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DATE

Thursday, July 23, 2026 at 9:00 a.m. ET

CALL PARTICIPANTS

• Investor Relations - Stephen Lyons
• Chief Executive Officer - Oliver Graham
• Chief Financial Officer - Stefan Schellinger

TAKEAWAYS

• Adjusted EBITDA -- $240 million, growing 14% year over year and exceeding the guidance range of $210 million to $220 million.
• Americas Revenue -- Just above $1 billion, increasing 21% primarily due to the pass through of higher input costs including metal and freight.
• Europe Revenue -- $698 million, increasing 13% or 10% on a constant currency basis driven by favorable volume-mix and input cost pass throughs.
• Global Shipments -- Decreased 1% year over year, reflecting contract resets in North America and weakness in the Brazilian market.
• Europe Shipments -- Increased 5%, driven by strong demand in carbonated soft drinks, energy drinks, and newly contracted volumes.
• North America Shipments -- Decreased 5% for the quarter, in line with expectations following contract resets and early-quarter metal supply chain challenges.
• Brazil Shipments -- Decreased 15%, reflecting customer mix effects and soft industry demand following 14% growth in the first quarter.
• Full Year 2026 Adjusted EBITDA Guidance -- Upgraded to a range of $775 million to $790 million, reflecting confidence in first-half performance.
• Third Quarter Adjusted EBITDA Guidance -- Estimated between $200 million to $210 million, assuming some reversal of favorable timing effects.
• Total Capital Expenditures -- $240 million for 2026, including a $40 million increase to upsize capacity projects in Spain and the United Kingdom.
• Metal Pricing Timing Impact -- Contributed over half of the $25 million EBITDA beat in the second quarter, with approximately one-third expected to reverse in the second half.
• Liquidity Position -- $647 million at the end of the quarter, supporting ongoing operations and capacity investments.
• Net Leverage -- 5.2x net debt to trailing 12-month adjusted EBITDA, compared to 5.3x as of June 2025.
• Specialty Can Mix -- Now represents over 50% of global volumes, supporting margin growth through higher-value product formats.
• Energy Hedging -- Covered over 85% of requirements for 2026, approximately 80% for 2027, and nearly 70% for 2028.
• Boston Beer Lawsuit -- Amended final judgment of $190 million on a pretax basis, including $15.5 million in prejudgment interest, currently under appeal.
• Quarterly Ordinary Dividend -- Unchanged at $0.10 per share.
• Inflationary Headwinds -- Mid-single-digit million dollar impact anticipated in the second half for freight and materials due to Middle East conflict effects on oil prices.
• North America Industry Growth -- Projected at a low single digit percentage for 2026, with the company expecting a return to growth in 2027.
• Europe Adjusted EBITDA -- Increased 36% to $105 million, benefiting from favorable input cost recovery and volume growth.
• Americas Adjusted EBITDA -- Increased 2% to $135 million, as lower operations and overhead costs offset lower shipments.
• Cash Interest and Tax Guidance -- Full year cash interest expected at $220 million and cash tax at approximately $30 million.
• Lease Principal Repayments -- Anticipated to be approximately $215 million for the full year 2026.

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RISKS

• Graham stated, "the business faces some inflationary headwinds related to freight costs and other direct materials impacted by the oil price, as a result of the conflict in The Middle East," noting these factors are embedded in second-half guidance.
• Graham noted, "Brazil has become more volatile post COVID... economy overall and the consumer suffered much more than in developed markets," leading to increased difficulty in projecting market growth rates.

SUMMARY

Management reported that strong demand in Europe and effective input cost recovery drove results above expectations for the second quarter. Ardagh Metal Packaging S.A. (AMBP +2.01%) is managing a transition year in North America following contract resets, while leveraging specialty can formats to support margins across global segments. The company has upsized its capacity investments in Spain and the United Kingdom to capitalize on the sustained shift toward aluminum cans over other substrates. Management indicated that while inflationary pressures and market volatility in Brazil persist, the global business remains resilient with significant energy needs hedged through 2028.

• CEO Graham noted that after a 10-year journey of integration, the company has "invested well over $2 billion of growth capital" to increase capacity by more than 30%.
• Management reported that aluminum cans are seeing "strong momentum... relative to other substrates" in Europe, with innovation now occurring simultaneously across glass and metal formats.
• CEO Graham noted that North American capacity is becoming "pretty tight on specialty sizes" such as sleek cans, which supports ongoing investment in speed-ups and incremental capacity.
• Management expects to operate under normal metal supply conditions in North America during the second half of the year after resolving early-quarter constraints.
• The company noted that the leading player in Brazil has increased World Cup-related activity in the off-trade market, which negatively impacted the performance of other customers in the region.
• CFO Schellinger confirmed that despite increased capital expenditures, the expectation for full year adjusted free cash flow generation remains unchanged.
• The company expects 2027 growth in North America to be "at least in line with the industry" on the back of secured additional customer filling locations.

