Amcor Flexible Packaging Posts US$3.5 Billion in a Single Quarter, a Sharp 18% Jump! But Strip Away the M&A Wrapper — Who Exactly Is Delivering This Growth?

After completing its transformative acquisition of Berry Global, Amcor, the global leader in consumer packaging, has officially released its results for the full fiscal year 2026 and the fourth quarter ended June 30, 2026.

The financial report shows that, benefiting from the consolidation effect of Berry and the release of synergies that exceeded expectations, Amcor achieved net sales of US$23.5 billion in fiscal 2026 (up 57% year on year on a reported basis, equivalent to approximately RMB 158.4 billion); net profit reached US$1.106 billion (approximately RMB 7.457 billion, compared with US$511 million in the same period last year, a doubling of growth); adjusted EBITDA grew strongly by 68% to US$3.673 billion.

Amcor CEO Peter Konieczny said: "Despite a challenging macroeconomic environment, we still delivered strong operating results in the fourth quarter. We achieved volume growth across the board while effectively managing unprecedented input cost inflation. Synergies were delivered ahead of expectations, and the performance of non-core businesses also improved significantly." With the integration of Berry complete, Amcor's growth potential as the global super-leader in consumer packaging has begun to fully emerge.

Swallowing Berry Ferments Strongly: Fiscal 2026 Net Profit Doubles, Fourth-Quarter Synergies Reach US$100 Million

Breaking down Amcor's consolidated books for fiscal 2026, the leap in scale brought by the massive acquisition and cost efficiencies form the underlying logic of the earnings explosion.

For the full 12 months ended June 30, 2026:

Net sales: US$23.506 billion on a reported basis, up 57% from the prior year. This includes approximately US$7.9 billion in acquired sales (net of divestitures), contributing about 52% year-on-year growth; raw material cost changes brought an approximately US$240 million favorable impact (about 2%); currency movements brought an approximately 5% favorable impact; the remaining 2% year-on-year change reflects the net impact of volumes and price/product mix.

Profitability and earnings per share: On a GAAP basis, net profit was US$1.106 billion, with diluted earnings per share rising to US$2.38 from US$1.6 in the same period last year; adjusted diluted earnings per share reached US$4.02, up 13% year on year.

Adjusted EBIT: US$2.813 billion on a reported basis, up 63% from the same period last year. This includes approximately US$842 million in acquired EBIT (net of divestitures, contributing about 49% growth); currency fluctuations brought an approximately 4% favorable impact; the remaining 10% year-on-year increase mainly reflects approximately US$240 million in synergies from the Berry acquisition, partially offset by lower volumes.

In the three months ended June 30, 2026 (the fourth quarter):

Net sales: US$6.398 billion on a reported basis, up 26% from the same period last year. This includes approximately US$962 million in acquired sales (net of divested businesses, contributing about 19% growth); raw material cost changes brought an approximately US$280 million favorable impact (about 6%); currency movements brought an approximately 2% favorable impact; the remaining 1% reflects the net impact of volumes and price/product mix. The company estimates that quarterly volumes grew approximately 0.5% over the estimated combined volumes of legacy Amcor and legacy Berry in the same period last year (excluding non-core and divested businesses), while price/product mix had an approximately 1% unfavorable impact on prior-year net sales.

Adjusted EBIT: US$836 million on a reported basis, up 37% from the same period last year. This includes approximately US$96 million in acquired EBIT (net of divestitures, contributing about 15% growth); foreign exchange fluctuations brought an approximately 3% favorable impact; the remaining 19% year-on-year increase mainly reflects approximately US$100 million in synergies from the Berry acquisition, as well as significant results from various cost and productivity improvement initiatives, including in non-core businesses.

