🇺🇸 SECArdagh Metal Packaging S.A.Doubao · 实盘不做把握 6/10不做原因:已被定价
北京时间·🕒 发布 23:13:19·⟳ 抓取 23:13:52 +33s·⚡ 决策 10-22 23:19:01 +5m09s·5.0 天前
Ardagh Metal Packaging三季度EBITDA超指引并上调全年展望，但四季度指引同比下滑，盘中已上涨约4.8%
这是盘前7:00已公开、9:00已召开电话会的财报；到本次SEC 6-K在11:13送达时，AMBP盘中已交易约两小时并上涨4.8%。正面因素为Q3 EBITDA超指引和全年指引上调，但收入增长质量偏低、调整后EPS持平、美洲EBITDA下降3%、Q4指引中值同比下滑约5%，叠加5.1倍杠杆和负权益；当前涨幅已达到或超过其历史财报日常见首日报应，追高缺少剩余edge。
📄 原文Ardagh Metal Packaging S.A.↗ 原文
----- ambp-20261022x6k.htm ----- 6-K 1 ambp-20261022x6k.htm 6-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Wash…
不做 Ardagh Metal Packaging S.A.（AMBP.US）
不追多：盘前财报至盘中已上涨4.79%，而惊喜主要是小幅EBITDA beat和指引上调，Q4盈利同比下降、利润率收缩、5.1倍杠杆和负权益构成对冲；历史财报首日中位涨幅约1.5%，当前价格已反映大部分利好。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
AMBP三季度EBITDA小幅超指引并上调全年展望，但Q4盈利指引同比下滑、利润率承压且杠杆很高。市场盘前至盘中已完成明显正向重定价，当前价位不追。
消息传播链
- 公司在美股盘前发布Q3 2026业绩、全年指引上调和Q4指引。
- 管理层按新闻稿口径说明Q3超指引、欧洲增长、美洲环比改善及英国/西班牙扩产。
- 6-K将同份业绩稿作为Exhibit 99.1提交；此时距新闻稿首发已约4小时13分钟。市场反应:Futu报价显示AMBP 11:13报4.81美元，较前收4.59美元上涨4.79%。
关键理由
- Q3 Adjusted EBITDA 2.13亿美元高于2.00–2.10亿美元指引，全年指引上调至7.85–7.95亿美元，欧洲出货量增长6%是主要亮点。
- 但收入同比增加2.66亿美元主要来自投入成本转嫁，集团Adjusted EBITDA仅增加500万美元、调整后EPS持平，基本面惊喜幅度有限。
主要风险
- Q4 Adjusted EBITDA指引1.53–1.63亿美元，中值较2025年Q4的1.66亿美元下降约5%，公司明确提到汇率、通胀和高基数。
- 公司净负债41.04亿美元、杠杆5.1倍且权益为负7.60亿美元，母公司出售AMBP股权流程此前还遭遇卢森堡法院限制，估值重估容易受资产负债表和所有权不确定性压制。
反向证据
- 做多前查反向 · 来源 filing · 日期 2026-10-22 · 影响 weakens
Q4 EBITDA指引中值1.58亿美元，低于2025年Q4的1.66亿美元；美洲Q3 EBITDA同比下降3%，集团EBITDA率从14.6%降至12.6%。
检索:AMBP Q4 2026 EBITDA guidance 153 163 versus 166 margin Americas decline 原文 ↗ - 做多前查反向 · 来源 kb_search · 日期 2026-09-30 · 影响 weakens
内部库RBC包装行业周报提到卢森堡法院曾限制Ardagh Holdings推进AMBP出售流程；本次财报自身也显示净负债41.04亿美元、杠杆5.1倍、负权益7.60亿美元。
检索:AMBP debt negative equity Ardagh sale court order Luxembourg - 做多前查反向 · 来源 web · 日期 2026-10-13 · 影响 weakens
MarketBeat转述的卖方一致目标价约4.83美元，而当前报价4.81美元，盘中上涨后已接近该目标价。
检索:AMBP consensus target price 4.83 October 2026 原文 ↗
先例如何影响了这次决策
对本次决策的影响:先例确认财报本身偏正面，但不支持在已涨约4.8%后追入；最终选择AVOID而非ENTER LONG。
方向:4个同公司盘前业绩先例首日均为正，中位+1.5%、平均+2.7%，方向偏正面；但第5日胜率仅50%，延续性不稳。
涨幅量级:样本全部是盘前锚，而当前可交易时点已在盘中且股价先涨4.8%；event_study的clean_n为0、decision_grade为very_thin，不能用这些先例再设定追涨止盈空间。
形态:Q3 2025首日大涨7.8%后次日高开低走并在第5日转负，Q2 2026也是高开后收盘仅+0.2%，显示财报首日冲高兑现风险明显。
历史先例(按相似度)
- 相似度 8/10 AMBP 2025-10-23 Q3 2025 Adjusted EBITDA 2.08亿美元，位于2.00–2.10亿美元指引高端。 原文 ↗
事件后 +1日 +7.8% · +2日 +1.6% · +3日 +1.1% · +4日 +0.0% · +5日 -1.9%
⚠未核对目标相位 — 该行涨幅别用来定止盈止损
相似度依据:同一公司、同为盘前Q3业绩且EBITDA位于指引高端；但本次还包含Q4同比下滑指引。
经验:强势日报后次日显著回落，第5日转负，说明高杠杆小盘财报的首日冲高容易被兑现。 - 相似度 8/10 AMBP 2026-07-23 Q2 2026 Adjusted EBITDA约2.40亿美元并上调全年展望。 原文 ↗
事件后 +1日 +0.2% · +2日 +1.5% · +3日 +2.8% · +4日 +10.6% · +5日 +5.3%
⚠未核对目标相位 — 该行涨幅别用来定止盈止损
相似度依据:最接近本次：同公司季度业绩超预期并上调全年展望，但本次Q4指引更明确地同比下滑。
经验:业绩日高开后收盘仅小涨，真正延续在数日之后，盘中追高并非优势入场点。 - 相似度 7/10 AMBP 2026-02-26 AMBP发布2025全年及Q4业绩，市场关注自由现金流、杠杆与2026展望。 原文 ↗
事件后 +1日 +0.7% · +2日 +5.9% · +3日 +5.9% · +4日 +4.2% · +5日 +3.1%
⚠未核对目标相位 — 该行涨幅别用来定止盈止损
相似度依据:同一公司年度/四季度业绩，市场同样关注杠杆和指引，但季度结构与本次不同。
经验:首日反应温和、之后数日才有延续，财报利好并非总在开盘追涨中兑现。 - 相似度 7/10 AMBP 2026-04-23 Q1 2026业绩超自身指引，股价在披露前一两日已有明显波动。 原文 ↗
事件后 +1日 +2.3% · +2日 +4.2% · +3日 +3.4% · +4日 +1.3% · +5日 +0.0%
⚠锚前1-2日已异动6.3%>锚定日2.3%·未核对目标相位 — 该行涨幅别用来定止盈止损
相似度依据:同为AMBP盘前季度业绩超自身指引；但工具识别到锚前已有异动，污染程度较高。
