Amcor Reports 2Q, First Half 2025 Result

Amcor reported its results for the second quarter of 2025, ending December 2024, as well as the first half of 2025.

For the first six months ended Dec. 31, 2024, net sales of $6,594 million were 1% lower than last year on a reported basis, including an unfavorable impact of approximately 1% related to movements in foreign exchange rates. The pass-through of lower raw material costs had no material impact on net sales. 

Volumes were up 2% compared with the same six-month period last year. Price/mix had an unfavorable impact of approximately 3%, primarily due to expected lower volumes in high-value healthcare categories. On a comparable constant currency basis, net sales were down less than 1% compared with last year.

Adjusted EBIT of $728 million was 4% higher than last year on a comparable constant currency basis reflecting higher volumes and strong cost performance, partly offset by unfavorable impacts from price/mix. Adjusted EBIT margin improved to 11%, a 40 basis point increase over the prior year.

For the second quarter, ending December 2024, net sales of $3,241 million were in line with last year on a reported basis, including an unfavorable impact of approximately 1% related to movements in foreign exchange rates and a favorable impact of 1% related to the pass-through of higher raw material costs of approximately $20 million.

Volumes were up 2.3% compared with last year, improving on first quarter year-over-year volume growth of 1.6% and the fourth consecutive quarter of sequential volume improvement.

As expected, destocking continued in healthcare and demand remained soft in the North America beverage business through the December quarter, unfavorably impacting overall volumes by more than 1%. 

Across the balance of the business, overall volume growth was consistent with the first quarter, up approximately 4%.  Price/mix had an unfavorable impact of approximately 2% primarily due to lower volumes in high-value healthcare categories. On a comparable constant currency basis, sales returned to growth in the December quarter and w-re marginally higher than last year.

Adjusted EBIT of $363 million was approximately 5% higher than last year on a comparable constant currency basis. Higher volumes, continued strong cost performance and benefits from restructuring initiatives were partly offset by unfavorable impacts from price/mix.  Adjusted EBIT margin improved to 11.2%, a 40 basis point increase over the prior year.

“Amcor delivered a solid second quarter result aligned with the expectations we set out in October, giving us the confidence to again reaffirm our guidance for the fiscal year,” Amcor CEO Peter Konieczny said. “We continued to execute well on our underlying business, delivering our fourth consecutive quarter of sequential volume improvement.  Margins continued to expand, supporting adjusted EBIT and EPS growth of 5% on a comparable basis for the quarter.

“We also announced the next transformational step for Amcor, agreeing to combine with Berry Global,” added Konieczny. “Bringing these two companies together will deliver on our strategy to become an even stronger company with accelerated volume-driven organic growth achieved through an unwavering focus on our customers, sustainability and portfolio mix.

“The combined company will have enhanced positions in attractive categories, the material science and innovation capabilities required to further revolutionize product development and a broader, more complete portfolio of primary packaging solutions for consumer and healthcare customers,” Konieczny noted. “With faster growth and $650 million of identified synergies, this combination will drive significant near and long-term value for all shareholders. The path to completion is well advanced and we remain on track to close in mid-calendar year 2025.”