Ardagh Metal Packaging (AMP) has raised its full-year earnings outlook following a solid third quarter, driven by higher shipments in Europe and North America and ongoing cost reductions.

The Luxembourg-based beverage can manufacturer reported adjusted EBITDA of $208 million for the three months to 30 September 2025 – a 6% increase on the prior year and at the upper end of guidance. 

AMP now expects full-year adjusted EBITDA of $720–735 million, up from previous guidance.

CEO Oliver Graham said the company’s performance reflected “shipments growth in Europe and North America, lower operational and overhead costs, as well as favourable category mix.” 

Global beverage can volumes were down 1% for the quarter, as 2% growth in Europe offset a 3% decline in the Americas. North American shipments rose 1% year-on-year, while Brazil saw a sharp 17% volume decline amid weak consumer demand.

In regional terms, Americas EBITDA rose 8% to $126 million, while Europe increased 4% to $82 million, supported by volume and currency effects.

AMP maintained its 2025 free cash flow target of at least $150 million, with total capital expenditure forecast at around $200 million, one-third of which is growth-related. 

The company’s net debt to EBITDA ratio improved to 5.2x from 5.6x a year earlier, with liquidity of $627 million at the end of the quarter.

The board declared a regular quarterly dividend of 10 cents per share, and reiterated its capital allocation priorities.

AMP also highlighted strong progress on its sustainability goals, including a 10% reduction in scope 1 and 2 emissions and a 14% cut in scope 3 emissions in 2024, now 25% below its 2020 baseline.