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Here are 1-2 brief analogies to describe Amcor:

• The Intel of packaging: Just as Intel makes the essential, often unseen microchips that power countless computers, Amcor makes the essential packaging that contains and protects a vast array of consumer, medical, and industrial products globally.
• The Sysco of packaging supplies: Similar to how Sysco supplies a wide range of essential food products and supplies to restaurants, Amcor supplies a diverse portfolio of plastic and flexible packaging solutions to manufacturers across numerous industries, from beverages to pharmaceuticals.

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• Flexible Packaging: These are flexible and film packaging products used across various industries including food, beverage, medical, and personal care.
• Rigid Containers: These are rigid plastic containers for a wide range of beverage and food products such as soft drinks, water, juices, and spirits.
• Plastic Caps: These are plastic caps designed for various applications, primarily for rigid containers.

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Amcor (AMCR) operates as a business-to-business (B2B) company, supplying a wide range of packaging products to other companies across various industries globally.

According to Amcor's public filings (e.g., annual reports), no single customer accounted for more than 10% of its consolidated net sales in recent fiscal years. This indicates a highly diversified customer base, and as such, Amcor does not publicly disclose the specific names of individual "major customers."

Instead, Amcor serves a vast array of companies within the following major industry categories:

• Companies in the Food and Beverage sector, including manufacturers of carbonated soft drinks, water, juices, sports drinks, milk-based beverages, spirits, beer, sauces, dressings, spreads, fresh produce, and snack foods.
• Companies in the Medical and Pharmaceutical industries.
• Manufacturers of Personal Care products.
• Other industrial clients requiring flexible and rigid packaging solutions for various applications.

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Peter Konieczny, Chief Executive Officer

Peter Konieczny was appointed Chief Executive Officer for Amcor plc in September 2024, after serving as Interim CEO since April 2024. He has been a member of Amcor's global management team since 2010, holding roles such as Chief Commercial Officer and President of various regional flexibles and specialty cartons divisions. Before joining Amcor, he gained five years of experience in the packaging industry as President of Silgan White Cap, a global organization specializing in metal and plastic closures. His career also includes experience in the heavy industrial equipment industry, where he held business group Managing Director and Chief Finance Officer positions, and he served as a management consultant with McKinsey & Company.

Stephen Scherger, Executive Vice President and Chief Financial Officer

Stephen Scherger joined Amcor in November 2025 as Executive Vice President and Chief Financial Officer. Prior to Amcor, he served as Executive Vice President and Chief Financial Officer of Graphic Packaging Holding Company from 2015 to 2025. During his tenure at Graphic Packaging, he played a significant role in transforming the company into a major fiber-based packaging producer, where net sales more than doubled and net income nearly tripled, including supporting the integration and synergy realization for a number of large-scale acquisitions. Before that, he spent over 25 years at MeadWestvaco in various executive-level positions, including President of the Beverage and Consumer Electronics business.

Jean-Marc Galvez, Chief Operating Officer, Global Rigids

Jean-Marc Galvez was appointed Chief Operating Officer, Global Rigids, in April 2025, joining Amcor through the combination with Berry Global. At Berry Global, he served as President of the Consumer Packaging International Division since July 2019, and previously as President of Berry Global's Consumer Packaging Division for North America. He also led the Health, Hygiene & Specialties Division for Europe, Middle East, Africa (EMEA), and India. Mr. Galvez has more than 25 years of experience in leadership roles at both private and public companies globally, including serving as President, EMEA and India for AVINTIV, Inc., which was acquired by Berry Global in 2015.

Fred Stephan, Chief Operating Officer, Global Flexibles

Fred Stephan was appointed Chief Operating Officer, Global Flexibles, in September 2024. He joined Amcor in June 2019 with the acquisition of Bemis Company, where he was President of Bemis North America. Before joining Bemis, Mr. Stephan held general management and commercial roles at General Electric, across its power, plastics, and lighting divisions, and spent 12 years at Johns Manville, a Berkshire Hathaway company.

Deborah Rasin, Executive Vice President and General Counsel

Deborah Rasin joined Amcor in March 2022 as Executive Vice President and General Counsel. Her prior roles include serving as Chief Legal Officer/General Counsel for Hill-Rom Holdings, Dentsply International, and Samsonite Corporation. Earlier in her career, she was an attorney at General Motors and at two prominent global law firms. Ms. Rasin's experience spans various industries, including medical device technology, automotive manufacturing, and retail, with work conducted in the United States, Switzerland, the United Kingdom, Israel, and Hong Kong.

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Here are the key risks to Amcor's business:

1. Raw Material Price Volatility and Supply Shortages: Amcor relies heavily on raw materials such as polymer resins and films, paper, inks, adhesives, aluminum, and chemicals. The company has consistently faced volatility in the prices of these materials and, at times, supply shortages. This directly impacts Amcor's cost of goods sold and can exert significant pressure on profit margins if price increases cannot fully offset these rising costs or if supply disruptions occur.

