Ardagh Metal Packaging S.A. - Fourth Quarter and Full Year 2024 Results
Ardagh Metal Packaging S.A. - Fourth Quarter and Full Year 2024 Results |
| [27-February-2025] |
LUXEMBOURG, Feb. 27, 2025 /PRNewswire/ -- Ardagh Metal Packaging S.A. (NYSE: AMBP) today announced results for the fourth quarter and year ended December 31, 2024.
Oliver Graham, CEO of Ardagh Metal Packaging (AMP), said: "2024 represented a successful year for our business, as reflected by double-digit Adjusted EBITDA growth. This result was underpinned by 3% global volume growth, as well as stronger input cost recovery. Europe's Adjusted EBITDA performance was consistently strong, as the industry demonstrated good volume growth and a recovery from customer destocking in the prior year. Our performance in the Americas was resilient, with a higher Adjusted EBITDA despite temporary issues related to customer mix in Brazil and softness in the energy category in North America. Our actions on liquidity and strong Adjusted EBITDA generation resulted in AMP ending the year with nearly $1 billion of liquidity and a reduced net leverage ratio of 4.9x net debt / Adjusted EBITDA. Our fourth quarter Adjusted EBITDA grew by 11%, with performance positively impacted by higher than forecast sales volumes and production in Europe, which included a particularly strong end to the quarter. Americas performance was broadly in line with our expectations, supported by an encouraging improvement in monthly volumes towards the end of the quarter in Brazil and strong operating cost performance in North America. Across our global footprint the beverage can continues to gain share in our customers' packaging mix. While we are still in a challenging consumer environment, this supports our expectation for industry shipments growth into 2025 and we are encouraged by our solid start to the year. We are confident that our team can drive further growth in Adjusted EBITDA in 2025. This will be achieved through increased shipments, further improvements to capacity utilization and operational improvements, more than offsetting some inflationary pressures in Europe and currency headwinds."
2025 outlook:
Group Performance Fourth Quarter Group Revenue increased by $63 million, or 6%, on a reported basis to $1,195 million in the three months ended December 31, 2024, compared with $1,132 million in the three months ended December 31, 2023. On a constant currency basis, revenue increased by 4%, principally due to favorable volume/mix effects (impact of IFRS 15 contract asset) and the pass through of higher input costs to customers. Adjusted EBITDA increased by $16 million, or 11%, on a reported basis, to $164 million in the three months ended December 31, 2024, compared with $148 million in the three months ended December 31, 2023. On a constant currency basis, Adjusted EBITDA increased by 9% principally due to higher input cost recovery and lower operating costs, partly offset by unfavorable volume/mix effects. Americas Revenue decreased by $52 million, or 7%, on a reported and constant currency basis, to $653 million in the three months ended December 31, 2024, compared with $705 million in the three months ended December 31, 2023. The decrease in revenue principally due to unfavorable volume/mix effects, partly offset by the pass through of higher input costs to customers. Adjusted EBITDA decreased by $9 million, or 8%, on a reported and constant currency basis, to $108 million in the three months ended December 31, 2024, compared with $117 million in the three months ended December 31, 2023. The decrease was primarily due to unfavorable volume/mix effects, partly offset by lower operating costs. Europe Revenue increased by $115 million, or 27%, on a reported basis, to $542 million in the three months ended December 31, 2024, compared with $427 million in the three months ended December 31, 2023. On a constant currency basis, revenue increased by 22%. The increase is principally due to favorable volume/mix effects (impact of IFRS 15 contract asset) and the pass through of higher input costs to customers. Adjusted EBITDA increased by $25 million, or 81% on a reported basis, to $56 million in the three months ended December 31, 2024, compared with $31 million in the three months ended December 31, 2023. On a constant currency basis, Adjusted EBITDA increased 70%, principally due to favorable volume/mix effects and higher input cost recovery. Full Year Group Revenue in the year ended December 31, 2024, increased by $96 million, or 2% on a reported basis, to $4,908 million, compared with $4,812 million in the year ended December 31, 2023. On a constant currency basis, revenue increased by 1%, principally due to favorable volume/mix effects, partly offset by the pass through of lower input costs to customers. Adjusted