Slides
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1 Ardagh Metal Packaging S.A. First Quarter 2025 Update April 24, 2025 Oliver Graham CEO Stefan Schellinger CFO
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2 Forward-Looking Statements This presentation 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 presentation 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 presentation. 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, 2024 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 presentation 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 presentation, 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. Non-IFRS Financial Measures This presentation 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. 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. About Ardagh Metal Packaging Ardagh Metal Packaging S.A. (“AMP”) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. A subsidiary of sustainable packaging business Ardagh Group S.A. (“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 6,300 employees and had sales of $4.9 billion in 2024. For more information, visit https://ir.ardaghmetalpackaging.com/ Disclaimer
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3 Introduction
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4 43% 47% 10% Europe* North America Brazil #2 #3 #3 Ardagh Metal Packaging at a glance NYSE: AMBP 23 Production facilities across 9 countries Approximately 6,300 Employees Scaled, diversified, well-invested position Global beverage can manufacturer $5bn Q1 LTM *excluding Russia, where AMP has no presence Benefitting from secular tailwinds Revenue split by destination Leading market positions Majority owned by Ardagh Group #2 glass container packaging company globally Structurally separate business 24% 76% Free float Cans are winning in the packaging mix Servicing leading brand owners Approximate ownership of AMP ordinary shares
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5 +16% Global shipments growth of 6% in Q1 • Strong volume growth in all markets. Strong Q1 finish, especially in the Americas • North America growth reflects AMP’s exposure to attractive and growing customers and product categories FY guidance raised due to outperformance and momentum • Double-digit Adjusted EBITDA growth across both geographic segments in Q1 • Q1 outperformance and momentum underpin strong Q2 guidance of $195-205 million and upgrade to full year 2025 Adjusted EBITDA guidance to $695-720 million (including favorable currency movements) Resilient business model in the current macro environment • We anticipate minimal impacts from tariffs on our business due to the regional nature of our supply chain • Demand for metal beverage cans tends to be resilient across economic cycles Strong Q1 results, outperforming guidance Full year Adjusted EBITDA guidance raised to $695-720 million Q1 2025 Adjusted EBITDA growth $155m Q1 2025 Adjusted EBITDA +6% Q1 2025 global shipments growth
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6 Drivers of secular growth remain strong Category growth Pack advantages Sustainability/ regulation Traditional categories New categories (e.g., health & wellness) and beverage can playing a leading role in product innovation Convenience, efficiency Imagery, quality, ‘coolness’ Plastics substitution Decarbonization roadmap Regulatory changes
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7 Key messages
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8 Regional snapshots AMP shipment growth of over 6% in Q1 • +5% growth in Q1, increasing production levels to meet demand • Broad-based performance in beer and carbonated soft drinks • Tight industry operating environment North America Europe South America +5% growth in Europe in Q1 +7% growth in the Americas in Q1 • +8% growth in Q1, reflecting favorable customer and category mix • Strength across non- alcohol products • Energy category returns to growth, outperforming positive scanner data • +4% growth in Q1, ahead of the market due to improved customer mix performance • Softer Q1 industry growth, with strong end to the quarter
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9 0% 10% 20% 30% 40% 50% 60% 70% US Brazil Europe 2022 2023 2024 0% 10% 20% 30% 40% 50% 60% 70% US Brazil Europe 2022 2023 2024 Source: NielsenIQ, Company analysis +130bps +110bps +80bps +190bps +150bps +210bps Non-alcoholic drinks Alcoholic drinks Globally the beverage can is winning Growing share of the beverage packaging mix Beverage can penetration rates* by region * Calculations are based on litres. Non-alcoholic beverages includes all non-alcoholic categories in the US (excluding still-water), but only includes CSD for Europe and Brazil. Alcoholic beverages includes all alcoholic beverage categories in the US, but only includes beer in Europe and Brazil. For the US and Brazil the analysis includes all beverage packaging types. For Europe the analysis only includes plastic/beverage cans for CSD and glass/beverage cans for beer. Data for Europe also only considers the markets where AMP has a presence. Beverage cans as an overall % of beverage packaging market Beverage cans as an overall % of beverage packaging market