经验:即使业绩超指引，若前期已有资金埋伏，首日追入的后续超额收益并不稳定。
工具执行结果 · 成功 14 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 2,568 ms
{"result": "search_processed_events:agent query=`ambp third quarter 2026 earnings 6-k revenue 1694 guidance 785-795 | ardagh metal packaging ambp q3 2026 results ebitda guidance raised | ardagh metal packaging q4 ebitda guidance `；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 72.0/72 小时、26458 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 - stock_quote 成功 stock_tools HTTP · 207 ms
{ - web_search 成功 doubao_search · 1,970 ms
豆包搜索结果（原始查询:Ardagh Metal Packaging AMBP Q3 2026 results guidance raised 785 795 October 22 2026；API SearchType:web） - web_search 成功 doubao_search · 1,346 ms
豆包搜索结果（原始查询:AMBP Ardagh Metal Packaging 2026 Adjusted EBITDA guidance previous range Q2 2026；API SearchType:web） - kb_search 成功 stock_tools HTTP · 1,203 ms
{ - web_search 成功 doubao_search · 431 ms
web_search「site:sec.gov/Archives/edgar/data/1845097 AMBP 2026 guidance "$770" "$790" Adjusted EBITDA」无结果。 - web_search 成功 doubao_search · 1,497 ms
豆包搜索结果（原始查询:AMBP Q2 2026 results "2026 Adjusted EBITDA guidance" "$" raised；API SearchType:web） - web_search 成功 doubao_search · 1,395 ms
豆包搜索结果（原始查询:AMBP Q3 2026 earnings reaction analysts guidance 785 795 Q4 153 163；API SearchType:web） - search_case_library 成功 stock_tools HTTP · 19 ms
{"result": "search_case_library「AMBP.US」—— 与这些标的相关、事件类型=财报/业绩预告的自家决策案例(本页 12 条,该标的全历史相关记录共 24 条；ENTER 只按该标的自己的腿统计):\n◆ AMBP.US：相关历史决策 24 条 · 其中该标的 ENTER 0 条(0.0%) · 我们从没在这只票上 ENTER 过\n【对所查标的真 ENTER 过的:0 条 —— 相关案例里没有该标的自己的 ENTER 腿】\n【最近 12 条其它决策(多为「不做」,用来看这票最近在被什么消息刷屏)】\n• 2026-10-22 UTC 不做 · 事件:AMBP - web_search 成功 doubao_search · 1,252 ms
豆包搜索结果（原始查询:Ardagh Metal Packaging third quarter 2025 results October 2025 Adjusted EBITDA guidance；API SearchType:web） - web_search 成功 doubao_search · 1,478 ms
豆包搜索结果（原始查询:Ardagh Metal Packaging first quarter 2026 results April 23 2026 raised guidance SEC 6-K；API SearchType:web） - web_search 成功 doubao_search · 1,460 ms
豆包搜索结果（原始查询:Ardagh Metal Packaging fourth quarter full year 2025 results February 26 2026 6-K；API SearchType:web） - web_search 成功 doubao_search · 1,586 ms
豆包搜索结果（原始查询:Ball Corporation Q3 2025 results October 2025 raised guidance earnings release；API SearchType:web） - event_study 成功 stock_tools HTTP · 27 ms
{
原文全文
展开原文 · 21,886 字
----- ambp-20261022x6k.htm -----
6-K
1
ambp-20261022x6k.htm
6-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October, 2026
Commission File Number: 001-40709
Ardagh Metal Packaging S.A.
(Name of Registrant)
56, rue Charles Martel
L-2134 Luxembourg, Luxembourg
+352 26 25 85 55
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F
☒
Form 40-F
☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____
EXHIBIT INDEX
The following exhibit is furnished as part of this Form 6-K:
Exhibit
Number
Description
99.1
Press release on Ardagh Metal Packaging S.A. Third Quarter 2026 Results dated October 22, 2026
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Ardagh Metal Packaging S.A. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: October 22, 2026
Ardagh Metal Packaging S.A.
