On this page of StockholderLetter.com we present the latest annual shareholder letter from Amcor plc — ticker symbol AMCR. Reading current and past AMCR letters to shareholders can bring important insights into the investment thesis.
Accelerating the possible. Right now. Annual Report FY25
Our Purpose. We elevate customers, shape lives and protect the future. ADDING VALUE Navigating this report Find out more online www.amcor.com/investors Cover image: RS01-XTM digital capsule-based inhaler
Message from the Chairman and CEO 2 Markets at a glance 4 Amcor at a glance 6 Where we operate 8 Our strategy 10 Sustainability and innovation 12 Amcor Fiscal 2025 operating review 14 Form 10-K 18 Other information 148 Reconciliation of non-GAAP measures 151 Accelerating the possible. Right now. Annual Report FY25 1
Message from the Chairman and CEO Dear shareholders, )LVFDO ZDV D GH QLQJ \HDU IRU $PFRU RQH WKDW marked a bold new chapter in our journey to become the packaging partner of choice, known for sustainability, leadership, more consistent levels of volume-driven organic growth and attractive shareholder returns. We entered the year with a focus on value creation through disciplined execution and resilience and we made steady progress, delivering volume growth and improved earnings in the face of a challenging macroeconomic environment. 2 Annual Report FY25 On April 30, 2025, we successfully completed the transformational merger with Berry Global. This strategic merger brought together two highly complementary businesses to create one of the industry s most comprehensive, multi-format portfolios of primary packaging solutions for nutrition, health, beauty and wellness. We closed the transaction ahead of schedule and are deeply JUDWHIXO WR RXU WHDPV DURXQG WKH ZRUOG IRU WKHLU H RUWV in navigating complexity and delivering this milestone in under six months from announcement. Their dedication and professionalism has laid the foundation for a more agile, innovative and competitive Amcor. Heading into Fiscal 2026, integration is well underway with substantial cost and revenue synergies within our control.
SAFETY, CULTURE AND INTEGRATION Our people remain at the heart of everything we do. Our unwavering commitment to safety continues to be a cornerstone of our culture. In Fiscal 2025, Amcor s legacy operations achieved a total recordable incident rate of 0.27, with 68% of our sites operating injuryfree for the entire year, which is a testament to our relentless focus on creating a safe, inclusive and highperforming workplace. As we welcome more than 30,000 new colleagues from Berry, we are committed to building on our combined strong safety track record as we pursue our ultimate goal of zero injuries. We continued to invest in leadership development, training and employee engagement, reinforcing our commitment to building a strong and agile organization. $V SDUW RI WKLV H RUW RXU FRPELQHG WHDP V GLYHUVH perspectives, deep experience and shared dedication to excellence will further strengthen our strategic position. Their integration marks an exciting step forward, and we look forward to the innovation and collaboration that will help drive long-term value for our shareholders. INNOVATION AND SUSTAINABILITY AT SCALE $PFRU V SXUSRVH WRJHWKHU ZH HOHYDWH FXVWRPHUV VKDSH OLYHV DQG SURWHFW WKH IXWXUH KDV QHYHU EHHQ PRUH relevant. Our R&D strength includes more than 1,500 professionals and an annual investment of approximately $180 million. This scale enables us to accelerate innovation in material science, smart packaging and sustainability. We are sharpening our R&D focus to address our FXVWRPHUV PRVW FRPSOH[ FKDOOHQJHV SDUWLFXODUO\ around recyclability, circularity and carbon reduction. 2YHU WKH \HDUV ZH YH PDGH VLJQL FDQW VWULGHV LQ developing and commercializing recycle-ready packaging solutions. Today, the vast majority of our global portfolio is either recyclable or has a recycleready alternative. Our teams remain laser-focused on advancing technologies, materials and design innovations to support our long-term vision of a circular economy. :LWK WKH DGGLWLRQ RI YH QHZ JOREDO ,QQRYDWLRQ &HQWHUV our expanded network now spans 10 locations worldwide DFFHOHUDWLQJ WKH GHYHORSPHQW DQG PDUNHW ODXQFK of next-generation packaging solutions tailored to the evolving needs of customers and consumers alike. FINANCIAL STRENGTH AND STRATEGIC EXECUTION 2Q D FRPELQHG EDVLV RYHUDOO YROXPHV IRU WKH VFDO year were 1% higher compared to the prior year, notwithstanding softer demand as we exited the year. Full year reported net sales were up double-digits compared to the prior year, largely as a result of two months contribution from the Berry acquisition. We enter Fiscal 2026 as a stronger, more GLYHUVL HG FRPSDQ\ ZLWK enhanced capabilities and a clear path forward. :H DUH FRQ GHQW WKDW WKH %HUU\ FRPELQDWLRQ ZLOO EH a powerful catalyst for long-term value creation. We KDYH LGHQWL HG VLJQL FDQW FRVW DQG UHYHQXH V\QHUJLHV ODUJHO\ ZLWKLQ RXU FRQWURO DQG H[SHFW WR GHOLYHU VLJQL FDQW DGMXVWHG HDUQLQJV SHU VKDUH DFFUHWLRQ by realizing a cumulative total of $650 million of synergies by the end of Fiscal 2028. Integration is progressing well with clear accountability, experienced leadership and dedicated workstreams focused on synergy realization and growth opportunities. We continue to pay a compelling and growing dividend, returning approximately $850 million to shareholders through cash dividend payments. POSITIONED FOR SUSTAINABLE GROWTH As we enter Fiscal 2026, Amcor is a stronger, more GLYHUVL HG FRPSDQ\ ZLWK D PRUH SRZHUIXO FXVWRPHU YDOXH proposition, enhanced capabilities and a clear path forward. We have several levers under our control that will lead WR VWURQJ HDUQLQJV JURZWK DQG VLJQL FDQWO\ KLJKHU FDVK JHQHUDWLRQ RYHU WKH QH[W VHYHUDO \HDUV :H UHPDLQ FRQ GHQW LQ RXU DELOLW\ WR GHOLYHU VLJQL FDQW HDUQLQJV DFFUHWLRQ LQ Fiscal 2026 by realizing $260 million of pre-tax synergies, UH HFWLQJ WKH VWUHQJWK RI RXU LQWHJUDWLRQ VWUDWHJ\ DQG H[HFXWLRQ FDSDELOLWLHV :H DUH WDNLQJ GH QLWLYH DFWLRQV WKDW ZLOO LPSURYH WKH QDQFLDO SHUIRUPDQFH RI RXU EXVLQHVVHV and we are focusing the business on attractive nutrition, health, beauty and wellness markets through portfolio optimization. Each and all of these contribute to creating a stronger business and long-term shareholder value. Our strategic priorities are clear, our execution plans are in PRWLRQ DQG RXU FRQ GHQFH LQ WKH IXWXUH LV JURXQGHG LQ WKH strength of our people, our purpose and our performance. Thank you for your continued trust and support in Amcor. Graeme Liebelt Peter Konieczny &KDLUPDQ &KLHI ([HFXWLYH 2 FHU Annual Report FY25 3
 • shareholder letter icon 9/23/2025 Letter Continued (Full PDF)
 • stockholder letter icon 9/26/2023 AMCR Stockholder Letter
 • stockholder letter icon 9/24/2024 AMCR Stockholder Letter
 • stockholder letter icon More "Packaging & Containers" Category Stockholder Letters
 • Benford's Law Stocks icon AMCR Benford's Law Stock Score = 96


