, reflecting customer mix and a contract reset.

4 minor points

• Minor pointThird-quarter operating cash flow declined to $179 million from $181 million a year earlier.
• Minor pointNine-month net capital expenditure increased to $138 million from $131 million a year earlier.
• Minor pointNine-month net interest paid increased to $122 million from $117 million a year earlier.
• Minor pointNine-month lease payments increased to $105 million from $82 million a year earlier.

Key Figures

Adjusted EBITDA: $213 million Revenue: $1,694 million Full-year Adjusted EBITDA guidance: $785–795 million +5 more

Adjusted EBITDA

$213 million

Q3 2026; above the $200–210 million guidance range

Revenue

$1,694 million

Q3 2026; up 19% year over year

Full-year Adjusted EBITDA guidance

$785–795 million

2026 guidance raised

Adjusted EBITDA outlook

$153–163 million

Q4 2026; compared with $166 million in Q4 2025

Global beverage can shipments

2% growth

Q3 2026 versus the prior-year quarter

New can lines

Two

Planned at existing facilities in the UK and Spain

Net debt to Adjusted EBITDA

5.1x

At September 30, 2026; versus 5.2x in the prior-year quarter

Ordinary dividend

10c per share

Regular quarterly dividend announced

Previous Earnings Reports

3 past events · Latest: Apr 23

Same Type 3 events

1. Apr 23

   Q1 earnings

   24h Move

   +2.3%

   Q1 EBITDA rose 15% and full-year guidance was reaffirmed at $750–775 million.

2. Feb 26

   FY2025 earnings

   24h Move

   +0.7%

   Q4 EBITDA was $166 million and 2026 guidance remained $750–775 million.

3. Oct 23

   Q3 earnings

   24h Move

   +7.8%

   Q3 EBITDA rose 6%, and full-year guidance was raised to $720–735 million.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ifrs 15, constant currency

2 terms

ifrs 15 technical

"partly offset by the impact of the IFRS 15 contract asset"

IFRS 15 is an international accounting rule that tells companies when and how to record revenue from contracts with customers, covering sales, services, subscriptions and multi-part deals. It matters to investors because it determines the timing and amount of revenue shown in financial reports, affecting profit figures, comparisons between companies, and valuation models — think of it like rules for deciding when to count partial payments for a long project as income.

constant currency financial

"representing a 2% increase, on both a reported and constant currency basis"

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LUXEMBOURG, Oct. 22, 2026 /PRNewswire/ -- Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the third quarter ended September 30, 2026.

		Three months ended
		September 30, 2026		September 30, 2025		Change		Constant Currency
		($'m except per share data)
Revenue		1,694		1,428		19 %		19 %
Profit for the period		44		27
Adjusted EBITDA (1)		213		208		2 %		2 %
Earnings per share		0.07		0.04
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:

"AMP delivered a strong performance in the third quarter, with growth in global shipments and Adjusted EBITDA, ahead of our guidance. Beverage can shipments increased by 2%, driven by strong performance in Europe with growth of 6%, partly offset by a shipments decline of 1% in the Americas - which represented a sequential quarterly improvement, supported by the strength of our customer portfolio.

Our Adjusted EBITDA outperformance in the quarter reflected a good performance in both segments. Europe continued to benefit from robust volume growth and the Americas were supported by favorable volume/mix effects driven by continued demand for speciality cans in North America, helping to negate the expected impact of contract resets. 

Beverage can industry demand remains resilient across each of our markets, driven by strength in key categories and continued share gains in the packaging mix. Given this demand strength we are pleased to announce that we are accelerating and upscaling our previously outlined growth investment plans in Europe, to capture this growth and to support our customers, by building two new can lines in existing facilities in the attractive markets of the UK and Spain."

• Global beverage can shipments grew by 2% in the quarter versus the prior year quarter. Global shipments growth reflected an increase of 6% in Europe, partly offset by a 1% decline in the Americas, driven by a 1% decline in North America - a strong sequential improvement from Q2 - and a 5% decline in Brazil, due to customer mix and a contract reset.

• Adjusted EBITDA of $213 million for the quarter was ahead of our guidance range of $200-210 million, representing a 2% increase, on both a reported and constant currency basis, versus the prior year quarter.

• In Europe Adjusted EBITDA for the quarter increased by 11%, on both a reported and constant currency basis, to $91 million, mainly driven by higher input cost recovery and strong volume growth, partly offset by the impact of the IFRS 15 contract asset, as well as slightly higher operations and overhead costs.