By:
/s/ Oliver Graham
Name:
Oliver Graham
Title:
Chief Executive Officer
----- ambp-ex99d1.htm -----
EX-99.1
2
ambp-ex99d1.htm
EX-99.1
Exhibit 99.1
Ardagh Metal Packaging S.A. – Third Quarter 2026 Results
Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the third quarter ended September 30, 2026.
Three months ended
September 30, 2026
September 30, 2025
Change
Constant Currency
($'m except per share data)
Revenue
1,694
1,428
19%
19%
Profit for the period
44
27
Adjusted EBITDA
(1)
213
208
2%
2%
Earnings per share
0.07
0.04
Adjusted earnings per share
(1)
0.08
0.08
Dividend per ordinary share
0.10
0.10
Oliver Graham, CEO of Ardagh Metal Packaging (AMP), said:
“AMP delivered a strong performance in the third quarter, with growth in global shipments and Adjusted EBITDA, ahead of our guidance. Beverage can shipments increased by 2%, driven by strong performance in Europe with growth of 6%, partly offset by a shipments decline of 1% in the Americas - which represented a sequential quarterly improvement, supported by the strength of our customer portfolio.
Our Adjusted EBITDA outperformance in the quarter reflected a good performance in both segments. Europe continued to benefit from robust volume growth and the Americas were supported by favorable volume/mix effects driven by continued demand for speciality cans in North America, helping to negate the expected impact of contract resets.
Beverage can industry demand remains resilient across each of our markets, driven by strength in key categories and continued share gains in the packaging mix. Given this demand strength we are pleased to announce that we are accelerating and upscaling our previously outlined growth investment plans in Europe, to capture this growth and to support our customers, by building two new can lines in existing facilities in the attractive markets of the UK and Spain.”
●
Global beverage can shipments grew by 2% in the quarter versus the prior year quarter. Global shipments growth reflected an increase of 6% in Europe, partly offset by a 1% decline in the Americas, driven by a 1% decline in North America - a strong sequential improvement from Q2 - and a 5% decline in Brazil, due to customer mix and a contract reset.
●
Adjusted EBITDA of $213 million for the quarter was ahead of our guidance range of $200-210 million, representing a 2% increase, on both a reported and constant currency basis, versus the prior year quarter.
●
In Europe Adjusted EBITDA for the quarter increased by 11%, on both a reported and constant currency basis, to $91 million, mainly driven by higher input cost recovery and strong volume growth, partly offset by the impact of the IFRS 15 contract asset, as well as slightly higher operations and overhead costs.
●
In the Americas Adjusted EBITDA for the quarter decreased by 3% to $122 million, resulting from higher operations and overhead costs, as well as lower input cost recovery versus the prior year quarter, partly offset by favorable volume/mix.
●
Strong total liquidity position of $736 million at September 30, 2026. Net debt to Adjusted EBITDA ratio of 5.1x, below the 5.2x in the prior year quarter. On a comparable like for like basis, pro-forma for the Q4 2025 refinancing of the preferred shares, leverage has reduced from 5.6x in the prior year quarter.
●
Regular quarterly ordinary dividend of 10c announced. No change to capital allocation priorities.
●
2026 Adjusted EBITDA guidance raised
: Full year 2026 Adjusted EBITDA guidance range raised to between $785–795 million, assuming modest global shipments growth.
●
Fourth quarter Adjusted EBITDA expected to be in the range of $153–163 million. This compares with Q4 2025 Adjusted EBITDA of $166 million ($164 million at constant currency) and reflects current foreign exchange rates, some inflationary headwinds and also laps strong prior year shipments growth of 4%.
1
Financial Performance Review
Bridge of 2025 to 2026 Revenue and Adjusted EBITDA
Three months ended September 30, 2026
Revenue
Europe
Americas
Group
$'m
$'m
$'m
Revenue 2025
625
803
1,428
Organic
75
198
273
FX translation
(7)
—
(7)
Revenue 2026
693
1,001
1,694
Adjusted EBITDA
Europe
Americas
Group
$'m
$'m
$'m
Adjusted EBITDA 2025
82
126
208
Organic
9
(4)
5
FX translation
—
—
—
Adjusted EBITDA 2026
91
122
213
2026 Adjusted EBITDA margin %
13.1%
12.2%
12.6%
2025 Adjusted EBITDA margin %
13.1%
15.7%
14.6%
Nine months ended September 30, 2026
Revenue
Europe
Americas
Group
$'m
$'m
$'m
Revenue 2025
1,768
2,383
4,151
Organic
170
512
682
FX translation
78
—
78
Revenue 2026
2,016
2,895
4,911
Adjusted EBITDA
Europe
Americas
Group
$'m
$'m
$'m
Adjusted EBITDA 2025
208
365
573
Organic
55
(4)
51
FX translation
8
—
8
Adjusted EBITDA 2026
271
361
632
2026 Adjusted EBITDA margin %
13.4%
12.5%
12.9%
2025 Adjusted EBITDA margin %
11.8%
15.3%
13.8%
2
Group Performance
Group
Revenue increased by $266 million, or 19% on both a reported and constant currency basis, to $1,694 million in the three months ended September 30, 2026, compared with $1,428 million in the same period last year, principally reflecting the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA increased by $5 million, or 2% on both a reported and constant currency basis, to $213 million in the three months ended September 30, 2026, compared with $208 million in the same period last year, principally due to higher input cost recovery and favorable volume/mix effects, partly offset by higher operations and overhead costs.
