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2025 Altair Enlighten Award Open for Submissions

Award spotlights the automotive industry’s finest innovations in sustainable, lightweight design

TROY, Mich., Feb. 4, 2025 /PRNewswire/ — Altair (Nasdaq: ALTR), a global leader in computational intelligence, announced that the 2025 Altair Enlighten Award is now open for submissions. Presented annually in conjunction with the Center for Automotive Research (CAR), the award honors the greatest sustainability and lightweighting advancements in the automotive industry that reduce carbon footprint, mitigate water and energy consumption, and leverage material reuse and recycling efforts.

Submissions are now open for the 2025 Altair Enlighten Award, which honors the greatest sustainability and lightweighting advancements in the automotive industry.
Submissions are now open for the 2025 Altair Enlighten Award, which honors the greatest sustainability and lightweighting advancements in the automotive industry.

“Without advanced technology – like Altair’s – we would not see the innovation that characterizes the modern automotive industry. The Enlighten Award honors the innovations, technologies, and organizations that are creating a better, more sustainable industry,” said James R. Scapa, founder and chief executive officer, Altair. “Altair is proud to recognize those at the forefront of electrification, sustainable material usage, and lightweighting – and to once again showcase the amazing ways organizations are meeting global sustainability targets through this award.”

The Enlighten Award categories are:

  • Sustainable Product – Recognizes a production vehicle (or major system module) embracing emissions reduction, lightweighting, material circularity, and safety advances.
  • Sustainable Process – Recognizes processes that enable emissions reductions, material reuse and/or recycling, and water conservation during manufacturing or engineering phases.
  • Module Lightweighting – Recognizes mass reduction of a vehicle module, subsystem, or component.
  • Enabling Technology – Recognizes technology advancements that enable vehicle lightweighting, including a material, production process, design method, or joining technology.
  • Future of Lightweighting – Recognizes a process, material, or technology not in production, but has significant potential to advance vehicle lightweighting.
  • Responsible AI – Recognizes responsible AI deployment throughout the automotive value chain – from design, engineering, and operation to production and in-service use.
  • Sustainable Computing – Recognizes implementing practices and technologies that prioritize energy efficiency, renewable energy use, reducing environmental impact, and contributing to more sustainable and eco-friendly computing.

“Every year it is an honor to present the Altair Enlighten Award at CAR’s Management Briefing Seminars (MBS),” said Andrew Brown Jr., chairman of the Board of Directors, CAR. “The Enlighten Award is truly one of a kind – regardless of how large or small your company is, how established you are, or what you specialize in, all that matters is how you are advancing automotive sustainability. Join us in Detroit for the 60th anniversary of MBS to see this year’s exciting submissions.”

An award that garners interest from industry, engineering, policymakers, educators, students, and the public worldwide, past winners include GM, Ford, Stellantis, Harley-Davidson, Toyota, Nissan, Mazda, Ferrari, JLR, Mercedes, BMW, SAIC-GM-Wuling (SGMW), and many more.

Enlighten Award submissions must be received by June 16, 2025. Winners will be announced during an award ceremony on September 16, 2025, at the annual CAR MBS event. This year, MBS returns to the heart of the American automotive industry – Detroit, Michigan – at the historic Michigan Central Station. Media partners for the 2025 Altair Enlighten Award include SAE, Automotive Engineering, Tech Briefs, Automobil Industrie, Autocar Professional, KSAE, AutoBild Japan, Auto Messe Web, and Auto Messe Web Worldwide.

To learn more about the Enlighten Award or to submit an entry, visit https://altair.com/enlighten-award.

About Altair

Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com.

Media contacts

Altair Corporate

Altair Investor Relations

Bridget Hagan

Stephen Palmtag

+1.216.769.2658

+1.669.328.9111

corp-newsroom@altair.com

ir@altair.com

Altair Europe/The Middle East/Africa

Altair Asia-Pacific

Louise Wilce

Man Wang

+44 (0)7392 437 635

86-21-5016635,,825

emea-newsroom@altair.com

apac-newsroom@altair.com

 

 

ST Engineering iDirect Names Sridhar Kuppanna as Chief Technology Officer

Ground segment technology innovator appoints new CTO to execute bold technological vision

HERNDON, Va., Feb. 4, 2025 /PRNewswire/ — ST Engineering iDirect, global leader in satellite communications, today announced the promotion of Sridhar Kuppanna to the position of Chief Technology Officer with immediate effect. This appointment is concurrent with his role as Senior Vice President of Engineering at ST Engineering iDirect. Kuppanna brings over 25 years of expertise in telecom innovation, AI applications, virtualization, cloud computing and network orchestration, and will play a pivotal role in driving the company’s next-generation technological vision and innovation strategy.

