Ardagh Metal Packaging 2025 revenue reaches $5.5B
Ardagh Metal Packaging S.A. reported solid growth for 2025, with full-year revenue rising to $5,497 million from $4,908 million (up 12%, 10% in constant currency).
Rhea-AI Filing Summary
Ardagh Metal Packaging S.A. reported solid growth for 2025, with full-year revenue rising to $5,497 million from $4,908 million (up 12%, 10% in constant currency). Adjusted EBITDA increased 10% to $739 million, driven by favorable volume/mix, cost savings and higher input costs passed through to customers.
The company moved to a full-year profit of $11 million versus a $3 million loss in 2024, while basic and diluted loss per share narrowed to ($0.02). Adjusted earnings per share improved to $0.21 from $0.17, and the annual dividend was maintained at $0.40 per ordinary share.
In the fourth quarter, revenue grew 13% to $1,346 million, but Adjusted EBITDA was broadly flat at $166 million and the period showed a $16 million loss. Net debt stood at $3,900 million with available liquidity of $964 million, and 2025 Adjusted free cash flow post growth investment was $172 million.
Positive
- Double‑digit growth and better profitability: 2025 revenue rose 12% to $5,497 million and Adjusted EBITDA increased 10% to $739 million, with Adjusted EPS improving to $0.21 while the company maintained a $0.40 per share dividend.
Negative
- None.
Insights
Revenue and Adjusted EBITDA grew double‑digit in 2025, but leverage remains high.
Ardagh Metal Packaging delivered 2025 revenue of $5,497 million, up 12%, and Adjusted EBITDA of $739 million, up 10%. Growth was driven by higher input costs passed through to customers and favorable volume/mix, especially in the Americas.
The business returned to a small full-year profit of $11 million and improved Adjusted EPS to $0.21, while keeping the dividend at $0.40 per ordinary share. However, net finance expense rose to $240 million, and total equity remained negative at ($675 million), highlighting a leveraged capital structure.
Net debt was $3,900 million at December 31, 2025, against available liquidity of $964 million. Adjusted free cash flow post growth capex was $172 million for 2025, indicating the company is generating cash after investments, but overall financial flexibility still depends on managing debt costs and maintaining operating momentum.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Ardagh Metal Packaging (AMBP) perform financially in full-year 2025?
What were Ardagh Metal Packaging (AMBP)’s fourth quarter 2025 results?
What were Ardagh Metal Packaging (AMBP)’s cash flow and free cash flow in 2025?
What is AMBP’s debt and liquidity position at December 31, 2025?
How did AMBP perform by region in 2025 in terms of revenue and EBITDA?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2026
Commission File Number: 001-40709
Ardagh Metal Packaging S.A.
(Name of Registrant)
56, rue Charles Martel
L-2134 Luxembourg, Luxembourg
+352 26 25 85 55
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____
EXHIBIT INDEX
The following exhibit is furnished as part of this Form 6-K:
Exhibit Number |
| Description |
99.1 |
| Press release on Ardagh Metal Packaging S.A. Fourth Quarter and Full Year 2025 Results dated February 26, 2026 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Ardagh Metal Packaging S.A. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: February 26, 2026
| Ardagh Metal Packaging S.A. |
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| By: | /s/ Oliver Graham |
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| Name: | Oliver Graham |
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| Title: | Chief Executive Officer |
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Exhibit 99.1
Ardagh Metal Packaging S.A. – Fourth Quarter and Full Year 2025 Results
Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the fourth quarter and year ended December 31, 2025.
| | December 31, 2025 | | December 31, 2024 | | Change | | Constant Currency |
Fourth Quarter | | ($’m except per share data) | | | | | ||
Revenue | | 1,346 | | 1,195 | | 13% | | 10% |
Loss for the period | | (16) | | (11) | | | | |
Adjusted EBITDA(1) | | 166 | | 164 | | 1% | | (1%) |
Loss per share | | (0.03) | | (0.03) | | | | |
Adjusted earnings per share(1) | | 0.03 | | 0.03 | | | | |
Dividend per ordinary share | | 0.10 | | 0.10 | | | | |
Full Year | | | | | | | | |
Revenue | | 5,497 | | 4,908 | | 12% | | 10% |
Profit/(loss) for the year | | 11 | | (3) | | | | |
Adjusted EBITDA (1) | | 739 | | 672 | | 10% | | 8% |
Loss per share | | (0.02) | | (0.05) | | | | |
Adjusted earnings per share(1) | | 0.21 | | 0.17 | | | | |
Dividend per ordinary share | | 0.40 | | 0.40 | | | | |
Oliver Graham, CEO of Ardagh Metal Packaging (AMP), said:
“2025 was another year of strong performance for AMP, underpinned by shipments growth of over 3%, a favorable product mix and solid operating performance. We delivered Adjusted EBITDA growth of 10% which significantly outperformed our initial guidance. Our tight focus on cost control generated meaningful operational and overhead cost savings, while our operations teams effectively balanced evolving demand patterns – both in terms of category mix and can sizes – to position our capacity to support our customers’ growth.
