Amcor PLC: Huntamaki read-through: Volume growth in Flexibles

Research evidence excerpt

Amcor PLC: Huntamaki read-through: Volume growth in Flexibles

J P M O R G A N Asia Pacific Equity Research

24 July 2026

Amcor PLC Overweight

AMC.AX, AMC AU

Huhtamaki read-through: Volume growth in Flexibles Price (23 Jul 26):A$61.31

Price Target (Jul-27):A$70.00

Huhtamaki (HUH1V FH, Not Covered) reported 2QCY26 results last night. We Australia

present our key takeaways and read-through to AMC, along with conference call

Australia Industrials

feedback, below.

Lee Power AC

AMC read-through: Flexibles delivered 2Q comparable sales growth of +14% (61-2) 9003-8725

lee.power@jpmorgan.com

YoY (1H: +5%). While a large part of this was attributable to raw-material pass-

Dylan Adrianthrough, the company also called out genuine underlying volume growth across all

(61-2) 9003-7397

Flexibles regions (incl. North America), suggesting end-market demand is dylan.adrian@jpmorgan.com

stabilising after a soft period. Management also noted that this volume growth was

Nick Torelli

not a result of customer “pre-buying or stocking up.” While scanner data remains (61-4) 6817-5219

anemic, we view this as a positive read-through for AMC volume stabilisation and nick.torelli@jpmorgan.com

potential return to growth (see our FY26 preview here and Figure 1AmcorFlexiblesvolumegrowthvs.Huhtamakicompsalesgrowth). J.P. Morgan Securities Australia Limited

Figure 1: Amcor Flexibles volume growth vs. Huhtamaki comp sales growth

June-YE, YoY

16%

Amcor Flexibles Volume

12%

Huhtamaki Flexible Packaging Comp Sales

8%

4%

-

-4%

-8%

-12%

1Q24A 2Q24A 3Q24A 4Q24A 1Q25A 2Q25A 3Q25A 4Q25A 1Q26A 2Q26A 3Q26A 4Q26A

Note: Standardised to Amcor’s June year-end. 4Q = June quarter.

Source: Company reports, J.P. Morgan.

Huhtamaki key takeaways:

• Flexible Packaging strong and volume growth across all regions. 2Q