Highlights

  • Amcor (ASX:AMC) delivered its first full-year results following the completion of the Berry Global merger.
  • Net sales increased approximately 57% to around US$23.5 billion, while adjusted EBIT rose about 63% to approximately US$2.8 billion.
  • The company captured around US$240 million of Merger synergies in FY26 adjusted EBIT.
  • Free Cash Flow increased approximately 41% to around US$1.3 billion, supporting Dividend commitments and Balance Sheet priorities.

Amcor (ASX:AMC) continues to reshape its global packaging operations following the integration of Berry Global, with FY26 marking the first full financial year reflecting the expanded combined business.

The global packaging company reported significant increases across key financial metrics, supported by the scale of the Berry transaction, cost synergies and operational execution. The company remains focused on extracting merger benefits, strengthening cash generation and managing its enlarged balance sheet.

FY26 Performance

Amcor reported net sales of approximately US$23.5 billion for FY26, representing growth of around 57% compared with the prior period.

Adjusted Earnings before interest and tax (EBIT) increased approximately 63% to around US$2.8 billion, while adjusted Diluted Earnings per Share rose about 13% to US$4.02.

Free cash flow increased approximately 41% to around US$1.3 billion, reflecting stronger earnings contribution and improved operating scale.

The Berry Global Acquisition was a major contributor to the expanded financial profile, with Berry contributing close to US$7.9 billion in net sales and approximately US$842 million in adjusted EBIT during the period.

Berry Integration

The completion of the Berry Global merger has transformed Amcor’s operating scale and market position.

A key focus of the transaction remains the delivery of cost synergies through Manufacturing optimisation, operational efficiencies and broader customer opportunities.

During FY26, Amcor captured approximately US$240 million of merger synergies in adjusted EBIT, with additional benefits expected as integration initiatives continue.

The company believes the larger platform provides improved scale across packaging markets and creates opportunities to strengthen customer relationships across multiple regions.

Dividend And Balance Sheet

Amcor increased its quarterly dividend to US$0.65 per share, maintaining its focus on Shareholder returns.

Following the Berry transaction, managing Leverage remains a key priority for the company.

Amcor expects net leverage to remain around 3.5 to 3.6 times during the six-month transition period ending 31 December 2026. Reducing Debt over time will be an important part of strengthening financial flexibility.

Growth Drivers

Amcor’s Investment case continues to be supported by Demand for packaging across essential industries, including food, beverages, healthcare and household products.

The company’s expanded global footprint provides opportunities to improve efficiency, increase scale and capture further value from the Berry integration.

Additional growth opportunities are linked to continued free cash flow generation, successful synergy delivery and improving operational performance across the enlarged group.

Key Risks

While the Berry Global merger has increased Amcor’s scale, integration execution remains an important Factor for future performance.

Higher leverage following the transaction may limit financial flexibility, particularly if interest rates remain elevated or operating conditions weaken.

The company also faces longer-term challenges related to sustainability requirements, evolving packaging preferences and demand for recyclable and lower-impact solutions.

Currency movements may also influence reported results for Australian investors due to Amcor’s US-dollar reporting structure.

Outlook

Amcor’s near-term focus remains on completing the Berry integration, delivering additional synergies and reducing leverage.

The company expects the transition-period results for the six months ending 31 December 2026 to provide further insight into earnings performance, synergy delivery and balance sheet progress.

With a larger global platform, defensive end-market exposure and improved cash generation, Amcor continues to position itself as a major player in the global packaging industry.