UBS Adjusts Ardagh Metal Packaging Price Target to $4.75 From $4.50, Maintains Neutral Rating

Ardagh Metal Packaging (AMP) reported 2% global beverage can shipment growth in Q3 2026, with Europe up 6%. The company plans to add two production lines in the UK and Spain. Revenue rose 19% to $1.694 billion, adjusted EBITDA up 2% to $213 million, exceeding guidance. AMP raised its full-year adjusted EBITDA outlook to $785–795 million.

Ardagh Group reported Q3 2026 revenue of $2.78bn, up 11.2% YoY. Adjusted EBITDA was $392m. AMP's EBITDA rose 2% to $213m, while AGP's fell 4% to $179m. AGP is reviewing capacity due to weak demand. Net debt/EBITDA ratio improved to 6.0x. Ardagh resumed AMP sale discussions and will divest Trivium stake for ~$90m.

Ardagh Metal Packaging SA (AMBP) reported Q3 2026 EBITDA beating guidance, but Americas adjusted EBITDA fell 3% due to lower volumes and higher costs. Brazil shipments declined 5%, with moderate 2027 growth expected. Inflation and FX headwinds are expected to impact Q4 and 2027. The company faces debt refinancing at higher costs. CEO Oliver Graham noted strong beverage can demand but warned of coatings cost pressures.

Ardagh Metal Packaging (AMBP) reported Q3 2026 revenue growth of 11% in Europe to $693M, driven by higher input costs and volume growth. Americas revenue rose 25% to $1B, despite lower shipments. Adjusted EBITDA increased 11% in Europe but fell 3% in the Americas. The company expects 3-4% volume growth in Europe and a return to shipments growth in North America in 2027. AMP upgraded its 2026 adjusted EBITDA guidance to $785M-$795M and announced a $0.10 quarterly dividend.

Ardagh Metal Packaging reported Q3 2026 global shipment growth of 2%, with Europe up 6% and the Americas down 1%. Adjusted EBITDA improved due to favorable category mix and volume growth. Management expects 2027 volume growth of 3-4% in Europe and industry-level growth in North America. A potential sale is being explored by the controlling shareholder. The company has $736 million in liquidity and a net leverage ratio of 5.1x.

Ardagh Metal Packaging S.A. (AMBP) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 Ardagh Metal Packaging S.A. – Third Quarter 2026 Results Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the third quarter ended September 30, 2026. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months en