Ardagh Metal Packaging (AMBP) Q2 2025 earnings summary

Executive summary

• Revenue grew 16% year-over-year to $1,455 million in Q2 2025, with 5% global shipment growth and strong Americas performance, especially in non-alcoholic and Brazilian categories.

• Adjusted EBITDA increased 18% to $210 million, exceeding guidance, driven by volume growth, cost efficiencies, and robust demand.

• Full-year Adjusted EBITDA guidance raised to $705–$725 million, reflecting Q2 outperformance and favorable currency movements.

• Net income for Q2 was $5 million, with basic and diluted EPS of $(0.01); adjusted EPS was $0.06.

• Regular quarterly dividend of $0.10 per share announced; capital allocation priorities unchanged.

Financial highlights

• Q2 2025 revenue: $1,455 million, up 16% year-over-year; Americas revenue up 21% to $840 million, Europe up 9% to $615 million.

• Adjusted EBITDA: $210 million, up 18% year-over-year; margin at 14.4% (vs. 14.1% prior year).

• Adjusted earnings per share for Q2: $0.06 (vs. $0.10 prior year); net profit for Q2 was $5 million.

• Net debt at $3,851 million; net debt to Adjusted EBITDA ratio improved to 5.3x from 5.8x year-over-year.

• Available liquidity at quarter-end was $680 million.

Outlook and guidance

• Full-year 2025 Adjusted EBITDA guidance raised to $705–$725 million, with shipment growth forecast at 3–4%.

• Q3 2025 Adjusted EBITDA expected between $200–$210 million (vs. $196 million in Q3 2024).

• Adjusted free cash flow for 2025 expected at least $150 million; capex to remain just over $200 million.

• Management expects sufficient liquidity and cash flow to fund operations, capex, and dividends for at least the next 12 months.

• Seasonal demand expected to peak in summer and pre-holiday periods.