Amcor plc

Results of Operations - Three Months Ended December 31, 2025

Consolidated Results of Operations

Net sales increased by $2,208 million, or 68%, for the three months ended December 31, 2025, compared to the three months ended December 31, 2024. Excluding the increase of sales from the merger with Berry Global Group, Inc. (the "Merger"), net of divestments, of approximately $2,155 million, the positive currency impacts of approximately $168 million, and the negative impacts from the pass-through of lower raw material costs of approximately $5 million, the remaining variation in net sales for the three months ended December 31, 2025 was a decrease of approximately $110 million or 3%, reflecting lower sales volumes of approximately 3%.

Net income attributable to Amcor plc increased by $14 million, or 9%, for the three months ended December 31, 2025, compared to the three months ended December 31, 2024. This is mainly due to increased gross profit of $413 million, lower income tax expense of $55 million, and higher other income, net, of $6 million, partially offset by higher selling, general, and administrative expenses of $185 million, increased amortization of acquired intangible assets of $104 million, increased restructuring, transaction and integration expenses, net of $85 million, higher interest expense, net, of $82 million, and increased research and development expenses of $11 million, all primarily due to the Merger.

Diluted earnings per share ("Diluted EPS") decreased by $0.180, or 32%, for the three months ended December 31, 2025, compared to the three months ended December 31, 2024, with the net income available to ordinary shareholders of Amcor plc increasing by 9% due to the above items and the diluted weighted average number of shares increasing by 60% for the three months ended December 31, 2025, compared to the three months ended December 31, 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, including intersegment sales, increased by $677 million, or 27% for the three months ended December 31, 2025, compared to the three months ended December 31, 2024. Excluding the increase of sales from the Merger, net of divestments, of approximately $605 million and the positive currency impacts of approximately $96 million, the remaining variation in net sales for the three months ended December 31, 2025 was a decrease of approximately $25 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 $80 million, or 25% for the three months ended December 31, 2025, compared to the three months ended December 31, 2024. Excluding the positive impacts from the Merger, net of divestments, of approximately $65 million, and the positive currency impacts of approximately $9 million, the remaining variation in Adjusted EBIT for the three months ended December 31, 2025 was an increase of approximately $7 million, or 2%, mainly reflecting synergy benefits from the Merger and favorable operating cost performance of approximately 15%, partly offset by unfavorable volumes of approximately 8% and unfavorable price/mix impacts of approximately 5%.

Global Rigid Packaging Solutions Segment

Net sales, including intersegment sales, increased by $1,534 million, or 210%, for the three months ended December 31, 2025, compared to the three months ended December 31, 2024. Excluding the increase of sales from the Merger, net of divestments, of approximately $1,550 million, the positive currency impacts of approximately $73 million, and the negative impacts from the pass-through of lower raw material costs of approximately $5 million, the remaining variation in net sales for the three months ended December 31, 2025 was a decrease of approximately $84 million, or 11%, reflecting unfavorable sales volumes of approximately 6%, and unfavorable price/mix impacts of approximately 6%.

Adjusted EBIT increased by $175 million, or 327%, for the three months ended December 31, 2025, compared to the three months ended December 31, 2024. Excluding the positive impacts from the Merger, net of divestments, of approximately $165 million and the positive currency impacts of approximately $10 million, the remaining variation in Adjusted EBIT for the three months ended December 31, 2025 was an increase of approximately $1 million, or 2%, reflecting synergy benefits from the Merger and favorable operating cost performance impacts of approximately 55%, partially offset by the net negative effect of 17% from unfavorable volumes and unfavorable price/mix impacts on earnings of approximately 36%.

Consolidated Gross Profit

Gross profit increased by $413 million, or 66%, for the three months ended December 31, 2025, compared to the three months ended December 31, 2024. The increase was primarily driven by the Merger and synergies. Gross profit as a percentage of sales of 19.1% remained relatively stable as of December 31, 2025, compared to December 31, 2024.

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

SG&A expenses increased by $185 million, or 73%, for the three months ended December 31, 2025, compared to the three months ended December 31, 2024. The increase was primarily driven by the Merger.

Consolidated Amortization of Acquired Intangible Assets

Amortization of acquired intangible assets increased by $104 million, or 260%, in the three months ended December 31, 2025, compared to the three months ended December 31, 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 $11 million, or 41%, in the three months ended December 31, 2025, compared to the three months ended December 31, 2024. The increase was primarily driven by the Merger.

Consolidated Restructuring, Transaction and Integration Expenses, Net

Restructuring, transaction and integration expenses, net increased by $85 million for the three months ended December 31, 2025, compared to the three months ended December 31, 2024. The change was a result of an increase in restructuring, integration, and related expenses, net, of $89 million, partially offset by a decrease of transaction costs of $4 million.

Consolidated Other Income, Net

Other income, net changed by $6 million for the three months ended December 31, 2025, compared to the three months ended December 31, 2024. The change was primarily driven by indirect tax benefits, partially offset by the impact of highly inflationary accounting for subsidiaries in Argentina.

Consolidated Interest Income

Interest income increased by $6 million in the three months ended December 31, 2025, compared to the three months ended December 31, 2024, driven by interest on higher cash balances.

Consolidated Interest Expense

Interest expense increased by $88 million in the three months ended December 31, 2025, compared to the three months ended December 31, 2024, primarily driven by the additional debt issued and assumed in the Merger.

Consolidated Income Tax Expense

Income tax expense decreased by 24.2 percentage points for the three months ended December 31, 2025, compared to the three months ended December 31, 2024, 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 in the current period.

