FT Markets Data
Amcor PLC

Amcor Reports Solid Third Quarter Results and Updates Fiscal 2026 Guidance

ZURICH , May 6, 2026 /PRNewswire/ --

Highlights - Three Months Ended March 31, 2026

  • Net sales $5,914 million, up 77% driven by the Berry acquisition
  • GAAP Net income $278 million including acquisition related costs and GAAP diluted EPS of $0.60
  • Acquisition synergies of $77 million, at upper end of expectations
  • Adjusted EBITDA $892 million, up 87% and adjusted EBIT $687 million, up 79%
  • Adjusted EBITDA margin of 15.1%, up from 14.3% and adjusted EBIT margin of 11.6%, up modestly
  • GAAP EPS of $0.60 and Adjusted EPS of $0.96, up 6% 

YTD Highlights - Nine Months Ended March 31 , 2026

  • Net sales $17,108 million, up 72% driven by the Berry acquisition
  • GAAP Net income $717 million including acquisition related costs and GAAP diluted EPS of $1.55
  • Adjusted EBITDA $2,628 million, up 88% and adjusted EBIT $1,977 million, up 78%
  • Adjusted EBITDA margin of 15.4%, up from 14.1% and adjusted EBIT margin of 11.6%, up from 11.2%
  • Adjusted EPS of $2.79, up 11%
  • Six divestiture agreements reached under previously announced portfolio optimization initiative

Fiscal 2026 Guidance:

  • Adjusted EPS $3.98 to $4.03, growth of ~12% at the midpoint; Mitigating impact of Middle East conflict
  • Free Cash Flow revised to be $1.5-1.6 billion

Amcor CEO Peter Konieczny said, "Third quarter results were in line with expectations and reflect the resilience of our business as we mark the first anniversary of bringing legacy Amcor and Berry together as One Amcor. Over the past year, we have executed a smooth integration, built a strong leadership structure, and made meaningful progress on synergy delivery and portfolio optimization. While we continue to operate in a challenging market environment, our global scale, diversified portfolio, and strong customer and supplier partnerships position us well. We remain focused on what we can control—ensuring reliable supply, managing costs and pricing responsibly to offset inflation, and supporting our customers. With clear visibility to additional synergy benefits and a proven ability to navigate volatility, we are confident in our outlook and the continued strength of our business."

Key Financials (1)(2)(3)






Three Months Ended March 31,


Nine Months Ended March 31,

GAAP results






2025 $ million


2026 $ million


2025 $ million


2026 $ million

Net sales






3,333


5,914


9,927


17,108

Net income attributable to Amcor plc






196


278


550


717

EPS (diluted, $)






0.68


0.60


1.90


1.55




















Reported

∆%






Reported

∆%



Three Months Ended March 31,



Nine Months Ended March 31,


Adjusted non-GAAP results


2025 $ million


2026 $ million



2025 $ million


2026 $ million


Net sales


3,333


5,914


77


9,927


17,108


72

EBITDA


477


892


87


1,397


2,628


88

EBIT


384


687


79


1,112


1,977


78

Net income


261


446


71


728


1,293


78

EPS ($)


0.90


0.96


6


2.51


2.79


11

Free Cash Flow


20


(39)




(17)


(93)



All amounts referenced throughout this document are in US dollars unless otherwise indicated and numbers may not add up to the totals provided due to rounding.  

(1)  Adjusted non-GAAP results exclude items not considered representative of ongoing operations. Further details on non-GAAP measures and reconciliations to GAAP measures can be found under "Presentation of non-GAAP information".

(2)  All prior year results reflect the Amcor plc group, considered the accounting acquirer in the April 30, 2025 combination between Amcor plc and Berry Global.

(3)  All periods presented in this release have been retroactively adjusted to reflect the 1-for-5 reverse stock split effected on January 14, 2026. Further details can be found under 'Reverse Stock Split'.

Financial Results

Three months ended March 31, 2026

Net sales of $5,914 million were 70% higher than last year on a constant currency basis, including approximately $2.4 billion of acquired sales net of divestments, which represents growth of approximately 71%. The pass through of movements in raw material costs had no material impact on net sales and the remaining (1%) year over year variation reflects the impact of volumes and price/mix.

The Company estimates that volumes were approximately 1.5% lower than estimated combined volumes for the legacy Amcor and legacy Berry businesses in the March quarter last year, excluding non-core and divested businesses. The Company estimates that price/mix did not have a material impact on net sales.

Adjusted EBIT of $687 million was 72% higher than last year on a constant currency basis, including approximately $239 million of acquired EBIT net of divestments which represents growth of approximately 62%. The remaining 10% year over year variation mainly reflects synergy benefits from the Berry acquisition of approximately $57 million and continued disciplined execution against cost and productivity initiatives, partly offset by lower volumes.

