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NEW YORK, TAIPEI, and TOKYO, Feb. 4, 2026 /PRNewswire/ -- Goldenstone Acquisition Limited (Ticker: GDST) ("Goldenstone"), a special purpose acquisition company listed in the U.S. capital market, recently announced the execution of a letter of intent (LOI) for a proposed business combination with Deluxe Technology Group ("Deluxe"), a Taiwan-based leader in green technology machinery and sustainable material solutions. The merger is poised to capitalize on the rapidly growing sustainable packaging market, which is projected to reach over $250 billion by 2035. Amidst a complex global regulatory landscape and increasing consumer demand for eco-friendly products, Deluxe has distinguished itself by developing a proprietary and vertically integrated business model. The company's patented pulp molding formula as well as technology, and use of agricultural waste as a raw material directly address the industry's most pressing challenges: cost, performance, and scalability. This strategic approach has allowed Deluxe to achieve a significant breakthrough without geographical boundaries by offering compostable product lines that are not only environmentally superior but also cost-competitive with traditional plastics. "Deluxe Technology Group is not just participating in the green transition; they are leading it," said the CEO of Goldenstone Acquisition Limited. "In a market where many companies struggle with the high cost and inconsistent supply of sustainable materials, Deluxe has created a scalable and economically viable solution. Their ability to turn agricultural waste into high-performance, cost-effective packaging is a game-changer for the industry. We are confident that this merger will unlock significant value for our investors and accelerate the global adoption of sustainable packaging." The proposed merger is further strengthened by a strategic partnership with Oji Holdings Corporation ("Oji"), a Japanese pulp and paper manufacturing leader. This collaboration secures a stable supply of high-quality raw materials for Deluxe, mitigating a key risk that has hindered the growth of many other sustainable packaging companies. The partnership aligns with Oji's commitment to contribute the "Harmony with Nature and Society" and will leverage Deluxe's advanced technology to expand its global footprint. Deluxe's forward-thinking strategy is also reflected in its recent expansion into the United States, establishing a physical presence to better serve its North American customer base, which includes several Fortune 500 companies. This move is particularly timely, as the North American compostable packaging market represented the largest share in 2025, at around 30% of the global market. "Our mission has always been to prove that sustainability and profitability can go hand in hand," said Jason Lai, Founder and CEO of Deluxe Technology Group. "With over 130 patents and 20 global awards, our technology is a testament to this vision. By partnering with Goldenstone, we are gaining a strategic partner that will help us to navigate the public markets and to scale our solutions to meet the growing demand from the world's largest brands. Together, we will accelerate the transition away from single-use plastics and create a more sustainable future." Under the terms of the LOI, Goldenstone and Deluxe will work exclusively towards the negotiation and execution of a definitive merger agreement. The transaction is subject to due diligence, the execution of definitive agreements, and customary closing conditions, including regulatory and shareholder approvals. The proposed merger aims for a completion and subsequent public listing on the NASDAQ in 2026. Advisors and Underwriters Loeb & Loeb LLP is serving as legal counsel to Goldenstone Acquisition Limited. Marcum Asia is serving as the Company's auditor. Maxim Group LLC is acting as the financial advisor for the transaction. Chi Advisory Limited is serving as a financial advisor to Deluxe. About Goldenstone Acquisition Limited (Ticker: GDST) Goldenstone Acquisition Limited is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. Goldenstone Acquisition Limited completed its US$57.5 million initial public offering on March 17, 2022, with about US$5.3M trust account balance as of September 30, 2025. About Oji Holdings Corporation Oji is a leading Japanese company committed to resource sustainability and industrial innovation. Grounded in their philosophy to contribute to the "Creation of Innovative Value" and "Harmony with Nature and Society," Oji serves as both a strategic investor and a primary supplier of premium pure pulp to Deluxe, facilitating global expansion and environmental stewardship. About Deluxe Technology Group Headquartered in Taiwan region with operations expanding into the US, Deluxe Technology Group is a premier provider of green technology machinery and sustainable product solutions. Specializing in pulp molding formula and ESG Technology, the company offers a complete turnkey solution. With over 20 global awards, and more than 130 patents, Deluxe provides compostable alternatives to plastic that are produced with industry-leading energy efficiency, with select products offering superior cost-competitiveness to plastic. Deluxe is supported by a prestigious consortium of institutional investors, validating Deluxe's potential to lead the global green transition. Key investors include GIC (Government of Singapore Investment Corporation), Sigma Global Fund, JAFCO Asia, Oji Holdings Corporation, SBI & Capital 22, Cathay Private Equity, and Delta Electronics. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This includes statements regarding the intent to enter into a definitive agreement and the timeline for a 2026 merger. These statements are based on various assumptions and the current expectations of the management of Goldenstone and Deluxe and are not predictions of actual performance. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Goldenstone and Deluxe. No Offer or Solicitation This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction where such offer, solicitation, or sale would be unlawful under the securities laws of any such jurisdiction.