Two Segments and Regional Sub-markets Laid Bare: Rigid Packaging Revenue Surges 110%, Emerging and North American Markets Shine

Looking at specific business segments, geographic distribution and downstream categories, the merged Amcor demonstrates a market coverage capability of remarkable depth:

Global Flexible Packaging Solutions business:

Full fiscal year 2026: On a constant currency basis, net sales reached US$12.829 billion, up 24% from the prior year, including approximately US$2.2 billion in acquired sales (about 22% growth); raw material cost changes brought an approximately US$240 million favorable impact (about 2% growth). Adjusted EBIT reached US$1.789 billion, up 26% on a constant currency basis from the prior year, including approximately US$250 million in acquired EBIT (about 18% growth); the remaining 8% year-on-year increase reflects synergies from the Berry acquisition, favorable cost control and production efficiency improvements.

Fourth quarter alone: On a constant currency basis, net sales were US$3.525 billion, up 16% from the same period last year, including approximately US$297 million in acquired sales (about 10% growth); raw material cost changes brought an approximately US$190 million favorable impact (about 6% growth). Segment volumes grew approximately 1% over the combined volumes of the two companies in the same period last year, while price/product mix had an approximately 1% unfavorable impact.

By sub-category, pet food and protein volumes achieved strong growth, but were partially offset by declines in healthcare volumes. By region, developed market volumes were higher than the same period last year, with North America the standout performer; emerging market volumes continued to grow year on year, with Asia the standout performer. Adjusted EBIT for the quarter reached US$533 million, up 20% on a constant currency basis (acquisitions contributed US$31 million, about 7% growth; the remaining 13% came from synergies and production efficiency improvements).

Global Rigid Packaging Solutions business:

Full fiscal year 2026: On a constant currency basis, net sales reached US$10.677 billion, a strong 110% increase from the prior year, including approximately US$5.6 billion in acquired sales (about 114% growth), while the remaining 4% year-on-year change reflects declines in volumes and price/product mix, with no material impact from raw material cost changes. Adjusted EBIT reached US$1.176 billion, surging 161% on a constant currency basis from the prior year, including approximately US$635 million in acquired EBIT (about 146% growth), while the remaining 15% year-on-year change reflects acquisition synergies and cost reduction measures, partially offset by declines in non-core business volumes and profitability. The adjusted EBIT margin was 11%, up a substantial 220 basis points from the same period last year, reflecting a leap in asset quality.

Fourth quarter alone: On a constant currency basis, net sales were US$2.873 billion, up 35% from the same period last year, including approximately US$665 million in acquired sales (about 32% growth); raw material cost changes brought an approximately US$90 million favorable impact (4%), while the remaining 1% reflects the impact of volumes and price/product mix. Excluding non-core businesses, global rigid packaging volumes grew approximately 0.5% over the combined volumes of the two companies in the same period last year.

By sub-category, foodservice and beauty & wellness volumes achieved strong growth, but were partially offset by declines in liquid product volumes. By region, North American volumes were flat with the same period last year, European volumes were higher than the same period last year, while emerging market volumes (mainly Latin America) declined slightly. Adjusted EBIT for the quarter reached US$352 million, up 57% on a constant currency basis (acquisitions contributed US$52 million, about 24% growth; the remaining 33% came from synergies and the effective execution of cost-reduction and efficiency initiatives).

Summary and Outlook: Delivering on the Promise of the Global Consumer Packaging Leader

Facing macroeconomic headwinds and severe cost pressure, Amcor relied on refined cost management, highly efficient supply chain scheduling and the rapid integration of Berry's assets to successfully digest nearly US$12.9 billion in net debt and generate US$1.303 billion in free cash flow.

With the continued penetration of pet food and protein packaging in North America and Asia, and the strong pull from foodservice and beauty & wellness in Europe, Amcor is maximizing the scale and synergy advantages of its two core segments, showing the global market a consumer packaging giant empire that combines both resilience and explosive power.

In addition, Amcor's fiscal year ends on June 30, and the company immediately launched a six-month special reporting period to transition to alignment with the calendar year. Executives are confident about 2027, with Peter Koniecznyy noting that it will be the merged company's first full "clean" fiscal year.

He said Amcor is "just getting started" on synergies and expects more opportunities in 2027. Chief Financial Officer Stephen Scherer said EBITDA is expected to deliver mid-single-digit growth in the transition period and in 2027.