Welcome to the Ardagh Group S.A. Q3 Quarterly Results Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mark Porto, Executive Chairman, Ardagh Group. Please go ahead. I'd like to welcome everybody to the call. Thank you for joining the Ardagh Group Third Quarter 2025 earnings call. My name is Mark Porto, and I was recently appointed Executive Chairman of Ardagh Group. It's wonderful to be here. We are obviously very relieved and pleased having completed the recapitalization, and I and the rest of the management team look forward to engaging in the future. I'm joined today by John Sheehan, who is our Group CFO. Mike Dick, CEO of Glass Packaging. And at this point, I'd like to hand over the call to John for his comments. Thank you, Mark. Today's call follows the release of our results a few hours ago, which we had previewed in the trading update that we released on the 5th of November. Today, as usual, we'll make some customary opening remarks on the third quarter performance, comment on our recently completed recapitalization, as well as providing a view on the full year 2025. Our remarks will include certain forward-looking statements, which reflect circumstances at the time they are made, and the company expressly disclaims any obligation to update or revise 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. Our third quarter financial report can be found at www.ardaghgroup.com/investors. Ardagh Metal Packaging, or AMP, released third quarter results on October the 23rd, details of which you will have seen on its website. We will not be providing any additional information regarding AMP on this call. So, looking at the results for the Group for the quarter, revenue of $2.5 billion was 2.2% higher than the same period in 2024 on a constant currency basis, with 6% growth in metal packaging, partly offset by a 3% reduction in glass packaging. Adjusted EBITDA of $394 million increased by 6% at constant currency, with growth of 9% in glass packaging and 3% in metal packaging. Before moving to glass packaging, I will briefly recap the previously reported performance in metal, and we'll focus on constant currency numbers again. Global beverage canned shipments in the quarter were 1% lower compared with the same period last year, with low single-digit percentage growth in each of Europe and North America, offset by lower shipments in Brazil. AMP's adjusted EBITDA increased by 3% to $208 million compared with the prior year and was at the upper end of its guided range. Moving to glass packaging and also at constant currency, third quarter revenue of $1.08 billion was 3% below the same period last year, with shipment growth in Europe and Africa more than offset by lower shipments in North America and the continued pass-through of lower input costs, principally energy in Europe. Global glass packaging shipments in the quarter were 1% lower than in 2024, with low single-digit growth in Europe and Africa, offset by the planned reductions in North America following our previous footprint adjustments to manage our capacity. And third quarter EBITDA in glass packaging of $186 million was 9% higher than the same period last year, in line with our expectations and represented encouraging progress. Looking at each of our two glass packaging segments in more detail, revenue of $709 million in Europe and Africa was 3% lower than the same period last year. Glass shipments increased by 1% compared with the third quarter of 2024, with low single-digit growth in each of Europe and Africa. In Europe, demand remained generally sluggish, with customers cautious, and year-on-year trends were uneven from month to month. By end market, the spirits category showed the most favorable year-on-year performance. Other markets were generally flat year-on-year, and food registered a decline. Geographically, the U.K. was our best-performing market, while other markets were broadly in line with the prior year. In Africa, where our business is principally focused on South Africa, third quarter shipments increased by 3% compared with the same period last year. Beer and other beverages continued to be the main driver of our Africa business, and while the third quarter trend was encouraging, monthly demand trends remained volatile. Given the demand backdrop overall, which lagged our expectations, we continued to actively manage our production capacity in Europe and Africa throughout the quarter, reducing output by approximately 2% compared with the prior year. Third quarter adjusted EBITDA in Europe and Africa was $138 million, representing growth of 4% compared with the same period last year. Adjusted EBITDA margin growth of 110 basis points in the quarter was driven by Africa. Moving to North America, glass packaging revenue of $367 million was 2% lower than the same period last year. Shipments were 6% below prior year levels, which was broadly in line with our expectations following the footprint rationalization and other commercial actions undertaken in the past two years. By end market, shipments were strongest in spirits and non-alcoholic beverages. Adjusted EBITDA in North America of $48 million represented a 30% increase over the third quarter 2024 results, reflecting improved capacity utilization, better operating performance, and good cost control. Margins also advanced, rising 320 basis points over the same period in 2024. We continue to target improved earnings in North America from our right-sized and better-invested asset base. Turning to liquidity and capital structure, consolidated Ardag Group cash and available liquidity was $1.07 billion at September the 30th. Excluding AMP, cash and available liquidity was $438 million. LTM adjusted EBITDA to September 30th, 2025, for the Group increased to $1,347 million compared to $1,274 million at December 31st, 2024, and represented a year-to-date advance of $73 million. At the Ardah restricted Group, comprising glass packaging and dividends from AMP, LTM adjusted EBITDA was $817 million at September the 30th, a $20 million advance on the quarter. Net leverage at the restricted Group was 8.2 times LTM adjusted EBITDA to September the 30th, 2025. However, this predated the completion of the recapitalization transaction on November the 12th, the terms of which were set out in late July. To recap, the recapitalization transaction involved the following: one, the exchange of the Group's $2.7 billion equivalent 2026 secured notes into new second-line notes due in December 30. Secondly, the equitization of approximately $2.3 billion equivalent of 2027 unsecured notes issued by the Group and approximately $2 billion equivalent of hold co-picks also due in 2027 and issued by ARD Finance. Thirdly, the injection of $1.5 billion in new first-line capital into the Group with a maturity of December 2030, part of which was used to