Q3 FY2026
Filed Oct 22, 2026Third-quarter Adjusted EBITDA of $213 million exceeded guidance, and full-year 2026 Adjusted EBITDA guidance was raised to $785–795 million.
Revenue increased 19%, Adjusted EBITDA increased 2% to $213 million and exceeded the $200-210 million guidance range, while the company raised full-year Adjusted EBITDA guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026other | $1.69B | – | 19% |
| Cost of sales, three months ended September 30, 2026other | −$1.50B | – | – |
| Gross profit, three months ended September 30, 2026other | $196M | – | – |
| Sales, general and administration expenses, three months ended September 30, 2026other | −$70M | – | – |
| Intangible amortization, three months ended September 30, 2026other | −$12M | – | – |
| Operating profit, three months ended September 30, 2026other | $114M | – | – |
| Net finance expense, three months ended September 30, 2026other | −$53M | – | – |
| Profit before tax, three months ended September 30, 2026other | $61M | – | – |
| Income tax charge, three months ended September 30, 2026other | −$17M | – | – |
| Profit for the period, three months ended September 30, 2026other | $44M | – | – |
| Basic and diluted earnings per share attributable to equity holders, three months ended September 30, 2026other | 0.07 | – | – |
| Adjusted earnings per share, three months ended September 30, 2026non-GAAP | 0.08 | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $213M | – | 2% |
| Adjusted EBITDA margin, three months ended September 30, 2026non-GAAP | 12.6% | – | – |
| Revenue, nine months ended September 30, 2026other | $4.91B | – | – |
| Gross profit, nine months ended September 30, 2026other | $612M | – | – |
| Operating profit, nine months ended September 30, 2026other | $285M | – | – |
| Profit for the period, nine months ended September 30, 2026other | $74M | – | – |
| Basic and diluted earnings per share attributable to equity holders, nine months ended September 30, 2026other | 0.12 | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $632M | – | – |
| Adjusted EBITDA margin, nine months ended September 30, 2026non-GAAP | 12.9% | – | – |
| Cash flows from operating activities, three months ended September 30, 2026other | $179M | – | – |
| Net capital expenditure, three months ended September 30, 2026other | −$43M | – | – |
| Adjusted operating cash flow, three months ended September 30, 2026non-GAAP | $132M | – | – |
| Adjusted free cash flow - pre Growth Investment capital expenditure, three months ended September 30, 2026non-GAAP | $115M | – | – |
| Adjusted free cash flow - post Growth Investment capital expenditure, three months ended September 30, 2026non-GAAP | $106M | – | – |
| Cash flows from operating activities, nine months ended September 30, 2026other | $125M | – | – |
| Adjusted operating cash flow, nine months ended September 30, 2026non-GAAP | $78M | – | – |
| Adjusted free cash flow - post Growth Investment capital expenditure, nine months ended September 30, 2026non-GAAP | −$108M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Europe, three months ended September 30, 2026The pass through of higher input costs to customers and favorable volume/mix effects. | $693M | – | 11% |
| Americas, three months ended September 30, 2026The pass through of higher input costs to customers and favorable volume/mix effects. | $1.00B | – | 25% |
| Europe, nine months ended September 30, 2026Organic revenue was $170 million and FX translation was $78 million. | $2.02B | – | – |
| Americas, nine months ended September 30, 2026Organic revenue was $512 million and FX translation was —. | $2.90B | – | – |
Full year 2026 and fourth quarter 2026 outlook
- NoteFull year 2026 Adjusted EBITDA guidance range raised to between $785–795 million, assuming modest global shipments growth.
- NoteFourth quarter Adjusted EBITDA expected to be in the range of $153–163 million.
- NoteQ4 2025 Adjusted EBITDA of $166 million ($164 million at constant currency).
Capital returns
- Regular quarterly ordinary dividend of 10c announced.
- Dividend per ordinary share was 0.10 for the three months ended September 30, 2026 and 0.10 for the three months ended September 30, 2025.
- Dividends paid were $(60) million for the three months ended September 30, 2026 and $(180) million for the nine months ended September 30, 2026.
- No change to capital allocation priorities.
What drove it
- Global beverage can shipments grew by 2% versus the prior year quarter.
- Europe beverage can shipments increased by 6%, supported by robust volume growth.
- Americas shipments declined by 1%, including a 1% decline in North America and a 5% decline in Brazil.
- North American specialty-can demand supported favorable volume/mix effects.
- Group revenue growth principally reflected the pass through of higher input costs to customers and favorable volume/mix effects.
- Europe Adjusted EBITDA benefited from higher input cost recovery and strong volume growth.
- The company announced plans to build two new can lines in existing facilities in the UK and Spain.
Concerns
- Americas Adjusted EBITDA decreased by 3% to $122 million, driven by higher operations and overhead costs and lower input cost recovery.
- Europe Adjusted EBITDA was partly offset by the impact of the IFRS 15 contract asset and higher operations and overhead costs.