• In the Americas Adjusted EBITDA for the quarter decreased by 3% to $122 million, resulting from higher operations and overhead costs, as well as lower input cost recovery versus the prior year quarter, partly offset by favorable volume/mix.

• Strong total liquidity position of $736 million at September 30, 2026. Net debt to Adjusted EBITDA ratio of 5.1x, below the 5.2x in the prior year quarter. On a comparable like for like basis, pro-forma for the Q4 2025 refinancing of the preferred shares, leverage has reduced from 5.6x in the prior year quarter.

• Regular quarterly ordinary dividend of 10c announced. No change to capital allocation priorities.
  
  
• 2026 Adjusted EBITDA guidance raised: Full year 2026 Adjusted EBITDA guidance range raised to between $785–795 million, assuming modest global shipments growth.
  
  
• Fourth quarter Adjusted EBITDA expected to be in the range of $153–163 million. This compares with Q4 2025 Adjusted EBITDA of $166 million ($164 million at constant currency) and reflects current foreign exchange rates, some inflationary headwinds and also laps strong prior year shipments growth of 4%. 

Financial Performance Review Bridge of 2025 to 2026 Revenue and Adjusted EBITDA
Three months ended September 30, 2026
Revenue		Europe		Americas		Group
		$'m		$'m		$'m
Revenue 2025		625		803		1,428
Organic		75		198		273
FX translation		(7)		—		(7)
Revenue 2026		693		1,001		1,694
Adjusted EBITDA		Europe		Americas		Group
		$'m		$'m		$'m
Adjusted EBITDA 2025		82		126		208
Organic		9		(4)		5
FX translation		—		—		—
Adjusted EBITDA 2026		91		122		213
2026 Adjusted EBITDA margin %		13.1 %		12.2 %		12.6 %
2025 Adjusted EBITDA margin %		13.1 %		15.7 %		14.6 %

 

Nine months ended September 30, 2026
Revenue		Europe		Americas		Group
		$'m		$'m		$'m
Revenue 2025		1,768		2,383		4,151
Organic		170		512		682
FX translation		78		—		78
Revenue 2026		2,016		2,895		4,911
Adjusted EBITDA		Europe		Americas		Group
		$'m		$'m		$'m
Adjusted EBITDA 2025		208		365		573
Organic		55		(4)		51
FX translation		8		—		8
Adjusted EBITDA 2026		271		361		632
2026 Adjusted EBITDA margin %		13.4 %		12.5 %		12.9 %
2025 Adjusted EBITDA margin %		11.8 %		15.3 %		13.8 %

Group Performance

Group

Revenue increased by $266 million, or 19% on both a reported and constant currency basis, to $1,694 million in the three months ended September 30, 2026, compared with $1,428 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 increased by $5 million, or 2% on both a reported and constant currency basis, to $213 million in the three months ended September 30, 2026, compared with $208 million in the same period last year, principally due to higher input cost recovery and favorable volume/mix effects, partly offset by higher operations and overhead costs.

Europe

Revenue increased by $68 million, or 11%, to $693 million in the three months ended September 30, 2026, compared with $625 million in the same period last year. On a constant currency basis revenue increased by 12%, principally due to the pass through of higher input costs to customers and favorable volume/mix effects.

Adjusted EBITDA increased by $9 million, or 11% on both a reported and constant currency basis, to $91 million in the three months ended September 30, 2026, compared with $82 million in the same period last year, principally due to higher input cost recovery, partly offset by unfavorable volume/mix effects (impact of IFRS 15 contract asset) and higher operations and overhead costs.

Americas

Revenue increased by $198 million, or 25% on both a reported and constant currency basis, to $1,001 million in the three months ended September 30, 2026, compared with $803 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 $4 million, or 3%, to $122 million in the three months ended September 30, 2026, compared with $126 million in the same period last year, principally driven by higher operations and overhead costs and 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 2026 earnings webcast and conference call for investors at 9.00 a.m. EDT (2.00 p.m. BST) on Thursday October 22, 2026. Please use the following webcast link to register for this call:

Webcast registration and access:

https://event.webcasts.com/starthere.jsp?ei=1777075&tp_key=8448e3c5dc

Conference call dial in:

United States/Canada: +1 646 769 9200
International: +44 020 7769 6464
Participant pin code: 4670396

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 production facilities in nine countries, employing approximately 6,500 people with sales of approximately $5.5 billion in 2025.

