How much of the revenue growth came from the Berry acquisition versus the underlying business?

Most of it came from Berry. Acquired sales net of divestments were about $2.4 billion, roughly 70% growth. Volumes fell about 3% and price/mix added about 1%, so organic growth was approximately -2%. Excluding the acquisition, the legacy business was slightly down.

Is the company on track to deliver its synergy targets?

Management says yes. About $38M of synergies were realized in the first quarter, at the upper end of expectations. The company has clear line of sight to at least $260M in fiscal 2026 and remains confident in the $650M total target by fiscal 2028. Management also expects synergies alone to drive more than 30% EPS growth over fiscal 2026-2028.

Why was free cash flow negative, and what should investors expect for the full year?

Free cash flow was an outflow of $343M, but management said this was in line with expectations. It included about $115M of net acquisition-related cash costs, and cash flow before those costs improved by more than $160M year over year. The company still expects fiscal 2026 free cash flow of $1.8-1.9B after roughly $220M of net integration and transaction costs. That implies a strong back-half weighting, which is a key execution risk.

How has leverage and interest expense changed following the acquisition?

Net debt increased to $13,999M at September 30, 2025, from $13,271M at June 30, 2025. GAAP net interest expense was $153M, up from $75M a year earlier, reflecting higher acquisition-related debt. Adjusted net interest expense was $140M. Full-year net interest expense is guided to $570-600M, so higher debt costs will continue to weigh on earnings growth.

Does the guidance include potential divestitures of non-core assets?

No. Fiscal 2026 guidance reflects a full 12 months of Berry ownership and excludes the impact of potential portfolio optimization actions that may be completed during the year. Any divestitures could change the earnings and cash flow profile, so investors should watch for announcements on non-core assets, including North America beverage.

AMCR/AMCCF 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed November 5, 2025. Cited figures are marked; the original filing is the authoritative source.

Amcor plc (NYSE/ASX: AMCR) reported first quarter fiscal 2026 results (quarter ended September 30, 2025) and reaffirmed its full-year fiscal 2026 outlook.

This was the first full quarter operating as a combined Amcor and Berry Global business, following the all-stock Berry acquisition that closed April 30, 2025. Net sales were $5,745 million^a, up 68% on a constant currency basis, driven by roughly $2.4 billion of acquired sales. Adjusted EBIT rose 85% constant currency to $687 million, with the adjusted EBIT margin expanding 110 basis points to 12.0%.

Adjusted EPS was 19.3 cents, up 18% constant currency, and GAAP diluted EPS was 11.3 cents. Synergies of about $38 million^b came in at the upper end of the expected range, and management reiterated at least $260 million of pre-tax synergies in fiscal 2026 and $650 million through fiscal 2028. The quality of growth is more mixed than the headline figures suggest.

Organic growth was negative at 2% (volume down 3%, price/mix up 1%), with Global Flexible volumes down 2.8% and Global Rigid down about 1% excluding non-core North America beverage. Free cash flow was an outflow of $343 million^c, though management said this was in line with expectations after roughly $115 million of acquisition-related cash costs. Net debt rose to $13,999 million from $13,271 million at June 30, 2025, and GAAP net interest expense more than doubled to $153 million.

Management is also addressing non-core assets, which could bring portfolio actions not included in guidance. For investors, the key takeaways are that the Berry integration is tracking to plan on synergies and margins, while volume softness and a heavier debt load are the main watch items.

Fiscal 2026 guidance was held at adjusted EPS of 80-83 cents (12-17% constant currency growth) and free cash flow of $1.8^d-1.9 billion. The Board also raised the quarterly dividend to 13.0 cents per share from 12.75 cents.

02—Key points

Key Highlights

Net sales of $5,745M, up 68% constant currency, including about $2.4B of acquired sales from Berry; organic growth was negative at about 2%
Adjusted EBIT of $687M, up 85% constant currency; adjusted EBIT margin of 12.0%, up 110 bps year over year
Adjusted EPS of 19.3 cents, up 18% constant currency; GAAP diluted EPS of 11.3 cents
Synergies of about $38M in the quarter, at the upper end of expectations; at least $260M targeted for fiscal 2026 and $650M by fiscal 2028
Free cash flow outflow of $343M, including about $115M of acquisition-related cash costs; net debt rose to $13,999M
Fiscal 2026 guidance reaffirmed: adjusted EPS of 80-83 cents and free cash flow of $1.8-1.9B; capex of $850-900M and net interest of $570-600M
Quarterly dividend increased to 13.0 cents per share from 12.75 cents a year earlier

03—Questions

Frequently Asked Questions

How much of the revenue growth came from the Berry acquisition versus the underlying business?
Most of it came from Berry. Acquired sales net of divestments were about $2.4 billion, roughly 70% growth. Volumes fell about 3% and price/mix added about 1%, so organic growth was approximately -2%. Excluding the acquisition, the legacy business was slightly down.
Is the company on track to deliver its synergy targets?
Management says yes. About $38M of synergies were realized in the first quarter, at the upper end of expectations. The company has clear line of sight to at least $260M in fiscal 2026 and remains confident in the $650M total target by fiscal 2028. Management also expects synergies alone to drive more than 30% EPS growth over fiscal 2026-2028.
Why was free cash flow negative, and what should investors expect for the full year?
Free cash flow was an outflow of $343M, but management said this was in line with expectations. It included about $115M of net acquisition-related cash costs, and cash flow before those costs improved by more than $160M year over year. The company still expects fiscal 2026 free cash flow of $1.8-1.9B after roughly $220M of net integration and transaction costs. That implies a strong back-half weighting, which is a key execution risk.
How has leverage and interest expense changed following the acquisition?
Net debt increased to $13,999M at September 30, 2025, from $13,271M at June 30, 2025. GAAP net interest expense was $153M, up from $75M a year earlier, reflecting higher acquisition-related debt. Adjusted net interest expense was $140M. Full-year net interest expense is guided to $570-600M, so higher debt costs will continue to weigh on earnings growth.
Does the guidance include potential divestitures of non-core assets?
No. Fiscal 2026 guidance reflects a full 12 months of Berry ownership and excludes the impact of potential portfolio optimization actions that may be completed during the year. Any divestitures could change the earnings and cash flow profile, so investors should watch for announcements on non-core assets, including North America beverage.

04—Continue

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