Ardagh Metal Packaging S.A. (AMBP) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ET

Corporate Participants

Stephen Lyons - IR

Oliver Graham - Chief Executive Officer

David Bourne - Chief Financial Officer

Conference Call Participants

Anthony Pettinari - Citi

George Staphos - Bank of America

Angel Castillo - Morgan Stanley

Arun Viswanathan - RBC

Kyle White - Deutsche Bank

Gabe Hajde - Wells Fargo Securities

Jay Mayers - Goldman Sachs

Operator

Welcome to the Ardagh Metal Packaging S.A. First Quarter 2023 Results Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Mr. Stephen Lyons, Ardagh Metal Packaging Investor Relations. Please go ahead.

Stephen Lyons

Thank you, operator, and welcome, everybody. Thank you for joining today for Ardagh Metal Packaging's first quarter 2023 earnings call, which follows the earlier publication of AMP's Earnings Release for the first quarter. We have also added an earnings presentation on to our investor website for your reference.

I'm joined today by Oliver Graham, AMP's Chief Executive Officer; and David Bourne, AMP's Chief Financial Officer.

Before moving to your questions, we will first provide some introductory remarks around AMP's performance and outlook. AMP's earnings release and related materials for the first quarter can be found on AMP's website at www.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 detail of AMP's forward-looking statements disclaimer and reconciliation of non-IFRS financial measures to IFRS financial measures in AMP's earnings release.

I will now turn the call over to Oliver Graham.

Oliver Graham

Thanks, Stephen. We delivered a solid performance in the first quarter and met our market guidance. Due to disciplined cost stewardship, actions to improve manufacturing efficiency and stronger input cost recovery. In light of our resilient start to the year, we are reaffirming our full year guidance.

We delivered global shipment growth of 3%, including 5% growth in North America and 2% in Europe, and adjusted EBITDA of $130 million, in line with our guidance. Our adjusted EBITDA result represented an 8% decline on a constant currency basis versus the prior year quarter. The contribution from shipment growth was more than offset by higher operating costs.

Looking into Q2 and beyond, we see inflation recovery in Europe that will drop through its adjusted EBITDA as we set out in our forecast.