Ardagh Metal Packaging S.A. Q4 FY2025 earnings call

• 2025 was strong with over 3% shipments growth, 10% adjusted EBITDA growth, tight cost control. - Ended 2025 with $1 billion liquidity, raised $1.3 billion green bonds in Q4. - Americas strong due to North America volume growth and energy drinks category. - Europe's operations and overhead cost savings offset metal input cost headwind. - Beverage can taking share from other substrates. - Europe expects 3% volume growth in 2026, optimizing network and planning capacity in Spain and UK. - Americas expects 2026 to be a transition year in North America. - Brazil expects industry growth and AMP volumes to track market

Europe: Fourth quarter revenue decreased by 1% to $539 million (6% on constant currency basis) vs 2024; shipments grew 1% in Q4, full-year shipments grew 2%. Fourth quarter adjusted EBITDA increased 14% vs prior year to $64 million; full-year adjusted EBITDA $272 million. Expected 3% volume growth in 2026. Americas: Fourth quarter revenue increased 24% to $807 million; adjusted EBITDA decreased 6% vs prior year to $102 million. North America shipments grew 9% in Q4, full-year shipments grew 6%. 2026 expected to be a transition year with small volume decline. Brazil: Fourth quarter beverage can shipments decreased 4%, full-year declined 2%. 2026 expected to have low to mid-single-digit industry growth and AMP volumes to track market

• 2026 guided adjusted EBITDA range $750 - $775 million, driven by operational efficiencies, shipments growth in line with industry in Europe and Brazil, improved category mix. - 2026 viewed as transition year in North America for volumes, expected return to growth in 2027. - First quarter 2026 adjusted EBITDA expected range $160 - $170 million, ahead of prior year quarter on constant currency basis

• Extreme adverse weather in first quarter impacted operations. - Tight metal supply situation after disruptions in major supplier's rolling mill facility, causing operational challenges and expected to persist through first half of 2026

Q: On 1Q guide, volume trends by region, weather impacts in U.S.

A: North America had January volume reduction due to weather, February and March tracking in line; Brazil market started well, tracking ahead; Europe industry growing in line with forecasts Q: On capacity in Europe, timing, startup costs, capex.

A: Market tight, industry growing, adding capacity in Spain and UK, projects in existing facilities, moderate capex increase Q: On Brazil World Cup impact.

A: World Cup expected to push market guide towards mid, Brazil market started well, tracking ahead Q: On lower input cost recovery in North America.

A: Due to supply chain and operational challenges related to metal situation, causing shorter runs, non-recovered freight, etc., expected to persist through first half of 2026 Q: On operational efficiencies and savings in 2026.

A: General across business, including lightweighting, reducing spoilage, lean activity, offsetting North American volume weakness Q: On ARGDAW group restructuring updates.

A: No changes to strategy or capital allocation Q: On Europe can penetration, room to run.

A: Less penetrated in Europe than North America, long way to run, UK approaching North America levels, Germany has room to grow Q: On incremental headwinds in Europe from aluminum conversion costs.

A: Predominantly 2025 issue, no material headwind expected in 2026 Q: On new filling locations in North America, 2028 contract.

A: Filling locations aligned with portfolio, with existing customers, heavily contracted through next few years Q: On specialty sizes projects in Europe.

A: Project in France ramping up, giving more specialty capability, better regional alignment, helping meet customer needs Q: On customer mix in 2026 outlook.

A: No customer mix issues, North America had contract resets leading to volume reduction, but expect positive mix effects in 2026 to offset Q: On Midwest premium impact on canned demand.

A: Hope it changes, not seeing impact in data, market, or sales yet Q: On capacity projects in Europe, timeline, impact.

A: Projects over next few years, crossing calendar years, needed to grow with market Q: On Q4 EBITDA in Europe, metal timing effects, carryover.

A: Q4 EBITDA in Europe better than planned on metal timing, no material carryover effect in first half of 2026 Q: On cash flow, lease principal payments.

A: Lease principal payments $115 million in 2026, relatively steady going forward