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Sojern Unveils its 2025 State of Destination Marketing Report

SAN FRANCISCO, Feb. 4, 2025 /PRNewswire/ — Sojern, the leading digital marketing platform built for travel, is excited to announce the launch of the “State of Destination Marketing 2025” report for destination marketing organizations (DMOs). This report, produced through a partnership between Sojern and Benchmark Research Partners—and supported by Brand USA, Destination Canada, the European Travel Commission, and the Caribbean Tourism Organization—builds off the 2024 report and highlights current destination marketing trends.

Sojern_Logo_V1
Sojern_Logo_V1

“A striking 85% of DMOs are maintaining or increasing digital advertising budgets compared to last year,” said Noreen Henry, Chief Revenue Officer at Sojern. “As DMOs invest more into their budgets and adopt more sophisticated strategies, they must continue to demonstrate return on that investment, which requires them to leverage advanced tools and data to engage travelers throughout the marketing funnel.”

With insights from nearly 200 global DMOs, government departments, and affiliated tourism entities, the report uncovers just how resilient digital advertising is.

Complex Campaigns, Rising Challenges

DMOs face challenges such as managing limited resources while showing clear results, rising expectations, and technological change. The pressure is high to deliver results, and the resulting multichannel campaigns are more technical and complex. While 60% use clicks as their top metric, 54% struggle to demonstrate clear ROI and 37% identify tracking and attribution as key challenges when managing full-funnel campaigns.

Currently, 83% of respondents focus on programmatic advertising. Programmatic’s trackability, precision, and cost effectiveness enables DMOs to make smarter, data-driven decisions. 

Display ads (97%), social media advertising (90%), and search engine marketing (80%) remain the dominant channels in DMOs’ paid media strategy.

AI Adoption: A Growing Opportunity

Artificial intelligence (AI) is reshaping destination marketing, with 63% of DMOs using it for content creation. Only 28% use AI for data analysis, highlighting a massive opportunity to use AI for deeper insights and more effective decision-making. Addressing resource limitations and training gaps will be critical to unlocking AI’s full potential.

Always-On Campaigns vs. Traditional Seasonal Campaigns

While DMOs have traditionally preferred to run seasonal campaigns, the report revealed that 52% are now favoring always-on campaigns over seasonal ones (40%). Always-on campaigns drive results, with 42% reporting improved brand awareness as the most significant impact an always-on marketing strategy has on overall campaign performance.

DMOs are getting better at crafting campaigns for specific audiences–for example, 66% are extensively focusing on outdoor enthusiasts–but only 15% are using advanced personalization techniques that adjust offerings in real time across channels. This leaves a huge opportunity to create more tailored experiences for travelers at every stage of their journey.

Brand-building is Emerging as a Top Priority

For the past four years since the COVID-19 pandemic, DMOs needed to drive bookings and deliver short-term results to enable business to bounce back. Now that the industry has stabilized, DMOs are rebalancing, with campaigns taking a long-term strategic approach. As a result, brand awareness has become more important, and this shift is clear in how campaigns are being run—now split 50/50 between stage-specific and full-funnel strategies, a big change from 2024 when full-funnel dominated at 70%.

The Promise and Challenges of Data

Data is one of the most powerful tools DMOs have, but figuring out how to use it effectively is no easy task. More than half (51%) of DMOs say data analysis is a major challenge, and 45% struggle to turn that data into actionable strategies. Still, these hurdles present an opportunity for DMOs to stand out by using data to create campaigns that hit the mark. The report shows that most DMOs are already leveraging data—84% for digital marketing insights, 75% for tracking visitor stats, and 69% for market research.

Co-op Marketing: Collaboration Gains Traction

Co-op marketing continues to grow, particularly in Europe, where the report revealed that participation increased by 16% year-over-year. By partnering with hotels, attractions, and airlines, DMOs can pool resources, extend campaign reach, and better scale efforts.

Social Media Dominates, but Video Adoption is Growing

Social media remains central, with 91% of DMOs using it for marketing and 99% ranking Facebook and Instagram among their top five channels. However, connected TV (CTV) and short-form video are gaining traction as emerging formats, offering significant potential for DMOs to create immersive, visually rich campaigns that resonate deeply with travelers. 

To see the full survey methodology, download the “State of Destination Marketing 2025” report here.

About Sojern

Sojern is a leading travel marketing platform designed to boost growth and profitability for the travel industry. The Sojern Travel Marketing Platform is a set of easy-to-use software and services that delivers unrivaled traveler insight, intelligent audiences, multichannel activation and optimization, and a connected guest experience—all in one place. More than 10,000 travel marketers rely on our platform annually to find, attract, convert and engage travelers. Founded in 2007, Sojern is headquartered in San Francisco, California with teams in the Americas, Europe, Middle East and Africa, and Asia Pacific.

About Benchmark Research Partners

Benchmark Research Partners conducts studies to help industry participants understand market changes and opportunities through peer benchmarking data.

Quantinuum Announces Generative Quantum AI Breakthrough with Massive Commercial Potential

Quantinuum Unveils Generative Quantum AI Framework that Harnesses Unique Quantum-Generated Data to Tackle Complex Problems Impossible for Classical Computing

BROOMFIELD, Colo. and LONDON, Feb. 4, 2025 /PRNewswire/ — Quantinuum today announced a groundbreaking Generative Quantum AI framework (Gen QAI) – leveraging unique quantum-generated data to enable commercial applications in areas ranging from the development of new medicines, precise predictive modeling of financial markets and real-time optimization of global logistics and supply chains. The potential of these three capabilities alone is immense, and this framework is set to unlock solutions to other complex problems that classical computing cannot address.

Quantinuum's System Model H2, the world's highest performing commercially available quantum computer.
Quantinuum’s System Model H2, the world’s highest performing commercially available quantum computer.

For the first time, data generated by Quantinuum’s powerful H2 quantum computer can be harnessed to train AI systems, significantly enhancing the fidelity of AI models, allowing them to tackle challenges previously deemed unsolvable. Through this achievement, Quantinuum is setting a new standard for AI training and problem-solving across various industries.

“We are at one of those moments where the hypothetical is becoming real and the breakthroughs made possible by the precision of this quantum-generated data will create transformative commercial value across countless sectors. Gen QAI is a direct result of our full-stack capabilities and our leadership in hybrid classical-quantum computing, delivering an entirely new approach that stands to revolutionize AI,” said Dr. Raj Hazra, President and CEO of Quantinuum. On February 4, Dr. Hazra will join an expert panel at the 2025 International Year of Quantum (IYQ) ceremony in Paris to share further insights into our groundbreaking Gen QAI development.

 “While some may suggest that a standalone quantum computer is still years away, the commercial opportunities from this breakthrough are here and now,” said Dr. Thomas Ehmer from the Healthcare business sector of Merck KGaA, Darmstadt, Germany. “The generation of meaningful synthetic data, specifically when you do not have many training data, is nontrivial and we see it as a new era for AI unlocked by quantum technologies. The Helios system, launching later this year will hopefully enable AI to be used in unprecedented ways and unlocking transformative potential across industries.”

Gen QAI leverages the unique capabilities of quantum computing to explore data complexities far beyond what classical computing systems and GPUs can handle. Quantinuum is collaborating with industry partners on Generative AI projects that harness the power of quantum computing in sectors such as automotive, pharmaceuticals and materials science. In the coming months, Quantinuum will share results from ongoing collaborations, showcasing the groundbreaking potential of quantum-driven advancements in Generative AI.

One notable collaboration is with the HPE Group in Italy, focusing on utilizing quantum computing in the automotive sector. 

Enzo Ferrari, Executive Vice President of HPE Group, stated, “At HPE, we have a long-standing tradition of employing cutting-edge technologies for our clients in the motorsport industry. We are thrilled about our collaboration with Quantinuum, leveraging quantum-generated data for applications such as battery development, aerodynamic optimization and fuel innovation.”

