Ardagh Metal Packaging (AMP) is to build two new beverage can lines at existing plants in the UK and Spain. It made the announcement alongside third-quarter results that beat its own guidance and led it to raise its full-year earnings outlook.

The company did not say which plants will get the lines, or give capacity, investment or timing. It described the move as speeding up and enlarging the European growth investment it had already outlined.

“Beverage can industry demand remains resilient across each of our markets, driven by strength in key categories and continued share gains in the packaging mix,” said Oliver Graham, CEO of AMP. “Given this demand strength we are pleased to announce that we are accelerating and upscaling our previously outlined growth investment plans in Europe, to capture this growth and to support our customers, by building two new can lines in existing facilities in the attractive markets of the UK and Spain.”

Europe leads the way

Global beverage can shipments rose 2% in the three months to 30 September compared with the same period last year. Europe grew 6%. The Americas fell 1%: North America was down 1%, a marked improvement on the second quarter, and Brazil was down 5% because of customer mix and a contract reset. Group revenue rose 19% to $1,694m from $1,428m, mainly because higher input costs were passed through to customers. Adjusted EBITDA rose 2% to $213m, ahead of AMP’s guidance range of $200-210m. Profit for the period was $44m, up from $27m.

In Europe, revenue rose 11% to $693m (12% at constant currency) and adjusted EBITDA rose 11% to $91m. AMP put this down to higher input cost recovery and strong volume growth, partly offset by slightly higher operations and overhead costs.

The Americas had a mixed quarter. Revenue rose 25% to $1,001m, but adjusted EBITDA fell 3% to $122m because of higher operations and overhead costs and lower input cost recovery. Favourable volume and mix partly offset this, helped by continued demand for speciality cans in North America. The region’s EBITDA margin fell to 12.2% from 15.7% a year earlier.

Guidance raised

AMP now expects full-year adjusted EBITDA of $785-795m, assuming modest growth in global shipments. For the fourth quarter it expects $153-163m, against $166m a year ago. It cited current exchange rates, some inflationary headwinds and a tough comparison with 4% shipment growth in the fourth quarter of 2025.

For the first nine months, revenue was $4,911m (2025: $4,151m) and adjusted EBITDA $632m (2025: $573m).

Liquidity stood at $736m at the end of September. Net debt to adjusted EBITDA was 5.1x, down from 5.2x a year earlier, or from 5.6x on a like-for-like basis allowing for the refinancing of preferred shares in the fourth quarter of 2025. AMP declared its usual quarterly dividend of 10 cents a share.