AMBP - Earnings call transcript Q4 2024 | Ardagh Metal Packaging S.A.

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Operator

Ladies and gentlemen, welcome to the Ardagh Metal Packaging S.A. Fourth Quarter 2024 Results Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Stephen Lyons, Investor Relations. sir. ahead, go Please

Stephen Lyons

for and Metal Thank Earnings Packaging's earlier earnings follows operator, full and today year. Call, for for the release AMP's of Ardagh Fourth publication fourth welcome, you, quarter you the everybody. joining which the Thank Quarter XXXX

joined Oliver Chief Graham, I'm Executive Schellinger, Stefan and today Financial Chief by AMP's Officer. AMP's Officer;

Before performance and AMP's introductory remarks moving to around your questions, we will first provide some outlook.

Actual such at and details measures. found reconciliation the vary ir.ardaghmetalpackaging.com. related AMP's and IFRS results disclaimer for fourth financial of on non-IFRS in could materials certain to measures AMP's be materially statements of statements. Please release. of website statements today financial AMP's in include AMP's forward-looking earnings release forward-looking measures Remarks quarter the review earnings include will use can and non-IFRS financial

will Graham. to turn the I call over Oliver now

Oliver Graham

Stephen. Thanks,

year represented a increase adjusted EBITDA a XXXX we global as So a in delivered successful our double-digit growth volumes. by for underpinned business X%

and growth cost improvements. achieved anticipated operational improved further Our drove recovery delivered and fixed capacity input cost cost stronger . the than business while recovery, utilization

the adjusted year. was consistently strong. in as the AMP Europe's industry recovered EBITDA customer destocking good volume from demonstrating performance growth prior

with a customer performance the was and adjusted energy America. Americas Our location category EBITDA despite the in temporary issues in higher resilient filling softness Brazil in in North

reduced liquidity to a resulted ending debt the AMP and EBITDA leverage year X.Xx in on $X actions generation strong nearly billion and EBITDA. Our of adjusted liquidity ratio adjusted with net net of

grew year fourth the $XXX adjusted million. prior EBITDA the versus XX% quarter, In by to

in strong was expectations, improvement and America. in by strong in [indiscernible] and North forecast than quarter. line with quarter volumes Americas higher operating encouraging Brazil Europe performance by volumes broadly impacted positively the was with an monthly the particularly a to performance through in production end in supported our Our sales

the our in footprint, customers' continues to our Across beverage mix. packaging global can gain share

through our that We're challenging expectation growth consumer we're further advantages our year. environment, drive XXXX for can and improvements as and by growth XXXX pressures more all some in in the offset headwinds support encouraged inflationary confident improvements, Europe. shipments into well in than in of we key adjusted the shipments capacity still we're EBITDA a currency to which While industry to and as utilization increased operational start further

XXXX including strong decarbonization. made XXXX, of emissions also our our reflecting AMP's of gas We highlighting towards strong in road the represent of majority and the greenhouse our agenda the which map overall first year, level sustainability strategy Scope X the progress overall in target progress successful how emissions, industry's implementation on report the below well publication the our

renewable Purchase We signed which in agreements us. overall delighted targets. we critical our in is XXXX, for Portugal, rate were virtual our that of electricity a progress Agreement advanced towards total project Germany reduction finally, recordable and severity And in for report rates something to a our a solar both Power and accident significantly both in incident

million $XXX quarter customers. mix to increased in same to currency effects the compared of the AMP's a basis results fourth XXXX with Europe, by in In by XX% pass-through due or I'll input revenue turn segment. XX% cost volume favorable principally on to higher to now constant period

quarter. by particularly a the grew end expectations for strong Shipments strong with a of ahead quarter X% the to

which growth encouraging half to of as by over X%, return following year the an Shipments whole, represents customer XXXX. second destocking in the For a grew

its category geography. both the year the to sustainability cans in beverage in was by and Customers both count prioritize the continue reflecting and their packaging broad-based Growth mix, competitiveness advantages.

constant million own various currency or EBITDA basis in XX% adjusted investments on to evidenced by Europe continue to sustainability regulations. this by $XX volume recovery. expect a cost growth increased quarter input and as stronger customers' due Fourth to Europe's in by positive We XX%

