Ardagh Metal Packaging has raised its full-year 2026 earnings guidance after second-quarter results came in well ahead of the company’s own forecasts, driven by a sharp recovery in its European business.

The Luxembourg-headquartered can maker reported adjusted EBITDA of $240m for the three months to 30 June, up 14% year on year and comfortably above its guidance range of $210–220m. Revenue rose 18% to $1,713m, or 16% at constant currency, largely reflecting the pass-through of higher input costs to customers.

Europe carried the quarter. Adjusted EBITDA in the region jumped 36% to $105m on stronger input cost recovery, including a favourable pricing impact tied to metal timing, and 5% shipment growth. European margins widened to 15.0% from 12.5%.

The Americas told a different story. Adjusted EBITDA edged up just 2% to $135m, with margins narrowing to 13.3% from 15.8%. Shipments across the region fell 6%, with North America down 5% on previously flagged contract resets and Brazil down 15% on customer mix. Metal supply constraints also weighed on North American shipments during the period.

Globally, beverage can shipments slipped 1%, cycling 5% growth in the prior-year quarter.

CEO Oliver Graham said the shipment picture was in line with expectations and pointed to an anticipated return to modest global volume growth in the second half, supported by underlying beverage can demand. He added that North American metal supply improved significantly through the quarter, with normal conditions expected for the remainder of the year.

The company now expects full-year adjusted EBITDA of $775–790m, up from $750–775m previously. Guidance assumes some reversal of favourable first-half timing factors, alongside inflationary headwinds linked to the conflict in the Middle East. Third-quarter adjusted EBITDA is guided at $200–210m, against $208m a year earlier.

The results follow AMP marking ten years since its formation.