Amcor : 3Q26 Presentation

Published: 2026-05-06 06:13:29 ET AMCR

Published on 05/06/2026 at 06:13 am EDT

Fiscal 2026 Third Quarter Results

Chief Executive Officer

Chief Financial Officer

6 May 2026 8:00am US EDT

6 May 2026 10.00pm Australian EST

Upholding Safety as a Core Value 3

Industry Leading Safety Performance with Opportunities to Improve

(per 200k hours worked)

Includes impact of

acquired businesses

2005

2010

2015

2020

2024

2025

3Q26 YTD

North America packaging materials industry average TRIR (2.9)

0.27

0.28

0.39

0.49

0.56

0.82

2.24

0.52

Notes: Total Recordable Incident Rate (TRIR) expresses injuries per 200,000 hours worked, as outlined by the Department of Labor (DOL). Amcor adheres to DOL injury and illness recordkeeping requirements (29 CFR 1904) and the Company TRIR is among industry leaders in context of the paper, plastic and rubber products manufacturing industries.

Guided by Our

Values

SAFETY

CUSTOMERS

WINNING

AGILITY

SUSTAINABILITY

Key Messages

First anniversary of combination; Integration successful; One Amcor

Well positioned to ensure reliable customer supply and service

Proven ability to mitigate inflation with responsible cost and price management

Q3 Adjusted EPS of $0.96; up 6% YOY; YTD Adjusted EPS of $2.79; up 11% YOY

~$500 million combined transaction value for six divestitures announced to date

Q3 synergies of $77 million; YTD synergies of $170 million; Expect Fiscal 2026 synergies of $270 million

FY26 Adjusted EPS of $3.98 to $4.03, (~12% YoY growth at the midpoint)

Q426 Adjusted EPS of $1.19 to $1.23, (20%+ YoY growth at the midpoint)

FY26 Free Cash Flow of $1.5 to $1.6 billion

Financial Performance In Line With Expectations

Third Quarter and Year To Date Financial Highlights

Net Sales

Adjusted

EBITDA

Adjusted EBIT

Adjusted EPS

Free Cash Flow

$(39)m

$0.96

+6%

$687m

11.6% margin

$892m

15.1% margin

$5,914m

$(93)m

$2.79

+11%

$1,977m

11.6% margin

$2,628m

15.4% margin

$17,108m

YTD

Quarterly dividend of $0.65 per share declared; 2% increase vs. prior year

Notes: EPS for all periods have been retroactively adjusted to reflect the 1 for 5 reverse stock split effected on January 14, 2026. EBITDA, EBIT and related margins and EPS presented on an adjusted non-GAAP basis. Adjusted non-GAAP measures exclude items which are not considered representative of ongoing operations. EPS includes the impact of consideration shares issued for the Berry Global Acquisition. Further details related to non-GAAP measures can be found on 'Reconciliations of Non-GAAP Financial Measures' slides in the appendix section.

Four Additional Portfolio Divestitures Announced

Portfolio Optimization Progress to Date

Core Portfolio (~$20B)

~$23B

Revenue

Portfolio optimization to sharpen focus on growing

$20 billion core portfolio

Total of six businesses divested or agreed in FY2026 YTD

Combined annual Revenue of ~$500 million

Average transaction multiple ~6x

~$500 million combined transaction value

Proceeds to be used to reduce debt, in line with clearly communicated capital allocation priorities

Continuing to make progress for remaining non-core assets,

including disposition of North America Beverage business

Synergy Delivery to Exceed Year One Expectations

Updated Synergy Delivery Expectations Over Three Years

Year 1

~$120 million ~$650 million

~$260 million

Year 2

~40% of total

Year 3

~18% of total

Total

synergies

$270 million

Year 1

~42% of total

Original year one expectation

of $260 million

Q3 FY2026: ~$77 million

~$100 million

Q4E

~$77 million

~$55 million

~$38 million

At upper end of $70-$80 million range

Financial ~$20 million

G&A, Procurement & Growth ~$57 million

YTD FY2026: ~$170 million

Financial ~$30 million

G&A, Procurement & Growth ~$140 million

Q4 Guidance: ~$100 million

Notes: Synergies referenced on a pre-tax basis.