Our strong in recently positive to the project the us start continued ramp-up region, early installed our to with support in shipments growth. confidence tight year growth of XXXX. gives the to X% capacity XXXX a more this remains for and to Capacity performance of X%

the mix Turning X% to in in the higher in customers. by pass-through due volumes by fourth offset issue the quarter million, $XXX and the to prior by America to decreased lower to the decreased Americas customer Americas. Brazil operating cost which North quarter energy lower partly the principally by for volume mix $XXX the to softness EBITDA X% costs. partly reflected offset million unfavorable due mentioned adjusted Revenue of to effects, input category,

the carbonated across saw of [ in In our energy category as drinks fourth as America, well over gains shipments quarter and was arising represents and in barking by decline The in both the with America North growth small combined for and which of softness X% our well grew we good the year. declined expectations In a reflected which from a XX% North comparable. soft waters, [indiscernible] the both circa our and by the quarter quarter line portfolio. as prior in share represent year, ] temporary year in fourth for growth ] percentage strong shipments portfolio X% [ as only

single continues by category, also of is the America and We've skewed Our in can in Customer categories. stability towards can mix. to energy the our the XXXX. overall continues nonalcoholic gives seen confidence the us innovation can some signs diverse beverage favor packaging of take portfolio to which at shipments heavily in digits that faster-growing low North least share grow

in in experienced customer can quarter. by but this that customer specific in billing of industry We grew growth QX, encouraged issue affected excluding by some by by Brazilian specific similarly lower shipments XX%, year fourth which improvements were Full a The were by can shipments shipments beverage X%. customer beverage monthly the note decreasing Brazil, a with decreased X%. mix the the reflected towards would also December. improvement issue. and end location primarily we quarter volumes In the

at second As shipments North growth the part growth in our double-digit single-digit for mid- range half the positive we're strength a in broad customer of first events XXXX, of a business after the our of also market percentage the at we percentage low expect and year Balancing growth of appropriate in in Americas the And the least full some XXXX. a between result, after caution the dropped portfolio Brazil, overall year. the outlook for low growth percentage therefore, Brazilian our the to the single-digit in single-digit of least XXXX. America into with and high

hand through remarks some some financial our to position you Stefan before finishing I talk on over with to I'll concluding remarks.

Stefan Schellinger

X.X% EBITDA the working of capital good Where stood over everyone. leverage in meaningful close our Net at good represents fourth and net morning, inflow robust Ollie, X.Xx. expectation debt to the includes a that adjusted at a year-end reduction EUR line of year in a compared with seasonal billion, to which X the quarter. Thanks, with prior liquidity afternoon, position the year

liquidity undrawn million. from an Our QX position around benefited in the signing for facility Brazilian of $XX credit

liquidity no addition in We note near-term our that strong bond position, have maturities. we to

$XXX AMP working decrease capital was offset Group. flow The a significant partly indicated, investment gross to previously million compared the from driven which structure lower million of in $XXX by As in is CapEx. an mainly by in Ardagh AMP's modest we inflow, generated free adjusted XXXX capital prior our was separate structurally a have cash year. reduction

working We expect capital year a financial small in the XXXX. outflow for

expect the we of this to Our in in And current investment slightly growth million. plans, approximately on investments $XX basis XXXX XXXX to reduced million. to reduce $XX

being items, we to available flow to $XX repayments to XXXX. $XXX fewer expect of million Cash that In $XXX XXXX. in broadly tax losses following CapEx approximately to million. for lease principal given cash close terms just interest expect we over other utilized, have increased and increase been previously tax the million, of regions

around small the $XXX cash exceptional of and Maintenance CapEx of million. outflows high million single-digit in old

change be capital in and later We in our by have per announced with policy. today position, $X.XX no there's dividend closing line to ordinary quarterly to paid robust share allocation March, our guidance liquidity supported our of

