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Here are 1-3 brief analogies for Ardagh Metal Packaging:

• Like Ball Corporation, but exclusively focused on metal beverage cans.
• A pure-play metal beverage can supplier, similar to a focused segment of Crown Holdings.

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• Metal Beverage Cans: These are containers made of metal used for packaging various beverages like beer, soft drinks, energy drinks, and juices.

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Ardagh Metal Packaging S.A. (AMBP) primarily sells its metal beverage cans to other companies, specifically beverage producers. While customer relationships are often confidential, publicly available information and company statements indicate that its major customers include leading global beverage companies.

• AB InBev (NYSE: BUD)
• Coca-Cola (NYSE: KO)
• PepsiCo (NASDAQ: PEP)

The company also serves a diverse range of other global, regional, and craft brewers, soft drink companies, and brand owners across its operating regions.

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• Novelis Inc. (a subsidiary of Hindalco Industries Limited, symbol: HINDALCO)
• Constellium N.V. (symbol: CSTM)

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Oliver Graham, Chief Executive Officer

Oliver Graham has served as the Chief Executive Officer of Ardagh Metal Packaging S.A. since 2020. Prior to this, he was the CEO of Metal Packaging Europe and Commercial Director for Ardagh Group S.A. He joined Ardagh in 2016 following the acquisition of Rexam PLC's metal beverage packaging business, where he held the position of Group Commercial Director from 2013 to 2016. Before his time at Rexam, he spent 24 years as a Partner and Managing Director in the Consumer and Retail practice at The Boston Consulting Group. His leadership was also instrumental in the company's public listing in 2021 via a business combination with Gores Holdings V Inc.

Stefan Schellinger, Chief Financial Officer

Stefan Schellinger was appointed Chief Financial Officer of Ardagh Metal Packaging S.A. effective September 1, 2024. He has over 25 years of financial and commercial experience. Prior to joining Ardagh Metal Packaging, Mr. Schellinger served as Executive Vice President, Global CFO, and a member of the Board of Directors of ContourGlobal plc from 2019 to 2023. Before ContourGlobal, he was Group Finance Director and Executive Director of Essentra plc from 2015 to 2018, having joined as Corporate Development Director and Group Management Committee member in 2013. From 2005 to 2013, he held various corporate development and finance director roles at Danaher Corporation. He also worked in investment banking at J.P. Morgan and began his career in accountancy at Arthur Andersen. He has a proven track record as CFO and Executive Director of two listed companies.

Willem Vancraeynest, Chief Commercial Officer

Willem Vancraeynest serves as the Chief Commercial Officer (CCO) at Ardagh Metal Packaging. He possesses extensive experience in global procurement and sustainability roles within the beverage industry. His background includes expertise in food technology and processing, and he has held various managerial positions focused on strategic sourcing and procurement across different packaging materials such as metals, glass, paper, and labels. Mr. Vancraeynest has also led integration processes during company mergers and developed procurement strategies to optimize costs and operational efficiency. He holds an MBA and has completed executive education programs at institutions like IMD, Stanford University, and the University of Virginia Darden School of Business.

Heike Sroka, Chief Human Resources Officer

Heike Sroka is the Chief Human Resources Officer at Ardagh Metal Packaging, a position she has held since January 2023. She has previously held various HR positions at Ardagh Group and Ball Corporation, with a focus on talent management and personnel development. With a background in psychology, Ms. Sroka has extensive experience in HR and has held leadership roles in several organizations, demonstrating her expertise in organizational development and talent development. She also has experience as a consultant and scientific assistant.

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The key risks to Ardagh Metal Packaging (AMBP) include:

1. Exposure to Raw Material and Energy Costs: Ardagh Metal Packaging's profitability is significantly exposed to the volatility of aluminum and energy costs, as these are major inputs in its manufacturing process. The company also faces risks related to tariffs and potential disruptions in its supply chain for these critical materials.
2. Intense Competition and Potential Industry Overcapacity: The company operates within a highly competitive global metal packaging industry, competing with major players such as Ball Corporation and Crown Holdings. This intense competition, coupled with the potential for industry overcapacity in metal beverage cans, could lead to pricing pressures and impact the company's market share and profitability. Furthermore, the rise of alternative packaging materials also presents a competitive challenge.
3. Heavy Customer Concentration: Ardagh Metal Packaging has a significant reliance on a limited number of large customers. In 2025, the ten largest customers accounted for approximately 57% of its revenue, and over 80% of its revenue is secured under multi-year contracts. This high customer concentration poses a risk, as the loss of a major customer or a significant reduction in their business could have a material adverse effect on the company's financial performance.

