Ardagh Metal Packaging S.a. · NYSE:AMBP
Ardagh Metal Packaging — Q4 2024 Earnings Presentation
29 slides from Ardagh Metal Packaging's earnings presentation, Feb 27, 2025
Slide 1: Fourth Quarter & Full Year 2024 Update
Ardagh Metal Packaging S.A. Fourth Quarter & Full Year 2024 Update February 27, 2025 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 nm
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 10% packaging mix 43% #2 Europe* $4.9bn #3 North America 2024 Brazil #3 47% S
Slide 5: Strong Adjusted EBITDA Growth
Strong Adjusted EBITDA Growth Outperformed 2024 Adjusted EBITDA guidance +12% FY24 Adjusted • Double-digit Adjusted EBITDA annual growth for both the full year and Q4 EBITDA growth • Strong performance in Europe in particular in Q4 $672m Global shipment growth of 3% in FY24 FY24 Adjusted EBITDA • St
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 beverage can playing a leading rol
Slide 7: Recent highlights
Recent highlights 7
Slide 8: Regional snapshots
Regional snapshots AMP shipment growth of 3% in 2024; modest growth in Q4 +4% growth in Europe in 2024; +8% in Q4 +2% growth in the Americas in 2024; -5% in Q4 Europe North America South America • Broad-based market growth; • +3% for FY24; 2% decline • -5% for FY24; 15% decline strong soft drinks pe
Slide 9: Globally the beverage can is winning
Globally the beverage can is winning Growing share of the beverage packaging mix Beverage can penetration rates* by region Non-alcoholic drinks Alcoholic drinks Beverage cans as an overall % of Beverage cans as an overall % of beverage packaging market beverage packaging market +130bps +190bps 70% 7
Slide 10: Strengthened capital structure
Strengthened capital structure Progress on deleveraging ❑ Proactive action taken in 2024 to strengthen liquidity, including a €269 million term loan and undrawn BRL 500 million (approximately $81 million) Brazilian credit facility ❑ AMP has a structurally separate capital structure to Ardagh Group S
Slide 11: Progressing our sustainability journey
Progressing our sustainability journey 2024 highlights Publication of Sustainability Roadmap • Decarbonisation roadmap highlights that scope 3 emissions reduced below the 2030 target level in 2023 • German solar agreement and a virtual Power Purchase agreement in Portugal to make progress against ou
Slide 12: Strong momentum in emissions strategy
Strong momentum in emissions strategy Scope 3 emissions reduce below 2030 target level 2030 Emissions Roadmap ❑ Roadmap report highlights that scope 3 emissions reduced below the target level - testament to our successful collaboration with suppliers and industry wide progress in increasing recycled
Slide 13: Q4 Financial review
Q4 Financial review 13
Slide 14: Key financial metrics
Key financial metrics Fourth quarter 2024 $m except per share data Three months ended Three months ended Change Change December 31, 2024 December 31, 2023 reported constant currency Revenue 1,195 1,132 6% 4% Loss for the period (11) (56) Adjusted EBITDA 164 148 11% 9% Loss per share (0.03) (0.10) Ad
Slide 15: Financial bridge
Financial bridge Three months ended December 31, 2024 Revenue $m Europe Americas Group Revenue 2023 427 705 1,132 ➢ Group revenue was 6% higher Organic 99 (52) 47 versus the prior year (+4% at constant currency [“CCY”]) and FX translation 16 - 16 Adjusted EBITDA increased by 11% Revenue 2024 542 653
Slide 16: Net debt and liquidity
Net debt and liquidity Strong liquidity and maturity profile December 31, 2024 ➢ No bonds maturing before 2027 Drawn amount Available liquidity and a weighted average maturity $m $m of 3.9 years, with all green bonds on fixed rate terms Senior Facilities* 3,517 Global Asset Based/Brazil Loan Facilit
Slide 17: Fiscal 2025 guidance
Fiscal 2025 guidance Adjusted EBITDA in the range of $675-695 million ❑ Equivalent to $684-$704 million on a CCY* basis. Every 1c change in the euro/dollar rate impacts Adjusted EBITDA by approximately $2.3 million on an annual basis ❑ Supported by shipments growth and improved fixed cost absorption
Slide 18: Investment highlights
Investment highlights 18
Slide 19: Business strengths
Business strengths Leading pure play global beverage can company focused on sustainable products • Scale network player operating in a long-term growth industry with defensive qualities • Geographically diversified - #2 player in Europe* and #3 player in North America and Brazil • Experienced manage
Slide 20: Summary historic financials
Summary historic financials* Adj. EBITDA less maintenance Revenue ($ billion) . Adjusted EBITDA ($ million) . capex & cash conversion ratio** 5.0 800 700 90% 700 662 672 625 600 4.5 600 600 545 86.7% 85% 519 503 500 4.0 500 83.4% 400 82.6% 400 81.7% 80% 300 81.3% 3.5 300 200 200 3.0 75% 100 100 2.5
Slide 21: Supplemental information
Supplemental information 21
Slide 22: Reconciliation of loss for the period to Adjusted profit
Reconciliation of loss for the period to Adjusted profit Three months ended December 31, 2024 2023 $m $m Loss for the period (11) (56) Less: Dividend on preferred shares (6) (6) Loss for the period used in calculating earnings per share (17) (62) Exceptional items, net of tax 8 38 Intangible amortiz
Slide 23: Reconciliation of loss for the period to Adjusted EBITDA
Reconciliation of loss for the period to Adjusted EBITDA Three months ended December 31, Twelve months ended December 31, 2024 2023 2024 2023 $m $m $m $m Loss for the period (11) (56) (3) (50) Income tax charge/(credit) 9 (10) 13 (21) Net finance expense 52 57 192 147 Depreciation and amortization 1
Slide 24: 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 December 31, Twelve months ended December 31, 2024 2023 2024 2023 $m $m $m $m Adjusted EBITDA 164 148 672 600 Movement in working capital 301 392 40 270 Maintenance capital expenditure (4
Slide 25: Sustainability strategy
Sustainability strategy Built on three key pillars 25
Slide 26: Sustainability leadership recognition
Sustainability leadership recognition B ratings for Climate Change and Water Management Awarded a Gold rating by EcoVadis for from global not-for-profit CDP Sustainability* *Ardagh Group rating 26
Slide 27: Core Values
2tUSIOT Valuing contribution Development Empowerment Mutual respect Integrity Transparency Collaboration Safety and responsibility Communication Continuous improvement Innovation Sustainability
Slide 28: 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 29: ArdaghMetalPackaging hy
_ ArdaghMetalPackaging hy
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