Amcor plc

Results of Operations - Three Months Ended September 30, 2026

Consolidated Results of Operations

Net sales increased by $384 million, or 7%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. Excluding the positive currency impacts of approximately $16 million, the positive impacts from the pass-through of higher raw material costs of approximately $435 million, and the unfavorable impact from divestitures of approximately $112 million, the remaining variation in net sales for the three months ended September 30, 2026 was an increase of approximately $45 million or 1%, reflecting higher sales volumes.

Net income attributable to Amcor plc decreased by $20 million, or 8%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. This is mainly due to higher selling, general, and administrative expenses of $33 million, lower other income, net, of $20 million, higher income tax expense of $9 million, and increased amortization of acquired intangible assets of $6 million, partially offset by increased gross profit of $35 million and decreased restructuring, transaction and integration expenses, net of $13 million.

Diluted earnings per share ("Diluted EPS") decreased by $0.05, or 9%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, with the net income available to ordinary shareholders of Amcor plc decreasing by 8% due to the above items and the diluted weighted average number of shares remaining in line with the prior year.

Segment Results of Operations

Global Flexible Packaging Solutions Segment

Net sales increased by $303 million, or 10%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. Excluding the negative currency impacts of approximately $7 million, the positive impacts from the pass-through of higher raw material costs of approximately $316 million, and the unfavorable impact from divestitures of approximately $5 million, the remaining variation in net sales for the three months ended September 30, 2026 was a decrease of approximately $1 million, with volumes in line with the prior period.

Adjusted earnings before interest and tax ("Adjusted EBIT") increased by $5 million, or 1%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, reflecting operating cost performance and synergy benefits of approximately 3%, favorable sales volume of approximately 3%, and favorable raw material pass-through of approximately 3%, partly offset by unfavorable price/mix impacts on earnings of approximately 7%.

Global Rigid Packaging Solutions Segment

Net sales increased by $81 million, or 3%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. Excluding the positive currency impacts of approximately $23 million, the positive impacts from the pass-through of higher raw material costs of approximately $119 million, and the unfavorable impact from divestitures of approximately $107 million, the remaining variation in net sales for the three months ended September 30, 2026 was an increase of approximately $46 million, or 2%, reflecting higher sales volumes.

Adjusted EBIT decreased by $9 million, or 3%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. Excluding the positive currency impacts of approximately $1 million, and the unfavorable impact from divestitures of approximately $17 million, the remaining variation in Adjusted EBIT for the three months ended September 30, 2026 was an increase of approximately $7 million, or 2%, reflecting favorable sales volumes of approximately 1%, favorable price/mix impacts on earnings of approximately 6%, and favorable raw material pass-through of approximately 5%, partially offset by unfavorable operating cost performance, after considering synergy benefits, of approximately 10%.

Consolidated Gross Profit

Gross profit increased by $35 million, or 3%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The increase was primarily driven by the favorable pass-through of higher raw material costs and higher sales volumes. Gross profit as a percentage of net sales decreased to 18.9% for the three months ended September 30, 2026, from 19.6% for the three months ended September 30, 2025, primarily reflecting the mathematical impact of passing through higher raw material costs to customers, which increased the revenue base against which gross profit is measured.

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

SG&A expenses increased by $33 million, or 8%, for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The increase was primarily driven by higher costs incurred to support strategic initiatives.

Consolidated Research and Development Expenses

Research and development expenses decreased by $5 million, or 11%, in the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The decrease was primarily driven by ongoing cost management initiatives.

Consolidated Restructuring, Transaction and Integration Expenses, Net

Restructuring, transaction and integration expenses, net decreased by $13 million or 17% for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The change was a result of the non-recurrence of transaction costs of $22 million in the prior period, partially offset by an increase in restructuring, integration, and related expenses, net, of $9 million.

Consolidated Other Income, Net

Other income, net decreased by $20 million for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The change was primarily driven by indirect tax benefits incurred in the prior period, partially offset by a lower adverse impact from highly inflationary accounting for subsidiaries in Argentina during the current period.

Consolidated Income Tax Expense

The effective tax rate increased by 3.5 percentage points for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to differences in non-deductible expenses between the periods.