As quantum computing gains significance globally, Quantinuum anticipates that its upcoming Helios system will exponentially extend computational capabilities, operational by mid-2025 for applications in drug discovery and addressing climate challenges. In particular, the innovative Gen QAI capability will enhance and accelerate the use of Metallic Organic Frameworks for drug delivery, paving the way for more efficient and personalized treatment options, with details to be unveiled at the launch of Helios.

This announcement also comes on the heels of Quantinuum’s recently expanded partnership with SoftBank, underscoring the company’s accelerating commercial momentum.

About Quantinuum  

Quantinuum, the world’s largest and leading integrated quantum company, pioneers powerful quantum computers and advanced software solutions. Quantinuum’s technology drives breakthroughs in materials discovery, cybersecurity, and next-gen quantum AI. With over 500 employees, including 370+ scientists and engineers, Quantinuum leads the quantum computing revolution across continents. 

For more information, please visit the website at www.quantinuum.com  

 

Amcor reports second quarter and first half result. Reaffirms fiscal 2025 outlook

December 2024 Quarter Highlights:

  • Further sequential improvement in year over year volume growth;
  • Net sales of $3,241 million;
  • GAAP Net income of $163 million; GAAP diluted earnings per share (EPS) of 11.3 cps;
  • Adjusted EBIT of $363 million, up 5% on a comparable constant currency basis;
  • Adjusted EPS of 16.1 cps, up 5% on a comparable constant currency basis; and
  • Announced highly complementary and financially compelling combination with Berry Global

Fiscal 2025 First Half Highlights:

  • Net sales of $6,594 million;
  • GAAP Net income of $354 million; GAAP diluted EPS of 24.4 cps;
  • Adjusted EBIT of $728 million, up 4% on a comparable constant currency basis; and
  • Adjusted EPS of 32.2 cps, up 5% on a comparable constant currency basis.

Fiscal 2025 outlook reaffirmed:

  • Adjusted EPS of 72-76 cents per share; Adjusted Free Cash Flow of $900-1,000 million.

ZURICH, Feb. 4, 2025 /PRNewswire/ —

Amcor delivers another quarter of solid earnings and volume growth; Reaffirms FY25 guidance;

Combination with Berry Global to significantly enhance value for our customers and shareholders

CEO Peter Konieczny said: “Amcor delivered a solid second quarter result aligned with the expectations we set out in October, giving us the confidence to again reaffirm our guidance for the fiscal year. We continued to execute well on our underlying business, delivering our fourth consecutive quarter of sequential volume improvement.  Margins continued to expand, supporting adjusted EBIT and EPS growth of 5% on a comparable basis for the quarter.”

“We also announced the next transformational step for Amcor, agreeing to combine with Berry Global.  Bringing these two companies together will deliver on our strategy to become an even stronger company with accelerated volume-driven organic growth achieved through an unwavering focus on our customers, sustainability and portfolio mix. The combined company will have enhanced positions in attractive categories, the material science and innovation capabilities required to further revolutionize product development and a broader, more complete portfolio of primary packaging solutions for consumer and healthcare customers. With faster growth and $650 million of identified synergies, this combination will drive significant near and long term value for all shareholders. The path to completion is well advanced and we remain on track to close in mid calendar year 2025.”

Key Financials

Six Months Ended December 31,

GAAP results

2023 $ million

2024 $ million

Net sales

6,694

6,594

Net income attributable to Amcor plc

286

354

EPS (diluted US cents)

19.8

24.4

Comparable
constant
currency ∆%

Six Months Ended December 31,

Reported ∆%

Adjusted non-GAAP results(1)

2023 $ million

2024 $ million

Net sales

6,694

6,594

(1)

(1)

EBITDA

913

919

1

2

EBIT

709

728

3

4

Net income

453

467

3

5

EPS (diluted US cents)

31.3

32.2

3

5

Free Cash Flow

52

(38)

(1) Adjusted non-GAAP results exclude items which are not considered representative of ongoing operations. Comparable constant currency ∆% excludes the impact of movements in foreign exchange rates and items affecting comparability.  Further details related to non-GAAP measures and reconciliations to GAAP measures can be found under “Presentation of non-GAAP information” in this release. Note: All amounts referenced throughout this document are in US dollars unless otherwise indicated and numbers may not add up precisely to the totals provided due to rounding.

Shareholder returns

Dividend

The Amcor Board of Directors today declared a quarterly cash dividend of 12.75 cents per share (compared with 12.5 cents per share in the same quarter last year). The dividend will be paid in US dollars to holders of Amcor’s ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 20.40 Australian cents per share, which reflects the quarterly dividend of 12.75 cents per share converted at an AUD:USD average exchange rate of 0.6251 over the five trading days ended January 31, 2025.

The ex-dividend date will be February 25, 2025 for holders of CDIs trading on the ASX and February 26, 2025 for holders of shares trading on the NYSE. For all shareholders, the record date will be February 26, 2025 and the payment date will be March 18, 2025.

 Financial results – Six Months Ended December 31, 2024

Segment information

Six Months Ended December 31, 2023

Six Months Ended December 31, 2024

Adjusted non-GAAP
results

Net sales
$ million

EBIT
$ million

EBIT /
Sales %

EBIT / Average
funds employed
%(1)

Net sales
$ million

EBIT
$ million

EBIT /
Sales %

EBIT / Average
funds employed
%(1)

Flexibles

5,049

634

12.6

5,062

651

12.9

Rigid Packaging

1,645

113

6.9

1,532

115

7.5

Other(2)

(38)

(38)

Total Amcor

6,694

709

10.6

14.5

6,594

728

11.0

15.0

(1) Return on average funds employed includes shareholders’ equity and net debt, calculated using a four quarter average and last twelve months adjusted EBIT.

(2) Represents corporate expenses.

Six months ended December 31, 2024:

Net sales of $6,594 million were 1% lower than last year on a reported basis, including an unfavorable impact of approximately 1% related to movements in foreign exchange rates. The pass through of lower raw material costs had no material impact on net sales.

Volumes were up 2% compared with the same six month period last year. Price/mix had an unfavorable impact of approximately 3%, primarily due to expected lower volumes in high value healthcare categories. On a comparable constant currency basis, net sales were down less than 1% compared with last year.

Adjusted EBIT of $728 million was 4% higher than last year on a comparable constant currency basis reflecting higher volumes and strong cost performance, partly offset by unfavorable impacts from price/mix. Adjusted EBIT margin improved to 11.0%, a 40 basis point increase over the prior year.

December 2024 quarter:

Net sales of $3,241 million were in line with last year on a reported basis, including an unfavorable impact of approximately 1% related to movements in foreign exchange rates and a favorable impact of 1% related to the pass through of higher raw material costs of approximately $20 million.

Volumes were up 2.3% compared with last year, improving on first quarter year over year volume growth of 1.6% and the fourth consecutive quarter of sequential volume improvement. As expected, destocking continued in healthcare and demand remained soft in the North America beverage business through the December quarter, unfavorably impacting overall volumes by more than 1%.  Across the balance of the business, overall volume growth was consistent with the first quarter, up approximately 4%.  Price/mix had an unfavorable impact of approximately 2% primarily due to lower volumes in high value healthcare categories. On a comparable constant currency basis, sales returned to growth in the December quarter and were marginally higher than last year.

Adjusted EBIT of $363 million was approximately 5% higher than last year on a comparable constant currency basis.

Higher volumes, continued strong cost performance and benefits from restructuring initiatives were partly offset by unfavorable impacts from price/mix.  Adjusted EBIT margin  improved to 11.2%, a 40 basis point increase over the prior year.

Flexibles segment – December 2024 quarter

Three Months Ended December 31,

Reported
∆%

Comparable
constant
currency ∆%

2023 $ million

2024 $ million

Net sales

2,481

2,511

1

1

Adjusted EBIT

312

322

3

4

Adjusted EBIT / Sales %

12.6

12.8

Net sales of $2,511 million were 1% higher than last year on a reported basis. Unfavorable movements in foreign exchange rates and favorable impacts related to the pass through of higher raw material costs each had an offsetting impact on net sales of approximately 1%.

