Ardagh Metal Packaging raises 2026 EBITDA outlook after 14% Q2 growth

Ardagh Metal Packaging (AMP) reported stronger second-quarter earnings, supported by improved profitability in Europe despite a slight decline in global beverage can shipments, and raised its full-year adjusted EBITDA guidance.

The company posted revenue of USD 1.71 billion for the quarter ended June 30, 2026, up 18 per cent from USD 1.46 billion a year earlier. On a constant currency basis, revenue increased 16 per cent, reflecting higher input cost pass-through to customers and favourable volume and product mix.

EBITDA exceeds guidance

Adjusted EBITDA increased 14 per cent year on year to USD 240 million, exceeding the company's guidance range of USD 210-220 million. On a constant currency basis, adjusted EBITDA rose 13 per cent, primarily due to improved input cost recovery.

Following the stronger-than-expected performance, AMP raised its full-year 2026 adjusted EBITDA guidance to USD 775-790 million, compared with its previous outlook of USD 750-775 million.

The company expects third-quarter adjusted EBITDA to be between USD 200 million and USD 210 million.

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Beverage can shipments decline

Global beverage can shipments declined 1 per cent during the quarter after strong growth in the same period last year.

Shipments in the Americas fell 6 per cent, with North America declining 5 per cent following previously announced contract resets, while Brazil recorded a 15 per cent decline due to customer mix changes.

The weaker performance was partly offset by 5 per cent growth in Europe, where stronger demand and favourable input cost recovery supported earnings.

Regional performance

Revenue in the Americas increased 21 per cent to USD 1.02 billion, while adjusted EBITDA edged up 2 per cent to USD 135 million, supported by lower operating and overhead costs despite lower shipments.

In Europe, revenue rose 13 per cent to USD 698 million, while adjusted EBITDA climbed 36 per cent to USD 105 million. The improvement was driven by stronger input cost recovery, including favourable metal pricing timing, and higher shipment volumes.

Liquidity and dividend

AMP ended the quarter with total liquidity of USD 647 million, while its net debt-to-adjusted EBITDA ratio improved to 5.2x, compared with 5.3x a year earlier.

The company also declared its regular quarterly dividend of USD 0.10 per share, with no changes to its capital allocation strategy.

Chief Executive Officer Oliver Graham said the company expects a return to modest global beverage can shipment growth during the second half of 2026, supported by healthy demand and improved metal supply conditions in North America.

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