Kuppanna’s leadership has been a driving force behind the successful development of Intuition, ST Engineering iDirect’s next-generation ground system. Combining virtualization-driven operational efficiencies with advanced orchestration and automation, and designed to deliver peak customer performance, Intuition represents a significant leap forward in satellite communications capabilities and positions the company at the forefront of the industry. Initially released in October 2024 to allow selected customers early integration and testing in their network ecosystems, Intuition will be available to the broader market this year.

Prior to joining ST Engineering iDirect in 2023, Kuppanna spent over two decades at Ribbon Communications (formerly Sonus), a communications software, IP and optical networking solutions company, where he paved the way for the development of scalable, secure and interoperable networks. His extensive experience in driving transformative projects across global communications networks will be critical as ST Engineering iDirect forges the path towards building an integrated satcom-telco ecosystem, where seamless connectivity across satellite and terrestrial operations will allow mobility and roaming capabilities previously unseen in the market.

“Sridhar’s philosophy on turning customer challenges into innovative solutions has driven the creation of Intuition and aligns with ST Engineering iDirect’s dedication to advancing the satellite communications industry. His telecom expertise and success with next-generation solutions like Intuition reflect our shared commitment to innovation and solving real-world connectivity challenges for our customers. We are confident Sridhar’s leadership will accelerate our innovation and competitiveness, and drive the future of satellite and terrestrial network interoperability,” said Don Claussen, CEO of ST Engineering iDirect.

“The satellite communications industry is undergoing a pivotal transition as it aligns closer than ever with terrestrial telecom networks. In this dynamic landscape, I look forward to driving our technology and innovation strategy to accelerate our vision of seamless global connectivity, and empowering our customers to secure a stronger, more competitive foothold in their focus markets,” stated Kuppanna.

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications (satcom) providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their satcom networks. With over 40 years of delivering innovation focused on solving satellite’s most critical economic and technology challenges we are committed to shaping the future of how the world connects. The product portfolio, branded iDirect, represents the highest standards in performance, efficiency and reliability, making it possible for its customers to deliver the best satcom connectivity experience anywhere in the world. ST Engineering iDirect is a leader in key industries including mobility, broadcast and military/government. In 2007, iDirect Government was formed to better serve the U.S. government and defense communities. For more information visit www.idirect.net.

 

SurplusGLOBAL Launches AI-Powered Global Platform ‘SemiMarket’ to Drive Innovation in the Legacy Semiconductor Ecosystem

SEOUL, South Korea, Feb. 4, 2025 /PRNewswire/ — Growing Challenges in the Legacy Semiconductor Equipment and Parts Supply Chain

SurplusGLOBAL Launches AI-Powered Global Platform ‘SemiMarket’ to Drive Innovation in the Legacy Semiconductor Ecosystem
SurplusGLOBAL Launches AI-Powered Global Platform ‘SemiMarket’ to Drive Innovation in the Legacy Semiconductor Ecosystem

The supply chain issues within the legacy semiconductor ecosystem are becoming increasingly severe. As semiconductor equipment manufacturers focus on advanced equipment, they have discontinued the supply and support of legacy equipment, significantly weakening the supply chain for 200mm fabs and older 300mm fabs. Currently, over 3,000 semiconductor fabs worldwide face these challenges, and even leading companies such as Samsung, TSMC, Intel, SK hynix, and Micron are not exempt.

Fabs that fail to secure essential equipment parts in a timely manner face critical risks, including production halts. Meanwhile, expensive semiconductor equipment parts often end up being scrapped as they struggle to find buyers. Semiconductor equipment parts dealers also face difficulties navigating complex distribution networks.

Launch of AI-Powered Global Marketplace SemiMarket

For the past 25 years, SurplusGLOBAL has provided a wide range of legacy semiconductor equipment and parts solutions to fabs worldwide. While the company has been involved in sourcing obsolete parts, developing alternatives, recycling parts through the dismantling of used equipment, RF and PCB repair through its subsidiary EQ GLOBAL, and large-scale trading of surplus parts, meeting the diverse demands of customers has remained challenging.