Volumes were up approximately 3% compared with the prior year with continued growth across all key regions. As expected, destocking continued in healthcare, unfavorably impacting overall segment volumes by approximately 1%. Across the balance of the Flexibles business, overall volumes were approximately 4% higher than the prior year. Price/mix had an unfavorable impact on net sales of approximately 2%, primarily due to lower volumes in high value healthcare categories. On a comparable constant currency basis net sales were approximately 1% higher than last year.

In North America, net sales grew at low single digit rates on a comparable constant currency basis driven by mid single digit volume growth, partly offset by unfavorable price/mix. Volumes were higher across a broad range of categories including meat, dairy, liquids and fresh & frozen foods and this was partly offset by lower volumes in categories including snacks & confectionary and pharmaceutical.

In Europe, net sales grew at low single digit rates on a comparable constant currency basis driven by mid single digit volume growth, partly offset by unfavorable price/mix. Volumes were higher in the dairy, single serve coffee, home & personal care and pet care end markets and this was partly offset by lower volumes in categories including snacks & confectionary and healthcare.

Across Asia, net sales grew at high single digit rates on a comparable constant currency basis driven by mid single digit volume growth and modest price/mix benefits. Volumes were higher in China and across the South East Asia region. In Latin America, net sales on a comparable constant currency basis grew at low single digit rates primarily driven by favorable price/mix benefits. Volumes were broadly in line with last year.

Adjusted EBIT of $322 million was 4% higher than last year on a comparable constant currency basis. The positive impact of higher volumes and strong cost performance was partly offset by unfavorable price/mix. Adjusted EBIT margin of 12.8% was 20 basis points higher than last year.

Flexibles segment –  December YTD

Six Months Ended December 31,

Reported
∆%

Comparable
constant
currency ∆%

2023 $ million

2024 $ million

Net sales

5,049

5,062

Adjusted EBIT

634

651

3

4

Adjusted EBIT / Sales %

12.6

12.9

Net sales of $5,062 million were up modestly compared with last year on a reported basis. Unfavorable movements in foreign exchange rates and favorable impacts related to the pass through of higher raw material costs each had an offsetting impact on net sales of approximately 1%.

Volumes were up approximately 3% compared with the prior year with growth delivered across all key regions. Destocking in healthcare categories unfavorably impacted overall segment volumes by approximately 1%. Price/mix had an unfavorable impact on net sales of approximately 3%, primarily due to lower volumes in high value healthcare categories. On a comparable constant currency basis net sales were in line with last year.

In North America, net sales were up low single digits on a comparable constant currency basis, driven by low to mid single digit volume growth partly offset by unfavorable price/mix.

In Europe, net sales were in line with last year on a comparable constant currency basis, driven by mid single digit volume growth offset by unfavorable price/mix.

Across Asia, net sales on a comparable constant currency basis and volumes increased at mid single digit rates with growth in India and China partly offset by lower volumes in South East Asia. In Latin America, net sales on a comparable constant currency basis and volumes increased at low to mid single digit rates, largely driven by growth in Brazil and Peru.

Adjusted EBIT of $651 million was approximately 4% higher than last year on a comparable constant currency basis. The positive impact of higher volumes, favorable cost performance and benefits from restructuring initiatives was partly offset by unfavorable price/mix. Adjusted EBIT margin of 12.9% was 30 basis points higher than last year.

Rigid Packaging segment – Dec 2024 quarter

Three Months Ended December 31,

Reported
∆%

Comparable
constant
currency ∆%

2023 $ million

2024 $ million

Net sales

770

730

(5)

(1)

Adjusted EBIT

51

53

5

10

Adjusted EBIT / Sales %

6.6

7.3

Net sales of $730 million were 5% lower than last year on a reported basis, including an unfavorable impact of approximately 2% related to movements in foreign exchange rates and an unfavorable impact of approximately 2% related to the pass through of lower raw material costs of approximately $15 million.

On a comparable constant currency basis, net sales were approximately 1% lower than last year reflecting an unfavorable price/mix impact of approximately 2% partly offset by approximately 1% higher volumes.

As expected, consumer and customer demand remained soft and variable in the North America beverage business and volumes and comparable net sales declined at mid single digit rates.  In Latin America, net sales were up mid single digits on a comparable constant currency basis reflecting favorable price/mix.  Across the balance of the Rigid Packaging business volumes were higher than last year.

Adjusted EBIT of $53 million was 10% higher than last year on a comparable constant currency basis, reflecting benefits from continued cost actions and higher volumes, partly offset by unfavorable price/mix.  Adjusted EBIT margin of 7.3% was 70 basis points higher than last year.

Rigid Packaging segment – December YTD

Six Months Ended December 31,

Reported
∆%

Comparable
constant
currency ∆%

2023 $ million

2024 $ million

Net sales

1,645

1,532

(7)

(3)

Adjusted EBIT

113

115

2

6

Adjusted EBIT / Sales %

6.9

7.5

Net sales of $1,532 million were 7% lower than last year on a reported basis, including an unfavorable impact of approximately 2% related to movements in foreign exchange rates and an unfavorable impact of approximately 2% related to the pass through of lower raw material costs of approximately $40 million.

On a comparable constant currency basis, net sales were approximately 3% lower than last year reflecting approximately 2% lower volumes and an unfavorable price/mix impact of approximately 1%.

North America beverage comparable net sales and volumes declined at mid single digit rate. In Latin America, comparable net sales were up mid single digits, primarily reflecting favorable price/mix benefits. Across the balance of the Rigid Packaging business volumes were higher than last year.

Adjusted EBIT of $115 million was approximately 6% higher than last year on a comparable constant currency basis, with the impact of lower volumes and unfavorable price/mix more than offset by benefits from cost actions. Adjusted EBIT margin of 7.5% was 60 basis points higher than last year.

Net interest and income tax expense

For the six months ended December 31, 2024, net interest expense of $147 million compares with $153 million last year. GAAP income tax expense was $101 million compared with $67 million last year. Adjusted tax expense for the six months ended December 31, 2024 of $108 million compared with $99 million last year. Adjusted tax expense for the six months ended December 31, 2024 represents an effective tax rate of 18.6%, compared with 18.0% in the prior year.

Adjusted Free Cash Flow

For the six months ended December 31, 2024, adjusted free cash outflow was $38 million, in line with the company’s expectations and compares with an inflow of $52 million last year.

Net debt was $6,496 million at December 31, 2024 and leverage, measured as net debt divided by adjusted trailing twelve month EBITDA, was 3.3 times and in line with expectations. Leverage is expected to be at or below 3.0x at June 30, 2025.

Fiscal 2025 Guidance reaffirmed

For the twelve month period ending June 30, 2025, the Company continues to expect:

  • Adjusted EPS of approximately 72 to 76 cents per share, which represents comparable constant currency growth of 3% to 8% (includes approximately 4% headwind related to normalization of incentive compensation payments) compared with 70.2 cents per share in fiscal 2024.
    • Assuming current exchange rates prevail through fiscal 2025, movements in exchange rates are not expected to have a material impact on reported EPS.
  • Adjusted Free Cash Flow of approximately $900 million to $1,000 million.

Amcor’s guidance contemplates a range of factors which create a degree of uncertainty and complexity when estimating future financial results. Further information can be found under ‘Cautionary Statement Regarding Forward-Looking Statements’ in this release. Reconciliations of the fiscal 2025 projected non-GAAP measures are not included herein because the individual components are not known with certainty as individual financial statements for fiscal 2025 have not been completed. Amcor’s guidance does not factor in any potential impact from the merger with Berry Global which may arise if the transaction closes before fiscal 2025 year end.

Conference Call

Amcor is hosting a conference call with investors and analysts to discuss these results on Tuesday February 4, 2025 at 8:00am US Eastern Standard Time / Wednesday February 5, 2025 at 12:00am Australian Eastern Daylight Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the “Investors” section.