INDUSTRY GLOSSARY

• Adjusted EBITDA: A non-GAAP financial measure that excludes certain non-operating costs to provide a clearer view of core operational profitability.
• Carbonated Soft Drinks (CSD): A primary beverage category for metal cans, including sodas and sparkling waters.
• Constant Currency: A reporting method that eliminates the effects of foreign exchange rate fluctuations to compare underlying financial performance.
• Net Leverage: A ratio of net debt to adjusted EBITDA used to measure a company's ability to pay its incurred debt.
• Off-trade: Refers to the sale of beverages through retail outlets like supermarkets for consumption elsewhere, as opposed to on-trade (bars/restaurants).
• Specialty Cans: Beverage cans in non-standard sizes or finishes, such as sleek or slim formats, often commanding higher margins than standard 12-ounce cans.

Full Conference Call Transcript

Operator: Good day, and welcome to the Ardagh Metal Packaging S-8 Q2 26 Investor Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Stephen Lyons, Please go ahead.

Stephen Lyons: Thank you, operator. Welcome, everybody. Thank you for joining us today for Ardagh Metal Packaging's second quarter 26 earnings call. Which follows the earlier publication of AMP's earnings release for the second quarter. I am joined today by Oliver Graham, AMP's Chief Executive Officer and Stefan Schellinger, AMP's Chief Financial Officer. Before moving to your questions, we will first provide some introductory remarks around A and P's performance and outlook. AMP's earnings release and related materials for the second quarter can be found on AMP's website at ir.ardaghmetalpackaging.com. Remarks today will include certain forward looking statements and include use of non-IFRS financial measures. Actual results could vary materially from such statements.

Please review the details of ANP's forward looking statements disclaimer and reconciliation of non-IFRS financial measures to IFRS financial measures in A and P's earnings release. I will now turn the call over to Oliver Graham.

Oliver Graham: Thanks, Stefan. So before taking you through our quarterly results, I want to recognize that at the beginning of this month, we celebrated AMP's 10-year anniversary a significant milestone in the history of the company. AMP was formed from 3 separate regional businesses, And over a 10-year journey, we have developed them into 1 strong, integrated global business. We have also transformed the company over this time invested well over $2 billion of growth capital, transforming our network. Our capacity is more than 30% higher, supporting our customers' growth with specialty cans now representing over 50% of our volumes. Our business mix is strongly diversified across both global and regional customers. And across a variety of new and growing categories.

We have invested in our people and our processes, enhancing the capabilities and resilience of our business. And adjusted EBITDA this year is expected to have approximately doubled compared to our starting position. This has been a great achievement and I would like to extend my sincere thanks to our employees our customers, suppliers, and to all stakeholders who have made this journey possible. AMP is in a strong position and we look forward to continued success ahead. Our performance year-to-date is a testament to the resilience of our business. In an uncertain macroeconomic environment, A and P has delivered strong second quarter adjusted EBITDA growth of 14% versus the prior year. Significantly ahead of expectations.

Beverage can sales declined by 1% in the prior year quarter as we cycled strong prior year growth of 5%. Shipments were impacted by contract resets in North America, and lower shipments in Brazil. Following relative outperformance in the first quarter, partly offset by strong volume growth in Europe. Overall volumes are in line with our expectations, and we expect to return to modest global volume growth in the second half supported by the strength in global beverage can demand, our attractive customer portfolio and our high exposure to fast growing beverage categories. Our adjusted EBITDA outperformance in the quarter was primarily driven by Europe. Which benefited from favorable input cost recovery and strong volume growth.

Americas performance was broadly in line with expectations despite softness in Brazil, and metal supply constraints impacting operations in North America at the beginning of the quarter. Metal supply availability in North America significantly improved over the course of the quarter and we anticipate operating under normal supply conditions during the second half of the year. Now looking at Q2 results by segment. In Europe, Q2 revenue increased by 13% to $698 million or by 10% on a constant currency basis compared with the same period in 2025. This was due to favorable volumemix effects and the pass through of higher input costs including higher aluminum prices.

