Amcor (AMCR) official guidance

Fundamentally, you are correct in how you are observing what is implied, both in terms of the transition period and into 2027, which is fundamentally mid-single digit EBITDA growth.

We expect adjusted EPS to be in the range of $1.80-$1.90 per share, which reflects continued improvement in our operating performance, partially offset by higher interest and tax expense.

Against this backdrop, we have line of sight to delivering double-digit adjusted EPS growth in calendar year 2027.

we expect a $0.04 per share unfavorable impact from the divestitures that we have completed to date, which results in baseline prior year adjusted EPS of $1.79.

From there, we expect a $0.10-$0.12 unfavorable impact from higher interest and taxes and a $0.13-$0.21 positive impact to adjusted EPS from synergy capture and net operating performance, which represents roughly double-digit growth at the midpoint.

From there, we expect a $0.10-$0.12 unfavorable impact from higher interest and taxes and a $0.13-$0.21 positive impact to adjusted EPS from synergy capture and net operating performance, which represents roughly double-digit growth at the midpoint.

Then, as you just said, roughly $2.5 billion of free cash flow would be a combination of the natural cash flow capabilities of the business, EBITDA minus CapEx, minus the interest in taxes, plus the $500 million of return from the Middle East.

We expect leverage to be in the range of 3.5x-3.6x on December 31st, 2026, in line with seasonally lower earnings and cash flow generation in the September and December quarters.

The transaction is behind us. We would expect more in the $50 million range for the integration-related cost.

The assumption embedded in the $1.80- $1.90 for the transition period volume assumption is flat to very modestly up.

If you put that into the $100 million to $300 million range, I think that's a fair assumption for this first six months, if you will.

Importantly, we target recovering more than $500 million in cash over the next 12 months, primarily driven by the reversal of working capital impacts related to the Middle East conflict and other initiatives to structurally improve working capital.

For the transition period, the Company expects Adjusted EPS of approximately $1.80 to $1.90, and leverage on December 31, 2026 of 3.5x - 3.6x.1

For the transition period, the Company expects Adjusted EPS of approximately $1.80 to $1.90, and leverage on December 31, 2026 of 3.5x - 3.6x.1

Capital spending of $687 million is up compared with the prior year, and we continue to expect fiscal 2026 capital spending to be in the range of $850 million-$900 million.

Finally, we expect adjusted EPS to be in the range of $3.98-$4.03 per share for fiscal year 2026, representing strong growth of roughly 12% at the midpoint, driven primarily by synergy realization.

This implies fourth quarter adjusted EPS growth of approximately 20% and will result in EPS growth of approximately 12% for fiscal 2026.

This will impact the timing of our previously assumed fiscal 2026 working capital improvements, and as a result, we now expect free cash flow to be in the range of $1.5 billion-$1.6 billion.

G&A and procurement synergies continue to ramp up as planned, and we have clear line of sight to achieving our targets of approximately $160 million in year one and approximately $325 million by fiscal 2028.

Finally, growth synergies continue to track well against our $280 million three-year annualized revenue target with annualized revenue now exceeding $110 million.