Good day, and welcome to the Ardagh Group S.A. Q2 Quarterly Results Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Herman Troskie, Chair of Ardagh Group. Please go ahead. Thank you very much, and welcome everyone. Thank you for joining us for the Ardagh Group's Second Quarter 2025 Earnings Call. This call follows the release of our results earlier today, and I'm joined today by John Sheehan, our Group CFO, and by Michael Dick, our CEO of Glass Packaging. Before moving to [crosstalk] and brief opening remarks covering our second quarter and third [quarter performance], our outlook for the full year and the recapitalization agreement we've also announced today. Our remarks include seven forward-looking statements, which reflect circumstances of the plan they made, and the company expects you to [crosstalk] any obligation to update or revise any forward-looking statements. Actual results and outcomes may differ materially from those that may be expressed or implied due to a wide range of factors. The group's second- quarter financial report can be found at ir.ardaghgroup.com. Ardagh Metal Packaging, or AMP recently released its second- quarter results, and a replay of its earnings call is available on its website. We will not be providing additional information regarding AMP on this call. Beginning with some Ardagh Group highlights for the quarter, revenue of $2.5 billion was 4% higher than the same period last year on a constant currency basis, reflecting higher shipments in metal packaging, partly offset by lower revenue in glass packaging. Adjusted EBITDA of $388 million increased by 1% on a reported basis, but was 1% lower than the same period last year at constant currency rates, with growth of 16% in metal packaging, offset by a comparable reduction in glass packaging, where EBITDA was in line with our expectations. The review is performed by segment on a constant currency basis, starting with a brief recap on metal packaging. Second quarter global beverage can shipments increased by 5% in the quarter compared to the same period last year, led by growth in the Americas, of 8%, where shipments rose by 8% in North America and by 12% in Brazil. AMP's adjusted EBITDA increased by 16% to $210 million, compared with the same period last year and exceeded its guided $195 million- $205 million. Moving to glass packaging, revenue for the quarter of $1.02 billion was 8% below the same period last year, principally driven by lower shipments in Europe and Africa and the path through of lower input costs, mainly energy in Europe. Global glass packaging shipments in the quarter were 5% lower than the same period last year, reflecting relatively soft shipments in Europe and Africa, as well as footprint adjustments and commercial action in our North American business over the last two years. Second quarter adjusted EBITDA in glass packaging of $178 million was in line with our expectations. Looking at each of our glass packaging segments in turn, revenue of $638 million in Europe and Africa was 11% lower than the same period last year. The [large] shipment was 6% lower than the prior year. In Europe, most markets other than the U.K. saw a reduction in year-on-year demand. By end markets, growth in spirits was more than offset by lower volumes in most other categories, notably beer. Africa shipments in the second quarter were exceedingly less significant. They're 10% below the prior year level, with the reduction largely accounted for by beer and non-alcoholic beverage demand. The third half of 2024 had benefited from some boat of returnable [goods] by customers, which did not recur in 2025. In both Europe and Africa, we continue to manage our capacity to meet market demand and ensure inventories remain at appropriate levels. Adjusted EBITDA in Europe and Africa was $127 million for the quarter, compared with a reported $160 million in the same period in 2024. They were down on the prior year EBITDA outcome. This was in line with our expectations, as lower shipments, which resulted in less favorable fixed cost absorption, were offset by better cost performance during the quarter. North America glass packaging revenue of $389 million was 2% lower than the same period last year. Glass shipments were 4% below the second quarter of 2024, largely reflecting the footprint and other actions we've taken to improve our asset base, business mix, and our earnings potential. Second quarter North American shipments were in line with our expectations, with growth in spirits and non-alcoholic beverages and a planned reduction in beer shipments. Adjusted EBITDA in North America increased by 13% over the same period last year to $51 million. Our focus remains the delivery of continued efficiencies in fcrosstalk] that we expect that any impact to be limited in our glass packaging businesses, and minimal in metal packaging. Since then, we've seen constant flux regarding tariff rates, effective dates, potential exemptions, and countermeasures, with considerable uncertainty prevailing. Our view has therefore not changed, and we continue to actively work with our customers to manage any challenges and take advantage of any opportunities. The potential impact of tariffs on broader macroeconomic activity and demand also remains unclear. Moving on to liquidity and capital structure. Our [total average cash] and available liquidity of $1.08 billion at June 2025 has little changed on March 2025 and higher than at June 2024. Cash value increased with over $500 million. Last 12 months adjusted EBITDA to 30th June 2025 for the Ardagh Group increased to $1.315 billion, compared with $1.274 billion at 31 December 2024, with growth driven by metal packaging. Last 12 months adjusted EBITDA at the Ardagh restricted group, including