With that, Ollie. back to I'll hand it

Oliver Graham

Stefan. Thanks,

projected of recent which liquidity $XXX cash So expectations. in feature was in the was million of liquidity location to in EBITDA $X performance robust of strong just initially despite was American recapping by our $XXX actions $XXX strong improvement. that a a in our million issue both filling customer on range, and shown and billion. position performance performance adjusted softness this nearly of our was quarter flow growth adjusted resulted Q&A, year-end Brazil. Full year. million of have driven of category and fourth energy strongly through And mix and XX% key North the a consistent our on was messages Europe, the before This EBITDA in ahead ahead and the year

to X% to to million. in the for adjusted project of us shipment $XXX global X% full of year range XXXX of view XXXX in current the and million Our market growth $XXX range in EBITDA leads a AMP

by EBITDA represents is in cost Europe versus circa year. rates, shipments inflationary prevailing Our a offset on and supported some based guidance headwind partly currency improved $X by absorption, pressures prior fixed and higher the headwinds million FX

EBITDA of terms quarter, a million currency $XXX between ahead basis. first $XXX the of be the on prior expected and of million adjusted the for million year is range guidance of to $XXX In constant in

questions. proceed these made now having So opening remarks, any we'll with

Operator

from first question Our with Stanley. Morgan Stefan Instructions] [Operator comes Diaz

Stefan Diaz

tariffs. on is one first my maybe So

LME premium all. is implications details the about associated you you're potential But the and a obviously, thinking on you for So demand? how can additional provide pass-through on

Oliver Graham

the Stefan. We're very two. Sure commentary or other the you've in the with consistent week seen last in that market

be I passed if perspective, relatively we've therefore, small a to from which years the of in in price relatively and therefore, say, So to should have the the And of should the can, we hedged, it's given on XXXX, certainly pricing the in much XXXX. it's although in say, total that that's pretty small impact do last few than in pass-through see retail And thing is amount inflation as $X.XX. less a consumer, the think, seen there been in less this first that all the on impact our any you can We is a U.S. see number. case.

our them. in of terms touching numbers, So it's not

marginal So could impact. I've true. as -- a But be demand, that some indirect that I saying regard pretty seen we have I on from perspective, our guess, there's commentary impact to maybe

Stefan Diaz

of far Americas maybe And dig your energy headwinds resolve here XXXX in specific sort those quickly Perfect. Brazil so headwinds And you maybe into some headwind well. bit. the out out in as and And those you quarter then expect are in Obviously, well do how XXXX America. as you to the in shaping in XXXX? a little weakness called North and if customer in results could

Oliver Graham

No, yes. question. Good

QX. in on look, So in the mentioned think I the side, that we improvement it already we mill remarks saw

we're good at a December, February. volumes, and persisted has that good in -- January already in So recovery saw into those and recovery

So that I the we North then think And we're And clearly the hope resolved the America, through this category has moment. that would towards year. continue of very way the year. encouraged in improvement was on situation energy similarly, there the by end at would

a category. is think we the energy we energy from QX. QX recovery the bit go already category total improvement in I we numbers see in could see retail we some we suffered more can see mix our the as And on market on that what in in the there because that do into our than data

XXXX So have issues way I for think through. both we're worked those their that hopeful

Operator

from Spector . And question next comes our with Joshua UBS.

Joshua Spector

around forecast growth. I your wanted to on ask

specifically, you think you think you're minimum could about said But percent, -- low of I potentially low single-digit a I U.S. the you said when single-digit talking said sorry. you percent.

So much. areas too into more where reading curious or you visibility if now I'm or there's was had that maybe that -- optimism if

Oliver Graham

No, is don't much. that mean category reading I a you're key think energy I piece think part. I too this

we're the about So the what positive at with of we're beginning obviously, seeing feeling that year.

strength we're soft alcoholic the other cocktails. carbonated portfolio, in of it I parts seeing think drinks,

North growth, you bit we in So average go it's and I positive think the look still X can And in remain X% we a didn't sort the growth. on if we'd period, a but that it beverage back then lose first American up years went part about at that range market. you of lot, along that average. of Obviously, overgrown bumped

growth tariffs plastics And the place. flat, American focus longer the in market that the cans because XXXX, relative year, from around market still of investing in which expense actually the onwards, at still see the we X% true. on we plastics, bit think And other reduction they're drivers saw over plastics sustainability a little all cans. piece we that it a growing down. American overprioritizing remarks that's were year. of at there's some this the XXXX we there's drive is with is with commentary beginning now was and can and when was growth towards That's although the not in And innovation, about that because CSD to no that -- we a was by of And again, positive North need PET and of

think we've tick amount, mean the for got America a portfolio about single market that. we positive think for very could North of ahead I We low be our the a realistic year. calling not we're that number. So digits certainly by a this aspects of but huge that but we're is

Joshua Spector

that changes existing don't Does or Or some of your if in some the specifically, is you a some from and there's that? somewhat on increase volumes know are space. of good recent characterize those category, there And pull related, been customers diversification I for just with energy bad And guess, could risk you? M&A I share the some in?

