Ardagh Metal Packaging (AMBP) investor relations material

Executive summary

• Q2 2026 revenue rose 18% year-over-year to $1,713 million for AMP and 13% to $2,794 million for the group, with strong European performance and the launch of the "Clearly Ardagh" transformation initiative.

• Adjusted EBITDA for Q2 2026 increased 14% to $240 million for AMP and 6% to $410 million for the group, with AMP leading growth and AGP facing inflationary pressures.

• Global beverage can shipments declined 1%, with 5% growth in Europe offset by declines in North and South America; AGP shipments increased 3%.

• Net income for AMP was $35 million, while the group reported a Q2 net loss of $126 million due to higher finance and exceptional costs.

• Celebrated 10-year anniversary and completed a comprehensive recapitalization transaction in November 2025.

Financial highlights

• Q2 2026 AMP revenue: $1,713 million (up 18%); group revenue: $2,794 million (up 13%).

• Q2 2026 AMP Adjusted EBITDA: $240 million (up 14%); group Adjusted EBITDA: $410 million (up 6%).

• Europe Q2 revenue: $698 million (up 13%); Americas Q2 revenue: $1,015 million (up 21%).

• Net leverage at 5.2x LTM Adjusted EBITDA for AMP and 5.5x for the group; liquidity at $647 million for AMP and $1,441 million for the group.

• Quarterly dividend of $0.10 per share maintained.

Outlook and guidance

• Full-year 2026 AMP Adjusted EBITDA guidance raised to $775–790 million, reflecting strong Q2 results and confidence in H2 modest global shipment growth.

• Q3 2026 AMP Adjusted EBITDA guidance set at $200–210 million, compared to $208 million prior year.

• AGP faces increased inflationary pressures and short-term EBITDA impacts from inventory right-sizing.

• Management expects sufficient liquidity to fund operations and debt service for at least the next twelve months.

• Americas expected to see a small full-year volume decline in 2026, with a return to growth in 2027 at least in line with industry.