Highlights - Three Months Ended September 30, 2025:
-- First full quarter operating as a combined Amcor and Berry business;
-- Net sales $5,745 million, up 68% excluding currency impact;
-- GAAP Net income $262 million including acquisition related costs; GAAP
diluted EPS of 11.3 cps;
-- Adjusted EBITDA $909 million, up 92% and adjusted EBIT $687 million, up
85% excluding currency impact;
-- Synergies of approximately $38 million at upper end of expected range;
-- Adjusted EBIT margins of 12.0%, up 110 basis points;
-- Adjusted EPS of 19.3 cps, up 18% excluding currency impact; and
-- Quarterly dividend increased to 13.0 cents per share.
Fiscal 2026 outlook reaffirmed:
-- Adjusted EPS 80-83 cps representing 12-17% constant currency growth; Free
Cash Flow $1.8-1.9 billion.
ZURICH, Nov. 5, 2025 /PRNewswire/ --
Solid Q1 execution positions Amcor to deliver strong earnings and free cash
flow growth for FY26
Amcor CEO Peter Konieczny said, "I am pleased with how the legacy Amcor and
Berry teams have come together as one to integrate and execute against our
priorities. We're seeing strong and consistent validation from our customers,
who are very receptive to our expanded offerings and innovation capabilities.
We are now seeing the quality of the combined business as the global leader in
consumer packaging and dispensing solutions for nutrition, health, beauty and
wellness. We are gaining momentum with synergy realization, including
commercial synergies, and have solid pipelines which continue to grow. Margins
increased in both operating segments. And we are addressing identified
non-core assets to enhance focus on our core business. Adjusted EPS of 19.3
cents per share was above the mid-point of our guidance range and up 18%
compared with last year. This includes the addition of the Berry business and
was supported by disciplined cost performance, improved productivity and
delivery of synergies at the upper end of our expected range. We have clear
line of sight to delivering at least $260 million of synergy benefits in
fiscal 26, and we have confidence in our ability to deliver a year of strong
earnings and free cash flow growth. As we look ahead, we are confident in
delivering $650 million of identified synergies, and over the three year
period ending fiscal 28 we expect synergies alone to drive more than 30% EPS
growth. At the same time, we are focused on capturing organic growth
opportunities to create an even stronger business that delivers significant
long term value for shareholders and is the global packaging partner of choice
for customers."
------------------------------------------------------------------------------
Key Financials Three Months Ended September
(1)(2) 30,
GAAP results 2024 $ million 2025 $ million
------------------- -------------- -------------- -------------- --------------
Net sales 3,353 5,745
Net income
attributable to
Amcor plc 191 262
EPS (diluted US
cents) 13.2 11.3
-------------------- -------------- -------------- -------------- --------------
Three Months Ended September
30,
--------------
Adjusted non-GAAP Constant
results 2024 $ million 2025 $ million Reported % currency %
------------------- -------------- -------------- -------------- --------------
Net sales 3,353 5,745 71 68
EBITDA 466 909 95 92
EBIT 365 687 88 85
Net income 234 448 91 88
EPS (diluted US
cents) 16.2 19.3 20 18
--------------
Free Cash Flow (395) (343)
-------------------- -------------- -------------- -------------- --------------
All amounts referenced throughout this document are in US dollars unless
otherwise indicated and numbers may not add up to the totals provided due to
rounding. Further details related to combined volume commentary throughout
this document can be found under "Presentation of combined volume performance"
in this release.
(1) Adjusted non-GAAP results exclude items not considered representative of
ongoing operations. Constant currency % excludes movements in foreign exchange
rates. Further details on non-GAAP measures and reconciliations to GAAP
measures can be found under "Presentation of non-GAAP information" in this
release.
(2) Unless otherwise specified, all results within this document for the three
months ended 30 September 2024 reflect the historical results of the Amcor plc
group which is considered the accounting acquirer in the combination between
Amcor plc and Berry Global, which closed on April 30, 2025.
Berry Global acquisition
On April 30, 2025, the all-stock acquisition of Berry Global was completed at a fixed exchange ratio of 7.25 Amcor ordinary shares for each Berry share.
This transformational acquisition establishes Amcor as the global leader in consumer packaging and dispensing solutions for nutrition, health, beauty and wellness with the unique material science and innovation capabilities to meet customers' and consumers' sustainability aspirations. With multiple new growth opportunities and $650 million of identified pre-tax synergies through fiscal 2028, Amcor believes it is well placed to deliver significant near- and long-term value for customers and shareholders.
