Ardagh Metal Packaging S.A. - Second Quarter 2025 Results

Core Viewpoint - Ardagh Metal Packaging S.A. reported strong financial performance for Q2 2025, with significant revenue and Adjusted EBITDA growth, driven by robust volume growth in the Americas and resilience against macroeconomic uncertainties [1][3]. Financial Performance Review - Revenue for Q2 2025 reached $1,455 million, a 16% increase from $1,259 million in Q2 2024, with a 13% increase on a constant currency basis [2][6]. - Adjusted EBITDA for the quarter was $210 million, an 18% increase from $178 million in the same period last year, with a 16% increase at constant currency [2][7]. - Profit for the period was $5 million, compared to $2 million in Q2 2024 [2][22]. - Adjusted earnings per share rose to $0.08 from $0.06 year-over-year [2][22]. Regional Performance - In the Americas, revenue increased by 21% to $840 million, driven by favorable volume/mix effects and higher input costs passed to customers [8]. - Adjusted EBITDA in the Americas grew by 34% to $133 million, reflecting strong volume growth and reduced operational costs [9]. - In Europe, revenue increased by 9% to $615 million, with a 4% increase on a constant currency basis, while Adjusted EBITDA decreased by 3% to $77 million due to lower input cost recovery [10][11]. Guidance and Expectations - The company raised its full-year Adjusted EBITDA guidance to a range of $705-$725 million, reflecting improved performance and favorable currency movements [3][6]. - The expected total capital expenditure for 2025 remains unchanged at just over $200 million, with $70 million allocated for growth investments [3][6]. - The company maintains a strong liquidity position of $680 million as of June 30, 2025, with a net debt to Adjusted EBITDA ratio of 5.3x, down from 5.8x a year earlier [3][6].