Shipments increased by 5% for the quarter, which reflected strong underlying demand as well as the ramp up of newly contracted volumes. We experienced good growth in carbonated soft drinks and in the energy category, as well as across our diverse range of smaller growing categories. We also saw an improvement in underlying beer performance in the quarter, with our reduction in reported year over year beer can shipments reflecting specific contract losses. While underlying performance demonstrated greater stability. Second quarter adjusted EBITDA in Europe increased by 36% versus the prior year to $105 million strongly ahead of expectations.

On a constant currency basis, adjusted EBITDA increased by 33%, primarily due to stronger input cost recovery including a favorable metal pricing timing impact and volume growth, partly offset by higher operations and overhead costs. Regarding our direct energy exposure, A and P is well covered for its energy needs in 2026 and beyond through its energy hedging program. For 26, we are over 85% covered for energy requirements. For 2027, we have approximately 80%, and we are nearly 70% covered for 2028. For 2026, we reaffirm our expectation for volume growth of around 3% in Europe.

We do not yet have full beverage packaging industry scanner data for the second quarter but from the available data, we see very positive overall beverage can consumption trends. Capacity remains tight in the region, and our production volumes in the quarter benefited from the network optimization actions we undertook to allow us to better serve our customers with higher demand can sizes in part growing categories. We also previously outlined our intention to invest in the growing markets of The UK and Spain. We are pleased to announce we are taking the decision to upsize these projects following constructive commercial engagement with our customers.

This will lead to higher CapEx of $40 million in 2026 compared to our previous guidance and allow us to capitalize on strong industry demand. We are also reviewing the timing of these projects given the strength of demand, we will update on this topic in due course. In The Americas, revenue in the second quarter increased by 21% to just above $1 billion principally reflecting the pass through of higher input costs to customers, including the impact of higher metal costs and freight cost pass throughs partly offset by lower shipments.

Americas adjusted EBITDA for the quarter was broadly in line with expectations with a 2% increase versus the prior year to $135 million resulting from lower operations and overhead costs compared to the prior year quarter, partly offset by lower input cost recovery and lower shipments. In North America, shipments decreased by 5% for the quarter. This was in line with our expectations and reflected lower volumes after expected contract resets The impact on operations from metal supply chain challenges at the beginning of the quarter, and the cycling of a strong prior year comparable of 8%.

Underlying demand dynamics in the industry remain robust, with strong industry scanner data year to date apart from the beer category, to which AMP has only a low single digit exposure. In particular, the energy category continues to show strong growth supported by broader distribution and successful innovation. We also continue to experience ongoing strong demand for specialty can formats, with further gains year to date in our overall specialty mix. We retain our expectation industry growth in North America in 2026 of a low single digit percentage. As previously indicated, we anticipate 2026 being a transition year for AMP with a small full year volume decline following some contract reset.

But with a more favorable second half volume performance expected versus the first half. We also expect to return to growth in 2027 at least in line with the industry. On the back of having secured additional customer filling location. In relation to the lawsuit filed against Boston Beer in 2022 for breach of contract in respect to minimum volume purchase requirements, On May 26, 2026, a quarter an amended final judgment to include $15.5 million in prejudgment interest taking the total expected award value to approximately $190 million on a pre tax basis. Subsequently, Boston Beers posted a bond with the court to cover the award value and has also filed notice of appeal.

In Brazil, second quarter beverage can shipments decreased by 15% reflecting customer mix effects following strong relative outperformance in the first quarter, when AMP volumes grew by 14%. In the quarter, we observed increased World Cup related activity in the market from the leading player, which negatively impacted on our customers' performance, as did some down time taken by 1 of our customers for some maintenance activity. Our overall performance for the first half is broadly in line with industry performance. Industry data indicates that demand remains soft through the second quarter. The industry outlook for the third quarter is also looking soft.

As we look to the remainder of 2026, we now expect an industry growth rate of low single digit percentage and for A and P's volumes to broadly track the market. I will hand over now to Stefan to talk you through our financial position for quarter before finishing with some concluding remarks.

Stefan Schellinger: Thanks, Ollie, and good morning, good afternoon, everyone. We ended the quarter with a robust liquidity position of $647 million net leverage of 5.2x net debt over the last 12 months adjusted EBITDA reflects A and P's strong adjusted EBITDA growth. This compares with 5.3x at the end of June 2025 or 5.7 times on a like for like base if your pro form a for last year's Q4 refinancing of AMPs preferred shares was debt.

