Slide 1: Fiscal First Quarter Results
Fiscal First Quarter Results (three months ended September 30, 2023) Ron Delia CEO Michael Casamento CFO October 31, 2023 US November 1, 2023 Australia NYSE: AMCR | ASX: AMC
Slide 2: Disclaimers
Disclaimers Cautionary Statement Regarding Forward-Looking Statements This document contains certain statements that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generall
Slide 3: Safety
Safety Guided by our values. Our number one priority Recordable-case frequency rate Amcor Values (per million hours worked) 11.2 Includes impact of acquired businesses 4.1 • Industry leading safety performance 2.0 2.8 1.5 1.7 • 65% of sites injury free for >12 months 0.3 2005 2010 2015 2020 2023 1Q2
Slide 4: Key messages
Key messages 1. First quarter result in line with expectations 2. Reaffirming FY24 guidance 3. Making further progress toward our sustainability goals 4. Confident in long term growth and value creation strategy 4
Slide 5: First quarter result in line with expectations
First quarter result in line with expectations Executing well amid a challenging demand environment • Free cash flow ahead of last year Net sales EBIT EPS • Managing the controllables to deliver ongoing benefits • Pricing to cover inflation -6% vs pcp -5% vs pcp -10% vs pcp • Cost reductions • Norma
Slide 6: Flexibles segment
Flexibles segment Benefits from mix and ongoing price and cost actions partly offset soft volumes 1Q23 1Q24 Comparable First quarter highlights constant currency • Net sales includes +2% price/mix; volumes -8% Net sales ($m) 2,779 2,568 -6% • Overall volumes continue to be impacted by lower Adjusted
Slide 7: Rigid Packaging segment
Rigid Packaging segment Strengthening cost performance across the business partly offset soft volumes 1Q23 1Q24 Comparable First quarter highlights constant currency • Net sales reflects +1% price/mix; volumes -7% Net sales ($m) 933 875 -6% • North America Beverage and Specialty Containers volumes i
Slide 8: Cash flow and balance sheet
Cash flow and balance sheet On track to deliver full year free cash flow guidance Strong, investment grade balance sheet First quarter highlights Cash flow ($ million) 1Q23 1Q24 Adjusted EBITDA 494 459 • Adjusted Free Cash Flow ahead of last year and in line with expectations Interest and tax paymen
Slide 9: Fiscal 2024 guidance reaffirmed
Fiscal 2024 guidance reaffirmed Adjusted EPS Guidance • FY24 Adjusted EPS assumptions include: • In 1H24 comparable constant currency adjusted EPS expected to be down HSD- 73.3 ~2% LDD% and in 2H24 up MSD% cps up to 67-71 • Estimated net interest expense of $320 to ~2% cps $340 million (pre-tax) +/-
Slide 10: Visibility to a return to growth in 2H24
Visibility to a return to growth in 2H24 EPS growth in June 24 half trending towards long term average Comparable Constant Currency Adjusted EPS growth Up HSD% • Proven track record of strong and consistent LT growth 8% Up MSD% • 1H24 unfavorably impacted by: • Higher interest costs (~6% headwind) D
Slide 11: Investing in multiple drivers of sustainable organic growth
Investing in multiple drivers of sustainable organic growth Priority Emerging Innovation Categories Markets >$4 bn sales in higher growth, >$3 bn Emerging Markets sales Driving value through higher value categories: across 25 countries: differentiated packaging: Healthcare Protein Hot-fill beverage
Slide 12: Making further progress toward our sustainability goals
Making further progress toward our sustainability goals Amcor’s commitment to sustainability starts with our own operations 10% 22 100% 143 FY23 annual Sites achieved Sites with a water Sites with zero reduction in absolute 100% renewable management plan waste to disposal emissions electricity use c
Slide 13: Making further progress toward our sustainability goals
Making further progress toward our sustainability goals Responsible Packaging: Waste management Consumer Packaging design infrastructure participation % Designed to be recycled PrimeSeal™ Eco-Tite® Recycle-Ready Shrink Bag Annual increase Rigid Packaging 95% 29% in recycled content used Specialty Ca
Slide 14: Key messages
Key messages 1. First quarter result in line with expectations 2. Reaffirming FY24 guidance 3. Making further progress toward our sustainability goals 4. Confident in long term growth and value creation strategy 14
Slide 15: Appendix slides
Appendix slides Supplementary schedules and reconciliations
Slide 16: Strong foundation for growth & value creation
Strong foundation for growth & value creation Global leader in primary packaging for consumer staples and healthcare with a strong track record Consistent growth from priority categories, emerging markets and innovation Strong cash flow and balance sheet provide ongoing capacity to invest Increasing
Slide 17: FX translation impact
FX translation impact 1Q24 currency impact Combined Net income currency exposures(1) Total currency impact $ million Adjusted EBIT 6 EUR 20-30% Adjusted Net income 5 EUR:USD Euro stronger vs USD, Average USD million impact on USD to EUR rate 1Q24 0.9189 vs 1Q24 adjusted Net income 1Q23 0.9933 8% 4 U
Slide 18: Reconciliations of non-GAAP financial measures
Reconciliations of non-GAAP financial measures 18
Slide 19: Reconciliations of non-GAAP financial measures
Reconciliations of non-GAAP financial measures 19