Recognizing the need for a unified platform to collaborate with legacy semiconductor equipment and parts companies and address supply chain issues, SurplusGLOBAL has been developing SemiMarket, an AI-powered global marketplace, investing tens of billions of won (approximately USD 2050 million) over the past five years through partnerships with companies worldwide.

Optimized Trading Environment with Global Network and AI Recommendation System

Leveraging its extensive global network and customer solution capabilities built from supplying over 60,000 used equipment units to more than 6,000 companies worldwide, SurplusGLOBAL is establishing SemiMarket as a hybrid online-offline platform.

SemiMarket efficiently connects buyers and sellers through its AI-driven recommendation system, supported by global networking and fulfillment services. This collaborative ecosystem of thousands of companies aims to resolve supply chain crises within the legacy semiconductor industry. Scheduled to launch in December 2025, SemiMarket.com is actively recruiting over 500 seller partners and has already attracted significant interest from major semiconductor fabs and parts dealers.

Construction of the Worlds Largest Semiconductor Equipment Parts Mall

Recognizing the limitations of an online marketplace alone, SurplusGLOBAL is also constructing the SemiMarket Parts Mall, a 39,670 square meter facility near its existing 69,422 square meter semiconductor equipment cluster. Slated for completion in May 2026, this facility will offer parts storage and display, parts recycling through equipment dismantling, and refurbishment services.

Furthermore, in response to requests from parts manufacturers and distributors, SurplusGLOBAL is expanding its product offerings to include new parts and consumables. Discussions are already underway with leading global semiconductor equipment manufacturers and parts suppliers regarding store openings within the mall. Participating companies will benefit from one-stop fulfillment services, including sales, storage, repair, packaging, and logistics.

Strengthening Global Repair Services with EQ GLOBALs Active Participation

One of SemiMarket’s core services is the enhancement of repair solutions. EQ GLOBAL, a subsidiary of SurplusGLOBAL, is the worlds largest semiconductor parts RF and PCB repair company, with over 100 experts providing repair services in South Korea, Singapore, and China. Building on 24 years of accumulated expertise, EQ GLOBAL aims to deliver a broader range of high-quality repair services to SemiMarket customers.

Aiming to Become the Worlds Largest Legacy Semiconductor Platform

Through SemiMarket, SurplusGLOBAL plans to attract thousands of domestic and international buyers annually, creating synergies with global buyers visiting the SurplusGLOBAL Semiconductor Equipment Cluster for used equipment purchases. The company aims to transform its current website, SurplusGLOBAL.com, which attracts 3,000 daily visitors, into SemiMarket, with a goal of reaching 50,000 daily visitors by the end of 2026, establishing itself as the worlds largest platform for legacy semiconductor equipment and parts.

CEO Bruce Kim: A 25-Year Dream Realized Through AI

Bruce Kim, CEO of SurplusGLOBAL, stated,

SemiMarket is a platform business Ive dreamed of for 25 years. Since our founding in 2000, weve aimed to establish a B2B e-commerce platform for global inventory and idle assets, but technical limitations led to early setbacks. However, over the past 25 years, weve built the necessary networks, databases, and market experience, and with recent advances in AI technology, the SemiMarket project has finally become a reality.

He added,

SemiMarket will revolutionize the highly inefficient legacy semiconductor parts market through an AI-powered platform. With strong partnerships and collaboration systems with numerous customers, I am confident this business will be a resounding success.

SurplusGLOBAL to Showcase SemiMarket at SEMICON KOREA 2025

Meanwhile, SurplusGLOBAL will participate in SEMICON KOREA 2025 at COEX in Seoul from February 19 to 21, where it will showcase its AI-powered global platform, SemiMarket, along with innovative solutions for transforming the legacy semiconductor ecosystem.