In terms of guidance of the various free cash flow components for full-year 2020, we approximately expect the following: total CapEx of $240 million including gross investment an increase of $40 million compared to our prior guidance driven by the previously mentioned upsizing of our investments in new capacity in Spain and The UK. Cash interest of $220 million lease principal repayments of approximately $215 million cash tax of approximately $30 million and a small outflow in working capital. Overall, our expectation in regards to our full year adjusted free cash flow generation remains unchanged. Finally, today, we have announced our unchanged quarterly ordinary dividend of $0.10 per share. And with that, I will hand it back to Olli.

Oliver Graham: Thanks, Stefan. And before moving to take questions, I will just recap on A and P's performance and key messages. Adjusted EBITDA of $240 million in the second quarter exceeded our guidance range of $210 million to $220 million primarily driven by strong performance in Europe with Americas performance broadly in line with expectations Global volumes declined by 1% in line with expectations, and we expect to return to modest global volume growth in the second half. Reflecting on our strong first half performance, confidence in our outlook for the remainder of the year, we are upgrading our guidance for 2026 full year adjusted EBITDA to be between $775 million and $790 million.

Our guidance assumes some reversal of the favorable metal price timing effect and the Q1 revaluation gains related to freight cost hedging. In addition, the business faces some inflationary headwinds related to freight costs and other direct materials impacted by the oil price, as a result of the conflict in The Middle East. In terms of guidance for the third quarter, adjusted EBITDA is expected to be in the range of $200 million to $210 million versus the prior year quarter of $208 million on a constant currency basis. So having made these opening remarks, we will now proceed to take any questions.

Operator: Thank you. Is turned off to allow your signal to reach our equipment. Once again, that is star 1 to signal for a question.

Analyst: Hey, Stephen and Holly. Good morning. Thank you for the time. North America was down 5% in Q2. Did you see any benefit from the World Cup there If so, how much? Or was it more of a nonevent given tight metal supply? Earlier in the quarter? And maybe I am getting ahead of myself, but looking out to 2027, you said reiterated at least market growth. But given that comp from the supplier constraint in first and contracts resetting, How much above market growth do you think would be possible in 2027?

Oliver Graham: Yeah. Hi. Hi, Matthew. So look. On the first question, I think it is fair to say we did not see a particular effect from the World Cup. Obviously, beverage can manufacturers have different customers, different mix, different filling locations, different bottlers. We probably all experienced it differently, but we did not see anything particular in our numbers and it may be fair also to call out it is true that we were still a little bit constrained at the start of the quarter, on the metal. Though that normalized pretty rapidly through the quarter. So, yeah, we did not see anything particularly.

We are obviously not in mass beer and there may have been more promotional activity from what we can see you know, in the beer category And then on 2027, the you know, we obviously had above industry growth rates for you know, most of the last few years, and this year, a bit of a transition. So we are not calling 2027 yet, but we do see that we have some gains from the same contract resets that impact to those this year negatively. We have some positive gains next year in terms of a couple of additional filling locations, and then we still like the look of our portfolio with its weighting towards soft drinks and energy.

Categories, you can see in the data, you know, are outperforming overall industry averages again because of weakness in mass beer. So we are not calling it yet, but we certainly feel good about saying that we should grow at least in line with the industry next year. Excellent. Thanks, Ali. And you described this continued inflation Thanks. Compared to when we saw it was early April or late Mark, it seems like certain indicators have come down since then, but and since July is certainly picked up again. So how does the second half inflation compare to what you were previously anticipated? And if any changes, what specifically were the drivers of that? Thanks again for taking the questions.

No. Sure. Yeah. I mean, I guess we can think about inflation a couple of different ways. So 1 is the inflation in our input cost, which is linked to The Middle East, which is mainly in the direct materials and freight as we called out in the remarks. And I think that has not really changed very much from our guidance back in Q1. So we are talking mid single digit sort of percent dot million dollars actually in those areas. So you know, that is reasonably stable.

Obviously, the situation is not stabilizing but I think we look forward with some confidence in terms of the resilience of our supply chain So we think that is a reasonably safe number for the second half. And then in terms of inflationary pressures for the consumer or for you know, I think that is clearly worsening again. And so you know, probably some reason for some appropriate caution in the second half on volumes. But, again, we think that is you know, embedded in our in our guidance, and we still think we should return to some volume growth in North America for the second half.

Operator: Got If you find that your question has been answered, you may remove your We will go next to Joshua Spector with UBS.

Joshua Spector: Yes. Hi, good morning. So I just wanted to ask with it seemed like in your prepared remarks, you talked about some timing benefits within Europe and that helping margins. Are you able to size that at all?

