Financial Performance and Key Metrics - Adjusted EPS increased by 7% for the quarter and 14% for the first half, reflecting strong execution against market opportunities [6][10] - Revenue for the quarter was $5.4 billion, with EBITDA of $826 million and EBIT of $603 million, significantly higher than the prior year due to the Berry acquisition and improved productivity [9][10] - Free cash flow was $289 million for the quarter, with a quarterly dividend declared at $0.65 per share, up from the prior year [10][24] Business Line Performance - Global Flexible Packaging Solutions segment sales increased by 23% on a constant currency basis, driven primarily by the Berry acquisition, although volumes were down approximately 2% [19][20] - Global Rigid Packaging Solutions segment sales also increased significantly on a constant currency basis, with volumes flat compared to the prior year, excluding non-core businesses [21][22] - Focus categories such as pet food and meat proteins showed higher volumes, while other categories like liquids and unconverted film and foil experienced lower volumes [20][45] Market Performance - Volumes in developed regions like North America and Europe were down low- to mid-single digits, with Europe facing more challenges than North America [19][20] - Emerging markets showed low single-digit growth in Asia Pacific, offset by modestly lower volumes in Latin America [19][20] - The core portfolio's volume performance was approximately 1.5% lower than the prior year, with focus categories outperforming the broader portfolio [11][45] Company Strategy and Industry Competition - The company is focused on delivering core business, accelerating synergy realization, and optimizing its portfolio, which includes evaluating alternatives for $2.5 billion of non-core businesses [5][8] - The company aims to deliver at least $260 million of synergies in fiscal 2026 and a total of $650 million by fiscal 2028 [16][26] - The management emphasizes the importance of innovation and leadership positions in core categories to drive long-term consumer demand [11][12] Management Commentary on Operating Environment and Future Outlook - Management expressed cautious optimism for the second half, expecting volume performance to remain consistent with the first half, while focusing on cost control and productivity improvements [32][34] - The company reaffirmed its financial guidance for the fiscal year, with adjusted EPS expectations updated to $4.00-$4.15 per share [7][25] - Management noted that while the market environment remains challenging, there are opportunities for revenue synergies and improved performance in non-core businesses [34][50] Other Important Information - The company has made significant progress in reducing headcount by over 600 as part of its integration roadmap [13] - The acquisition of Berry has positioned the company as a global leader in consumer packaging and dispensing solutions, enhancing its competitive advantage [4][16] Q&A Session Summary Question: Expectations for volume performance in the next two quarters - Management indicated that they expect volume performance to be consistent with the first half, with some potential for improvement driven by revenue synergies [32][34] Question: Initiatives for the fourth quarter and confidence in guidance - Management highlighted seasonality, synergy growth, and improvements in non-core businesses as key drivers for expected EBIT improvement in the second half [39][40] Question: Volume performance in major categories and market share - Management noted that overall company volumes were down 2.5%, with core portfolio volumes down 1.5%, indicating performance in line with broader industry trends [42][43] Question: EBIT contribution from non-core businesses in the second half - Management expects EBIT margins for non-core businesses to return to more traditional levels of 7%-8%, representing a $50 million improvement compared to the first half [51][52] Question: Impact of GLP-1 on nutrition business - Management acknowledged the potential structural headwind from increased GLP-1 use but emphasized their positioning to support customers in balancing price and volume [86][87]

Fiscal 2026 Second Quarter Results Peter Konieczny Chief Executive Officer Steve Scherger Chief Financial Officer 3 February 2026 5:30pm US EST 4 February 2026 9:30am Australian EDT 1 Disclaimers and Notes Cautionary Statement Regarding Forward-Looking Statements Unless otherwise indicated, references to "Amcor," the "Company," "we," "our," and "us" in this document refer to Amcor plc and its consolidated subsidiaries. This document contains certain statements that are "forward-looking statements" within th ...