Those wishing to access the call should use the following toll-free numbers, with the Conference ID: 2990465

  • USA: 800 715 9871 (toll free)
  • USA: 646 307 1963 (local)
  • Australia: 1800 519 630 (toll free), 02 9133 7103 (local)
  • United Kingdom: 0800 358 0970 (toll free), 020 3433 3846 (local)
  • Singapore: +65 3159 5133 (local)
  • Hong Kong: +852 3002 3410 (local)

From all other countries, the call can be accessed by dialing +1 646 307 1963 (toll).

A replay of the webcast will also be available in the ‘Investors” section at www.amcor.com following the call.

About Amcor

Amcor is a global leader in developing and producing responsible packaging solutions across a variety of materials for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect products, differentiate brands, and improve supply chains. The Company offers a range of innovative, differentiating flexible and rigid packaging, specialty cartons, closures and services. The company is focused on making packaging that is increasingly recyclable, reusable, lighter weight and made using an increasing amount of recycled content. In fiscal year 2024, 41,000 Amcor people generated $13.6 billion in annual sales from operations that span 212 locations in 40 countries.  NYSE: AMCR; ASX: AMC

www.amcor.com  I  LinkedIn  I  YouTube

Contact Information

Investors

Tracey Whitehead

Damien Bird

Damon Wright

Global Head of Investor Relations

Vice President Investor Relations Asia Pacific

Vice President Investor Relations North America

Amcor

Amcor

Amcor

+61 408 037 590

+61 481 900 499

+1 224 313 7141

tracey.whitehead@amcor.com 

damien.bird@amcor.com 

damon.wright@amcor.com 

Media – Australia

Media – Europe

Media – North America

James Strong

Ernesto Duran

Julie Liedtke

Managing Director

Head of Global Communications

Director, Media Relations

Sodali & Co

Amcor

Amcor

+61 448 881 174

+41 78 698 69 40

+1 847 204 2319

james.strong@sodali.com 

ernesto.duran@amcor.com 

julie.liedtke@amcor.com 

Amcor plc UK Establishment Address: 83 Tower Road North, Warmley, Bristol, England, BS30 8XP, United Kingdom

UK Overseas Company Number: BR020803

Registered Office: 3rd Floor, 44 Esplanade, St Helier, JE4 9WG, Jersey

Jersey Registered Company Number: 126984, Australian Registered Body Number (ARBN): 630 385 278

Cautionary Statement Regarding Forward-Looking Statements

This document contains certain statements that are “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like “believe,” “expect,” “target,” “project,” “may,” “could,” “would,” “approximately,” “possible,” “will,” “should,” “intend,” “plan,” “anticipate,” “commit,” “estimate,” “potential,” “ambitions,” “outlook,” or “continue,” the negative of these words, other terms of similar meaning, or the use of future dates. Such statements, including projections as to the anticipated benefits of the proposed Transaction (as defined herein), the impact of the proposed Transaction on Amcor’s business and future financial and operating results and prospects, and the amount and timing of synergies from the proposed Transaction, are based on the current estimates, assumptions, projections and expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties many of which are beyond Amcor’s control. Neither Amcor nor any of its respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur or if any of them do occur, what impact they will have on the business, results of operations or financial condition of Amcor. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on Amcor’s business, the proposed Transaction and the ability to successfully complete the proposed Transaction and realize its expected benefits. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to: occurrence of any event, change or other circumstance that could give rise to the termination of the Agreement and Plan of Merger (“Merger Agreement”) in connection with the proposed merger (the “Transaction”) of Amcor and Berry Global Group, Inc. (“Berry”); risk that the conditions to the completion of the proposed Transaction with Berry (including shareholder and regulatory approvals) are not satisfied in a timely manner or at all; risks arising from the integration of the Amcor and Berry businesses; risk that the anticipated benefits of the proposed Transaction may not be realized when expected or at all; risk of unexpected costs or expenses resulting from the proposed Transaction; risk of litigation related to the proposed Transaction; risks related to the disruption of management’s time from ongoing business operations as a result of the proposed Transaction; risk that the proposed Transaction may have an adverse effect on our ability to retain key personnel and customers; general economic, market and social developments and conditions; evolving legal, regulatory and tax regimes under which we operate; potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed Transaction that could affect our financial performance; changes in consumer demand patterns and customer requirements in numerous industries; the loss of key customers, a reduction in their production requirements, or consolidation among key customers; significant competition in the industries and regions in which we operate; an inability to expand our current business effectively through either organic growth, including product innovation, investments, or acquisitions; challenging global economic conditions; impacts of operating internationally; price fluctuations or shortages in the availability of raw materials, energy, and other inputs which could adversely affect our business; production, supply, and other commercial risks, including counterparty credit risks, which may be exacerbated in times of economic volatility; pandemics, epidemics, or other disease outbreaks; an inability to attract and retain our global executive team and our skilled workforce and manage key transitions; labor disputes and an inability to renew collective bargaining agreements at acceptable terms; physical impacts of climate change; cybersecurity risks, which could disrupt our operations or risk of loss of our sensitive business information; failures or disruptions in our information technology systems which could disrupt our operations, compromise customer, employee, supplier, and other data; a significant increase in our indebtedness or a downgrade in our credit rating could reduce our operating flexibility and increase our borrowing costs and negatively affect our financial condition and results of operations; rising interest rates that increase our borrowing costs on our variable rate indebtedness and could have other negative impacts; foreign exchange rate risk; a significant write-down of goodwill and/or other intangible assets; a failure to maintain an effective system of internal control over financial reporting; an inability of our insurance policies, including our use of a captive insurance company, to provide adequate protection against all of the risks we face; an inability to defend our intellectual property rights or intellectual property infringement claims against us; litigation, including product liability claims or litigation related to Environmental, Social, and Governance (“ESG”), matters or regulatory developments; increasing scrutiny and changing expectations from investors, customers, suppliers, and governments with respect to our ESG practices and commitments resulting in additional costs or exposure to additional risks; changing ESG government regulations including climate-related rules; changing environmental, health, and safety laws; changes in tax laws or changes in our geographic mix of earnings; and other risks and uncertainties are supplemented by those identified from time to time in our filings with the Securities and Exchange Commission (the “SEC”), including without limitation, those described under Part I, “Item 1A – Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and as updated by our quarterly reports on Form 10-Q. You can obtain copies of Amcor’s filings with the SEC for free at the SEC’s website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.

Presentation of non-GAAP information

Included in this release are measures of financial performance that are not calculated in accordance with U.S. GAAP. These measures include adjusted EBITDA and EBITDA (calculated as earnings before interest and tax and depreciation and amortization), adjusted EBIT and EBIT (calculated as earnings before interest and tax), adjusted net income, adjusted earnings per share, adjusted free cash flow, net debt and synergies from the proposed Transaction.  In arriving at these non-GAAP measures, we exclude items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. Note that while amortization of acquired intangible assets is excluded from non-GAAP adjusted financial measures, the revenue of the acquired entities and all other expenses unless otherwise stated, are reflected in our non-GAAP financial performance earnings measures. While not all inclusive, examples of these items include: material restructuring programs, including associated costs such as employee severance, pension and related benefits, impairment of property and equipment and other assets, accelerated depreciation, termination payments for contracts and leases, contractual obligations, and any other qualifying costs related to restructuring plans; material sales and earnings from disposed or ceased operations and any associated profit or loss on sale of businesses or subsidiaries; changes in the fair value of economic hedging instruments on commercial paper and contingent purchase consideration; pension settlements; impairments in goodwill and equity method investments; material acquisition compensation and transaction costs such as due diligence expenses, professional and legal fees, and integration costs; material purchase accounting adjustments for inventory; amortization of acquired intangible assets from business combination; gains or losses on significant property and divestitures and significant property and other impairments, net of insurance recovery; certain regulatory and legal matters; impacts from highly inflationary accounting; expenses related to the Company’s Chief Executive Officer transition; and impacts related to the RussiaUkraine conflict.

