Amcor plc

Results of Operations - Three Months Ended March 31, 2026

Consolidated Results of Operations

Net sales increased by $2,581 million, or 77%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Excluding the increase of sales from the Merger, net of divestments, of approximately $2,383 million, the positive currency impacts of approximately $252 million, and the negative impacts from the pass-through of lower raw material costs of approximately $8 million, the remaining variation in net sales for the three months ended March 31, 2026 was a decrease of approximately $47 million or 1%, reflecting lower sales volumes of approximately 2%, partially offset by favorable price/mix impact of approximately 1%.

Net income attributable to Amcor plc increased by $82 million, or 42%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. This is mainly due to increased gross profit of $536 million, and lower income tax expense of $8 million, partially offset by higher selling, general, and administrative expenses of $222 million, increased amortization of acquired intangible assets of $97 million, higher interest expense, net, of $78 million, increased restructuring, transaction and integration expenses, net of $37 million, increased research and development expenses of $17 million, and lower other income, net, of $15 million, all primarily due to the Merger.

Diluted earnings per share ("Diluted EPS") decreased by $0.08, or 12%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, with the net income available to ordinary shareholders of Amcor plc increasing by 42% due to the above items and the diluted weighted average number of shares increasing by 60% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. 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 $844 million, or 35% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Excluding the increase of sales from the Merger, net of divestments, of approximately $695 million and the positive currency impacts of approximately $133 million, and the positive impacts from the pass-through of higher raw material costs of approximately 1%, the remaining variation in net sales for the three months ended March 31, 2026 was a decrease of approximately $22 million, or 1%, reflecting unfavorable sales volumes of approximately 2% which was partially offset by favorable price/mix impacts of approximately 1%.

Adjusted earnings before interest and tax ("Adjusted EBIT") increased by $109 million, or 32% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Excluding the positive impacts from the Merger, net of divestments, of approximately $78 million, and the positive currency impacts of approximately $13 million, the remaining variation in Adjusted EBIT for the three months ended March 31, 2026 was an increase of approximately $19 million, or 5%, mainly reflecting synergy benefits from the Merger and operating cost performance of approximately 13%, partly offset by unfavorable volumes of approximately 4% and unfavorable price/mix impacts of approximately 4%.

Global Rigid Packaging Solutions Segment

Net sales increased by $1,737 million, or 187%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Excluding the increase of sales from the Merger of approximately $1,689 million, the positive currency impacts of approximately $119 million, and the negative impacts from the pass-through of lower raw material costs of approximately 5%, the remaining variation in net sales for the three months ended March 31, 2026 was a decrease of approximately $29 million, or 3%, reflecting unfavorable sales volumes.

Adjusted EBIT increased by $206 million, or 294%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Excluding the positive impacts from the Merger, net of divestments, of approximately $175 million and the positive currency impacts of approximately $16 million, the remaining variation in Adjusted EBIT for the three months ended March 31, 2026 was an increase of approximately $15 million, or 20%, reflecting synergy benefits from the Merger and operating cost performance impacts of approximately 52%, partially offset by the net negative effect of approximately 9% from unfavorable volumes and unfavorable price/mix impacts on earnings of approximately 23%.

Consolidated Gross Profit

Gross profit increased by $536 million, or 82%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by the Merger and synergies. Gross profit as a percentage of sales of 20.1% increased as of March 31, 2026, compared to March 31, 2025, driven by synergies and continued disciplined execution against cost and productivity initiatives.

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

SG&A expenses increased by $222 million, or 83%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by the Merger.

Consolidated Amortization of Acquired Intangible Assets

Amortization of acquired intangible assets increased by $97 million, or 262%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025. 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 $17 million, or 63%, in the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase was primarily driven by the Merger.

Consolidated Restructuring, Transaction and Integration Expenses, Net

Restructuring, transaction and integration expenses, net increased by $37 million or 116% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The change was a result of an increase in restructuring, integration, and related expenses, net, of $51 million, partially offset by a decrease in transaction costs of $14 million.

Consolidated Other Income, Net

Other income, net changed by $15 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The change was primarily driven by higher asset disposal impacts and indirect tax benefits during the prior period, partially offset by the impact of highly inflationary accounting for subsidiaries in Argentina.

Consolidated Interest Income

Interest income increased by $7 million in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, driven by the Merger.

Consolidated Interest Expense

Interest expense increased by $85 million in the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily driven by the additional debt issued and assumed in the Merger.

Consolidated Income Tax Expense

The effective tax rate decreased by 6.6 percentage points for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to differences in non-deductible expenditures, and discrete events between the periods, which includes a $30 million discrete benefit from the release of previously recorded uncertain tax position in the current period.

