Ardagh Metal Packaging (AMBP) Company Report

North America experienced good demand year-to-date, driven by the energy category, but expects a softer 2026 due to contract resets, describing it as a transition year before growth returns in 2027.
Europe is anticipated to grow 3%-4% in 2026, in line with the market, supported by long-term trends like sustainability and innovation. Brazil is expected to recover to 3%-5% growth in 2026, hoping for a boost from the World Cup and fiscal stimulus after a tough year.
The metal can continues to gain share from glass across all regions and from plastic in Europe and North America, driven by sustainability concerns and elevated costs for competing substrates.
Ardagh Metal Packaging (AMBP) does not require new capacity for the next year but is considering investments in Europe (Spain, UK) and potentially North America longer term, with CapEx guided around $1 billion for the current year. The company is currently leveraged a little over five times and aims to deleverage by growing EBITDA.

3 days ago

Transcript

Ardagh Metal Packaging Discusses Regional Demand Outlook and Financial Strategy

AMBP

Guidance Update

New Projects/Investments

Debt Issuance

Ardagh Metal Packaging (AMBP) anticipates low single-digit market growth in North America for 2026, but expects its own performance to be softer than the market due to contract resets, viewing 2026 as a transition year before growth resumes in 2027.
The company projects 3%-4% growth in Europe for 2026, aligning with market trends, and anticipates Brazil to recover to 3%-5% growth, aided by the World Cup and potential fiscal stimulus.
AMBP experienced tight operating rates in North America and "mid-plus" rates in Europe, with European aluminum conversion cost headwinds expected to normalize in 2026. The can continues to gain share from glass and plastic across all regions due to sustainability and cost factors.
AMBP's leverage is "a little bit over five times" after recent refinancing, with a goal to deleverage through EBITDA growth, and approximately $1 billion in net build CapEx is guided for the current year, funded by free cash flow. The recent group recapitalization is viewed as a positive step, eliminating uncertainty.

3 days ago

Transcript

Ardagh Metal Packaging S.A. Prices Senior Secured Green Notes

AMBP

Debt Issuance

Ardagh Metal Packaging S.A. (AMP) priced $1,290 million (equivalent) senior secured green notes on November 20, 2025, consisting of $620 million 6.250% notes due 2031 and €570 million 5.000% notes due 2031.
The net proceeds from this issuance will be used to redeem AMP's $600 million 6.000% senior secured green notes due 2027, repay a €269 million senior secured term loan, and redeem €250 million 9% preferred shares.
This transaction is expected to extend debt maturities (with no bonds maturing before September 2028), simplify the capital structure, and result in small savings to overall cash flow.

Nov 20, 2025, 8:53 PM

6-K

Ardagh Metal Packaging S.A. Launches Senior Secured Green Notes Offering

AMBP

Debt Issuance

Ardagh Metal Packaging S.A. (AMP) launched an offering of $1,280 million (equivalent) senior secured green notes due 2031 on November 18, 2025.
The net proceeds from this offering will be used to fund the redemption of AMP's $600 million senior secured green notes due 2027, repay its €269 million senior secured term loan, and redeem its preferred shares.
AMP is a leading global supplier of metal beverage cans and ends, operating 23 production facilities in nine countries and reporting revenues of $4.9 billion in 2024.

Nov 18, 2025, 11:24 AM

6-K

Ardagh Metal Packaging S.A. Reports Strong Q3 2025 Performance and Operational Highlights

AMBP

Earnings

Guidance Update

New Projects/Investments

Ardagh Metal Packaging S.A. (AMBP) released supplemental company information on November 18, 2025, detailing its financial and operational performance.
For the last twelve months (LTM) ended Q3 2025, AMBP reported $5.3 billion in revenue and $737 million in Adjusted EBITDA, with a cash conversion of approximately 83%.
In Q3 2025, revenue increased 8.8% year-over-year to $1.4 billion, and Adjusted EBITDA grew 6.1% year-over-year to $208 million.
The company holds a strong market position as a #2 supplier in Europe and #3 in North America and Brazil, supported by $1.8 billion in growth investments between 2021 and 2024.
AMBP has received 3 successive upgrades to its Adjusted EBITDA guidance in 2025.

Nov 18, 2025, 11:22 AM

6-K

Ardagh Metal Packaging S.A. announces completion of controlling shareholder's recapitalization transaction and board changes

AMBP

M&A

Board Change

Ardagh Group S.A. (AGSA), the controlling shareholder of Ardagh Metal Packaging S.A., successfully completed a Recapitalization Transaction on November 12, 2025.
As a result of the Recapitalization Transaction, indirect ownership of AGSA was transferred to former holders of Ardagh's senior unsecured notes and PIK notes, primarily comprising major financial institutions and investment funds.
Mark Porto will join Ardagh Metal Packaging S.A.'s board of directors, while Paul Coulson has resigned from the board.
The Recapitalization Transaction has no impact on the listing of Ardagh Metal Packaging S.A.'s shares or its capital structure, and the company will remain an indirect subsidiary of AGSA.

Nov 13, 2025, 3:00 PM

6-K

Ardagh Metal Packaging Reports Strong Q3 2025 Results and Raises Full-Year EBITDA Guidance

AMBP

Earnings

Guidance Update

Dividends

Ardagh Metal Packaging (AMBP) delivered a strong performance in Q3 2025, with adjusted EBITDA growing by 6% to $208 million, or 3% on a constant currency basis, reaching the upper end of its guidance.
The company upgraded its full-year adjusted EBITDA guidance to a range of $720 million-$735 million and anticipates full-year shipment growth for AMBP to be approximately 3%.
In Q3 2025, Europe's revenue increased by 9% to $625 million with 2% shipment growth, while Americas revenue grew by 8% to $803 million; however, Brazil's beverage can shipments decreased by 17%.
AMBP ended the quarter with a robust liquidity position of over $600 million and announced a quarterly ordinary dividend of $0.10 per share.

Oct 23, 2025, 2:00 PM

Transcript

Ardagh Metal Packaging SA Reports Strong Q3 2025 Results and Upgrades Full-Year Guidance

AMBP

Earnings

Guidance Update

Dividends

Ardagh Metal Packaging SA (AMBP) delivered a strong performance in Q3 2025 with adjusted EBITDA growing 6% year-over-year to $208 million, which was towards the upper end of its guidance.
The company upgraded its full-year 2025 adjusted EBITDA guidance to a range of $720 to $735 million and expects full-year shipment growth for AMBP to be approximately 3%.
In Q3 2025, Europe's revenue increased by 9% to $625 million with 2% shipment growth, while Americas revenue increased by 8% to $803 million. Brazil's shipments, however, decreased by 17% in the quarter due to a weak industry backdrop.
AMBP ended the quarter with a robust liquidity position of over $600 million and expects net leverage to be around 5 times at year-end 2025. The company reiterated its expectation for adjusted free cash flow of at least $150 million for 2025 and announced a quarterly ordinary dividend of $0.10 per share.
For 2026, the company anticipates Europe's market to grow around 3% to 4%, with AMBP volumes broadly matching this growth, while North America is expected to see low single-digit industry growth, with AMBP expecting a softer outlook due to volume resets.