Amcor has delivered a solid half-year result, with the first full months of ownership of Berry Global driving a step-change in scale and earnings, while disciplined execution and early synergy capture helped offset softer underlying volumes.
For the six months ended 31 December 2025, Amcor reported net sales of US$11.19 billion, up 70 per cent year on year, largely reflecting the Berry acquisition. Adjusted EBITDA rose 89 per cent to US$1.74 billion, while adjusted EBIT increased 77 per cent to US$1.29 billion. Adjusted earnings per share grew 14 per cent to US$1.83.
Despite ongoing volume pressure in parts of North America and Europe, management reaffirmed full-year FY26 guidance, signalling confidence in the performance of the combined business.
Berry impact evident across segments
In the December quarter, Amcor recorded net sales of US$5.45 billion, up 68 per cent, including approximately US$2.2 billion in acquired Berry revenues, net of divestments. Adjusted EBIT rose 66 per cent to US$603 million, supported by synergy benefits of around US$50 million in the quarter alone.
Volumes were approximately 1.5 per cent lower than the estimated combined legacy Amcor and Berry volumes a year earlier, reflecting continued demand softness in non-core categories. Price and raw material pass-through had no material impact on revenue.
Flexible packaging shows earnings resilience
Amcor’s Global Flexible Packaging Solutions segment generated quarterly net sales of US$3.19 billion, up 23 per cent on a constant currency basis, including US$605 million in acquired Berry sales.
Volumes were around 2 per cent lower year on year, with growth in pet food and meat proteins offset by declines in other nutrition, liquids, and unconverted film and foil. Regionally, volumes softened in North America and Europe, while emerging markets were broadly stable, with growth in Asia Pacific offset by lower volumes in Latin America.
Adjusted EBIT increased 22 per cent to US$402 million, reflecting early synergy capture, favourable cost performance and productivity improvements.
For the half year, flexibles delivered net sales of US$6.45 billion and adjusted EBIT of US$828 million, up 25 per cent, reinforcing the earnings resilience of the segment despite uneven demand.
Rigid packaging reshaped by Berry acquisition
The Global Rigid Packaging Solutions segment recorded the most pronounced uplift following the Berry transaction. Quarterly net sales reached US$2.26 billion, up 200 per cent year on year, with approximately US$1.5 billion from acquired sales.
Excluding non-core and divested businesses, volumes were broadly flat. Demand was stronger in pet food, beauty and wellness, and specialty containers, offset by softer healthcare and foodservice volumes. Regionally, volumes were steady in North America, lower in Europe, and higher across emerging markets, particularly Latin America.
Adjusted EBIT surged to US$228 million, up 308 per cent, with margins improving by 280 basis points to 10.1 per cent. Amcor said the margin expansion reflects the improved quality of the combined rigid portfolio, alongside synergy capture and cost reduction initiatives.
For the half year, rigid packaging delivered net sales of US$4.75 billion and adjusted EBIT of US$523 million, with margins lifting to 11.0 per cent.
Cash flow, dividend and outlook
Free cash flow for the December quarter was US$289 million after US$69 million in acquisition-related cash costs. Net debt stood at US$14.08 billion at period end.
Amcor declared a quarterly dividend of US$0.65 per share, reflecting confidence in near- and long-term cash generation. CDI holders on the ASX will receive an unfranked dividend of 93.0 Australian cents per share.
Chief executive officer Peter Konieczny said performance through the first half supported the company’s outlook.
“Our Q2 financial performance was in line with expectations in a challenging volume environment,” Konieczny said. “Strong adjusted EPS growth was driven by disciplined execution and synergy benefits from the Berry acquisition at the upper end of expectations.”
Overall, integration benefits are flowing faster than volume recovery, reinforcing Amcor’s margin-led growth strategy in a cautious demand environment.
Amcor reaffirmed FY26 guidance for adjusted EPS of US$4.00–$4.15 and free cash flow of US$1.8–$1.9 billion, assuming a full year of Berry ownership and excluding the impact of potential portfolio optimisation actions.
