Core Viewpoint - Ardagh Metal Packaging S.A. (NYSE:AMBP) is recognized as a promising penny stock, with UBS raising its price target to $4.75 from $4.25 while maintaining a Neutral rating following the company's fiscal Q4 and full year 2025 results [1] Group 1: Financial Performance - The company reported a 3% growth in global beverage can shipments for the full year compared to the previous year, with a 5% increase in the Americas and a 2% increase in Europe [1] - North America experienced a 6% growth in shipments, which compensated for a 2% decline in Brazil [2] - Adjusted EBITDA for the quarter was reported at $166 million, exceeding the guidance range of $147–162 million, reflecting a 1% growth compared to the same quarter last year [3] Group 2: Market Dynamics - The strong performance in the Americas was driven by significant growth in North America's full-year volumes, despite facing supply chain challenges [2] - A robust customer portfolio, particularly in the energy category, contributed to a favorable product mix that mitigated the impact of a downturn in the Brazilian beer market [2]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

Financial Performance - Ardagh Metal Packaging reported adjusted EBITDA of $739 million for 2025, representing a 10% year-over-year increase that surpassed initial guidance [1][6] - The growth was driven by a 3% rise in global shipments, effective cost controls, and a favorable product mix, particularly in North America, where energy drinks and sparkling water accounted for over a quarter of sales [1] Capital Structure and Financial Management - In December, Ardagh executed a $1.3 billion green bond refinancing to simplify its capital structure, raising net leverage to 5.3x while extending debt maturities beyond 2028 [2] - The refinancing eliminated $25 million in annual preferred dividends and is expected to generate approximately $10 million in annual cash savings [2] - Despite facing near-term challenges from tight metal supply, projected to cost between $5 and $8 million in H1 2026, the company's disciplined financial management led to recent credit rating upgrades from S&P and Fitch [2] Future Guidance - For 2026, Ardagh has guided adjusted EBITDA to a range of $750 to $775 million [3] - The year is expected to be a transition period for North America, with a slight volume decline anticipated before a projected recovery in 2027, while growth is expected in Europe and Brazil in line with the broader industry [3]

Core Viewpoint - Ardagh Metal Packaging (AMP) demonstrated strong financial performance in 2025, exceeding initial guidance for adjusted EBITDA and maintaining a solid liquidity position, while preparing for a transition year in 2026 with expected volume declines in North America before recovery in 2027 [2][3][5]. Financial Performance - Adjusted EBITDA for 2025 was reported at $739 million, significantly above the initial projection of $675 million to $695 million, driven by strong North American volume performance and favorable customer mix [2][3][7]. - In Q4 2025, adjusted EBITDA reached $166 million, exceeding the guidance range of $147 million to $162 million [2][3]. - The company ended 2025 with $964 million in liquidity and maintained a quarterly dividend of $0.10 per share [3][7]. Regional Performance - North America saw a 9% increase in shipments in Q4 2025, with full-year growth of 6%, primarily driven by non-alcoholic beverages [10]. - In Europe, Q4 revenue decreased by 1% to $539 million, but full-year shipments rose by 2%, supported by growth in non-alcoholic categories [8][9]. - Brazil experienced a 4% decline in Q4 shipments, with a full-year decline of 2%, reflecting a weak industry backdrop [11]. Future Guidance - For 2026, management guided adjusted EBITDA to a range of $750 million to $775 million, indicating a transition year in North America with expected volume declines before recovery in 2027 [5][15]. - The company anticipates modest capital expenditures of over $200 million and expects to face a metal-supply headwind of approximately $5 million to $8 million in H1 2026 [5][16]. Capital Structure and Cash Flow - AMP closed a $1.3 billion green bond refinancing, which increased reported net leverage to 5.3x but is expected to generate annual cash savings of about $10 million [6][12][13]. - The refinancing allowed the company to repay $600 million of notes due in June 2027 and eliminate approximately $25 million in preferred dividends [12][13]. Operational Insights - The company is optimizing its manufacturing network to focus on higher-demand can sizes and plans to add capacity in Spain and the U.K. over the next few years [19]. - Management noted operational headwinds due to tight metal supply following disruptions at a major supplier's rolling mill, which are expected to persist into the first half of 2026 [16].