Highlights - Three Months Ended December 31, 2025 Net sales $5,449 million, up 68% driven by the Berry acquisition GAAP Net income $177 million including acquisition related costs and GAAP diluted EPS of $0.38 Acquisition synergies of $55 million at upper end of expectations and targets reaffirmed Adjusted EBITDA $826 million, up 83% and adjusted EBIT $603 million, up 66% Adjusted EBITDA margin of 15.2%, up from 14% and adjusted EBIT margin of 11.1%, flat Adjusted EPS of $0.86, up 7% Free Cash Flow $289 million including Berry transaction, restructuring and integration costs of $69 million Quarterly dividend of $0.65 declared Highlights - Fiscal First Half Ended December 31, 2025 Net sales $11,194 million, up 70% driven by the Berry acquisition GAAP Net income $439 million including acquisition related costs and GAAP diluted EPS of $0.95 Adjusted EBITDA $1,736 million, up 89% and adjusted EBIT $1,290 million, up 77% Adjusted EBITDA margin of 15.5%, up from 13.9% and adjusted EBIT margin of 11.5%, up from 11.0% Adjusted EPS of $1.83, up 14% Fiscal 2026 Guidance Reaffirmed: Adjusted EPS $4.00-$4.15 representing 12-17% constant currency growth Free Cash Flow $1.8-1.9 billion ZURICH, Feb. 4, 2026 /PRNewswire/ -- Amcor CEO Peter Konieczny 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. Portfolio optimization actions are progressing well, positioning us to be the global leader in consumer packaging and dispensing solutions for nutrition, health, beauty and wellness." Key Financials (1)(2)(3) Three Months Ended December 31, Six Months Ended December 31, GAAP results 2024 $ million 2025 $ million 2024 $ million 2025 $ million Net sales 3,241 5,449 6,594 11,194 Net income attributable to Amcor plc 163 177 354 439 EPS (diluted, $) 0.56 0.38 1.22 0.95 Reported ∆% Reported ∆% Three Months Ended December 31, Six Months Ended December 31, Adjusted non-GAAP results 2024 $ million 2025 $ million 2024 $ million 2025 $ million Net sales 3,241 5,449 68 6,594 11,194 70 EBITDA 453 826 83 919 1,736 89 EBIT 363 603 66 728 1,290 77 Net income 233 400 72 467 848 82 EPS ($) 0.80 0.86 7 1.61 1.83 14 Free Cash Flow 358 289 (38) (53) All amounts referenced throughout this document are in US dollars unless otherwise indicated and numbers may not add up to the totals provided due to rounding. (1) Adjusted non-GAAP results exclude items not considered representative of ongoing operations. Further details on non-GAAP measures and reconciliations to GAAP measures can be found under "Presentation of non-GAAP information". (2) All prior year results reflect the Amcor plc group, considered the accounting acquirer in the April 30, 2025 combination between Amcor plc and Berry Global. (3) All periods presented in this release have been retroactively adjusted to reflect the 1-for-5 reverse stock split effected on January 14, 2026. Further details can be found under 'Reverse Stock Split. Financial Results Three months ended December 31, 2025 Net sales of $5,449 million were 63% higher than last year on a constant currency basis, including approximately $2.2 billion of acquired sales net of divestments, which represents growth of approximately 66%. The pass through of movements in raw material costs had no material impact on net sales and the remaining (3%) year over year variation reflects the impact of lower volumes. The Company estimates that volumes were approximately 1.5% lower than estimated combined volumes for the legacy Amcor and legacy Berry businesses in the December quarter last year, excluding non-core and divested businesses. The Company estimates that price/mix did not have a material impact on net sales. Adjusted EBIT of $603 million was 62% higher than last year on a constant currency basis, including approximately $210 million of acquired EBIT net of divestments which represents growth of approximately 58%. The remaining 4% year over year variation mainly reflects synergy benefits from the Berry acquisition of approximately $50 million, continued disciplined execution against cost and productivity initiatives, partly offset by lower volumes, primarily in non-core businesses. GAAP net interest expense was $154 million and GAAP income tax expense was $3 million. Inclusive of acquisition related financial benefits of approximately $5 million, adjusted net interest expense was $140 million and adjusted tax expense was $63 million representing an effective tax rate of 13.6%. Interest expense was $73 million higher than the prior year primarily as a result of increased acquisition related net debt. The effective tax rate was lower than 18.6% in the prior year primarily as a result of discrete tax events which occurred in the current period. Free cash flow of $289 million was in-line with expectations after funding approximately $69 million of net acquisition related cash costs. Net debt was $14,081 million at December 31, 2025. Six months ended December 31, 2025 Net sales of $11,194 million were 66% higher than last year on a constant currency basis, including approximately $4.5 billion of acquired sales net of divestments, which represents growth of approximately 69%. The pass through of movements in raw material costs had no material impact on net sales and the remaining (3%) year over year variation reflects the impact of volumes and price/mix. Adjusted EBIT of $1,290 million was 73% higher than last year on a constant currency basis, including approximately $510 million of acquired EBIT net of divestments which represents growth of approximately 69%. The remaining 4% year over year variation mainly reflects synergy benefits from the Berry acquisition of approximately $83 million partly offset by lower volumes. GAAP net interest expense was $307 million and GAAP income tax expense was $52 million. Inclusive of acquisition related financial benefits of approximately $10 million, adjusted net interest expense was $281 million and adjusted tax expense was $161 million representing an effective tax rate of 16.0%. Free cash outflow was $53 million after funding approximately $184 million of net acquisition related cash costs. Prior to funding of acquisition related cash costs cash flow increased by approximately $170 million compared with last year. Dividend The Board's confidence in Amcor's near and long term growth opportunities and ability to generate significant free cash flow is reflected in today's declaration of a quarterly cash dividend of 65.0 cents per share, compared with 63.75 cents per share in the same quarter last year, declared as 12.75 cents per share before adjusting for the 1-for-5 reverse stock split effected on January 14, 2026. The dividend will be paid in US dollars to holders of Amcor's ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 93.0 Australian cents per share, which reflects the quarterly dividend of 65.0 cents per share converted at an AUD:USD average exchange rate of 0.6970 over the five trading days ended January 30, 2026. The ex-dividend date will be February 24, 2026 for holders of CDIs trading