Europe
Revenue increased by $68 million, or 11%, to $693 million in the three months ended September 30, 2026, compared with $625 million in the same period last year. On a constant currency basis revenue increased by 12%, principally due to the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA increased by $9 million, or 11% on both a reported and constant currency basis, to $91 million in the three months ended September 30, 2026, compared with $82 million in the same period last year, principally due to higher input cost recovery, partly offset by unfavorable volume/mix effects (impact of IFRS 15 contract asset) and higher operations and overhead costs.
Americas
Revenue increased by $198 million, or 25% on both a reported and constant currency basis, to $1,001 million in the three months ended September 30, 2026, compared with $803 million in the same period last year, principally reflecting the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA decreased by $4 million, or 3%, to $122 million in the three months ended September 30, 2026, compared with $126 million in the same period last year, principally driven by higher operations and overhead costs and lower input cost recovery, partly offset by favorable volume/mix effects.
3
Earnings Webcast and Conference Call Details
Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its third quarter 2026 earnings webcast and conference call for investors at 9.00 a.m. EDT (2.00 p.m. BST) on Thursday October 22, 2026. Please use the following webcast link to register for this call:
Webcast registration and access:
https://event.webcasts.com/starthere.jsp?ei=1777075&tp_key=8448e3c5dc
Conference call dial in:
United States/Canada: +1 646 769 9200
International: +44 020 7769 6464
Participant pin code: 4670396
An investor earnings presentation to accompany this release is available at https://ir.ardaghmetalpackaging.com/.
About Ardagh Metal Packaging
Ardagh Metal Packaging (AMP) is a leading global supplier of sustainable and infinitely recyclable metal beverage cans to brand owners globally. An operating business of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. AMP operates 23 production facilities in nine countries, employing approximately 6,500 people with sales of approximately $5.5 billion in 2025.
For more information, visit https://ir.ardaghmetalpackaging.com/.
Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts and are inherently subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this release. Certain factors that could cause actual events to differ materially from those discussed in any forward-looking statements include the risk factors described in Ardagh Metal Packaging S.A.’s Annual Report on Form 20-F for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) and any other public filings made by Ardagh Metal Packaging S.A. with the SEC. In addition, new risk factors and uncertainties emerge from time to time, and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual events to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward-looking statements in this release be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking information presented herein is made only as of the date of this release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. The person responsible for the release of this information on behalf of Ardagh Metal Packaging Finance plc and Ardagh Metal Packaging Finance USA LLC is Stephen Lyons, Investor Relations Director.
Non-IFRS Financial Measures
This release may contain certain financial measures such as Adjusted EBITDA, Adjusted operating cash flow, Adjusted free cash flow, net debt and ratios relating thereto that are not calculated in accordance with IFRS
®
Accounting Standards. Non-IFRS financial measures may be considered in addition to IFRS financial information, but should not be used as substitutes for the corresponding IFRS measures. The non-IFRS financial measures used by Ardagh Metal Packaging S.A. may differ from, and not be comparable to, similarly titled measures used by other companies.
Contacts:
Investors:
Email: stephen.lyons@ardaghgroup.com
Media:
Pat Walsh, Murray Consultants
Tel.: +353 1 498 0300 / +353 87 2269345
Email: pwalsh@murraygroup.ie
4
Unaudited Condensed Consolidated Income Statement for the three months ended September 30, 2026 and 2025
Three months ended September 30, 2026
Three months ended September 30, 2025
Before exceptional items
Exceptional items
Total
Before exceptional items
Exceptional items
Total
$'m
$'m
$'m
$'m
$'m
$'m
Revenue
1,694
—
1,694
1,428
—
1,428
Cost of sales
(1,497)
(1)
(1,498)
(1,233)
(1)
(1,234)
Gross profit
197
(1)
196
195
(1)
194
Sales, general and administration expenses
(69)
(1)
(70)
(71)
(2)
(73)
Intangible amortization
(12)
—
(12)
(34)
—
(34)
Operating profit
116
(2)
114
90
(3)
87
Net finance (expense)/income
(61)
8
(53)
(56)
6
(50)
Profit before tax
55
6
61
34
3
37
Income tax charge
(17)
—
(17)
(10)
—
(10)
Profit for the period
38
6
44
24
3
27
Earnings per share:
Basic and diluted earnings per share attributable to equity holders
0.07
0.04
5
Unaudited Condensed Consolidated Income Statement for the nine months ended September 30, 2026 and 2025
Nine months ended September 30, 2026
Nine months ended September 30, 2025
Before exceptional items
Exceptional items
Total
Before exceptional items
Exceptional items
Total
$'m
$'m
$'m
$'m
$'m
$'m
Revenue
4,911
—
4,911
4,151
—
4,151
Cost of sales
(4,296)
(3)
(4,299)
(3,606)
(16)
(3,622)
Gross profit
615
(3)
612
545
(16)
529
Sales, general and administration expenses
(236)
(7)
(243)
