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Segment analysis | 6 Months Ended
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Jun. 30, 2025
Segment analysis |
Segment analysis | 4. Segment analysis The Group’s two operating and reportable segments, Europe and Americas, reflect the basis on which the Group’s performance is reviewed by management and presented to the Chief Operating Decision Maker (“CODM”). The CODM has been identified as being the Board. ​ Performance of the Group is assessed based on Adjusted EBITDA. Adjusted EBITDA is the profit/(loss) for the period before income tax charge/(credit), net finance expense, depreciation and amortization and exceptional operating items. Sales contracts generally provide for the pass through of metal and energy price fluctuations as well as a mechanism for the recovery of other input cost inflation, while certain contracts have tolling arrangements whereby customers arrange for the procurement of metal themselves. Consequently, the CODM evaluates the financial effects of the business activities of the reportable segments based on Adjusted EBITDA, which includes the net impact of the pass through pricing model operated by the business. ​ Segmental revenues are derived from sales to external customers. Inter-segmental revenue is not material. ​ Reconciliation of profit/(loss) for the period to Adjusted EBITDA ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30,
​ |  | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Profit/(loss) for the period |  | 5 | ​ | 2 | ​ | — | ​ | (10)
Income tax charge/(credit) |  | 10 | ​ | 2 | ​ | 6 | ​ | (7)
Net finance expense |  | 67 | ​ | 51 | ​ | 117 | ​ | 86
Depreciation and amortization |  | 114 | ​ | 113 | ​ | 225 | ​ | 222
Exceptional operating items |  | 14 | ​ | 10 | ​ | 17 | ​ | 21
Adjusted EBITDA | ​ | 210 | ​ | 178 | ​ | 365 | ​ | 312
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Segment results for the three months ended June 30, 2025 and 2024 are: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Revenue | ​ | Adjusted EBITDA
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe | ​ | 615 | ​ | 566 | ​ | 77 | ​ | 79
Americas |  | 840 | ​ | 693 | ​ | 133 | ​ | 99
Group | ​ | 1,455 | ​ | 1,259 | ​ | 210 | ​ | 178
​ Segment results for the six months ended June 30, 2025 and 2024 are: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Revenue | ​ | Adjusted EBITDA
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe |  | 1,143 | ​ | 1,047 | ​ | 126 | ​ | 122
Americas |  | 1,580 | ​ | 1,353 | ​ | 239 | ​ | 190
Group | ​ | 2,723 | ​ | 2,400 | ​ | 365 | ​ | 312
​ One customer accounted for greater than 10% of total Group revenue across both reportable segments in the three and six months ended June 30, 2025 (2024: one). Within each reportable segment our respective packaging containers have similar production processes and classes of customers. Further, they have similar economic characteristics, as evidenced by similar profit margins, similar degrees of risk and similar opportunities for growth. Based on the foregoing, we do not consider that they constitute separate product lines and, therefore, additional disclosures relating to product lines are not necessary. ​ ​ ​ ​ The following illustrates the disaggregation of revenue by destination for the three months ended June 30, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | North | ​ | Rest of the | ​ | ​
​ | ​ | Europe | ​ | America | ​ | world | ​ | Total
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe | ​ | 605 | ​ | 1 | ​ | 9 | ​ | 615
Americas | ​ | — | ​ | 717 | ​ | 123 | ​ | 840
Group | ​ | 605 | ​ | 718 | ​ | 132 | ​ | 1,455
The following illustrates the disaggregation of revenue by destination for the three months ended June 30, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | North | ​ | Rest of the | ​ | ​
​ | ​ | Europe | ​ | America | ​ | world | ​ | Total
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe | ​ | 562 | ​ | — | ​ | 4 | ​ | 566
Americas | ​ | — | ​ | 594 | ​ | 99 | ​ | 693
Group | ​ | 562 | ​ | 594 | ​ | 103 | ​ | 1,259
The following illustrates the disaggregation of revenue by destination for the six months ended June 30, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | North | ​ | Rest of the | ​ | ​
​ | ​ | Europe | ​ | America | ​ | world | ​ | Total
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe | ​ | 1,125 | ​ | 3 | ​ | 15 | ​ | 1,143
Americas | ​ | — | ​ | 1,333 | ​ | 247 | ​ | 1,580
Group | ​ | 1,125 | ​ | 1,336 | ​ | 262 | ​ | 2,723
The following illustrates the disaggregation of revenue by destination for the six months ended June 30, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | North | ​ | Rest of the | ​ | ​
​ | ​ | Europe | ​ | America | ​ | world | ​ | Total
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Europe | ​ | 1,036 | ​ | 1 | ​ | 10 | ​ | 1,047
Americas | ​ | — | ​ | 1,147 | ​ | 206 | ​ | 1,353
Group | ​ | 1,036 | ​ | 1,148 | ​ | 216 | ​ | 2,400
The following illustrates the disaggregation of revenue based on the timing of transfer of goods and services:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30,
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
​ | ​ | $'m | ​ | $'m | ​ | $'m | ​ | $'m
Over time | ​ | 1,162 | ​ | 994 | ​ | 2,191 | ​ | 1,910
Point in time | ​ | 293 | ​ | 265 | ​ | 532 | ​ | 490
Group | ​ | 1,455 | ​ | 1,259 | ​ | 2,723 | ​ | 2,400
​

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