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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549


FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 2025
AMCOR PLC
(Exact name of registrant as specified in its charter)
Jersey 001-38932 98-1455367
(State or other jurisdiction
of incorporation)
(Commission File Number) (IRS Employer Identification No.)
83 Tower Road North
Warmley, Bristol
United Kingdom BS30 8XP
(Address of principal executive offices) (Zip Code)

+44 117 9753200
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Ordinary Shares, par value $0.01 per share AMCR  New York Stock Exchange
1.125% Guaranteed Senior Notes Due 2027 AUKF/27 New York Stock Exchange
5.450% Guaranteed Senior Notes Due 2029 AMCR/29 New York Stock Exchange
3.950% Guaranteed Senior Notes Due 2032 AMCR/32  New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.

On April 30, 2025, Amcor plc (the “Company”) issued a press release regarding financial results for the third quarter and first nine months of fiscal year 2025. The press release is furnished as Exhibit 99.1 hereto. The Company is also furnishing an investor presentation relating to the third quarter and first nine months of fiscal year 2025 (the “Presentation”), which will be used by management for presentations to investors and others. A copy of the Presentation is attached hereto as Exhibit 99.2 and incorporated into this Item 2.02 by reference. The Presentation is also available on the Company’s website at https://www.amcor.com/investors. The Company is not including the information contained on its website as part of, or incorporating it by reference into, this Current Report on Form 8-K.

The information in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

Exhibit Index
Exhibit No. Description
99.1
99.2
104 Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document



Cautionary Statement Regarding Forward-Looking Statements

This Current Report on Form 8-K (including the Exhibits hereto) contains certain statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The Company has identified some of these forward-looking statements with words like “believe,” “target,” “project,” “may,” “could,” “would,” “approximately,” “possible,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “commit,” “estimate,” “potential,” “ambitions,” “outlook” or “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Such statements are based on the current expectations of the management of the Company, and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. None of the Company or any of its respective directors, executive officers, or advisors, provide any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. Risks and uncertainties that could cause results to differ from expectations include, but are not limited to, those discussed in the Company’s disclosures described under Part I, "Item 1A - Risk Factors" in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024. Forward looking statements included herein are made only as of the date hereof and the Company does not undertake any obligation to update any forward-looking statements, or any other information in this Current Report on Form 8-K, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent. All forward-looking statements in this Current Report on Form 8-K are qualified in their entirety by this cautionary statement.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMCOR PLC
Date April 30, 2025 /s/ Damien Clayton
Name: Damien Clayton
Title: Company Secretary


EX-99.1 2 exhibit991q32025.htm EX-99.1 Document
Exhibit 99.1
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Amcor closes Berry Global merger, reports third quarter result and updates fiscal 2025 outlook
March 2025 Quarter Highlights:
•Net sales of $3,333 million;
•GAAP Net income of $196 million; GAAP diluted earnings per share (EPS) of 13.6 cps;
•Adjusted EBIT of $384 million, in line with last year on a comparable constant currency basis; and
•Adjusted EPS of 18.0 cps, up 5% on a comparable constant currency basis.
YTD Highlights - Nine Months Ended March 31, 2025:
•Net sales of $9,927 million;
•GAAP Net income of $550 million; GAAP diluted EPS of 38.0 cps;
•Adjusted EBIT of $1,112 million, up 3% on a comparable constant currency basis; and
•Adjusted EPS of 50.3 cps, up 5% on a comparable constant currency basis.
Fiscal 2025 outlook - inclusive of merger related impacts in May and June of the fourth quarter:
•Adjusted EPS of 72-74 cents per share; Adjusted Free Cash Flow of $900-1,000 million.
Positioned for faster start on integration with Berry Global merger closed earlier than anticipated.
Amcor CEO Peter Konieczny said, “Today is a defining day for Amcor as we closed our transformational merger with Berry Global. Through this combination, Amcor has enhanced positions in attractive categories, a broader, more complete customer offering and expanded material science and innovation capabilities. As a result, we believe we are now uniquely positioned to deliver more consistent and sustainable organic growth and further improve margins, in line with our strategy."
"In less than six months, our teams successfully worked through a great deal of complexity to close earlier than we anticipated, while also delivering another quarter of earnings growth from the underlying Amcor business in a challenging environment. I want to thank the Amcor and Berry teams for their commitment and hard work, and for setting our company up for a faster start on synergy delivery and growth."
"We have significant control over delivery of synergies, and through dedicated workstream teams, we are now executing against well developed plans to capture $650 million in identified cost, financial, and growth synergies over three years. In fiscal 2026, before taking into account growth in the underlying business, we expect delivery of $260 million of pre-tax synergies alone to drive adjusted EPS accretion of approximately 12 percent. This is day one of an exciting and strong future for Amcor and all our stakeholders.”
Key Financials Nine Months Ended March 31,
GAAP results 2024 $ million 2025 $ million
Net sales 10,105  9,927 
Net income attributable to Amcor plc 473  550 
EPS (diluted US cents) 32.7  38.0 
Comparable constant currency ∆%
Nine Months Ended March 31, Reported ∆%
Adjusted non-GAAP results(1)
2024 $ million 2025 $ million
Net sales 10,105  9,927  (2)
EBITDA 1,412  1,397  (1) 1
EBIT 1,106  1,112  3
Net income 710  728  5
EPS (diluted US cents) 49.1  50.3  5
Free Cash Flow 115  (17)
(1) Adjusted non-GAAP results exclude items which are not considered representative of ongoing operations. Comparable constant currency ∆% excludes the impact of movements in foreign exchange rates and items affecting comparability. Further details related to non-GAAP measures and reconciliations to GAAP measures can be found under "Presentation of non-GAAP information” in this release.
Note: All amounts referenced throughout this document are in US dollars unless otherwise indicated and numbers may not add up precisely to the totals provided due to rounding.
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Shareholder returns
Dividend
The Amcor Board of Directors today declared a quarterly cash dividend of 12.75 cents per share (compared with 12.5 cents per share in the same quarter last year). The dividend will be paid in US dollars to holders of Amcor’s ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 19.97 Australian cents per share, which reflects the quarterly dividend of 12.75 cents per share converted at an AUD:USD average exchange rate of 0.6385 over the five trading days ended April 28, 2025.
The ex-dividend date will be May 21, 2025 for holders of CDIs trading on the ASX and May 22, 2025 for holders of shares trading on the NYSE. For all shareholders, the record date will be May 22, 2025 and the payment date will be June 10, 2025.

Financial results - Nine Months Ended March 31, 2025
Segment information
Nine Months Ended March 31, 2024 Nine Months Ended March 31, 2025
Adjusted non-GAAP results Net sales
$ million
EBIT
$ million
EBIT / Sales %
EBIT / Average funds employed %(1)
Net sales $ million EBIT
$ million
EBIT / Sales %
EBIT / Average funds employed %(1)
Flexibles 7,646  992  13.0 7,667  1,008  13.1
Rigid Packaging 2,459  184  7.5 2,260  171  7.6
Other(2)
—  (70) —  (67)
Total Amcor 10,105  1,106  10.9 14.7 9,927  1,112  11.2 15.0
(1) Return on average funds employed includes shareholders' equity and net debt, calculated using a four quarter average and last twelve months adjusted EBIT.
(2) Represents corporate expenses.