Segment reporting
The Global Flexible Packaging Solutions segment includes Amcor's legacy Flexible Packaging business and the acquired Berry Global Flexibles business.
The Global Rigid Packaging Solutions segment includes Amcor's legacy Rigid Packaging business and the acquired Berry Global Consumer Packaging International and Consumer Packaging North America businesses.
Integration and synergies
Integration of the Berry business is progressing well and resulted in approximately $38 million of synergies in the first quarter, of which approximately $5 million favorably impacted interest expense with the remaining $33 million favorably impacting adjusted EBIT. Integration is proceeding in line with expectations and Amcor's teams are on track to deliver at least $260 million of pre-tax synergy benefits in the 2026 fiscal year, which represents 12% EPS accretion, as a direct result of the acquisition. Amcor believes the company is well placed to achieve the previously announced total pre-tax synergy benefits of $650 million by the end of the 2028 fiscal year.
Shareholder returns
Dividend
The Board's confidence in Amcor's near and long term growth opportunities and ability to generate significant free cash flow is reflected in today's declaration of an increased quarterly cash dividend of 13.0 cents per share (compared with 12.75 cents per share in the same quarter last year). The dividend will be paid in US dollars to holders of Amcor's ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 19.78 Australian cents per share, which reflects the quarterly dividend of 13.0 cents per share converted at an AUD:USD average exchange rate of 0.6572 over the five trading days ended November 3, 2025.
The ex-dividend date will be November 27, 2025 for holders of CDIs trading on the ASX and November 28, 2025 for holders of shares trading on the NYSE. For all shareholders, the record date will be November 28, 2025 and the payment date will be December 17, 2025.
Financial results - Three Months Ended September 30, 2025
Segment information
Three Months Ended September Three Months Ended September
30,2024 30,2025
-------------------------------- --------------------------------
Adjusted
non-GAAP Net sales EBIT EBIT / Net sales EBIT EBIT /
results $ million $ million Sales % $ million $ million Sales %
---------- ---------- ---------- -------- ---------- ---------- --------
Global
Flexible
Packaging
Solutions 2,552 329 12.9 3,257 426 13.1
Global
Rigid
Packaging
Solutions 801 62 7.7 2,488 295 11.9
Other(1) -- (26) -- (34)
---------- ---------- ---------- -------- ---------- ---------- --------
Total
Amcor 3,353 365 10.9 5,745 687 12.0
---------- ---------- ---------- -------- ---------- ---------- --------
(1) Represents corporate expenses
Net sales of $5,745 million were 68% higher than last year on a constant currency basis, including approximately $2.4 billion of acquired sales net of divestments, which represents growth of approximately 70% and an unfavorable impact of approximately 1% from the pass through of lower raw material costs. The remaining year over year variation reflects the impact of volumes and price/mix.
Volume performance was broadly similar to the fourth quarter of fiscal 2025 and approximately 2% lower than estimated combined volumes for the legacy Amcor and legacy Berry businesses in the September quarter last year, excluding non-core North America beverage. The Company estimates that price/mix had no material impact on net sales.
Adjusted EBIT of $687 million was 85% higher than last year on a constant currency basis, including approximately $295 million of acquired EBIT net of divestments (represents growth of approximately 81%). The remaining year over year variation mainly reflects synergy benefits from the Berry acquisition of approximately $33 million, disciplined cost performance and improved productivity, partly offset by lower volumes and an unfavorable price/mix impact on earnings.
Adjusted EBIT margins of 12.0% were 110 basis points higher than the prior year.
Global Flexible Packaging Solutions segment
Three Months Ended September
30,
-------- -----------
Reported Constant
2024 $ million 2025 $ million % currency %
--------------- -------------- --------------- -------- -----------
Net sales 2,552 3,257 28 25
Adjusted EBIT 329 426 29 28
Adjusted EBIT /
Sales % 12.9 13.1
---------------- -------------- --------------- -------- -----------
Net sales of $3,257 million were 25% higher than last year on a constant currency basis including approximately $640 million of acquired sales net of divestments, which represents growth of approximately 25% and a favorable impact of approximately 1% from the pass through of higher raw material costs. The remaining year over year variation reflects the impact of volumes and price/mix.