Results of Operations - Six Months Ended December 31, 2025

Consolidated Results of Operations

Net sales increased by $4,600 million, or 70%, for the six months ended December 31, 2025, compared to the six months ended December 31, 2024. Excluding the increase of sales from the merger with Berry Global Group, Inc. (the "Merger"), net of divestments, of approximately $4,519 million, the positive currency impacts of approximately $278 million, and the negative impacts from the pass-through of lower raw material costs of approximately $29 million, the remaining variation in net sales for the six months ended December 31, 2025 was a decrease of approximately $168 million or 3%, reflecting lower sales volumes of 3%, partially offset by favorable price/mix impacts of approximately 1%.

Net income attributable to Amcor plc increased by $85 million, or 24%, for the six months ended December 31, 2025, compared to the six months ended December 31, 2024, mainly due to an increase in gross profit of $878 million, lower income tax expense of $49 million, and higher other income, net, of $30 million, partially offset by higher selling, general, and administrative expenses of $344 million, higher amortization of acquired intangible assets of $198 million, higher restructuring, transaction and integration expenses, net of $154 million, higher interest expense, net of $160 million, and increased research and development expenses of $29 million, all primarily due to the Merger.

Diluted earnings per share decreased by $0.270, or 22%, for the six months ended December 31, 2025, compared to the six months ended December 31, 2024, with the net income available to ordinary shareholders of Amcor plc increasing by 24% due to the above items and the diluted weighted average number of shares increasing by 60% for the six months ended December 31, 2025, compared to the six months ended December 31, 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, including intersegment sales, increased by $1,383 million, or 27% for the six months ended December 31, 2025, compared to the six months ended December 31, 2024. Excluding the increase of sales from the Merger, net of divestments, of approximately $1,249 million, the positive currency impacts of approximately $158 million, and the positive impacts from the pass-through of higher raw material costs of approximately $22 million, the remaining variation in net sales for the six months ended December 31, 2025 was a decrease of approximately $46 million, or 1%, mainly reflecting unfavorable sales volumes offset by favorable price/mix impacts of approximately 2%.

Adjusted earnings before interest and tax ("Adjusted EBIT") increased by $177 million, or 27%, for the six months ended December 31, 2025, compared to the six months ended December 31, 2024. Excluding the positive impacts from the Merger, net of divestments, of approximately $140 million, and the positive currency impacts of approximately $15 million, the remaining variation in Adjusted EBIT for the six months ended December 31, 2025 was an increase of approximately $22 million, or 3%, mainly reflecting synergy benefits from the Merger and favorable operating cost performance of approximately 14%, partially offset by unfavorable volumes of approximately 8% and negative price/mix impacts of approximately 3%.

Global Rigid Packaging Solutions Segment

Net sales, including intersegment sales, increased by $3,220 million, or 210%, for the six months ended December 31, 2025, compared to the six months ended December 31, 2024. Excluding the increase of sales from the Merger, net of divestments, of approximately $3,270 million, the positive currency impacts of approximately $121 million, and the negative impacts from the pass-through of lower raw material costs of approximately $51 million, the remaining variation in net sales for the six months ended December 31, 2025 was a decrease of approximately $120 million, or 8%, reflecting unfavorable sales volumes of approximately 5% and unfavorable price/mix impacts of approximately 3%.

Adjusted EBIT increased by $408 million, or 354%, for the six months ended December 31, 2025, compared to the six months ended December 31, 2024. Excluding the positive impacts from the Merger, net of divestments, of approximately $405 million and the positive currency impacts of approximately $17 million, the remaining variation in Adjusted EBIT for the six months ended December 31, 2025 was a decrease of approximately $15 million, or 13%, reflecting negative effect of approximately 23% from unfavorable volumes, unfavorable price/mix impact of approximately 29%, partially offset by synergy benefits from the Merger and cost performance impacts of approximately 39%.

Consolidated Gross Profit

Gross profit increased by $878 million, or 68%, for the six months ended December 31, 2025, compared to the six months ended December 31, 2024. The increase was primarily driven by the Merger and synergies. Gross profit as a percentage of sales of 19.3% remained relatively stable as of December 31, 2025, compared to December 31, 2024.

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

Selling, general, and administrative expenses increased by $344 million or 65% for the six months ended December 31, 2025, compared to the six months ended December 31, 2024. The increase was primarily driven by the Merger.

Consolidated Amortization of Acquired Intangible Assets

Amortization of acquired intangible assets increased by $198 million, or 251%, in the six months ended December 31, 2025 compared to the six months ended December 31, 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 $29 million, or 53%, in the six months ended December 31, 2025, compared to the six months ended December 31, 2024. The increase was primarily driven by the Merger.

Consolidated Restructuring, Transaction and Integration Expenses, Net

Restructuring, transaction and integration expenses, net increased by $154 million for the six months ended December 31, 2025, compared to the six months ended December 31, 2024. The change was a result of an increase in restructuring, integration, and related expenses, net, of $136 million and an increase in transaction costs incurred in connection with the Merger of $18 million.

Consolidated Other Income, Net

Other income, net changed by $30 million for the six months ended December 31, 2025, compared to the six months ended December 31, 2024, 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 $10 million in the six months ended December 31, 2025, compared to the six months ended December 31, 2024, driven by interest on higher cash balances.

Consolidated Interest Expense

Interest expense increased by $170 million in the six months ended December 31, 2025, compared to the six months ended December 31, 2024, primarily driven by the additional debt issued and assumed in the Merger.

Consolidated Income Tax Expense

The effective tax rate for the six months ended December 31, 2025, decreased by 11.3 percentage points compared to the six months ended December 31, 2024, 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 in the current period.