Ardagh Metal Packaging (AMBP) Q1 2025 earnings summary

Executive summary

• Revenue rose 11% year-over-year to $1,268 million for Q1 2025, with constant currency growth of 13%, driven by favorable volume/mix and pass-through of higher input costs, partially offset by negative FX effects.

• Adjusted EBITDA increased 16% to $155 million, exceeding guidance, with both Americas and Europe segments outperforming expectations.

• Global beverage can shipments grew over 6%, with 7% growth in the Americas and 5% in Europe.

• Net loss narrowed to $5 million from $12 million in Q1 2024.

• The business demonstrated resilience amid macroeconomic uncertainty, with minimal anticipated impact from recent tariff measures due to regional supply chains and robust contract pass-throughs.

Financial highlights

• Q1 2025 revenue increased 11% year-over-year to $1,268 million; Adjusted EBITDA rose 16% to $155 million, with margin up to 12.2% from 11.7%.

• Operating profit surged 192% to $41 million, up from $14 million a year earlier.

• Adjusted earnings per share doubled to $0.02 from $0.01 in Q1 2024; loss per share improved to $(0.02) from $(0.03).

• Robust liquidity of $570 million at quarter-end, with net debt at $3,796 million and no near-term bond maturities.

• Quarterly ordinary dividend of $0.10 per share announced and paid.

Outlook and guidance

• Full-year 2025 global shipments growth guidance raised to 3-4% (from 2-3%), reflecting strong Q1 and favorable currency movements.

• Full-year adjusted EBITDA guidance increased to $695-$720 million; Q2 adjusted EBITDA expected at $195-$205 million, up from $178 million prior year.

• North America shipments growth guidance upgraded to mid-single digits; Brazil guidance maintained at low single-digit growth due to market volatility.

• Adjusted free cash flow for 2025 expected to be at least $150 million.

• Management expects sufficient liquidity for at least the next twelve months, supported by cash balances, operating cash flow, and credit facilities.