4.     Segment analysis

The Group’s two operating and reportable segments, Europe and Americas, reflect the basis on which the Group’s performance is reviewed by management and presented to the Chief Operating Decision Maker (“CODM”). The CODM has been identified as being the Board.

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Performance of the Group is assessed based on Adjusted EBITDA. Adjusted EBITDA is the profit or loss for the period before income tax charge or credit, net finance expense or income, depreciation and amortization and exceptional operating items. Sales contracts generally provide for the pass through of metal and energy price fluctuations as well as a mechanism for the recovery of other input cost inflation, while certain contracts have tolling arrangements whereby customers arrange for the procurement of metal themselves. Consequently, the CODM evaluates the financial effects of the business activities of the reportable segments based on Adjusted EBITDA, which includes the net impact of the pass through pricing model operated by the business.

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Segmental revenues are derived from sales to external customers. Inter-segmental revenue is not material.

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Reconciliation of profit for the period to Adjusted EBITDA

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Segment results for the three months ended June 30, 2026 and 2025 are:

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Segment results for the six months ended June 30, 2026 and 2025 are:

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One customer accounted for greater than 10% of total Group revenue across both reportable segments in the three and six months ended June 30, 2026 (2025: one).

Within each reportable segment our respective packaging containers have similar production processes and classes of customers. Further, they have similar economic characteristics, as evidenced by similar profit margins, similar degrees of risk and similar opportunities for growth. Based on the foregoing, we do not consider that they constitute separate product lines and, therefore, additional disclosures relating to product lines are not necessary.

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The following illustrates the disaggregation of revenue by destination for the three months ended June 30, 2026:

The following illustrates the disaggregation of revenue by destination for the three months ended June 30, 2025:

The following illustrates the disaggregation of revenue by destination for the six months ended June 30, 2026:

The following illustrates the disaggregation of revenue by destination for the six months ended June 30, 2025:

The following illustrates the disaggregation of revenue based on the timing of transfer of goods and services:

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