Amcor also evaluates performance on a comparable constant currency basis, which measures financial results assuming constant foreign currency exchange rates used for translation based on the average rates in effect for the comparable prior year period. In order to compute comparable constant currency results, we multiply or divide, as appropriate, current-year U.S. dollar results by the current year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior-year average foreign exchange rates. We then adjust for other items affecting comparability. While not all inclusive, examples of items affecting comparability include the difference between sales or earnings in the current period and the prior period related to disposed, or ceased operations. Comparable constant currency net sales performance also excludes the impact from passing through movements in raw material costs.

Management has used and uses these measures internally for planning, forecasting and evaluating the performance of the Company’s reporting segments and certain of the measures are used as a component of Amcor’s Board of Directors’ measurement of Amcor’s performance for incentive compensation purposes. Amcor believes that these non-GAAP measures are useful to enable investors to perform comparisons of current and historical performance of the Company. For each of these non-GAAP financial measures, a reconciliation to the most directly comparable U.S. GAAP financial measure has been provided herein. These non-GAAP financial measures should not be construed as an alternative to results determined in accordance with U.S. GAAP. The Company provides guidance on a non-GAAP basis as we are unable to predict with reasonable certainty the ultimate outcome and timing of certain significant forward-looking items without unreasonable effort. These items include but are not limited to the impact of foreign exchange translation, restructuring program costs, asset impairments, possible gains and losses on the sale of assets, and certain tax related events. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP earnings and cash flow measures for the guidance period.

This document also includes certain projections of non-GAAP financial measures related to the combined company after the consummation of the proposed Transaction. Due to the high variability and difficulty in making accurate forecasts and projections in connection with the results of the combined company after the consummation of the proposed Transaction, together with certain information excluded from these projected non-GAAP financial measures not being ascertainable or accessible, Amcor is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP financial measures for such projected non-GAAP financial measures and no reconciliation of projected non-GAAP financial measure for the combined company to directly comparable GAAP measures has been included in this document.

Important Information for Investors and Shareholders

This communication does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction. It does not constitute a prospectus or prospectus equivalent document. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

In connection with the proposed transaction between Amcor plc (“Amcor”) and Berry Global Group (“Berry”), on January 13, 2025, Amcor filed with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4, as amended on January 21, 2025, containing a joint proxy statement of Amcor and Berry that also constitutes a prospectus of Amcor. The registration statement was declared effective by the SEC on January 23, 2025 and Amcor and Berry commenced mailing the definitive joint proxy statement/prospectus to their respective shareholders on or about January 23, 2025. INVESTORS AND SECURITY HOLDERS OF AMCOR AND BERRY ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain free copies of the registration statement and the definitive joint proxy statement/prospectus and other documents filed with the SEC by Amcor or Berry through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Amcor are available free of charge on Amcor’s website at amcor.com under the tab “Investors” and under the heading “Financial Information” and subheading “SEC Filings.”  Copies of the documents filed with the SEC by Berry are available free of charge on Berry’s website at berryglobal.com under the tab “Investors” and under the heading “Financials” and subheading “SEC Filings.”

Certain Information Regarding Participants

Amcor, Berry, and their respective directors and executive officers may be considered participants in the solicitation of proxies from the shareholders of Amcor and Berry in connection with the proposed transaction. Information about the directors and executive officers of Amcor is set forth in its Annual Report on Form 10-K for the year ended June 30, 2024, which was filed with the SEC on August 16, 2024, its proxy statement for its 2024 annual meeting, which was filed with the SEC on September 24, 2024, and its Current Report on Form 8-K, which was filed with the SEC on January 6, 2025. Information about the directors and executive officers of Berry is set forth in its Annual Report on Form 10-K for the year ended September 28, 2024, which was filed with the SEC on November 26, 2024, and its proxy statement for its 2025 annual meeting, which was filed with the SEC on January 7, 2025. Information about the directors and executive officers of Amcor and Berry and other information regarding the potential participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the definitive joint proxy statement/prospectus filed with the SEC and other relevant materials filed with or to be filed with the SEC regarding the proposed transaction when they become available. To the extent holdings of Amcor’s or Berry’s securities by its directors or executive officers have changed since the amounts set forth in the definitive joint proxy statement/prospectus, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. You may obtain these documents (when they become available) free of charge through the website maintained by the SEC at http://www.sec.gov and from Amcor’s or Berry’s website as described above.

Dividends

Amcor has received a waiver from the ASX’s settlement operating rules, which will allow the Company to defer processing conversions between its ordinary share and CDI registers from February 25, 2025 to February 26, 2025 inclusive.

U.S. GAAP Condensed Consolidated Statements of Income (Unaudited)

Three Months Ended December 31,

Six Months Ended December 31,

($ million)

2023

2024

2023

2024

Net sales

3,251

3,241

6,694

6,594

Cost of sales

(2,630)

(2,615)

(5,428)

(5,309)

Gross profit

621

626

1,266

1,285

Selling, general, and administrative expenses

(299)

(295)

(601)

(610)

Research and development expenses

(28)

(27)

(55)

(55)

Restructuring and other activities, net

(24)

(33)

(52)

(39)

Other income/(expenses), net

(28)

26

(46)

28

Operating income

242

297

512

609

Interest expense, net

(78)

(72)

(153)

(147)

Other non-operating income/(expenses), net

1

(1)

(2)

Income before income taxes and equity in
income/(loss) of affiliated companies

165

224

359

460

Income tax expense

(28)

(58)

(67)

(101)

Equity in income/(loss) of affiliated companies, net of tax

(1)

1

(2)

1

Net income

136

167

290

360

Net income attributable to non-controlling interests

(2)

(4)

(4)

(6)

Net income attributable to Amcor plc

134

163

286

354

USD:EUR average FX rate

0.9295

0.9379

0.9244

0.9238

Basic earnings per share attributable to Amcor

0.093

0.113

0.198

0.245

Diluted earnings per share attributable to Amcor

0.092

0.113

0.198

0.244

Weighted average number of shares outstanding –
Basic

1,439

1,443

1,439

1,442

Weighted average number of shares outstanding –
Diluted

1,440

1,446

1,440

1,445

U.S. GAAP Condensed Consolidated Statements of Cash Flows (Unaudited)

Six Months Ended December 31,

($ million)

2023

2024

Net income

290

360

Depreciation, amortization and impairment

295

267

Net gain on disposal of businesses

(8)

Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and
currency

(445)

(503)

Other non-cash items

88

43

Net cash provided by operating activities

228

159

Purchase of property, plant and equipment and other intangible assets

(245)

(243)

Proceeds from sales of property, plant and equipment and other intangible assets

11

7

Business acquisitions and investments in affiliated companies, and other

(22)

(11)

Proceeds from divestitures, net of cash divested

113

Net debt proceeds

257

267

Dividends paid

(361)

(366)

Share buyback/cancellations

(30)

Purchase of treasury shares, proceeds from exercise of options and tax withholdings for share-
based incentive plans

(51)

(38)

Other, including effect of exchange rate on cash and cash equivalents

(46)

(31)

Net decrease in cash and cash equivalents

(259)

(143)

Cash and cash equivalents balance at beginning of the year

689

588

Cash and cash equivalents balance at end of the period

430

445

U.S. GAAP Condensed Consolidated Balance Sheets (Unaudited)

($ million)

June 30, 2024

December 31, 2024

Cash and cash equivalents

588

445

Trade receivables, net

1,846

1,775

Inventories, net

2,031

2,126

Property, plant, and equipment, net

3,763

3,629

Goodwill and other intangible assets, net

6,736

6,590

Other assets

1,560

1,600

Total assets

16,524

16,165

Trade payables

2,580

2,380

Short-term debt and current portion of long-term debt

96

104

Long-term debt, less current portion

6,603

6,837

Accruals and other liabilities

3,292

3,053

Shareholders’ equity

3,953

3,791

Total liabilities and shareholders’ equity

16,524

16,165

Components of Fiscal 2025 Net Sales growth

Three Months Ended December 31,

Six Months Ended December 31,

($ million)