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Ardagh Metal Packaging S.A. (AMBP) operates in the metal beverage packaging industry, supplying metal beverage cans across Europe, the United States, and Brazil. The addressable markets for their main products are substantial in these regions:

• Europe: The European beverage metal cans market was valued at approximately USD 7.27 billion in 2022 and is projected to grow to about USD 9.85 billion by 2028, at a compound annual growth rate (CAGR) of 5.2% from 2022 to 2028. The broader European food and beverage metal cans market was valued at USD 9 billion in 2023 and is expected to reach USD 13.53 billion by the end of 2030, with a CAGR of 6% from 2024–2030. In 2025, the overall Europe metal cans market was valued at USD 19.49 billion, with projections indicating a rise to USD 22.21 billion by 2031 at a CAGR of 2.20%.

• United States: The U.S. beverage cans market, encompassing both aluminum and steel, generated a revenue of approximately USD 12.63 billion in 2023 and is anticipated to reach approximately USD 18.23 billion by 2030, exhibiting a CAGR of 5.5% from 2024 to 2030. Focusing on aluminum cans, the U.S. aluminum cans market generated a revenue of approximately USD 15.84 billion in 2023 and is expected to grow to approximately USD 24.18 billion by 2030, at a CAGR of 6.2% from 2024 to 2030. The United States aluminum beverage cans market was valued at USD 12.85 billion in 2025 and is projected to reach USD 16.45 billion by 2032.

• Brazil: The Brazil aluminum cans market generated a revenue of approximately USD 4.16 billion in 2023 and is expected to reach approximately USD 6.53 billion by 2030. In terms of units, Brazil's aluminum can sales in the beverage sector reached a historic 34.8 billion units in 2024, positioning the country as the third-largest aluminum can market globally. The overall Brazil beverage cans market, including both aluminum and steel, had a revenue of approximately USD 3.34 billion in 2023 and is projected to reach approximately USD 4.87 billion by 2030.

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

1. Volume Growth in Key Geographies: The company anticipates modest global shipments growth, with specific expectations for Europe to grow 3-4% and Brazil projected for low-to-mid single-digit market growth in 2026. North America is also expected to see market growth of 1-2% in 2026. This follows a strong 2025 with global shipments increasing over 3%.
2. Operational Efficiencies and Cost Improvements: A continued focus on cost control and enhanced operational efficiency is expected to support Adjusted EBITDA growth, which can, in turn, enable more competitive pricing and investment in growth. Management highlighted good operational cost savings anticipated for 2026, particularly in the European and Brazilian segments.
3. Favorable Product and Customer Mix: Ardagh Metal Packaging aims to improve its agility towards higher-growth categories, with ready-to-drink teas, energy drinks, and wines contributing to growth in Europe. Energy drinks notably led sales growth in North America in 2025, representing 16% of the region's sales. An attractive customer mix is also identified as a driver for Adjusted EBITDA growth in 2026.
4. Strategic Capacity Expansions: The company has long-term plans to add capacity in the European can market and has outlined specific initiatives to expand can-making capacity in Spain and the UK. These investments are intended to support ongoing customer demand and facilitate revenue and margin growth.
5. Effective Input Cost Recovery and Pricing Discipline: The ability to pass on higher input costs to customers has positively impacted revenue, as observed in the Americas where revenue grew 24% in Q4 2025 due to input cost pass-throughs and shipment growth. Similarly, Europe benefited from higher input cost recovery in Q4 2025.

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Capital Expenditures

• Ardagh Metal Packaging's capital expenditures averaged $412.4 million from fiscal years ending December 2020 to 2024, with a median of $368 million.
• Capital expenditures for 2025 totaled $184 million, of which $63 million was identified as growth investment.
• The company anticipates capital expenditures to be slightly above $200 million in 2026, primarily focused on capacity expansions in Spain and the UK to meet demand for specialty cans.

Share Issuance

• In December 2025, Ardagh Metal Packaging issued $1.3 billion in green bonds to refinance existing debt and redeem preferred shares.
• The redemption of preferred shares in December 2025 aimed to simplify the capital structure and eliminate $25 million in annual preferred dividends, which is expected to generate approximately $10 million in annual cash savings.