The Company estimates that volumes for the Global Flexible Packaging Solutions segment were 2.8% lower compared to volumes for the combined legacy Amcor and Berry businesses in the September quarter last year. In North America, volumes were down low single digit % with growth in categories including healthcare and beauty & wellness more than offset by lower volumes in categories including liquids, snacks and confectionary and unconverted films. Volumes were lower in Europe with growth in categories including healthcare and petcare more than offset by lower volumes in categories including beauty & wellness, confectionary and unconverted films. Volumes across emerging markets were in line with the prior year reflecting growth in Asia Pacific offset by volume declines in Latin America. The Company estimates that price/mix had a favorable impact on net sales driven by better relative volume performance of higher value packaging solutions.
Adjusted EBIT of $426 million was 28% higher than last year on a constant currency basis, reflecting approximately $75 million of acquired EBIT, net of divestments (represents growth of approximately 23%). The remaining year over year growth mainly reflects synergy benefits from the Berry acquisition and improved cost performance and productivity, partly offset by lower volumes.
Global Rigid Packaging Solutions segment
Three Months Ended September
30,
--------------- -------- -----------
Reported Constant
2024 $ million 2025 $ million % currency %
--------------- -------------- --------------- -------- -----------
Net sales 801 2,488 211 205
Adjusted EBIT 62 295 377 365
Adjusted EBIT /
Sales % 7.7 11.9
---------------- -------------- --------------- -------- -----------
Net sales of $2,488 million were 205% higher than last year on a constant currency basis, including approximately $1.7 billion of acquired sales net of divestments, which represents growth of approximately 215% and an unfavorable impact of approximately 6% from the pass through of lower raw material costs. The remaining year over year variation reflects the impact of volumes and price/mix.
Volume performance was similar to the fourth quarter of fiscal 2025 and approximately 1% lower than estimated combined volumes for the legacy Amcor and Berry businesses in the September quarter last year, excluding non-core North America beverage. In North America, volumes were in line with the prior year excluding the non-core North America beverage business, with growth in categories including petcare and specialty containers offset by lower volumes in categories including beauty & wellness, food and foodservice. Volumes in Europe were marginally lower than the prior year, with growth in categories including healthcare and liquids more than offset by lower volumes in categories including food and beauty & wellness. Volumes were down low single digit % across emerging markets, primarily in Latin America. The Company estimates that price/mix had an unfavorable impact on net sales.
Adjusted EBIT of $295 million was 365% higher than last year on a constant currency basis, including approximately $240 million of acquired EBIT net of divestments (represents growth of approximately 391%). The remaining year over year variation mainly reflects lower volumes (predominantly in the North America beverage business) and an unfavorable price/mix impact, partly offset by synergy benefits from the Berry acquisition and disciplined cost performance.
Adjusted EBIT margins of 11.9% were 420 basis points higher than the prior year reflecting the improved quality of the combined business.
Net interest and income tax expense
For the three months ended September 30, 2025, GAAP net interest expense of $153 million compares with $75 million last year. Adjusted net interest expense for the three months ended September 30, 2025 of $140 million was $65 million higher than last year as a result of increased acquisition related net debt. GAAP income tax expense was $49 million compared with $43 million last year. Adjusted tax expense for the three months ended September 30, 2025 of $99 million compared with $54 million last year. Adjusted tax expense for the three months ended September 30, 2025 represents an effective tax rate of 18.0%, compared with 18.6% in the prior year.
Free Cash Flow
For the three months ended September 30, 2025, free cash outflow was $343 million, in-line with expectations after funding approximately $115 million of net acquisition related cash costs. Prior to funding of acquisition related cash costs cash flow increased by more than $160 million compared with last year. Net debt was $13,999 million at September 30, 2025.
Fiscal 2026 guidance reaffirmed
For the fiscal year ending June 30, 2026, the Company continues to expect:
-- Adjusted EPS of approximately 80 to 83 cents per share, which represents
constant currency growth of 12% to 17% compared with 71.2 cents per share
in fiscal 2025. This includes pre-tax synergy benefits related to the
Berry Global acquisition of at least $260 million.
-- Free Cash Flow of approximately $1.8 billion to $1.9 billion, which is
after deducting approximately $220 million of net cash integration and
transaction costs related to the Berry Global acquisition.
Other guidance considerations include:
-- Capital expenditure between $850 to $900 million; -- Net interest expense of approximately $570 to $600 million; and -- An effective tax rate between 19% and 21%.