(213)
(4)
(217)
Intangible amortization
(84)
—
(84)
(102)
—
(102)
Operating profit
295
(10)
285
230
(20)
210
Net finance (expense)/income
(180)
3
(177)
(171)
4
(167)
Profit before tax
115
(7)
108
59
(16)
43
Income tax (charge)/credit
(35)
1
(34)
(17)
1
(16)
Profit for the period
80
(6)
74
42
(15)
27
Earnings per share:
Basic and diluted earnings per share attributable to equity holders
0.12
0.02
6
Unaudited Condensed Consolidated Statement of Financial Position
At September 30, 2026
At December 31, 2025
$'m
$'m
Non-current assets
Intangible assets
1,087
1,181
Property, plant and equipment
2,403
2,515
Other non-current assets
148
143
3,638
3,839
Current assets
Inventories
580
509
Trade and other receivables
676
467
Contract assets
273
267
Income tax receivable
22
34
Derivative financial instruments
30
41
Cash, cash equivalents and restricted cash
213
522
1,794
1,840
TOTAL ASSETS
5,432
5,679
TOTAL EQUITY
(760)
(675)
Non-current liabilities
Borrowings including lease obligations
4,206
4,301
Other non-current liabilities
316
324
4,522
4,625
Current liabilities
Borrowings including lease obligations
111
118
Payables and other current liabilities
1,559
1,611
1,670
1,729
TOTAL LIABILITIES
6,192
6,354
TOTAL EQUITY and LIABILITIES
5,432
5,679
7
Unaudited Condensed Consolidated Statement of Cash Flows
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
$'m
$'m
$'m
$'m
Cash flows from operating activities
Cash generated from operations
(2)
196
214
273
257
Net interest paid
(12)
(18)
(122)
(117)
Settlement of foreign currency derivative financial instruments
—
(8)
(8)
(39)
Income tax paid
(5)
(7)
(18)
(20)
Cash flows from operating activities
179
181
125
81
Cash flows used in investing activities
Net capital expenditure
(43)
(50)
(138)
(131)
Net cash used in investing activities
(43)
(50)
(138)
(131)
Cash flows used in financing activities
Changes in borrowings
(20)
28
3
22
Deferred debt issue costs paid
—
(3)
(12)
(6)
Lease payments
(31)
(31)
(105)
(82)
Dividends paid
(60)
(66)
(180)
(198)
Net cash used in financing activities
(111)
(72)
(294)
(264)
Net increase/(decrease) in cash, cash equivalents and restricted cash
25
59
(307)
(314)
Cash, cash equivalents and restricted cash at beginning of period
189
256
522
610
Foreign exchange (losses)/gains on cash, cash equivalents and restricted cash
(1)
2
(2)
21
Cash, cash equivalents and restricted cash at end of period
213
317
213
317
Financial assets and liabilities
At September 30, 2026, the Group’s net debt and available liquidity was as follows:
Drawn amount
Available liquidity
$'m
$'m
Senior Secured Green and Senior Green Notes
3,996
—
Global Asset Based Loan facility
—
427
Bradesco facility
—
96
Lease obligations
320
—
Other borrowings
27
—
Total borrowings / undrawn facilities
4,343
523
Deferred debt issue costs
(26)
—
Net borrowings / undrawn facilities
4,317
523
Cash, cash equivalents and restricted cash
(213)
213
Derivative financial instruments used to hedge foreign currency and interest rate risk
—
—
Net debt / available liquidity
4,104
736
8
Reconciliation of profit for the period to Adjusted profit for the period
Three months ended September 30,
2026
2025
$'m
$'m
Profit for the period as presented in the income statement
44
27
Less: Dividend on preferred shares
—
(6)
Profit for the period used in calculating earnings per share
44
21
Exceptional items, net of tax
(6)
(3)
Intangible amortization, net of tax
9
27
Adjusted profit for the period
47
45
Weighted average number of ordinary shares
597.7
597.7
Earnings per share
0.07
0.04
Adjusted earnings per share
0.08
0.08
Reconciliation of profit for the period to Adjusted EBITDA
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
$'m
$'m
$'m
$'m
Profit for the period
44
27
74
27
Income tax charge
17
10
34
16
Net finance expense
53
50
177
167
Depreciation and amortization
97
118
337
343
Exceptional operating items
2
3
10
20
Adjusted EBITDA
213
208
632
573
Reconciliation of Adjusted EBITDA to Adjusted operating cash flow and Adjusted free cash flow
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
$'m
$'m
$'m
$'m
Adjusted EBITDA
213
208
632
573
Movement in working capital
(15)
10
(347)
(305)
Maintenance capital expenditure
(34)
(31)
(100)
(82)
Lease payments
(31)
(31)
(105)
(82)
Exceptional restructuring costs paid
(1)
—
(2)
(1)
Adjusted operating cash flow
132
156
78
103
Net interest paid
(12)
(18)
(122)
(117)
Settlement of foreign currency derivative financial instruments
—
(8)
(8)
(39)
Income tax paid
(5)
(7)
(18)
(20)
Adjusted free cash flow - pre Growth Investment capital expenditure
115
123
(70)
(73)
Growth investment capital expenditure
(9)
(19)
(38)
(49)
Adjusted free cash flow - post Growth Investment capital expenditure
106
104
(108)
(122)
9
Related Footnotes
(1) For a reconciliation to the most comparable IFRS measures, see Page 9.
(2) Cash generated from operations for the three months ended September 30, 2026 is derived from the aggregate of Adjusted EBITDA as presented on Page 9, working capital outflows of $15 million (2025: inflows of $10 million) and other exceptional cash outflows of $2 million (2025: outflows of $4 million). Cash generated from operations for the nine months ended September 30, 2026 is derived from the aggregate of Adjusted EBITDA as presented on Page 9, working capital outflows of $347 million (2025: $305 million) and other exceptional cash outflows of $12 million (2025: $11 million).
10
6-K
1
ambp-20261022x6k.htm
6-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of October, 2026
Commission File Number: 001-40709
Ardagh Metal Packaging S.A.
