Ardagh Metal Packaging (AMBP) investor relations material

Executive summary

• Adjusted EBITDA reached $322 million in Q1 2026, up 11% year-over-year, with metal business up 15% and glass up 6%, despite lower shipment volumes and higher commodity costs from Middle East conflict.

• Revenue increased 19% year-over-year to $1,504 million, driven by input cost pass-through and favorable volume/mix effects.

• Global beverage can sales declined 1% year-over-year, reflecting tough prior-year comparables and North American contract resets.

• Brazil delivered above-market volume growth, offsetting North American operational challenges from weather and supply chain disruptions.

• Announced closure of the Germersheim glass facility in Germany as part of turnaround plans.

Financial highlights

• Q1 2026 Adjusted EBITDA: $322 million, +11% year-over-year (+5% constant currency); Q1 adjusted EBITDA for metal segment: $179 million, +15% year-over-year.

• Q1 2026 revenue was $2,495 million, up 12% year-over-year (5% constant currency); Americas Q1 revenue increased 19% to $879 million.

• Europe Q1 revenue rose 18% to $625 million; Adjusted EBITDA up 53% to $75 million.

• Net loss for Q1 2026 was $5 million; operating profit grew 37% to $56 million.

• Liquidity at quarter-end was $1,277 million; asset-based lending facility refinanced and upsized to $450 million, maturing 2031.

Outlook and guidance

• 2026 adjusted EBITDA guidance reaffirmed at $750–$775 million, driven by operational efficiencies, cost savings, and improved mix.

• Q2 adjusted EBITDA expected between $210–$220 million, similar to prior year on constant currency.

• Management expects adequate resources to continue operations, with sufficient liquidity for capex, interest, and dividends.

• Europe volume growth expectation for 2026 reaffirmed at ~3%; capacity additions planned in Spain and UK.

• Management notes a more challenging outlook due to geopolitical and inflationary pressures.