The 2025 TTV SUPER STAR Concludes Successfully

Popular Japanese Boy Band King & Prince Delivers a Captivating Overseas Performance

TAIPEI, Feb. 4, 2025 /PRNewswire/ — The 2025 TTV SUPER STAR, which accompanied Chinese communities worldwide in celebrating Lunar New Year’s Eve, successfully concluded. A lineup of renowned Madarin singers and international superstars delivered spectacular performances. Popular Japanese boy band King & Prince recorded an exclusive performance for SUPER STAR, presenting an energetic medley from across the sea. Additionally, Korean girl group Kep1er and celebrated artist BAEKHO captivated the audience with their charm, joining global Chinese communities in welcoming the Year of the Snake.

Popular Japanese Boy Band King & Prince Makes Their Debut on the SUPER STAR Stage / Photo: TTV
Popular Japanese Boy Band King & Prince Makes Their Debut on the SUPER STAR Stage / Photo: TTV

Produced by TTV, the Lunar New Year’s Eve special program SUPER STAR features a team-based singing competition between the Red and White teams and invites international superstars to deliver exciting performances each year. This year, popular Japanese boy band King & Prince created an exclusive stage in Japan to record a performance for The 2025 TTV SUPER STAR. Dressed in dreamy white outfits, King & Prince performed hit songs such as Cinderella Girl and moooove!!. The group expressed their excitement about reaching more audiences through their SUPER STAR performance and shared their hope to visit Taiwan soon to meet their fans in person.

Meanwhile, the popular South Korean girl group Kep1er made their debut appearance on the SUPER STAR stage, instantly sparking enthusiastic cheers from the audience. Each member took turns offering New Year’s greetings with auspicious messages for the Year of the Snake. They then delivered dynamic performances of TIPI-TAP and Back to the City, followed by their breakout debut hit WA DA DA. The iconic melody, perfectly coordinated dance moves, showcased the powerful presence of this talent show-winning group. The Kep1ians in attendance passionately cheered, and fans both locally and abroad felt Kepler’s heartfelt sincerity.

BAEKHO made a striking entrance in a brown leather jacket, exuding charisma as he took the stage for the grand finale. He kicked off his set with No Rules, the title track from his debut mini-album as a solo artist, captivating the audience with his powerful vocals. He then transitioned smoothly into the romantic ballad LOVE BURN, creating an intimate atmosphere. This dreamy vibe was further enhanced by an elevated mini-stage and stunning LED light effects, leaving a lasting impression on the audience.

The 2025 TTV SUPER STAR successfully concluded in a festive New Year atmosphere. All the spectacular performances can be viewed on the official YouTube channel. As of now, the total views have surpassed one million. For more exciting content, please visit the SUPER STAR YouTube channel: https://www.youtube.com/@TTV_Entertainment

SquaredFinancial Launches its Exclusive Bonus Promotion to Offer Better Trading Opportunities

VICTORIA, Seychelles, Feb. 4, 2025 /PRNewswire/ — Leading fintech firm, SquaredFinancial is proud to announce a new bonus promotion designed to provide investors with powerful resources to make the most of their trading experience. Within the scope of this special offer, subject to terms and conditions, traders can enjoy a 100% bonus upon their first deposit and a 50% bonus every time they redeposit.

 

SquaredFinancial’s 100% FTD & 50% Redeposit Bonus
SquaredFinancial’s 100% FTD & 50% Redeposit Bonus

 

Traders can take advantage of this promotion to trade all kinds of markets on the globally trusted platforms MT4 and MT5, as well as the sophisticated trading mobile application, “SquaredFinancial.”

Committed to meeting the financial needs of investors from diverse backgrounds, SquaredFinancial introduces this promotion to enhance the trading experience and attract traders seeking a trusted and reliable financial partner. The company strives to keep innovation at the centre of its business. Its technology growth, competitive offerings, extensive expertise and education endeavours, are constantly recognized by renowned bodies.

Trading enthusiasts are invited to visit SquaredFinancial website to read the terms and conditions, explore further details and register their interest.

About SquaredFinancial

SquaredFinancial is a well-capitalized FinTech firm founded in 2005. It aims to become a one-stop shop that meets investors’ financial needs. With around two decades of experience in financial technology and trading, it offers global solutions to traders of different generations and backgrounds, who are looking for an intuitive and sophisticated investment gateway. It is led by market experts and leadership veterans who share a passion for trading and a vision to reshape the industry landscape. As a regulated firm, it provides investors with an online platform backed by cutting-edge technology that offers the opportunity to trade a wide range of instruments from different asset classes.

 

 

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  

 

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.

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