Total Revenue

–2.3% (from $3,411m to $3,333m)

Total Revenue declined primarily because the significant drop in Rigid Packaging revenue (–10.4% YoY) and lower contributions from North America (–4.3%) and Latin America (–2.6%) outweighed the marginal growth in the Flexibles segment (+0.3%). This mirrors earlier period trends where volume weakness and soft demand impacted certain segments. " "

Flexibles Revenue

+0.3% (from $2,598m to $2,605m)

The marginal increase in Flexibles Revenue reflects stable volume performance and some pricing benefits, which offset ongoing challenges such as healthcare destocking. This limited growth contrasts with earlier periods, where volume declines had a more pronounced impact. " "

Rigid Packaging Revenue

–10.4% (from $813m to $728m)

A significant decline in Rigid Packaging Revenue was driven by persistent soft demand, lower volumes, and unfavorable price/mix trends, particularly within beverage categories in North America, echoing similar challenges observed in previous periods. " "

North America Revenue

–4.3% (from $1,678m to $1,604m)

North America Revenue fell due to soft consumer and customer demand and continued destocking trends in beverage segments; similar themes affected prior quarter performance and contributed to lower volumes. " "

Latin America Revenue

–2.6% (from $463m to $451m)

The decline in Latin America Revenue is attributed to weaker demand in key markets like Argentina, which partially offset gains in countries such as Colombia and Peru, mirroring the mixed regional trends noted in earlier periods. " "

Europe Revenue

+0.9% (from $883m to $891m)

Europe Revenue saw a slight improvement due to stable market conditions and modest price/mix benefits, which helped overcome any underlying demand softness—consistent with the relatively flat performance noted in prior periods. " "

Asia Pacific Revenue

0% (unchanged at $387m)

The Asia Pacific Revenue remained unchanged as offsetting factors maintained equilibrium, reflecting consistent performance similar to previous periods where the region's revenue was stable. " "

Net Income

+4.2% (from $189m to $197m)

An increase in Net Income is driven by improved volume performance and stronger cost control measures that enhanced adjusted EBIT, building on trends seen in the prior periods where operational efficiency improvements contributed to earnings growth. " "

Cash and Cash Equivalents

+347% (from $457m to $2,045m)

The dramatic rise in Cash and Cash Equivalents resulted from strategic debt reduction (including proceeds from asset sales), robust adjusted free cash flow, and effective capital management, reversing the lower liquidity seen in the previous period. " "

Adjusted EPS

Q4 2025

no prior guidance

$0.72 to $0.74 per share "

no prior guidance

Volume Growth

Q4 2025

no prior guidance

For Q4 2025, no improvement anticipated; overall volume growth expected to remain muted "

no prior guidance

Free Cash Flow

FY 2025

$900 million to $1 billion "

$900 million to $1 billion "

no change

Leverage

FY 2025

3x or lower "

Approximately 3.4x "

raised

Synergies

FY 2025

no prior guidance

Deliver $650 million of synergies over the next three years " "

no prior guidance

Merger Integration

Q2 2025: Focus on integration planning with an integration management office, defined initiatives, and preparation to merge cultures and operations " "

Q3 2025: Successfully closed combination with Berry Global, with clearly organized integration teams, defined leadership roles, and accelerated synergy execution " "

Progressed from planning to successful execution, showing enhanced confidence and clearer accountability.

Synergy Realization

Q2 2025: Confidence in achieving $650 million in total synergies, with cost targets driven by procurement, SG&A, and operations " "

Q3 2025: Detailed breakdown of $650 million synergies over three years with fiscal milestones and EPS accretion projections exceeding 35% " " "

Consistent focus with clearer milestones and near-term impact indicators, reinforcing previous optimism.

Execution Risks

Q2 2025: Emphasis on confidence in execution, smooth due diligence, and absence of surprises " "

Q3 2025: Acknowledgement of external challenges such as an uncertain macroeconomic environment, supplier negotiation complexities, and potential delays affecting synergy capture " "

Shifted sentiment from assured execution to a more cautious tone as external risks are now more prominently featured.

Enhanced Procurement Leverage and Cost Savings

Q2 2025: Highlighted procurement synergies targeting $325 million, leveraging a combined $13 billion spend and efficiency initiatives " "

Q3 2025: Expanded discussion with detailed supplier engagement plans, clear percentage savings (2.5%–3% of addressable spend), and complementary procurement strengths between Amcor and Berry Global " " " "

Increased execution detail and focus on supplier negotiations, showing a maturing strategy as integration progresses.

Portfolio Optimization and Innovation Strategy

Q2 2025: Strategy focused on refining the portfolio mix to capitalize on higher-value growth opportunities and leveraging the merger to boost R&D (1,500 professionals, $180M investment) "

Q3 2025: Continued active portfolio pruning in the context of the combined entity with added focus on dynamic execution timing and leveraging innovation capabilities " " " "

Consistent strategic focus with added nuance regarding execution timing amid a dynamic environment.

North American Beverage Volume Weakness

Q2 2025: Beverage volumes down mid-single digits with noted improvement over Q1 performance "

Q3 2025: Volume weakness deepened with high single-digit declines driven by softer-than-expected consumer demand " " "

Negative sentiment increased as the decline became sharper and more concerning from Q2 to Q3.

Macroeconomic Uncertainty and Consumer Demand Headwinds

Q2 2025: Observed tempered consumer demand with modest softening yet sequential volume growth and adjustment to new inventory norms "

Q3 2025: More pronounced uncertainty with variable demand impacted by sticky inflation and tariff concerns resulting in altered consumer behavior " " "

Worsening outlook where macroeconomic challenges have intensified, increasing headwinds compared to the previous period.

Healthcare Segment Destocking Rebound and Negative Mix Impact

Q2 2025: Healthcare destocking largely behind with the medical subcategory returning to growth, though pharma lingered; expectations for a rebound to historical growth were noted " "

Q3 2025: Significant rebound in healthcare volumes in high single digits, though offset by a negative price/mix impact in the Rigid Packaging segment " "

Mixed impact: Rebound in healthcare volumes is positive but is tempered by persistent negative mix effects impacting margins.

Operational Performance, Volume Trends, and Earnings Guidance Pressure

Q2 2025: Positive operational performance with 5% increases in adjusted EBIT and EPS, sequential volume growth across segments, and reaffirmed robust EPS guidance " " "

Q3 2025: Mixed performance with modest volume growth in some regions, notable declines (particularly in North American beverages), tighter earnings guidance, and balance sheet pressures including net cash outflow and increased leverage " " "

Transitioning sentiment: From uniformly positive performance to a more cautious outlook, reflecting pressures from volume declines and narrowing earnings guidance.