Packaging: CANPACK 1Q26: Amers-led strength, w/ some milemarkers for 2Q

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Packaging: CANPACK 1Q26: Amers-led strength, w/ some milemarkers for 2Q

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Packaging

CANPACK 1Q26: Amers-led strength, w/

some milemarkers for 2Q

Industry Overview

Amers strength fuels can demand acceleration 28 May 2026

CANPACK (CP; private) reported solid momentum in 1Q26 with global beverage can body Equity

shipments up 9% y/y, driven primarily by strength in the Americas (+18%), where double United States

digit (DD) gains in Brazil, the U.S., and Colombia led performance, while Europe grew 5% Packaging

on continued demand in Czechia, Romania, and Finland; Asia & Africa remained flat as George L. Staphos

strong growth in India was offset by declines in the Middle East amid ongoing Research Analyst

geopolitical pressures. Volume accelerated into 2Q, with April global volumes rising 13% BofAS+1 646 855 4495

y/y, underpinned by a sharp 32% increase in the Americas (with each of Brazil, Colombia, george.l.staphos@bofa.com

and the U.S. up over 25%), while Europe advanced 5% (led by Czechia, Finland, and the Bradley Barton, CFA

Research Analyst

Netherlands) and Asia & Africa grew 4% as gains in Morocco and India more than offset BofAS

continued Middle East weakness. CP, which typically maintains 5-10% share, is a read- +1 646 556 2909

bradley.barton2@bofa.com

through for Ball (BALL; Buy), Crown (CCK; Buy), and Ardagh (AMBP; Underperform). We

Kyle Benvenuto

are encouraged by what CP said about increased lithography activity (an indicator of Research Analyst

World Cup, America250 activity) but also note (in answering our question) they did BofAS +1 646 743 0046

acknowledge that some customers saw weaker Memorial Day trends (weather was an kyle.benvenuto@bofa.com

issue in the Northeast). While this allowed CP to rebuild required inventories, sell-