Our strong performance in the Americas was driven by significant growth in North America full-year volumes (+6%) despite supply chain challenges. Our strong customer portfolio, in particular in the energy category, drove favorable mix which more than offset the impact of softness in the Brazil beer market. In Europe, operations and overhead cost savings, as well as shipments growth in carbonated soft drinks and in other growing non–alcoholic categories offset the expected metal input cost recovery headwind.
In each of our markets the beverage can continues to take a higher share of our customers’ packaging mix, driven by the can’s convenience, branding potential, total cost of ownership and sustainability credentials. We anticipate continued supportive global industry shipments growth in 2026, with more modest shipments growth for AMP as a result of some softness in North America following contract resets. AMP’s Adjusted EBITDA growth in 2026 is expected to be driven by volume growth in Europe and Brazil, an attractive customer mix, operational efficiencies and other savings.”
| ● | Global beverage can shipments grew by 3% for the full year versus the prior year, split between growth of 5% in the Americas – as growth in North America of 6% offset a decline of 2% in Brazil – and growth of 2% in Europe. |
| ● | Global beverage can shipments grew by 4% in the quarter versus the prior year quarter, which was driven by growth of 6% in the Americas – as growth in North America of 9% offset a decline of 4% in Brazil – and growth of 1% in Europe. |
| ● | Adjusted EBITDA of $166 million for the quarter was ahead of our guidance range of $147–162 million, with both segments performing ahead of expectations, and represented a 1% increase versus the prior year quarter. |
1
| ● | In the Americas Adjusted EBITDA for the quarter decreased by 6% to $102 million due to temporary supply chain disruptions 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 14% (8% at constant currency) to $64 million, due to stronger input cost recovery and currency effects, partly offset by increased operations and overhead costs. |
| ● | Adjusted Free Cash Flow for 2025 of $172 million inclusive of total capex of $184 million ($63 million growth investment). |
| ● | Announcing plans to add additional capacity in the coming years within existing facilities in Spain and the UK, two attractive end markets. Together with other actions to improve the existing network, those investments will support AMP’s continued growth in Europe. |
| ● | Strong total liquidity position of $964 million at December 31, 2025. |
| ● | Net leverage of 5.3x represents an increase versus the prior year (4.9x), in line with expectations and reflecting the impact (0.4x) of the redemption of the preferred shares in December 2025. |
| ● | Green bond financing of $1,290 million equivalent notes in December extends AMP’s debt maturities – with no bonds maturing before September 2028 – demonstrates AMP’s sustainability credentials and simplifies the overall capital structure. The outcome also results in small savings to overall cash flow, considering no further dividends related to the preferred shares. |
| ● | Regular quarterly ordinary dividend of 10c announced. No change to capital allocation priorities. |
2026 outlook:
| ● | Full year 2026 Adjusted EBITDA in the range of $750–775 million. Adjusted EBITDA growth supported by modest global shipments growth, as well as operating cost improvements and currency effects. At prevailing rates (euro/dollar at 1.17 vs. 1.12 average for 2025) foreign exchange represents an estimated annual benefit of c. $10 million. |
| ● | First quarter Adjusted EBITDA of $160–170 million. This compares with Q1 2025 Adjusted EBITDA of $155 million ($160 million at constant currency) and laps strong prior year shipments growth of 6%. |
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Financial Performance Review
Bridge of 2024 to 2025 Revenue and Adjusted EBITDA
Three months ended December 31, 2025
Revenue | | Europe | | Americas | | Group |
| | $’m | | $’m | | $’m |
Revenue 2024 | | 542 | | 653 | | 1,195 |
Organic | | (34) | | 154 | | 120 |
FX translation | | 31 | | — | | 31 |
Revenue 2025 | | 539 | | 807 | | 1,346 |
Adjusted EBITDA | | Europe | | Americas | | Group |
| | $’m | | $’m | | $’m |
Adjusted EBITDA 2024 | | 56 | | 108 | | 164 |
Organic | | 5 | | (6) | | (1) |