GAAP net interest expense was $153 million and GAAP income tax expense was $32 million. Inclusive of acquisition related financial benefits of approximately $20 million, adjusted net interest expense was $150 million and adjusted tax expense was $91 million representing an effective tax rate of 17.0%.   Adjusted net interest expense was $79 million higher than the prior year primarily as a result of increased acquisition related net debt.

Free cash outflow of $39 million was in-line with expectations after funding approximately $78 million of net transaction, restructuring and integration costs.

Net debt was $14,266 million at March 31, 2026.

Nine months ended March 31, 2026

Net sales of $17,108 million were 67% higher than last year on a constant currency basis, including approximately $6.9 billion of acquired sales net of divestments, which represents growth of approximately 69%. The pass through of movements in raw material costs had no material impact on net sales and the remaining (2%) year over year variation reflects the impact of volumes and price/mix. 

Adjusted EBIT of $1,977 million was 73% higher than last year on a constant currency basis, including approximately $746 million of acquired EBIT net of divestments which represents growth of approximately 67%. The remaining 6% year over year variation mainly reflects synergy benefits from the Berry acquisition of approximately $140 million partly offset by lower volumes. 

GAAP net interest expense was $460 million and GAAP income tax expense was $84 million. Inclusive of acquisition related financial benefits of approximately $30 million, adjusted net interest expense was $431 million and adjusted tax expense was $253 million representing an effective tax rate of 16.3%.

Free cash outflow was $93 million after funding approximately $262 million of net transaction, restructuring and integration costs. Prior to funding of transaction, restructuring and integration related cash costs, cash flow increased by approximately $186 million compared with last year.

Dividend

The Board's confidence in Amcor's near and long term growth opportunities and ability to generate significant free cash flow is reflected in today's declaration of a quarterly cash dividend of 65.0 cents per share, compared with 63.75 cents per share in the same quarter last year, declared as 12.75 cents per share before adjusting for the 1-for-5 reverse stock split effected on January 14, 2026. The dividend will be paid in US dollars to holders of Amcor's ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 91.0 Australian cents per share, which reflects the quarterly dividend of 65.0 cents per share converted at an AUD:USD average exchange rate of 0.7167 over the five trading days ended May 4, 2026.

The ex-dividend date will be May 27, 2026 for holders of CDIs trading on the ASX and May 28, 2026 for holders of shares trading on the NYSE. For all shareholders, the record date will be May 28, 2026 and the payment date will be June 17, 2026.

Fiscal 2026 Guidance

For the fiscal year ending June 30, 2026, the Company expects:

  • Adjusted EPS of approximately $3.98 to $4.03
    • Represents growth of approximately 12% at the midpoint
    • Mitigating adjusted EPS impact of Middle East conflict
    • Includes pre-tax synergy benefits related to the Berry acquisition of $270 million

  • Free Cash Flow of $1.5 billion to $1.6 billion
    • Relative to previous $1.8 billion to $1.9 billion which assumed ~$200 million of inventory reduction by year end, now reflects higher inventory levels at higher cost to secure customer service levels given the impact of the Middle East conflict

Amcor's guidance for fiscal 2026 reflects a full 12 months ownership of the Berry business and does not take into account the impact of potential portfolio optimization actions that may be completed through the year.

Amcor's guidance contemplates a range of factors, including ongoing geopolitical developments related to the conflict in the Middle East, which creates a higher degree of uncertainty and additional complexity when estimating future financial results, and actual results could vary materially. Reconciliations of the fiscal 2026 projected non-GAAP measures are not included herein because the individual components are not known with certainty as individual financial statements for fiscal 2026 have not been completed.  Refer to page 14 for further information.

Conference Call

Amcor is hosting a conference call with investors and analysts to discuss these results on Wednesday, May 6, 2026 at 8:00am US Eastern Daylight Time / Wednesday May 6, 2026 at 10:00pm Australian Eastern Standard Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the "Investors" section.

Those wishing to access the call should use the following toll-free numbers, with the Conference ID: 645052977

  • USA: 833 461 5787 (toll free)
  • Australia: 1800 849 752 (toll free)
  • United Kingdom: 0808 196 8935 (toll free)
  • Singapore: 1800 408 1721 (toll free)
  • Hong Kong: 800 938 481 (toll free)

From all other countries, the call can be accessed by dialing +1 585 542 9983 (toll).

A replay of the webcast will also be available in the 'Investors" section at www.amcor.com following the call.

Segment Information

Global Flexible Packaging Solutions segment - March 2026 quarter



Three Months Ended March 31,


Reported ∆%


Constant currency ∆%



2025 $ million


2026 $ million



Net sales


2,406


3,250


35


29

Adjusted EBIT


343


452


32


28

Adjusted EBIT / Sales %


14.3


13.9





Net sales of $3,250 million were 29% higher than last year on a constant currency basis including approximately $695 million of acquired sales net of divestments, which represents growth of approximately 29%. The pass through of movements in raw material costs had a favorable impact of approximately 1% on net sales and the remaining (1%) year over year variation reflects the impact of volumes and price/mix. 

