Slide 1: Ardagh Metal Packaging S.A. First Quarter 2026 Update
Ardagh Metal Packaging S.A. First Quarter 2026 Update April 23, 2026 Oliver Graham CEO Stefan Schellinger CFO 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts
Slide 3: Introduction
Introduction —— Y
Slide 4: Ardagh Metal Packaging at a glance
Ardagh Metal Packaging at a glance NYSE: AMBP Global beverage can manufacturer Servicing leading brand owners Benefitting from secular tailwinds Revenue split by destination Leading market positions Cans are winning in the packaging mix 9% 41% Europe* #2 $5.7bn Q1 2026 North America #3 LTM Brazil #3
Slide 5: Strong Adjusted EBITDA Growth in Q1
Strong Adjusted EBITDA Growth in Q1 Outperformance demonstrates resilience amid geopolitical volatility Outperformed Q1 2026 Adjusted EBITDA guidance • Q1 Adjusted EBITDA growth of 15% to $179 million (+11% at constant currency), strongly ahead of • guidance ($160-170 million) Europe Adjusted EBITDA
Slide 6: Drivers of secular growth remain strong
Drivers of secular growth remain strong Category Pack Sustainability/ growth advantages regulation Traditional categories Convenience, efficiency Plastics substitution New categories (e.g., health & Imagery, quality, ‘coolness’ Decarbonization roadmap wellness) and the beverage can playing a leading
Slide 7: Regional snapshots
Regional snapshots AMP global shipments decline of 1% in Q1 2026; compared with 6% shipments growth in Q1 2025 Europe North America South America 1% decline in Europe in Q1 2% decline in the Americas in Q1 • Decline reflects timing of new • 5% decline in Q1, reflecting • 14% growth in Q1, ahead of c
Slide 8: Q1 Financial review
Q1 Financial review 8
Slide 9: Key financial metrics
Key financial metrics First quarter 2026 $m except per share data Three months ended Three months ended Change Change March 31, 2026 March 31, 2025 reported constant currency Revenue 1,504 1,268 19% 13% Loss for the period (5) (5) Adjusted EBITDA 179 155 15% 11% Loss per share (0.01) (0.02) Adjusted
Slide 10: Financial bridge
Financial bridge Three months ended March 31, 2026 ➢ Group revenue in Q1 was 19% higher Revenue $m Europe Americas Group versus the prior year (13% at CCY) and Adjusted EBITDA increased by Revenue Q1 2025 528 740 1,268 15% (+11% CCY) Organic 32 139 171 FX translation 65 - 65 ➢ Americas revenue in Q1
Slide 11: Net debt and liquidity
Net debt and liquidity Strong liquidity and maturity profile March 31, 2026 Drawn amount Available liquidity $m $m Senior Secured Green and Senior Green Notes 4,018 ➢ Green notes have no maturity Global Asset Based Loan Facility 140 250 before 2028 and a weighted average maturity of 3.6 years. All B
Slide 12: Fiscal 2026 guidance
Fiscal 2026 guidance Adjusted EBITDA in the range of $750-775 million (unchanged) ❑ Adjusted EBITDA growth driven by higher shipments in Europe and Brazil, improved category mix, as well as operating cost improvements and currency effects ❑ Guidance is supported by the first quarter outperformance,
Slide 13: Investment highlights
Investment highlights 13
Slide 14: Business strengths
Business strengths Leading pure play global beverage can company focused on sustainable products • Scale network player operating in a long-term growth industry with defensive qualities • Geographically diversified - #2 player in Europe* and #3 player in each of North America and Brazil • Experience
Slide 15: Summary historic financials
Summary historic financials* Adj. EBITDA less maintenance capex Revenue ($ billion) Adjusted EBITDA ($ million) & cash conversion ratio** 6.0 900 700 90% 800 739 763 600 5.5 662 672 700 625 600 86.7% 85% 500 5.0 600 519 503 545 83.6% 83.4% 500 400 82.6% 82.4% 4.5 81.7% 81.3% 80% 400 300 4.0 300 200
Slide 16: Supplemental information
Supplemental information 16
Slide 17: Reconciliation of loss for the period to Adjusted Profit
Reconciliation of loss for the period to Adjusted Profit Three months ended March 31, 2026 2025 $m $m Loss for the period (5) (5) Less: Dividend on preferred shares - (6) Loss for the period used in calculating earnings per share (5) (11) Exceptional items, net of tax 7 (3) Intangible amortization,
Slide 18: Reconciliation of loss for the period to Adjusted EBITDA
Reconciliation of loss for the period to Adjusted EBITDA Three months ended March 31, 2026 2025 $m $m Loss for the period (5) (5) Income tax charge/(credit) 1 (4) Net finance expense 60 50 Depreciation and amortization 119 111 Exceptional operating items 4 3 Adjusted EBITDA 179 155 18
Slide 19: Reconciliation of Adjusted EBITDA to Adjusted operating cash flow and Adjusted free cash flow
Reconciliation of Adjusted EBITDA to Adjusted operating cash flow and Adjusted free cash flow Three months ended March 31, 2026 2025 $m $m Adjusted EBITDA 179 155 Movement in working capital (498) (428) Maintenance capital expenditure (37) (24) Lease payments (45) (25) Exceptional restructuring cost
Slide 20: Sustainability strategy
Sustainability strategy Built on three key pillars Sustainability filter Impact is only sustainable if it is economically viable, both in the long- and short-term 20
Slide 21: Sustainability leadership recognition
Sustainability leadership recognition B rating for Climate Change, A- for Water Management and Awarded a Platinum rating by EcoVadis for A for Supplier Engagement from global not-for-profit CDP Sustainability* *Ardagh Group rating 21
Slide 22: Core Values
ZAUSIOL Valuing contribution Development + Empowerment Mutual respect Integrity Transparency Collaboration + Safety and responsibility + Communication MCmCe Continuous improvement Innovation Sustainability
Slide 23: Purpose
ArdaghMetalPackaging yy We make packaging for good We work We are proud of Our sustainable, infinitely We are shaping a sustainable future together as our manufacturing recyclable, quality as part of the circular economy while one team. heritage and packaging protects our actively supporting and inv
Slide 24: Ardagh Metal Packaging
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