Flexibles

Rigid
Packaging

Total

Flexibles

Rigid
Packaging

Total

Net sales fiscal 2025

2,511

730

3,241

5,062

1,532

6,594

Net sales fiscal 2024

2,481

770

3,251

5,049

1,645

6,694

Reported Growth %

1

(5)

(7)

(1)

FX %

(1)

(2)

(1)

(1)

(2)

(1)

Constant Currency Growth %

2

(3)

1

1

(5)

(1)

RM Pass Through %

1

(2)

1

1

(2)

Items affecting comparability %

Comparable Constant Currency Growth %

1

(1)

(3)

(1)

Acquired operations %

Organic Growth %

1

(1)

(3)

(1)

Volume %

3

1

2

3

(2)

2

Price/Mix %

(2)

(2)

(2)

(3)

(1)

(3)

Reconciliation of Non-GAAP Measures

Reconciliation of adjusted Earnings before interest, tax, depreciation, and amortization (EBITDA), Earnings before interest and tax (EBIT), Net income, Earnings per share (EPS) and Adjusted Free Cash Flow

Three Months Ended December 31, 2023

Three Months Ended December 31, 2024

($ million)

EBITDA

EBIT

Net
Income

EPS
(Diluted
US
cents)(1)

EBITDA

EBIT

Net
Income

EPS
(Diluted
US
cents)

Net income attributable to Amcor

134

134

134

9.2

163

163

163

11.3

Net income attributable to non-controlling
interests

2

2

4

4

Tax expense

28

28

58

58

Interest expense, net

78

78

72

72

Depreciation and amortization

145

130

EBITDA, EBIT, Net income, and EPS

387

242

134

9.2

427

297

163

11.3

Impact of highly inflationary accounting

34

34

34

2.4

3

3

3

0.2

Restructuring and related expenses, net(2)

24

24

24

1.7

23

23

23

1.6

Other

9

9

9

0.6

Amortization of acquired intangibles(3)

43

43

3.0

40

40

2.8

Tax effect of above items

(17)

(1.2)

4

0.2

Adjusted EBITDA, EBIT, Net income and EPS

454

352

227

15.7

453

363

233

16.1

Reconciliation of adjusted growth to comparable constant currency growth

% growth – Adjusted EBITDA, EBIT, Net income, and EPS

3

3

3

% items affecting comparability

% currency impact

2

2

2

2

% comparable constant currency growth

2

5

5

5

Adjusted EBITDA

454

453

Interest paid, net

(94)

(91)

Income tax paid

(71)

(52)

Purchase of property, plant and equipment and
other intangible assets

(121)

(98)

Proceeds from sales of property, plant and
equipment and other intangible assets

7

6

Movement in working capital

60

153

Other

44

(13)

Adjusted Free Cash Flow

279

358

(1) Calculation of diluted EPS for the three months ended December 31, 2023 excludes net income attributable to shares to be repurchased under forward contracts of $1 million.

(2) Includes incremental restructuring and related expenses attributable to group wide initiatives to partly offset divested earnings from the Russian business.

(3) Amortization of acquired intangible assets from business combinations.

Six Months Ended December 31, 2023

Six Months Ended December 31, 2024

($ million)

EBITDA

EBIT

Net
Income

EPS
(Diluted
US
cents)(1)

EBITDA

EBIT

Net
Income

EPS
(Diluted
US
cents)(1)

Net income attributable to Amcor

286

286

286

19.8

354

354

354

24.4

Net income attributable to non-controlling
interests

4

4

6

6

Tax expense

67

67

101

101

Interest expense, net

153

153

147

147

Depreciation and amortization

287

270

EBITDA, EBIT, Net income, and EPS

797

510

286

19.8

878

608

354

24.4

Impact of highly inflationary accounting

51

51

51

3.6

5

5

5

0.4

Restructuring and related expenses, net(2)

52

52

52

3.6

29

29

29

2.0

Other

13

13

13

0.8

7

7

7

0.4

Amortization of acquired intangibles(3)

83

83

5.8

79

79

5.5

Tax effect of above items

(32)

(2.3)

(7)

(0.5)

Adjusted EBITDA, EBIT, Net income and EPS

913

709

453

31.3

919

728

467

32.2

Reconciliation of adjusted growth to comparable constant currency growth

% growth – Adjusted EBITDA, EBIT, Net income, and EPS

1

3

3

3

% items affecting comparability

% currency impact

1

1

2

2

% comparable constant currency growth

2

4

5

5

Adjusted EBITDA

913

919

Interest paid, net

(141)

(127)

Income tax paid

(124)

(127)

Purchase of property, plant and equipment and
other intangible assets

(245)

(243)

Proceeds from sales of property, plant and
equipment and other intangible assets

11

7

Movement in working capital

(400)

(433)

Other

38

(34)

Adjusted Free Cash Flow

52

(38)

(1) Calculation of diluted EPS for the six months ended December 31, 2024 excludes net income attributable to shares to be repurchased under forward contracts of $1 million. Calculation of diluted EPS for the six months ended December 31, 2023 excludes net income attributable to shares to be repurchased under forward contracts of $1 million.

(2) Includes incremental restructuring and related expenses attributable to group wide initiatives to partly offset divested earnings from the Russian business.

(3) Amortization of acquired intangible assets from business combinations.

Reconciliation of adjusted EBIT by reportable segment

Three Months Ended December 31, 2023

Three Months Ended December 31, 2024

($ million)

Flexibles

Rigid
Packaging

Other

Total

Flexibles

Rigid
Packaging

Other

Total

Net income attributable to Amcor

134

163

Net income attributable to non-
controlling interests

2

4

Tax expense

28

58

Interest expense, net

78

72

EBIT

250

11

(19)

242

259

62

(24)

297

Impact of highly inflationary
accounting

34

34

3

3

Restructuring and related expenses,
net(1)

19

5

24

23

23

Other(2)

1

8

9

3

(14)

11

Amortization of acquired intangibles(3)

42

1

43

37

2

1

40

Adjusted EBIT

312

51

(11)

352

322

53

(12)

363

Adjusted EBIT / sales %

12.6 %

6.6 %

10.8 %

12.8 %

7.3 %

11.2 %

Reconciliation of adjusted growth to comparable constant currency growth

% growth – Adjusted EBIT

3

5

3

% items affecting comparability

% currency impact

1

5

2

% comparable constant currency

4

10

5

(1) Includes incremental restructuring and related expenses attributable to group wide initiatives to partly offset divested earnings from the Russian business.

(2) For the three months ended December 31, 2024, includes pre-tax gains and losses on the disposal of certain assets in the Flexibles and Rigid Packaging segments and transaction costs related to the announced Merger with Berry Global in Other.

(3) Amortization of acquired intangible assets from business combinations.

Six Months Ended December 31, 2023

Six Months Ended December 31, 2024

($ million)

Flexibles

Rigid
Packaging

Other

Total

Flexibles

Rigid
Packaging

Other

Total

Net income attributable to Amcor

286

354

Net income attributable to non-
controlling interests

4

6

Tax expense

67

101

Interest expense, net

153

147

EBIT

506

51

(47)

510

539

121

(52)

608

Impact of highly inflationary
accounting

51

51

5

5

Restructuring and related expenses,
net(1)

43

9

52

29

29

Other

4

9

13

9

(14)

12

7

Amortization of acquired intangibles(2)

81

2

83

74

3

2

79

Adjusted EBIT

634

113

(38)

709

651

115

(38)

728

Adjusted EBIT / sales %

12.6 %

6.9 %

10.6 %

12.9 %

7.5 %

11.0 %

Reconciliation of adjusted growth to comparable constant currency growth

% growth – Adjusted EBIT

3

2

3

% items affecting comparability

% currency impact

1

4

1

% comparable constant currency

4

6

4

(1) Includes incremental restructuring and related expenses attributable to group wide initiatives to partly offset divested earnings from the Russian business.

