Amcor’s Berry Acquisition Powers 57% Sales Surge and Dividend Lift

Berry Acquisition Fuels Explosive Revenue Growth

Amcor (ASX:AMC, NYSE: AMCR) delivered a blockbuster fiscal 2026, with net sales rocketing 57% to $23.5 billion, largely on the back of its transformative acquisition of Berry Global. The deal, completed in April 2025, contributed approximately $7.9 billion in acquired sales net of divestitures, underpinning a staggering 52% constant currency growth. This surge reflects the company's expanded footprint across flexible and rigid packaging segments, positioning Amcor as a global packaging powerhouse.

Volume growth was modest, with combined legacy Amcor and Berry businesses showing a slight decline, but synergy realisation and cost efficiencies from the acquisition drove much of the top-line and margin expansion. Raw material cost pass-through added a small tailwind, while foreign exchange movements contributed a favourable 5% impact on the year.

Profitability and Margin Expansion Mark Strong Integration

Adjusted EBITDA soared 68% to $3.67 billion, with adjusted EBIT climbing 63% to $2.81 billion. Net income more than doubled to $1.1 billion, lifting diluted EPS by 13% to $2.38. These gains were supported by synergy benefits estimated at $240 million from the Berry acquisition, alongside disciplined cost management and productivity improvements across both core and non-core businesses.

The Global Flexible Packaging Solutions segment saw net sales rise 24% on a constant currency basis to $12.8 billion, with adjusted EBIT up 26%. Meanwhile, the Global Rigid Packaging Solutions segment more than doubled sales to $10.7 billion, with adjusted EBIT surging 161%, reflecting the significant contribution from Berry and margin enhancement initiatives.

Dividend Raised Amid Strong Cash Flow and Balance Sheet

Amcor’s board approved a quarterly dividend increase to 65 US cents per share, up from 63.75 cents adjusted for its January 2026 1-for-5 reverse stock split. This translates to 92 Australian cents per CDI on the ASX, reflecting the prevailing exchange rate. The dividend is unfranked and payable on September 24, 2026, with a record date of September 4.

Free cash flow improved 41% to $1.3 billion despite $290 million in transaction and integration costs related to the Berry deal. Net debt stood at $12.9 billion at June 30, 2026, reflecting the leverage taken on to fund the acquisition but tempered by robust cash generation.

Transition to December Year-End and Outlook

Amcor announced a shift in its fiscal year-end from June 30 to December 31, resulting in a six-month transition period for the second half of 2026. For this period, the company expects adjusted EPS between $1.80 and $1.90 and leverage of 3.5x to 3.6x. The outlook excludes any yet-to-be-announced portfolio optimisation moves and acknowledges ongoing geopolitical uncertainties, including the impact of Middle East conflicts and raw material price volatility.

CEO Peter Konieczny highlighted the company’s confidence in sustaining momentum post-integration, stating, "We are encouraged by the momentum we see across the business and the greater potential for growth and continued synergy capture following the transformative acquisition of Berry."

While volumes showed only modest growth or slight declines in some segments, synergy realisation and operational discipline have been the primary drivers of the financial turnaround. The company’s focus on sustainable packaging solutions and innovation across nutrition, health, beauty, and wellness categories remains central to its strategy.

This report follows a series of quarterly updates documenting the integration progress and synergy achievements, building on the strong sales and earnings lifts seen since the Berry acquisition closed in April 2025. The company’s ability to manage inflationary pressures and currency fluctuations will remain critical as it navigates the transition period and beyond.