Amcor Plc

Strong earnings delivery + EPS growth (good): - Q4 adjusted EPS: $1.23, +23% YoY (at the high end of outlook). - FY adjusted EPS (fiscal 2026): $4.02, +13% YoY. - Q4 performance metrics: revenue $6.4B, adjusted EBITDA $1.045B, adjusted EBIT $836M—all up YoY, supported by synergies, disciplined cost management, and ~1 additional month of Berry earnings.

Synergies ahead of plan (big positive / opportunity): - Q4 synergy capture: $115M. - Total FY 2026 synergies: $285M, ~10% ahead of initial year-1 expectations. - 3-year synergy target remains $650M; management confirms confidence in achieving it. - Progress drivers: faster-than-expected G&A and procurement execution; also operational/network synergies expected to benefit over the next ~2 years. - New business awards: nearly $140M (incremental to the initial $280M 3-year goal for growth synergies), implying potential upside beyond initial assumptions.

Volume recovery / “green shoots” (good, not fully baked yet): - Management reports an inflection to modestly positive volume growth in Q4: ~+200 bps sequential improvement. - Broad-based improvement across core vs noncore and across focus categories/regions; July continued consistent with Q4 momentum (reducing risk of reversal). - Notable categories: strong momentum in foodservice, pet care, and protein; liquids and beauty/wellness were flat in Q4; some health care softness persists in lower-margin parts.