FX translation | | 3 | | — | | 3 |
Adjusted EBITDA 2025 | | 64 | | 102 | | 166 |
| | | | | | |
2025 Adjusted EBITDA margin % | | 11.9% | | 12.6% | | 12.3% |
2024 Adjusted EBITDA margin % | | 10.3% | | 16.5% | | 13.7% |
Year ended December 31, 2025
Revenue | | Europe | | Americas | | Group |
| | $’m | | $’m | | $’m |
Revenue 2024 | | 2,161 | | 2,747 | | 4,908 |
Organic | | 72 | | 443 | | 515 |
FX translation | | 74 | | — | | 74 |
Revenue 2025 | | 2,307 | | 3,190 | | 5,497 |
Adjusted EBITDA | | Europe | | Americas | | Group |
| | $’m | | $’m | | $’m |
Adjusted EBITDA 2024 | | 257 | | 415 | | 672 |
Organic | | 5 | | 52 | | 57 |
FX translation | | 10 | | — | | 10 |
Adjusted EBITDA 2025 | | 272 | | 467 | | 739 |
| | | | | | |
2025 Adjusted EBITDA margin % | | 11.8% | | 14.6% | | 13.4% |
2024 Adjusted EBITDA margin % | | 11.9% | | 15.1% | | 13.7% |
| 3 | |
Group Performance
Fourth Quarter
Group
Revenue increased by $151 million, or 13%, on a reported basis to $1,346 million in the three months ended December 31, 2025, compared with $1,195 million in the three months ended December 31, 2024. On a constant currency basis, revenue increased by 10%, principally due to the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA increased by $2 million, or 1%, on a reported basis, to $166 million in the three months ended December 31, 2025, compared with $164 million in the three months ended December 31, 2024. On a constant currency basis, Adjusted EBITDA decreased by 1%. The decrease is principally due to higher operations and overhead costs, partly offset by favorable volume/mix effects.
Americas
Revenue increased by $154 million, or 24%, on a reported and constant currency basis, to $807 million in the three months ended December 31, 2025, compared with $653 million in the three months ended December 31, 2024. The increase in revenue is principally due to the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA decreased by $6 million, or 6%, on a reported and constant currency basis, to $102 million in the three months ended December 31, 2025, compared with $108 million in the three months ended December 31, 2024. The decrease was primarily due to higher operations and overhead costs and lower input cost recovery, partly offset by favorable volume/mix effects.
Europe
Revenue decreased by $3 million, or 1%, on a reported basis, to $539 million in the three months ended December 31, 2025, compared with $542 million in the three months ended December 31, 2024. On a constant currency basis, revenue decreased by 6%. The decrease is principally due to unfavorable volume/mix effects (impact of IFRS 15 contract asset) and the pass through of lower input costs to customers.
Adjusted EBITDA increased by $8 million, or 14% on a reported basis, to $64 million in the three months ended December 31, 2025, compared with $56 million in the three months ended December 31, 2024. On a constant currency basis, Adjusted EBITDA increased 8%, principally due higher input cost recovery, partly offset by higher operations and overhead costs.
Full Year
Group
Revenue in the year ended December 31, 2025, increased by $589 million, or 12% on a reported basis, to $5,497 million, compared with $4,908 million in the year ended December 31, 2024. On a constant currency basis, revenue increased by 10%, principally reflecting the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA increased by $67 million, or 10% on a reported basis, to $739 million in the year ended December 31, 2025, compared with $672 million in the year ended December 31, 2024. On a constant currency basis, Adjusted EBITDA increased by 8%, principally due to favorable volume/mix effects, lower operations and overhead costs, partly offset by lower input cost recovery.
Americas
Revenue increased by $443 million, or 16%, on a reported and constant currency basis, to $3,190 million for the year ended December 31, 2025, compared with $2,747 million in the year ended December 31, 2024. The increase in revenue was primarily driven by the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA increased by $52 million, or 13%, on a reported and constant currency basis, to $467 million for the year ended December 31, 2025, compared with $415 million in the year ended December 31, 2024. The increase was primarily driven by favorable volume/mix effects, partly offset by higher operations and overhead costs and lower input cost recovery.
