Ardagh Metal Packaging S.a. · NYSE:AMBP
Ardagh Metal Packaging — Q4 2025 Earnings Presentation
27 slides from Ardagh Metal Packaging's earnings presentation, Feb 26, 2026
Slide 1: Fourth Quarter & Full Year 2025 Update
Ardagh Metal Packaging S.A. Fourth Quarter & Full Year 2025 Update February 26, 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% 42% Europe* #2 $5.5bn North America #3 2025 Brazil #3 49% Sc
Slide 5: Strong Adjusted EBITDA Growth in 2025
Strong Adjusted EBITDA Growth in 2025 Supported by volume growth and strong operating performance Outperformed 2025 Adjusted EBITDA guidance • • Full year Adjusted EBITDA growth of 10% to $739 million, ahead of recent ($720- 735 million) and significantly ahead of initial ($675-695 million) guidance
Slide 6: Key messages
Key messages 6
Slide 7: 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 8: Regional snapshots - Europe
Regional snapshots - Europe +2% shipments growth in Europe in 2025; +1% in Q4 Europe Beer Packaging Industry Data*: Europe Cans vs. Glass bottle growth 10% Cans Glass bottles • Strength in carbonated soft drinks and 0% faster growing categories -10% Q4 2025 FY 2025 • Beer market remained soft – with
Slide 9: Regional snapshots – Americas (#1)
Regional snapshots – Americas (#1) 5% shipments growth in the Americas in 2025; +6% in Q4 North America AMP’s attractive NA portfolio mix* in FY25 • 6% shipments growth for FY25; +9% in Q4 6% 4% Carbonated & other soft drink demonstrates a strong recovery from Q3 while 10% Energy drinks navigating s
Slide 10: Regional snapshots – Americas (#2)
Regional snapshots – Americas (#2) 5% shipments growth in the Americas in 2025; +6% in Q4 Cans further increased their share of the Brazil South America industry’s beer packaging mix in FY25* 60% • 2% shipments decline in FY25 in line with a 50% soft Brazil beer industry backdrop 40% 30% • 4% shipme
Slide 11: Q4 Financial review
Q4 Financial review 11
Slide 12: Key financial metrics
Key financial metrics Fourth quarter 2025 $m except per share data Three months ended Three months ended Change Change December 31, 2025 December 31, 2024 reported constant currency Revenue 1,346 1,195 13% 10% Loss for the period (16) (11) Adjusted EBITDA 166 164 1% (1%) Loss per share (0.03) (0.03)
Slide 13: Financial bridge
Financial bridge Three months ended December 31, 2025 Revenue $m Europe Americas Group ➢ Group revenue in Q4 was 13% higher Revenue Q4 2024 542 653 1,195 versus the prior year (10% at constant currency [CCY) and Adjusted EBITDA Organic (34) 154 120 increased by 1% (-1% CCY) FX translation 31 - 31 Re
Slide 14: Net debt and liquidity
Net debt and liquidity Strong liquidity and maturity profile December 31, 2025 Drawn amount Available liquidity $m $m Senior Secured Green and Senior Green Notes 4,056 ➢ Green notes have no maturity Global Asset Based Loan Facility - 351 before 2028 and a weighted average maturity of 3.8 years. All
Slide 15: Fiscal 2026 guidance
Fiscal 2026 guidance Adjusted EBITDA in the range of $750-775 million ❑ Low-mid single digit % annual growth driven by shipments growth in Europe and Brazil, operational and overhead cost savings, as well as currency effects 2026 global shipments growth to be broadly unchanged ❑ Anticipate that the
Slide 16: Investment highlights
Investment highlights 16
Slide 17: Business strengths
Business strengths Leading pure play global beverage can company focused on sustainable products • Scale network player operating in a long-term growth industry with defensive qualities • Geographically diversified - #2 player in Europe* and #3 player in each of North America and Brazil • Experience
Slide 18: Summary historic financials
Summary historic financials* Adj. EBITDA less maintenance Revenue ($ billion) Adjusted EBITDA ($ million) capex & cash conversion ratio** 5.5 800 739 700 90% 700 662 672 5.0 625 600 600 86.7% 600 545 85% 519 503 500 4.5 500 83.4% 83.6% 82.6% 400 4.0 400 81.7% 81.3% 80% 300 300 3.5 200 200 75% 3.0 10
Slide 19: Supplemental information
Supplemental information 19
Slide 20: Reconciliation of loss for the period to Adjusted Profit
Reconciliation of loss for the period to Adjusted Profit Three months ended December 31, Year ended December 31, 2025 2024 2025 2024 $m $m $m $m Loss for the period (16) (11) 11 (3) Less: Dividend on preferred shares (4) (6) (22) (24) Loss for the period used in calculating (20) (17) (11) (27) earni
Slide 21: 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, 2025 2024 2025 2024 $m $m $m $m (Loss)/profit for the period (16) (11) 11 (3) Income tax (credit)/charge (23) 9 (7) 13 Net finance expense 73 52 240 192 Depreciation and amortiza
Slide 22: 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, 2025 2024 2025 2024 $m $m $m $m Adjusted EBITDA 166 164 739 672 Movement in working capital 303 301 (2) 40 Maintenance capital expenditure (3
Slide 23: 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 23
Slide 24: Sustainability leadership recognition
Sustainability leadership recognition B rating for Climate Change and A- for Water Awarded a Platinum rating by EcoVadis for Management from global not-for-profit CDP Sustainability* *Ardagh Group rating 24
Slide 25: Core Values
ZAUSIOL Valuing contribution Development + Empowerment Mutual respect Integrity Transparency Collaboration + Safety and responsibility + Communication MCmCe Continuous improvement Innovation Sustainability
Slide 26: 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 27: ArdaghMetalPackaging hy
_ ArdaghMetalPackaging hy
Ardagh Metal Packaging — Q4 2025 Earnings Presentation on 6ix