Amcor plc Q2 FY2026 earnings call

• Transformative acquisition of Berry creating global leader in consumer packaging. • Strong safety performance with total recordable incident rate 0.52, 79% of sites injury-free. • Financial performance in line with expectations, adjusted EPS up 7% quarter, 14% first half. • Synergies at upper end of guidance range, $55M in Q2, $93M first half. • Reaffirmed financial guidance, adjusted EPS $4.2 - $4.5, free cash flow $1.8 - $1.9B. • Core portfolio $20B with strong financial profile, outperforms total company. • Portfolio optimization actions advancing, exploring alternatives for non-core businesses. • Steve Scherger joined as CFO, bringing industry experience.

Global Flexible Packaging Solutions: Sales increased 23% constant currency, volumes down ~2% comparable, developed regions down low to mid-single digits, emerging markets mixed; Adjusted EBIT rose 22% constant currency. Global Rigid Packaging Solutions: Sales increased significantly constant currency, volumes flat comparable excluding non-core, developed regions mixed, emerging markets growth; Adjusted EBIT up 15% constant currency comparable excluding non-core

• Reaffirmed full-year adjusted EPS range $4 - $4.15, expected year-over-year growth 12%-17% driven by synergy capture and cost control. • Reaffirmed free cash flow guidance $1.8B - $1.9B, implying step up in second half. • Expected adjusted EPS Q3 range $0.9 - $1 per share, including ~$70 - $80M synergy benefits.

Q: Ghansham Panjabi asks about volume expectations, production backlogs.

A: Peter says generally similar to first half, operating in low single digits down market, Steve adds guidance assumes similar volume environment.

Q: Jakob Cakarnis asks about fourth quarter EPS and initiatives.

A: Steve says EBIT improvement from seasonality, synergy growth, non-core business improvement.

Q: Anthony Pettinari asks about volume performance vs industry.

A: Peter says overall company down 2.5% volumes, core portfolio 1.5% down, focus segments outperform core, some regions and segments showing improvement.

Q: Brook Campbell-Crawford asks about non-core EBIT improvement.

A: Peter says non-core had tough Q2, commercial terms improved, Steve adds Q2 non-core EBIT margins 3%, second half expected to improve to 7%-9%.

Q: George Staphos asks about flexible focus categories and synergies.

A: Peter talks about focus categories performance, Steve adds synergy capture details in segments.

Q: Neeraj Shah asks about synergy split.

A: Steve says synergy split evenly between procurement and G&A, Peter adds procurement spend details.

Q: Jeffrey Zekauskas asks about non-core EBIT and raw material synergies.

A: Steve talks about non-core EBIT margins, Peter talks about procurement spend and raw material synergy influence.

Q: Ramoun Lazar asks about customer performance.

A: Peter says broad exposure, customers balancing price and volumes.

Q: Matt Roberts asks about health care in flexibles.

A: Peter says health care volumes weaker due to flu season and phasing, but business is strong.

Q: Cameron McDonald asks about GLP one impact.

A: Peter says GLP one is positive, Amcor is robust to shift from unhealthy to healthy categories.

Q: Michael Roxland asks about operating leverage and EBITDA margins.

A: Steve says short-term margin movement muted, multiyear view has margin improvement.

Q: Keith Chau asks about renegotiated customer contracts.

A: Peter says renegotiations for volume sight and inflation recovery.

Q: Nathan Reilly asks about CapEx focus.

A: Steve says CapEx focused on focus market categories.

Q: John Purtell asks about synergy opportunity and substrates.

A: Steve talks about strong synergy momentum and substrate fit for purpose