Oliver Graham: Yeah. Sure. So I think, you know, if you look at the beat, you know, overall for the company around $25 million versus the midpoint of consensus, and, you know, a bit more than that in Europe. But you know, we think a little bit over half of that is linked to metal timing. And then we think about a third of that reverses in the in the second half. So know, up to $25 million, as I say, a little over half, being there. Positive and then, yeah, about a third of that reversing on the metal side in the second half.

Joshua Spector: Reversing as if it is gonna be a negative impact year over year or just lacking the benefit.

Oliver Graham: Yeah. Negative. So it is a headwind in the second half. So I think I called out you know, first of the ODM and freight inflation sort of mid single digit, headwind in the second half, then there is the metal timing, mid single digit headwind. Also have a little bit of an FX headwind, and you know, that is underlying the guy being a little bit you know, less positive for the second half after a strong first half.

Joshua Spector: Okay. No. that is helpful. And I just wanted follow-up a bit on the Americas volume side and just I guess, thinking about the resets this year, and you talked about some gains next year. I guess when you look at your circuit, for next year in North America, is there any slack left when you look on a on a year over year basis? So do you regain everything? Is there something where you would say you still have grow into, or is it a very tight circuit at this point later next year?

Oliver Graham: I think on the you know, certain can sizes, there is definitely still capacity to grow into going back to the investments we made over the last 5 years. it is certainly getting pretty tight on specialty sizes, you know, sleek in the season pretty tight. So we do see that but we also have some projects to do, you know, some incremental speed ups and things. So we see room to grow over the next over the next few years in North America still. Okay. Thank you.

Analyst: Pleasure.

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

Arun Viswanathan: Great. Thanks for taking my question. Hope you guys are well. Guess I just wanted to drill down into the European volumes. So obviously, you have seen some continued strength there. Are making some more investments there. So I guess do you expect this kind of mid single digit growth to persist And then how would you kind of rate the profitability there versus maybe some of your other regions Do you do you think there is any need for or there is any opportunities for improved returns and margins in Europe as you move throughout, aside from you know, not notwithstanding the metal pass through, but just curious on the actual overall returns profile. Thanks.

Oliver Graham: Sure. Yeah. No. I think we feel very good about the market overall. As I said, I think we have got some very positive data coming through on can volumes. You know, right across the geographies. We see some temporary effects when deposit schemes are introduced. So we see that a bit in Poland this year. We saw it in The Netherlands a couple of years ago. But overall, there seems to be, again, strong momentum behind the can relative to other substrates. That are grappling with either, you know, input cost inflation ahead of hours or from sustainability concerns. So we see a lot more innovation going into the can We see innovation going into the can much earlier.

So customers talking to us about how, you know, they might have launched on the beer side in glass and then brought the can innovation later, but now it is all simultaneous. So I think lot of positive momentum and, you know, our peers have talked about this but you look across the European markets, we still have some very low penetration rates of, you know, we have got still 2 way glass in some markets and other substrates. In categories where we are we are typically very strong.

So I think, yeah, the European growth story is fully intact and looks very positive for years to come, which obviously underpins some of the investments we are making and then our peers are making to meet that demand and make sure the industry can continue to grow. And that is why we were pleased to announce the upsizing on the UK and Spain investments. In terms of profitability, I mean, traditionally, a very strong profit region, Europe for us. Suffered a bit, you know, coming through Russia, Ukraine, and the energy crisis. You know, we are on some recovery, so I think we do see better margin performance this year.

Again, you should be very careful, obviously, as you know, on looking at any percentage margins given the impact of the aluminum price on the revenue side. But certainly, at the EBITDA per thousand level, we do see improved performance. And yeah, we think we can drive improved performance in Europe through you know, ongoing focus on cost. We always have had that, but there is some good programs that we are pursuing at the moment. And, obviously, the market's tight. So that also should be should be positive. So, yeah, we would hope for some improvements there.

Arun Viswanathan: And I guess just as a follow-up on the Americas. Conversely there, it seems like obviously, you may be able to maintain low single digit volume growth in North America, but South America tends to be you know, considerably more volatile. So, you know, with the World Cup now kind of in the rearview mirror, Do you expect that region to kind of settle into kind of a low single digit growth trajectory? Or could it be slightly lower than that with a slightly negative offset coming through South America? How should we think about normalized growth rates in North Your Americas business? Thanks.

