Europe’s Beverage Can Shipments Outpace the Americas by 6% as Ardagh Expands in the UK and Spain

Europe’s beverage-can market outperformed other regions in the third quarter, prompting Ardagh Metal Packaging (AMP) to accelerate its investment plans with two new production lines at existing facilities in the UK and Spain. Global beverage can shipments rose 2 per cent year on year in the three months to September 30, while Europe recorded 6 per cent growth, contrasting with a 1 per cent decline across the Americas.

AMP announced the expansion alongside third-quarter results that exceeded its own earnings guidance, allowing the company to raise its full-year adjusted EBITDA outlook. Chief executive Oliver Graham said demand remained resilient across the company’s markets, supported by strength in key beverage categories and continued gains for cans within the wider packaging mix.

The company said the new lines would expand its previously outlined European growth investment, helping it capture demand and support customers in the UK and Spain. AMP has not disclosed the specific plants involved, the lines’ production capacity, the investment amount or the expected commissioning dates.

Europe outpaces the Americas in beverage-can demand

The regional shipment figures highlight the contrasting performance of AMP’s markets. European beverage-can shipments increased 6 per cent in the third quarter compared with the same period last year, while shipments across the Americas declined 1 per cent.

North American shipments were down 1 per cent, although AMP said this marked a significant improvement on the second quarter. Brazil recorded a 5 per cent decline, which the company attributed to customer mix and a contract reset.

Europe’s stronger shipment growth was reflected in its financial performance. Regional revenue increased 11 per cent to USD 693 million, or 12 per cent at constant currency, while adjusted EBITDA rose 11 per cent to USD 91 million. AMP attributed the gains to higher recovery of input costs and strong volume growth, partly offset by slightly higher operating and overhead costs.

In the Americas, revenue rose 25 per cent to USD 1.001 billion, but adjusted EBITDA fell 3 per cent to USD 122 million. Higher operating and overhead costs and lower input-cost recovery weighed on earnings, although favourable volume and product mix provided some support, including continued demand for speciality cans in North America. The region’s adjusted EBITDA margin declined to 12.2 per cent from 15.7 per cent a year earlier.

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Ardagh steps up European capacity investment

Against this regional backdrop, AMP is expanding its European manufacturing capacity to capture further growth. The two new can lines will be installed at existing facilities rather than announced as new standalone plants.

“Beverage can industry demand remains resilient across each of our markets, driven by strength in key categories and continued share gains in the packaging mix,” Graham said.

He added that the company was accelerating and increasing its previously outlined European investment plans in response to demand, with the aim of supporting customers and capturing growth in what AMP described as attractive markets.

The announcement does not specify how much additional production the two lines will provide or when they will become operational. Their precise contribution to AMP’s European capacity therefore remains unclear.

Earnings beat supports higher full-year outlook

AMP’s third-quarter group revenue rose 19 per cent to USD 1.694 billion from USD 1.428 billion a year earlier, mainly reflecting the pass-through of higher input costs to customers. Adjusted EBITDA increased 2 per cent to USD 213 million, exceeding the company’s guidance range of USD 200 million-USD 210 million. Profit for the period reached USD 44 million, compared with USD 27 million a year earlier.

Following the stronger-than-expected quarter, AMP raised its full-year adjusted EBITDA forecast to USD 785 million–USD 795 million, assuming modest growth in global shipments. It expects fourth-quarter adjusted EBITDA of USD 153 million–USD 163 million, below the USD 166 million recorded in the same quarter of 2025.

The company cited current exchange rates, some inflationary headwinds and a challenging comparison with fourth-quarter 2025, when shipments grew 4 per cent.

For the first nine months of 2026, AMP reported revenue of USD 4.911 billion, up from USD 4.151 billion a year earlier, while adjusted EBITDA increased to USD 632 million from USD 573 million.

Liquidity stood at USD 736 million at the end of September. Net debt to adjusted EBITDA was 5.1 times, compared with 5.2 times a year earlier, or 5.6 times on a like-for-like basis accounting for the refinancing of preferred shares in the fourth quarter of 2025. AMP also declared its regular quarterly dividend of 10 cents per share.

With European shipments growing faster than the global rate and the Americas delivering a more mixed performance, AMP’s two planned can lines signal a targeted expansion in its stronger-performing region. The investment is intended to capture continued demand, although the scale and timing of the additional capacity have yet to be disclosed.

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