Ardagh Metal Packaging S.A. Delivers Strong Q3 Performance, Accelerates Investments in Europe
Ardagh Metal Packaging S.A., a leading global supplier of tinplate and aluminum packaging solutions for the food and beverage industry, has reported a strong performance in the third quarter of 2026.
According to the company's Q3 2026 investor call transcript, Ardagh delivered growth in global shipments and adjusted EBITDA ahead of its guidance. Beverage can shipments increased by 2%, driven by strong growth in Europe of 6%, partly offset by a decline of 1% in the Americas.
Oliver Graham, Chief Executive Officer of Ardagh, noted that the company's adjusted EBITDA outperformance in the quarter reflected good results in both segments. Europe continued to benefit from robust volume growth, while the Americas was supported by a favorable category mix in North America, compensating for the expected volume reductions from contract resets.
The company also announced that it is accelerating and upscaling its previously outlined investments in Europe to capture the growth in the region and support its customers. This includes building two new can lines in existing facilities in the attractive markets of the U.K. and Spain, which will drive material adjusted EBITDA growth for Ardagh in Europe from 2028 onwards.
In Europe, third quarter revenue increased by 11% to $693 million, or by 12% on a constant currency basis compared with the same period in 2025. This was due to the pass-through of higher input costs and volume growth. Shipments increased by 6% for the quarter, reflecting underlying growth across all categories.
Adjusted EBITDA in Europe increased by 11% to $91 million versus the prior year on both a reported and a constant currency basis. Adjusted EBITDA growth was mainly driven by a high input cost recovery and strong volume growth, partly offset by the impact of the IFRS 15 contract asset, as well as slightly higher operations and overhead costs.
The company also highlighted its direct energy exposure in Europe, noting that it is well-covered for its energy needs. For 2027, Ardagh is over 80% hedged, and over 70% covered for 2028.
Looking ahead to full year 2026, Ardagh expects to at least meet its guidance for approximately 3% volume growth in Europe. The company also announced that it will provide preliminary comments about 2027 before its formal guidance at the full year results."