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, 2025 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 Condensed Consolidated Income Statement for the three months ended September 30, 2026 and 2025
		Three months ended Septemober 30, 2026						Three months ended September 30, 2025
		Before exceptional items		Exceptional items		Total		Before exceptional items		Exceptional items		Total
		$'m		$'m		$'m		$'m		$'m		$'m
Revenue		1,694		—		1,694		1,428		—		1,428
Cost of sales		(1,497)		(1)		(1,498)		(1,233)		(1)		(1,234)
Gross profit		197		(1)		196		195		(1)		194
Sales, general and administration expenses		(69)		(1)		(70)		(71)		(2)		(73)
Intangible amortization		(12)		—		(12)		(34)		—		(34)
Operating profit		116		(2)		114		90		(3)		87
Net finance (expense)/income		(61)		8		(53)		(56)		6		(50)
Profit before tax		55		6		61		34		3		37
Income tax charge		(17)		—		(17)		(10)		—		(10)
Profit for the period		38		6		44		24		3		27
Earnings per share:
Basic and diluted earnings per share attributable to equity holders						0.07						0.04

 

Unaudited Condensed Consolidated Income Statement for the nine months ended September 30, 2026 and 2025
		Nine months ended September 30, 2026						Nine months ended September 30, 2025
		Before exceptional items		Exceptional items		Total		Before exceptional items		Exceptional items		Total
		$'m		$'m		$'m		$'m		$'m		$'m
Revenue		4,911		—		4,911		4,151		—		4,151
Cost of sales		(4,296)		(3)		(4,299)		(3,606)		(16)		(3,622)
Gross profit		615		(3)		612		545		(16)		529
Sales, general and administration expenses		(236)		(7)		(243)		(213)		(4)		(217)
Intangible amortization		(84)		—		(84)		(102)		—		(102)
Operating profit		295		(10)		285		230		(20)		210
Net finance (expense)/income		(180)		3		(177)		(171)		4		(167)
Profit before tax		115		(7)		108		59		(16)		43
Income tax (charge)/credit		(35)		1		(34)		(17)		1		(16)
Profit for the period		80		(6)		74		42		(15)		27
Earnings per share:
Basic and diluted earnings per share attributable to equity holders						0.12						0.02

 

Unaudited Condensed Consolidated Statement of Financial Position
	At September 30, 2026		At December 31, 2025
	$'m		$'m
Non-current assets
Intangible assets	1,087		1,181
Property, plant and equipment	2,403		2,515
Other non-current assets	148		143
	3,638		3,839
Current assets
Inventories	580		509
Trade and other receivables	676		467
Contract assets	273		267
Income tax receivable	22		34
Derivative financial instruments	30		41
Cash, cash equivalents and restricted cash	213		522
	1,794		1,840
TOTAL ASSETS	5,432		5,679
TOTAL EQUITY	(760)		(675)
Non-current liabilities
Borrowings including lease obligations	4,206		4,301
Other non-current liabilities	316		324
	4,522		4,625
Current liabilities
Borrowings including lease obligations	111		118
Payables and other current liabilities	1,559		1,611
	1,670		1,729
TOTAL LIABILITIES	6,192		6,354
TOTAL EQUITY and LIABILITIES	5,432		5,679

 

Unaudited Condensed Consolidated Statement of Cash Flows
		Three months ended September 30,				Nine months ended September 30,
		2026		2025		2026		2025
		$'m		$'m		$'m		$'m
Cash flows from operating activities
Cash generated from operations (2)		196		214		273		257
Net interest paid		(12)		(18)		(122)		(117)
Settlement of foreign currency derivative financial instruments		—		(8)		(8)		(39)
Income tax paid		(5)		(7)		(18)		(20)
Cash flows from operating activities		179		181		125		81
Cash flows used in investing activities
Net capital expenditure		(43)		(50)		(138)		(131)
Net cash used in investing activities		(43)		(50)		(138)		(131)
Cash flows used in financing activities
Changes in borrowings		(20)		28		3		22
Deferred debt issue costs paid		—		(3)		(12)		(6)
Lease payments		(31)		(31)		(105)		(82)
Dividends paid		(60)		(66)		(180)		(198)
Net cash used in financing activities		(111)		(72)		(294)		(264)
Net increase/(decrease) in cash, cash equivalents and restricted cash		25		59		(307)		(314)
Cash, cash equivalents and restricted cash at beginning of period		189		256		522		610
Foreign exchange (losses)/gains on cash, cash equivalents and restricted cash		(1)		2		(2)		21
Cash, cash equivalents and restricted cash at end of period		213		317		213		317

