Amcor plc

Results of Operations - Three Months Ended September 30, 2025

Consolidated Results of Operations

Net sales increased by $2,392 million, or 71%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Excluding the increase of sales from the merger with Berry Global Group, Inc. (the "Merger"), net of divestments, of approximately $2,363 million, the positive currency impacts of approximately $110 million, and the negative impacts from the pass-through of lower raw material costs of approximately $23 million, the remaining variation in net sales for the three months ended September 30, 2025 was a decrease of approximately $58 million or 2%, reflecting lower sales volumes of approximately 3% and favorable price/mix impact of approximately 1%.

Net income attributable to Amcor plc increased by $71 million, or 37%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. This is mainly due to increased gross profit of $465 million and higher other income, net, of $24 million, partially offset by higher selling, general, and administrative expenses of $159 million, increased amortization of acquired intangible assets of approximately $94 million, increased restructuring, transaction and integration expenses of $69 million, increased research and development expenses of $18 million, and higher interest expense, net, of $78 million, all primarily due to the Merger.

Diluted earnings per share ("Diluted EPS") decreased by $0.019, or 14%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, with the net income available to ordinary shareholders of Amcor plc increasing by 38% due to the above items and the diluted weighted average number of shares remaining increasing by 60% for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in the diluted weighted-average number of shares outstanding was largely due to the completion of the Merger with Berry and the related share issuances.

Segment Results of Operations

Global Flexible Packaging Solutions Segment

Net sales increased by $705 million, or 28% for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Excluding the increase of sales from the Merger, net of divestments, of approximately $640 million, the positive currency impacts of approximately $62 million, and the positive impacts from pass-through of higher raw material costs of approximately $24 million, the remaining variation in net sales for the three months ended September 30, 2025 was a decrease of approximately $21 million, or 1%, reflecting unfavorable sales volumes of approximately 3% and partially offset by a favorable price/mix impact of approximately 2%.

Adjusted earnings before interest and tax ("Adjusted EBIT") increased by $97 million, or 29% for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Excluding the positive impacts from the Merger, net of divestments, of approximately $75 million, the positive currency impacts of approximately $7 million, the remaining variation in Adjusted EBIT for the three months ended September 30, 2025 was an increase of approximately $15 million, or 4%, mainly reflecting synergy benefits from the Merger and favorable operating cost performance of 12%, partly offset by unfavorable volumes of approximately 7% and unfavorable price/mix impacts of approximately 1%.

Global Rigid Packaging Solutions Segment.

Net sales increased by $1,687 million, or 211%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Excluding the increase of sales from the Merger, net of divestments, of approximately $1,719 million , the positive currency impacts of approximately $49 million, and the negative impacts from the pass-through of lower raw material costs of approximately $45 million, the remaining variation in net sales for the three months ended September 30, 2025 was a decrease of approximately $36 million, or 4%, reflecting unfavorable sales volumes of approximately 5%, partially offset by favorable price/mix impacts of approximately 1%.

Adjusted EBIT increased by $233 million, or 377%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Excluding the positive impacts from the Merger, net of divestments, of approximately $240 million and the positive currency impacts of approximately $9 million, the remaining variation in Adjusted EBIT for the three months ended September 30, 2025 was a decrease of approximately $16 million, or 26%, reflecting the net negative effect of 28% from unfavorable volumes, an unfavorable price/mix impact on earnings of approximately 23%, partially offset by synergy benefits from the Merger and cost performance impacts of approximately 25%.

Consolidated Gross Profit

Gross profit increased by $465 million, or 71%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase was primarily driven by the Merger and synergies. Gross profit as a percentage of sales of 19.6% remained stable as of September 30, 2025, compared to September 30, 2024.

Consolidated Selling, General, and Administrative ("SG&A") Expenses

SG&A expenses increased by $159 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase was primarily driven by the Merger.

Consolidated Amortization of Acquired Intangible Assets

Amortization of acquired intangible assets increased by $94 million, or 241%, in the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase was primarily driven by the additional intangible assets acquired in the Merger.

Consolidated Research and Development Expenses

Research and development expenses increased by $18 million, or 64%, in the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase was primarily driven by the Merger.

Consolidated Restructuring, Transaction and Integration Expenses, Net

Restructuring, transaction and integration expenses, net increased by $69 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The change was a result of transaction costs of $22 million, incurred in connection with the Merger and an increase in restructuring, integration, and related expenses, net, of $53 million.

Consolidated Other Income, Net

Other income, net changed by $24 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The change was primarily driven by asset disposal impacts and indirect tax benefits, partially offset by the impact of highly inflationary accounting for subsidiaries in Argentina.

Consolidated Interest Income

Interest income increased by $4 million in the three months ended September 30, 2025, compared to the three months ended September 30, 2024, driven by interest on higher cash balances.

Consolidated Interest Expense

Interest expense increased by $82 million in the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily driven by the additional debt issued and assumed in the Merger.

Consolidated Income Tax Expense

Income tax expense increased by $6 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to differences in non-deductible expenditure, and discrete events between the periods.