Investor Presentaiton

Cash flow and balance sheet Strong, investment grade balance sheet. Focused on working capital and prioritizing inventory reduction Year to date cash flow ($ million) FY22 FY23 Adjusted EBITDA 2,117 2,018 Interest and tax payments (375) (473) Capital expenditure (527) (526) Movement in working capital (154) (229) Other 5 58 Adjusted Free Cash Flow (1) 1,066 848 Fiscal 2023 highlights $848 million Adjusted Free Cash Flow in line with guidance provided in May Working capital impacted by reduced accounts payable balances related to lower volumes and inventory reduction initiatives >$400 million decrease in inventory achieved since November 2022 peak Strong, investment grade balance sheet June June Balance sheet(2) 2022 2023 • Net debt ($ million) Leverage at 3.0x in line with expectations 5,715 Leverage: Net debt / LTM EBITDA (x) 2.7 6,057 3.0 Notes: Non-GAAP measures exclude items which are not considered representative of ongoing operations. Further details related to non-GAAP measures including Adjusted EBITDA and Adjusted Free Cash Flow and reconciliations to U.S. GAAP measures can be found in the appendix section. Adjusted Free Cash Flow excludes Russia-Ukraine conflict impacts, material transaction and integration related costs because these cash flows are not considered to be representative of ongoing operations. (2) Leverage calculated as Net debt divided by adjusted trailing twelve month EBITDA. 9 (1) amcor

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