Europe
Revenue increased by $146 million, or 7% on a reported basis, to $2,307 million for the year ended December 31, 2025, compared with $2,161 million in the year ended December 31, 2024. On a constant currency basis, revenue increased by 3%, principally due to the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA increased by $15 million, or 6% on a reported basis, to $272 million for the year ended December 31, 2025, compared with $257 million in the year ended December 31, 2024. On a constant currency basis, Adjusted EBITDA increased by 2%, principally due to lower operations and overhead costs, and favorable volume/mix effects, partly offset by lower input cost recovery.
| 4 | |
Earnings Webcast and Conference Call Details
Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its fourth quarter and full year ended 31 December 2025 earnings webcast and conference call for investors at 9.00 a.m. EST (2.00 p.m. GMT) on Thursday February 26, 2026. Please use the following webcast link to register for this call:
Webcast registration and access:
https://event.webcasts.com/starthere.jsp?ei=1749571&tp_key=c69c48b5eb
Conference call dial in:
United States/Canada: +1 646 769–9200
International: +44 (0)20 7769–6464
Participant pin code: 7198287
An investor earnings presentation to accompany this release is available at https://www.ardaghmetalpackaging.com/investors
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 $5.5 billion in 2025.
For more information, visit https://www.ardaghmetalpackaging.com/investors
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.
Contacts:
Investors:
Email: stephen.lyons@ardaghgroup.com
Media:
Pat Walsh, Murray Consultants
Tel.: +353 1 498 0300 / +353 87 2269345
Email: pwalsh@murraygroup.ie
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Unaudited Consolidated Condensed Income Statement for the three months ended December 31, 2025 and 2024
| | Three months ended December 31, 2025 | | Three months ended December 31, 2024 | ||||||||
| | Before exceptional items | | Exceptional items | | Total | | Before exceptional items | | Exceptional items | | Total |
| | $’m | | $’m | | $’m | | $’m | | $’m | | $’m |
Revenue |
| 1,346 | | — | | 1,346 | | 1,195 | | — | | 1,195 |
Cost of sales | | (1,194) | | — | | (1,194) | | (1,047) | | 3 | | (1,044) |
Gross profit | | 152 | | — | | 152 | | 148 | | 3 | | 151 |
Sales, general and administration expenses | | (70) | | (12) | | (82) | | (67) | | — | | (67) |
Intangible amortization |
| (36) | | — | | (36) | | (34) | | — | | (34) |
Operating profit | | 46 | | (12) | | 34 | | 47 | | 3 | | 50 |
Net finance expense |
| (55) | | (18) | | (73) | | (52) | | — | | (52) |
Loss before tax | | (9) | | (30) | | (39) | | (5) | | 3 | | (2) |
Income tax credit/(charge) |
| 2 | | 21 | | 23 | | 2 | | (11) | | (9) |
Loss for the period | | (7) | | (9) | | (16) | | (3) | | (8) | | (11) |
| | | | | | | | |
| | | |
Loss per share: | | | | | | | | | | | | |
Basic and diluted loss per share | | | | | | ($0.03) | | |
| | | ($0.03) |
6
Unaudited Consolidated Condensed Income Statement for the year ended December 31, 2025 and 2024
| | Year ended December 31, 2025 | | Year ended December 31, 2024 | ||||||||
| | Before exceptional items | | Exceptional items | | Total | | Before exceptional items | | Exceptional items | | Total |
| | $’m | | $’m | | $’m | | $’m | | $’m | | $’m |
Revenue | | 5,497 | | — | | 5,497 | | 4,908 | | — | | 4,908 |
Cost of sales | | (4,800) | | (16) | | (4,816) | | (4,262) | | (16) | | (4,278) |
Gross profit | | 697 | | (16) | | 681 | | 646 | | (16) | | 630 |
Sales, general and administration expenses | | (283) | | (16) | | (299) | | (283) | | (5) | | (288) |
Intangible amortization | | (138) | | — | | (138) | | (140) | | — | | (140) |
Operating profit | | 276 | | (32) | | 244 | | 223 | | (21) | | 202 |
