Ardagh Metal Packaging (AMBP) manufactures aluminum beverage cans and can ends, selling directly to major beverage companies including AB InBev, Coca-Cola, PepsiCo, Heineken, Monster Beverage, and Celsius Holdings, among others. Over 80% of revenue is locked in under multi-year contracts of two to seven years. AMBP operates two segments: Americas (~58% of revenue), with plants in the U.S. and Brazil, and Europe (~42% of revenue), with 12 plants across seven countries. AMBP earns revenue on a per-unit basis, and profitability is driven by volume, mix, and cost management. The cost structure is heavily fixed, so high utilization rates are critical — AMBP runs most of its network in the high 90s. Specialty cans (slim, sleek, and non-standard sizes), which carry higher margins than standard cans, represented 51% of total shipments in FY25 and are growing faster than standard formats. Aluminum, the primary input, is purchased under three-year contracts, and most customer contracts include pass-through mechanisms for aluminum price swings, protecting absolute dollar margins. Multi-year contracts also include provisions to recover non-metal cost inflation. AMBP's growth strategy focuses on organic volume growth, mix improvement toward specialty cans and faster-growing categories like energy drinks and sparkling water, and brownfield capacity additions within existing facilities in Europe, where the beverage can market remains underpenetrated relative to North America.