(Name of Registrant)
56, rue Charles Martel
L-2134 Luxembourg, Luxembourg
+352 26 25 85 55
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F
☒
Form 40-F
☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____
EXHIBIT INDEX
The following exhibit is furnished as part of this Form 6-K:
Exhibit
Number
Description
99.1
Press release on Ardagh Metal Packaging S.A. Third Quarter 2026 Results dated October 22, 2026
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Ardagh Metal Packaging S.A. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: October 22, 2026
Ardagh Metal Packaging S.A.
By:
/s/ Oliver Graham
Name:
Oliver Graham
Title:
Chief Executive Officer
----- ambp-ex99d1.htm -----
EX-99.1
2
ambp-ex99d1.htm
EX-99.1
Exhibit 99.1
Ardagh Metal Packaging S.A. – Third Quarter 2026 Results
Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the third quarter ended September 30, 2026.
Three months ended
September 30, 2026
September 30, 2025
Change
Constant Currency
($'m except per share data)
Revenue
1,694
1,428
19%
19%
Profit for the period
44
27
Adjusted EBITDA
(1)
213
208
2%
2%
Earnings per share
0.07
0.04
Adjusted earnings per share
(1)
0.08
0.08
Dividend per ordinary share
0.10
0.10
Oliver Graham, CEO of Ardagh Metal Packaging (AMP), said:
“AMP delivered a strong performance in the third quarter, with growth in global shipments and Adjusted EBITDA, ahead of our guidance. Beverage can shipments increased by 2%, driven by strong performance in Europe with growth of 6%, partly offset by a shipments decline of 1% in the Americas - which represented a sequential quarterly improvement, supported by the strength of our customer portfolio.
Our Adjusted EBITDA outperformance in the quarter reflected a good performance in both segments. Europe continued to benefit from robust volume growth and the Americas were supported by favorable volume/mix effects driven by continued demand for speciality cans in North America, helping to negate the expected impact of contract resets.
Beverage can industry demand remains resilient across each of our markets, driven by strength in key categories and continued share gains in the packaging mix. Given this demand strength we are pleased to announce that we are accelerating and upscaling our previously outlined growth investment plans in Europe, to capture this growth and to support our customers, by building two new can lines in existing facilities in the attractive markets of the UK and Spain.”
●
Global beverage can shipments grew by 2% in the quarter versus the prior year quarter. Global shipments growth reflected an increase of 6% in Europe, partly offset by a 1% decline in the Americas, driven by a 1% decline in North America - a strong sequential improvement from Q2 - and a 5% decline in Brazil, due to customer mix and a contract reset.
●
Adjusted EBITDA of $213 million for the quarter was ahead of our guidance range of $200-210 million, representing a 2% increase, on both a reported and constant currency basis, versus the prior year quarter.
●
In Europe Adjusted EBITDA for the quarter increased by 11%, on both a reported and constant currency basis, to $91 million, mainly driven by higher input cost recovery and strong volume growth, partly offset by the impact of the IFRS 15 contract asset, as well as slightly higher operations and overhead costs.
●
In the Americas Adjusted EBITDA for the quarter decreased by 3% to $122 million, resulting from higher operations and overhead costs, as well as lower input cost recovery versus the prior year quarter, partly offset by favorable volume/mix.
●
Strong total liquidity position of $736 million at September 30, 2026. Net debt to Adjusted EBITDA ratio of 5.1x, below the 5.2x in the prior year quarter. On a comparable like for like basis, pro-forma for the Q4 2025 refinancing of the preferred shares, leverage has reduced from 5.6x in the prior year quarter.
●
Regular quarterly ordinary dividend of 10c announced. No change to capital allocation priorities.
●
2026 Adjusted EBITDA guidance raised
: Full year 2026 Adjusted EBITDA guidance range raised to between $785–795 million, assuming modest global shipments growth.
●
Fourth quarter Adjusted EBITDA expected to be in the range of $153–163 million. This compares with Q4 2025 Adjusted EBITDA of $166 million ($164 million at constant currency) and reflects current foreign exchange rates, some inflationary headwinds and also laps strong prior year shipments growth of 4%.
1
Financial Performance Review
Bridge of 2025 to 2026 Revenue and Adjusted EBITDA
Three months ended September 30, 2026
Revenue
Europe
Americas
Group
$'m
$'m
$'m
Revenue 2025
625
803
1,428
Organic
75
198
273
FX translation
(7)
—
(7)
Revenue 2026
693
1,001
1,694
Adjusted EBITDA
Europe
Americas
Group
$'m
$'m
$'m
Adjusted EBITDA 2025
82
126
208
Organic
9
(4)
5
FX translation
—
—
—
Adjusted EBITDA 2026
91
122
213
2026 Adjusted EBITDA margin %
13.1%
12.2%
12.6%
2025 Adjusted EBITDA margin %
13.1%
15.7%
14.6%
Nine months ended September 30, 2026
Revenue
Europe
Americas
Group
$'m
$'m
$'m
Revenue 2025
1,768
2,383
4,151
Organic
170
512
682
FX translation
78
—
78
Revenue 2026
2,016
2,895
4,911
Adjusted EBITDA
Europe
Americas
Group
$'m
$'m
$'m
Adjusted EBITDA 2025
208
365
573
Organic
55
(4)
51
FX translation
8
—
8
Adjusted EBITDA 2026
271
361
632
2026 Adjusted EBITDA margin %
13.4%
12.5%
12.9%
2025 Adjusted EBITDA margin %
11.8%
15.3%
13.8%
2
Group Performance
Group
Revenue increased by $266 million, or 19% on both a reported and constant currency basis, to $1,694 million in the three months ended September 30, 2026, compared with $1,428 million in the same period last year, principally reflecting the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA increased by $5 million, or 2% on both a reported and constant currency basis, to $213 million in the three months ended September 30, 2026, compared with $208 million in the same period last year, principally due to higher input cost recovery and favorable volume/mix effects, partly offset by higher operations and overhead costs.