Oliver Graham

see risk. for relationships many players. Yes, obviously people They're strong with us. good a both we space. We don't market space It's the any energy have in

don't well. point. any I'm see But don't at and it a upside we so particular sure we very it strong -- that, both brands, We like do this see yes, nor know. they'll we any to looks So deal, us good do risk from from

Operator

next our Citi. from with And comes Anthony Pettinari question

Anthony Pettinari

North is Looking that 'XX kind then growth rates comment how you'd And volume at say achieve assuming of possible America your where and industry leave X . your of in on those if sort to your lose, sort tight, could outlook, utilization you maybe Europe? is sort it? supply/demand targets, it if feels in would of you broadly, of balanced, more regions how it characterize

Oliver Graham

Sure.

America, North can North have yes, still in tail I capacity So think America. some we fairly permanently

we'll of the actions I feels think market the And that be to tight be we're is think also taking sorts with at moment, I partisan. taken It the relatively balanced mid-XXs. overall in by market the So running being honest. pretty the

into tight. So I even feels low at XXs those the of mid think relatively the for curtailment. market the industry I as quite then the the and And us, in said, probably minute is and XXs with naturally types high

there's I we activity, us but clearly think if look concerned not much. around, capacity too at that anything commercial seeing we're

feels into the capacity did I think continent, So whole through pretty I North as think well And sizes, had to on much but particularly that market. And not and But particularly America last that the of put we tight capacity legacy particularly place. in through U.K. year, shortages reasonable on Europe the specialty. already we've Continental, term new don't have year, all the more regional see in seen seeing year a we're because we're there's we some shortages. we've this players, in, We other ramping changing coming capacity all

those from So -- apart ramp-ups.

pretty year. going X months So with in the to that again, is seeing, the that, feel market growth and first think strong through tight we Europe, have that we're been the

curtailed in area. I we strongly places, yes, probably kind us actually the can had and last such including with Brazil Again, And the in certain capacity a around. certain again, being shortages big because XX% balanced, year think the of that in relatively locations is in country, is effect. sort Brazil, of sizes think get you And that, it's pretty there's I Northeast. market by And

business, place. markets all our it across look X we if in overall, a are decent So feels like

Anthony Pettinari

that of you're And very if I'm I or pinpoint living it, specifically? product on Europe, is helpful. accelerating? really metal in taste. change or geographies something wondering strength given Are a seeing That's in maybe and really Europe, you there in I'm on have there's of Okay. don't just specific substitution metal consumer know, on kind had that crisis categories where cost accelerated Europe into or And the that's others or you shift changed that curious to to substitution, any glass is cans? just then is anything . glass

Oliver Graham

there's I can Look, declining in one-way as substitution seen we've Europe X-way packaging think [indiscernible] share. to the glass increasing a metal Sure. taking bottle and term and

in And substitution the after significantly as can price as reduced XXXXs, the couple at the So I if Germany and the look low recovery that early energy that's substitution. well that was in obviously a very much you is some impetus 'XXs the is of glass share plastic growth then think of glass extra given in piece years significant in metal. the last in more than about

was strengthening are but continued X down months. few And amount, some the think, has now the that to between in last the that a in prices energy meant I And second year, not huge slightly. substrates. of so competitive half they've last Not mitigating, come but differential

so the to our that. at negative. actually, [indiscernible] the off some of look And rates are continue the Europe, way PPI maintain running are I advantage our you in back think if competitiveness And which

So to in past moment in price on the at the very competitive can customers. mix. the can is is really remaining But terms low of pass-through

think that, very decarbonize, I other clear sustainability advantages for much a substrates. the which map on road the with there's canned to harder again,

driving that would And share through think and we're seeing. beyond. we was the very anticipate continuing [indiscernible] that's the 'XX gains the year and through I that that consistent