leverage from AMP was $797 million at 30 June 2025. Net leverage at the Ardagh restricted group was 8.4x last 12 months adjusted EBITDA to 30 June 2025, and was impacted by the currency translation EBIT from sharp dollar depreciation in the quarter. Standing up to our capital structure review, we have today announced the terms of a comprehensive recapitalization agreement in respect to the Ardagh Group. Details are set out in a separate release, but the main points include the following, [crosstalk] of over $4.3 billion of 2027 maturities, comprising $2.3 billion in 2027 senior unsecured notes issued by the group and $2 billion in 2027 [crosstalk] notes issued by AID finance in Spain, into equity in Ardagh Group S.A. Exchange of the group's $2.7 billion 2026 senior secured notes into new notes due in December 2030, representing a maturity extension of over four years. Following completion, these new December 2030 notes will be the first bond maturity of the group, excluding AMP, but forming its maturity profile. There is also an injection of $1.5 billion in new capital into the group, [crosstalk] by the SUN and [FSM impact] on groups, including to repay existing debtor [groups] and for general corporate purposes. Glass and metal packaging were [crosstalk] together in Ardagh Group S.A., the ownership of which was transferred to bondholders in the debt for equity swap. AMP capital structure, which is separate from Ardagh Group and its New York Stock Exchange listing is unaffected by this transaction. This agreement has the support of the group's concurrent shareholders, as well as of holders of a substantial majority of the group's senior secured notes, senior unsecured notes, and the total notes issued by AID Finance S.A. These visits significantly increase support that's set out in today's announcement, as we proceed through implementation. Today's comprehensive agreement delivers our consistently stated objective of putting a sustainable capital structure in place, before resulting in significantly reduced debt and a much enhanced maturity profile, positioning the group for medium-term success. The transaction is subject to customer approvals, and we expect it to be completed by 30th September 2025. We refer to today's announcement for full details of the transaction, and will not be providing further information on this call. Before we move to questions, we'll turn to our full- year 2025 outlook. Given its strong second-quarter performance, AMP last week raised its 2025 adjusted EBITDA guidance to a range of $705 million- $725 million, up from $695 million- $720 million. Glass Packaging is maintaining its full- year 2025 projection of a net single-digit improvement in adjusted EBITDA compared with 2024. I think that is opening remarks. We will now be pleased to take any questions that you may have. Thank you. Thank you. If you are dialed in via the telephone and 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. Again, press star one to ask a question. We'll pause for just a moment, to allow everyone an opportunity to signal for questions. We'll go first to Ed Brucker with Barclays. Hey, thanks for taking the question this morning. My first one, in some of the cleansing materials, there was a 2026 estimate of $700 million in EBITDA and then $760 million for 2027. If you're able to, can you give us some of the underlying assumptions from those estimates, you know, from a volume perspective, how you plan to grow EBITDA margins, et c? Yeah. Ed, it's John Sheehan here. We're not getting into the breakout of 2026, 2027. What we have said specifically today is that we're reiterating our view of the current year, which is for a mid-single-digit increase in EBITDA over last year's level. Principally, volume is a factor. We've mentioned that over the past couple of years, volume in Europe has been pretty sharply impacted. We'd be anticipating a gradual recovery in that in the Europe and Africa segment. In North America, it's more around profit improvement initiatives. We've taken out a number of plans, five over the past three or four years, improved our cost base and also commercial initiatives as well. It will be less volume- driven there and more efficiency. They're the main drivers, but we haven't gotten into parsing out 2026, 2027 at this stage. Got it. From a volume perspective in the glass substrate just generally, do you think that you may have found a bottom where we won't see a ton of, you know, volume declines going forward? M aybe speaking primarily in North America. Maybe just give your kind of long-term glass substrate growth trajectory over time. Hi, Ed. It's Mike here. With regard to the first question on North America, we have realigned our footprint and product mix to really try and get the demand profile aligned with regard to the marketplace. W e're not really focusing around significant growth there, other than operational performance improvement and managing around that area. We're comfortable with the alignment with regard to our capacity and demand profile. When you look at the other sectors, as John just said, we do see areas where we expect Europe and Africa to see some growth. We think that we are getting to a place where there's some more normalization, but it's fair to say that there is still in the market, the questions on tariffs and the impacts around that. We feel we've got to a level where we would hope to see some growth in the future years. Great. Thank you. As a reminder, to ask a question on today's call, that is star one on your telephone keypad. At this time, there are no further questions. I'll turn the call back to Herman for any additional or closing remarks. Thanks, everyone for joining, and we look forward to seeing you on our next call.