It’s a transition year for Ardagh Metal Packaging, executives reiterated on the company’s second quarter earnings call Thursday in discussing contract resets and other factors. Overall, beverage can sales and global volumes declined by 1% year over year.
During Q2, Ardagh Metal Packaging’s volumes grew 5% in Europe and fell 5% in North America amid contract resets. Across geographies, energy drinks were strong.
July also marks the 10th year in business for Ardagh Metal Packaging, which remains majority owned by Ardagh Group. Today, specialty cans make up over half its volumes.
Supply reset
Capacity is improving in North America, AMP reported. “Metal supply availability in North America significantly improved over the course of the quarter, and we anticipate operating under normal supply conditions during the second half of the year,” said CEO Oliver Graham. Certain can sizes, like sleek ones, still face tight capacity. “We see room to grow over the next few years in North America still,” he said.
But in Europe, capacity remains tight. AMP expects to spend an additional $40 million in 2026 on increasing projects in the U.K. and Spain to better serve customers there.
Outlook for the rest of 2026
AMP upgraded its guidance for full-year adjusted earnings before interest, taxes, depreciation, and amortization to between $775 million and $790 million.
“We anticipate 2026 being a transition year for AMP with a small full-year volume decline following some contract resets, but with a more favorable second half volume performance expected versus the first half,” he said. “We also expect to return to growth in 2027, at least in line with the industry on the back of having secured additional customer filling locations.”
Regarding inflation, he noted impacts from the Middle East conflict on materials and freight costs. Inflationary pressures are also worsening for consumers, he said. So there’s reason for “some appropriate caution” when considering volume expectations in the second half of the year. Graham said that’s already embedded in its guidance “and we still think we should return to some volume growth in North America for the second half.”