Operator

from Arun Our next Viswanathan question RBC Markets. . with Capital comes

Arun Viswanathan

We've about get evolving -- American North threat to next non-alcoholic expect demand. it And what energy ask worse and some and tariffs? Do persist see I'll the just you of maybe that Mexican obviously in guess the even some run over beer. . seen in potentially about through as then year? can I you the Maybe maybe to weakness so you categories. of

Oliver Graham

Sure.

year. anticipate do growth at So the in carbonated think if strong. like drinks cans.and I end we you carbonated back out. I that mentioned the strengthening year, the soft started in Nielsen saw look that last we you saw I way And year to think the the seems drink certainly started of growth soft the year has into be some data have

on, that. be year. about recovery think a positive feel year, touched way, to the there I breath last a will a category relative bit we year last So a of took which was, I Energy, this in

There's lot been replacement. to a of alcohol products, 'XX 'XX coffee-based innovation other innovation,

some off that destocking I we market got was they strong growth in that that -- and the finished. think some I distribution of of of as year some sort different is also that back moved be came 'XX, participants order driving growth have years the systems and think, that So into 'XX when also saw we'll after

So be talked about year. we'd category the cocktails. about for feeling I good energy this alcoholic

I space. look But portfolio. production at think And if weaker good and the actually growth is think, a the then the data our challenged, if we're continues could part, it's for yes, they're There's -- definitely that's It's positive domestic domestic there, and that relatively part I Mexican in of field depending a supply. mass clearly in market our part a on somewhat last beer, that to be be seeing year, portfolio. you for tariffs small goods we're clearly of but portfolio. weaker the

is another that were water XXXX. year And had has year, persisting one I'd sparkling looks call them. that's then again, And out we a like last very with into strong strong

Arun Viswanathan

expect maybe me offsets walk then about just so from I the how free you just that? some And Okay. tax cash $XXX a in for And how use expect give million to and 'XX and so can cash then maybe that, free to and capital, flow then whether EBITDA on. ask you you working and CapEx can be it cash much and of flow

Stefan Schellinger

Yes.

Okay.

then sort around $XXX We get of $XX maintenance painted of paid of in we of then inflow million. $XXX million. costs talking million million. capital we into spent capital terms small cash $XX EBITDA flow had the of So further working And $XX I'm down CapEx we're of taxes. and now, starting of sort free repayment million a basically, on and $XXX of with interest around million of the we We exceptional $XX million We at -- million. lease restructuring And $XXX adjusted 'XX then structure. had cash

our now compare how to does this number. XXXX So

guidance you've $XXX guidance $XXX seen I in of our what on terms basically, million. gave I mean expect. bit So to a of million to little range EBITDA,

So on terms cash the the items capital. key working are changes the of flow probably in

outflow We small expect in a XXXX.

to In maintenance we more. invest terms of CapEx, expect

some on and of of is clearly investments productivity, that Some it quality sustainability. is in driving

So we expect to around million. $XXX million $XXX-ish

a to XXXX. And in we of $XX growth in a million Tax as entered $XXX up we reaching [indiscernible] interest of will around lease result having cash then go reduced $XX new bit be terms repayments of the of result then used facilities CapEx, the last will rate. go been are to the sort sort also given the million million, will into bit go little that to and million new -- will up a year. $XX as up a $XX And full spent of NOL run to also the leases then level. This little million

We of as exceptional, shut expect through restructuring, steel lines we've the of our downs sort and very little facilities. been

a slight of net-net, company So will of new math, terms if the the you allocation policy free of policy cash flow capital in changed. the I And the the spending, has be in of dividend mean, and not sort it reduction year. do

what our So as be with consistent XXXX expectation. in seen that per will you've

Operator

with Fargo Wells Our question Hajde Gabe comes . Securities. from next

Gabe Hajde

early just question or look to how work reformulation, administration but there's know on of cost so customers. an the if play that far? potential been curious with I in this, specifically for could customer view there's just some anything -- you've in carbonated suspect out I I to their come around dialogue that we've is across been what . ask, but terms a about on wanted done to the this. you and soft tariffs, I'm amount drinks, talked at of new reasonable