Solid Performance in Core Portfolio; Non-Core on Track

Estimated Core Portfolio Performance vs Total Company

3Q26

Net sales

Core Portfolio

~$5.2bn

Total Company (incl non-core)

$5.9bn

Volume Growth1

~(1.5%)

EBIT Margin %

~12.3%

11.6%

EBIT $ Growth1

~2%

Global Leader In Consumer Packaging and Dispensing Solutions For Nutrition and Health

YTD26

Core Portfolio

Total Company (incl non-core)

Net sales

~$15.2bn

$17.1bn

Volume Growth1

~(2%)

EBIT Margin %

~12.3%

11.6%

EBIT $ Growth1

~4%

~2%

Notes: EBITDA and EBIT margins presented on an adjusted non-GAAP basis. Adjusted non-GAAP measures exclude items which are not considered representative of ongoing operations. (1) Growth rates reflect estimated year over year performance compared with adjusted EBITDA, EBIT and volumes for the combined legacy Amcor and legacy Berry businesses for the same period last year excluding non-core and divested businesses. Further details related to non-GAAP measures and performance ex non-core businesses can be found on 'Reconciliations of Non-GAAP Financial Measures' slides in the appendix section.

Global Flexible Packaging Solutions

Synergies Drive Adjusted EBIT Up ~3%, Cost Management Offsets Modest Volume Declines

Reported Result $m

3Q25

3Q26

Reported

∆

CC ∆

Net sales

2,406

3,250

+35%

+29%

Adjusted EBIT

343

452

+32%

+28%

Adjusted EBIT margin

14.3%

13.9%

Net sales up 35% or $844 million

Acquisitions 29% of total growth or $695 million Adjusted EBIT up 32% or $109 million

Acquisitions 23% of total growth or $78 million

Synergy benefits drove balance of improvement

Estimated Comparable Q3 FY2026 Results vs Prior Year1

Volume down ~1.5%

Adjusted EBIT up ~3%

Synergies drive EBIT up 3%

Cost and productivity benefits offset lower volume

Performance excluding synergies broadly flat to prior year

Reported Result $m

YTD25

YTD26

Reported ∆

CC ∆

Net sales

7,072

9,304

+32%

+27%

Adjusted EBIT

963

1,256

+30%

+28%

Adjusted EBIT margin

13.6%

13.5%

Notes: The Global Flexible Packaging Solutions segment includes Amcor's legacy Flexible Packaging business and the newly acquired Berry Global Flexibles businesses. CC refers to Constant Currency. Adjusted EBIT

presented on a non-GAAP basis and exclude items which are not considered representative of ongoing operations.

Volume and Adjusted EBIT reflects performance compared with estimated volumes and adjusted EBIT for the combined legacy Amcor and legacy Berry businesses for the same period last year, excluding divested businesses. Further details related to non-GAAP measures, CC growth and performance ex non-core businesses can be found on 'Reconciliations of Non-GAAP Financial Measures' slides in the appendix section. Prior-year LATAM results have been comparatively restated; refer to the reconciliation tables in the appendix.

Global Rigid Packaging Solutions

Adjusted EBIT In Line With Prior Year, Synergy Benefits Offset By $25M Storm Impact

Net sales up 187% or $1.7 billion

Acquisitions 182% of total growth or $1.7 billion Adjusted EBIT up 294% or $206 million

Acquisitions 253% of total growth or $175 million

Estimated Comparable Q3 FY2026 Results vs Prior Year Excluding Non-core Businesses1

Volumes down ~1.5%

Adjusted EBIT in line with prior year

Includes ~$25 million U.S. storm impact ~(9%)

