Global can shipments increased 3% for Ardagh Metal Packaging in 2024, with more than 4% growth in Europe and a 2% rise in the Americas, according to the beverage can manufacturer’s full-year results.

Sales increased 2% to USD4.9 billion, and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 12%.

Chief executive Oliver Graham commented: “2024 represented a successful year for our business, as reflected by double-digit adjusted EBITDA growth. This result was underpinned by 3% global volume growth, as well as stronger input cost recovery.

“Europe’s Adjusted EBITDA performance was consistently strong, as the industry demonstrated good volume growth and a recovery from customer destocking in the prior year.”

He said overall performance in the Americas was “resilient”, despite issues relating to customer mix in Brazil and some “softness” in the energy segment in North America.

“Our actions on liquidity and strong Adjusted EBITDA generation resulted in AMP ending the year with nearly USD1 billion of liquidity and a reduced net leverage ratio of 4.9x net debt/Adjusted EBITDA,” he explained.

Total liquidity was USD963 million for the year, as against USD812m in 2023, and includes an undrawn credit facility in Brazil at USD81m.

In the fourth quarter, sales growth topped 6% to USD1.195bn, with Aadjusted EBITDA growing to 11%.

Graham said this performance was “positively impacted by higher than forecast sales volumes and production in Europe, which included a particularly strong end to the quarter”, coming in at 8%.

He added that performance in the Americas – with a 5% decline in shipments – was “broadly in line with expectations” and that monthly volumes improved in Brazil towards the end of Q4, with a “strong operating cost performance” in North America.

Although he admitted the consumer environment remained “challenging”, he said the beverage can continued to gain share in customers’ pack mix, with 2025 buoyed by prospects for further shipment growth of around 2-3%.

“We are confident that our team can drive further growth in adjusted EBITDA in 2025. This will be achieved through increased shipments, further improvements to capacity utilization and operational improvements, more than offsetting some inflationary pressures in Europe and currency headwinds,” he said.

With current exchange rates, quoting euro/dollar at 1.05 vs. 1.086 average for 2024, he estimated an “annual headwind of approximately USD9 million”.

The company also reported “strong progress” in its sustainability roadmap during 2024, showing scope 3 emissions, “which represent the majority of AMP’s overall greenhouse gas emissions” falling below the target for 2030.

AMP operates 23 production facilities in nine countries, with approximately 6,300 employees and sales of USD4.9 billion in 2024.