Oliver Graham

actually. really Yes, not

portfolio I is because in North we're they're not getting side, They beginning in some strengths even the in seeing and and Europe and we're category the in of -- for health year, seeing certainly, Europe. particularly strong actually. very think sure true is we're in all participating. in most same supply of the Actually, I on seem But cans, that had the the the though [indiscernible] weaknesses dialogue seems said, America, growth general, making North be in were America good still to growth in As continuing. to year the Brazil, about

going Look, happen I'd minute. Yes. past trends work different agile managing and say regulations it's dialogue you hard been very professional it and the through companies So at Isn't to to But issues. customers just and what's a and would the call ones. and concerns health our one. at in expect sorts big to have very of that these they're with real hardly us, But yes, effective no

Gabe Hajde

I Okay. to XX I of guidance on the And -- wanted it's bullets. then think Slide kind in

which headwinds talked costs, You mostly in PPI America. PPI we've XXXX the I I'm think conversion higher assuming heard conversion of much that was costs. and maybe then commentary terms isolated don't on to in North about metal

If to something then -- confirm then And the is Europe, for And I can could the you that two, that, Or one? that driving cost guess, maybe us, that's isolated conversion that 'XX? is 'XX, it number 'XX? what's you're quantify that in in willing? number persist if

Oliver Graham

about in headwind for our America. saw Yes. PPI have this, negative, talked have I in go never moment. but our actually, again, some costs us, actually, No, And of think, we peers our negative I Europe North But in talking more peers the at the is about labor. located particularly PPI Europe,

We also on supply cost then get PPIs, world. the contract And everything to is issue for coils that is drag try negative we people So that a bit have particularly in is this. pass-throughs. in European with where our going Europe, market we have shorter the on some have specifically structure domestic avoid shorter actually, we aluminum into the when do been conversion get and and prioritizing --

definitely get include we to we're transferred a mechanisms those better past actually in North have mechanism headwinds America, in more much more our seeing labor to. So than and of to pass-through Europe where tend

some have we talked in which is about. North We have America, just headwinds

have specialty grown during COVID of in inevitable I that up think the times. the some reduction regions

it's -- cost not So not side PPI and but side. on the on it's the

And the shape I aluminum yes, So think I it. this piece. that's of conversion think

the costs couple having issue. shielded and So the their on slightly energy a through coming side is bit in energy of Europe in the It certainly been is also this is bit a years. that to little of the the last peak metal costs related by little hedges increasing,

of European seeing in a costs this capacity Brazil. will we specifically those European next We've very through for is got issue. not the coming issues And be So years. over But issue North through. it's some positive industry. on also coming think really America rolling on in lag good these the which effect few mills, the We're mitigates

Gabe Hajde

Understood.

like Okay. off And the piggyback I that real looks dividend got paying And cash it, the last we've flow, you're one there million quick, to cash in free some take out. question. range. $XXX Arun's and on flow to $XXX it put numbers just to something to then guess the million to

internally? at guys million down leverage million, you maybe that what $XXX to about So $X.X are or give midpoint as is of take, . the of tickles EBITDA XXXX for it thinking

Stefan Schellinger

Yes.

I think the it's in think ballpark. that I broadly,

to we and what printed of end year we be relative steady would leverage XXXX. in this for I to pretty think expect

Operator

our question with And from [Operator comes Barclays. Instructions] Leithead next Michael

Michael Leithead

to just talk about the outlook. First want earnings question, I

offset As with you growth would there's to thought you million just EBITDA kind have pieces, a Gabe, through incremental margin that's . have the volume. help think how from moving you guidance? understand should and actual headwinds being Can you your us in seems growth the of to talked on have at better $XX and the $XX would you that of higher bit like midpoint, I million gotten about how like X% of we It the talked about. volume X% benefit some volume the growth

