Amcor (AMCR) investor relations material

Executive summary

• Q2 and H1 FY2026 results showed strong revenue and profit growth, with Q2 net sales at $5,449 million and adjusted EPS at $0.86, up 7% year-over-year, primarily driven by the Berry acquisition and synergy realization.

• Adjusted EBITDA for Q2 was $826 million (15.2% margin), and adjusted EBIT was $603 million (11.1% margin), both up significantly year-over-year.

• Free cash flow for Q2 was $289 million after acquisition-related costs; H1 free cash flow was a use of $53 million.

• Portfolio optimization is progressing, including agreements to divest two businesses for ~$100 million.

• Safety remains a core value, with a total recordable incident rate of 0.52 and 79% of sites injury-free in Q2.

Financial highlights

• Q2 FY2026 net sales were $5,449 million, adjusted EBITDA $826 million (15.2% margin), adjusted EBIT $603 million (11.1% margin), and free cash flow $289 million.

• H1 FY2026 net sales reached $11,194 million, adjusted EBITDA $1,736 million (15.5% margin), adjusted EBIT $1,290 million (11.5% margin), and free cash flow was a use of $53 million.

• Adjusted EPS was $0.86 for Q2 and $1.83 for H1, up 7% and 14% year-over-year, respectively.

• Quarterly dividend increased to $0.65 per share, a 2% year-over-year increase.

• Net debt at December 31, 2025, was $14,081 million.

Outlook and guidance

• Fiscal 2026 adjusted EPS guidance reaffirmed at $4.00–$4.15 per share, representing 12–17% constant currency growth.

• Free cash flow guidance for FY2026 is $1.8–$1.9 billion; year-end leverage expected at 3.1–3.2x.

• Q3 adjusted EPS expected at $0.90–$1.00, with $70–$80 million in synergy benefits.

• Adjusted depreciation & amortization expected at $875–$925 million, net interest expense at $570–$600 million, and effective tax rate at 17–20%.

• Guidance includes at least $260 million in pre-tax synergy benefits from the Berry acquisition.