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• Essentially **Ball Corporation** for aluminum beverage cans.
• The **Intel** of beverage cans, supplying essential components (aluminum cans) to major drink brands.
• Like **International Paper**, but manufacturing aluminum cans for the global beverage industry.

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• Beverage Cans: Ardagh Metal Packaging produces a wide range of sustainable and infinitely recyclable aluminum beverage cans for various drinks, including soft drinks, beers, energy drinks, and juices.

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Ardagh Metal Packaging (AMBP) Major Customers

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• Novelis Inc. (Parent company: Hindalco Industries Limited, HINDALCO)
• Constellium SE (CENX)
• thyssenkrupp Rasselstein GmbH (Parent company: thyssenkrupp AG, TKA)

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Oliver Graham, Chief Executive Officer

Oliver Graham has served as CEO of Ardagh Metal Packaging S.A. since 2020. Before this, he was CEO of Metal Packaging Europe and Ardagh Group S.A. Commercial Director. Mr. Graham joined Ardagh in 2016 following the acquisition of the metal beverage packaging business from Rexam PLC, where he had been group commercial director. He joined Rexam PLC in 2013 from The Boston Consulting Group, where he was a partner. The acquisition of Rexam PLC's metal beverage packaging business by Ardagh in 2016, a divestiture from the Ball Corporation and Rexam PLC merger, saw him transition to Ardagh.

Stefan Schellinger, Chief Financial Officer

Stefan Schellinger was appointed Chief Financial Officer of Ardagh Metal Packaging S.A. effective September 1, 2024. Prior to joining AMBP, he served as Executive Vice President, Global CFO, and a member of the board of directors of ContourGlobal plc from 2019 to 2023. From 2015 to 2018, he was Group Finance Director and Executive Director of Essentra plc, having initially joined in 2013 as Corporate Development Director. Between 2005 and 2013, Mr. Schellinger spent eight years with Danaher Corporation, holding roles as Corporate Development Director and Finance Director–Emerging Markets. He also worked as a Vice President in investment banking at J.P. Morgan in London and began his career in accountancy at Arthur Andersen in Germany.

Paul Coulson, Director

Paul Coulson is a Director of Ardagh Metal Packaging S.A. He was instrumental in the transformation of Ardagh Group from a small, single-plant operation into a leading global packaging company, serving as its Chairman from 1998 to 2023. Before his tenure at Ardagh, he established his own accounting firm and then founded Yeoman International in 1980, building it into a significant leasing and structured finance business. He was also involved in the creation and development of other businesses, including Fanad Fisheries and Sterile Technologies, which was sold to Stericycle, Inc. in 2006.

Willie Frick, CPO Ardagh Metal Packaging

Willie Frick serves as the CPO (Chief Procurement Officer) for Ardagh Metal Packaging.

Stephen Lyons, Head of Investor Relations - Ardagh Metal Packaging

Stephen Lyons is the Head of Investor Relations for Ardagh Metal Packaging.

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The key risks to Ardagh Metal Packaging (AMBP) primarily revolve around its financial structure, profitability challenges, and market perception.

1. High Leverage and Refinancing Challenges: Ardagh Metal Packaging carries a significant debt load, with net leverage reported at 5.3x adjusted EBITDA and projected to remain around 5x by year-end. This high level of debt exposes the company to risks associated with rising interest rates and potential refinancing challenges. The market has expressed skepticism regarding the sustainability of AMBP's dividend due to its elevated leverage and a high payout ratio, even though the company's stable operating model, with over 80% of earnings from long-term contracts, and free cash flow generation are noted to support the dividend. Furthermore, the company has negative shareholder equity, which analysts consider a more severe financial indicator than simply a high debt level.
2. Profitability and Margin Pressures: AMBP has faced challenges with profitability, experiencing deepening annual losses. While there are forecasts for the company to achieve profitability by 2027 through operational efficiencies, capacity expansion, and strong demand for sustainable packaging, high leverage could limit this upside if raw material price shocks occur. The inability to fully pass through higher input costs or sudden fluctuations in aluminum prices could erode margins and exacerbate cash burn. Additionally, geopolitical tensions pose supply chain disruption risks for metal, and the company has experienced lagging cost recoveries in Europe amidst inflation, alongside pressures from a stronger US dollar.
3. Market Skepticism and Valuation: Ardagh Metal Packaging trades at distressed valuations partly due to market skepticism regarding its high yield and the perceived fragility of its dividend. The market's concern about a potential dividend interruption and its discounting of future cash flows contribute to the subdued share price relative to peers. This market perception presents a challenge, despite the company's stable fundamentals such as long-term contracts and free cash flow generation.

