AMCR · Amcor plc

Amcor plc delivered solid Q3 FY2026 results, with net sales surging 77% to $5,914 million, primarily driven by the Berry acquisition completed on April 30, 2025, contributing approximately $2.4 billion in acquired sales net of divestments. On a constant currency basis, sales grew 70%, though organic volumes declined ~1.5% excluding non-core businesses, reflecting market challenges partially offset by stable price/mix. Adjusted EBIT rose 79% to $687 million (72% constant currency), bolstered by $239 million from acquired operations, $57 million in Berry synergies (at the upper end of expectations), and cost/productivity gains, despite lower volumes. Margins improved with Adjusted EBITDA margin at 15.1% (up from 14.3%) and Adjusted EBIT margin at 11.6%. YTD performance showed similar trends, with 72% sales growth to $17,108 million and Adjusted EPS up 11% to $2.79. CEO Peter Konieczny highlighted smooth integration one year post-merger, strong synergy delivery, and portfolio optimization progress, including six divestiture agreements. Guidance for FY2026 was updated to Adjusted EPS of $3.98-$4.03 (~12% growth at midpoint, including $270 million pre-tax synergies), factoring in Middle East conflict impacts, with Free Cash Flow revised lower to $1.5-1.6 billion due to elevated inventory for supply security. A quarterly dividend of $0.65 per share was declared, signaling Board confidence. Net debt stood at $14,266 million, reflecting acquisition financing. Segmentally, Global Flexible Packaging Solutions saw 35% sales growth (29% constant currency) with stable 13.9% EBIT margin, while Global Rigid Packaging Solutions exploded 187% (174% constant currency) with margin expansion to 10.4%, underscoring improved business quality post-merger.