Nine months ended March 31, 2025:
Net sales of $9,927 million were 2% lower than last year on a reported basis, including an unfavorable impact of approximately 1% related to movements in foreign exchange rates and an unfavorable impact of approximately 1% related to items affecting comparability. The pass through of lower raw material costs had no material impact on net sales.
Volumes were up 1% compared with the same nine month period last year. Price/mix had an unfavorable impact of approximately 1%, primarily due to expected lower volumes in high value healthcare categories in the first half of the year. On a comparable constant currency basis, net sales were in line with last year.
Adjusted EBIT of $1,112 million was 3% higher than last year on a comparable constant currency basis reflecting higher volumes and strong cost performance, partly offset by unfavorable impacts from price/mix. Adjusted EBIT margin improved to 11.2%, a 30 basis point increase over the prior year.
March 2025 quarter:
Net sales of $3,333 million were 2% lower than last year on a reported basis, including an unfavorable impact of approximately 2% related to movements in foreign exchange rates, an unfavorable impact from items affecting comparability of approximately 1% and a favorable impact of approximately 1% related to the pass through of higher raw material costs of approximately $45 million.

Volumes were in line with last year with weak consumer demand offset by modest share gains. By region, volumes generally softened sequentially in North America, including in the North America beverage business. Across all other regions, volume growth in the Flexibles and Rigid Packaging segments remained in the low to mid single digit range. Price/mix had a marginally favorable impact on net sales, reflecting improved volume growth in high value healthcare categories as expected. On a comparable constant currency basis, net sales were 0.4% higher than last year.

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Adjusted EBIT of $384 million was 0.4% higher than last year on a comparable constant currency basis with benefits from continued strong cost performance partly offset by unfavorable earnings impacts from price/mix. Adjusted EBIT margin of 11.5% was in line with last year.


Flexibles segment - March 2025 quarter Three Months Ended March 31, Reported ∆% Comparable constant currency ∆%
2024 $ million 2025 $ million
Net sales 2,598  2,605  —  1
Adjusted EBIT 358  357  —  2
Adjusted EBIT / Sales % 13.8 13.7
Net sales of $2,605 million were up modestly compared with last year on a reported basis, including an unfavorable impact of approximately 2% related to movements in foreign exchange rates and a favorable impact of approximately 2% related to the pass through of higher raw material costs.
Volumes were up approximately 1% compared with the prior year with modest share gains in several categories including healthcare and protein partly offset by weaker consumer demand primarily in North America. Volumes generally softened sequentially in North America while volume growth across all other key regions remained in the low to mid single digit range. As expected, destocking in healthcare categories is essentially complete and March quarter volumes increased compared with last year. Price/mix had a favorable impact on net sales of approximately 1%, reflecting improved growth in high value healthcare categories, as expected. On a comparable constant currency basis net sales were 1.4% higher than last year.
In North America, net sales declined at low single digit rates on a comparable constant currency basis driven by lower volumes. Volumes were higher across categories including healthcare, fresh and frozen foods, meat and liquids. This was more than offset by lower volumes in categories including home & personal care, beverage overwrap and confectionary.
In Europe, net sales grew at mid single digit rates on a comparable constant currency basis driven by low single digit volume growth and favorable price/mix. Volumes were higher in the pet care, medical, single serve coffee, home & personal care and dairy end markets and this was partly offset by lower volumes in snacks & confectionary.
Across Asia, net sales grew at mid single digit rates on a comparable constant currency basis primarily driven by continued mid to high single digit volume growth in China and India. In Latin America, net sales grew at low single digit rates on a comparable constant currency basis primarily driven by volume growth in Peru and Chile.
Adjusted EBIT of $357 million was 2% higher than last year on a comparable constant currency basis, driven by higher volumes and strong cost performance, partly offset by unfavorable earnings impacts from price/mix. Adjusted EBIT margin of 13.7% was in line with last year.

Flexibles segment - March YTD Nine Months Ended March 31, Reported ∆% Comparable constant currency ∆%
2024 $ million 2025 $ million
Net sales 7,646  7,667  —  1
Adjusted EBIT 992  1,008  3
Adjusted EBIT / Sales % 13.0 13.1
Net sales of $7,667 million were up modestly compared with last year on a reported basis. Unfavorable movements in foreign exchange rates and favorable impacts related to the pass through of higher raw material costs each had an offsetting impact on net sales of approximately 1%.
Volumes were up approximately 2% compared with the prior year with growth delivered across all key regions. Price/mix had an unfavorable impact on net sales of less than 2%, primarily due to lower volumes in high value healthcare categories in the first half of the year. On a comparable constant currency basis net sales grew by less than 1% compared with last year.
In North America, net sales were in line with last year on a comparable constant currency basis, with low single digit volume growth offset by unfavorable price/mix.
In Europe, net sales grew low single digit compared with last year on a comparable constant currency basis, driven by mid single digit volume growth offset by unfavorable price/mix.
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Across Asia, net sales on a comparable constant currency basis and volumes increased at mid single digit rates with growth in China and India partly offset by lower volumes in South East Asia. In Latin America, net sales on a comparable constant currency basis and volumes increased at low to mid single digit rates, largely driven by growth in Peru, Brazil and Chile.
Adjusted EBIT of $1,008 million was approximately 3% higher than last year on a comparable constant currency basis. The positive impact of higher volumes, favorable cost performance and benefits from restructuring initiatives was partly offset by unfavorable price/mix. Adjusted EBIT margin of 13.1% was broadly in line with last year.

Rigid Packaging segment - March 2025 quarter Three Months Ended March 31, Reported ∆% Comparable constant currency ∆%
2024 $ million 2025 $ million
Net sales 813  728  (10) (3)
Adjusted EBIT 71  55  (22) (12)
Adjusted EBIT / Sales % 8.7 7.6
Note: March quarter 2024 includes an approximately $45 million of net sales and approximately $5 million of adjusted EBIT related to Amcor's 50% interest in the Bericap Joint Venture which was divested in December 2024.
Net sales of $728 million were 10% lower than last year on a reported basis, including an unfavorable impact of 2% related to movements in foreign exchange rates, a favorable impact of approximately 1% related to the pass through of higher raw material costs of approximately $5 million and an unfavorable impact of approximately 6% related to the divestment of Amcor's 50% interest in the Bericap Joint Venture in December 2024.
On a comparable constant currency basis, net sales were approximately 3% lower than last year reflecting approximately 2% lower volumes and an unfavorable price/mix impact of approximately 1%.
Consumer and customer demand generally softened sequentially in the North America beverage business, and comparable net sales were lower than the prior year, reflecting volume declines at high single digit rates and modestly unfavorable price/mix. In Latin America, net sales were up high single digits on a comparable constant currency basis reflecting mid single digit volume growth and favorable price/mix. Volumes in the Specialty Containers business were higher than last year.
Adjusted EBIT of $55 million was 12% lower than last year on a comparable constant currency basis, reflecting lower volumes and unfavorable price/mix, partly offset by cost benefits net of sequentially higher labor costs.

