Amcor (ASX: AMC) Sales Surge 68% as Berry Acquisition Boosts Growth

Key Highlights:

• Q2 net sales US$5.45 billion, up 68% year on year
• Berry acquisition the main growth driver
• Adjusted EBITDA US$826 million, up 83%
• Adjusted EPS US$0.86, up 7%
• Dividend declared US$0.65 per share
• FY26 earnings and free cash flow guidance reaffirmed
  
   

Amcor’s scale story takes centre stage as Berry deal powers a sharp revenue jump

For a company that makes packaging, Amcor plc delivered a surprisingly eye catching number this quarter.

Second quarter net sales surged to US$5.45 billion, up 68% year on year, a jump that tells a simple story. The business is now much bigger than it was a year ago.

The engine behind that growth is not a sudden spike in consumer demand or a short term boom. It is structural. The recently completed Berry Global acquisition has effectively expanded Amcor’s footprint overnight, turning it into an even more dominant global supplier of flexible and rigid packaging.

In practical terms, that means more bottles, more containers, more films, and more everyday products moving through Amcor factories around the world.

Bigger, not just busier

Management was upfront about where the growth came from.

The company said the strong lift in revenue was largely driven by the Berry contribution, which significantly boosted the rigid packaging division and expanded its customer base across food, healthcare and household goods.

It is less about selling more of the same and more about owning a larger slice of the market.

Once Berry is included, quarterly adjusted EBITDA rose 83% to US$826 million, while adjusted EBIT climbed 66% to US$603 million.

Adjusted earnings per share edged 7% higher to US$0.86.

Margins also held firm, with EBITDA margin at 15.2%, suggesting the extra scale is translating into operating leverage rather than simply higher costs.

CEO: disciplined execution

Chief Executive Officer Peter Konieczny framed the results in measured language.

He said:

“Our Q2 financial performance was in line with expectations in a challenging volume environment. Strong adjusted EPS growth was driven by disciplined execution and synergy benefits from the Berry acquisition at the upper end of expectations. Performance through the first half of the year supports our confidence in reaffirming fiscal 2026 earnings and free cash flow guidance.”

It is not the language of rapid expansion or speculation. It is the language of integration and control.

Source: AMC ASX Announcement 

Synergies starting to show

Amcor captured US$55 million of cost synergies in the quarter, bringing expected full year savings to at least US$260 million.

These efficiencies matter. Packaging is a volume business where small improvements in costs can make a big difference to profits.

By combining purchasing, manufacturing and logistics across the enlarged group, Amcor is aiming to squeeze more value out of every unit it sells.

Divisions in focus

The flexible packaging business generated US$3.19 billion in sales, while rigid packaging more than tripled to US$2.26 billion with Berry now folded in.

Management noted that volumes remain mixed across categories, but essential consumer staples like food, beverages, pet care and healthcare remain steady.

That defensive exposure is often why packaging stocks hold up when economic conditions soften.

Cash and dividends

Free cash flow came in at US$289 million for the quarter.

The board also declared a US$0.65 per share dividend, equivalent to A$0.93 for ASX CDI holders, payable in March.

For many shareholders, that consistency is just as important as revenue growth.

Despite higher net debt following the acquisition, management reaffirmed its full year outlook:

• Adjusted EPS US$4.00 to US$4.15
• Free cash flow US$1.8 to US$1.9 billion
  
   

Holding guidance steady suggests confidence that integration risks are under control.

Market reaction

On the ASX, Amcor shares closed at A$65.31, up 3.54%, indicating a positive reception to the numbers.

After a softer 12 months for the stock, the results offered a reminder that the company’s core business remains resilient and cash generative.

The bigger takeaway

This quarter’s results show that Amcor is no longer just a steady operator. It is now a significantly larger global player.

The US$5.45 billion sales figure is less about one good quarter and more about a new baseline.

Amcor did not simply grow. It got bigger. And the Berry deal is already showing up clearly in the numbers.