The Company estimates that volumes for the Global Flexible Packaging Solutions segment were approximately 1.5% lower compared to volumes for the combined legacy Amcor and Berry businesses in the March quarter last year.  By market category, volumes were higher in pet food and protein, offset by lower volumes in healthcare and other nutrition.  By region, volumes were lower across North America and Europe, and higher than the prior year across the Asian region. The Company estimates that price/mix had an unfavorable impact of less than (1%) on net sales.

Adjusted EBIT of $452 million was 28% higher than last year on a constant currency basis, reflecting approximately $78 million of acquired EBIT, net of divestments which represents growth of approximately 23%.  The remaining 5% year over year growth mainly reflects synergy benefits from the Berry acquisition, favorable cost performance and productivity benefits, partly offset by lower volumes.  

Global Flexible Packaging Solutions segment - March 2026 YTD



Nine Months Ended March 31,


Reported ∆%


Constant currency ∆%



2025 $ million


2026 $ million



Net sales


7,072


9,304


32


27

Adjusted EBIT


963


1,256


30


28

Adjusted EBIT / Sales %


13.6


13.5





Net sales of $9,304 million were 27% higher than last year on a constant currency basis including approximately $1.9 billion of acquired sales net of divestments, which represents growth of approximately 27%.  The pass through of movements in raw material costs had a favorable impact of approximately 1% on net sales and the remaining (1%) year over year variation reflects the impact of volumes and price/mix. 

Adjusted EBIT of $1,256 million was 28% higher than last year on a constant currency basis, reflecting approximately $220 million of acquired EBIT, net of divestments which represents growth of approximately 23%.  The remaining 5% year over year growth mainly reflects synergy benefits from the Berry acquisition partly offset by lower volumes.  

Global Rigid Packaging Solutions segment - March 2026 quarter



Three Months Ended March 31,


Reported ∆%


Constant currency ∆%


2025 $ million


2026 $ million



Net sales


927


2,664


187


174

Adjusted EBIT


70


276


294


273

Adjusted EBIT / Sales %


7.6


10.4





Net sales of $2,664 million were 174% higher than last year on a constant currency basis, including approximately $1.7 billion of acquired sales, which represents growth of approximately 182% and an unfavorable impact of approximately (5%) from the pass through of lower raw material costs. The remaining (3%) year over year variation reflects the impact of volumes and price/mix. 

Excluding non-core business, the Company estimates that volumes for the Global Rigid Packaging Solutions segment were approximately 1.5% lower compared with volumes for the combined legacy Amcor and Berry businesses in the March quarter last year.  By market category, volumes were higher in liquids, foodservice and beauty & wellness offset by lower volumes in healthcare and other nutrition. By region, volumes in North America were lower than the prior year inclusive of U.S. storm related disruptions. Volumes were higher in Europe and across emerging markets, primarily in Latin America. The Company estimates that price/mix had no material impact on net sales.

Adjusted EBIT of $276 million was 273% higher than last year on a constant currency basis, including approximately $175 million of acquired EBIT which represents growth of approximately 253%. The remaining 20% year over year variation mainly reflects synergy benefits from the Berry acquisition and cost reduction initiatives, partly offset by lower volumes. 

Adjusted EBIT margins of 10.4% were 280 basis points higher than the prior year reflecting the improved quality of the combined business.

Global Rigid Packaging Solutions segment - March 2026 YTD



Nine Months Ended March 31,


Reported ∆%


Constant currency ∆%


2025 $ million


2026 $ million



Net sales


2,855


7,804


173


164

Adjusted EBIT


216


824


281


266

Adjusted EBIT / Sales %


7.6


10.6





Net sales of $7,804 million, were 164% higher than last year on a constant currency basis, including approximately $5.0 billion of acquired sales net of divestments, which represents growth of approximately 173% and an unfavorable impact of approximately (3%) from the pass through of lower raw material costs.  The remaining (6%) year over year variation reflects lower volumes and price/mix. 

Adjusted EBIT of $824 million was 266% higher than last year on a constant currency basis, including approximately $580 million of acquired EBIT net of divestments which represents growth of approximately 269%.  The remaining (3%) year over year variation mainly reflects lower volumes and performance in non-core businesses partly offset by synergy benefits from the Berry acquisition and cost reduction initiatives. 

Adjusted EBIT margins of 10.6% were 300 basis points higher than the prior year reflecting the improved quality of the combined business.

