Ardagh Metal Packaging (AMBP) Q4 2025 earnings summary

Executive summary

• Adjusted EBITDA for full year 2025 reached $1,414 million, up 11% year-over-year, with Q4 Adjusted EBITDA at $342 million, a 24% increase versus prior year, exceeding guidance for both main business units.

• Completed a comprehensive recapitalization in November 2025, reducing debt, extending maturities, and eliminating near-term maturities, with strong creditor support and a reconstituted board focused on shareholder value.

• Strong liquidity position at year-end with $1,877 million available, and net debt-to-Adjusted EBITDA improved to 6.0x from 7.4x the prior year.

• Both Glass Packaging and Metal Packaging segments delivered Adjusted EBITDA ahead of expectations in Q4.

• North America led growth in Metal Packaging with 9% Q4 shipment increase and 6% full year growth, offsetting softness in Brazil; Europe saw gains in non-alcoholic beverages.

Financial highlights

• Full-year 2025 revenue rose 5% year-over-year to $9,598 million; Q4 revenue up 7% to $2,383 million.

• Adjusted EBITDA for 2025 increased 11% to $1,414 million; Q4 Adjusted EBITDA up 24% to $342 million.

• Adjusted Free Cash Flow for 2025 was $172 million, ahead of guidance.

• Ended 2025 with $1,877 million in liquidity and net leverage of 6.0x net debt to Adjusted EBITDA.

• Pre-exceptional loss for the year improved to $(235) million from $(288) million in 2024; loss for the year widened to $(952) million, reflecting exceptional items and finance expenses.

Outlook and guidance

• 2026 Adjusted EBITDA guidance is $750 million-$775 million for Metal Packaging, driven by operational efficiencies, cost savings, and shipments growth in Europe and Brazil.

• Q1 2026 Adjusted EBITDA expected in the range of $160 million-$170 million, ahead of prior year on a constant currency basis.

• Improved outlook for Africa expected in 2026 after recent demand softness and shipment declines.

• North America expects further margin gains from a smaller, better-utilized footprint, with a small volume decline in 2026 before growth resumes in 2027.

• Management is developing new action plans to maximize value for shareholders and expects to provide further updates as plans progress.