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By the numbers: Q2 FY2026
Global flexibles net sales: $3.19B
Up 27% year over year
Global rigid packaging net sales: $2.26B
Up 210.1% year over year
Net income attributable to Amcor: $177M
Up from $163M in Q2 FY2025
- Results: Amcor’s results in the quarter that ended Dec. 31 were in line with expectations, said CEO Peter Konieczny, as the company continues to integrate Berry Global, an acquisition it closed last April. “Excluding synergies, we held earnings flat with the prior year in a market with modestly declining volumes,” he said during an earnings call Tuesday.
- Berry integration: Synergies during the quarter were at the upper end of Amcor’s guidance range, worth $55 million in Q2, and the company reinforced plans to hit at least $260 million in FY2026. So far, this reflects “organizational redesign, system consolidation and simplification efforts across corporate support functions,” Konieczny said, including having cut more than 600 employees, “consistent with our integration road map.” In operations, Amcor announced some 20 site closures and “four restructures approved or announced.” And in procurement, synergies are beginning to ramp up.
- Portfolio optimization: Amcor is still working through previously announced efforts to focus on its top markets and trim its portfolio accordingly. “Our identified portfolio optimization actions are advancing well and at pace. In a relatively short period of time, we've made meaningful progress evaluating alternatives for our $2.5 billion of non-core businesses, including the North American beverage business,” Konieczny said.
- GLP-1 adoption impacts: There have been concerns that GLP-1 agonist medications, which suppress appetite, could impact food end markets. But GLP-1s’ effects have been “very moderate” so far. “I don't think that the trend of snacking is going to go backwards. It will shift from unhealthy to more healthy categories,” Konieczny said. GLP-1s also spurred a new business opportunity for Amcor in the recent quarter. Amcor is working with “a major global pharmaceutical customer as they launch a solid oral dose GLP-1 therapy drug,” Konieczny reported. “This is an exciting win that will benefit both segments through supply of blister packaging in Europe and rigid containers in the U.S.”
- Healthcare trends: Konieczny called the healthcare category “a gem” in Amcor’s portfolio, but noted that healthcare volumes were a little weaker during the quarter. Health is one of the six most competitive focus categories for Amcor — alongside beauty and wellness, protein, liquids, food service and pet care — which it collectively sees as its $20 billion core portfolio, outperforming the broader company on volumes and other metrics.
- Outlook: The company reaffirmed guidance for FY2026, expecting adjusted earnings per share between $4 and $4.15, and free cash flow between $1.8 billion and $1.9 billion. It expects to hit between $70 million and $80 million in synergies in Q3.
