Q1 2026 Ardagh Metal Packaging SA Earnings Call Transcript
Key Points
- Ardagh Metal Packaging SA (AMBP) reported a strong Q1 with adjusted EBITDA growth of 15% year-over-year, exceeding guidance.
- European operations drove the EBITDA outperformance, benefiting from strong input cost recovery and favorable volume mix effects.
- Brazil showed strong results with above-market volume growth, despite challenges in North America.
- AMP's energy cost position is well-protected through hedging, covering over 85% of 2026 energy requirements.
- The company reaffirmed its full-year adjusted EBITDA guidance for 2026, expecting growth driven by operational efficiencies, cost savings, and improved category mix.
- Beverage can sales declined by 1% compared to the prior year, impacted by contract resets in North America.
- North America faced a challenging operating environment due to adverse weather and aluminum supply chain disruptions, leading to higher operational costs.
- AMP anticipates moderate input cost increases in H2 2026 due to the Middle East conflict affecting certain direct materials.
- Net leverage increased to 5.7x net debt over the last 12 months adjusted EBITDA, reflecting the impact of refinancing preferred shares.
- Supply chain challenges, including metal supply disruptions, resulted in a loss of one to two points of growth in Q1.
Welcome to the Ardagh Metal Packaging first-quarter 2026 results conference call. Today's conference is being recorded.
At this time, I'd like to turn the conference over to Stephen Lyons. Please go ahead, sir.
Thank you, operator, and welcome everybody. Thank you for joining today for Ardagh Metal Packaging's first-quarter 2026 earnings call, which follows the earlier publication of AMP's earnings release first 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. AMP's earnings release and related materials for the Q1 can be found on AMP's website at ardaghmetalpackaging.com/investors.
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
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