分组1 - Ardagh Metal Packaging S.A. reported quarterly earnings of $0.03 per share, exceeding the Zacks Consensus Estimate of $0.02 per share, with an earnings surprise of +100.00% [1] - The company achieved revenues of $1.35 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 3.14%, compared to $1.2 billion in the same quarter last year [2] - The stock has increased approximately 11.7% since the beginning of the year, outperforming the S&P 500's gain of 1.5% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.03 on revenues of $1.33 billion, and for the current fiscal year, it is $0.25 on revenues of $5.66 billion [7] - The Containers - Metal and Glass industry, to which Ardagh Metal Packaging belongs, is currently ranked in the bottom 26% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Table of Contents INDEX TO THE FINANCIAL STATEMENTS | Ardagh Metal Packaging S.A. | | --- | | Audited Financial Statements | | F-2 Report of Independent Registered Public Accounting Firm (PCAOB ID 1366) | | F-5 Consolidated Income Statement for the years ended December 31, 2025, 2024 and 2023 | | F-6 Consolidated Statement of Comprehensive Income for the years ended December 31, 2025, 2024 | | and 2023 | | F-7 Consolidated Statement of Financial Position at December 31, 2025 and 2024 | | F-8 Consolidated St ...

Financial Data and Key Metrics Changes - In 2025, the company achieved Adjusted EBITDA growth of 10%, significantly exceeding initial guidance [3][16] - The company ended the year with nearly $1 billion in liquidity and a net leverage of 5.3 times net debt to Adjusted EBITDA [13][14] - Adjusted Free Cash Flow for 2025 was reported at $172 million, ahead of guidance [14] Business Line Data and Key Metrics Changes - In Europe, fourth quarter revenue decreased by 1% to $539 million, with a 6% decline on a constant currency basis [5] - Fourth quarter Adjusted EBITDA in Europe increased by 14% to $64 million, driven by higher input cost recovery and favorable volume mix [7] - In the Americas, fourth quarter revenue increased by 24% to $807 million, reflecting higher input cost pass-through and shipment growth [9] Market Data and Key Metrics Changes - North America shipments increased by 9% for the quarter, with full-year growth of 6% [10] - In Brazil, fourth quarter beverage can shipments decreased by 4%, with a full-year decline of 2% [12] - The beverage can gained market share in both the beer and carbonated soft drink categories across various regions [4][9] Company Strategy and Development Direction - The company plans to optimize its network to better serve higher-demand can sizes and is progressing plans to add capacity in Spain and the UK [8] - The beverage can continues to take market share from other packaging substrates, supported by its convenience and sustainability credentials [4] - For 2026, the company expects Adjusted EBITDA in the range of $750 million to $775 million, driven by operational efficiencies and improved category mix [16][17] Management's Comments on Operating Environment and Future Outlook - Management views 2026 as a transition year for North America, with expectations of a small volume decline before returning to growth in 2027 [11][17] - The company anticipates some operational challenges due to supply chain disruptions but remains optimistic about overall market trends [11][33] - Management noted that the beverage can industry is expected to continue growing, supported by positive consumer trends and innovation [4][47] Other Important Information - The company announced an unchanged quarterly ordinary dividend of $0.10 per share [15] - The refinancing of debt through green bonds has simplified the capital structure and provided annual cash savings of approximately $10 million [14] Q&A Session Summary Question: Can you discuss volume trends by region for Q1? - Management indicated that North America had a good start, but January was impacted by weather, while February and March are tracking better [19][20] Question: What is the timeline for capacity expansion in Europe? - Management stated that capacity projects in Spain and the UK will be added over the next two years, with a moderate increase in capital expenditure [23][25] Question: How penetrated is the can market in Europe compared to North America? - Management noted that the can is less penetrated in Europe, with significant growth potential, especially in Germany and the UK [45][46] Question: Are there any expected headwinds from aluminum conversion costs? - Management indicated that they do not expect material headwinds from aluminum costs in 2026, as the major issues were primarily in 2025 [49] Question: What is the outlook for the World Cup impact in Brazil? - Management expects a potential pickup in sales during the World Cup, with a growth guide of 3%-5% for the market [31][32] Question: Can you elaborate on operational efficiencies expected in 2026? - Management highlighted ongoing operational improvements across regions, including reducing spoilage and implementing best practices [38][39]