on the ASX and February 25, 2026 for holders of shares trading on the NYSE. For all shareholders, the record date will be February 25, 2026 and the payment date will be March 17, 2026. Fiscal 2026 Guidance Reaffirmed For the fiscal year ending June 30, 2026, the Company expects: Adjusted EPS of $4.00 to $4.15 Remains unchanged from the previous $0.80 to $0.83 cents per share range, which has been updated to reflect the 1-for-5 reverse stock split effected on January 14, 2026 Represents constant currency growth of 12% to 17% compared with $3.56, reported as 71.2 cents per share before adjusting for the 1-for-5 reverse stock split which became effective on January 14, 2026, in fiscal 2025 Includes pre-tax synergy benefits related to the Berry acquisition of at least $260 million Free Cash Flow of $1.8 billion to $1.9 billion. Amcor's guidance for fiscal 2026 reflects a full 12 months ownership of the Berry business and does not take into account the impact of potential portfolio optimization actions that may be completed through the year. Conference Call Amcor is hosting a conference call with investors and analysts to discuss these results on Tuesday February 3, 2026 at 5:30pm US Eastern Standard Time / Wednesday February 4, 2026 at 9:30am Australian Eastern Daylight Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the "Investors" section. Those wishing to access the call should use the following toll-free numbers, with the Conference ID: 8282712 USA: 800 715 9871 (toll free) USA: 646 307 1963 (local) Australia: 1800 519 630 (toll free), 02 9133 7103 (local) United Kingdom: 0800 358 0970 (toll free), 020 3433 3846 (local) Singapore: +65 3159 5133 (local) Hong Kong: +852 3002 3410 (local) From all other countries, the call can be accessed by dialing +1 646 307 1963 (toll). A replay of the webcast will also be available in the 'Investors" section at www.amcor.com following the call. Segment Information Global Flexible Packaging Solutions segment - December 2025 quarter Three Months Ended December 31, Reported ∆% Constant currency ∆% 2024 $ million 2025 $ million Net sales 2,511 3,188 27 23 Adjusted EBIT 322 402 25 22 Adjusted EBIT / Sales % 12.8 12.6 Net sales of $3,188 million, were 23% higher than last year on a constant currency basis including approximately $605 million of acquired sales net of divestments, which represents growth of approximately 24%. The pass through of movements in raw material costs had no material impact on net sales and the remaining (1%) year over year variation reflects the impact of volumes and price/mix. The Company estimates that volumes for the Global Flexible Packaging Solutions segment were approximately 2% lower compared to volumes for the combined legacy Amcor and Berry businesses in the December quarter last year. By market category, volumes were higher in pet food and meat proteins. This was offset by lower volumes in other nutrition, liquids and unconverted film and foil. By region, volumes were lower across North America and Europe. Volumes in emerging markets were in line with the prior year, with growth in Asia Pacific offset by volume declines in Latin America. The Company estimates that price/mix had no material impact on net sales. Adjusted EBIT of $402 million was 22% higher than last year on a constant currency basis, reflecting approximately $65 million of acquired EBIT, net of divestments which represents growth of approximately 20%. The remaining 2% year over year growth mainly reflects synergy benefits from the Berry acquisition, favorable cost performance and productivity benefits, partly offset by lower volumes. Global Flexible Packaging Solutions segment - December 2025 YTD Six Months Ended December 31, Reported ∆% Constant currency ∆% 2024 $ million 2025 $ million Net sales 5,062 6,445 27 24 Adjusted EBIT 651 828 27 25 Adjusted EBIT / Sales % 12.9 12.9 Net sales of $6,445 million, were 24% higher than last year on a constant currency basis including approximately $1.2 billion of acquired sales net of divestments, which represents growth of approximately 25%. The pass through of movements in raw material costs had no material impact on net sales and the remaining (1%) year over year variation reflects the impact of volumes and price/mix. Adjusted EBIT of $828 million was 25% higher than last year on a constant currency basis, reflecting approximately $140 million of acquired EBIT, net of divestments which represents growth of approximately 22%. The remaining 3% year over year growth mainly reflects synergy benefits from the Berry acquisition partly offset by lower volumes. Global Rigid Packaging Solutions segment - December 2025 quarter Three Months Ended December 31, Reported ∆% Constant currency ∆% 2024 $ million 2025 $ million Net sales 730 2,264 210 200 Adjusted EBIT 53 228 327 308 Adjusted EBIT / Sales % 7.3 10.1 Net sales of $2,264 million, were 200% higher than last year on a constant currency basis, including approximately $1.5 billion of acquired sales net of divestments, which represents growth of approximately 212% and an unfavorable impact of approximately (1%) from the pass through of lower raw material costs. The remaining (11%) year over year variation reflects price/mix and lower non-core business volumes. Excluding non-core and divested businesses, the Company estimates that volumes for the Global Rigid Packaging Solutions segment were flat compared with volumes for the combined legacy Amcor and Berry businesses in the December quarter last year. By market category, volumes were higher in pet food, beauty & wellness and specialty containers. This offset softer volumes in healthcare and foodservice. By region, volumes were in line with the prior year in North America. Volumes were lower across Europe and this was partly offset by volume growth across emerging markets, primarily in Latin America. The Company estimates that price/mix had no material impact on net sales. Adjusted EBIT of $228 million was 308% higher than last year on a constant currency basis, including approximately $165 million of acquired EBIT net of divestments which represents growth of approximately 306%. The remaining 2% year over year variation mainly reflects synergy benefits from the Berry acquisition and cost reduction initiatives which offset lower volumes and performance in non-core businesses. Adjusted EBIT margins of 10.1% were 280 basis points higher than the prior year reflecting the improved quality of the combined business. Global Rigid Packaging Solutions segment - December 2025 YTD Six Months Ended December 31, Reported ∆% Constant currency ∆% 2024 $ million 2025 $ million