Amcor plc is the global leader in developing and producing responsible primary consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty and wellness categories. The industry is highly competitive, with competition based on service, sustainability, innovation, quality, and price. The major markets in which Amcor sells its products historically have been, and continue to be, highly competitive. The company operates in large, resilient and growing end markets where it has significant room for growth via disciplined organic growth and long-term strategic mergers and acquisitions.

Amcor considers itself to be a significant participant in the markets in which it operates. Competitors named in the filing include 3M, AptarGroup, Inc., Avery Dennison Corporation, Ball Corporation, Crown Holdings, Inc., Graphic Packaging International, Inc., Huhtamaki Oyj, International Paper Company, O-I Glass, Inc., Orora Limited, Packaging Corporation of America, Silgan Holdings Inc., Smurfit WestRock, and Sonoco Products Company, along with a variety of privately held companies. Competitive advantages include global scale and breadth, innovation, material science, technical and innovation capabilities, and leadership. The company has over 7,000 patents, registered designs and trademarks ¹, as well as a global network of Innovation Centers focused on bringing advanced packaging technologies and more sustainable material science to markets around the world.

Amcor generates revenue through the manufacture and sale of primary consumer packaging and dispensing solutions. Sales are made through a variety of distribution channels, but predominantly through a direct sales force. Sales offices and plants are located primarily throughout Europe, North America, Latin America, and the Asia-Pacific regions to provide prompt and economical service to thousands of customers. The company did not have sales to a single customer that exceeded 10% of consolidated net sales in the last three fiscal years. The business is subject to moderate seasonality with demand usually increasing towards the middle of the calendar year due to increased demand for beverage and food products in certain markets.

The Global Flexible Packaging Solutions segment develops and supplies flexible packaging globally. With approximately 36,000 employees at approximately 190 manufacturing and support facilities in 33 countries as of June 30, 2026 ², this segment is one of the world's largest suppliers of polymer resin, aluminum, and fiber based flexible packaging solutions. In fiscal year 2026, the Global Flexible Packaging Solutions segment accounted for approximately 55% of consolidated net sales ³. The Global Rigid Packaging Solutions segment manufactures rigid packaging containers, closures, dispensing and pharma delivery devices, and related products globally. As of June 30, 2026, this segment employed approximately 38,000 employees at approximately 210 manufacturing and support facilities in 33 countries ⁴. In fiscal year 2026, the Global Rigid Packaging Solutions segment accounted for approximately 45% of consolidated net sales ⁵.

On April 30, 2025, Amcor completed its merger with Berry Global Group, Inc. Under the terms of the Merger Agreement, Berry shareholders received 7.25 Amcor ordinary shares for each share of Berry common stock issued and outstanding ⁶. The merger is expected to generate estimated pre-tax annual net cost synergies by the end of the third-year post Merger of approximately $650 million from procurement, manufacturing, general and administrative, financial and revenue synergies ⁷. In August 2025, Amcor announced it had completed a review of portfolio-related strategic alternatives and identified businesses with combined sales of approximately $2.5 billion for further investigation ⁸, which could result in restructuring or sale of the identified businesses. The company has completed, or is in the process of completing, transactions to divest non-core businesses comprising approximately $500 million of the total non-core portfolio identified ⁹. In fiscal year 2026, Amcor spent approximately $170 million on research and development, not including ongoing investments in continuous improvements ¹⁰. On May 1, 2026, the Board of Directors acted to change the fiscal year end to a year beginning on January 1 and ending December 31.

In fiscal year 2026, net sales were $16.9 billion ¹¹, compared to $13.7 billion ¹² in fiscal year 2025. Net income attributable to Amcor was $1,046 million ¹³ in fiscal year 2026, compared to $1,003 million ¹⁴ in fiscal year 2025. Diluted earnings per share was $2.26 ¹⁵ in fiscal year 2026, compared to $2.17 ¹⁶ in fiscal year 2025. Cash provided by operating activities was $1,832 million ¹⁷ in fiscal year 2026, compared to $1,562 million ¹⁸ in fiscal year 2025.

A major growth vector is the integration of the Berry merger, which is expected to generate estimated pre-tax annual net cost synergies by the end of the third-year post Merger of approximately $650 million from procurement, manufacturing, general and administrative, financial and revenue synergies ¹⁹. The company is currently on track to achieve the targeted Berry synergies. Another growth vector is the strategic review of the portfolio, where businesses with combined sales of approximately $2.5 billion were identified for further investigation ²⁰, which could result in restructuring or sale of the identified businesses. The company has completed, or is in the process of completing, transactions to divest non-core businesses comprising approximately $500 million of the total non-core portfolio identified ²¹.

The company expects that when full synergies are achieved, the strategic Merger with Berry is expected to further increase cash generation, enabling increased investment in organic growth and targeted acquisitions. The company aims to drive value through orienting its core portfolio toward faster-growing, higher-margin categories and leveraging its competitive advantages which includes global scale and breadth, innovation, material science, technical and innovation capabilities, and leadership.