Ardagh Metal Packaging (NYSE:AMBP) Q4 2025 Earnings call February 26, 2026 09:00 AM ET Company ParticipantsMike Roxland - Managing Director of Equity ResearchOliver Graham - CEOStefan Diaz - VP of Equity ResearchStefan Schellinger - CFOStephen Lyons - Investor Relations DirectorConference Call ParticipantsAnojja Shah - Equity Research AnalystArun Viswanathan - Senior Equity Research AnalystBryan Burgmeier - Equity Research AnalystGabe Hajde - Equity Research AnalystMatt Roberts - Equity Research AnalystOper ...

Financial Data and Key Metrics Changes - In 2025, the company achieved Adjusted EBITDA growth of 10%, significantly exceeding initial guidance [3][16] - The company ended the year with nearly $1 billion in liquidity and a net leverage of 5.3 times net debt to Adjusted EBITDA [12] - Adjusted Free Cash Flow for 2025 was reported at $172 million, ahead of guidance [13] Business Line Data and Key Metrics Changes - In Europe, fourth quarter revenue decreased by 1% to $539 million, with a 6% decline on a constant currency basis, primarily due to a negative IFRS 15 contract asset [5] - In the Americas, fourth quarter revenue increased by 24% to $807 million, driven by higher input cost pass-through and shipment growth [8] - For the full year, shipments in Europe grew by 2%, while North America saw a 6% increase in shipments [9][11] Market Data and Key Metrics Changes - The beverage can continued to gain market share against glass in the beer category and plastic in carbonated soft drinks [4][8] - In Brazil, fourth quarter beverage can shipments decreased by 4%, but the full year saw a 2% decline in line with weak industry performance [11] - The company expects low to mid single-digit industry growth in Brazil for 2026 [11] Company Strategy and Development Direction - The company plans to optimize its network to better serve higher-demand can sizes and is progressing plans to add capacity in Spain and the UK [7] - The beverage can's low penetration rate in Europe presents significant growth opportunities, with the UK and Germany showing potential for increased market share [46] - The company views 2026 as a transition year in North America, with expectations of returning to growth in 2027 [10][17] Management's Comments on Operating Environment and Future Outlook - Management highlighted strong performance in North America, particularly in the energy drinks category, despite some supply chain disruptions [9][19] - The company anticipates some operational challenges due to tight metal supply and adverse weather impacts in early 2026 [10][32] - Management expressed confidence in the beverage can's growth potential, driven by innovation and sustainability trends [46] Other Important Information - The company successfully raised $1.3 billion in green bonds to refinance existing debt, which will lead to annual cash savings of approximately $10 million [12][13] - The company announced an unchanged quarterly ordinary dividend of $0.10 per share [15] Q&A Session Summary Question: Can you discuss volume trends by region for Q1? - Management noted a good start in North America, with some weather-related disruptions in January but positive trends in February and March [19][20] Question: What is the timeline for capacity expansion in Europe? - Management indicated that capacity projects in Spain and the UK will be spread over the next two years, with a moderate increase in capital expenditure [23][25] Question: How is the company positioned for the World Cup in Brazil? - Management expects a potential pickup in demand during the World Cup, with a market growth forecast of 3%-5% [30] Question: What are the expectations for aluminum conversion costs in Europe? - Management does not anticipate significant headwinds from aluminum conversion costs in 2026, as these were primarily a 2025 issue [47] Question: How are new filling locations impacting the company? - New filling locations are aligned with the company's portfolio, primarily focused on soft drinks, and are expected to strengthen long-term customer relationships [50][52]

Ardagh Group S.A. Fourth Quarter & Full Year 2025 Update February 26, 2026 Mark Porto Executive Chair, Ardagh Group Todd Brents Interim CFO, Ardagh Group Mike Dick CEO, Ardagh Glass Packaging 1 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements relating to the business, financial performance and results of Ardagh Group and/or the industry and markets in which it operates. Forward-looking statements are not historical facts and are inherently subject to known and unkn ...