AMCR Shareholder/Stockholder Letter Transcript:

Accelerating
the possible.
Right now.
Annual Report FY25

Our Purpose.
We elevate customers,
shape lives and
protect the future.
ADDING VALUE
Navigating this report
Find out more online
www.amcor.com/investors
Cover image: RS01-XTM digital capsule-based inhaler

Message from the Chairman and CEO
2
Markets at a glance
4
Amcor at a glance
6
Where we operate
8
Our strategy
10
Sustainability and innovation
12
Amcor Fiscal 2025 operating review
14
Form 10-K
18
Other information
148
Reconciliation of non-GAAP measures
151
Accelerating
the possible.
Right now.
Annual Report FY25
1

Message from the Chairman and CEO
Dear shareholders,
)LVFDO      ZDV D GH  QLQJ \HDU IRU $PFRU    RQH WKDW 
marked a bold new chapter in our journey to become
the packaging partner of choice, known for sustainability,
leadership, more consistent levels of volume-driven organic
growth and attractive shareholder returns. We entered
the year with a focus on value creation through disciplined
execution and resilience and we made steady progress,
delivering volume growth and improved earnings in the
face of a challenging macroeconomic environment.
2
Annual Report FY25
On April 30, 2025, we successfully completed the
transformational merger with Berry Global. This strategic
merger brought together two highly complementary
businesses to create one of the industry   s most
comprehensive, multi-format portfolios of primary packaging
solutions for nutrition, health, beauty and wellness. We
closed the transaction ahead of schedule and are deeply
JUDWHIXO WR RXU WHDPV DURXQG WKH ZRUOG IRU WKHLU H  RUWV 
in navigating complexity and delivering this milestone in
under six months from announcement. Their dedication
and professionalism has laid the foundation for a more
agile, innovative and competitive Amcor. Heading into
Fiscal 2026, integration is well underway with substantial
cost and revenue synergies within our control.