Results of Operations - Nine Months Ended March 31, 2026

Consolidated Results of Operations

Net sales increased by $7,181 million, or 72%, for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025. Excluding the increase of sales from the Merger, net of divestments, of approximately $6,901 million, the positive currency impacts of approximately $531 million, and the negative impacts from the pass-through of lower raw material costs of approximately $36 million, the remaining variation in net sales for the nine months ended March 31, 2026 was a decrease of approximately $215 million or 2%, reflecting lower sales volumes of approximately 3%, partially offset by favorable price/mix impacts of approximately 1%.

Net income attributable to Amcor plc increased by $167 million, or 30%, for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025, mainly due to an increase in gross profit of $1,414 million, lower income tax expense of $57 million, and higher other income, net, of $15 million, partially offset by higher selling, general, and administrative expenses of $566 million, higher amortization of acquired intangible assets of $295 million, higher interest expense, net of $238 million, higher restructuring, transaction and integration expenses, net of $191 million, and increased research and development expenses of $46 million, all primarily due to the Merger.

Diluted earnings per share decreased by $0.35, or 18%, for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025, with the net income available to ordinary shareholders of Amcor plc increasing by 31% due to the above items and the diluted weighted average number of shares increasing by 60% for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025. 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 $2,232 million, or 32% for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025. Excluding the increase of sales from the Merger, net of divestments, of approximately $1,943 million, the positive currency impacts of approximately $278 million, and the positive impacts from the pass-through of higher raw material costs of approximately 1%, the remaining variation in net sales for the nine months ended March 31, 2026 was a decrease of approximately $46 million, or 1%, mainly reflecting unfavorable sales volumes of approximately 2%, partially offset by favorable price/mix impacts of approximately 1%.

Adjusted earnings before interest and tax ("Adjusted EBIT") increased by $293 million, or 30%, for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025. Excluding the positive impacts from the Merger, net of divestments, of approximately $220 million, and the positive currency impacts of approximately $27 million, the remaining variation in Adjusted EBIT for the nine months ended March 31, 2026 was an increase of approximately $47 million, or 5%, mainly reflecting synergy benefits from the Merger and favorable operating cost performance of approximately 14%, partially offset by unfavorable volumes of approximately 6% and negative price/mix impacts of approximately 3%.

Global Rigid Packaging Solutions Segment

Net sales increased by $4,949 million, or 173%, for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025. Excluding the increase of sales from the Merger, net of divestments, of approximately $4,959 million, the positive currency impacts of approximately $254 million, and the negative impacts from the pass-through of lower raw material costs of approximately 3%, the remaining variation in net sales for the nine months ended March 31, 2026 was a decrease of approximately $176 million, or 6%, reflecting unfavorable sales volumes of approximately 5% and unfavorable price/mix impacts of approximately 1%.

Adjusted EBIT increased by $608 million, or 281%, for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025. Excluding the positive impacts from the Merger, net of divestments, of approximately $580 million and the positive currency impacts of approximately $34 million, the remaining variation in Adjusted EBIT for the nine months ended March 31, 2026 was a decrease of approximately $7 million, or 3%, reflecting negative effect of approximately 18% from unfavorable volumes, unfavorable price/mix impact of approximately 25%, partially offset by synergy benefits from the Merger and cost performance impacts of approximately 40%.

Consolidated Gross Profit

Gross profit increased by $1,414 million, or 73%, for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025. The increase was primarily driven by the Merger and synergies. Gross profit as a percentage of sales of 19.6% remained relatively stable for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025.

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

Selling, general, and administrative expenses increased by $566 million or 71% for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025. The increase was primarily driven by the Merger.

Consolidated Amortization of Acquired Intangible Assets

Amortization of acquired intangible assets increased by $295 million, or 254%, in the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025. 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 $46 million, or 56%, in the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025. The increase was primarily driven by the Merger.

Consolidated Restructuring, Transaction and Integration Expenses, Net

Restructuring, transaction and integration expenses, net increased by $191 million for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025. The change was a result of an increase in restructuring, integration, and related expenses, net, of $186 million and an increase in transaction costs incurred in connection with the Merger of $5 million.

Consolidated Other Income, Net

Other income, net changed by $15 million for the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025, primarily driven by the Merger and indirect tax benefits, partially offset by the impact of highly inflationary accounting for subsidiaries in Argentina.

Consolidated Interest Income

Interest income increased by $17 million in the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025, driven by the Merger.

Consolidated Interest Expense

Interest expense increased by $255 million in the nine months ended March 31, 2026, compared to the nine months ended March 31, 2025, primarily driven by the additional debt issued and assumed in the Merger.

Consolidated Income Tax Expense

The effective tax rate for the nine months ended March 31, 2026, decreased by 9.7 percentage points compared to the nine months ended March 31, 2025, primarily due to differences in non-deductible expenditures, and discrete events between the periods, which includes a $43 million discrete benefit from post-acquisition restructuring and a $30 million discrete benefit from the release of a previously recorded uncertain tax position in the current period.