Rigid Packaging segment - March YTD Nine Months Ended March 31, Reported ∆% Comparable constant currency ∆%
2024 $ million 2025 $ million
Net sales 2,459  2,260  (8) (3)
Adjusted EBIT 184  171  (7) (1)
Adjusted EBIT / Sales % 7.5 7.6
Net sales of $2,260 million were 8% lower than last year on a reported basis, including an unfavorable impact of approximately 2% related to movements in foreign exchange rates, an unfavorable impact of approximately 1% related to the pass through of lower raw material costs of approximately $35 million and an unfavorable impact of approximately 2% related to the divestment of Amcor's 50% interest in the Bericap Joint Venture in December 2024.
On a comparable constant currency basis, net sales were approximately 3% lower than last year reflecting approximately 2% lower volumes and an unfavorable price/mix impact of approximately 1%.
North America beverage comparable constant currency net sales and volumes declined in the high single digit range and price/mix was modestly unfavorable. In Latin America, net sales on a comparable constant currency basis were up mid single digits, primarily reflecting favorable price/mix benefits. Across the balance of the Rigid Packaging business volumes were higher than last year.
Adjusted EBIT of $171 million was approximately 1% lower than last year on a comparable constant currency basis, with the impact of lower volumes and unfavorable price/mix partly offset by favorable cost performance. Adjusted EBIT margin of 7.6% was 10 basis points higher than last year.

Net interest and income tax expense
For the nine months ended March 31, 2025, GAAP net interest expense of $222 million compares with $232 million last year. Adjusted net interest expense for the nine months ended March 31, 2025 of $218 million compares with $232 million last year.
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GAAP income tax expense was $141 million compared with $107 million last year. Adjusted tax expense for the nine months ended March 31, 2025 of $159 million compared with $158 million last year. Adjusted tax expense for the nine months ended March 31, 2025 represents an effective tax rate of 17.8%, compared with 18.1% in the prior year.

Adjusted Free Cash Flow
For the nine months ended March 31, 2025, adjusted free cash outflow was $17 million and compares with an inflow of $115 million last year. Cash flow was unfavorably impacted by higher inventories, which reflects weaker sales volumes in the March quarter.
Net debt was $6,752 million at March 31, 2025 and leverage, measured as net debt divided by adjusted trailing twelve month EBITDA, was 3.5 times. Movements in exchange rates toward the end of the quarter had an adverse impact on net debt and increased leverage by approximately 0.1 times compared with the company's expectations. The expected near term impact of the merger on leverage remains unchanged, and the company now expects leverage to be ~3.4 times at June 30, 2025.

Fiscal 2025 Guidance
For the twelve month period ending June 30, 2025, inclusive of merger related impacts in May and June of the fourth quarter:
•Adjusted EPS range narrowed to approximately 72 to 74 cents per share; and
•Adjusted Free Cash Flow of approximately $900 million to $1,000 million.
Amcor's guidance contemplates a range of factors which create a degree of uncertainty and complexity when estimating future financial results. Further information can be found under 'Cautionary Statement Regarding Forward-Looking Statements' in this release. Reconciliations of the fiscal 2025 projected non-GAAP measures are not included herein because the individual components are not known with certainty as individual financial statements for fiscal 2025 have not been completed.

Conference Call
Amcor is hosting a conference call with investors and analysts to discuss these results on Wednesday April 30, 2025 at 5:30pm US Eastern Standard Time / Thursday May 1, 2025 at 7:30am Australian Eastern Standard Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the “Investors” section.
Those wishing to access the call should use the following toll-free numbers, with the Conference ID: 2990465
•USA: 800 715 9871 (toll free)
•USA: 646 307 1963 (local)
•Australia: 1800 519 630 (toll free), 02 9133 7103 (local)
•United Kingdom: 0800 358 0970 (toll free), 020 3433 3846 (local)
•Singapore: +65 3159 5133 (local)
•Hong Kong: +852 3002 3410 (local)
From all other countries, the call can be accessed by dialing +1 646 307 1963 (toll).
A replay of the webcast will also be available in the 'Investors" section at www.amcor.com following the call.



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Contact Information
Investors
Tracey Whitehead Damien Bird Damon Wright
Global Head of Investor Relations Vice President Investor Relations Asia Pacific Vice President Investor Relations North America
Amcor Amcor Amcor
+61 408 037 590 +61 481 900 499 +1 224 313 7141
tracey.whitehead@amcor.com damien.bird@amcor.com damon.wright@amcor.com
Media - Australia Media - Europe Media - North America
James Strong Ernesto Duran Julie Liedtke
Managing Director Head of Global Communications Director, Media Relations
Sodali & Co Amcor Amcor
+61 448 881 174 +41 78 698 69 40 +1 847 204 2319
james.strong@sodali.com ernesto.duran@amcor.com julie.liedtke@amcor.com

Amcor plc UK Establishment Address: 83 Tower Road North, Warmley, Bristol, England, BS30 8XP, United Kingdom
UK Overseas Company Number: BR020803
Registered Office: 3rd Floor, 44 Esplanade, St Helier, JE4 9WG, Jersey
Jersey Registered Company Number: 126984, Australian Registered Body Number (ARBN): 630 385 278


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U.S. GAAP Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended March 31, Nine Months Ended March 31,
$ in millions, except per share data 2024 2025 2024 2025
Net sales 3,411  3,333  10,105  9,927 
Cost of sales (2,719) (2,679) (8,147) (7,988)
Gross profit 692  654  1,958  1,939 
Selling, general, and administrative expenses (330) (303) (931) (913)
Research and development expenses (25) (27) (80) (82)
Restructuring, transaction and integration expenses (30) (32) (82) (71)
Other income/(expenses), net —  21  (46) 49 
Operating income 307  313  819  922 
Interest expense, net (79) (75) (232) (222)
Other non-operating income/(expenses), net (1) (3)
Income before income taxes and equity in income/(loss) of affiliated companies 230  237  589  697 
Income tax expense (40) (40) (107) (141)
Equity in income/(loss) of affiliated companies, net of tax (1) —  (3)
Net income 189  197  479  557 
Net income attributable to non-controlling interests (2) (1) (6) (7)
Net income attributable to Amcor plc 187  196  473  550 
USD:EUR average FX rate 0.9208  0.9507  0.9231  0.9327 
Basic earnings per share attributable to Amcor 0.129  0.136  0.327  0.381 
Diluted earnings per share attributable to Amcor 0.129  0.136  0.327  0.380 
Weighted average number of shares outstanding – Basic 1,439  1,443  1,439  1,442 
Weighted average number of shares outstanding – Diluted 1,440  1,446  1,440  1,445 


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U.S. GAAP Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended March 31,
($ million) 2024 2025
Net income 479  557 
Depreciation, amortization and impairment 448  399 
Net gain on disposal of businesses —  (8)
Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and currency (680) (804)
Other non-cash items 131  132 
Net cash provided by operating activities 378  276 
Purchase of property, plant and equipment and other intangible assets (358) (360)
Proceeds from sales of property, plant and equipment and other intangible assets 12 
Business acquisitions and investments in affiliated companies, and other (23) (11)
Proceeds from divestitures, net of cash divested —  113 
Net debt proceeds 426  2,044 
Dividends paid (542) (550)
Share buyback/cancellations (30) — 
Purchase of treasury shares, proceeds from exercise of options and tax withholdings for share-based incentive plans (51) (38)
Other, including effect of exchange rate on cash and cash equivalents (44) (26)
Net increase/(decrease) in cash and cash equivalents (232) 1,457 
Cash and cash equivalents balance at beginning of the year 689  588 
Cash and cash equivalents balance at end of the period 457  2,045 

