Welcome to the Ardagh Group S.A. quarterly results conference call. Today's conference is being recorded. At this time, I'll turn the conference over to Herman Troskie, Chair of Ardagh Group. Please go ahead. Thank you, Anna, and welcome everyone. Thank you for joining us for the Ardagh Group First Quarter 2025 Earnings Call. This call follows the release of our results earlier today, and I'm joined today by John Sheehan, Group CFO, and Mike Dick, CEO of Glass Packaging. Before moving to take questions, we'll make some brief opening remarks covering our first quarter performance, our capital structure, and also our outlook for the full year. These remarks will include certain forward-looking statements which reflect circumstances at the time they're made, and the company expressly disclaims any obligation to update or revise any forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied due to a wide range of factors. The Group's first quarter financial report can be found at ir.ardaghroup.com. Ardagh Packaging, or AMP, also released its first quarter results earlier today, and a replay of its earnings call is available on its website. We will not be providing additional information regarding AMP on this call. Commencing with some Ardagh Group highlights for the first quarter. Revenue of $2.2 billion were 4% higher than the same period last year on a constant currency basis. This principally reflected higher shipments in metal packaging, partly offset by lower revenues in glass packaging due to lower shipments and the pass-through to customers of lower input costs. Adjusted EBITDA of $290 million increased 16% at constant currency compared to the first quarter of 2024, with growth of 17% and 13% in metal and glass packaging, respectively. Reviewing performance by segment on a constant currency basis, starting with metal packaging. Global beverage can shipments increased by 6% in the quarter compared with the same period last year, with growth of 7% and 5% in the Americas and Europe, respectively. Within the Americas, shipments rose by 8% in North America and by 4% in South America. AMP's adjusted EBITDA of $155 million increased by 17% compared with the same period last year and was well ahead of its guidance. Moving to glass packaging. First quarter revenue of $961 million was 5% lower than in the same period last year, reflecting lower aggregate shipments and the pass-through to customers of lower energy costs in Europe. Glass packaging shipments for the quarter were 5% lower than the same period last year, with a gradual recovery in Europe, offset by a slower-than-expected start to the year in Africa, and the impact of our previously announced footprint adjustments in North America. Glass packaging adjusted EBITDA of $135 million represented an increase of 13% year-on-year and was in line with our expectations. Looking at each of our glass packaging segments in turn. First quarter revenue of $605 million in the Europe and Africa segment was 3% lower than the same period last year, chiefly reflecting the pass-through to customers of lower input costs. First- quarter glass shipments in Europe increased by 3% compared with the first quarter of 2024. While customer sentiment remained relatively subdued, most categories recorded growth year-on-year, led by spirits. Significant capacity remained inactive throughout the quarter, and we envisage this being the case for the foreseeable future as we seek to optimize our active capacity CapEx outlays. The planned permanent closure of a facility in Europe announced in the first quarter continued to progress. Following a stronger-than-expected finish to 2024, our Africa business experienced a slow start in the seasonally less significant first quarter. Glass packaging shipments were 10% lower than the same period last year when, as previously outlined, we had benefited from some build by customers of returnable glass floats, notably in beer. Lower production in 2024 led to less favorable fixed cost absorption in the quarter compared with the same period last year. Adjusted EBITDA in the Europe and Africa segment increased by 32% to $90 million in the quarter, measured against the prior year period, which had been unfavorably impacted by the carryover of higher input costs from 2023. North America glass packaging revenue of $356 million was 8% lower than the same period last year. Shipments were 13% below the prior year level and reflected the actions we have taken to right-size our footprint, closing three facilities since the beginning of 2024. These footprint changes are now complete. First quarter North American shipments were in line with our expectations, with solid beer demand and spirits demand relatively strong, while the wine end market remained notably challenging. Adjusted EBITDA for the quarter in North America of $45 million was 12% lower than the strong prior year performance. We continue to focus on delivering benefits from our operational initiatives and related targeted investment as we and our industry aim to improve the relative cost position of glass packaging. Together with efficiency initiatives and other cost reduction actions, we are targeting full-year profit improvement following the modest year-on-year growth achieved in 2024. Turning now to liquidity and our capital structure. Consolidated cash and available liquidity was over $1.1 billion at March 31st, 2025, after the seasonal first quarter working capital outflow, and compared with $970 million at March 2024. Cash balances at March 2025 were almost $600 