About Amcor

Amcor is the global leader in developing and producing responsible consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty and wellness categories. Our global product innovation and sustainability expertise enable us to solve packaging challenges around the world every day, producing a range of flexible packaging, rigid packaging, cartons and closures that are more sustainable, functional and appealing for our customers and their consumers. We are guided by our purpose of elevating customers, shaping lives and protecting the future. Supported by a commitment to safety, over 75,000 people generate $23 billion in annualized sales from operations that span over 400 locations in more than 40 countries. NYSE: AMCR; ASX: AMC
www.amcor.com I  LinkedIn  I  YouTube

Amcor plc UK Establishment Address: 83 Tower Road North, Warmley, Bristol, England, BS30 8XP, United Kingdom

UK Overseas Company Number: BR020803

Registered Office: 3rd Floor, 44 Esplanade, St Helier, JE4 9WG, Jersey

Jersey Registered Company Number: 126984, Australian Registered Body Number (ARBN): 630 385 278

 

U.S. GAAP Condensed Consolidated Statements of Income (Unaudited)



Three Months Ended March 31,

Nine Months Ended March 31,

$ in millions, except per share data


2025


2026

2025


2026

Net sales


3,333


5,914

9,927


17,108

Cost of sales


(2,679)


(4,724)

(7,988)


(13,755)

Gross profit


654


1,190

1,939


3,353

Selling, general, and administrative expenses


(266)


(488)

(797)


(1,363)

Amortization of acquired intangible assets


(37)


(134)

(116)


(411)

Research and development expenses


(27)


(44)

(82)


(128)

Restructuring, transaction and integration expenses, net


(32)


(69)

(71)


(262)

Other income, net


21


6

49


64

Operating income


313


461

922


1,253

Interest expense, net


(75)


(153)

(222)


(460)

Other non-operating income/(expenses), net


(1)


2

(3)


4

Income before income taxes and equity in income of affiliated companies


237


310

697


797

Income tax expense


(40)


(32)

(141)


(84)

Equity in income of affiliated companies, net of tax


—


—

1


4

Net income


197


278

557


717

Net income attributable to non-controlling interests


(1)


—

(7)


—

Net income attributable to Amcor plc


196


278

550


717

USD:EUR average FX rate


0.9507


0.8543

0.9327


0.8564









Basic earnings per share attributable to Amcor


0.68


0.60

1.91


1.55

Diluted earnings per share attributable to Amcor


0.68


0.60

1.90


1.55

Weighted average number of shares outstanding – Basic


288.6


463.4

288.4


463.1

Weighted average number of shares outstanding – Diluted


289.1


463.8

289.0


463.5

All prior periods have been retroactively adjusted to reflect the 1 for 5 reverse stock split effected on January 14, 2026.

 

U.S. GAAP Condensed Consolidated Statements of Cash Flows (Unaudited)



Nine Months Ended March 31,

($ million)


2025


2026

Net income


557


717

Depreciation, amortization and impairment


399


1,114

Net (gain)/loss on disposal of businesses and investments


(8)


2

Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and currency


(804)


(1,101)

Other non-cash items


132


(176)

Net cash provided by operating activities


276


556

Purchase of property, plant and equipment and other intangible assets


(360)


(687)

Proceeds from sales of property, plant and equipment and other intangible assets


9


38

Business acquisitions


(11)


(17)

Proceeds from divestitures, net of cash divested


113


—

Proceeds from sale of affiliated companies and other investments


—


70

Net debt proceeds


2,044


1,787

Dividends paid


(550)


(894)

Purchase of treasury shares, proceeds from exercise of options and tax withholdings for share-based incentive plans


(38)


(57)

Cash and cash equivalents included in held for sale


—


(17)

Other, including effect of exchange rate on cash and cash equivalents


(26)


(19)

Net increase in cash and cash equivalents


1,457


760

Cash and cash equivalents balance at beginning of the year


588


827

Cash and cash equivalents balance at end of the period


2,045


1,587

 

U.S. GAAP Condensed Consolidated Balance Sheets (Unaudited)

($ million)


June 30, 2025


March 31, 2026

Cash and cash equivalents


827


1,587

Trade receivables, net


3,426


3,513

Inventories, net


3,471


3,362

Property, plant, and equipment, net


8,202


7,410

Goodwill and other intangible assets, net


18,679


18,639

Assets held for sale, net


—


503

Other assets


2,461


2,568

Total assets


37,066


37,582

Trade payables


3,490


2,989

Short-term debt and current portion of long-term debt


257


653

Long-term debt, less current portion


13,841


15,200

Liabilities held for sale


—


177

Accruals and other liabilities


7,738


6,901

Shareholders' equity


11,740


11,662

Total liabilities and shareholders' equity


37,066


37,582











 

Components of Fiscal 2026 Net Sales growth


Three Months Ended March 31,

Nine Months Ended March 31,

($ million)