U.S. GAAP Condensed Consolidated Balance Sheets (Unaudited)
($ million) June 30, 2024 March 31, 2025
Cash and cash equivalents 588  2,045 
Trade receivables, net 1,846  1,969 
Inventories, net 2,031  2,142 
Property, plant, and equipment, net 3,763  3,696 
Goodwill and other intangible assets, net 6,736  6,587 
Other assets 1,560  1,603 
Total assets 16,524  18,042 
Trade payables 2,580  2,339 
Short-term debt and current portion of long-term debt 96  159 
Long-term debt, less current portion 6,603  8,638 
Accruals and other liabilities 3,292  3,047 
Shareholders' equity 3,953  3,859 
Total liabilities and shareholders' equity 16,524  18,042 



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Components of Fiscal 2025 Net Sales growth
Three Months Ended March 31, Nine Months Ended March 31,
($ million) Flexibles Rigid Packaging Total Flexibles Rigid Packaging Total
Net sales fiscal 2025 2,605  728  3,333  7,667  2,260  9,927 
Net sales fiscal 2024 2,598  813  3,411  7,646  2,459  10,105 
Reported Growth % —  (10) (2) —  (8) (2)
FX % (2) (2) (2) (1) (2) (1)
Constant Currency Growth % (8) —  (6) (1)
RM Pass Through % (1) — 
Items affecting comparability % —  (6) (1) —  (2) (1)
Comparable Constant Currency Growth % (3) —  (3) — 
Acquired operations % —  —  —  —  —  — 
Organic Growth % (3) —  (3) — 
Volume % (2) —  (2)
Price/Mix % (1) —  (2) (1) (1)

























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Reconciliation of Non-GAAP Measures
Reconciliation of adjusted Earnings before interest, tax, depreciation, and amortization (EBITDA), Earnings before interest and tax (EBIT), Net income, Earnings per share (EPS) and Adjusted Free Cash Flow
Three Months Ended March 31, 2024 Three Months Ended March 31, 2025
($ million) EBITDA EBIT Net Income
EPS (Diluted
US cents)(1)
EBITDA EBIT Net Income EPS (Diluted US cents)
Net income attributable to Amcor 187  187  187  12.9  196  196  196  13.6 
Net income attributable to non-controlling interests
Tax expense 40  40  40  40 
Interest expense, net 79  79  75  75 
Depreciation and amortization 146  131 
EBITDA, EBIT, Net income, and EPS 454  308  187  12.9  443  312  196  13.6 
Impact of highly inflationary accounting 0.2  0.2 
Restructuring and related expenses, net(2)
30  30  30  2.1  0.4 
Berry transaction & integration —  —  —  —  26  26  31  2.1 
CEO transition costs 0.6  —  —  —  — 
Other 0.4  —  —  —  — 
Amortization of acquired intangibles(3)
43  43  2.9  37  37  2.5 
Tax effect of above items (19) (1.3) (12) (0.8)
Adjusted EBITDA, EBIT, Net income and EPS 499  397  257  17.8  477  384  261  18.0 
Reconciliation of adjusted growth to comparable constant currency growth
% growth - Adjusted EBITDA, EBIT, Net income, and EPS (4) (3)
% items affecting comparability
% currency impact
% comparable constant currency growth (1) — 
Adjusted EBITDA 499  477 
Interest paid, net (55) (40)
Income tax paid (39) (21)
Purchase of property, plant and equipment and
other intangible assets
(113) (117)
Proceeds from sales of property, plant and
equipment and other intangible assets
Movement in working capital (225) (277)
Other (5) (4)
Adjusted Free Cash Flow 63  20 

(1) Calculation of diluted EPS for the three months ended March 31, 2024 excludes net income attributable to shares to be repurchased under forward contracts of $1 million.
(2) Includes incremental restructuring and related expenses attributable to group wide initiatives to partly offset divested earnings from the Russian business.
(3) Amortization of acquired intangible assets from business combinations.









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10



Nine Months Ended March 31, 2024 Nine Months Ended March 31, 2025
($ million) EBITDA EBIT Net Income
EPS (Diluted
US cents)(1)
EBITDA EBIT Net Income
EPS (Diluted US cents)(1)
Net income attributable to Amcor 473  473  473  32.7  550  550  550  38.0 
Net income attributable to non-controlling interests
Tax expense 107  107  141  141 
Interest expense, net 232  232  222  222 
Depreciation and amortization 433  401 
EBITDA, EBIT, Net income, and EPS 1,251  818  473  32.7  1,321  920  550  38.0 
Impact of highly inflationary accounting 55  55  55  3.8  0.6 
Restructuring and related expenses, net(2)
82  82  82  5.7  35  35  35  2.4 
Berry transaction & integration —  —  —  —  36  36  41  2.8 
CEO transition costs 0.6  —  —  —  — 
Other 17  17  17  1.2  (3) (3) (3) (0.2)
Amortization of acquired intangibles(3)
126  126  8.7  116  116  8.0 
Tax effect of above items (51) (3.6) (19) (1.3)
Adjusted EBITDA, EBIT, Net income and EPS 1,412  1,106  710  49.1  1,397  1,112  728  50.3 
Reconciliation of adjusted growth to comparable constant currency growth
% growth - Adjusted EBITDA, EBIT, Net income, and EPS (1)
% items affecting comparability —  —  —  — 
% currency impact
% comparable constant currency growth
Adjusted EBITDA 1,412  1,397 
Interest paid, net (196) (167)
Income tax paid (163) (148)
Purchase of property, plant and equipment and
other intangible assets
(358) (360)
Proceeds from sales of property, plant and
equipment and other intangible assets
12 
Movement in working capital (625) (710)
Other 33  (38)
Adjusted Free Cash Flow 115  (17)

(1) Calculation of diluted EPS for the nine months ended March 31, 2025 excludes net income attributable to shares to be repurchased under forward contracts of $1 million. Calculation of diluted EPS for the nine months ended March 31, 2024 excludes net income attributable to shares to be repurchased under forward contracts of $2 million.
(2) Includes incremental restructuring and related expenses attributable to group wide initiatives to partly offset divested earnings from the Russian business.
(3) Amortization of acquired intangible assets from business combinations.




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11


Reconciliation of adjusted EBIT by reportable segment
Three Months Ended March 31, 2024 Three Months Ended March 31, 2025
($ million) Flexibles Rigid Packaging Other Total Flexibles Rigid Packaging Other Total
Net income attributable to Amcor 187  196 
Net income attributable to non-controlling interests
Tax expense 40  40 
Interest expense, net 79  75 
EBIT 290  61  (43) 308  315  51  (54) 312 
Impact of highly inflationary accounting —  —  —  — 
Restructuring and related expenses, net(1)
25  —  30  — 
Berry transaction & integration —  —  —  —  —  25  26 
CEO transition costs —  —  —  —  —  — 
Other —  (1) —  — 
Amortization of acquired intangibles(2)
42  —  43  36  —  37 
Adjusted EBIT 358  71  (32) 397  357  55  (28) 384 
Adjusted EBIT / sales % 13.8  % 8.7  % 11.6  % 13.7  % 7.6  % 11.5  %
Reconciliation of adjusted growth to comparable constant currency growth
% growth - Adjusted EBIT —  (22) —  (3)
% items affecting comparability —  — 
% currency impact — 
% comparable constant currency (12) —  — 
(1) Includes incremental restructuring and related expenses attributable to group wide initiatives to partly offset divested earnings from the Russian business.
(2) Amortization of acquired intangible assets from business combinations.





