Notable global supplier of sustainable and recyclable metal beverage cans, Ardagh Metal Packaging SA (AMP), published its fourth quarter and full-year financial results, delivering steady growth in both segments. The resilient performance was reinforced by higher shipments, a favourable mix and disciplined cost control across its operations. Despite the Trump administration’s 50 per cent tariff impositions, AMP marched on with “minimal impact” from the US tariffs. 

The 50 per cent tariff imposed by the US on aluminium and steel raised concerns among the end-use sector. While companies like Ball Corporation and Crown Holdings expressed doubts regarding the matter and its cost-inflating impact on the packaging industry, Coca-Cola considered partly switching from aluminium to plastic packaging. However, AMP’s performance reflected a strategic approach to the matter. The Midwest premium impact remained de minimis, accounting for less than 1-2 cents per can. It was partly offset by LME price movements, while the company’s reliance on imported cans remained negligible. 

Oliver Graham, CEO of Ardagh Metal Packaging, stated, “In each of our markets, the beverage can continues to take a higher share of our customers' packaging mix, driven by the can's convenience, branding potential, total cost of ownership and sustainability credentials.” 

Explore- Most accurate data to drive business decisions with Global ALuminium Industry Outlook 2026 across the value chain 

Full-year 2025 performance and Y-o-Y comparison

For the year ended December 31, 2025, revenue increased 12 per cent to USD 5.5 billion, compared with the result of 2024, which was USD 4.91 billion, driven by input cost pass-through and favourable mix.

Adjusted EBITDA grew 9.97 per cent to USD 739 million, up from USD 672 million, supported by improved mix and cost control, partly offset by lower input cost recovery.

Total gross profit accounted for USD 681 million in 2025, rising by 8.1 per cent from USD 630 million in 2024. Profit made in 2025 stood at USD 11 million, reflecting a remarkable gain of 266.66 per cent from the profit of USD 3 million in 2024. Cash generated from operations in 2025 was USD 718 million, compared to USD 659 million in 2024, marking an increase of 8.95 per cent.  

Figures under loss per share improved largely, decreasing by 60 per cent, from USD 0.05 in 2024 to USD 0.02 in 2025.  

Adjusted Free Cash Flow for 2025 stood at USD 172 million, including total capital expenditure of USD 184 million, of which USD 63 million was growth investment. 

Global beverage can shipments rose 3 per cent, comprising 5 per cent growth in the Americas (over 6 per cent in North America and down 2 per cent in Brazil) and 2 per cent growth in Europe. 

Revenue in the Americas increased 16 per cent to USD 3.19 billion. Adjusted EBITDA rose 13 per cent to USD 467 million, driven by a favourable mix, despite higher operating costs and lower input cost recovery. Revenue in Europe increased 7 per cent to USD 2.31 billion, and Adjusted EBITDA grew 6 per cent to USD 272 million, supported by lower overhead costs and a favourable mix. 

Americas reporting a stronger performance indicates the higher rate of aluminium can consumption in the region. As of 2024, North America accounts for 30.47 per cent of aluminium cans in the global market. 

Throughout Q1 and Q2 2025, AMP consistently reported “minimal impact” to US tariff measures, backed by fully domestic US can production, regional supply chains, strong LME-linked pass-through contracts and metal hedging mechanisms. 

This structural insulation was reflected in AMP’s steady Q3 performance, where revenue increased 9 per cent Y-o-Y (USD 1.31 billion in 2024) to USD 1.43 billion. Adjusted EBITDA rose 6 per cent to USD 208 million despite a 1 per cent dip in global shipments, highlighting AMP’s resilience amid tariff pressures. 

Q4 snapshot with Q4’25 vs Q4’24 comparison

Revenue for Q4, comprising the three months ended December 31, 2025, rose 13 per cent Y-o-Y to USD 1.35 billion, up from USD 1.2 billion in Q4 2024, largely reflecting the pass-through of higher input costs and improved volume/mix.

Adjusted EBITDA stood at USD 166 million in Q4 2025, up 1.22 per cent from USD 164 million in Q4 2024 and ahead of the guidance range of USD 147–162 million.

Global beverage can shipments increased 4 per cent, driven by 6 per cent growth in the Americas (up over 9 per cent in North America and down 4 per cent in Brazil) and 1 per cent growth in Europe. 

Revenue in the Americas climbed 24 per cent to USD 807 million, supported by input cost pass-through and improved mix. Adjusted EBITDA declined 6 per cent to USD 102 million, primarily due to temporary supply chain disruptions, higher operating costs and lower input cost recovery, partly offset by favourable volumes.

Revenue in Europe edged down 1 per cent to USD 539 million, impacted by volume/mix effects and lower input cost pass-through. Adjusted EBITDA rose 14 per cent to USD 64 million, supported by stronger input cost recovery, despite higher operating expenses. 

Don't miss out- Buyers are looking for your products on our B2B platform

CEO remarks on the performance drivers

Commenting on the annual performance, Graham stated, "2025 was another year of strong performance for AMP, underpinned by shipments growth of over 3 per cent, a favourable product mix and solid operating performance. We delivered Adjusted EBITDA growth of 10 per cent, which significantly outperformed our initial guidance. Our tight focus on cost control generated meaningful operational and overhead cost savings.”

Concurrently, the operations teams “effectively balanced evolving demand patterns – both in terms of category mix and can sizes – to position our capacity to support our customers' growth.

According to Graham, the key drivers behind the resilient financial result in Europe were “operations and overhead cost savings, as well as shipments growth in carbonated soft drinks and in other growing non–alcoholic categories, offset the expected metal input cost recovery headwind.”

In the Americas, it could be attributed to the “significant growth in North America full-year volumes (more than 6 per cent) despite supply chain challenges. Our strong customer portfolio…drove favourable mix which more than offset the impact of softness in the Brazil beer market.”

Also read: Strong metal packaging market in North America and Europe reflects through Ardagh’s Q3 earnings

FY26 Outlook

Outlook set for the financial year of 2026 are as follows –

• Full-year 2026 Adjusted EBITDA guidance has been set within a range of USD 750-775 million.
• The growth is expected from a modest increase in global shipments, improvements in operating costs, and currency effects.
• At prevailing exchange rates, foreign exchange is estimated to provide an annual benefit of approximately USD 10 million.
• Q1 2026 Adjusted EBITDA guidance is set to be USD 160-170 million, compared with USD 155 million in Q1 2025.

Looking ahead in 2026, the CEO mentioned, “We anticipate continued supportive global industry shipments growth in 2026, with more modest shipments growth for AMP as a result of some softness in North America following contract resets. AMP's Adjusted EBITDA growth in 2026 is expected to be driven by volume growth in Europe and Brazil, an attractive customer mix, operational efficiencies and other savings.”  

Must read: Key industry individuals share their thoughts on the trending topics

Note: The image has been generated by AI for referential purposes only.