Amcor cut its adjusted earnings-per-share guidance for the July to December 2026 transition period to USD 1.70-1.80 from USD 1.80-1.90, citing delayed recovery of higher energy and distribution costs. It also raised expected leverage at 31 December 2026 to about 3.6x from 3.5-3.6x. Net sales for the quarter to 30 September 2026 rose 7% to USD 6,129m. Adjusted EBITDA fell 3% to USD 883m, and the free cash outflow widened to USD 820m from USD 343m.
Why this mattersAmcor's cut, tied to delayed recovery of energy and distribution costs, shows margin pressure where price pass-through lags input inflation.
- Transition-period (July-December 2026) adjusted EPS guidance cut to USD 1.70-1.80 from USD 1.80-1.90.
- Expected leverage at 31 December 2026 raised to about 3.6x from 3.5-3.6x.
- Net sales rose 7% to USD 6,129m (6% at constant currency) in the quarter to 30 September 2026.
- Adjusted EBITDA fell 3% to USD 883m; adjusted diluted EPS fell 2% to USD 0.95.
- Free cash outflow widened to USD 820m from USD 343m, reflecting working-capital effects of resin-price volatility.
- Berry acquisition synergies added about USD 50m in the quarter; the three-year USD 650m synergy target remains on track.
- Net income attributable to Amcor plc fell USD 20m, or 8%, and diluted EPS fell USD 0.05, or 9%, in the quarter ended 30 September 2026
- Berry Plan integration targets about USD 530m of pre-tax synergies and USD 60m of annual financial synergies by 30 June 2028, at an estimated net cash cost of USD 280m
- In fiscal 2026 Amcor sold four non-core businesses identified in its strategic portfolio review for USD 298m cash, plus an estimated USD 79m from the sale of its ePac Holdings LLC stake
- Amcor's board moved the company's fiscal year end from 30 June to 31 December, with a transition period running from 1 July to 31 December 2026
- GAAP net income for the quarter fell to USD 242m from USD 262m a year earlier
- Operating cash flow was negative USD 527m, versus negative USD 133m a year earlier, linked to inventory and receivables tied up amid Middle East conflict-related raw-material volatility
- Underlying sales growth was about 1%, or USD 45m, after currency and divestiture effects
- Net debt rose USD 1.11bn since June to USD 14.01bn
Fujifilm and ePac Flexible Packaging have formed a global strategic alliance under which ePac will deploy Fujifilm's Jet Press FP790 water-based digital inkjet press across its plant network. Deployment begins with an installation at ePac's new facility in Phoenix, Arizona, with further presses planned across the network in later phases. No investment figure or total press count was disclosed.
Why this mattersInstalling a high-volume water-based inkjet press across ePac's network pushes digital print in flexible packaging from short runs towards longer run lengths.
- Fujifilm and ePac announced the global alliance on 18 October 2026
- ePac will scale Fujifilm's Jet Press FP790 water-based digital inkjet press across its global network
- Deployment begins with a press at ePac's new Phoenix, Arizona facility, with fleet expansion in later phases
- Fujifilm says the FP790 prints at 1200 x 1200 dpi and covers over 90% of the Pantone colour gamut
- ePac says the press lets it handle longer run lengths while keeping short-run capability
- No investment figure or total press count was disclosed
- Parag Patel, head of shared services at ePac Flexible Packaging, and Osamu Nakashima, vice president at Fujifilm Business Innovation Corp, commented on the partnership
Los Angeles private equity firm Butterfly Equity has agreed to acquire Sabert Holding Corp, a US food packaging manufacturer operating 13 plants across North America, Belgium, England, Poland and China with about 3,000 employees. Financial terms were not disclosed; the deal targets a fourth-quarter 2026 close subject to antitrust clearance in the EU, UK and US. Founder Albert Salama will retain a minority stake and chief executive Paul McCann stays in place.
Why this mattersA further private equity bet on convenience food packaging signals continued sponsor appetite for foodservice-exposed plastics and fibre platforms with European manufacturing scale.
- Sabert operates 13 manufacturing facilities globally, including nine in the US.
