Ardagh Metal Packaging S.A.

Q2 adjusted EBITDA was $240 million, up 14% year over year and above guidance of $210 million to $220 million. Europe revenue increased 13% to $698 million and Europe adjusted EBITDA rose 36% to $105 million. Americas revenue increased 21% to just above $1 billion and Americas adjusted EBITDA rose 2% to $135 million. Global beverage can sales declined 1% in the quarter. On liquidity, the company ended the quarter with $647 million of liquidity and net leverage of 5.2x. Full-year 2026 adjusted EBITDA guidance was raised to $775 million to $790 million, and Q3 adjusted EBITDA is expected to be $200 million to $210 million. Full-year capital spending is now expected to be $240 million, including an extra $40 million tied to upsized Spain and UK projects; cash interest is expected at $220 million, lease principal repayments at about $215 million, cash tax at about $30 million, and working capital at a small outflow. The quarterly ordinary dividend remains $0.10 per share.

Oliver Graham emphasized that AMP is marking its 10-year anniversary and said the company has been transformed into a more integrated global business with more than 30% higher capacity and specialty cans now representing over 50% of volumes. His tone was confident and constructive, stressing that the business is resilient and that the second quarter outperformance was driven mainly by Europe. He also said the company expects modest global volume growth in the second half, with Europe remaining structurally attractive and North America likely to improve after a transition year.

Stefan Schellinger highlighted a strong liquidity position of $647 million and net leverage of 5.2x, noting that this compares with 5.3x at the end of June 2025 or 5.7x on a like-for-like basis. He walked through full-year cash flow components: total CapEx of $240 million, cash interest of $220 million, lease principal repayments of about $215 million, cash tax of about $30 million, and a small working-capital outflow. He also confirmed the quarterly dividend of $0.10 per share and said full-year adjusted free cash flow expectations remain unchanged despite higher CapEx.

Analysts focused on North America volumes, the impact of the World Cup in Brazil, the size of Europe’s metal timing benefit, and the path to 2027 growth. Management said there was no specific World Cup benefit in North America and that metal supply constraints eased quickly during the quarter; on Europe, it said a little over half of the Q2 beat was tied to metal timing and about a third of that benefit will reverse in the second half. On 2027, management would not give a formal forecast but said it feels good about growing at least in line with the industry, helped by contract reset recovery, added filling locations, and a portfolio tilted toward soft drinks and energy. On Brazil, management said volatility remains elevated, second-half demand is still soft, and the market is difficult to predict, which is why the company is cautious on second-half volumes there.