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10 US Tariff Impact Customers and supply chains are largely regional in nature ❑ At the current time we anticipate minimal impact to our business arising from the tariff measures announced. In North America, we have no can making operations outside of the United States. Across our global operations our suppliers, customers and end consumers are mostly regional in nature ❑ Customer contracts have robust pass-through mechanisms. In particular, for aluminum can-sheet contracts typically* reference the London Metal Exchange (LME) price and local premium rates (where the impact of tariffs is captured). AMP and our customers are largely hedged on metal exposure to mitigate short term volatility ❑ The increase in the mid-west premium in the US represents a de minimis impact to the overall cost of the beverage can, less than 1c. This recent increase has also been offset by the decline in the LME price ❑ Aluminum can-sheet in the US market is sourced domestically and end consumption of our customers’ products largely occurs within market. We do not import empty cans as we have adequate available capacity to support customer growth, and our indirect exposure to customers’ filled beverage can imports into the US is very low * Except in circumstances where customers contract for the metal directly themselves or where customers seek a fixed price, a nd we hedge the price and pass this on
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11 Q1 Financial review
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12 $m except per share data Three months ended March 31, 2025 Three months ended March 31, 2024 Change reported Change constant currency Revenue 1,268 1,141 11% 13% Loss for the period (5) (12) Adjusted EBITDA 155 134 16% 17% Loss per share (0.02) (0.03) Adjusted earnings per share 0.02 0.01 Dividend per ordinary share 0.10 0.10 Key financial metrics First quarter 2025 Q1 Adjusted EBITDA of $155 million represented an increase of 17% versus the prior year on a constant currency basis, driven by 16% Adjusted EBITDA growth in Americas and 20% growth in Europe
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13 Revenue $m Europe Americas Group Revenue 2024 481 660 1,141 Organic 64 80 144 FX translation (17) - (17) Revenue 2025 528 740 1,268 Financial bridge Three months ended March 31, 2025 Adjusted EBITDA $m Europe Americas Group Adjusted EBITDA 2024 43 91 134 Organic 8 15 23 FX translation (2) - (2) Adjusted EBITDA 2025 49 106 155 2025 Adjusted EBITDA margin % 9.3% 14.3% 12.2% 2024 Adjusted EBITDA margin % 8.9% 13.8% 11.7% ➢ Group revenue was 11% higher versus the prior year (+13% at constant currency [“CCY”]) and Adjusted EBITDA increased by 16% (+17% CCY) ➢ Americas revenue increased by 12% and Adjusted EBITDA increased by 16% due to favorable volume/mix and lower operating costs ➢ Europe revenue increased by 10% (+14% CCY) and Adjusted EBITDA increased by 14% (+20% CCY) principally due to stronger input cost recovery and lower operational and overhead costs, partly offset by adverse volume/mix effects (including the impact of IFRS 15)
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14 March 31, 2025 Drawn amount $m Available liquidity $m Senior Facilities* 3,569 Global Asset Based/Brazil Loan Facilities - 393 Lease obligations 370 Other borrowings 40 Total borrowings/undrawn facilities 3,979 393 Deferred debt issue costs (28) Net borrowings/undrawn facilities 3,951 393 Cash, cash equivalents and restricted cash (177) 177 Derivative financial instruments used to hedge foreign currency and interest rate risk 22 Net debt/available liquidity 3,796 570 Net debt and liquidity Strong liquidity and maturity profile ➢ Senior facilities have no maturity before 2027 and a weighted average maturity of 3.8yrs. All green notes are on fixed rate terms ➢ Weighted average interest rate on total borrowings of 4.23% ➢ Currency mix of debt broadly matched with the earnings currency mix ➢ Robust liquidity of $570 million at end Q1 *Includes the Senior Secured Green Notes, Senior Green Notes and Senior Secured Term Loan
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15 Fiscal 2025 guidance Upgrades to Adjusted EBITDA and volume guidance Adjusted EBITDA to be between $695-720 million ❑ Upgrade versus initial guidance ($675-695 million) reflects Q1’s outperformance and momentum, as well as favorable currency movements ❑ Supported by upgraded shipments growth and improved fixed cost absorption 2025 global shipments growth of 3-4% (versus 2-3% initial guide) ❑ We believe that the metal beverage can will continue to take share in customers’ packaging mix, particularly in Europe ❑ Strong demand across non-alcoholic beverage categories in North America, which represents the majority of AMP’s North American portfolio Q2 Adjusted EBITDA guidance in a range of $195-205 million ❑ Compares with Q2 2024 Adjusted EBITDA of $178 million ($181 million on a CCY* basis) Environmental *guidance assumes an average euro/dollar rate of 1.11 for 2025 – based off the prevailing euro/dollar rate of 1.14 - versus an average rate of 1.086 for 2024; Every 1c change in the euro/dollar rate impacts Adjusted EBITDA by approximately $2.3 million on an annual basis
