Strong Full-Year Financial Performance
2025 shipments growth of over 3% and year-over-year adjusted EBITDA growth of 10%; full-year adjusted EBITDA of $739 million, significantly ahead of initial guidance of $675M–$695M.
Fourth Quarter Beat
Q4 adjusted EBITDA of $166 million exceeded guidance ($147M–$162M). Europe Q4 adjusted EBITDA rose 14% to $64 million (8% constant currency).
Robust North America Volume and Mix
North America shipments increased 9% in Q4 and 6% for the full year; outperformance driven by exposure to high-growth energy (16% of North America sales) and sparkling water (11%).
Strong Revenue and Segment Performance in Americas
Americas Q4 revenue increased 24% to $807 million, reflecting pass-through of higher input costs plus shipment growth; Americas adjusted EBITDA, while down year-over-year, remained ahead of expectations.
Market Share and Category Momentum
Beverage can continued to take share from other substrates across regions (several percentage points of share gain in 2025 versus glass in beer and versus plastic in CSDs); Europe shipments grew 1% in Q4 and 2% for the year with gains in CSDs, RTD tea/coffee, canned wine, water and juices.
Liquidity, Refinancing and Credit Actions
Ended year with approximately $964 million liquidity and completed $1.3 billion green bond offering in Q4 to refinance near-term maturities; positive credit rating actions from S&P and Fitch; refinancing lengthened maturities with no bonds maturing before Sept 2028.
Free Cash Flow and Capital Returns
Generated adjusted free cash flow of $172 million for 2025 (ahead of guidance) and maintained an unchanged quarterly ordinary dividend of $0.10 per share.
2026 Guidance and Growth Outlook
Guidance for 2026 adjusted EBITDA of $750 million to $775 million (implying further growth); FY 2026 expectations include Europe volumes ~3% growth and Brazil to broadly track low- to mid-single-digit industry growth.
Operational Improvements and Capacity Plans
Reported meaningful operational and overhead cost savings delivered in 2025; progressing measured capacity additions in Spain and the U.K. and successfully ramped specialty capability in France to support growing can sizes and regional demand.