 

Financial assets and liabilities At September 30, 2026, the Group's net debt and available liquidity was as follows:
		Drawn amount		Available liquidity
		$'m		$'m
Senior Secured Green and Senior Green Notes		3,996		—
Global Asset Based Loan facility		—		427
Bradesco facility		—		96
Lease obligations		320		—
Other borrowings		27		—
Total borrowings / undrawn facilities		4,343		523
Deferred debt issue costs		(26)		—
Net borrowings / undrawn facilities		4,317		523
Cash, cash equivalents and restricted cash		(213)		213
Derivative financial instruments used to hedge foreign currency and interest rate risk		—		—
Net debt / available liquidity		4,104		736

 

Reconciliation of profit for the period to Adjusted profit for the period
	Three months ended September 30,
	2026		2025
	$'m		$'m
Profit for the period as presented in the income statement	44		27
Less: Dividend on preferred shares	—		(6)
Profit for the period used in calculating earnings per share	44		21
Exceptional items, net of tax	(6)		(3)
Intangible amortization, net of tax	9		27
Adjusted profit for the period	47		45
Weighted average number of ordinary shares	597.7		597.7
Earnings per share	0.07		0.04
Adjusted earnings per share	0.08		0.08

 

Reconciliation of profit for the period to Adjusted EBITDA
	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	$'m		$'m		$'m		$'m
Profit for the period	44		27		74		27
Income tax charge	17		10		34		16
Net finance expense	53		50		177		167
Depreciation and amortization	97		118		337		343
Exceptional operating items	2		3		10		20
Adjusted EBITDA	213		208		632		573

 

Reconciliation of Adjusted EBITDA to Adjusted operating cash flow and Adjusted free cash flow
	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
	$'m		$'m		$'m		$'m
Adjusted EBITDA	213		208		632		573
Movement in working capital	(15)		10		(347)		(305)
Maintenance capital expenditure	(34)		(31)		(100)		(82)
Lease payments	(31)		(31)		(105)		(82)
Exceptional restructuring costs paid	(1)		—		(2)		(1)
Adjusted operating cash flow	132		156		78		103
Net interest paid	(12)		(18)		(122)		(117)
Settlement of foreign currency derivative financial instruments	—		(8)		(8)		(39)
Income tax paid	(5)		(7)		(18)		(20)
Adjusted free cash flow - pre Growth Investment capital expenditure	115		123		(70)		(73)
Growth investment capital expenditure	(9)		(19)		(38)		(49)
Adjusted free cash flow - post Growth Investment capital expenditure	106		104		(108)		(122)

 

Related Footnotes
(1) For a reconciliation to the most comparable IFRS measures, see Page 9.
(2) Cash generated from operations for the three months ended September 30, 2026 is derived from the aggregate of Adjusted EBITDA as presented on Page 9, working capital outflows of $15 million (2025: inflows of $10 million) and other exceptional cash outflows of $2 million (2025: outflows of $4 million). Cash generated from operations for the nine months ended September 30, 2026 is derived from the aggregate of Adjusted EBITDA as presented on Page 9, working capital outflows of $347 million (2025: $305 million) and other exceptional cash outflows of $12 million (2025: $11 million).

 

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SOURCE Ardagh Metal Packaging S.A.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is AMBP’s updated 2026 adjusted EBITDA guidance?

AMBP raised its full-year 2026 adjusted EBITDA guidance to $785–795 million, assuming modest global shipment growth. Fourth-quarter adjusted EBITDA is expected at $153–163 million, compared with $166 million in the prior-year quarter, or $164 million at constant currency.

Why does Ardagh Metal Packaging expect lower fourth-quarter 2026 adjusted EBITDA?

Ardagh Metal Packaging attributes its fourth-quarter outlook to current foreign exchange rates and inflationary headwinds, alongside comparison with 4% shipment growth in the prior-year quarter.

Did AMBP’s adjusted earnings per share change in the third quarter of 2026?

AMBP’s third-quarter adjusted earnings per share remained unchanged at $0.08 compared with the same period in 2025.