Ardagh Metal Packaging S.A.’s second-quarter 2025 performance revealed a clear regional contrast, with strong momentum in the Americas outpacing limited modest progress in Europe.
Demand for beverage cans in North and South America surged, led by continued strength in non-alcoholic categories and 12 per cent growth in Brazil. This translated into a 21 per cent year-on-year revenue increase for the Americas, reaching USD 840 million, and a 34 per cent jump in Adjusted EBITDA to USD 133 million, boosted by strong volume mix and lower operational costs.
Europe, by contrast, saw revenue growth of 9 per cent to USD 615 million, but Adjusted EBITDA declined by 3 per cent to USD 77 million. The region faced challenges such as lower input cost recovery and temporary metal timing misalignments, though volume growth and reduced costs offered partial relief.
Brazil’s strong performance comes against the backdrop of a dynamic domestic economy. In an interview with AL Circle, Cátilo Cândido, Executive President of the Brazilian Association of Aluminum Can Manufacturers (Abralatas), noted that the country's rising purchasing power is boosting soft drink consumption and, in turn, aluminium can demand. With a GDP of USD 2.17 trillion and an annual per capita consumption of 165 12-can packs, Brazil now represents the world’s fastest-growing aluminium can market.
To read the full interview on this topic, click here.
Strong group performance
Group revenue for the quarter ended June 30, 2025, stood at USD 1,455 million, up 16 per cent from USD 1,259 million a year earlier. Adjusted EBITDA climbed 18 per cent to USD 210 million, beating the upper end of guidance. On a constant currency basis, revenue and EBITDA rose 13 per cent and 16 per cent, respectively.
Net debt to Adjusted EBITDA fell to 5.3x from 5.8x the previous year, with the company reporting a strong total liquidity position of $680 million.
CEO Oliver Graham said, "We continued our strong year-to-date performance in the second quarter, with 5% global shipments growth and 18% Adjusted EBITDA growth versus the prior year, again ahead of our guidance. Our financial results in the quarter were particularly driven by strong volume growth in the Americas, reflecting the strength of our customer portfolio with its exposure to several key attractive and growing categories. Our performance is also testament to the resilience of our business, despite macro-economic uncertainties, with shipments growth reported across each of our markets. Global beverage can growth continues to benefit from innovation and share gains in our customers' packaging mix, and we still anticipate only a minimal impact to our business arising from tariff measures announced”.
Outlook for the year
Ardagh upgraded its full-year 2025 Adjusted EBITDA guidance to a range of USD 705–USD 725 million, citing improved business fundamentals and favourable currency shifts.
Third-quarter EBITDA is expected to land between USD 200 million and USD 210 million, compared to USD 196 million in Q3 2024.
He added, “Our robust business momentum in the current macro environment gives us confidence to further upgrade our full year Adjusted EBITDA guidance to USD 705-USD 725 million, reflecting both improved underlying performance and favorable currency movements."
Adjusted Free Cash Flow for the year is forecast at a minimum of USD 150 million, with capital expenditure plans holding steady at just over USD 200 million, of which USD 70 million is allocated for growth initiatives.
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