AMBP · Ardagh Metal Packaging S.A.

Summary

Ardagh Metal Packaging S.A. filed its Annual Report on Form 20-F for the year ended December 31, 2025, disclosing full-year financial results including revenue of $5,497 million (up 12% YoY), Adjusted EBITDA of $739 million (up 10% YoY), and profit of $11 million. The report details the Recapitalization Transaction completed November 12, 2025, resulting in AHSA indirectly owning 76% of Ordinary Shares, alongside ongoing legal proceedings and financial position with net debt of $3.9 billion.

Key takeaways

• Revenue increased 12% to $5,497 million for year ended December 31, 2025 vs $4,908 million in 2024
• Adjusted EBITDA rose 10% to $739 million from $672 million in 2024
• Net profit of $11 million vs $3 million loss in 2024; net debt $3.9 billion as of December 31, 2025
• Recapitalization Transaction completed November 12, 2025; AHSA now ultimate controlling company with ~76% indirect ownership of Ordinary Shares
• Preferred Shares (56,306,306 shares, €4.44 par) redeemed December 2, 2025 for €250 million
• ARD Finance S.A. commenced judicial reorganization for Toggle Notes due 2027; minority holders initiated proceedings against AGSA in January 2026