Ardagh Metal Packaging (AMBP) Q4 2024 earnings summary

Executive summary

• Achieved double-digit Adjusted EBITDA growth for 2024, driven by 3% global volume growth and strong European performance, with resilient Americas results despite temporary challenges.

• Ended 2024 with nearly $1 billion in liquidity and reduced net leverage to 4.9x net debt/Adjusted EBITDA.

• Strengthened capital structure with a €269 million term loan and undrawn BRL 500 million Brazilian credit facility.

• Sustainability progress included Scope 3 emissions falling below 2030 targets, new renewable energy agreements, and phase-out of PFAS in North America and Europe.

• Safety improved with reductions in total recordable incident and accident severity rates.

Financial highlights

• Full-year Adjusted EBITDA reached $672 million, up 12% and exceeding initial guidance; Q4 Adjusted EBITDA rose 11% to $164 million, led by 81% growth in Europe.

• FY24 revenue totaled $4.9 billion, with Q4 revenue up 6% year-over-year to $1,195 million.

• Adjusted Free Cash Flow for 2024 was $204 million, down from $260 million in 2023, mainly due to lower working capital inflow.

• Q4 net loss narrowed to $11 million from $56 million; full-year net loss reduced to $3 million from $50 million.

• Quarterly ordinary dividend of $0.10 per share announced, supported by strong liquidity.

Outlook and guidance

• Projecting global shipment growth of 2%-3% and Adjusted EBITDA of $675–$695 million for 2025; Q1 2025 Adjusted EBITDA expected at $140–$145 million, up from $132–$134 million prior year (constant currency).

• Growth to be supported by higher shipments, improved fixed cost absorption, and operational improvements, partly offset by input cost inflation and FX headwinds.

• Americas and Brazil expected to see at least low single-digit shipment growth in 2025, with improved customer mix in Brazil and signs of recovery in North America energy category.

• Free cash flow expected to decline slightly in 2025 due to higher maintenance CapEx, taxes, and interest.