Oliver Graham

numbers, the Yes. we Look, headwinds. exact about I the piece without think talked giving are

the to particularly So would PPI we the -- through growth X% reasonably cost headwind FX And of talked the COVID we the situations the about volume some pressures broad-based. then aluminum we the North on Europe, period. in are don't again, and in headwinds translate a have they're reported X% conversion basis normally. that which, They think America, as of come and I some just specialty out specific pricing

not headwinds, those full as the that say, you of which getting translation X%. we're So are mean to a X% the

hand, significant We're savings operational working We're well. cost do cost always other the on plant the input On working as to level. have we always efficiency some at savings. improve

on efficiency. working also are SG&A We

So of those some they offsetting are headwinds. also

Michael Leithead

but then is down to just EBITDA in just seems 'XX. cash I cash Part get a part is dividend bit. think trying flow cash the is it's And what question higher the peak year, mentioned, items? XXXX a is beyond . costs. flow. higher maintenance. it cash It appreciate for will it. generating you up when like financing-related the here? we can is free of be But Got on to I'm a above follow-up, guess start early this of at as it I use

Stefan Schellinger

Yes.

number. going I really of sort of this of is phase overall, there But the sort think, $XX early about you growth, of think sort mean say, the and that year, I of given million. instance, bit focusing of a the CapEx, I'd here talk the some not expansion that. think for think of a $XX think it's growth big on $XX million it on I needle we XXXX. are as to probably say, lot behind beyond that's we for a movers we little probably probably I XXXX, forward, are bad talked about I the of I sort to million EBITDA the depending think, bigger I

will I flow profile. cash the think a of that lot drive

Operator

Fargo Hajde Our from question Wells Gabrial comes Securities. with next

Gabe Hajde

cut of I a you're out apologize, That talking And phone our decently Europe. of segment ahead for was about second model. my kind when

in persisted that. trying absorption the something what kind then into it talked prior the end I of I'm like the to or relatively to But the at QXs, incremental XXXX. And were understand into about just just sounds like any year to you of consistent think is quarter, you're improved shipping confirm. much the that fourth ends, played how -- And looking maybe maybe quarter? overhead closer then guess, there strength in like I the you with maybe QX.

the . on anticipated the sniffed side conversion aluminum maybe order of issue sounds out. it your had answer customers no. the So is or increases ahead But like can price that

Oliver Graham

Yes.

the no operational look, sure think issues due on end. there some on that quite was opposite. I if So overstanding We events, were Europe, to anything,

'XX a a can that played cost was it's that utilization, So destocking. recovery. true because then fixed through QX big into was number, soft that of typical better But just say, X% better you Obviously, all the straight as production, pretty growth. higher

about everything the the X% cost right think nicely through I strong I recovery, generally and were a we very question the company, of QX the sure fixed just then year-end, wasn't to the last So And into particularly year. came grew across obviously, end we in there's together year.

We did improve capacity fixed our with in that we've the cost place. put recovery

to terms are then that Brazil. to us North And So pretty finding particular definitely start we're true. that talking particularly so customers the of about is in looking any Europe, particularly was probably the but just not it's less year, good, that issue, America, demand

actually I And looks first a QX amazing. bit it mentioned look the like it doesn't think year. in remarks be the Brazil market will negative super as the I still growth, bumpy. after of the part into a strong in went summer

think Obviously, is I dollar the environment is weak. Brazil. good strong for consumer never

think by half of to look year growth. weighted with impossible So still We the X% at more positive the to it. look, all, is our but Brazil it's for are come not X% we going second

I all point out PPI point very obviously drag it on competitive headwind of can as a it's that say, think talked into the we America I view, about Europe, results. customers no, sort customers. North still we've the leaning market seem our that reasons be So for the And sustainability, the can can to a more for our competitiveness. makes from slight of But is

does help drive it volume. So

as be at we we'd here of year on look it, yes, sitting front. So volume hopeful today, good the a

Operator

And Oliver call additional ladies for to the any turn and that remarks. gentlemen, question-and-answer or today's Graham session. I'll concludes back closing

Oliver Graham

Lisa, thanks, for everyone, Thanks, joining. and

across by summarizing, and the expectations, good I year confidence us X% growth and in So in our EBITDA. particularly we and can just see further We think the had It gives led obviously, adjusted growth a grew QX. we beverage that by markets into share across ahead taking further was of XXXX Europe. do

results. . very forward look all QX Thanks again talking we you at much. to our So to

Operator

Thank your today's participation. concludes that for call. And you

now may You disconnect.

Ardagh Metal Packaging (AMBP) 27 Feb 252024 Q4 Earnings call transcript