Global Flexible Packaging Solutions

Global Rigid Packaging Solutions

Total

Global Flexible Packaging Solutions

Global Rigid Packaging Solutions

Total

Net sales fiscal year 2026

3,250

2,664

5,914

9,304

7,804

17,108

Net sales fiscal year 2025

2,406

927

3,333

7,072

2,855

9,927

Reported Growth %

35

187

77

32

173

72

FX %

6

13

7

5

9

5

Constant Currency Growth %

29

174

70

27

164

67

RM Pass Through %

1

(5)

—

1

(3)

—

Items affecting comparability %

29

182

71

27

173

69

Organic Growth %

(1)

(3)

(1)

(1)

(6)

(2)

Volume %

(2)

(3)

(2)

(2)

(5)

(3)

Price/Mix %

1

—

1

1

(1)

1

 

Reconciliation of Non-GAAP Measures

Reconciliation of adjusted Earnings before interest, tax, depreciation, and amortization (EBITDA), Earnings before interest and tax (EBIT), Net income, Earnings per share (EPS) and Adjusted Free Cash Flow



Three Months Ended March 31, 2025


Three Months Ended March 31, 2026


($ million)


EBITDA


EBIT


Net Income


EPS (Diluted)


EBITDA


EBIT


Net Income


EPS (Diluted)


Net income attributable to Amcor


196


196


196


0.68


278


278


278


0.60


Net income attributable to non-controlling interests


1


1






—


—






Tax expense


40


40






32


32






Interest expense, net


75


75






153


153






Depreciation and amortization


131








346








EBITDA, EBIT, Net income, and EPS


443


312


196


0.68


809


463


278


0.60


Impact of hyperinflation


3


3


3


0.01


(2)


(2)


(2)


—


Restructuring, integration and related expenses, net(1)


14


14


14


0.06


59


65


65


0.15


Transaction costs


18


18


18


0.06


4


4


4


0.01


Other


—


—


—


—


22


22


22


0.04


Amortization of acquired intangibles(2)




37


37


0.13




134


134


0.29


Interest expense Berry Transaction






5


—






3


0.01


Tax effect of above items






(12)


(0.04)






(59)


(0.13)


Adjusted EBITDA, EBIT, Net income and EPS


477


384


261


0.90


892


687


446


0.96


Reconciliation of adjusted growth to constant currency growth












% growth - Adjusted EBITDA, EBIT, Net income, and EPS








87


79


71


6


% currency impact










(7)


(7)


(8)


(4)


% constant currency growth










80


72


63


2




















% items affecting comparability(3)










70


62






% from all other sources










10


10






Adjusted EBITDA


477








892








Interest paid, net


(40)








(143)








Income tax paid


(21)








(190)








Purchase of property, plant and equipment and

other intangible assets


(117)








(227)








Proceeds from sales of property, plant and

equipment and other intangible assets, net of restructuring


2








4








Movement in working capital


(277)








(287)








Other


(4)








(9)








Adjusted Free Cash Flow


20








39








Berry Transaction, restructuring and Integration costs, net


—








(78)








Free Cash Flow


20








(39)








All prior periods have been retroactively adjusted to reflect the 1 for 5 reverse stock split effected on January 14, 2026.

(1) Three months ended March 31, 2026 primarily reflects restructuring and integration costs incurred in connection with the Berry Global acquisition. 

(2) Amortization of acquired intangible assets from business combinations.

(3) Reflects the impact of acquired, disposed, and ceased operations.

 

Nine Months Ended March 31, 2025


Nine Months Ended March 31, 2026

($ million)


EBITDA


EBIT


Net Income


EPS (Diluted) (1)


EBITDA


EBIT


Net Income


EPS (Diluted) (1)

Net income attributable to Amcor


550


550


550


1.90


717


717


717


1.55

Net income attributable to non controlling interests


7


7






—


—





Tax expense


141


141






84


84





Interest expense, net


222


222






460


460





Depreciation and amortization


401








1,083







EBITDA, EBIT, Net income and EPS


1,321


920


550


1.90


2,344


1,261


717


1.55

Impact of hyperinflation


8


8


8


0.03


13


13


13


0.03

Restructuring, integration and related expenses, net(2)


44


44


44


0.15


210


230


230


0.50

Transaction costs


27


27


27


0.09


32


32


32


0.07

Other


(3)


(3)


(3)


(0.01)


29


29


29


0.06

Amortization of acquired intangibles(3)




116


116


0.40




411


411


0.89

Interest expense Berry Transaction






5


0.02






29


0.06

Tax effect of above items






(19)


(0.07)






(168)


(0.37)

Adjusted EBITDA, EBIT, Net income and EPS


1,397


1,112


728


2.51


2,628


1,977


1,293


2.79

Reconciliation of adjusted growth to constant currency growth











% growth - Adjusted EBITDA, EBIT, Net income, and EPS








88


78


78


11

% currency impact










(5)


(5)


(6)


(3)

% constant currency growth










83


73


72


8


















% items affecting comparability(4)










78


67





% from all other sources










5


6





Adjusted EBITDA


1,397








2,628







Interest paid, net


(167)








(406)







Income tax paid


(148)








(381)







Purchase of property, plant and equipment and

other intangible assets


(360)








(687)







Proceeds from sales of property, plant and

equipment and other intangible assets, net of restructuring


9








13







Movement in working capital


(710)








(899)







Other


(38)








(99)







Adjusted Free Cash Flow


(17)








169







Berry Transaction, restructuring and Integration costs, net


—








(262)







Free Cash Flow


(17)








(93)







All prior periods have been retroactively adjusted to reflect the 1 for 5 reverse stock split effected on January 14, 2026.