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16 Investment highlights
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17 Business strengths Leading pure play global beverage can company focused on sustainable products • Scale network player operating in a long-term growth industry with defensive qualities • Geographically diversified - #2 player in Europe* and #3 player in each of North America and Brazil • Experienced management team, with a proven track record • Demand supported by long-term industry megatrends and environmentally-conscious consumers • Earnings stability enhanced by pass-through provisions on input costs • Further upside potential to performance through increased capacity utilisation • Well-invested assets post the completion of significant growth investment supports future growth • Disciplined approach to capital deployment, with investment focused on network optimization & flexibility • Historically high dividends with recurring quarterly dividend of $0.10 per ordinary share • Capital allocation focus unchanged *excluding Russia, where AMP has no presence
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18 70% 75% 80% 85% 90% 0 100 200 300 400 500 600 700 2020 2021 2022 2023 2024 1Q25 LTM Summary historic financials* Notes Revenue and Adjusted EBITDA represented on a reported basis *For information related to and including the period prior to April 1, 2021, AMP’s results are prepared on a carve-out basis from the consolidated financial statements of Ardagh Group S.A. to represent the financial position and performance of AMP as if AMP had existed on a stand-alone basis for the three months from January 1, 2021 to April 1, 2021 **Cash conversion ratio defined as: Adjusted EBITDA less maintenance capex, divided by Adjusted EBITDA 2.5 3.0 3.5 4.0 4.5 5.0 2018 2019 2020 2021 2022 2023 2024 1Q25 LTM 519 503 545 662 625 600 672 693 0 100 200 300 400 500 600 700 800 2018 2019 2020 2021 2022 2023 2024 1Q25 LTM 81.7% 82.6% 86.7% 81.3% 83.4% Revenue ($ billion) Adjusted EBITDA ($ million) Adj. EBITDA less maintenance capex & cash conversion ratio** 84.0%
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19 Supplemental information
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20 Three months ended March 31, 2025 2024 $m $m Loss for the period (5) (12) Less: Dividend on preferred shares (6) (6) Loss for the period used in calculating earnings per share (11) (18) Exceptional items, net of tax (3) (7) Intangible amortization, net of tax 26 28 Adjusted profit for the period 12 3 Weighted average number of ordinary shares 597.7 597.6 Loss per share (i) (0.02) (0.03) Adjusted earnings per share (i) 0.02 0.01 Reconciliation of loss for the period to Adjusted profit (i) Loss per share and Adjusted earnings per share are the same on both a basic and diluted basis
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21 Three months ended March 31, 2025 $m 2024 $m Loss for the period (5) (12) Income tax credit (4) (9) Net finance expense 50 35 Depreciation and amortization 111 109 Exceptional operating items 3 11 Adjusted EBITDA 155 134 Reconciliation of loss for the period to Adjusted EBITDA
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22 Three months ended March 31, 2025 $m 2024 $m Adjusted EBITDA 155 134 Movement in working capital (428) (423) Maintenance capital expenditure (24) (24) Lease payments (25) (21) Exceptional restructuring costs (1) (14) Adjusted operating cash flow (323) (348) Interest paid (17) (15) Settlement of foreign currency derivative financial instruments (7) (5) Income tax paid (10) (2) Adjusted free cash flow – pre Growth Investment capital expenditure (357) (370) Growth investment capital expenditure (15) (38) Adjusted free cash flow – post Growth Investment capital expenditure (372) (408) Reconciliation of Adjusted EBITDA to Adjusted operating cash flow and Adjusted free cash flow
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23 Sustainability strategy Built on three key pillars
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24 Sustainability leadership recognition B ratings for Climate Change and Water Management from global not-for-profit CDP Awarded a Gold rating by EcoVadis for Sustainability* *Ardagh Group rating
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25 Core Values
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26 Purpose
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