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Adjusted EBITDA growth of 15% significantly exceeded guidance, primarily driven by strong input cost recovery and favorable timing from freight-related hedging in Europe.

Global volume declines of 1% were in line with expectations, reflecting the cycling of strong prior-year comparables and planned contract resets in North America.

European performance benefited from a favorable mix shift toward specialty cans and strong underlying growth in carbonated soft drinks and energy categories.

Brazil delivered 14% shipment growth, outperforming the industry due to a favorable customer mix and strong summer demand in the early part of the quarter.

North American operations faced a challenging environment characterized by adverse weather and aluminum supply chain disruptions, which increased operational costs.

Management attributes the overall resilience to robust pass-through mechanisms and a strategic energy hedging program that mitigates geopolitical volatility.

Full-year 2026 adjusted EBITDA guidance is reaffirmed at $750 million to $775 million, assuming moderate input cost increases in the second half.

North America is viewed as being in a transition year, with a return to growth expected in 2027 supported by additional contracted filling locations.

Energy cost exposure is heavily mitigated through 2026, with over 85% of requirements covered by hedges, extending to over 60% coverage for 2028.

The company plans measured capacity additions in Spain and the U.K. to address tight regional supply and capture growth in high-demand specialty can sizes.

Management anticipates a more favorable volume environment in the second half of 2026 as supply chain disruptions in North America moderate.

A jury awarded AMP approximately $175 million in damages plus interest in a breach of contract lawsuit against Boston Beer; however, the timing of realization remains uncertain due to potential appeals.

Supply chain challenges in North America, including metal supply disruptions and weather, resulted in a mid-to-high single-digit million dollar drag on Q1 EBITDA.

The Middle East conflict is expected to drive moderate increases in certain direct material costs, such as coatings, during the second half of the year.

Net leverage increased slightly to 5.7x following the refinancing of preferred shares, though underlying metrics declined when excluding this impact.

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Management clarified that cost headwinds are primarily in the coatings category due to potential oil price elevation impacting pass-through provisions.

The scale of these increases is considered manageable within the existing full-year guidance range.

Disruptions caused a loss of 1 to 2 points of growth in the quarter across ends and cans.

The situation is improving as overseas metal arrives and new domestic mills begin to ramp up production.

The Q1 beat included a mid-single-digit million dollar benefit from freight hedge revaluation, which may partially reverse depending on commodity trends.

Underlying strength remains supported by specialty can growth and high utilization across the European network.

Management noted that while retail prices have risen significantly over recent years, promotional activity remains strong and the can continues to gain share from other substrates.

There is no evidence yet of significant demand destruction despite broader inflationary pressures on the consumer.

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