Europe
Revenue increased by $68 million, or 11%, to $693 million in the three months ended September 30, 2026, compared with $625 million in the same period last year. On a constant currency basis revenue increased by 12%, principally due to the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA increased by $9 million, or 11% on both a reported and constant currency basis, to $91 million in the three months ended September 30, 2026, compared with $82 million in the same period last year, principally due to higher input cost recovery, partly offset by unfavorable volume/mix effects (impact of IFRS 15 contract asset) and higher operations and overhead costs.
Americas
Revenue increased by $198 million, or 25% on both a reported and constant currency basis, to $1,001 million in the three months ended September 30, 2026, compared with $803 million in the same period last year, principally reflecting the pass through of higher input costs to customers and favorable volume/mix effects.
Adjusted EBITDA decreased by $4 million, or 3%, to $122 million in the three months ended September 30, 2026, compared with $126 million in the same period last year, principally driven by higher operations and overhead costs and lower input cost recovery, partly offset by favorable volume/mix effects.
3
Earnings Webcast and Conference Call Details
Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its third quarter 2026 earnings webcast and conference call for investors at 9.00 a.m. EDT (2.00 p.m. BST) on Thursday October 22, 2026. Please use the following webcast link to register for this call:
Webcast registration and access:
https://event.webcasts.com/starthere.jsp?ei=1777075&tp_key=8448e3c5dc
Conference call dial in:
United States/Canada: +1 646 769 9200
International: +44 020 7769 6464
Participant pin code: 4670396
An investor earnings presentation to accompany this release is available at https://ir.ardaghmetalpackaging.com/.
About Ardagh Metal Packaging
Ardagh Metal Packaging (AMP) is a leading global supplier of sustainable and infinitely recyclable metal beverage cans to brand owners globally. An operating business of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. AMP operates 23 production facilities in nine countries, employing approximately 6,500 people with sales of approximately $5.5 billion in 2025.
For more information, visit https://ir.ardaghmetalpackaging.com/.
Forward-Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts and are inherently subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this release. Certain factors that could cause actual events to differ materially from those discussed in any forward-looking statements include the risk factors described in Ardagh Metal Packaging S.A.’s Annual Report on Form 20-F for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) and any other public filings made by Ardagh Metal Packaging S.A. with the SEC. In addition, new risk factors and uncertainties emerge from time to time, and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual events to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward-looking statements in this release be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking information presented herein is made only as of the date of this release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. The person responsible for the release of this information on behalf of Ardagh Metal Packaging Finance plc and Ardagh Metal Packaging Finance USA LLC is Stephen Lyons, Investor Relations Director.
Non-IFRS Financial Measures
This release may contain certain financial measures such as Adjusted EBITDA, Adjusted operating cash flow, Adjusted free cash flow, net debt and ratios relating thereto that are not calculated in accordance with IFRS
®
Accounting Standards. Non-IFRS financial measures may be considered in addition to IFRS financial information, but should not be used as substitutes for the corresponding IFRS measures. The non-IFRS financial measures used by Ardagh Metal Packaging S.A. may differ from, and not be comparable to, similarly titled measures used by other companies.
Contacts:
Investors:
Email: stephen.lyons@ardaghgroup.com
Media:
Pat Walsh, Murray Consultants
Tel.: +353 1 498 0300 / +353 87 2269345
Email: pwalsh@murraygroup.ie
4
Unaudited Condensed Consolidated Income Statement for the three months ended September 30, 2026 and 2025
Three months ended September 30, 2026
Three months ended September 30, 2025
Before exceptional items
Exceptional items
Total
Before exceptional items
Exceptional items
Total
$'m
$'m
$'m
$'m
$'m
$'m
Revenue
1,694
—
1,694
1,428
—
1,428
Cost of sales
(1,497)
(1)
(1,498)
(1,233)
(1)
(1,234)
Gross profit
197
(1)
196
195
(1)
194
Sales, general and administration expenses
(69)
(1)
(70)
(71)
(2)
(73)
Intangible amortization
(12)
—
(12)
(34)
—
(34)
Operating profit
116
(2)
114
90
(3)
87
Net finance (expense)/income
(61)
8
(53)
(56)
6
(50)
Profit before tax
55
6
61
34
3
37
Income tax charge
(17)
—
(17)
(10)
—
(10)
Profit for the period
38
6
44
24
3
27
Earnings per share:
Basic and diluted earnings per share attributable to equity holders
0.07
0.04
5
Unaudited Condensed Consolidated Income Statement for the nine months ended September 30, 2026 and 2025
Nine months ended September 30, 2026
Nine months ended September 30, 2025
Before exceptional items
Exceptional items
Total
Before exceptional items
Exceptional items
Total
$'m
$'m
$'m
$'m
$'m
$'m
Revenue
4,911
—
4,911
4,151
—
4,151
Cost of sales
(4,296)
(3)
(4,299)
(3,606)
(16)
(3,622)
Gross profit