The company has established ambitious near-term and net zero science-based targets to reduce GHG emissions and achieve net zero emissions by 2050 which were validated by the Science Based Targets initiative in fiscal year 2026. The decarbonization roadmap outlines how the company will achieve these targets by focusing on five key GHG emission levers: renewable electricity, supply chain footprint reduction, recycled materials, product redesign, and operational efficiency. The company has implemented programs focused on improving how it manages energy, greenhouse gas emissions, water, and waste in its manufacturing locations for more than a decade.

In fiscal year 2026, Amcor spent approximately $170 million on research and development, not including ongoing investments in continuous improvements ²². The company has approximately 1,500 R&D professionals and engineers ²³ constantly innovating across new materials, formats, functions, and technologies. The company's long-term value creation model reflects strong cash flow generation combined with disciplined redeployment into a combination of dividends, organic growth in the base business, and using free cash flow to pursue targeted acquisitions and/or returning cash to shareholders via share buybacks, while maintaining an investment-grade credit rating.

The company faces headwinds from challenging global economic conditions, including the current Middle East conflict and relatively high inflation and interest rates in certain regions, which have substantially increased the cost of energy and many of the raw materials used to produce packaging while also disrupting global supply chains. The company is subject to foreign exchange rate risk, both transactional and translational, which may negatively affect reported cash flow, financial condition, and results of operations. As of June 30, 2026, approximately 15% of the company's indebtedness was subject to variable interest rates ²⁴, and rising interest rates increase borrowing costs on variable rate indebtedness.

Management's message emphasizes that Amcor is the global leader in primary consumer packaging and dispensing solutions for nutrition, health, beauty and wellness categories, with leading positions in large, resilient and growing end markets. The strategic priorities emphasized for the period ahead include: successfully integrating the Berry merger and achieving the estimated pre-tax annual net cost synergies of approximately $650 million by the end of the third-year post Merger ²⁹; executing the strategic review of the portfolio, where businesses with combined sales of approximately $2.5 billion were identified for further investigation ³⁰; and continuing to drive innovation and sustainability, including achieving net zero greenhouse gas emissions by 2050 with targets validated by the SBTi. Management states that when full synergies are achieved, the strategic Merger with Berry is expected to further increase cash generation, enabling increased investment in organic growth and targeted acquisitions, enabling the company to sustain its track record of strong and consistent long-term value creation.

Net sales were $16,942 million ³¹ in fiscal year 2026, compared to $13,693 million ³² in fiscal year 2025 and $13,641 million ³³ in fiscal year 2024. Net income attributable to Amcor was $1,046 million ³⁴ in fiscal year 2026, compared to $1,003 million ³⁵ in fiscal year 2025 and $1,028 million ³⁶ in fiscal year 2024. Diluted earnings per share was $2.26 ³⁷ in fiscal year 2026, compared to $2.17 ³⁸ in fiscal year 2025 and $2.23 ³⁹ in fiscal year 2024. Operating income was $1,543 million ⁴⁰ in fiscal year 2026, compared to $1,491 million ⁴¹ in fiscal year 2025 and $1,478 million ⁴² in fiscal year 2024. Cash provided by operating activities was $1,832 million ⁴³ in fiscal year 2026, compared to $1,562 million ⁴⁴ in fiscal year 2025 and $1,594 million ⁴⁵ in fiscal year 2024. Total debt outstanding as of June 30, 2026 was $14.0 billion ⁴⁶, including borrowings of $1.29 billion under revolving credit facilities in an aggregate limit of $3.75 billion ⁴⁷. Goodwill and other intangible assets were $18.7 billion as of June 30, 2026 ⁴⁸. The Global Flexible Packaging Solutions segment reported net sales of $9,310 million ⁴⁹ in fiscal year 2026, and the Global Rigid Packaging Solutions segment reported net sales of $7,632 million ⁵⁰ in fiscal year 2026.

The company faces significant risks from the integration of the Berry merger, as the expected pre-tax annual net cost synergies of approximately $650 million ²⁵ may not be fully realized or may take longer to achieve than expected. A significant write-down of goodwill and other intangible assets, which totaled $18.7 billion as of June 30, 2026 ²⁶, could materially adversely affect reported results. The company is exposed to raw material price fluctuations and shortages, as polymer resins, aluminum, and other inputs are subject to substantial volatility beyond its control, and while price increases are generally passed on to customers over time, there may be delays. As of June 30, 2026, approximately 15% of indebtedness was subject to variable interest rates ²⁷, and rising interest rates increase borrowing costs. The company's international operations subject it to risks from changes in trade policy, tariffs, and sanctions, and approximately 81% of sales revenue in fiscal year 2026 came from developed markets and 19% from emerging markets ²⁸, with emerging markets presenting additional political and regulatory instability risks.