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Ardagh Metal Packaging (AMBP) primarily manufactures and supplies infinitely recyclable metal beverage cans and ends to brand owners across various categories, including beer, carbonated soft drinks, energy drinks, hard seltzers, juices, pre-mixed cocktails, teas, sparkling waters, and wine.

The addressable markets for their main products are as follows:

• Global Beverage Cans Market: The global beverage cans market was valued at USD 39.20 billion in 2023 and is projected to reach USD 59.61 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.5% from 2024 to 2030.
• Global Food and Beverage Metal Cans Market: This market is expected to grow from USD 53.86 billion in 2024 to USD 108.96 billion by 2034, with a CAGR of 7.3%.
• North America Metal Cans Market: The North American metal cans market size reached USD 13.56 billion in 2025 and is projected to climb to USD 17.12 billion by 2030, reflecting a 4.78% CAGR. Specifically, the North America beverage metal cans market is estimated to grow from US$ 12,003.05 million in 2022 to US$ 15,872.65 million by 2028, at a CAGR of 4.8%.
• Europe Food and Beverage Metal Cans Market: This market was valued at USD 18.47 billion in 2023 and is projected to reach USD 22.2 billion by 2030, growing at a CAGR of 3.10%. Another estimate indicates the European food and beverage metal cans market was valued at USD 9 billion in 2023 and is projected to reach USD 13.53 billion by the end of 2030, growing at a CAGR of 6%.
• Latin America Food and Beverage Metal Cans Market: The Latin America Food and Beverage Metal Cans Market size was approximately USD 4.72 billion in 2024 and is anticipated to be worth USD 6.30 billion by 2033, growing at a CAGR of 3.28% during the forecast period from 2025. The broader South America metal packaging market is forecast to reach US$12.8 billion by 2026.

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Ardagh Metal Packaging (AMBP) is expected to drive future revenue growth over the next 2-3 years through several key factors:

1. Increased Demand for Sustainable Packaging: There is a growing consumer preference and regulatory push favoring metal packaging, particularly beverage cans, over plastics due to their recyclability and environmental benefits. Ardagh Metal Packaging anticipates that beverage cans will continue to outperform other packaging types, leading to sustained volume and revenue growth, especially across its key markets in North America and Europe.

2. Capacity Expansion and Improved Utilization: AMBP has been strategically investing in expanding its production capacity, with new facilities in Germany and the U.S. now fully operational. This increased capacity is designed to meet rising market demand and is expected to result in higher shipment volumes and overall revenue growth through enhanced operational efficiency and plant utilization.

3. Growth in Key Beverage Categories and Product Innovation: The company is benefiting from positive consumption trends in specific beverage segments, including energy drinks, sparkling waters, carbonated soft drinks, and cocktails. Additionally, product innovation, such as new can formats and premium offerings, is fueling increased demand from both existing and new customers, supporting higher average selling prices and expanded market penetration.

4. Input Cost Recovery and Operational Efficiencies: Ardagh Metal Packaging's ability to recover higher input costs from customers contributes to revenue stability and growth. Furthermore, ongoing efforts in operational excellence, process optimization, and logistics streamlining are leading to lower production costs and improved margins, which indirectly supports revenue growth by allowing for competitive pricing and sustainable profitability.

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Share Issuance

• Ardagh Metal Packaging (AMBP) became publicly listed on the New York Stock Exchange in August 2021 through a combination with Gores Holdings V, Inc..
• Upon listing, its parent company, Ardagh Group, initially retained an 81.85% stake.
• An exchange offer in October 2021 reduced Ardagh Group's ownership to approximately 75%, increasing AMBP's public float to about 25%.

Inbound Investments

• Ardagh Metal Packaging was created through a combination with Gores Holdings V, Inc., and began trading on the NYSE in August 2021.

Capital Expenditures

• Ardagh Metal Packaging's capital expenditures averaged $412.4 million annually for the fiscal years ending December 2020 to 2024.
• Capital expenditures peaked at $679 million in December 2021 and subsequently decreased to $167 million in December 2024.
• In February 2021, a multi-year business growth investment program was increased to $1.8 billion for the period from 2021 to 2024, targeting growth projects across various regions, including the conversion of a brownfield site in Huron, Ohio, into a new beverage can and ends plant.