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12


Nine Months Ended March 31, 2024 Nine Months Ended March 31, 2025
($ million) Flexibles Rigid Packaging Other Total Flexibles Rigid Packaging Other Total
Net income attributable to Amcor 473  550 
Net income attributable to non-controlling interests
Tax expense 107  141 
Interest expense, net 232  222 
EBIT 796  112  (90) 818  854  172  (106) 920 
Impact of highly inflationary accounting —  55  —  55  —  — 
Restructuring and related expenses, net(1)
68  14  —  82  34  —  35 
Berry transaction & integration —  —  —  —  —  35  36 
CEO transition costs —  —  —  —  —  — 
Other —  12  17  10  (15) (3)
Amortization of acquired intangibles(2)
123  —  126  110  116 
Adjusted EBIT 992  184  (70) 1,106  1,008  171  (67) 1,112 
Adjusted EBIT / sales % 13.0  % 7.5  % 10.9  % 13.1  % 7.6  % 11.2  %
Reconciliation of adjusted growth to comparable constant currency growth
% growth - Adjusted EBIT (7) — 
% items affecting comparability —  —  — 
% currency impact — 
% comparable constant currency (1) — 
(1) Includes incremental restructuring and related expenses attributable to group wide initiatives to partly offset divested earnings from the Russian business.
(2) Amortization of acquired intangible assets from business combinations.

Reconciliation of net debt
($ million) June 30, 2024 March 31, 2025
Cash and cash equivalents (588) (2,045)
Short-term debt 84  150 
Current portion of long-term debt 12 
Long-term debt, less current portion 6,603  8,638 
Net debt 6,111  6,752 

Cautionary Statement Regarding Forward-Looking Statements
Unless otherwise indicated, references to "Amcor," the "Company," "we," "our," and "us" in this document refer to Amcor plc and its consolidated subsidiaries. This document contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like "believe," "expect," "target," "project," "may," "could," "would," "approximately," "possible," "will," "should," "intend," "plan," "anticipate," "commit," "estimate," "potential," "ambitions," "outlook," or "continue," the negative of these words, other terms of similar meaning, or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. Neither Amcor nor any of its respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur or if any of them do occur, what impact they will have on the business, results of operations or financial condition of Amcor. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on Amcor's business, including the ability to successfully realize the expected benefits of the merger of Amcor and Berry Global Group, Inc. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to: risks arising from the integration of the Amcor and Berry Global Group, Inc., ("Berry") businesses as a result of the Merger completed on April 30, 2025 (the "Transaction"); risk that the anticipated benefits of the Transaction may not be realized when expected or at all; risk of unexpected costs or expenses resulting from the Transaction; risk of further litigation related to the Transaction as two lawsuits have been filed; risk that the Transaction may have an adverse effect on our ability to retain key personnel and customers; general economic, market and social developments and conditions; evolving legal, regulatory and tax regimes under which we operate; changes in consumer demand patterns and customer requirements in numerous industries; the loss of key customers, a reduction in their production requirements, or consolidation among key customers; significant competition in the industries and regions in which we operate; an inability to expand our current business effectively through either organic growth, including product innovation, investments, or acquisitions; challenging global economic conditions; impacts of operating internationally; price fluctuations or shortages in the availability of raw materials, energy and other inputs, and the introduction of new tariffs, which could adversely affect our business; production, supply, and other commercial risks, including counterparty credit risks, which may be exacerbated in times of economic volatility; pandemics, epidemics, or other disease outbreaks; an inability to attract and retain our global executive team and our skilled workforce and manage key transitions; labor disputes and an inability to renew collective bargaining agreements at acceptable terms; physical impacts of climate change; cybersecurity risks, which could disrupt our operations or risk of loss of our sensitive business information; failures or disruptions in our information technology systems which could disrupt our operations, compromise customer, employee, supplier, and other data; a significant increase in our indebtedness or a downgrade in our credit rating could reduce our operating flexibility and increase our borrowing costs and negatively affect our financial condition and results of operations; rising interest rates that increase our borrowing costs on our variable rate indebtedness and could have other negative impacts; foreign exchange rate risk; a significant write-down of goodwill and/or other intangible assets; a failure to maintain an effective system of internal control over financial reporting; an inability of our insurance policies, including our use of a captive insurance company, to provide adequate protection against all of the risks we face; an inability to defend our intellectual property rights or intellectual property infringement claims against us; litigation, including product liability claims or litigation related to Environmental, Social, and Governance ("ESG") matters, or regulatory developments; increasing scrutiny and changing expectations from investors, customers, suppliers, and governments with respect to our ESG practices and commitments resulting in additional costs or exposure to additional risks; changing ESG government regulations including climate-related rules; changing environmental, health, and safety laws; and changes in tax laws or changes in our geographic mix of earnings.
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13


These risks and uncertainties are supplemented by those identified from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including without limitation, those described under Part I, "Item 1A - Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, and as updated by our quarterly reports on Form 10-Q. You can obtain copies of Amcor’s filings with the SEC for free at the SEC’s website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.
Presentation of non-GAAP information
Included in this release are measures of financial performance that are not calculated in accordance with U.S. GAAP. These measures include adjusted EBITDA and EBITDA (calculated as earnings before interest and tax and depreciation and amortization), adjusted EBIT and EBIT (calculated as earnings before interest and tax), adjusted net income, adjusted earnings per share, adjusted free cash flow, net debt and synergies from the Merger. In arriving at these non-GAAP measures, we exclude items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. Note that while amortization of acquired intangible assets is excluded from non-GAAP adjusted financial measures, the revenue of the acquired entities and all other expenses unless otherwise stated, are reflected in our non-GAAP financial performance earnings measures. While not all inclusive, examples of these items include: material restructuring programs, including associated costs such as employee severance, pension and related benefits, impairment of property and equipment and other assets, accelerated depreciation, termination payments for contracts and leases, contractual obligations, and any other qualifying costs related to restructuring plans; material sales and earnings from disposed or ceased operations and any associated profit or loss on sale of businesses or subsidiaries; changes in the fair value of economic hedging instruments on commercial paper and contingent purchase consideration; pension settlements; impairments in goodwill and equity method investments; material acquisition compensation and transaction costs such as due diligence expenses, professional and legal fees, financing-related expenses; and integration costs; material purchase accounting adjustments for inventory; amortization of acquired intangible assets from business combination; gains or losses on significant property and divestitures and significant property and other impairments, net of insurance recovery; certain regulatory and legal matters; impacts from highly inflationary accounting; expenses related to the Company's Chief Executive Officer transition; and impacts related to the Russia-Ukraine conflict.
Amcor also evaluates performance on a comparable constant currency basis, which measures financial results assuming constant foreign currency exchange rates used for translation based on the average rates in effect for the comparable prior year period. In order to compute comparable constant currency results, we multiply or divide, as appropriate, current-year U.S. dollar results by the current year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior-year average foreign exchange rates. We then adjust for other items affecting comparability. While not all inclusive, examples of items affecting comparability include the difference between sales or earnings in the current period and the prior period related to disposed, or ceased operations. Comparable constant currency net sales performance also excludes the impact from passing through movements in raw material costs.  
Management has used and uses these measures internally for planning, forecasting and evaluating the performance of the Company’s reporting segments and certain of the measures are used as a component of Amcor’s Board of Directors’ measurement of Amcor’s performance for incentive compensation purposes. Amcor believes that these non-GAAP measures are useful to enable investors to perform comparisons of current and historical performance of the Company. For each of these non-GAAP financial measures, a reconciliation to the most directly comparable U.S. GAAP financial measure has been provided herein. These non-GAAP financial measures should not be construed as an alternative to results determined in accordance with U.S. GAAP. The Company provides guidance on a non-GAAP basis as we are unable to predict with reasonable certainty the ultimate outcome and timing of certain significant forward-looking items without unreasonable effort.  These items include but are not limited to the impact of foreign exchange translation, restructuring program costs, asset impairments, possible gains and losses on the sale of assets, certain tax related events, and difficulty in making accurate forecasts and projections in connection with the legacy Berry Global business given recency of access to all relevant information. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP earnings and cash flow measures for the guidance period.

