Ardagh Metal Packaging (AMP), a global leader in supplying sustainable and infinitely recyclable metal beverage cans, has reported strong performance for the first quarter of 2025 (Q1 2025) supported by global shipments growth, region-wise growth and double-digit Adjusted EBITDA per cent growth. As per Oliver Graham, CEO of AMP, "Our first quarter performance represents a strong start to the year, with 6 per cent global shipments growth and double-digit Adjusted EBITDA % growth versus the prior year, ahead of our initial guidance."
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The Luxembourg-based company achieved revenue of $1,268 million for the three months ended March 31 2025, marking an increase of $127 million, or 11 per cent, compared to $1,141 million in the same period last year. On a constant currency basis, revenue rose by 13 per cent, primarily driven by favourable volume and mix, along with the pass-through of higher input costs to customers.
Adjusted EBITDA grew by $21 million, or 16 per cent, to $155 million, up from $134 million in the prior-year period. On a constant currency basis, Adjusted EBITDA rose 17 per cent, reflecting improved volume/mix and reduced operational and overhead expenses.
"Against the backdrop of a highly dynamic macro environment this performance is testament to the resilience of our business and the attractiveness of the beverage can as a packaging choice for our customers. Adjusted EBITDA for both geographic segments performed ahead of our expectations, driven by a strong shipments performance," added Oliver Graham.
Global beverage can shipments rose by over 6 per cent during the quarter, with the Americas seeing a 7 per cent increase and Europe up by 5 per cent. North America led the way with 8 per cent growth, driven by strong demand in non-alcoholic segments, particularly a rebound in the energy drink category. In Brazil, volumes surpassed industry performance, growing by 4 per cent.
Region-wise performance
In the Americas, Adjusted EBITDA for the quarter rose 16 per cent Y-o-Y on both a reported and constant currency basis, reaching $106 million. This growth was driven by higher volumes and reduced operating costs. The revenue also witnessed a growth of $80 million, or 12 per cent, to $740 million for the three months ended March 31, 2025, up from $660 million in the same period last year. This growth, consistent on both a reported and constant currency basis, was primarily driven by favourable volume and mix effects, along with the pass-through of higher input costs to customers.
In Europe, Adjusted EBITDA increased by 14 per cent to $49 million—or 20 per cent at constant currency—supported by volume growth, improved recovery of input costs, and lower operating expenses, mainly due to better absorption of fixed costs.
"At the current time we anticipate minimal impact to our business arising from the tariff measures announced. In North America, we have no can making operations outside of the United States. Across our global operations our suppliers, customers and end consumers are all mostly local to the region. Our customers' products are defensive in nature and beverage cans are typically resilient across economic cycles. Our robust business momentum in the current macro environment gives us confidence to upgrade our full-year shipments growth to 3-4 per cent and Adjusted EBITDA guidance to $695-720m – reflecting both improved underlying performance and recent favourable currency movements," commented Oliver Graham.
Image Source: Oliver Graham / Linkedln
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