Amcor's guidance for fiscal 2026 reflects a full 12 months ownership of the Berry Global business and does not take into account the impact of potential portfolio optimization actions which may be completed through the year.
Amcor's guidance contemplates a range of factors which create a degree of uncertainty and complexity when estimating future financial results. Further information can be found under 'Cautionary Statements Regarding Forward-Looking Statements' in this release. Reconciliations of the fiscal 2026 projected non-GAAP measures are not included herein because the individual components are not known with certainty as individual financial statements for fiscal 2026 have not been completed.
Conference Call
Amcor is hosting a conference call with investors and analysts to discuss these results on Wednesday November 5, 2025 at 5:30pm US Eastern Standard Time / Thursday November 6, 2025 at 9:30am Australian Eastern Daylight Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the "Investors" section.
Those wishing to access the call should use the following toll-free numbers, with the Conference ID: 6121370
-- USA: 800 715 9871 (toll free) -- USA: 646 307 1963 (local) -- Australia: 1800 519 630 (toll free), 02 9133 7103 (local) -- United Kingdom: 0800 358 0970 (toll free), 020 3433 3846 (local) -- Singapore: +65 3159 5133 (local) -- Hong Kong: +852 3002 3410 (local)
From all other countries, the call can be accessed by dialing +1 646 307 1963 (toll).
A replay of the webcast will also be available in the 'Investors" section at www.amcor.com following the call.
About Amcor
Amcor is the global leader in developing and producing responsible consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty and wellness categories. Our global product innovation and sustainability expertise enables us to solve packaging challenges around the world every day, producing a range of flexible packaging, rigid packaging, cartons and closures that are more sustainable, functional and appealing for our customers and their consumers. We are guided by our purpose of elevating customers, shaping lives and protecting the future. Supported by a commitment to safety, over 75,000 people generate $23 billion in annualized sales from operations that span over 400 locations in more than 40 countries. NYSE: AMCR; ASX: AMC
www.amcor.comI LinkedIn I YouTube
U.S. GAAP Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended September 30,
$ in millions, except per share data 2024 2025
------------------------------------- ---------------- ----------------
Net sales 3,353 5,745
Cost of sales (2,694) (4,621)
-------------------------------------- ---------------- ----------------
Gross profit 659 1,124
Selling, general, and administrative
expenses (276) (435)
Amortization of acquired intangible
assets (39) (133)
Research and development expenses (28) (46)
Restructuring, transaction and
integration expenses, net (6) (75)
Other income, net 2 26
-------------------------------------- ---------------- ----------------
Operating income 312 461
Interest expense, net (75) (153)
Other non-operating income/(expenses),
net (1) 1
-------------------------------------- ---------------- ----------------
Income before income taxes and equity
in income of affiliated companies 236 309
Income tax expense (43) (49)
Equity in income of affiliated
companies, net of tax -- 2
-------------------------------------- ---------------- ----------------
Net income 193 262
Net income attributable to
non-controlling interests (2) --
------------------------------------- ---------------- ----------------
Net income attributable to Amcor plc 191 262
-------------------------------------- ---------------- ----------------
USD:EUR average FX rate 0.9105 0.8559
Basic earnings per share attributable
to Amcor 0.132 0.113
Diluted earnings per share
attributable to Amcor 0.132 0.113
Weighted average number of shares
outstanding -- Basic 1,440 2,314
Weighted average number of shares
outstanding -- Diluted 1,444 2,315
-------------------------------------- ---------------- ----------------
U.S. GAAP Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended September 30,
($ million) 2024 2025
------------------------------------- ---------------- ----------------
Net income 193 262
Depreciation, amortization and
impairment 141 364
Changes in operating assets and
liabilities, excluding effect of
acquisitions, divestitures, and
currency (631) (718)
Other non-cash items 28 (41)
-------------------------------------- ---------------- ----------------
Net cash used in operating activities (269) (133)
Purchase of property, plant and
equipment and other intangible
assets (145) (238)
Proceeds from sales of property, plant
and equipment and other intangible
assets 1 28
Business acquisitions (11) (16)
Net debt proceeds 454 696
Dividends paid (180) (294)
Purchase of treasury shares, proceeds
from exercise of options and tax
withholdings for share- based
incentive plans (34) (36)
Other, including effect of exchange
rate on cash and cash equivalents 28 (9)