- Brazil shipments declined by 5% due to customer mix and a contract reset.
- Fourth-quarter Adjusted EBITDA guidance reflects current foreign exchange rates, some inflationary headwinds and laps strong prior-year shipments growth of 4%.
- Total equity was $(760) million at September 30, 2026.
What to watch
- Whether global shipments deliver the modest growth assumed in full-year 2026 Adjusted EBITDA guidance.
- Fourth-quarter Adjusted EBITDA against the guided range of $153–163 million.
- Americas input-cost recovery, operations and overhead costs, and volume/mix effects.
- Execution of the two new Europe can lines in the UK and Spain.
- Working-capital outflows and adjusted free cash flow as growth investment capital expenditure continues.
Balance sheet and cash flow
- Cash, cash equivalents and restricted cash were $213 million at September 30, 2026, compared with $522 million at December 31, 2025.
- Net debt was $4,104 million and available liquidity was $736 million at September 30, 2026.
- Total borrowings / undrawn facilities were $4,343 million at September 30, 2026, including $3,996 million of Senior Secured Green and Senior Green Notes and $320 million of lease obligations.
- Net debt to Adjusted EBITDA ratio was 5.1x at September 30, 2026, below 5.2x in the prior year quarter.
- Nine-month working capital outflows were $347 million, compared with $305 million in 2025.
- Net capital expenditure was $(138) million for the nine months ended September 30, 2026, including growth investment capital expenditure of $(38) million.
Analysis
Ardagh Metal Packaging reported third-quarter revenue of $1,694 million, up 19% from $1,428 million, while Adjusted EBITDA increased 2% to $213 million. The company said revenue growth principally reflected higher input-cost pass-through and favorable volume/mix effects. Adjusted EBITDA exceeded the company’s $200-210 million guidance range. Profit for the period increased to $44 million from $27 million, and basic and diluted earnings per share increased to 0.07 from 0.04.
Demand indicators were positive overall. Global beverage can shipments grew 2%, with Europe shipments up 6%. Americas shipments declined 1%, but management described the North American decline of 1% as a strong sequential improvement from Q2, while Brazil declined 5% due to customer mix and a contract reset. Europe revenue increased 11% to $693 million and Adjusted EBITDA increased 11% to $91 million. Americas revenue increased 25% to $1,001 million, but Adjusted EBITDA declined 3% to $122 million.
Mix and cost recovery shaped segment profitability. Europe benefited from higher input-cost recovery and strong volume growth, partly offset by the IFRS 15 contract asset and higher operations and overhead costs. In the Americas, favorable volume/mix from continued specialty-can demand in North America partly offset higher operations and overhead costs and lower input-cost recovery. Group Adjusted EBITDA margin was 12.6%, compared with 14.6% in the prior-year quarter, with the Americas margin at 12.2% compared with 15.7%.
Cash generation remained affected by working capital and investment. Third-quarter adjusted free cash flow post Growth Investment capital expenditure was $106 million, compared with $104 million. For the nine months, adjusted free cash flow post Growth Investment capital expenditure was $(108) million, with working capital outflows of $347 million and growth investment capital expenditure of $(38) million. Net debt was $4,104 million, available liquidity was $736 million, and the net debt to Adjusted EBITDA ratio was 5.1x.
Management raised full-year 2026 Adjusted EBITDA guidance to $785–795 million, assuming modest global shipments growth, and guided fourth-quarter Adjusted EBITDA to $153–163 million. The fourth-quarter outlook reflects current foreign exchange rates, inflationary headwinds and comparison with fourth-quarter 2025 Adjusted EBITDA of $166 million. The company also announced accelerated European growth investment through two new can lines in existing UK and Spain facilities, while maintaining its regular quarterly ordinary dividend of 10c and capital-allocation priorities.
Management, verbatim
AMP delivered a strong performance in the third quarter, with growth in global shipments and Adjusted EBITDA, ahead of our guidance.
Oliver Graham, CEO of Ardagh Metal Packaging
Beverage can industry demand remains resilient across each of our markets, driven by strength in key categories and continued share gains in the packaging mix.
Oliver Graham, CEO of Ardagh Metal Packaging
Given this demand strength we are pleased to announce that we are accelerating and upscaling our previously outlined growth investment plans in Europe, to capture this growth and to support our customers, by building two new can lines in existing facilities in the attractive markets of the UK and Spain.
Oliver Graham, CEO of Ardagh Metal Packaging
Not in the filing
stated, not guessed- GAAP or IFRS gross margin for the three months and nine months ended September 30, 2026
- Prior-quarter revenue, profit, EPS, Adjusted EBITDA, margins and cash-flow comparisons
- Full-year 2026 revenue guidance
- Full-year 2026 gross-margin guidance
- Full-year 2026 operating-expense guidance
- Full-year 2026 tax-rate guidance
- Previous-release outlook needed to compare actual results with prior guidance
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.