Net sales 1,532 4,752 210 202 Adjusted EBIT 115 523 354 339 Adjusted EBIT / Sales % 7.5 11.0 Net sales of $4,752 million, were 202% higher than last year on a constant currency basis, including approximately $3.3 billion of acquired sales net of divestments, which represents growth of approximately 213% and an unfavorable impact of approximately (3%) from the pass through of lower raw material costs. The remaining (8%) year over year variation reflects price mix and lower non-core business volumes. Adjusted EBIT of $523 million was 339% higher than last year on a constant currency basis, including approximately $405 million of acquired EBIT net of divestments which represents growth of approximately 352%. The remaining 13% year over year variation mainly reflects lower volumes and performance in non-core businesses, partly offset by synergy benefits from the Berry acquisition and cost reduction initiatives. Adjusted EBIT margins of 11.0% were 350 basis points higher than the prior year reflecting the improved quality of the combined business. About Amcor Amcor is the global leader in developing and producing responsible consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty and wellness categories. Our global product innovation and sustainability expertise enables us to solve packaging challenges around the world every day, producing a range of flexible packaging, rigid packaging, cartons and closures that are more sustainable, functional and appealing for our customers and their consumers. We are guided by our purpose of elevating customers, shaping lives and protecting the future. Supported by a commitment to safety, over 75,000 people generate $23 billion in annualized sales from operations that span over 400 locations in more than 40 countries. NYSE: AMCR; ASX: AMC www.amcor.com I LinkedIn I YouTube U.S. GAAP Condensed Consolidated Statements of Income (Unaudited) Three Months Ended December 31, Six Months Ended December 31, $ in millions, except per share data 2024 2025 2024 2025 Net sales 3,241 5,449 6,594 11,194 Cost of sales (2,615) (4,410) (5,309) (9,031) Gross profit 626 1,039 1,285 2,163 Selling, general, and administrative expenses (255) (440) (531) (875) Amortization of acquired intangible assets (40) (144) (79) (277) Research and development expenses (27) (38) (55) (84) Restructuring, transaction and integration expenses, net (33) (118) (39) (193) Other income, net 26 32 28 58 Operating income 297 331 609 792 Interest expense, net (72) (154) (147) (307) Other non-operating income/(expenses), net (1) 1 (2) 2 Income before income taxes and equity in income of affiliated companies 224 178 460 487 Income tax expense (58) (3) (101) (52) Equity in income of affiliated companies, net of tax 1 2 1 4 Net income 167 177 360 439 Net income attributable to non-controlling interests (4) — (6) — Net income attributable to Amcor plc 163 177 354 439 USD:EUR average FX rate 0.9379 0.8592 0.9238 0.8575 Basic earnings per share attributable to Amcor 0.57 0.38 1.22 0.95 Diluted earnings per share attributable to Amcor 0.56 0.38 1.22 0.95 Weighted average number of shares outstanding – Basic 288.50 463.10 288.30 462.60 Weighted average number of shares outstanding – Diluted 289.10 463.80 288.90 463.00 All periods have been retroactively adjusted to reflect the 1 for 5 reverse stock split effected on January 14, 2026. U.S. GAAP Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended December 31, ($ million) 2024 2025 Net income 360 439 Depreciation, amortization and impairment 267 737 Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and currency (503) (761) Other non-cash items 35 (45) Net cash provided by operating activities 159 370 Purchase of property, plant and equipment and other intangible assets (243) (459) Proceeds from sales of property, plant and equipment and other intangible assets 7 36 Business acquisitions (11) (18) Proceeds from divestitures, net of cash divested 113 — Net debt proceeds 267 955 Dividends paid (366) (594) Purchase of treasury shares, proceeds from exercise of options and tax withholdings for share-based incentive plans (38) (58) Other, including effect of exchange rate on cash and cash equivalents (31) (2) Net increase/(decrease) in cash and cash equivalents (143) 230 Cash and cash equivalents balance at beginning of the year 588 827 Cash and cash equivalents balance at end of the period 445 1,057 U.S. GAAP Condensed Consolidated Balance Sheets (Unaudited) ($ million) June 30, 2025 December 31, 2025 Cash and cash equivalents 827 1,057 Trade receivables, net 3,426 3,161 Inventories, net 3,471 3,481 Property, plant, and equipment, net 8,202 7,766 Goodwill and other intangible assets, net 18,679 18,900 Other assets 2,461 2,681 Total assets 37,066 37,046 Trade payables 3,490 3,045 Short-term debt and current portion of long-term debt 257 519 Long-term debt, less current portion 13,841 14,619 Accruals and other liabilities 7,738 7,216 Shareholders' equity 11,740 11,647 Total liabilities and shareholders' equity 37,066 37,046 Components of Fiscal 2026 Net Sales growth Three Months Ended December 31, Six Months Ended December 31, ($ million) Global Flexible Packaging Solutions Global Rigid Packaging Solutions Total Global Flexible Packaging Solutions Global Rigid Packaging Solutions Total Net sales fiscal 2026 3,188 2,264 5,449 6,445 4,752 11,194 Net sales fiscal 2025 2,511 730 3,241 5,062 1,532 6,594 Reported Growth % 27 210 68 27 210 70 FX % 4 10 5 3 8 4 Constant Currency Growth % 23 200 63 24 202 66 RM Pass Through % — (1) — — (3) — Items affecting comparability % 24 212 66 25 213 69 Organic Growth % (1) (11) (3) (1) (8) (3) Volume % (2) (6) (3) (2) (5) (3) Price/Mix % 1 (6) — 2 (3) 1 Reconciliation of Non-GAAP Measures Reconciliation of adjusted Earnings before interest, tax, depreciation, and amortization (EBITDA), Earnings before interest and tax (EBIT), Net income, Earnings per share (EPS) and Adjusted Free Cash Flow Three Months Ended December 31, 2024 Three Months Ended December 31, 2025 ($ million) EBITDA EBIT Net Income EPS (Diluted) EBITDA EBIT Net Income EPS (Diluted) Net income attributable to Amcor 163 163 163 0.56 177 177 177 0.38 Net income attributable to non-controlling interests 4 4 — — Tax expense 58 58 3 3 Interest expense, net 72 72 154 154 Depreciation and amortization 130 368 EBITDA, EBIT, Net income, and EPS 427 297 163 0.56 702 334 177 0.38 Impact of hyperinflation 3 3 3 0.01 4 4 4 0.01 Restructuring, integration and related expenses, net(1) 23 23 23 0.08 112 112 112 0.24 Transaction costs 10 10 10 0.03 6 6 6 0.01 Other (10) (10) (10) (0.03) 3 3 3 0.01 Amortization of acquired