(1) Calculation of diluted EPS for the nine months ended March 31, 2025 excludes net income attributable to shares to be repurchased under forward contracts of $1 million.

(2) Nine months ended March 31, 2026 primarily reflects restructuring and integration costs incurred in connection with the Berry Global acquisition.

(3) Amortization of acquired intangible assets from business combinations.

(4) Reflects the impact of acquired, disposed, and ceased operations.

 

Reconciliation of adjusted EBIT by reportable segment



Three Months Ended March 31, 2025


Three Months Ended March 31, 2026

($ million)


Global Flexible Packaging Solutions


Global Rigid Packaging Solutions


Other


Total


Global Flexible Packaging Solutions


Global Rigid Packaging Solutions


Other


Total

Net income attributable to Amcor








196








278

Net income attributable to non-controlling interests








1








—

Tax expense








40








32

Interest expense, net








75








153

EBIT


303


64


(55)


312


362


187


(86)


463

Impact of hyperinflation


—


3


—


3


—


(2)


—


(2)

Restructuring, integration and related expenses, net(1)


4


2


8


14


15


21


29


65

Transaction costs


—


1


17


18


—


—


4


4

Other


1


(2)


1


—


2


10


10


22

Amortization of acquired intangibles(2)


35


2


—


37


73


60


1


134

Adjusted EBIT


343


70


(29)


384


452


276


(42)


687

Adjusted EBIT / sales %


14.3 %


7.6 %




11.5 %


13.9 %


10.4 %




11.6 %

Reconciliation of adjusted growth to comparable constant currency growth









% growth - Adjusted EBIT










32


294


—


79

% currency impact










(4)


(21)


—


(7)

% constant currency growth










28


273


—


72


















% items affecting comparability(3)










23


253


—


62

% from all other sources










5


20


—


10

(1) Three months ended March 31, 2026 primarily includes costs incurred in connection with the Berry Global acquisition.

(2) Amortization of acquired intangible assets from business combinations.

(3) Reflects the impact of acquired operations.

 

Nine Months Ended March 31, 2025


Nine Months Ended March 31, 2026

($ million)


Global Flexible Packaging Solutions


Global Rigid Packaging Solutions


Other


Total


Global Flexible Packaging Solutions


Global Rigid Packaging Solutions


Other


Total

Net income attributable to Amcor








550








717

Net income attributable to non-controlling interests








7








—

Tax expense








141








84

Interest expense, net








222








460

EBIT


815


212


(107)


920


934


525


(197)


1,261

Impact of hyperinflation


—


8




8


1


12


—


13

Restructuring, integration and related expenses, net(1)


30


5


9


44


78


97


55


230

Transaction costs


—


1


26


27


8


2


22


32

Other


10


(16)


3


(3)


10


6


13


29

Amortization of acquired intangibles(2)


108


6


2


116


225


183


3


411

Adjusted EBIT


963


216


(67)


1,112


1,256


824


(104)


1,977

Adjusted EBIT / sales %


13.6 %


7.6 %




11.2 %


13.5 %


10.6 %




11.6 %

Reconciliation of adjusted growth to comparable constant currency growth









% growth - Adjusted EBIT










30


281


—


78

% currency impact










(2)


(15)


—


(5)

% constant currency growth










28


266


—


73


















% items affecting comparability(3)










23


269


—


67

% from all other sources










5


(3)


—


6

(1) Nine months ended March 31, 2026 primarily includes costs incurred in connection with the Berry Global acquisition.

(2) Amortization of acquired intangible assets from business combinations.

(3) Reflects the impact of acquired, disposed, and ceased operations.

 

Reconciliation of net debt

($ million)


June 30, 2025


March 31, 2026

Cash and cash equivalents


(827)


(1,587)

Short-term debt


116


92

Current portion of long-term debt


141


561

Long-term debt, less current portion


13,841


15,200

Net debt


13,271


14,266

 

Historical net sales and adjusted EBIT by reporting segment

Effective January 1, 2026, the Company's flexible operations in Latin America previously included in the Global Flexible Packaging Solutions reportable segment are now reflected in the Global Rigid Packaging Solutions reportable segment as the Company has consolidated management of its flexible and rigid packaging operations under one management team and the Company's Chief Operating Decision Maker is now reviewing results under this new structure.  Prior period amounts have been recast to conform with current period presentation.