Oliver Graham: Yeah. there is no question Brazil has become more volatile post COVID. So I think a number of effects going on there. I think the economy overall and the consumer suffered much more than in developed markets, and we see a longer recovery trajectory out of that. And then, obviously, in that backdrop, you know, you get more competitiveness at the than our customers to chase those you know, lower spending dollars. And then we also see, you know, increased competitive activity anyway in the brewers, you know, with an additional brewer growing over the last 5, 10 years. With the leading player playing much more in the off trade than they used to.

So what you see, I think, is a, a little bit more weakness on the consumer side, and then you see much more volatility quarter to quarter depending on which brewer is chasing volume. Versus margin. And we certainly are finding it harder to call and project the market, you know, than we used to. I think it remains a market with a very positive backdrop in terms of the growth of the can relative to 2 way glass. I think that will still continue to play out. Obviously, the leading player now also driving that, whereas they used to hold that back.

So, yeah, I think low singles is a minimum I would hope for in terms of the overall growth, but I do think this volatility will persist. And it certainly has become much more challenging to predict. And that is another factor, I think, the time behind our h 2 guide that Q4 is obviously the summer season in Brazil. And we could get quite a wide range of volumes there at the moment in our estimates. So we are also being cautious on Q4 as a result of that. Thanks.

Operator: We go next to the line of George Staphos with Bank of America.

George Staphos: Hi. This is George Staphos. I have 2 questions. First, what are the key factors behind the drop in EBITDA from about $240 million in 2Q to the guided range. Can you quantify the major drivers of that decline And second, what effect did mix have on 2Q results? And why were your results ahead of guidance? Thank you.

Oliver Graham: So, look, I think the first question was about why Q3 below Q2. Q3 is always below Q2. Because Q2 is our high season and we generally are coming off a bit of that into Q3 and the remainder of the year. So I think if that was that question, I think probably that is the answer to that largely. We also have called out I think there are some inflationary pressures in the second half that we do not have in the first half and so the second half overall. Is down a little bit. And then I think your other question was about mix.

So, obviously, if you look at the North American results, you know, we have lost quite a lot of volume there. But our overall volume mix line is flat. So you can see from that there is positive mix in North America. And we called out the specialty can percentage increasing. And then there was also good mix in Europe with, you know, the categories we are talking about and that-- yeah. I think Brazil at this point was less was a bit less relevant So I think I caught your questions, but I am turning to Stefan just to check No.

Stefan Schellinger: No. I think you did.

Analyst: Okay.

Operator: We will go next to Michael Roxland with Truist Securities.

Nico Piccini: Hey, guys. it is Nico Piccini on for Michael Roxland. Just wanted to check quickly on maybe an early read for July volume. By region or 3 q volumes. And then more specifically, how you think of, I guess, Brazil in the second half going off a few questions ago? Thanks.

Oliver Graham: Yeah. I think the July volume is looking sort of largely correlated with Q2. So strong Europe, I think, yeah, US North America a bit better probably as we talked about. I think the second half should be stronger than first half when we start to see that in the July volumes and then Brazil definitely still soft market soft. And our volumes a bit softer. So I think that underlines our caution on you know, Brazil second half. We do have in the plan some volume growth. We still expect that And, obviously, what we have seen in the last few years is the summer season can really take off well.

Which will obviously be happening from sort of October onwards. So we would be hopeful for that But again, you know, I think we have called it out. I think our peers are calling it out. there is a lot of volatility. The Brazil market at the moment depending on which of the brewers is really pushing volume.

Nico Piccini: Got it. And then just 1 follow-up on your corporate structure. Can you give any update to what is happening there with maybe what the parent company is looking to do? Separating potentially glass and metal?

Oliver Graham: Yeah. No. We do not have any update on that at this point. Got it. Thank you.

Analyst: I will turn it over.

Operator: At this time, we have no further questions. I would like to turn the floor back to Oliver Graham for any closing remarks.

Oliver Graham: Thanks, Melinda, and thanks to everyone on the call. So just to summarize, in the second quarter we reported strong adjusted EBITDA growth of 14%. Versus the prior year quarter, significantly ahead of guidance, primarily driven by Europe which benefited from favorable input cost recoveries. And strong volume growth, and testament to, I think, a resilience of AMP's business. And reflecting on our strong first half performance and confidence in our outlook, we are upgrading our guidance for full year adjusted EBITDA to between 775 and $790 million. With that, we look forward to talking to you again at our Q3 results. Thanks very much.

Operator: This concludes today's conference. We thank you for your participation. You may disconnect at this time.