Net finance expense | | (226) | | (14) | | (240) | | (205) | | 13 | | (192) |
(Loss)/profit before tax | | 50 | | (46) | | 4 | | 18 | | (8) | | 10 |
Income tax credit/(charge) | | (15) | | 22 | | 7 | | (5) | | (8) | | (13) |
Profit/(loss) for the year | | 35 | | (24) | | 11 | | 13 | | (16) | | (3) |
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Loss per share: | | | | | | | | | | | | |
Basic and diluted loss per share | | | | | | ($0.02) | | | | | | ($0.05) |
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Unaudited Consolidated Condensed Statement of Financial Position
| | | |
| At December 31, 2025 | | At December 31, 2024 |
| $’m | | $’m |
Non–current assets | | | |
Intangible assets | 1,181 | | 1,223 |
Property, plant and equipment | 2,515 | | 2,480 |
Other non–current assets | 143 | | 129 |
| 3,839 | | 3,832 |
Current assets | | | |
Inventories | 509 | | 382 |
Trade and other receivables | 467 | | 332 |
Contract assets | 267 | | 251 |
Income tax receivable | 34 | | 35 |
Derivative financial instruments | 41 | | 20 |
Cash, cash equivalents and restricted cash | 522 | | 610 |
| 1,840 | | 1,630 |
TOTAL ASSETS | 5,679 | | 5,462 |
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TOTAL EQUITY | (675) | | (136) |
| | | |
Non–current liabilities | | | |
Borrowings including lease obligations | 4,301 | | 3,797 |
Other non–current liabilities* | 324 | | 353 |
| 4,625 | | 4,150 |
Current liabilities | | | |
Borrowings including lease obligations | 118 | | 105 |
Payables and other current liabilities | 1,611 | | 1,343 |
| 1,729 | | 1,448 |
TOTAL LIABILITES | 6,354 | | 5,598 |
TOTAL EQUITY and LIABILITIES | 5,679 | | 5,462 |
* Other non–current liabilities include liabilities for earnout shares of $3 million at December 31, 2025 (December 31, 2024: $10 million).
8
Unaudited Consolidated Condensed Statement of Cash Flows
| | Three months ended, | | Year ended, | ||||
| | December 31, | | December 31, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 |
| | $’m | | $’m | | $’m | | $’m |
Cash flows from operating activities | | | | | | | | |
Cash generated from operations (2) | | 461 | | 460 | | 718 | | 659 |
Net interest paid |
| (85) | | (78) | | (202) | | (189) |
Settlement of foreign currency derivative financial instruments | | (2) | | 12 | | (41) | | 8 |
Income tax paid |
| (6) | | (9) | | (26) | | (28) |
Cash flows from operating activities | | 368 | | 385 | | 449 | | 450 |
| | | | | | | | |
Cash flows used in investing activities |
| |
| | | |
| |
Capital expenditure | | (53) | | (47) | | (184) | | (179) |
Cash flows used in investing activities | | (53) | | (47) | | (184) | | (179) |
| | | | | | | | |
Cash flows used in financing activities | | | | | | | | |
Changes in borrowings | | 330 | | (5) | | 352 | | 288 |
Redemption of preferred shares | | (289) | | – | | (289) | | – |
Lease payments |
| (29) |
| (28) | | (111) |
| (97) |
Dividends paid | | (64) | | (66) | | (262) | | (264) |
Deferred debt issue costs paid | | (11) | | (2) | | (17) | | (8) |
Consideration paid on termination of derivative financial instruments | | (35) | | – | | (35) | | – |
Exceptional early redemption premium paid | | (12) | | – | | (12) | | – |
Cash flows used in financing activities |
| (110) |
| (101) | | (374) |
| (81) |
|
| | | | | | | |
Net increase/(decrease) in cash, cash equivalents and restricted cash |
| 205 | | 237 | | (109) | | 190 |
| | | | | | | | |
Cash, cash equivalents and restricted cash at beginning of period | | 317 | | 393 | | 610 | | 443 |
Foreign exchange gains/(losses) on cash, cash equivalents and restricted cash |
| – | | (20) | | 21 | | (23) |
Cash, cash equivalents and restricted cash at end of period | | 522 | | 610 | | 522 | | 610 |
Financial assets and liabilities
At December 31, 2025, the Group’s net debt and available liquidity was as follows:
