Ardagh Metal Packaging Reports Q2 2026 Results: Full Earnings Call Transcript

Ardagh Metal Packaging (NYSE: AMBP ) released second-quarter financial results and hosted an earnings call on Thursday. Read the complete transcript below. APIs provide real-time access to earnings call transcripts and financial data. Visit to learn more.

View the webcast at Summary Ardagh Metal Packaging reported a strong second quarter 2026 with a 14% increase in adjusted EBITDA, significantly surpassing expectations. Beverage can sales declined by 1% year-over-year due to contract resets in North America and lower shipments in Brazil, offset by strong growth in Europe. The company upgraded its full-year adjusted EBITDA guidance to between $775 and $790 million, reflecting confidence in H2 performance despite some expected reversals of favorable metal pricing impacts. In Europe, revenue increased by 13% due to favorable volume/mix effects and higher input costs, with adjusted EBITDA rising by 36%.

North America saw a 5% decrease in shipments, but demand remains robust, with strong growth in specialty can formats and the energy category. Management highlighted ongoing investment projects in the UK and Spain, with increased CapEx of $40 million planned to meet strong industry demand. 2x. 10 per share.

Management anticipates a return to modest global volume growth in the second half of the year, with improvements in North American metal supply conditions. Full Transcript OPERATOR Good day and welcome to the Ardagh Metal Packaging Q2 2026 Investor Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Steven Lyons.

Please go ahead. Steven Lyons, Investor Relations Thank you, operator, and welcome, everybody. Thank you for joining today for our Ardagh Metal Packaging's second quarter 2026 earnings call, which follows the earlier publication of AMP's earnings release for the second quarter. I'm joined today by Oliver Graham, AMP's Chief Executive Officer, and Stefan Schellinger, AMP's Chief Financial Officer.

Before moving to your questions, we will first provide some introductory remarks around AMP's performance and outlook. com. Remarks today will include certain forward-looking statements and include use of non-IFRS financial measures. Actual results could vary materially from such statements.

Please review the details of AMP's forward-looking statements disclaimer and reconciliation of non-IFRS financial measures to IFRS financial measures in AMP's earnings release. I will now turn the call over to Oliver Graham. Oliver Graham, CEO Thanks, Stephen. So before taking you through our quarterly results, I want to recognise that at the beginning of this month we celebrated AMP's 10-year anniversary, a significant milestone in the history of the company.

AMP was formed from three separate regional businesses, and over a 10-year journey we have developed them into one strong integrated global business. We've also transformed the company. Over this time, we've invested well over $2 billion of growth capital transforming our network. Our capacity is more than 30% higher, supporting our customers' growth, with specialty cans now representing over 50% of our volumes.

Our business mix is strongly diversified across both global and regional customers and across a variety of new and growing categories. We have invested in our people and our processes, enhancing the capabilities and resilience of our business, and adjusted EBITDA this year is expected to have approximately doubled compared to our starting position. This has been a great achievement, and I'd like to extend my sincere thanks to our employees, our customers, suppliers, and to all stakeholders that have made this journey possible. AMP is in a strong position, and we look forward to continued success ahead.

Our performance year to date is testament to the resilience of our business in an uncertain macroeconomic environment. AMP has delivered strong second quarter adjusted EBITDA growth of 14% versus the prior year, significantly ahead of expectations. Beverage can sales declined by 1% versus the prior year quarter as we cycled strong prior year growth of 5%. Shipments were impacted by contract resets in North America and lower shipments in Brazil following relative outperformance in the first quarter, partly offset by strong volume growth in Europe.

Overall, volumes are in line with our expectations, and we expect a return to modest global volume growth in the second half supported by the strength in global beverage can demand, our attractive customer portfolio, and our high exposure to fast-growing beverage categories. Our adjusted EBITDA outperformance in the quarter was primarily driven by Europe, which benefited from favorable input cost recovery and strong volume growth. Americas' performance was broadly in line with expectations despite softness in Brazil and metal supply constraints impacting operations in North America at the beginning of the quarter.

Metal supply availability in North America significantly improved over the course of the quarter, and we anticipate operating under normal supply conditions during the second half of the year. Now looking at our Q2 results by segment: In Europe, second quarter revenue increased by 13% to $698 million, or by 10% on a constant currency basis, compared with the same period in 2025. This was due to favorable volume/mix effects and the pass-through of higher input costs, including higher aluminum prices. Shipments increased by 5% for the quarter, which reflected strong underlying demand as well as the ramp up of newly contracted volumes.

We experienced good growth in carbonate