million. Last 12 months adjusted EBITDA to March 31st, 2025, at the Ardagh Restricted Group, including dividends from AMP, increased to $824 million at March 31st from $809 million at December 2024. Net leverage at the Ardagh Restricted Group was 7.6x last 12 months adjusted EBITDA to March 31st, 2025, unchanged from December 31st, 2024, as the U.S. dollar-driven increase in net debt was offset by the growth in last 12 months adjusted EBITDA. Our capital structure review is ongoing, and in March and April, we disclosed proposals made to and received from certain noteholders. We remain in constructive discussions with both the SSN and SUN Groups of noteholders, with the objective of putting in place a sustainable capital structure. Before moving to our full- year 2025 outlook, it's relevant to set out some perspectives around tariffs and how they may impact our business. Given that the timing, scope, and duration of these measures remain unclear in many cases, our views at this stage are preliminary. As set out in its report, AMP currently expects any impact of tariffs to be minimal. In glass packaging, we overwhelmingly supply products to local customers but continue to monitor any impact on our customers' business flows, specifically exports from Europe, as it may impact demand for our products. Conversely, tariffs on the importation of empty and filled glass containers into the U.S. may be supportive for demand for U.S.-made glass packaging and brands. As you're aware, all our Americas glass production is based in the United States, and we have no glass packaging operations in either Mexico or Canada. The potential impact of tariffs on broader macroeconomic activity and demand is also unclear at this point, though our focus on serving beverage and food end markets has typically mitigated the impact of economic cycles. In addition, we continue to evaluate our procurement strategies to achieve the best outcomes and counter any headwinds. Before taking questions and looking to the remainder of 2025, following a strong first quarter, AMP has raised its full- year 2025 adjusted EBITDA guidance to a range of $695 million-$720 million from the previous range of $675 million-$695 million. In glass packaging, first quarter performance was in line with expectations, and we are maintaining our full year guidance of mid-single-digit growth in adjusted EBITDA compared with the 2024 outturn of $602 million. Having made these opening remarks, we will now be pleased to take any questions that you have, but we will not be commenting in further detail on our capital structure review. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, that is star one if you would like to ask a question. We will now take a question from Roger Spitz with Bank of America. Thank you very much. The first question, I think I got all the volumes except, and maybe you said it, what was the overall glass Europe/Africa volume change? Roger, that was pretty flat. There was growth in Europe of 3%, and then there was a 10% reduction in Africa. Got it. Okay. And then, you're keeping your 2025 EBITDA guidance up, mid-single digits. Are there any other cash flow items that you can provide for 2025 for Glass Restricted Group? Yeah, sure. There's not a lot of change since February. You know, we'd expect working capital to be a modest use, probably a little bit better than we had expected before. You know, maybe a use of $20 million-$30 million. CapEx will be fairly similar to last year. That'll be around about $300 million, across the glass businesses. Exceptional restructuring costs, that will have gone up a little, probably about $60 million-$65 million. You know, we mentioned in the remarks, initiatives that we've been progressing in completing our footprint adjustment in North America, and similarly with a previously announced location in Europe, and then a few other changes around the group on SG&A and areas like that. And then cash tax, again, probably a little bit better, I'd say about kind of $45 million or so for the full year. Cash interest, $375 million, that, that kind of range. And then, you know, lease repayments would be in the range of $125 million-$130 million. Great. Last one for me. Your EBITDA, is 2025 still up mid-single digits? Volumes here were down overall 5%. What is the cliff notes of what's driving the EBITDA up on lower volumes, which presumably has the, you know, adverse, you know, fixed cost absorption? Is it spread expansion? Is it self-help, etc.? Roger, it's Mike, yeah, look, as we said, as we discussed, we've made some changes to our footprint and the footprint mix in reality in North America. We're seeing that some of that benefit coming through, with regard to that approach, with regard to the footprint adjustments. And then also we are, as we stated, having the benefit of the lower cost of not having the impact of the on-cost of the 2023 volume outlift coming into the first quarter of 2024. We're seeing that benefit versus that, and that's coming through. Thank you. I'll turn it over. Thanks very much. Once again, that is star one if you would like to ask a question. We'll pause for just a moment. It appears there are no further telephone questions. I'd like to turn the conference back to our presenters for any additional or closing comments. Thanks, Anna. No further comments. Thanks everyone for joining. We look forward to seeing you on the next call. Thank you very much. And once again that does conclude today's conference. We thank you all for your participation. You may now disconnect.