- The company employs approximately 3,000 people across North America, Belgium, England, Poland and China.
- Sabert holds more than 400 product patents.
- Deal targets a Q4 2026 close, subject to customary closing conditions and antitrust clearance.
- Financial terms of the transaction were not disclosed.
- Founder Albert Salama will retain a meaningful minority investment; CEO Paul McCann remains in place.
- Sabert was founded in 1983 and is headquartered in Sayreville, New Jersey.
- Sabert makes trays, containers, cutlery, drinkware, platters and bowls from PET, rPET, PP, paper and moulded fibre.
Indonesian flexible packaging maker PT Megalestari Epack Sentosaraya (EPAC) plans to discontinue its traditional gravure printing (MES) business by 31 December 2026, shifting focus to digital printing via its Epac Flexibles Indonesia unit. It also plans a new Surabaya production facility in 2027 with estimated capex of about IDR 59.1 billion, to be funded through leasing and a rights issue. EPAC posted a net loss of about IDR 5.54 billion in H1 2026 despite sales rising 14.4% to IDR 88.82 billion, as higher oil and freight costs pushed up raw material costs.
Why this mattersExiting a legacy gravure line that carries over half of operating costs while expanding digital capacity signals a structural cost reset for mid-size Southeast Asian converters under margin pressure.
- EPAC plans to discontinue its gravure printing (MES) business by 31 December 2026.
- MES contributes about 30% of consolidated revenue but 53% of consolidated operating costs.
- Operating expenses are near 80% of consolidated revenue per the 2025 annual report; EPAC expects this to fall to 70% after the MES exit.
- EPAC plans a new Surabaya production facility in 2027 with estimated capex of about IDR 59.1 billion, funded via leasing and a rights issue.
- H1 2026 net loss was about IDR 5.54 billion, with sales up 14.4% year on year to IDR 88.82 billion.
- EPAC has added 213 new customers so far in 2026, including in apparel, infant care, electronics and tobacco sectors.
- Proforma simulation shows the MES exit would have turned a c. IDR 2.8bn consolidated net loss into a c. IDR 1.7bn net profit had it applied from the start of the year
- EPAC projects sales rising from IDR 197bn in 2027 to IDR 304.92bn in 2030, with net profit rising from IDR 14.179bn to IDR 42.263bn over the period
- Independent valuation sets an estimated fair value of IDR 163 per share using discounted cash flow and EBITDA multiple methods
- EGM to approve the rights issue and buyback is scheduled for 3 November 2026
- EGM to approve the segment exit, rights issue and buyback is scheduled for 3 November 2026, 10:00 WIB, in Jakarta.
- Potential shareholder dilution from the rights issue is confirmed at 37.71%.
- Shareholders of record as of 9 October 2026 are eligible to vote at the EGM.
- The buyback agenda item is to be conducted under OJK Regulation No. 29 of 2023.
Butterfly Equity, a Los Angeles private equity firm focused on food and beverage, has agreed to acquire Sabert Holding Corp, a US-based maker of plastic, paper and molded fibre food packaging with 13 plants worldwide. Financial terms were not disclosed and the deal, backed by financing from UBS, Goldman Sachs and KKR Capital Markets, is expected to close in the fourth quarter of 2026. Founder Albert Salama will retain a minority stake.
Why this mattersSabert's 13 plants and multi-material foodservice range pass to a food-focused sponsor rather than a strategic buyer, keeping a scaled platform inside the private equity cycle.
- Butterfly Equity signed a definitive agreement to acquire Sabert Holding Corp, financial terms undisclosed
- Sabert operates 13 manufacturing facilities globally, including nine in the US and others in Belgium, England, Poland and China
- Sabert, founded in 1983 and based in Sayreville, New Jersey, employs about 3,000 people and holds over 400 product patents
- The deal is expected to close in the fourth quarter of 2026, subject to customary closing conditions
- Sabert founder and executive chairman Albert Salama will remain a minority investor after closing
- Financing is being provided by UBS Investment Bank, Goldman Sachs and KKR Capital Markets
