[Watch the Video] Fireside Chat with Amcor's CFO

Research evidence excerpt

[Watch the Video] Fireside Chat with Amcor's CFO

USA | Paper & Packaging

Amcor EquityJuneResearch24, 2026

FLASH NOTE[Watch the Video] Fireside Chat with Amcor's

RATING BUYCFO

PRICE AUD57.95^

We hosted a fireside chat with Amcor's CFO, Stephen Scherger, to discuss

capital allocation priorities, portfolio construction, the integration of BERY, and PRICE TARGET | % TO PT AUD70.77 | +22%

resin supply & pricing dynamics. Despite a choppy backdrop, the company is 52W HIGH-LOW AUD76.40 - AUD51.20

managing these headwinds well & shares look oversold. FLOAT (%) | ADV MM (USD) 0.0% | 25.66

MARKET CAP AUD26.8B | $18.5B

TICKER AMC AU

^Prior trading day's closing price unless otherwise

noted.

RATING BUY

TICKER AMCR

PRICE $40.43^

PRICE TARGET | % TO PT $51.36 | +27%

.

*Please note there were minor audio issues in the opening minutes, which were resolved later in the

call.

Key Topics Covered:

Demand has been steady with CPGs taking a more balanced volume/price approach.•

NA Beverage PET divestiture remains on track, with improved results making the asset more•

attractive. AMCR is reorienting the portfolio for growth markets like healthcare, protein, and

pet care.

AMCR remains committed to its dividend and bringing down its leverage.•

AMCR has been able to manage the resin supply disruption in the Middle East well, and the•

cost pass through has been faster than expected, roughly neutralizing the impact on EBITDA.

The $300m drag on FCF is expected to reverse as resin supply chain dynamics stabilize. Philip Ng, CFA * | Equity Analyst

BERY synergies are tracking ahead of its initial year 1 plan, and will shift from procurement/ +1 (212) 336-7369 | png@jefferies.com•

SG&A toward footprint optimization & cross-sell in years 2-3. Ramoun Lazar ^ | Equity Analyst