Dividends
Amcor has received a waiver from the ASX’s settlement operating rules, which will allow the Company to defer processing conversions between its ordinary share and CDI registers from May 21, 2025 to May 22, 2025 inclusive.


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14
EX-99.2 3 exhibit992.htm EX-99.2 exhibit992
1 Fiscal 2025 third quarter results Peter Konieczny CEO Michael Casamento CFO 30 April, 2025 US 1 May, 2025 Australia


 
2 Disclaimers Cautionary Statement Regarding Forward-Looking Statements Unless otherwise indicated, references to "Amcor," the "Company," "we," "our," and "us" in this document refer to Amcor plc and its consolidated subsidiaries. This document contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like "believe," "expect," "target," "project," "may," "could," "would," "approximately," "possible," "will," "should," "intend," "plan," "anticipate," "commit," "estimate," "potential," "ambitions," "outlook," or "continue," the negative of these words, other terms of similar meaning, or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. Neither Amcor nor any of its respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur or if any of them do occur, what impact they will have on the business, results of operations or financial condition of Amcor. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on Amcor's business, including the ability to successfully realize the expected benefits of the merger of Amcor and Berry Global Group, Inc. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to: risks arising from the integration of the Amcor and Berry Global Group, Inc., ("Berry") businesses as a result of the Merger completed on April 30, 2025 (the "Transaction"); risk that the anticipated benefits of the Transaction may not be realized when expected or at all; risk of unexpected costs or expenses resulting from the Transaction; risk of further litigation related to the Transaction as two lawsuits have been filed; risk that the Transaction may have an adverse effect on our ability to retain key personnel and customers; general economic, market and social developments and conditions; evolving legal, regulatory and tax regimes under which we operate; changes in consumer demand patterns and customer requirements in numerous industries; the loss of key customers, a reduction in their production requirements, or consolidation among key customers; significant competition in the industries and regions in which we operate; an inability to expand our current business effectively through either organic growth, including product innovation, investments, or acquisitions; challenging global economic conditions; impacts of operating internationally; price fluctuations or shortages in the availability of raw materials, energy and other inputs, and the introduction of new tariffs, which could adversely affect our business; production, supply, and other commercial risks, including counterparty credit risks, which may be exacerbated in times of economic volatility; pandemics, epidemics, or other disease outbreaks; an inability to attract and retain our global executive team and our skilled workforce and manage key transitions; labor disputes and an inability to renew collective bargaining agreements at acceptable terms; physical impacts of climate change; cybersecurity risks, which could disrupt our operations or risk of loss of our sensitive business information; failures or disruptions in our information technology systems which could disrupt our operations, compromise customer, employee, supplier, and other data; a significant increase in our indebtedness or a downgrade in our credit rating could reduce our operating flexibility and increase our borrowing costs and negatively affect our financial condition and results of operations; rising interest rates that increase our borrowing costs on our variable rate indebtedness and could have other negative impacts; foreign exchange rate risk; a significant write-down of goodwill and/or other intangible assets; a failure to maintain an effective system of internal control over financial reporting; an inability of our insurance policies, including our use of a captive insurance company, to provide adequate protection against all of the risks we face; an inability to defend our intellectual property rights or intellectual property infringement claims against us; litigation, including product liability claims or litigation related to Environmental, Social, and Governance ("ESG") matters, or regulatory developments; increasing scrutiny and changing expectations from investors, customers, suppliers, and governments with respect to our ESG practices and commitments resulting in additional costs or exposure to additional risks; changing ESG government regulations including climate-related rules; changing environmental, health, and safety laws; and changes in tax laws or changes in our geographic mix of earnings. These risks and uncertainties are supplemented by those identified from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including without limitation, those described under Part I, "Item 1A - Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, and as updated by our quarterly reports on Form 10-Q. You can obtain copies of Amcor’s filings with the SEC for free at the SEC’s website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Presentation of non-GAAP information Included in this release are measures of financial performance that are not calculated in accordance with U.S. GAAP. These measures include adjusted EBITDA and EBITDA (calculated as earnings before interest and tax and depreciation and amortization), adjusted EBIT and EBIT (calculated as earnings before interest and tax), adjusted net income, adjusted earnings per share, adjusted free cash flow, net debt and synergies from the Merger. In arriving at these non-GAAP measures, we exclude items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. Note that while amortization of acquired intangible assets is excluded from non-GAAP adjusted financial measures, the revenue of the acquired entities and all other expenses unless otherwise stated, are reflected in our non-GAAP financial performance earnings measures. While not all inclusive, examples of these items include: material restructuring programs, including associated costs such as employee severance, pension and related benefits, impairment of property and equipment and other assets, accelerated depreciation, termination payments for contracts and leases, contractual obligations, and any other qualifying costs related to restructuring plans; material sales and earnings from disposed or ceased operations and any associated profit or loss on sale of businesses or subsidiaries; changes in the fair value of economic hedging instruments on commercial paper and contingent purchase consideration; pension settlements; impairments in goodwill and equity method investments; material acquisition compensation and transaction costs such as due diligence expenses, professional and legal fees, financing-related expenses; and integration costs; material purchase accounting adjustments for inventory; amortization of acquired intangible assets from business combination; gains or losses on significant property and divestitures and significant property and other impairments, net of insurance recovery; certain regulatory and legal matters; impacts from highly inflationary accounting; expenses related to the Company's Chief Executive Officer transition; and impacts related to the Russia-Ukraine conflict. Amcor also evaluates performance on a comparable constant currency basis, which measures financial results assuming constant foreign currency exchange rates used for translation based on the average rates in effect for the comparable prior year period. In order to compute comparable constant currency results, we multiply or divide, as appropriate, current-year U.S. dollar results by the current year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior-year average foreign exchange rates. We then adjust for other items affecting comparability. While not all inclusive, examples of items affecting comparability include the difference between sales or earnings in the current period and the prior period related to disposed, or ceased operations. Comparable constant currency net sales performance also excludes the impact from passing through movements in raw material costs. Management has used and uses these measures internally for planning, forecasting and evaluating the performance of the Company’s reporting segments and certain of the measures are used as a component of Amcor’s Board of Directors’ measurement of Amcor’s performance for incentive compensation purposes. Amcor believes that these non-GAAP measures are useful to enable investors to perform comparisons of current and historical performance of the Company. For each of these non- GAAP financial measures, a reconciliation to the most directly comparable U.S. GAAP financial measure has been provided herein. These non-GAAP financial measures should not be construed as an alternative to results determined in accordance with U.S. GAAP. The Company provides guidance on a non-GAAP basis as we are unable to predict with reasonable certainty the ultimate outcome and timing of certain significant forward-looking items without unreasonable effort. These items include but are not limited to the impact of foreign exchange translation, restructuring program costs, asset impairments, possible gains and losses on the sale of assets, certain tax related events, and difficulty in making accurate forecasts and projections in connection with the legacy Berry Global business given recency of access to all relevant information. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP earnings and cash flow measures for the guidance period.


