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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; andQuarterly 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/ -- 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 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 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 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 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 petcar
