AMBP · Ardagh Metal Packaging S.A.

Ardagh Metal Packaging S.A. delivered strong top-line growth for the full year 2025, with revenue increasing 12% to $5.5 billion. This growth was primarily driven by favorable volume/mix effects and the pass-through of higher input costs, particularly aluminum, to customers. The Americas segment outperformed Europe, posting a 16% revenue increase compared to 7% in Europe. Adjusted EBITDA grew 10% to $739 million, though margins compressed slightly by 30 basis points to 13.4%, reflecting lower input cost recovery and higher operations and overhead costs in the Americas. The Company swung to a profit of $11 million, a significant improvement from the $3 million loss in the prior year, aided by a $22 million tax credit related to exceptional items. The balance sheet reflects increased leverage, with net debt rising to $3.9 billion, pushing the Net Debt to Adjusted EBITDA ratio to 5.3x. This increase was driven by financing activities, including the issuance of new Senior Secured Green Notes used to redeem preferred shares and repay other debt. A notable subsequent event includes a $175 million jury award in a lawsuit against Boston Beer Company, which, if upheld, could provide a material cash inflow. The Board declared an interim dividend of $0.10 per share payable in June 2026, signaling continued commitment to shareholder returns despite the elevated leverage.