2. Increased Regulatory Pressure and Bans on Single-Use Plastic Packaging: Amcor operates in an industry facing growing scrutiny and evolving environmental regulations, particularly concerning plastic packaging. Directives like the EU's Packaging and Packaging Waste Regulation (PPWR) mandate minimum recycled content and recyclability, which necessitate adaptation and investment. Non-compliance, the costs associated with transitioning to more sustainable materials, or potential asset write-downs due to changing regulations, pose significant financial and operational risks. There are also risks related to potentially misleading environmental claims, such as those associated with "mass balance accounting."

3. High Debt Levels and Financial Leverage: Following strategic acquisitions, such as the Berry Global acquisition, Amcor has taken on significant debt, resulting in elevated financial leverage and a high debt-to-equity ratio. This increases the company's financial risk, especially in a rising interest rate environment, as more cash flow is allocated to interest payments rather than growth initiatives or shareholder returns. Analysts have noted Amcor's "Z-Score in the distress zone" and a high dividend payout ratio, indicating potential concerns about the sustainability of its dividend if earnings do not improve.

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The global push for increased sustainability and the reduction of single-use plastic packaging represents a clear emerging threat. This trend, driven by escalating environmental concerns, regulatory pressure (e.g., bans on certain plastics, mandates for recycled content), shifting consumer preferences, and ambitious corporate sustainability goals from Amcor's own customers, threatens to significantly reduce demand for traditional plastic-based flexible films and rigid containers. The industry is seeing a shift towards alternative materials (e.g., paper, glass, metal), reusable and refillable packaging systems, and package-free solutions, which could fundamentally disrupt the core markets served by Amcor.

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Amcor (AMCR) operates in significant addressable markets across its main product categories:

• Flexible Packaging:
  • The global flexible packaging market was valued at approximately USD 270.83 billion in 2025 and is projected to grow to USD 463.56 billion by 2034.
  • In North America, the flexible packaging market was assessed at USD 42.38 billion in 2025, with projections to reach USD 56.08 billion by 2034.
  • The Asia Pacific region dominated the global flexible packaging market, holding a 41.82% share in 2025, which translates to approximately USD 113.27 billion.
  • For food and beverages, the global flexible packaging market was estimated at over USD 90 billion in 2023 and is projected to exceed USD 110 billion by 2028.
  • The global medical flexible packaging market was estimated at USD 21.56 billion in 2025 and is projected to reach USD 31.75 billion by 2033.
• Rigid Packaging:
  • Globally, the rigid packaging market size was estimated at USD 479.9 billion in 2023 and is projected to reach USD 796.7 billion by 2030.
  • The rigid plastic packaging market in Europe was valued at USD 69.61 billion in 2024 and is anticipated to reach USD 83.34 billion by 2033.
  • Asia Pacific held the largest revenue share of the global rigid packaging market, accounting for 43.7% in 2023, approximately USD 209.72 billion.
  • The global market for rigid plastic packaging specifically was worth USD 220.2 billion in 2025 and is forecast to grow to USD 262.7 billion in 2030.
  • The global beverage containers market, which includes rigid packaging, was valued at USD 261.96 billion in 2025 and is projected to reach USD 416.06 billion by 2034.
  • In the personal care sector, rigid packaging (a component of the broader personal care packaging market) accounted for approximately USD 23.13 billion globally in 2025.
• Plastic Caps:
  • The global plastic caps and closures market size was USD 76.47 billion in 2025 and is poised to grow to USD 117.35 billion by 2033.
  • The Asia Pacific plastic caps and closure market size was valued at USD 22.3 billion in 2025 and is estimated to reach USD 35.7 billion by 2034.

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Share Repurchases

• Amcor repurchased approximately $431 million of its shares (about 3% of total outstanding shares) in fiscal year 2023.
• The company repurchased approximately 3 million shares for a total cost of approximately $30 million in fiscal year 2024.
• Since 2020, Amcor has repurchased approximately 11% of its outstanding shares.

Share Issuance

• Amcor's shares outstanding increased by 10.55% in fiscal year 2025 compared to 2024, from 0.288 billion to 0.319 billion, largely due to the Berry Global acquisition.
• A 1-for-5 reverse stock split was approved in November 2025 and became effective January 15, 2026, reducing the number of outstanding ordinary shares from approximately 2.3 billion to 461 million.

Outbound Investments

• Amcor completed the transformational acquisition of Berry Global's flexible packaging and rigid consumer packaging international businesses, which closed on April 30, 2025.
• The company is deploying Amcor Ventures, a $100 million fund, to secure materials, digitization, and recycling options for scaling across plants.
• Amcor is actively pursuing tuck-in mergers and acquisitions (M&A) in medical and high-barrier flexibles.

Capital Expenditures

• Amcor's capital expenditures were $468 million in fiscal year 2021, $527 million in fiscal year 2022, $526 million in fiscal year 2023, $492 million in fiscal year 2024, and $580 million for the latest twelve months ending June 2025.
• Anticipated capital expenditures for fiscal year 2026 are between $850 million and $900 million, primarily driven by the Berry Global acquisition.
• Key areas of capital expenditure include investments in the rapidly growing India market, new equipment for the high-value dairy category in North America, building sterile barrier and specialty flexible lines in North America and Europe, and localizing flexible and rigid capabilities in Latin America.