Strong EBIT growth of ~10% from synergy benefits

EBIT margin ~13% ex storm impact

Balance of improvement driven by synergies

Reported Result $m 3Q25 3Q26

Reported

∆

CC ∆

Net sales 927 2,664 +187% +174%

Adjusted EBIT 70 276 +294% +273%

Adjusted EBIT margin

7.6%

10.4%

Reported Result $m

YTD25

YTD26

Reported ∆

CC ∆

Net sales

2,855

7,804

+173%

+164%

Adjusted EBIT

216

824

+281%

+266%

Adjusted EBIT margin

7.6%

10.6%

Notes: The Global Rigid Packaging Solutions segment includes Amcor's legacy Rigid Packaging business and the newly acquired Berry Global Consumer Packaging International and Consumer Packaging North America businesses. CC refers to Constant Currency. Adjusted EBIT presented on a non-GAAP basis and exclude items which are not considered representative of ongoing operations.

YTD Free Cash Flow and Leverage In Line with Expectations

YTD Free Cash Flow and Leverage

Cash flow ($ million)

YTD25

YTD26

Adjusted EBITDA

1,397

2,628

Interest and tax payments, net

(315)

(787)

Capital expenditure

(360)

(687)

Movement in working capital

(710)

(899)

Other

(29)

(86)

Adjusted Free Cash Flow

(17)

169

YTD FY2026:

Free Cash Flow use of $93 million

Prior to funding Berry transaction, restructuring and integration costs, Adjusted Free Cash Flow of $169 million, up $186 million compared with last year

Leverage at ~3.8 times reflects annual seasonality of cash flows and in line with expectations

Committed to investment grade credit rating

Berry transaction, restructuring, and integration costs

(262)

Free Cash Flow (17) (93)

Balance sheet March 31, 2026

Net debt ($ million) $14,266

Leverage: Net debt / LTM EBITDA 3.8 times

Notes: Non-GAAP measures, including Adjusted EBITDA and Adjusted Free Cash Flow exclude items which are not considered representative of ongoing operations. Further details related to non-GAAP measures can be found on 'Reconciliations of Non-GAAP Financial Measures' slides in the appendix section. Leverage calculated as Net debt, adjusted for Berry transaction costs, divided by management estimate of LTM Adjusted cash EBITDA inclusive of 3Q26 annualised synergy benefits of approximately $200 million.

Uniquely Positioned; Mitigating Impact of Middle East Conflict

Ensuring Reliable Customer Supply

No operations in the Middle East

Minimal direct polymer sourcing from the Middle East

Diversified global supply base and supplier relationships

Technical capabilities to reformulate & requalify quickly

Diversified & flexible global plant network

Electing to hold more inventory than previously

assumed

Proactively Mitigating Inflation

Inflation pass through mechanisms

Input cost inflation significantly above historical norms

Proven ability to mitigate periods of significant inflation

Co-ordinated response across procurement, operations and sales functions

Responsible cost and price management

Expect:

No material impact on 4Q26 and FY26 Adjusted EPS

Temporary impact on FY26 Free Cash Flow

Fiscal 2026 Guidance

FY26

12 months ending June 30, 2026

Comments

Adjusted EPS

$3.98 to $4.03

Original guidance of $4.00 to $4.15

New guidance represents growth of ~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

$1.5 to $1.6 billion

Original guidance of $1.8 to $1.9 billion assumed ~$200M of inventory reduction by year end

New guidance assumes higher inventory levels at higher costs to secure customer service levels given the impact of the Middle East conflict

Year end leverage expected to be 3.4 to 3.5 times (previously

3.1 to 3.2 times)

4Q26

3 months ending June 30, 2026

Comments

Adjusted EPS

$1.19 to $1.24

Guidance represents >20% growth at the midpoint

Refer to slide 16 for Supplemental Guidance information.

YE Leverage: Net Debt divided by Adj. EBITDA plus non-cash compensation.

Amcor's guidance for fiscal 2026 reflects a full 12 months ownership of the Berry Global business and does not take into account the impact of potential portfolio optimization actions not announced to date. 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 slide 2 for further information.