-------------------------------------- ---------------- ----------------
Net decrease in cash and cash
equivalents (156) (2)
Cash and cash equivalents balance at
beginning of the year 588 827
-------------------------------------- ---------------- ----------------
Cash and cash equivalents balance at
end of the period 432 825
-------------------------------------- ---------------- ----------------
U.S. GAAP Condensed Consolidated Balance Sheets (Unaudited)
($ million) June 30, 2025 September 30,2025
--------------------------------------- ------------- -----------------
Cash and cash equivalents 827 825
Trade receivables, net 3,426 3,430
Inventories, net 3,471 3,473
Property, plant, and equipment, net 8,202 8,220
Goodwill and other intangible assets,
net 18,679 18,580
Other assets 2,461 2,619
---------------------------------------- ------------- -----------------
Total assets 37,066 37,147
---------------------------------------- ------------- -----------------
Trade payables 3,490 3,002
Short-term debt and current portion of
long-term debt 257 2,004
Long-term debt, less current portion 13,841 12,820
Accruals and other liabilities 7,738 7,591
Shareholders' equity 11,740 11,730
---------------------------------------- ------------- -----------------
Total liabilities and shareholders'
equity 37,066 37,147
---------------------------------------- ------------- -----------------
Components of Fiscal 2026 Net Sales growth
Three Months Ended September 30,
Global
Flexible Global Rigid
Packaging Packaging
($ million) Solutions Solutions Total
-------------------------------- ------------ --------------- -----
Net sales fiscal 2026 3,257 2,488 5,745
Net sales fiscal 2025 2,552 801 3,353
-------------------------------- ------------ --------------- -----
Reported Growth % 28 211 71
-------------------------------- ------------ --------------- -----
FX % 2 6 3
-------------------------------- ------------ --------------- -----
Constant Currency Growth % 25 205 68
-------------------------------- ------------ --------------- -----
RM Pass Through % 1 (6) (1)
Items affecting comparability % 25 215 70
-------------------------------- ------------ --------------- -----
Organic Growth % (1) (4) (2)
Volume % (3) (5) (3)
Price/Mix % 2 1 1
-------------------------------- ------------ --------------- -----
Reconciliation of Non-GAAP Measures
Reconciliation of adjusted Earnings before interest, tax, depreciation, and
amortization (EBITDA), Earnings before interest and tax $(EBIT)$, Net income, Earnings
per share (EPS) and Adjusted Free Cash Flow
Three Months Ended September Three Months Ended September
30,2024 30,2025
EPS EPS
(Diluted (Diluted
Net US Net US
($ million) EBITDA EBIT Income cents)(1) EBITDA EBIT Income cents)(1)
---------------- ------ ---- ------ --------- ------ ---- ------ -------------
Net income
attributable to
Amcor 191 191 191 13.2 262 262 262 11.3
Net income
attributable to
non-controlling
interests 2 2 -- --
Tax expense 43 43 49 49
Interest expense,
net 75 75 153 153
Depreciation and
amortization 140 355
----------------- ------ ---- ------ --------- ------ ---- ------ -------------
EBITDA, EBIT, Net
income, and EPS 451 311 191 13.2 819 464 262 11.3
Impact of
hyperinflation 2 2 2 0.1 11 11 11 0.5
Restructuring,
integration and
related
expenses, net
(2) 6 6 6 0.4 53 53 53 2.3
Transaction costs -- -- -- -- 22 22 22 0.9
Other 7 7 7 0.4 4 4 4 0.2
Amortization of
acquired
intangibles (3) 39 39 2.8 133 133 5.8
Interest expense
Berry
Transaction -- -- 13 0.5
Tax effect of
above items (11) (0.7) (50) (2.2)
----------------- ------ ---- ------ --------- ------ ---- ------ -------------
Adjusted EBITDA,
EBIT, Net income
and EPS 466 365 234 16.2 909 687 448 19.3
----------------- ------ ---- ------ --------- ------ ---- ------ -------------
Reconciliation of adjusted growth to
constant currency growth
% growth - Adjusted
EBITDA, EBIT, Net
income, and EPS 95 88 91 20
% currency impact (3) (3) (3) (2)
----------------- ------ ---- ------ --------- ------ ---- ------ -------------
% constant
currency growth 92 85 88 18
----------------- ------ ---- ------ --------- ------ ---- ------ -------------
% items affecting
comparability
(4) 89 81
% from all other
sources 3 4
----------------- ------ ---- ------ --------- ------ ---- ------ -------------
Adjusted EBITDA 466 909
Interest paid,
net (36) (149)
Income tax paid (75) (105)
Purchase of
property, plant
and equipment
and other
intangible
assets (145) (238)
Proceeds from
sales of
property, plant
and equipment
and other
intangible
assets, net of
restructuring 1 2
Movement in
working capital (586) (569)
Other (20) (78)
----------------- ------ ---- ------ --------- ------ ---- ------ -------------
Adjusted Free
Cash Flow (395) (228)
Berry
Transaction,
restructuring
and Integration
costs, net -- (115)
Free Cash Flow (395) (343)
----------------- ------ ---- ------ --------- ------ ---- ------ -------------
(1) Calculation of diluted EPS for the three months ended September 30, 2024
excludes net income attributable to shares to be repurchased under forward
contracts of $1 million.