(2) Amortization of acquired intangible assets from business combinations.

Reconciliation of net debt

($ million)

June 30, 2024

December 31, 2024

Cash and cash equivalents

(588)

(445)

Short-term debt

84

91

Current portion of long-term debt

12

13

Long-term debt, less current portion

6,603

6,837

Net debt

6,111

6,496

KPMG to celebrate “80 Years of Trust” in Hong Kong

Preparations underway for a landmark 2025 including initiatives throughout the year with clients, alumni, the business community, and society


HONG KONG SAR – Media OutReach Newswire – 4 February 2025 – KPMG in Hong Kong is preparing to celebrate its 80th anniversary in 2025, marking eight decades of commitment to the city’s development as a leading business and international financial centre.

From its inception in 1945, led by a small team under C. Bernard Brown and John Hunt, KPMG in Hong Kong has grown to become a pillar of the business establishment and an important contributor to society. A series of events throughout 2025 will bring together clients, alumni, employees, and guests to commemorate KPMG’s “Hong Kong story” and look ahead to the future.

80 Years of Trust

The milestone will be marked under the banner of “80 Years of Trust”, a slogan that has been chosen not merely to look back with nostalgia, but as a reminder of this ongoing responsibility that is placed on our firm.

Honson To, Chairman, KPMG Asia Pacific and KPMG China, says: “KPMG started from modest beginnings in Hong Kong. We are fortunate to have had the opportunity to grow alongside our friends and clients, shaping each other’s journey as well as that of this great city. We look forward to celebrating this important milestone with our stakeholders throughout 2025.”

Ivy Cheung, Senior Partner in Hong Kong SAR, Vice Chairman KPMG China, adds: “Since opening our doors in Hong Kong in 1945, KPMG has evolved significantly. However, our core focus on earning the trust of our clients and from society has remained unchanged throughout our history. It’s therefore important to us that our celebrations will be designed around this theme. Looking ahead, we remain committed to building on our legacy, working alongside our clients, partners, and the community to shape a brighter future for Hong Kong.”

Hashtag: #KPMG

The issuer is solely responsible for the content of this announcement.

About KPMG

KPMG in China has offices located in 31 cities with over 14,000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the “Big Four” in the Chinese Mainland to convert from a joint venture to a special general partnership.

KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.

KPMG firms operate in 142 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.

Celebrating 80 years in Hong Kong
In 2025, KPMG marks “80 Years of Trust” in Hong Kong. Established in 1945, we were the first international accounting firm to set up operations in the city. Over the past eight decades, we’ve woven ourselves into the fabric of Hong Kong, working closely with the government, regulators, and the business community to help establish Hong Kong as one of the world’s leading business and financial centres. This close collaboration has enabled us to build lasting trust with our clients and the local community – a core value celebrated in our anniversary theme: “80 Years of Trust”.

Bybit Crypto Ark Experience Store: Bringing the Open Ecosystem to Life in Dubai

DUBAI, UAE, Feb. 4, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, redefines the ecosystem experience at the heart of MENA’s Web3 hub with the first brick and mortar Bybit Crypto Ark Experience Store. At the exclusive opening event on Jan. 17 at the Bybit headquarters, the brand new space was unveiled to the global crypto community.

A New Chapter in Ecosystem-Driven Innovation
Welcoming diverse members of the crypto ecosystem, Bybit gave over 100 attendees a glimpse of Web3’s future through an immersive experience at Bybit’s famed Crypto Ark. The guests were treated to an evening of inspiring conversations and crypto innovations. Panels and pitches captured the latest trends and revolutionary solutions in crypto, featuring prominent guest speakers and founders from The Crypto Hub, Tiny Trader, the storied Ghaf Capital, PWR Chain, Griffin AI, Moonring, Dragon Fram, among others.

Speakers from Bybit also opened up with a deep dive into the platform, showcasing the advanced products and features most popular among its users. The rapid-fire session provided visitors with an overview of Bybit’s comprehensive offerings, from wealth management, institutional solutions, VIP programs, to Web3 product innovation, all within an hour.

To The Heart of Innovation at the Crypto Ark
The new hub of blockchain and crypto innovation spans an impressive 16,000 sq. ft. at Dubai’s CBD, fully dedicated to community building and the BUIDL ethos of the Web3 generation. It manifests Bybit’s vision to create an open space for dialogues both on-chain and in real life, driving forward blockchain innovation through collaborations and trust.

“We welcome everyone who shares our passion for crypto and a smart-contract-enabled future, and it would be the highest honor to see changes materialize at the Bybit headquarters,” said Michelle D, UAE Country Manager at Bybit. “An ecosystem only thrives on a diverse supply chain of resources and talent. The Bybit’s Crypto Ark Experience Store provides traders with a space to explore and experience Bybit products, while offering builders a platform to test their ideas and turn their dreams into reality.”

Bybit Crypto Ark Experience Store
Bybit Crypto Ark Experience Store

Bybit is committed to creating real-world impact with the global crypto community, and its door is open to entrepreneurs, traders, and blockchain technology enthusiasts who are looking for an intellectual home and creative space. Find out more about the the Bybit Crypto Ark Experience Store and stay tuned for future events: Application Form.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: media@bybit.com
For updates, please follow: Bybit’s Communities and Social Media

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IQ Dynamics Unveils HRiQ to Streamline Onboarding with Smart Solutions


SINGAPORE – Media OutReach Newswire – 4 February 2025 – IQ Dynamics, a leading enterprise software provider, is proud to offer HRiQ, an advanced HR management software designed to revolutionise employee onboarding processes. HRiQ offers smart workflow solutions that enhance efficiency, ensure compliance, and elevate the new hire experience.

HRiQ™ combines accelerated automation, powerful augmented analytics, and flexible HR capabilities to optimise workflows and reduce the time spent on administrative tasks. The software empowers HR teams to create tailored onboarding experiences that align with organisational goals, improve compliance, and provide new hires with a seamless, engaging introduction to the company. Its digital dynamics experience enhances day-to-day HR operations, while its intuitive design ensures that both HR personnel and new employees can navigate the platform with ease.

Among HRiQ™’s latest advancements is the Onboarding and HR Workflow module, which is quick, effective, and innovative in assisting HR professionals to alleviate and streamline their work processes across various HR domains. By leveraging advanced technology and a commitment to user-centric design, HRiQ™ by IQ Dynamics empowers organisations to create efficient HR ecosystems that support sustainable growth and enhance employee engagement. IQ Dynamics has established itself as a trusted provider of enterprise-grade talent development platforms and HRMS software. With a strong focus on innovation, the company consistently delivers solutions that address the multifaceted challenges faced by HR professionals.

Early adopters of HRiQ™ have already reported a significant reduction in onboarding time and an increase in employee satisfaction, thanks to its seamless integration and personalised workflow capabilities. HR teams can also gain valuable insights through augmented analytics, helping them refine strategies and drive continuous improvement.
Hashtag: #IQDynamics

The issuer is solely responsible for the content of this announcement.

About IQ Dynamics

IQ Dynamics is a trusted provider of and human resource management systems in Singapore. With a commitment to innovation, the company helps organisations streamline their HR processes, boost productivity, and enhance employee experiences. For over 30 years, IQ Dynamics has been at the forefront of HR technology, delivering tailored solutions that meet the needs of diverse industries.

For further information or inquiries, please visit .

ZMG7 LLC: Pioneering the UAE’s digital asset transformation through global collaboration

HONG KONG, Feb. 4, 2025 /PRNewswire/ — Gewan Holding, Zodia Markets, and Metalpha Limited have today officially announced the launch of ZMG7 LLC, a partnership set to redefine the global digital asset ecosystem. This unique partnership combines the expertise and resources of three powerhouses in finance and digital innovation, with each partner bringing their own distinct strength to the partnership.

