Ardagh Metal Packaging S.A.
Fourth Quarter & Full Year 2024 Update
February 27, 2025
Oliver Graham
CEO
Stefan Schellinger
CFO
Introduction
3
Ardagh Metal Packaging at a glance
NYSE: AMBP
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Global beverage can manufacturer |
Servicing leading brand owners |
Benefitting from secular tailwinds |
|
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Revenue split by destination |
Leading market positions |
Cans are winning in the |
|
|
10% |
packaging mix |
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43% |
#2 |
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Europe* |
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$4.9bn |
North America |
#3 |
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|
2024 |
|||
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Brazil |
#3 |
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47% |
Scaled, diversified, well-invested position
23 Production facilities across 9 countries
Approximately 6,300
Employees
*excluding Russia, where AMP has no presence
4
Majority owned by Ardagh Group
#2 glass container packaging company globally Structurally separate business
Free float
24%
|
76% |
Ownership of ordinary shares |
Strong Adjusted EBITDA Growth
Outperformed 2024 Adjusted EBITDA guidance
- Double-digitAdjusted EBITDA annual growth for both the full year and Q4
- Strong performance in Europe in particular in Q4
Global shipment growth of 3% in FY24
- Strong end market in Europe; broad-based growth across countries/categories
- Resilient Americas performance; growth despite temporary issues related to customer mix in Brazil and softness in the North America energy category
Progress on deleveraging; Robust liquidity
- Net debt-Adjusted EBITDA reduces to 4.9x from 5.5x in the prior year
- Robust year-end ("YE") 2024 liquidity of ~$1 billion, including cash of $0.6 billion
5
+12%
FY24 Adjusted
EBITDA growth
$672m
FY24 Adjusted
EBITDA
~$1bn
YE 2024 liquidity
position
4.9x
Net leverage
reduction of 0.6x
in 2024
Drivers of secular growth remain strong
|
Category |
Pack |
Sustainability/ |
|
growth |
advantages |
regulation |
Traditional categories
New categories (e.g., health & wellness) and beverage can playing a leading role in product innovation
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Convenience, efficiency |
Plastics substitution |
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Imagery, quality, 'coolness' |
Decarbonization roadmap |
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Regulatory changes |
6
Recent highlights
7
Regional snapshots
AMP shipment growth of 3% in 2024; modest growth in Q4
+4% growth in Europe in 2024; +8% in Q4
+2% growth in the Americas in 2024; -5% in Q4
Europe
|
North America |
South America |
- Broad-basedmarket growth; strong soft drinks performance
- Very strong AMP growth in Q4, increasing production levels to support demand
- Tight industry operating environment
- +3% for FY24; 2% decline in Q4 impacted by temporary softness in the energy category
- Strength in CSD, sparkling water, wellness
- Share gains in mass beer supporting full year growth
- -5%for FY24; 15% decline in Q4 due to temporary customer mix issue
- Sequential improvement in shipments through Q4
- Strong FY industry backdrop, slight weakening in Q4
8
Globally the beverage can is winning
Growing share of the beverage packaging mix
Beverage can penetration rates* by region
Non-alcoholic drinks
Beverage cans as an overall % of
beverage packaging market
70% +130bps
Alcoholic drinks
Beverage cans as an overall % of
beverage packaging market
|
70% |
+190bps |
|
+150bps |
|
60%
50%
40%
30%
20%
10%
+110bps +80bps
|
60% |
+210bps |
|
50% |
|
40%
30%
20%
10%
0%
|
US |
Brazil |
Europe |
2022 2023 2024
Source: NielsenIQ, Company analysis
0%
|
US |
Brazil |
Europe |
2022 2023 2024
- Calculations are based on litres. Non-alcoholic beverages includes all non-alcoholic categories in the US (excluding still-water), but only includes CSD for Europe and Brazil. Alcoholic beverages includes all alcoholic beverage categories in the US, but only includes beer in Europe and Brazil. For the US and Brazil the analysis includes all beverage packaging types. For Europe the analysis only includes plastic/beverage cans for CSD and glass/beverage cans for beer. Data for Europe also only considers the markets where AMP has a presence.
9
Strengthened capital structure
Progress on deleveraging
-
Proactive action taken in 2024 to strengthen liquidity, including a €269 million term loan and undrawn BRL 500 million
(approximately $81 million) Brazilian credit facility - AMP has a structurally separate capital structure to Ardagh Group
Stronger liquidity and lower leverage
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$963m |
5.5x |
4.9x |
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$812m
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End 2023 End 2024 |
End 2023 |
End 2024 |
10
Debt maturity profile as of end 2024 $m*
2,000
1,500
1,000
500
0
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4Q-2024 |
2025 |
2026 |
2027 |
2028 |
2029 |
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Cash |
Available liquidity |
Bonds |
Term loan |
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* Excludes lease obligations of $374 million and other borrowings of $42 million
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Ardagh Metal Packaging SA published this content on February 27, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 27, 2025 at 12:03:37.165.