intangibles(2) 40 40 0.14 144 144 0.31 Interest expense Berry Transaction — — 13 0.03 Tax effect of above items 4 0.01 (59) (0.13) Adjusted EBITDA, EBIT, Net income and EPS 453 363 233 0.80 826 603 400 0.86 Reconciliation of adjusted growth to constant currency growth % growth - Adjusted EBITDA, EBIT, Net income, and EPS 83 66 72 7 % currency impact (5) (5) (5) (3) % constant currency growth 77 62 67 4 % items affecting comparability(3) 75 58 % from all other sources 2 4 Adjusted EBITDA 453 826 Interest paid, net (91) (114) Income tax paid (52) (86) Purchase of property, plant and equipment and other intangible assets (98) (222) Proceeds from sales of property, plant and equipment and other intangible assets, net of restructuring 6 8 Movement in working capital 153 (42) Other (13) (12) Adjusted Free Cash Flow 358 358 Berry Transaction, restructuring and Integration costs, net — (69) Free Cash Flow 358 289 All periods have been retroactively adjusted to reflect the 1 for 5 reverse stock split effected on January 14, 2026. (1) Three months ended December 31, 2025 primarily reflects restructuring and integration costs incurred in connection with the Berry Global acquisition, inclusive of inventory discrepancies of $15 million, including errors from prior periods, tied to manufacturing inefficiencies and other management issues which supported the decision to close three facilities in Asia. (2) Amortization of acquired intangible assets from business combinations. (3) Reflects the impact of acquired, disposed, and ceased operations. Six Months Ended December 31, 2024 Six Months Ended December 31, 2025 ($ million) EBITDA EBIT Net Income EPS (Diluted)(1) EBITDA EBIT Net Income EPS (Diluted)(1) Net income attributable to Amcor 354 354 354 1.22 439 439 439 0.95 Net income attributable to non controlling interests 6 6 — — Tax expense 101 101 52 52 Interest expense, net 147 147 307 307 Depreciation and amortization 270 723 EBITDA, EBIT, Net income and EPS 878 608 354 1.22 1,521 798 439 0.95 Impact of hyperinflation 5 5 5 0.02 15 15 15 0.03 Restructuring, integration and related expenses, net(2) 29 29 29 0.10 165 165 165 0.35 Transaction costs 10 10 10 0.03 28 28 28 0.06 Other (3) (3) (3) (0.01) 7 7 7 0.01 Amortization of acquired intangibles(3) 79 79 0.27 277 277 0.60 Interest expense Berry Transaction — — 26 0.06 Tax effect of above items (7) (0.02) (109) (0.24) Adjusted EBITDA, EBIT, Net income and EPS 919 728 467 1.61 1,736 1,290 848 1.83 Reconciliation of adjusted growth to constant currency growth % growth - Adjusted EBITDA, EBIT, Net income, and EPS 89 77 82 14 % currency impact (4) (4) (4) (3) % constant currency growth 85 73 77 11 % items affecting comparability(4) 83 69 % from all other sources 2 4 Adjusted EBITDA 919 1,736 Interest paid, net (127) (263) Income tax paid (127) (191) Purchase of property, plant and equipment and other intangible assets (243) (459) Proceeds from sales of property, plant and equipment and other intangible assets, net of restructuring 7 10 Movement in working capital (433) (611) Other (34) (91) Adjusted Free Cash Flow (38) 131 Berry Transaction, restructuring and Integration costs, net — (184) Free Cash Flow (38) (53) All periods have been retroactively adjusted to reflect the 1 for 5 reverse stock split effected on January 14, 2026. (1) Calculation of diluted EPS for the six months ended December 31, 2024 excludes net income attributable to shares to be repurchased under forward contracts of $1 million. (2) Six months ended December 31, 2025 primarily reflects restructuring and integration costs incurred in connection with the Berry Global acquisition. (3) Amortization of acquired intangible assets from business combinations. (4) Reflects the impact of acquired, disposed, and ceased operations. Reconciliation of adjusted EBIT by reportable segment Three Months Ended December 31, 2024 Three Months Ended December 31, 2025 ($ million) Global Flexible Packaging Solutions Global Rigid Packaging Solutions Other Total Global Flexible Packaging Solutions Global Rigid Packaging Solutions Other Total Net income attributable to Amcor 163 177 Net income attributable to non-controlling interests 4 — Tax expense 58 3 Interest expense, net 72 154 EBIT 259 62 (24) 297 250 137 (53) 334 Impact of hyperinflation — 3 — 3 1 3 — 4 Restructuring, integration and related expenses, net(1) 23 — — 23 70 25 16 112 Transaction costs — — 10 10 — 1 5 6 Other 3 (14) 1 (10) 6 (7) 4 3 Amortization of acquired intangibles(2) 37 2 1 40 75 68 1 144 Adjusted EBIT 322 53 (12) 363 402 228 (27) 603 Adjusted EBIT / sales % 12.8 % 7.3 % 11.2 % 12.6 % 10.1 % 11.1 % Reconciliation of adjusted growth to comparable constant currency growth % growth - Adjusted EBIT 25 327 — 66 % currency impact (3) (18) — (5) % constant currency growth 22 308 — 62 % items affecting comparability(3) 20 306 — 58 % from all other sources 2 2 — 4 (1) Three months ended December 31, 2025 primarily includes costs incurred in connection with the Berry Global acquisition. (2) Amortization of acquired intangible assets from business combinations. (3) Reflects the impact of acquired, disposed, and ceased operations. Six Months Ended December 31, 2024 Six Months Ended December 31, 2025 ($ million) Global Flexible Packaging Solutions Global Rigid Packaging Solutions Other Total Global Flexible Packaging Solutions Global Rigid Packaging Solutions Other Total Net income attributable to Amcor 354 439 Net income attributable to non-controlling interests 6 — Tax expense 101 52 Interest expense, net 147 307 EBIT 539 121 (52) 608 572 338 (111) 798 Impact of hyperinflation — 5 — 5 3 12 — 15 Restructuring, integration and related expenses, net(1) 29 — — 29 84 54 26 165 Transaction costs — — 10 10 8 2 18 28 Other 9 (14) 2 (3) 8 (4) 3 7 Amortization of acquired intangibles(2) 74 3 2 79 153 121 3 277 Adjusted EBIT 651 115 (38) 728 828 523 (61) 1,290 Adjusted EBIT / sales % 12.9 % 7.5 % 11.0 % 12.9 % 11.0 % 11.5 % Reconciliation of adjusted growth to comparable constant currency growth % growth - Adjusted EBIT 27 354 — 77 % currency impact (2) (15) — (4) % constant currency growth 25 339 — 73 % items affecting comparability(3) 22 352 — 69 % from all other sources 3 (13) — 4 (1) Six months ended December 31, 2025 primarily includes costs incurred in connection with the Berry Global acquisition. (2) Amortization of acquired intangible assets from business combinations. (3) Reflects the impact of acquired, disposed, and ceased operations. Reconciliation of net debt ($ million) June 30, 2025 December 31, 2025 Cash and cash equivalents (827) (1,057) Short-term debt 116 83 Current portion of long-term debt 141 436 Long-term debt, less current portion 13,841 14,619 Net debt 13,271 14,081 Cautionary Statement Regarding Forward-Looking Statements Unless otherwise indicated, references to "Amcor," the "Company," "we," "our," and "us" in this document refer to Amcor plc and its consolidated subsidiaries. This document contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like "believe," "expect," "target," "project," "may," "could," "would," "approximately," "possible," "will," "should," "intend," "plan," "anticipate," "commit," "estimate," "potential," "ambitions," "outlook," or "continue," the negative of these words, other terms of similar meaning, or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. Neither Amcor nor any of its respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur or if any of them do occur, what impact they will have on the business, results of operations or financial condition of Amcor. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on Amcor's business, including the ability to successfully realize the expected benefits of the merger of Amcor and Berry Global Group, Inc. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to: risks arising from the integration of the Amcor and Berry Global Group, Inc., ("Berry") businesses as a result of the merger completed on April 30, 2025 (the "Transaction" or "Merger"); risk of continued substantial and unexpected costs or expenses resulting from the Transaction; risk that the anticipated benefits of the Transaction may not be realized when expected or at all; risk that the Company's significant indebtedness may limit its flexibility and increase its borrowing costs; risk that the Merger-related tax liabilities could have a material impact on the Company's financial results; risk that the strategic review of our portfolio may cause disruptions to our business or may not result in completion of a transaction to restructure or divest non-core businesses or may not create additional value for our shareholders; changes in consumer demand patterns and customer requirements in numerous industries; risk of loss of key customers, a reduction in their production requirements, or consolidation among key customers; significant competition in the industries and regions in which we operate; an inability to expand our current business effectively through either organic growth, including product innovation, investments, or acquisitions; challenging global economic conditions; impacts of operating internationally; price fluctuations or shortages in the availability of raw materials, energy and other inputs, which could adversely affect our business; production, supply, and other commercial risks, including counterparty credit risks, which may be exacerbated in times of economic volatility; pandemics, epidemics, or other disease outbreaks; an inability to attract, develop, and retain our skilled workforce and manage key transitions; labor disputes and an inability to renew collective bargaining agreements at acceptable terms; physical impacts of climate change; significant disruption at a key manufacturing facility; cybersecurity risks, which could disrupt our operations or risk of loss of our sensitive business information; failures or disruptions in our information technology systems which could disrupt our operations, compromise customer, employee, supplier, and other data; rising interest rates that increase our borrowing costs on our variable rate indebtedness and could have other negative impacts; foreign exchange rate risk; a significant write-down of goodwill and/or other intangible assets; a failure to maintain an effective system of internal control over financial reporting; an inability of our insurance policies, including our use of a captive insurance company, to provide adequate protection against all of the key operational risks we face; an inability to defend our intellectual property rights or intellectual property infringement claims against us; litigation, including product liability claims or litigation related to Environmental, Social, and Governance ("ESG") matters, or regulatory developments; increasing scrutiny and changing expectations from investors, customers, suppliers, and governments with respect to our ESG practices and commitments resulting in additional costs or exposure to additional risks; changing ESG government regulations including climate-related rules; changing environmental, health, and safety laws; changes in tax laws or changes in our geographic mix of earnings; and changes in trade policy, including tariff and custom regulations or failure to comply with such regulations. These risks and uncertainties are supplemented by those identified from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including without limitation, those described under Part I, "Item 1A - Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, and as updated by our quarterly reports on Form 10-Q. You can obtain copies of Amcor's filings with the SEC for free at the SEC's website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Presentation of non-GAAP information Included in this release are measures of financial performance that are not calculated in accordance with U.S. GAAP. These measures include adjusted EBITDA and EBITDA (calculated as earnings before interest and tax and depreciation and amortization), adjusted EBIT and EBIT (calculated as earnings before interest and tax), adjusted net income, adjusted earnings per share, adjusted free cash flow, and net debt. In arriving at these non-GAAP measures, we exclude items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. Note that while amortization of acquired intangible assets is excluded from non-GAAP adjusted financial measures, the revenue of the acquired entities and all other expenses unless otherwise stated, are reflected in our non-GAAP financial performance earnings measures. While not all inclusive, examples of these items include: material restructuring programs, including associated costs such as employee severance, pension and related benefits, impairment of property and equipment and other assets, accelerated depreciation, termination payments for contracts and leases, contractual obligations, and any other qualifying costs related to restructuring plans; material sales and earnings from disposed or ceased operations and any associated profit or loss on sale of businesses or subsidiaries; changes in the fair value of economic hedging instruments on commercial paper and contingent purchase consideration; pension settlements; impairments in goodwill and equity method