 
3 Safety Guided by our values. Always our number one priority. Sustained excellence Notes: Recordable Case Frequency Rate (RCFR) expresses injuries per 1,000,000 hours worked. Graph data shown for a 12 month period ended June 30 unless otherwise indicated. Acquired businesses (including Bemis) are included in 2020 and account for the increase in frequency rate compared with 2015. Total Recordable Incident Rate (TRIR) expresses injuries per 200,000 hours worked. Amcor’s TRIR is equivalent to Amcor’s rate under OSHA (Occupational Safety & Health Administration). Average of North America paper manufacturing, plastic and rubber products manufacturing and printing and related support activities TRIR rate for 2023. Source: US Bureau of Labor Statistics. Amcor Values • Industry-leading safety performance continues • Total Recordable Incident Rate of 0.27 • 69% of all sites injury free for >12 months 11.2 4.1 2.0 2.8 1.4 1.4 Recordable-case frequency rate (per million hours worked) 3Q25 TRIR Includes impact of acquired businesses 201520102005 2020 2024 3Q25 YTD 2.3 0.3 North America packaging materials industry average TRIR


 
4 Key messages • EPS growth in an increasingly uncertain consumer environment, particularly in the US • Merger with Berry closed and integration has commenced earlier than anticipated • Expecting approximately 12% adjusted EPS accretion in FY26 through delivery of synergies alone, before taking into account organic performance in the underlying business


 
5 Flexibles ~60% sales Leadership in place and integration commenced Day one alignment, responsibility and accountability across two strong and strategically attractive segments Jean-Marc GalvezFred Stephan • Global scale, breadth & leadership • Best-in-class innovation and extensive IP catalogue • Multiple substrate expertise • Leader in high barrier • $2bn global healthcare platform Containers & Closures ~40% sales • Global scale, breadth & leadership • Best-in-class innovation and design capabilities • Lightweighting expertise • In-house toolmaking and recycling • $1bn global healthcare platform Deeply experienced leadership team with functional, operational and industry expertise Supported by Integration leaders and teams with dedicated workstreams focused on cost, financial and growth synergy capture 1 2 Note: Percentages represent LTM 30-Sep-2024 combined revenues.


 
6Amcor and Berry Global combination Enhancing customer value proposition as a global leader in packaging solutions Better Business with greater capabilities, broader scale, and resilient supply chains Accelerating Growth with highly complementary portfolio and innovation platforms Innovation and Sustainability investment unlocks portfolio transformation Creating Value that matters 1 2 3 4 Aligned with Amcor strategy Higher growth, higher margin Sustainability focus Highly attractive economics Sustainability ‘Go to’ packaging supplier Consistent organic growth Compelling value creation ~400 / >40 Production facilities / countries Supply chain resilience in a dynamic world ~$23 billion Sales revenue 300+ bps EBITDA margin expansion Note: Sales revenue represents LTM 30-Sep-2024 combined revenues. EBITDA margin expansion includes run-rate synergies by the end of year 3. Includes $530 million in run-rate cost synergies and $60 million earnings impact from $280 million in incremental growth synergies. $280 million in growth synergies expected to build to $400+ million by year 4.


 
7 Clear visibility to $650 million total synergies expected by year 3 Sources of synergy benefits identified and delivery not dependent on macro environment Confident in delivering $260 million of expected synergy benefits in fiscal 2026 Year 1 ~40% of total Year 2 ~40% of total ~$260 million ~$260 million Year 3 ~20% of total ~$130 million Total synergies ~$650 million Plus: $280 million in one-time cash benefits from working capital efficiencies offsetting costs to achieve synergies Note: Synergies referenced on a pre-tax basis.


 
8 Compelling financial profile with enhanced shareholder returns Clear and sustainable financial value expected across a number of dimensions Commitment to investment grade balance sheet and annual Dividend Per Share growth from Amcor’s current base5 Unlock further opportunities to refine portfolio and enhance focus on growth categories Enhance long-term Shareholder Value Creation Model from 10-15% to 13-18% Revenue growth above market, accelerating by at least 1% $650 million of synergies1 and additional $280 million of one-time cash benefits Over 35% adj. cash EPS accretion3 and double-digit Return On Investment4 $3+ billion of annual cash flow2 available to reinvest in the business plus $180 million R&D spend 1 By the end of year 3. Includes $530 million in run-rate cost synergies, $60 million earnings impact from $280 million in incremental growth synergies, and $60 million in financial synergies by year 3. $280 million in growth synergies expected to build to $400+ million by year 4. 2 Defined as combined operating cash flow including run-rate synergies, after interest and tax, before capital expenditures. 3 Accretion inclusive of run-rate impact of synergies and is relative to Amcor’s LTM 30-Sep-2024 standalone EPS. 4 Return on investment after three years calculated as synergized adjusted EBIT divided by transaction enterprise value including transaction fees and cost to achieve synergies (based on Amcor share price on day prior to announcement of transaction). 5 Refers to annual Dividend Per Share growth from Amcor’s current base annualized base of $0.51 cents per share.


 
9 Third quarter result highlights Earnings growth driven by improved price/mix trends and strong cost performance 3Q25 +0.4% vs pcp $3,333m Net Sales EBIT EPS 3Q25 +0.4% vs pcp $384m 3Q25 +5% vs pcp 18.0 cents 3Q25 YTD in line vs pcp $9,927m 3Q25 YTD +3% vs pcp $1,112m 3Q25 YTD +5% vs pcp 50.3 cents March quarter highlights • Volumes in line with last year • Modest share gains offset by weak consumer demand • Growth across all regions excluding North America where consumer demand was generally weaker • Favorable price/mix • Driven by improved volume performance in healthcare • EBIT growth reflects • Continued strong cost performance • Improving price/mix trends offset by softer volumes • EBIT margin 11.5%, in line with last year Notes: EBIT and EPS presented on an adjusted basis and growth rates for these, and Net sales exclude the impact of movements in foreign exchange rates and items impacting comparability. Net sales growth also excludes the impact from the pass through of movements in raw material costs Adjusted non-GAAP measures exclude items which are not considered representative of ongoing operations. Further details related to non-GAAP measures and reconciliations to U.S. GAAP measures can be found in the appendix section. Definition ‘pcp’ is ‘prior comparator period’.