615
(3)
612
545
(16)
529
Sales, general and administration expenses
(236)
(7)
(243)
(213)
(4)
(217)
Intangible amortization
(84)
—
(84)
(102)
—
(102)
Operating profit
295
(10)
285
230
(20)
210
Net finance (expense)/income
(180)
3
(177)
(171)
4
(167)
Profit before tax
115
(7)
108
59
(16)
43
Income tax (charge)/credit
(35)
1
(34)
(17)
1
(16)
Profit for the period
80
(6)
74
42
(15)
27
Earnings per share:
Basic and diluted earnings per share attributable to equity holders
0.12
0.02
6
Unaudited Condensed Consolidated Statement of Financial Position
At September 30, 2026
At December 31, 2025
$'m
$'m
Non-current assets
Intangible assets
1,087
1,181
Property, plant and equipment
2,403
2,515
Other non-current assets
148
143
3,638
3,839
Current assets
Inventories
580
509
Trade and other receivables
676
467
Contract assets
273
267
Income tax receivable
22
34
Derivative financial instruments
30
41
Cash, cash equivalents and restricted cash
213
522
1,794
1,840
TOTAL ASSETS
5,432
5,679
TOTAL EQUITY
(760)
(675)
Non-current liabilities
Borrowings including lease obligations
4,206
4,301
Other non-current liabilities
316
324
4,522
4,625
Current liabilities
Borrowings including lease obligations
111
118
Payables and other current liabilities
1,559
1,611
1,670
1,729
TOTAL LIABILITIES
6,192
6,354
TOTAL EQUITY and LIABILITIES
5,432
5,679
7
Unaudited Condensed Consolidated Statement of Cash Flows
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
$'m
$'m
$'m
$'m
Cash flows from operating activities
Cash generated from operations
(2)
196
214
273
257
Net interest paid
(12)
(18)
(122)
(117)
Settlement of foreign currency derivative financial instruments
—
(8)
(8)
(39)
Income tax paid
(5)
(7)
(18)
(20)
Cash flows from operating activities
179
181
125
81
Cash flows used in investing activities
Net capital expenditure
(43)
(50)
(138)
(131)
Net cash used in investing activities
(43)
(50)
(138)
(131)
Cash flows used in financing activities
Changes in borrowings
(20)
28
3
22
Deferred debt issue costs paid
—
(3)
(12)
(6)
Lease payments
(31)
(31)
(105)
(82)
Dividends paid
(60)
(66)
(180)
(198)
Net cash used in financing activities
(111)
(72)
(294)
(264)
Net increase/(decrease) in cash, cash equivalents and restricted cash
25
59
(307)
(314)
Cash, cash equivalents and restricted cash at beginning of period
189
256
522
610
Foreign exchange (losses)/gains on cash, cash equivalents and restricted cash
(1)
2
(2)
21
Cash, cash equivalents and restricted cash at end of period
213
317
213
317
Financial assets and liabilities
At September 30, 2026, the Group’s net debt and available liquidity was as follows:
Drawn amount
Available liquidity
$'m
$'m
Senior Secured Green and Senior Green Notes
3,996
—
Global Asset Based Loan facility
—
427
Bradesco facility
—
96
Lease obligations
320
—
Other borrowings
27
—
Total borrowings / undrawn facilities
4,343
523
Deferred debt issue costs
(26)
—
Net borrowings / undrawn facilities
4,317
523
Cash, cash equivalents and restricted cash
(213)
213
Derivative financial instruments used to hedge foreign currency and interest rate risk
—
—
Net debt / available liquidity
4,104
736
8
Reconciliation of profit for the period to Adjusted profit for the period
Three months ended September 30,
2026
2025
$'m
$'m
Profit for the period as presented in the income statement
44
27
Less: Dividend on preferred shares
—
(6)
Profit for the period used in calculating earnings per share
44
21
Exceptional items, net of tax
(6)
(3)
Intangible amortization, net of tax
9
27
Adjusted profit for the period
47
45
Weighted average number of ordinary shares
597.7
597.7
Earnings per share
0.07
0.04
Adjusted earnings per share
0.08
0.08
Reconciliation of profit for the period to Adjusted EBITDA
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
$'m
$'m
$'m
$'m
Profit for the period
44
27
74
27
Income tax charge
17
10
34
16
Net finance expense
53
50
177
167
Depreciation and amortization
97
118
337
343
Exceptional operating items
2
3
10
20
Adjusted EBITDA
213
208
632
573
Reconciliation of Adjusted EBITDA to Adjusted operating cash flow and Adjusted free cash flow
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
$'m
$'m
$'m
$'m
Adjusted EBITDA
213
208
632
573
Movement in working capital
(15)
10
(347)
(305)
Maintenance capital expenditure
(34)
(31)
(100)
(82)
Lease payments
(31)
(31)
(105)
(82)
Exceptional restructuring costs paid
(1)
—
(2)
(1)
Adjusted operating cash flow
132
156
78
103
Net interest paid
(12)
(18)
(122)
(117)
Settlement of foreign currency derivative financial instruments
—
(8)
(8)
(39)
Income tax paid
(5)
(7)
(18)
(20)
Adjusted free cash flow - pre Growth Investment capital expenditure
115
123
(70)
(73)
Growth investment capital expenditure
(9)
(19)
(38)
(49)
Adjusted free cash flow - post Growth Investment capital expenditure
106
104
(108)
(122)
9
Related Footnotes
(1) For a reconciliation to the most comparable IFRS measures, see Page 9.
(2) Cash generated from operations for the three months ended September 30, 2026 is derived from the aggregate of Adjusted EBITDA as presented on Page 9, working capital outflows of $15 million (2025: inflows of $10 million) and other exceptional cash outflows of $2 million (2025: outflows of $4 million). Cash generated from operations for the nine months ended September 30, 2026 is derived from the aggregate of Adjusted EBITDA as presented on Page 9, working capital outflows of $347 million (2025: $305 million) and other exceptional cash outflows of $12 million (2025: $11 million).
10
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