investments; material acquisition compensation and transaction costs such as due diligence expenses, professional and legal fees, financing-related expenses; and integration costs; material purchase accounting adjustments for inventory; amortization of acquired intangible assets from business combination; gains or losses on significant property and divestitures and significant property and other impairments, net of insurance recovery; certain regulatory and legal matters; impacts from highly inflationary accounting; expenses related to the Company's CEO and CFO transition; and impacts related to the Russia-Ukraine conflict. Amcor also evaluates performance on a comparable constant currency basis, which measures financial results assuming constant foreign currency exchange rates used for translation based on the average rates in effect for the comparable prior year period. In order to compute comparable constant currency results, we multiply or divide, as appropriate, current-year U.S. dollar results by the current year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior-year average foreign exchange rates. We then adjust for other items affecting comparability. While not all inclusive, examples of items affecting comparability include the difference between sales or earnings in the current period and the prior period related to disposed, or ceased operations. Comparable constant currency net sales performance also excludes the impact from passing through movements in raw material costs. Management has used and uses these measures internally for planning, forecasting and evaluating the performance of the Company's reporting segments and certain of the measures are used as a component of Amcor's Board of Directors' measurement of Amcor's performance for incentive compensation purposes. Amcor believes that these non-GAAP measures are useful to enable investors to perform comparisons of current and historical performance of the Company. For each of these non-GAAP financial measures, a reconciliation to the most directly comparable U.S. GAAP financial measure has been provided herein. These non-GAAP financial measures should not be construed as an alternative to results determined in accordance with U.S. GAAP. The Company provides guidance on a non-GAAP basis as we are unable to predict with reasonable certainty the ultimate outcome and timing of certain significant forward-looking items without unreasonable effort. These items include but are not limited to the impact of foreign exchange translation, restructuring program costs, asset impairments, possible gains and losses on the sale of assets, certain tax related events, and difficulty in making accurate forecasts and projections in connection with the legacy Berry Global business given recency of access to all relevant information. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP earnings and cash flow measures for the guidance period. Reconciliations of fiscal 2026 projected non-GAAP measures are not included herein because the individual components are not known with certainty as individual financial statements for fiscal 2026 have not been completed. Reverse Stock Split On January 14, 2026, the Company filed a an amendment to its memorandum of association to effect a 1-for-5 reverse stock split (the "Reverse Split") of the Company's ordinary shares. The Reverse Split became effective on January 14, 2026 and reduced the number of authorized ordinary shares to 1,800,000,000 and increased the par value of the ordinary shares to $0.05 per share. Accordingly, all share and per share amounts for all periods presented in the discussion within this release have been adjusted retroactively, where applicable, to reflect the Reverse Split. Presentation of combined volume performance In order to provide the most meaningful comparison of results of volume performance by region and end market for Amcor plc and for each of its reportable segments, the Company has included commentary to reflect Amcor's estimate of year-over-year volume performance for the three and six months ended December 31, 2025 compared with estimated combined volumes for the legacy Amcor and Berry Global businesses for the three and six months ended December 31, 2024. The combined volume performance information has been presented for informational purposes and Amcor believes this information reflects the impact of the combination including allocation of volumes across the combined production footprint since May 1, 2025. For the avoidance of doubt, combined volume performance information is not intended to be, and was not, prepared on a basis consistent with pro forma financial information required by Article 11 of Regulation S-X. Dividends Amcor has received a waiver from the ASX's settlement operating rules, which will allow the Company to defer processing conversions between its ordinary share and CDI registers from February 24, 2026 to February 25, 2026 inclusive.
ZURICH, Jan. 21, 2026 /PRNewswire/ -- Amcor plc (NYSE: AMCR; ASX: AMC) will announce its fiscal 2026 second quarter and half year result for the three and sixth month period ended 31 December 2025 after the US market closes on Tuesday 3 February 2026. A conference call and webcast to discuss the results will be held at 5.30pm US Eastern Standard Time on Tuesday 3 February 2026 / 9.30am Australian Eastern Daylight Time on Wednesday 4 February 2026. For those wishing to participate in the call please use the following dial-in numbers: USA: 800 715 9871 (toll-free) 646 307 1963 (local) Australia: 1800 519 630 (toll-free) 02 9133 7103 (local) United Kingdom: 0800 358 0970 (toll-free) 020 3433 3846 (local) Hong Kong: +852 3002 3410 (local) Singapore: +65 3159 5133 (local) All other countries: +1 646 307 1963 (this is not a toll-free number) Conference ID 8282712 Access to the webcast and supporting materials will be available via the Investors section of Amcor's website (www.amcor.com/investors). A webcast replay will be available at the conclusion of the call. Those wishing to pre-register and access the webcast can do so following this link: https://events.q4inc.com/attendee/153278241 About AmcorAmcor is the global leader in developing and producing responsible consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty and wellness categories. Our global product innovation and sustainability expertise enables us to solve packaging challenges around the world every day, producing a range of flexible packaging, rigid packaging, cartons, and closures, that are more sustainable, functional and appealing for our customers and their consumers. We are guided by our purpose of elevating customers, shaping lives and protecting the future. Supported by a commitment to safety, over 75,000 people generate $23 billion in annualized sales from operations that span over 400 locations in more than 40 countries. NYSE: AMCR; ASX: AMC www.amcor.com I LinkedIn I YouTube