SAFETY, CULTURE AND INTEGRATION
Our people remain at the heart of everything we do.
Our unwavering commitment to safety continues to be
a cornerstone of our culture. In Fiscal 2025, Amcor   s
legacy operations achieved a total recordable incident
rate of 0.27, with 68% of our sites operating injuryfree for the entire year, which is a testament to our
relentless focus on creating a safe, inclusive and highperforming workplace. As we welcome more than
30,000 new colleagues from Berry, we are committed
to building on our combined strong safety track record
as we pursue our ultimate goal of zero injuries.
We continued to invest in leadership development,
training and employee engagement, reinforcing our
commitment to building a strong and agile organization.
$V SDUW RI WKLV H  RUW  RXU FRPELQHG WHDP  V GLYHUVH 
perspectives, deep experience and shared dedication to
excellence will further strengthen our strategic position.
Their integration marks an exciting step forward, and we
look forward to the innovation and collaboration that
will help drive long-term value for our shareholders.
INNOVATION AND SUSTAINABILITY AT SCALE
$PFRU  V SXUSRVH    WRJHWKHU  ZH HOHYDWH FXVWRPHUV  
VKDSH OLYHV DQG SURWHFW WKH IXWXUH    KDV QHYHU EHHQ PRUH 
relevant. Our R&D strength includes more than 1,500
professionals and an annual investment of approximately
$180 million. This scale enables us to accelerate innovation
in material science, smart packaging and sustainability.
We are sharpening our R&D focus to address our
FXVWRPHUV   PRVW FRPSOH[ FKDOOHQJHV    SDUWLFXODUO\ 
around recyclability, circularity and carbon reduction.
2YHU WKH \HDUV  ZH  YH PDGH VLJQL  FDQW VWULGHV LQ 
developing and commercializing recycle-ready
packaging solutions. Today, the vast majority of our
global portfolio is either recyclable or has a recycleready alternative. Our teams remain laser-focused on
advancing technologies, materials and design innovations
to support our long-term vision of a circular economy.
:LWK WKH DGGLWLRQ RI   YH QHZ JOREDO ,QQRYDWLRQ &HQWHUV  
our expanded network now spans 10 locations worldwide
   DFFHOHUDWLQJ WKH GHYHORSPHQW DQG PDUNHW ODXQFK 
of next-generation packaging solutions tailored to the
evolving needs of customers and consumers alike.
FINANCIAL STRENGTH AND
STRATEGIC EXECUTION
2Q D FRPELQHG EDVLV  RYHUDOO YROXPHV IRU WKH   VFDO 
year were 1% higher compared to the prior year,
notwithstanding softer demand as we exited the year.
Full year reported net sales were up double-digits
compared to the prior year, largely as a result of two
months contribution from the Berry acquisition.
We enter Fiscal 2026
as a stronger, more
GLYHUVL  HG FRPSDQ\ ZLWK 
enhanced capabilities and
a clear path forward.
:H DUH FRQ  GHQW WKDW WKH %HUU\ FRPELQDWLRQ ZLOO EH 
a powerful catalyst for long-term value creation. We
KDYH LGHQWL  HG VLJQL  FDQW FRVW DQG UHYHQXH V\QHUJLHV 
   ODUJHO\ ZLWKLQ RXU FRQWURO    DQG H[SHFW WR GHOLYHU 
VLJQL  FDQW DGMXVWHG HDUQLQJV SHU VKDUH DFFUHWLRQ 
by realizing a cumulative total of $650 million of
synergies by the end of Fiscal 2028. Integration is
progressing well with clear accountability, experienced
leadership and dedicated workstreams focused on
synergy realization and growth opportunities.
We continue to pay a compelling and growing
dividend, returning approximately $850 million to
shareholders through cash dividend payments.
POSITIONED FOR SUSTAINABLE GROWTH
As we enter Fiscal 2026, Amcor is a stronger, more
GLYHUVL  HG FRPSDQ\ ZLWK D PRUH SRZHUIXO FXVWRPHU YDOXH 
proposition, enhanced capabilities and a clear path forward.
We have several levers under our control that will lead
WR VWURQJ HDUQLQJV JURZWK DQG VLJQL  FDQWO\ KLJKHU FDVK 
JHQHUDWLRQ RYHU WKH QH[W VHYHUDO \HDUV  :H UHPDLQ FRQ  GHQW 
LQ RXU DELOLW\ WR GHOLYHU VLJQL  FDQW HDUQLQJV DFFUHWLRQ LQ 
Fiscal 2026 by realizing $260 million of pre-tax synergies,
UH  HFWLQJ WKH VWUHQJWK RI RXU LQWHJUDWLRQ VWUDWHJ\ DQG 
H[HFXWLRQ FDSDELOLWLHV  :H DUH WDNLQJ GH  QLWLYH DFWLRQV WKDW 
ZLOO LPSURYH WKH   QDQFLDO SHUIRUPDQFH RI RXU EXVLQHVVHV 
and we are focusing the business on attractive nutrition,
health, beauty and wellness markets through portfolio
optimization. Each and all of these contribute to creating
a stronger business and long-term shareholder value. Our
strategic priorities are clear, our execution plans are in
PRWLRQ DQG RXU FRQ  GHQFH LQ WKH IXWXUH LV JURXQGHG LQ WKH 
strength of our people, our purpose and our performance.
Thank you for your continued trust and support in Amcor.
Graeme Liebelt
Peter Konieczny
&KDLUPDQ 
&KLHI ([HFXWLYH 2  FHU

Annual Report FY25
3



shareholder letter icon 9/23/2025 Letter Continued (Full PDF)
 

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