($ million)


Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Three Months Ended December 31, 2024

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Three Months Ended December 31, 2025

Global Flexibles Packaging Solutions - Net Sales



2,467


2,345


2,322


2,406


2,993


3,055


2,998

Global Flexibles Packaging Solutions - adjusted EBIT



385


312


309


343


435


409


394

Flexibles adjusted EBIT Margin %


15.6


13.3


13.3


14.3


14.5


13.4


13.1


Global Rigids Packaging

Solutions - Net Sales



1,067


1,008


920


927


2,088


2,689


2,451

Global Rigids Packaging

Solutions - adjusted EBIT



93


79


67


70


219


312


236

Rigid adjusted EBIT Margin %


8.7


7.8


7.3


7.6


10.5


11.6


9.6


Other - Net Sales
















Other - adjusted EBIT



(24)


(26)


(12)


(29)


(43)


(34)


(27)

Other adjusted EBIT Margin %
















Total Net Sales



3,535


3,353


3,241


3,333


5,082


5,745


5,449

Total adjusted EBIT



454


365


363


384


611


687


603

Total adjusted EBIT Margin %


12.8


10.9


11.2


11.5


12.0


12.0


11.1


 

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 the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like "believe," "expect," "target," "project," "may," "could," "would," "approximately," "possible," "will," "should," "intend," "plan," "anticipate," "commit," "estimate," "potential," "ambitions," "outlook," or "continue," the negative of these words, other terms of similar meaning, or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. Neither Amcor nor any of its respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur or if any of them do occur, what impact they will have on the business, results of operations or financial condition of Amcor. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on Amcor's business, including the ability to successfully realize the expected benefits of the merger of Amcor and Berry Global Group, Inc. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to: risks arising from the integration of the Amcor and Berry Global Group, Inc., ("Berry") businesses as a result of the merger completed on April 30, 2025 (the "Transaction" or "Merger"); risk of continued substantial and unexpected costs or expenses resulting from the Transaction; risk that the anticipated benefits of the Transaction may not be realized when expected or in full; risk that the Company's significant indebtedness may limit its flexibility and increase its borrowing costs; risk that the Merger-related tax liabilities could have a material impact on the Company's financial results; risk that the strategic review of our portfolio may cause disruptions to our business or may not result in completion of a transaction to restructure or divest non-core businesses or may not create additional value for our shareholders; changes in consumer demand patterns and customer requirements in numerous industries; risk of loss of key customers, a reduction in their production requirements, or consolidation among key customers; significant competition in the industries and regions in which we operate; an inability to expand our current business effectively through either organic growth, including product innovation, investments, or acquisitions; challenging global economic conditions, including impacts from the Middle East conflict; impacts of operating internationally; price fluctuations or shortages in the availability of raw materials, energy and other inputs, which could adversely affect our business; production, supply, and other commercial risks, including those resulting from geopolitical conflicts and counterparty credit risks, which may be exacerbated in times of economic volatility; pandemics, epidemics, or other disease outbreaks; an inability to attract, develop, and retain our skilled workforce and manage key transitions; labor disputes and an inability to renew collective bargaining agreements at acceptable terms; physical impacts of climate change; significant disruption at a key manufacturing facility; cybersecurity risks, which could disrupt our operations or risk of loss of our sensitive business information; failures or disruptions in our information technology systems which could disrupt our operations, compromise customer, employee, supplier, and other data; rising interest rates that increase our borrowing costs on our variable rate indebtedness and could have other negative impacts; foreign exchange rate risk; a significant write-down of goodwill and/or other intangible assets; a failure to maintain an effective system of internal control over financial reporting; an inability of our insurance policies, including our use of a captive insurance company, to provide adequate protection against all of the key operational risks we face; an inability to defend our intellectual property rights or intellectual property infringement claims against us; litigation, including product liability claims or litigation related to Environmental, Social, and Governance ("ESG") matters, or regulatory developments; increasing scrutiny and changing expectations from investors, customers, suppliers, and governments with respect to our ESG practices and commitments resulting in additional costs or exposure to additional risks; changing ESG government regulations including climate-related rules; changing environmental, health, and safety laws; changes in tax laws or changes in our geographic mix of earnings; and changes in trade policy, including tariff and custom regulations or failure to comply with such regulations.  These risks and uncertainties are supplemented by those identified from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including without limitation, those described under Part I, "Item 1A - Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, and as updated by our quarterly reports on Form 10-Q. You can obtain copies of Amcor's filings with the SEC for free at the SEC's website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.