(2) Three months ended September 30, 2025 primarily includes costs incurred in
connection with the Berry Global acquisition.
(3) Amortization of acquired intangible assets from business combinations.
(4) Reflects the impact of acquired, disposed, and ceased operations.
Reconciliation of adjusted EBIT by reportable segment
Three Months Ended September
30,2024 Three Months Ended September 30,2025
Global Global Global Global
Flexible Rigid Flexible Rigid
Packaging Packaging Packaging Packaging
($ million) Solutions Solutions Other Total Solutions Solutions Other Total
--------------- --------- --------- ----- ------ --------- --------- ----- ------
Net income
attributable to
Amcor 191 262
Net income
attributable to
non-
controlling
interests 2 --
Tax expense 43 49
Interest
expense, net 75 153
---------------- --------- --------- ----- ------ --------- --------- ----- ------
EBIT 280 59 (28) 311 321 201 (58) 464
Material impact
of
hyperinflation -- 2 -- 2 2 9 -- 11
Restructuring,
integration and
related
expenses, net
(1) 6 -- -- 6 14 29 10 53
Transaction
costs -- -- -- -- 8 1 13 22
Other 6 -- 1 7 2 3 (1) 4
Amortization of
acquired
intangibles
(2) 37 1 1 39 78 53 2 133
Interest
expense Berry
Transaction -- -- -- -- -- -- -- --
Adjusted EBIT 329 62 (26) 365 426 295 (34) 687
Adjusted EBIT /
sales % 12.9 % 7.7 % 10.9 % 13.1 % 11.9 % 12.0 %
---------------- --------- --------- ----- ------ --------- --------- ----- ------
Reconciliation of adjusted growth to comparable
constant currency growth
% growth -
Adjusted EBIT 29 377 -- 88
% currency
impact (2) (12) -- (3)
---------------- --------- --------- ----- ------ --------- --------- ----- ------
% constant
currency
growth 28 365 -- 85
---------------- --------- --------- ----- ------ --------- --------- ----- ------
% items
affecting
comparability
(3) 23 391 -- 81
% from all other
sources 4 -- (26) -- -- -- 4
---------------- --------- --------- ----- ------ --------- --------- ----- ------
(1) Three months ended September 30, 2025 primarily includes costs incurred in
connection with the Berry Global acquisition.
(2) Amortization of acquired intangible assets from business combinations.
(3) Reflects the impact of acquired, disposed, and ceased operations.
Reconciliation of net debt
($ million) June 30, 2025 September 30,2025
------------------------------------- ------------- -----------------
Cash and cash equivalents (827) (825)
Short-term debt 116 89
Current portion of long-term debt 141 1,915
Long-term debt, less current portion 13,841 12,820
-------------------------------------- ------------- -----------------
Net debt 13,271 13,999
-------------------------------------- ------------- -----------------
Cautionary Statement Regarding Forward-Looking Statements
Unless otherwise indicated, references to "Amcor," the "Company," "we," "our," and "us" in this document refer to Amcor plc and its consolidated subsidiaries. This document contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like "believe," "expect," "target," "project," "may," "could," "would," "approximately," "possible," "will," "should," "intend," "plan," "anticipate," "commit," "estimate," "potential," "ambitions," "outlook," or "continue," the negative of these words, other terms of similar meaning, or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. Neither Amcor nor any of its respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur or if any of them do occur, what impact they will have on the business, results of operations or financial condition of Amcor. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on Amcor's business, including the ability to successfully realize the expected benefits of the merger of Amcor and Berry Global Group, Inc. Risks and uncertainties that could cause actual results to differ from
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