Amcor reports increased sales in Q1 of '26

Global packaging producer Amcor PLC recently reported financial results for the first quarter of 2026, the company’s first full quarter since finalizing the acquisition of fellow packaging firm Berry Global. Notably, Amcor reports $5.75 billion in net sales, a 68 percent increase from the same quarter last year (3.35 billion).

Additionally, the Zurich-based company reports adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $909 million in the quarter, up 92 percent from the $466 million recorded in last year’s first quarter.

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Amcor's all-stock acquisition of Evansville, Indiana-based Berry was completed April 30, at a fixed exchange ratio of 7.25 Amcor ordinary shares for each Berry share. Amcor says the Berry acquisition makes the combined company “the global leader in consumer packaging and dispensing solutions” for nutrition, health, beauty and wellness, with the material science and innovation capabilities to meet customers’ and consumers’ sustainability aspirations.

“With multiple new growth opportunities and $650 million of identified pretax synergies through fiscal 2028, Amcor believes it is well placed to deliver significant near- and long-term value for customers and shareholders,” the company reports.

Regarding its various business segments, Amcor says its 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.

Amcor says integration of the Berry business 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. The company adds that 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 percent earnings per share (EPS) accretion, as a direct result of the acquisition.

“I am pleased with how the legacy Amcor and Berry teams have come together as one to integrate and execute against our priorities,” Amcor CEO Peter Konieczny says. “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.”

Konieczny says margins increased in both operating segments, and the company now is addressing identified noncore assets, such as its North American beverage business, to enhance focus on its core business.

North American beverage update

In a previous earnings call, Konieczny said the company would look into the potential sale of its North American beverage unit. In an update, he says it made “really good progress” on the operational side.

“We were reporting a couple of challenges in the last quarter,” he says. “I was not proud of those, but I have to say kudos to the team that sort of jumped on it. As I was expecting, that was very quickly turned around. We’ve exited the first quarter with those issues completely under control again. That is important.”

Noting that volumes softened sequentially from the fourth quarter last year to the first quarter of 2026, he adds that operational activities and strengthening of the business allowed it to increase profitability. As a noncore business, Konieczny says Amcor is pushing ahead in its search for alternatives.

“We’re exploring a broad range of options,” he says. “We said about 90 days ago, and I’ll just repeat that today, that we’re very open to all kinds of solutions here, including joint ventures or also partnerships. That is progressing, and we’ll see how that plays out. It’s really hard to be more definitive on timing.”

Segment updates

Amcor reports that its Global Flexible Packaging Solutions segment recorded net sales of $3.2 billion in the first quarter, a 25 percent increase over the previous year. The company estimates that volumes for the segment were 2.8 percent lower compared to volumes for the combined legacy Amcor and Berry businesses in the same quarter of last year, however.

In North America, volumes were down “low single-digit percentages” with growth in categories including healthcare and beauty and wellness more than offset by lower volumes in categories such as liquids, snacks and confectionary and unconverted films.

The company says volumes were lower in Europe, with growth in categories including healthcare and pet care more than offset by lower volumes in categories such as beauty and wellness, confectionary and unconverted films.

“Volumes across emerging markets were in line with the prior year, reflecting growth in [the] Asia Pacific [region] offset by volume declines in Latin America,” the company reports.

The company’s Global Rigid Packaging Solutions segment reports net sales of $2.5 billion, a 205 percent increase over last year on a constant currency basis, including $1.7 billion of acquired sales net of divestments, representing growth of approximately 215 percent and an unfavorable impact of approximately 6 percent from the pass through of lower raw material costs.

Volume performance was similar to the fourth quarter of fiscal year 2025, Amcor says, and approximately 1 percent lower than estimated combined volumes for the legacy Amcor and Berry businesses in the same quarter last year, excluding the noncore North American beverage business. The company reports growth in categories such as pet care and specialty containers, offset by lower volumes in categories such as beauty and wellness, food and food service.

Volumes in Europe were “marginally lower” than the prior year, with growth in categories such as healthcare and liquids more than offset by lower volumes in categories such as food and beauty and wellness. Amcor says volumes were down “low single-digit percentages” across emerging markets, primarily in Latin America. “The company estimates that price/mix had an unfavorable impact on net sales.”

The company’s adjusted EBIT of $295 million was 365 percent higher than last year on a constant currency basis, it claims, including approximately $240 million of acquired EBIT net of divestments. The remaining year-over-year variation mainly reflects lower volumes—predominantly in the North American beverage business—and an unfavorable price/mix impact, partly offset by synergy benefits from the Berry acquisition and “disciplined cost performance.”