Revenue reached 83.2 billion, and net profit surged 82%!
Against the dual backdrop of global economic fluctuations and the transformation of consumer markets, every consolidation in the packaging industry affects the nerves of the global supply chain. As a leading global supplier of packaging solutions, Amcor recently officially announced its financial results for the first half of fiscal year 2026 (from July 1 to December 31, 2025). This financial report is not only a milestone summary of Amcor's aggressive expansion strategy but also its first half-year performance report following the historic acquisition of Berry Global.
Data metrics show that even in an environment where global consumer goods sales are generally under pressure, Amcor has still achieved leapfrog growth in performance through efficient capital operations and precise strategic execution. This not only demonstrates the packaging giant's deep strength in resource integration but also sends a clear signal to the outside world: through in-depth optimization of its product portfolio, Amcor is accelerating its evolution into a global leader in consumer goods packaging across nutrition, health, beauty, and wellness sectors.
Core Financial Performance: Strong Momentum from Acquisition Synergies
In the six months ending December 31, 2025, all of Amcor's core financial indicators showed significant explosive growth. During the reporting period, the company achieved net sales of $11.194 billion (approximately RMB 83.2 billion), a stunning 70% increase compared to the same period last year. The primary driver behind this growth was undoubtedly the strategic acquisition of Berry Global. Excluding factors such as asset divestitures, the additional sales generated solely from the acquisition amounted to about $4.5 billion, directly elevating Amcor's business scale to a new level.
In terms of profitability, Amcor demonstrated outstanding cost control and synergy enhancement capabilities. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached $1.736 billion in the first half of the year, an 89% year-on-year surge; adjusted EBIT (earnings before interest and taxes) was $1.29 billion, up 77% year-on-year. Even more encouraging for investors is the structural optimization of profit margins: the adjusted EBITDA margin rose from 13.9% in the same period last year to 15.5%, while the adjusted EBIT margin increased to 11.5%. This indicates that as the company expands its scale, the "gold content" of its profitability is also continuously improving.
Although the net profit calculated according to U.S. Generally Accepted Accounting Principles (GAAP) was $439 million (which includes significant acquisition-related costs and integration expenses), the adjusted earnings per share (EPS) still reached $1.83, representing a 14% year-on-year increase.
The net profit calculated according to non-GAAP standards was $848 million, compared to $467 million in the previous year, marking a substantial growth of 82%. This ability to maintain double-digit growth in profitability during the integration pain period fully demonstrates the resilience of Amcor's business model.
Business segment breakdown: Dual drivers of global flexible and rigid packaging
To gain a clearer view of how this packaging giant operates internally, we need to segment its business into two core areas for in-depth analysis: "Global Flexible Packaging Solutions" and "Global Rigid Packaging Solutions."
First is the Global Flexible Packaging segment. During the reporting period, this division achieved net sales of $6.445 billion, up 24% year-on-year. On a constant currency basis, acquisition contributions-excluding asset divestitures-amounted to approximately $1.2 billion. Although fluctuations in raw material costs had a minor impact on this segment's net sales, and the global sales environment appeared somewhat sluggish, Amcor managed to offset the negative impact of volume fluctuations through the synergies brought by the acquisition of Berry Global.
After the adjustment, the EBIT of this segment reached $828 million, a year-on-year increase of 25%, with approximately $83 million of additional profit contributed by synergies from acquisitions. This marks the initial success of Amcor's supply chain integration in the flexible packaging sector.
Next is the globally stronger-performing rigid packaging segment. In this financial quarter, the business achieved a genuine 'qualitative change,' with net sales reaching $4.752 billion, a year-on-year surge of 202% at constant exchange rates. This leap in growth was primarily driven by acquisition-related contributions of about $3.3 billion. Notably, although raw material price declines caused a roughly 3% nominal reduction in sales, the profitability of this segment was unleashed like never before due to optimized pricing structure and streamlining of non-core businesses.
Adjusted EBIT reached $523 million, representing a year-on-year increase of 339%, with the profit margin rising sharply by 350 basis points compared to last year. This surge in profitability reflects a fundamental improvement in the quality of the consolidated business. Amcor is focusing its resources on the high-value-added rigid packaging sector by cutting low-margin businesses.
Strategic Execution and Synergy: How can 1 + 1 be greater than 2?
Amcor CEO Peter Konetschny candidly stated in the earnings presentation that the current global sales environment remains challenging. However, the reason Amcor was able to deliver results beyond expectations lies in its 'rigorous execution' and the 'rapid realization of synergy effects.'
The acquisition of Berry International is not a simple superposition of scale, but a deep value chain reconstruction. By integrating the R&D resources, production bases and customer channels of the two companies, Amcor achieved cost savings that far exceeded expectations in the first half of the year. In particular, in terms of cash flow management, although the company paid about $184 million in net cash costs to advance the acquisition, resulting in a temporary expenditure of $53 million in book free cash flow, if these one-time integration costs are excluded, the cash flow generated by its daily operations has actually increased by about $170 million compared with the same period last year. This strong hematopoietic ability provides a solid guarantee for the company's subsequent debt repayment and continuous R&D investment.
In addition, Amcor's optimization of the product portfolio has also entered the "deep water zone". The company is consciously leaning towards high-growth, anti-cyclical fields such as nutrition, personal care and health care. These industries have higher requirements for the functionality, safety and environmental protection of packaging, which also means higher entry barriers and profit margins.
Future outlook: Reaffirm the confidence of the 2026 fiscal year target
Based on solid financial performance in the first half of the year, Amcor is full of confidence in the future. The company officially reiterated its full-year performance expectations for fiscal year 2026, which undoubtedly gave the capital market a shot in the arm. According to guidance, Amcor expects adjusted earnings per share to fall between $4 and $4.15 in fiscal 2026, with a growth rate of 12% to 17% at constant exchange rates.
In terms of cash flow, the company expects free cash flow for the full year to reach $1.8 billion to $1.9 billion. This means that as the acquisition and integration enter the middle and late stages, the early investment will begin to enter a period of high returns.
For enterprises and investors in the Chinese market, Amcor's performance has a strong reference value. On the one hand, it demonstrates the feasible path to achieve leapfrog growth through cross-border mergers and acquisitions; On the other hand, it also reveals the trend of the packaging industry from "price competition" to "value competition". The packaging of the future is no longer just containers, but comprehensive solutions that include dispensing technology, the application of environmentally friendly materials and the digitalization of the supply chain.
When the industry enters the era of stock competition, simple "scale expansion" is no longer a master key. Amcor's success lies in its precise "cost reduction and efficiency increase" and "business reshaping". For related enterprises, how to find breakthroughs in the field of high-margin medical and health care and high-end beauty packaging? How to lock in profits through synergies in a cycle of raw material price fluctuations? Amcor has played a perfect model play through the acquisition of Berry.
The half-year revenue exceeded 80 billion yuan, and the net profit increased by more than 80%, and the merger of Amcor and Berry has come out of the "run-in period" and officially entered the "harvest period". Today, as the packaging industry transforms to intelligent, green and intensive, Amcor is reshaping the delivery of global consumer goods with an unstoppable force.
For the packaging giant, the $11.1 billion semi-annual report is just a footnote to a new starting point. In the second half of fiscal year 2026, with the further release of synergies, how many surprises will this "packaging aircraft carrier" bring to the market? We'll see.