CO280 CDR: A year defined by multi-megatonne contracts, project milestones, and global leadership VANCOUVER, B.C., Jan. 14, 2026 /PRNewswire/ -- CO280 Solutions Inc. (CO280), a leading developer of carbon dioxide removal (CDR) projects headquartered in Vancouver, B.C., has been named on Cleantech Group's 2026 Global Cleantech 100. This annual list recognizes companies poised to deliver market-ready climate solutions that advance a cleaner, more resilient global future. For the 17th edition, Cleantech Group collaborated with over 75 leading investors, corporates, and innovation experts to identify CO280 as one of the most promising companies in cleantech with 10+ projects in development and 4.3+ million tonnes of permanent CDR contracted to date. 2025 Year in Review: How CO280 accelerated the development of durable CDR at scale CO280 retrofits pulp and paper mills with modular carbon capture units to capture and permanently store biogenic CO2, delivering a method of high-quality, affordable, and scalable CDR called bioenergy with carbon capture and storage (BECCS). Its partnership model boosts pulp and paper industry profitability by generating a new revenue stream, helping to protect forestry jobs in rural areas across North America. Here is CO280's 2025 Year in Review: 4.3+ Million Tonnes of Total CDR Contracted: Over the past year, CO280 has accelerated pulp and paper BECCS at the multi-megatonne scale—contracting over 4 million tonnes with the market's leading buyers. At over 4.3 million total tonnes contracted to date, CO280 is one of the top five global suppliers of carbon removal by tonnes sold according to cdr.fyi. 10+ Projects in Development: The pulp and paper industry in North America produces over 100 million tonnes of biogenic CO2 annually. CO280 is developing more than 10 carbon capture and removal projects in partnership with North America's leading pulp and paper companies. Altogether, these projects stand to deliver up to 7 million tonnes per annum of durable CDR. 4 Projects in Pre-FEED and FEED: Four CO280 projects have reached the Pre-FEED and FEED stages with anticipated FID from 2026 to 2028. The projects are located at pulp and paper mills located in the U.S. Gulf Coast and Canada, and the resulting CDR credits will be sold to buyers in the voluntary carbon market. 1 Successful CDR Field Pilot: Together with SLB Capturi, a leading provider of carbon capture technology, CO280 conducted a carbon capture field pilot in the U.S. Gulf Coast to test the real-world performance of liquid amine carbon capture on biogenic CO2 from pulp and paper mills. The pilot successfully met or exceeded all key performance indicators, from carbon capture rate efficiency to energy consumption, and validated that the technology is ready today for commercial-scale deployment at pulp and paper mills. 2X Team Growth: To support the development and deployment of pulp and paper BECCS at scale, CO280 has doubled its team across projects, finance, commercial, and engineering—and is continuing to hire for new positions that will make the global mandate for permanent, high-quality CDR a reality. Cleantech 100: Unlocking new value across climate and industry Integration with existing industries and infrastructure is unlocking new, scalable revenue across the cleantech ecosystem. From domestic manufacturing to AI, decarbonization coupled with innovation is set to eliminate supply chain vulnerabilities, strengthen domestic capacity, and accelerate economic benefits. "This year's Global Cleantech 100 reflects a market in transition—one that is becoming more disciplined, more discerning, and ultimately more resilient," said Richard Youngman, CEO at Cleantech Group. "While the adjustment phase has been painful for some parts of the ecosystem, we are also witnessing remarkable bursts of innovation responding to new sources of demand, from AI-driven power needs to critical materials security." Across industries like power, materials, paper, and water, cleantech solutions are expanding production capacity and mitigating risk—all while safeguarding jobs in manufacturing. In the U.S. alone, retrofitting pulp and paper mills to capture and sequester biogenic CO2 is a multi-billion-dollar market opportunity for the U.S. forest products industry, which represents approximately 5% of U.S. manufacturing GDP. The pulp and paper industry directly employs over 930,000 workers and supports millions of indirect jobs in rural communities. "By retrofitting mills to capture and sequester biogenic CO2, we're delivering millions of tonnes of durable CDR to our customers and transforming the economics of the pulp and paper industry," said Jonathan Rhone, Co-Founder and CEO of CO280. "CO280 has the potential to invest billions of dollars in a critical North American industry—and help secure jobs for forestry workers for decades to come." Looking ahead, cleantech solutions like CO280 CDR will continue to advance systems integration, market development, and business innovation to create scalable, repeatable climate solutions for lasting impact. "The 2026 Global Cleantech 100 arrives at a pivotal moment," said Anthony DeOrsey, Research Manager at Cleantech Group. "Around the world, governments and industries are no longer innovating for efficiency alone—they are innovating for durability. This year's honorees reflect that shift." To learn more about how CO280 is leading permanent CDR development in North America, join Co-Founders Jonathan Rhone and Natalie Khtikian at the 2026 Cleantech Forum North America. About CO280 CO280 is a leading developer of projects that produce high-quality, permanent, and affordable carbon dioxide removal (CDR). In partnership with pulp and paper companies, CO280 is working to capture and store millions of tonnes of biogenic CO2 annually to bring the highest-integrity CDR credits to the market while revitalizing the forest products industry. To learn more, visit: www.co280.com. About Cleantech Group Cleantech® Group is the human intelligence authority on global cleantech innovation. By blending our intelligence, proprietary data, and the global network we've cultivated for more than 20 years, we deliver insights you can trust and guidance you can act on.
A12 藝術空間
Paper/Forest Products/Containers
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