Presentation of non-GAAP information
Included in this release are measures of financial performance that are not calculated in accordance with U.S. GAAP. These measures include adjusted EBITDA and EBITDA (calculated as earnings before interest and tax and depreciation and amortization), adjusted EBIT and EBIT (calculated as earnings before interest and tax), adjusted net income, adjusted earnings per share, adjusted free cash flow, and net debt.  In arriving at these non-GAAP measures, we exclude items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. Note that while amortization of acquired intangible assets is excluded from non-GAAP adjusted financial measures, the revenue of the acquired entities and all other expenses unless otherwise stated, are reflected in our non-GAAP financial performance earnings measures. While not all inclusive, examples of these items include: material restructuring programs, including associated costs such as employee severance, pension and related benefits, impairment of property and equipment and other assets, accelerated depreciation, termination payments for contracts and leases, contractual obligations, and any other qualifying costs related to restructuring plans; material sales and earnings from disposed or ceased operations and any associated profit or loss on sale of businesses or subsidiaries; changes in the fair value of economic hedging instruments on commercial paper and contingent purchase consideration; pension settlements; impairments in goodwill and equity method investments; material acquisition compensation and transaction costs such as due diligence expenses, professional and legal fees, financing-related expenses; and integration costs; material purchase accounting adjustments for inventory; amortization of acquired intangible assets from business combination; gains or losses on significant property and divestitures and significant property and other impairments, net of insurance recovery; certain regulatory and legal matters; impacts from highly inflationary accounting; expenses related to the Company's CEO and CFO  transition; and impacts related to the Russia-Ukraine conflict and conflict in the Middle East.

Amcor also evaluates performance on a comparable constant currency basis, which measures financial results assuming constant foreign currency exchange rates used for translation based on the average rates in effect for the comparable prior year period. In order to compute comparable constant currency results, we multiply or divide, as appropriate, current-year U.S. dollar results by the current year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior-year average foreign exchange rates. We then adjust for other items affecting comparability. While not all inclusive, examples of items affecting comparability include the difference between sales or earnings in the current period and the prior period related to disposed, or ceased operations. Comparable constant currency net sales performance also excludes the impact from passing through movements in raw material costs.  

Management has used and uses these measures internally for planning, forecasting and evaluating the performance of the Company's reporting segments and certain of the measures are used as a component of Amcor's Board of Directors' measurement of Amcor's performance for incentive compensation purposes. Amcor believes that these non-GAAP measures are useful to enable investors to perform comparisons of current and historical performance of the Company. For each of these non-GAAP financial measures, a reconciliation to the most directly comparable U.S. GAAP financial measure has been provided herein. These non-GAAP financial measures should not be construed as an alternative to results determined in accordance with U.S. GAAP. The Company provides guidance on a non-GAAP basis as we are unable to predict with reasonable certainty the ultimate outcome and timing of certain significant forward-looking items without unreasonable effort.  These items include but are not limited to the impact of foreign exchange translation, restructuring program costs, asset impairments, possible gains and losses on the sale of assets, certain tax related events, and difficulty in making accurate forecasts and projections in connection with the legacy Berry Global business given recency of access to all relevant information. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP earnings and cash flow measures for the guidance period.

Reconciliations of  fiscal 2026 projected non-GAAP measures are not included herein because the individual components are not known with certainty as individual financial statements for fiscal 2026 have not been completed.

Reverse Stock Split
On January 14, 2026, the Company filed an amendment to its memorandum of association to effect a 1-for-5 reverse stock split (the "Reverse Split") of the Company's ordinary shares. The Reverse Split became effective on January 14, 2026 and reduced the number of authorized ordinary shares to 1,800,000,000 and increased the par value of the ordinary shares to $0.05 per share. Accordingly, all share and per share amounts for all prior periods presented in the discussion within this release have been adjusted retroactively, where applicable, to reflect the Reverse Split.

Presentation of combined volume performance
In order to provide the most meaningful comparison of results of volume performance by region and end market for Amcor plc and for each of its reportable segments, the Company has included commentary to reflect Amcor's estimate of year-over-year volume performance for the three and nine months ended March 31, 2026 compared with estimated combined volumes for the legacy Amcor and Berry Global businesses for the three and nine months ended March 31, 2025. The combined volume performance information has been presented for informational purposes and Amcor believes this information reflects the impact of the combination including allocation of volumes across the combined production footprint since May 1, 2025.  For the avoidance of doubt, combined volume performance information is not intended to be, and was not, prepared on a basis consistent with pro forma financial information required by Article 11 of Regulation S-X.

Dividends
 Amcor has received a waiver from the ASX's settlement operating rules, which will allow the Company to defer processing conversions between its ordinary share and CDI registers from May 27, 2026 to May 28, 2026 inclusive.

Cision View original content:https://www.prnewswire.com/news-releases/amcor-reports-solid-third-quarter-results-and-updates-fiscal-2026-guidance-302763718.html

SOURCE Amcor