EBITDA increased by $72 million, or 12% on a reported basis, to $672 million in the year ended December 31, 2024, compared with $600 million in the year ended December 31, 2023. On a constant currency basis, Adjusted EBITDA increased by 11%, principally due to favorable volume/mix effects and and the pass through of higher input costs to customers, partly offset by higher operating costs. Americas Revenue decreased by $35 million, or 1%, on a reported and constant currency basis, to $2,747 million for the year ended December 31, 2024, compared with $2,782 million in the year ended December 31, 2023. The decrease in revenue was primarily driven by the pass through of lower input costs to customers, partly offset by favorable volume/mix effects. Adjusted EBITDA increased by $26 million, or 7%, on a reported and constant currency basis, to $415 million for the year ended December 31, 2024, compared with $389 million in the year ended December 31, 2023. The increase was primarily driven by lower operating costs and favorable volume/mix effects. Europe Revenue increased by $131 million, or 6% on a reported basis, to $2,161 million for the year ended December 31, 2024, compared with $2,030 million in the year ended December 31, 2023. On a constant currency basis, revenue increased by 4%, principally due to favorable volume/mix effects (impact of IFRS 15 contract asset). Adjusted EBITDA increased by $46 million, or 22% on a reported basis, to $257 million for the year ended December 31, 2024, compared with $211 million in the year ended December 31, 2023. On a constant currency basis, Adjusted EBITDA increased by 20%, principally due to favorable volume/mix effects and higher input cost recovery, partly offset by higher operating costs. Earnings Webcast and Conference Call Details Ardagh Metal Packaging S.A. (NYSE: AMBP) will hold its fourth quarter and full year ended 31 December 2024 earnings webcast and conference call for investors at 9.00 a.m. EST (2.00 p.m. GMT) on Thursday February 27, 2025. Please use the following webcast link to register for this call: Webcast registration and access: https://event.webcasts.com/starthere.jsp?ei=1704746&tp_key=0993771fc1 Conference call dial in: United States/Canada: +1 800 289 0438 An investor earnings presentation to accompany this release is available at https://ir.ardaghmetalpackaging.com/ About Ardagh Metal Packaging Ardagh Metal Packaging (AMP) is a leading global supplier of infinitely recyclable, sustainable, metal beverage cans and ends to brand owners. A subsidiary of sustainable packaging business Ardagh Group, AMP is a leading industry player across Europe and the Americas with innovative production capabilities. AMP operates 23 production facilities in nine countries, employing approximately 6,300 employees and had sales of $4.9 billion in 2024. For more information, visit https://ir.ardaghmetalpackaging.com/ Forward-Looking Statements This release contains "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts and are inherently subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this release. Certain factors that could cause actual events to differ materially from those discussed in any forward-looking statements include the risk factors described in Ardagh Metal Packaging S.A.'s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the "SEC") and any other public filings made by Ardagh Metal Packaging S.A. with the SEC. In addition, new risk factors and uncertainties emerge from time to time, and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual events to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward-looking statements in this release be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking information presented herein is made only as of the date of this release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. The person responsible for the release of this information on behalf of Ardagh Metal Packaging Finance plc and Ardagh Metal Packaging Finance USA LLC is Stephen Lyons, Investor Relations Director. Non-IFRS Financial Measures This release may contain certain financial measures such as Adjusted EBITDA, Adjusted operating cash flow, Adjusted free cash flow, net debt and ratios relating thereto that are not calculated in accordance with IFRS® Accounting Standards. Non-IFRS financial measures may be considered in addition to IFRS financial information, but should not be used as substitutes for the corresponding IFRS measures. The non-IFRS financial measures used by Ardagh Metal Packaging S.A. may differ from, and not be comparable to, similarly titled measures used by other companies.
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Company Codes: NYSE:AMBP | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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