Amcor plc

Strong earnings + EPS momentum (good) - Q4 adjusted EPS: $1.23, +23% YoY (high end of guidance). - FY fiscal 2026 adjusted EPS: $4.02, +13% YoY. - Q4 performance drivers: modestly positive volume growth (sequential ~200 bps improvement), price/cost management during rapid input inflation, and synergy capture; also 1 additional month of Berry earnings helped margins.

Integration/synergies are ahead of plan (good / somewhat surprising) - Q4 synergies realized: $115M. - Total FY fiscal 2026 synergies: $285M, ~10% ahead of initial year-1 expectations. - Management confirms a $650M 3-year synergy target is still intact, citing strong momentum particularly in G&A and procurement; also progress on operational/network synergies over the next ~2 years. - Growth synergy wins: new business awards ~$140M vs an initial $280M 3-year goal (about half achieved already); example cited in Mexico leveraging Berry closures expertise for beauty/wellness caps.

Portfolio optimization + forward-looking 2027 growth confidence (opportunity) - Divestitures: 5 deals closed in the second half of fiscal 2026 to sharpen focus on higher return/higher growth categories. - 2027 view (calendar year): - Expect organic volume growth as Berry benefits flow through. - By year-end 2027, expect to complete actions to deliver most of the $650M synergy target. - Management: line of sight to double-digit adjusted EPS growth in 2027, ~3x leverage by year-end 2027, and modestly growing the dividend.