The Q3 beat and raised guidance are positive, but the Americas EBITDA decline and Q4 guidance implying a sequential drop warrant caution. Monitor the Q4 earnings call for updates on Americas contract resets and the Boston Beer litigation outcome ($190M contingent asset).
Price Chart
Executive Summary
Ardagh Metal Packaging S.A. reported Q3 2026 results with revenue of $1,694M (+19% YoY) and Adjusted EBITDA of $213M (+2% YoY), ahead of its $200-210M guidance. The company raised its full-year 2026 Adjusted EBITDA guidance to $785-795M. A quarterly dividend of $0.10 per share was declared. The Americas segment saw a 3% EBITDA decline, partially offset by strong European growth of 11%.
Key Facts
- Q3 2026 revenue of $1,694M, up 19% YoY from $1,428M
- Q3 2026 Adjusted EBITDA of $213M, up 2% YoY from $208M, ahead of $200-210M guidance
- Full-year 2026 Adjusted EBITDA guidance raised to $785-795M
- Q4 2026 Adjusted EBITDA expected in range of $153-163M vs $166M in Q4 2025
- Quarterly dividend of $0.10 per share declared, payable Dec 10, 2026
- Europe Adjusted EBITDA up 11% YoY to $91M; Americas Adjusted EBITDA down 3% YoY to $122M
- Net debt to Adjusted EBITDA ratio of 5.1x vs 5.2x prior year; pro-forma leverage reduced from 5.6x
- Total liquidity of $736M at Sept 30, 2026
- EPS of $0.07 vs $0.04 in prior year quarter; adjusted EPS flat at $0.08
Financial Impact
Q3 revenue +19% YoY to $1,694M; Adjusted EBITDA +2% to $213M; FY guidance raised to $785-795M from prior range
Risk Factors
- Americas Adjusted EBITDA declined 3% YoY due to higher costs and lower input cost recovery
- Q4 2026 Adjusted EBITDA guidance of $153-163M implies a decline from $166M in Q4 2025
- Working capital outflow of $347M in 9M 2026 vs $305M in prior year period
- Cash and restricted cash declined to $213M from $522M at Dec 2025
- Negative equity of $760M and net debt of $4.1B with 5.1x leverage
Investment Themes
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (AMBP) — Batch item 1 | 0001104659-26-118034 |
| Document: ambp-ex99d1.htm | 0001104659-26-118033 |
| Document: 0001104659-26-118034-index-headers.html | 0001104659-26-118031 |
| Document: 0001104659-26-118034-index.html | 0001104659-26-118034 |
| Document: 0001104659-26-118034.txt | 0001104659-26-118034 |
| 6-K Filing (AMBP) — Batch item 6 | 0001104659-26-118033 |
| Document: ambp-20261022x6k.htm | 0001104659-26-118034 |
| Document: 0001104659-26-118033-index-headers.html | 0001104659-26-118034 |
| Document: 0001104659-26-118033-index.html | 0001104659-26-118034 |
| Document: 0001104659-26-118033.txt | 0001104659-26-118034 |
| 6-K Filing (AMBP) — Batch item 11 | 0001104659-26-118031 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 6-K | $4.73 | awaiting T+20 | — | $4.54 (−4.02%) |
Oct 22, 2026 5d ago | Press Release | $4.73 | awaiting T+20 | — | $4.54 (−4.02%) |
Oct 22, 2026 5d ago | Press Release | $4.73 | awaiting T+20 | — | $4.54 (−4.02%) |
Oct 15, 2026 12d ago | 6-K | $4.67 | awaiting T+20 | — | $4.54 (−2.78%) |
Sep 16, 2026 5w ago | 6-K | $4.72 $4.34 | ▼ −8.05% | ▼ −11.23% | $4.54 (−3.81%) |
Aug 13, 2026 10w ago | 6-K | $5.28 $4.84 | ▼ −8.33% | ▼ −6.59% | $4.54 (−14.02%) |
Jul 23, 2026 13w ago | 6-K | $4.72 $5.25 | ▲ +11.23% | ▲ +7.92% | $4.54 (−3.81%) |
Jul 22, 2026 13w ago | Court Ruling | $4.72 $5.25 | ▼ −11.23% | ▼ −7.92% | $4.54 (+3.81%) |
US Market Status
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