| | | | |
| | Drawn amount | | Available liquidity |
| | $’m | | $’m |
Senior Secured Green and Senior Green Notes | | 4,056 | | — |
Global Asset Based Loan Facility | | — | | 351 |
Bradesco Facility | | — | | 91 |
Lease obligations |
| 368 | | — |
Other borrowings |
| 27 | | — |
Total borrowings / undrawn facilities |
| 4,451 | | 442 |
Deferred debt issue costs |
| (32) | | — |
Net borrowings / undrawn facilities |
| 4,419 | | 442 |
Cash, cash equivalents and restricted cash | | (522) | | 522 |
Derivative financial instruments used to hedge foreign currency and interest rate risk |
| 3 | | — |
Net debt / available liquidity |
| 3,900 | | 964 |
| 9 | |
Reconciliation of loss for the period to Adjusted profit
| Three months ended | | Year ended | ||||
| December 31, | | December 31, | ||||
| 2025 | | 2024 | | 2025 | | 2024 |
| $’m | | $’m | | $’m | | $’m |
Loss for the period | (16) | | (11) | | 11 | | (3) |
Less: Dividend on preferred shares | (4) | | (6) | | (22) | | (24) |
Loss for the period used in calculating earnings per share | (20) | | (17) | | (11) | | (27) |
Exceptional items, net of tax | 9 | | 8 | | 24 | | 16 |
Intangible amortization, net of tax | 29 | | 27 | | 110 | | 110 |
Adjusted profit for the period | 18 | | 18 | | 123 | | 99 |
| | | | | | | |
Weighted average number of ordinary shares | 597.7 | | 597.7 | | 597.7 | | 597.7 |
| | | | | | | |
Loss per share | (0.03) | | (0.03) | | (0.02) | | (0.05) |
| | | | | | | |
Adjusted earnings per share | $0.03 | | $0.03 | | $0.21 | | $0.17 |
Reconciliation of loss for the period to Adjusted EBITDA
| Three months ended | | Year ended | ||||
| December 31, | | December 31, | ||||
| 2025 | | 2024 | | 2025 | | 2024 |
| $’m | | $’m | | $’m | | $’m |
(Loss)/profit for the period | (16) | | (11) | | 11 | | (3) |
Income tax (credit)/charge | (23) | | 9 | | (7) | | 13 |
Net finance expense | 73 | | 52 | | 240 | | 192 |
Depreciation and amortization | 120 | | 117 | | 463 | | 449 |
Exceptional operating items | 12 | | (3) | | 32 | | 21 |
Adjusted EBITDA | 166 | | 164 | | 739 | | 672 |
Reconciliation of Adjusted EBITDA to Adjusted operating cash flow and Adjusted free cash flow
| Three months ended | | Year ended | ||||
| December 31, | | December 31, | ||||
| 2025 | | 2024 | | 2025 | | 2024 |
| $’m | | $’m | | $’m | | $’m |
Adjusted EBITDA | 166 | | 164 | | 739 | | 672 |
Movement in working capital | 303 | | 301 | | (2) | | 40 |
Maintenance capital expenditure | (39) | | (43) | | (121) | | (111) |
Lease payments | (29) | | (28) | | (111) | | (97) |
Exceptional restructuring costs paid | — | | (2) | | (1) | | (23) |
Adjusted operating cash flow | 401 | | 392 | | 504 | | 481 |
Net interest paid | (85) | | (78) | | (202) | | (189) |
Settlement of foreign currency derivative financial instruments | (2) | | 12 | | (41) | | 8 |
Income tax paid | (6) | | (9) | | (26) | | (28) |
Adjusted free cash flow – pre Growth Investment capital expenditure | 308 | | 317 | | 235 | | 272 |
Growth investment capital expenditure | (14) | | (4) | | (63) | | (68) |
Adjusted free cash flow – post Growth Investment capital expenditure | 294 | | 313 | | 172 | | 204 |
| 10 | |
Related Footnotes
(1) For a reconciliation to the most comparable IFRS measures, see Page 10.
(2) Cash from operations for the three months ended December 31, 2025 is derived from the aggregate of Adjusted EBITDA as presented on Page 10, working capital inflows of $303 million (2024: inflows of $301 million) and other exceptional cash outflows of $8 million (2024: $5 million). Cash used in operations for year ended December 31, 2025 is derived from the aggregate of Adjusted EBITDA as presented on Page 10, working capital outflows of $2 million (2024: inflows of $40 million) and other exceptional cash outflows of $19 million (2024: $53 million).
| 11 | |