0001104659-26-024068
SEC filingArdagh Metal Packaging S.A. reported FY 2025 profit for the year of $11.0M, up from a $3.0M loss in FY 2024, driven by strong operational performance with Adjusted EBITDA rising 10% to $739M from $672M. Revenue grew 12% to $5.497B, reflecting higher input cost pass-through and favorable volume/mix, with Americas segment at $3.190B (up 16%) and Europe at $2.307B (up 7%). Gross profit increased 8% to $681M (12.4% margin), while operating profit rose to $244M from $202M. Net cash from operating activities remained stable at $449M, supporting $184M in capital expenditures. Balance sheet shows total assets of $5.68B, with net debt at $3.90B (5.3x Adjusted EBITDA). Total comprehensive income was $6.0M, attributable to equity holders $5.0M. Equity attributable to owners was negative $683M, reflecting high leverage with borrowings at $4.42B. Strong cash generation and contracted revenue base (over 80% multi-year) position AMPSA for growth investments and debt management amid favorable metal packaging demand.
Ardagh Metal Packaging S.A. delivered FY 2025 profit of $11.0M, reversing a $3.0M loss in FY 2024, with Adjusted EBITDA up 10% to $739M from $672M. Revenue increased 12% to $5.497B, driven by input cost pass-through and volume/mix gains. Gross profit rose 8% to $681M (12.4% margin vs 12.8% prior), operating profit climbed 21% to $244M. Net cash from operations held steady at $449M, funding $184M capex. Balance sheet reflects $5.68B total assets, $3.90B net debt (5.3x EBITDA), and negative equity of -$683M. Americas segment led growth at $3.190B (+16%), Europe at $2.307B (+7%). Strong contracted revenue (>80% multi-year) and cash generation support debt management amid robust beverage can demand.
Revenue reached $5.497B, up 12% YoY from $4.908B, with Americas contributing $3.190B (+16% YoY) and Europe $2.307B (+7% YoY). Growth stemmed from higher input cost pass-through to customers and favorable volume/mix effects. Americas benefited from robust demand, while Europe saw gains from cost recovery. No segment-specific breakdowns beyond operating segments provided. Geographic revenue: North America $2.714B, Europe $2.275B, rest of world $508M. Over 80% revenue backed by multi-year contracts with pass-through mechanisms stabilizing margins.
Gross margin dipped to 12.4% from 12.8%, with gross profit up 8% to $681M due to revenue growth outpacing cost increases. Excluding exceptional items, gross margin was 12.7% vs 13.2%. Operating profit margin improved to 4.4% from 4.1%, reflecting lower operations/overhead costs. Net finance expense rose to $240M from $192M due to refinancing costs. Effective tax rate 30% vs 28%. Profitability supported by efficiency gains and contracted pricing, offsetting input inflation.
Net cash from operations $449M, stable YoY, with cash generated from operations $718M up from $659M. Investing outflow $184M (capex $184M). Financing net outflow $374M included $1.309B borrowings, $957M repayments, $289M Preferred Shares redemption, $262M dividends. Cash position $522M, net debt $3.90B (5.3x EBITDA). Total assets $5.68B (non-current $3.84B, current $1.84B). Borrowings $4.42B (non-current $4.30B). Equity -$675M. Liquidity $964M including undrawn facilities.
No explicit guidance provided. Management highlights contracted revenue base (>80% multi-year), $1.8B growth investment program nearing completion, and sustainability focus (SBTi-approved emissions targets). Risks include aluminum/energy volatility, customer concentration (top 10: 57% revenue), and leverage amid economic/geopolitical pressures. Strong cash flow supports debt service and investments.