 
10 Flexibles segment Volume growth, improving price/mix trends and favorable cost performance March quarter highlights • Net sales up 1%; Volumes up 1%; modest net share gains partly offset by weaker consumer demand • As expected, healthcare destocking essentially complete driving improved price/mix trends • L-MSD volume growth in Europe, Asia and Latin America partly offset by lower consumer and customer demand in North America • Adjusted EBIT up 2% mainly reflecting volume growth and favorable cost performance, partly offset by unfavorable price/mix FY2025 YTD highlights • Net sales up 1%; Volumes up 2% • Unfavorable price/mix of less than 2% primarily driven by lower healthcare volumes in the first half of the year • Adjusted EBIT up 3% reflecting volume growth and favorable cost performance, partly offset by unfavorable price/mix $m 3Q24 3Q25 CCC ∆ Net sales 2,598 2,605 +1% Adjusted EBIT 358 357 +2% Adjusted EBIT margin 13.8% 13.7% Riverside Natural Foods introduces Amcor’s AmFiber paper packaging Amcor partnership with Aldi delivers first recycled content crisp bag in a UK supermarket Notes: CCC refers to Comparable Constant Currency. CCC growth reconciliations can be found in the appendix. Non-GAAP measures exclude items which are not considered representative of ongoing operations. Further details related to non-GAAP measures including Adjusted EBIT and reconciliations to U.S. GAAP measures can be found in the appendix. L-MSD refers to Low to Mid Single Digits. $m 3Q24 YTD 3Q25 YTD CCC ∆ Net sales 7,646 7,667 +1% Adjusted EBIT 992 1,008 +3% Adjusted EBIT margin 13.0% 13.1%


 
11 Rigid Packaging segment North America beverage volumes weaker than anticipated March quarter highlights • Net sales down 3%; Volumes down 2% • North America beverage volumes down HSD largely reflecting weaker than anticipated consumer and customer demand • Volumes L-MSD higher across the balance of the business • Adjusted EBIT down 12% reflecting lower volumes and unfavorable price/mix, partly offset by cost benefits net of sequentially higher labor costs FY2025 YTD highlights • Net sales down 3%; Volumes down 2% • Soft consumer and customer demand in beverage categories • Adjusted EBIT down 1% reflecting lower volumes and unfavorable price/mix, partly offset by favorable cost performance • Divestment of Amcor’s 50% interest in Bericap Joint Venture completed in December 2024 $m 3Q24 3Q25 CCC ∆ Net sales 813 728 -3% Adjusted EBIT(1) 71 55 -12% Adjusted EBIT margin 8.7% 7.6% Shelf stable low acid packaging launched with Amcor’s StormPanel technology Combined HDPE container and decoration solution for personal care product Notes: CCC refers to Comparable Constant Currency. CCC growth reconciliations can be found in the appendix. Non-GAAP measures exclude items which are not considered representative of ongoing operations. Further details related to non-GAAP measures including Adjusted EBIT and reconciliations to U.S. GAAP measures can be found in the appendix. HSD = High Single Digits. L-MSD = Low to Mid Single Digits. (1) 3Q24 and 3Q24 YTD includes approximately $45 million net sales and approximately $5 million adjusted EBIT contribution from Amcor’s 50% interest in the Bericap Joint Venture which was divested in December 2024. $m 3Q24 YTD 3Q25 YTD CCC ∆ Net sales 2,459 2,260 -3% Adjusted EBIT(1) 184 171 -1% Adjusted EBIT margin 7.5% 7.6%


 
12 Cash flow and balance sheet Cash flow ($ million) 3Q24 YTD 3Q25 YTD Adjusted EBITDA 1,412 1,397 Interest and tax payments, net (359) (315) Capital expenditure (358) (360) Movement in working capital (625) (710) Other 45 (29) Adjusted Free Cash Flow 115 (17) Balance sheet(1) March 2025 Net debt ($ million) 6,752 Leverage: Net debt / LTM EBITDA (x) 3.5 Highlights: • Working capital unfavorably impacted by higher inventories resulting from weakening sales volumes in the March quarter • Prioritising inventory reduction • Movements in spot exchange rates had an adverse impact of approximately 0.1 times on leverage • Expect leverage at ~3.4x at 30 June 2025, and ~3.0x by 30 June 2026, in line with expectations set out at merger announcement • Required refinancing of Berry Global debt successfully completed prior to transaction close • ~$550 million cash returned to shareholders year to date through compelling and growing dividend Notes: Non-GAAP measures exclude items which are not considered representative of ongoing operations. Further details related to non-GAAP measures including Adjusted EBITDA and Adjusted Free Cash Flow and reconciliations to U.S. GAAP measures can be found in the appendix section. (1) Leverage calculated as Net debt divided by adjusted trailing twelve month EBITDA.


 
13 Outlook • Adjusted EPS range narrowed to approximately 72 to 74 cents per share • Adjusted Free Cash Flow of approximately $900 million to $1,000 million Amcor’s guidance contemplates a range of factors which create a higher degree of uncertainty and additional complexity when estimating future financial results. Refer to slide 2 for further information. Reconciliations of the fiscal 2025 projected non-GAAP measures are not included herein because the individual components are not known with certainty as individual financial statements for fiscal 2025 have not been completed. For the year ended June 30, 2025, inclusive of merger related impacts in May and June of the fourth quarter: For the year ended June 30, 2026: • Expecting approximately 12% adjusted EPS accretion through delivery of synergies alone, before taking into account organic performance in the underlying business


 
14 Key messages • EPS growth in an increasingly uncertain consumer environment, particularly in the US • Merger with Berry closed and integration has commenced earlier than anticipated • Expecting approximately 12% adjusted EPS accretion in FY26 through delivery of synergies alone, before taking into account organic performance in the underlying business


 
15 Appendix slides Supplementary schedules and reconciliations


 
16 FX translation impact 3Q25 YTD currency impact EUR 20-30% Other currencies(2) 20-30% USD 45-55% EUR:USD Euro weaker vs USD, Average USD to EUR rate 3Q25 YTD 0.9327 vs 3Q24 YTD 0.9231 3Q25 YTD USD million impact on Adjusted Net income (1%) (2) Other currencies(2):USD Other currencies weighted average vs USD weaker for 3Q25 YTD vs 3Q24 YTD average rates 3Q25 YTD USD million impact on Adjusted Net income (8%) (14) (1) Approximate ranges based on adjusted Net income by currency. (2) Includes all currencies other than USD and EUR Total currency impact $ million Adjusted EBIT (20) Adjusted Net income (16) Combined Net income currency exposures(1)


 
17 Amcor current model Dividend ~$1.1bn Re-invest in the business $1+ bn Total shareholder value ~13-18% EPS growth ~10-15% Acquisitions / share repurchases $1+ bn Yield ~3-4% Amcor new model Dividend ~$750m Re-invest in the business ~$500-600m Acquisitions / share repurchases ~$300-400m Annual cash flow ~$1.5bn Total shareholder value ~10-15% EPS growth ~5-10% Historical yield ~4-5% Annual cash flow1 $3+ bn Amcor and Berry combination will deliver significant uplift in long-term Shareholder Value Creation Model Accelerated growth platform $3+ billion annual cash flow1 Continue to grow dividend per share Ability to pursue accretive M&A and/or share repurchases Note: Reflects long-term estimates. 1 Defined as combined operating cash flow including run-rate synergies, after interest and tax, before capital expenditures.


 
18 Reconciliations of non-GAAP financial measures


 
19 Reconciliations of non-GAAP financial measures


 
20 Reconciliations of non-GAAP financial measures


 
21 Reconciliations of non-GAAP financial measures


 
22 Reconciliations of non-GAAP financial measures