Amcor

Track record includes the successful 2019 Bemis integration, steady dividend growth and opportunistic portfolio actions. The Berry transaction is a large swing that we judge rational given synergy potential and portfolio adjacency, though integration complexity and leverage are elevated.

FY26 capital plan prioritizes deleveraging over repurchases, capex of 850 to 900 million dollars focused on higher value categories, and targeted divestment or restructuring of roughly 2.5 billion dollars of non‑core sales including North America beverage.

SBC is modest relative to cash earnings and buybacks have been de‑emphasized during the integration.