Abu Dhabi-based Gewan Holding, renowned for its diverse portfolio of strategic investments across various industry sectors, has long been a driver of innovation in the UAE capital’s financial sector, and beyond.

Backed by Standard Chartered Bank and operating across many key global jurisdictions, including Abu Dhabi, Zodia Markets is an institution-first digital asset brokerage. Having established itself as a leader in OTC spot liquidity, Zodia Markets has built a reputation for offering industry-leading pricing and settlement services to institutional clients, through its bank-grade infrastructure.

Metalpha Limited, founded in 2021, Metalpha Limited is a global leading provider of digital asset focused wealth management products and services. As a subsidiary of Metalpha Technology Holding Limited, the company specializes in crypto derivatives, serving institutions such as exchanges, mining firms, investment funds, and family offices. With top talent from Wall Street banks and deep blockchain expertise, Metalpha Limited aims to lead the crypto wealth management industry, driving innovation, transparency, and sustainable growth for its clients worldwide.

Commenting on the launch, Alaa Al Ali, CEO of Gewan Holding, said: “ZMG7 embodies the vision of innovation and collaboration that is central to our values at Gewan Holding. This venture is also a testament to Abu Dhabi’s growing prominence as a global hub for digital assets and financial technology.”

Amer Al Osh, Chief Development Officer, Gewan Holding, added: “By joining forces with Zodia Markets and Metalpha, we aim to unlock unprecedented opportunities in the digital asset landscape, driving its rapid yet sustainable growth across the UAE, the GCC, and beyond.”

Adrian Wang, CEO of Metalpha Limited, further remarked: “I’m very excited for our partnership and shared vision of advancing digital assets in the Middle East. Aiming to play a pivotal role to drive mass adoption of digital assets in the region, we look forward to expanding our presence in this dynamic market.”

Also sharing his enthusiasm for today’s announcement, Usman Ahmad, Co-Founder and CEO of Zodia Markets, said: “It is a privilege to partner with esteemed institutions like Gewan Holding and Metalpha. Together, our unique capabilities and combined infrastructure will create unparalleled synergies, enabling us to contribute to the growth of the global digital asset markets. Having received our Financial Services Permission from the FSRA in Abu Dhabi Global Market on December 24, ZMG7 reiterates our commitment to the UAE and our ambitious goals in the global digital asset ecosystem.”

The formation of ZMG7 signals the foundation for an ambitious initiative seeking to enhance the UAE’s leadership in global digital asset management. The joint venture is also poised to deliver significant value by leveraging the distinct expertise of its partners, further positioning Abu Dhabi and the wider GCC region as key players in the future of finance.

-ENDS-

Notes to Editors:

Gewan Holding

Gewan Holding is a prominent Abu Dhabi based investment conglomerate committed to driving transformative growth and innovation across diverse sectors. Guided by Abu Dhabi economic Vision 2030, we are at the forefront of shaping a dynamic future by harnessing the potential of varied industries.

Metalpha Limited

Founded in 2021, Metalpha Limited is a global leading provider of digital asset focused wealth management products and services. As a subsidiary of Metalpha Technology Holding Limited (NASDAQ: MATH), the company specializes in crypto derivatives, serving institutions such as exchanges, mining firms, investment funds, and family offices. With top talent from Wall Street banks and deep blockchain expertise, Metalpha Limited aims to lead the crypto wealth management industry, driving innovation, transparency, and sustainable growth for its clients worldwide.

Zodia Markets

Zodia Markets is the institution-first digital asset brokerage providing comprehensive over-the-counter (OTC) trading solutions to clients across the globe. Born out of the innovation unit of Standard Chartered Bank, SC Ventures, and Asia’s leading digital asset company, OSL Group, Zodia Markets supports over 50 digital assets and in excess of 20 fiat currencies.

Crisil Coalition Greenwich Announces 2025 Best Bank and Share Leader Award Winners for Corporate Banks

J.P. Morgan and HSBC earn top honors as the world’s best global corporate bank and corporate FX bank respectively from Crisil Coalition Greenwich

NEW YORK, Feb. 4, 2025 /PRNewswire/ — Crisil Coalition Greenwich today announced the 2025 Best Bank and Share Leader award winners. Over 60 banks were recognized globally, regionally and by country in the corporate banking segment. J.P. Morgan took top honors as the 2025 Best Bank globally for Corporate Banking and Corporate Cash Management. The 2025 Best Bank globally for Corporate Foreign Exchange is HSBC.

Coalition Greenwich Awards: Share Leader and Best Bank
Coalition Greenwich Awards: Share Leader and Best Bank

“For decades, Crisil Coalition Greenwich has conducted high touch interviews with thousands of companies around the world annually to determine which banks deliver the best products and services,” says Dr. Tobias Miarka, Global Head of Corporate Banking at Crisil Coalition Greenwich. “In 2025, we distilled our findings to identify J.P. Morgan and HSBC as the year’s best global corporate banks in their respective categories.”

New Award, Same Trusted Methodology
The Coalition Greenwich Leader designation has long been the industry’s standard among banks and corporates across Corporate Banking, Cash Management, Foreign Exchange, Trade Finance, and other core bank business lines. These awards help companies identify the top performers in specific banking functions and for banks to benchmark themselves against rivals both locally and regionally.

For 2025, Crisil Coalition Greenwich retained the Share Leader award and revamped the renowned Quality Leader and Excellence designations as Best Bank awards to enhance clarity, marketability and prestige. With the new and expanded awards, the same industry-leading data and analytical rigor that made the Quality and Excellence Leaders the most trusted and cited award in global banking is retained.

Award winners receive quality ratings from corporate clients that top those of competing banks by a statistically significant margin. The analysis considers coverage intensity, ease of doing business, advisory capabilities, product and digital capabilities, and other factors.

“Our expertise in market analysis is why our awards are the industry gold standard,” says Dr. Tobias Miarka. “They comprise direct feedback from objective and in-depth interviews with corporate decision-makers and are built on comprehensive and robust market analysis.” 

View the 2025 Coalition Greenwich Award Winners:
2025 Coalition Greenwich Leaders: Global Corporate Banking, Cash Management and FX
2025 Coalition Greenwich Leaders: Asian Corporate Banking, Cash Management and FX
2025 Coalition Greenwich Leaders: European Corporate Banking, Cash Management and FX
2025 Coalition Greenwich Leaders: U.S. Corporate Banking, Cash Management and FX
2025 Coalition Greenwich Leaders: U.K. Commercial Banking

About Crisil Coalition Greenwich

Crisil Coalition Greenwich is a leading provider of strategic benchmarking, analytics and insights to the financial services industry, and specializes in providing unique, high-value and actionable information to help clients measure and drive their business performance.

For more information, visit CoalitionGreenwich.Crisil.com 

About Crisil

Crisil is a global, insights-driven analytics company. Our extraordinary domain expertise and analytical rigour help clients make mission-critical decisions with confidence.

Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.

Headquartered in India, Crisil is majority owned by S&P Global.

Founded in 1987 as India’s first credit rating agency, our expertise today extends across businesses: Crisil Ratings, Crisil Intelligence, Crisil Coalition Greenwich and Crisil Integral IQ.

Our globally diverse workforce operates in the Americas, Asia-Pacific, Europe, Australia and the Middle East, setting the standards by which industries are measured.

For more information, visit www.Crisil.com

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Crisil Ltd (Crisil) has taken due care and caution in preparing this Report. Information has been obtained by Crisil from sources it considers reliable. However, Crisil does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. This Report does not constitute an offer of services. It is made abundantly clear that the Report is not intended to and does not constitute an investment advice. Any opinions expressed here are in good faith and constitute an independent view of the Crisil as on the date of issue. Crisil assumes no financial liability whatsoever to the subscribers / users / transmitters / distributors of this Report. Access or use of this Report does not create a client relationship between Crisil and the user. This Report should not be reproduced or redistributed to any other person or in any form without a prior written consent of Crisil.