repay the Apollo Senior Secured Term Loan. And as we indicated last week, in conjunction with the financial restructuring, we also extended the Group's half a billion ABL maturity and that from March 2027 to November 2030. Post this transaction, and excluding AMP, the Group's next bond maturity is December 2030, resulting in a transformed debt maturity profile and providing a runway for continued business improvement. Following this transaction, we are singularly focused on deleveraging by driving organic improvement in profitability, returns, and cash generation. We retain leading positions in all our glass packaging markets, and looking forward by region, we see in Europe projected gradual recovery in demand from what remains subdued levels, improving operating leverage, and augmented by continued improvement in operating performance. In North America, we plan for relatively stable volumes but look to our operational, commercial, and cost reduction initiatives to drive profit growth, building on the encouraging progress that we have made to date in 2025. In Africa, we aim to grow by deploying our well-invested asset base and capabilities to seize the opportunities presented by our long-standing customer relationships. At all times, we will maintain a disciplined approach to capital allocation, and we will continue to prioritize securing appropriate value and returns over volume, driving value for all of our stakeholders. Before moving to your questions, let's briefly update on the full year 2025 outlook. Last month, AMP upgraded its full-year adjusted EBITDA guidance for 2025 from a range of $705 million - $725 million to a range of $720 million - $735 million. In glass packaging, third quarter earnings showed good year-on-year progress, and looking to the full year, we continue to expect mid-single-digit constant currency growth in adjusted EBITDA compared to the $602 million reported in 2024. Net leverage at the Ardah restricted Group, that is, excluding metal packaging but including the AMP dividends, is projected to be around 5.4 times adjusted EBITDA at December 31st, 2025, with cash and liquidity of approximately $750 million at the end of the year. And having made these opening remarks, we'll now be pleased to take your questions. If you have dialed in via the telephone and would like to ask a question, please signal by pressing Star and then the number one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, that is Star one to ask a question, and we'll pause for just a moment to allow everyone the opportunity to signal for a question. And we'll go to our first question from Ning Yang Yang, Jupiter Asset Management. Hi. I have two questions. My first question is that after your restructuring, where do you stand in terms of the contracts, your customer contract negotiation for the next year? Are the major contracts up for renewal? And also the dynamic with the suppliers, is my assumption correct that given that the restructuring is now finished, that you expect a pretty stable kind of outcome with the future kind of renewal of contracts and with suppliers? Did you say metal? We're not discussing metal [crosstalk] on this call. I'm talking about the glass. Okay. Yeah. So it's Mike here. So look, from our perspective with regard to the way forward, we don't have any really major contracts up for renewal. Obviously, there are coming through the normal timeframe based on the contract basis we have in place, but we don't see clearly now as we move forward, we don't see any change there with regard to that approach. With regard to our supplier agreements, yeah, look, we've been engaged with the suppliers all the way through this process, and of course, now we have the recapitalization completed, we have some more stability as we move forward. Okay. And my second question is just regarding your deleveraging plan. Do you plan anything in organic given that you have only majority staking AMP and also you have a manually staking? Is that something kind of part of the plan [crosstalk] or that? Yeah. Look, there's no plans for any of that. You'll appreciate the transaction has only recently closed, but what we're very clear on is that we're highly focused on driving EBITDA growth, cash generation, returns, and that in itself will delever. So that's the primary focus for the foreseeable future. Right. And my last question is just regarding CapEx. Could you kindly remind me, do you retain the view that full-year CapEx is $300 million and $400 million going forward in '26, '27? Yeah. I think we'll hopefully keep it a little bit under $300 million in the current year, and then I don't see it rising to that level next year. We've been investing consistently over the past few years. Obviously, the volumes are lower, so it's on a smaller footprint. So we've been running at around about $300 million. We may be slightly below that this year. And look, the number for next year, it'll certainly be below that number, but we'll give a view on 2026 in February with our full-year results. And. [crosstalk] But definitely will not go it will definitely not go to $400 million. Okay. That's great. Thank you very much. And once again, ladies and gentlemen, if you'd like to ask a question, please press Star and then the number one on your telephone keypad. We'll take our next question from Patrick Roberts with Diameter Capital Partners. Excuse me, Patrick Rogers. Hey, guys. Thanks for taking my question. Noticed in the last financing transaction at AMBP that they redeemed the preferred shares. I was curious if you guys have any guidance in terms of use of proceeds at the Group level for the preferred share cash proceeds. Thank you. Nothing specific, Patrick. That transaction hasn't closed yet. It closes in, I think it's a week or so, and then it'll be for the AMP board to redeem that. So look, we'll look at that in due course. But yeah, it's an inflow into the Group. It's about EUR 250 million, so it's around about $290. But yeah, again, we'll come back to you on that. Thank you. I'll pass it along. And we'll move to our next question from Ning Yang, Jupiter Asset Management. I'm sorry. Just one more question regarding the EBITDA growth, your plan to organically deliver through EBITDA growth. Could I understand, are they more from cost savings, SG&A savings, or are they more from the fact that you rationalized your capacity and so therefore there's an improvement of utilization and naturally you would expect an improvement? Yeah. So look, the improvement has come through the footprint rationalization. That's been a big factor in there. And also the fact that we've done a lot of curtailments over the last 12 months. So we're now seeing the impact of those changes. So that's where we're seeing that movement in reality. Of course, we continue to look at costs. We look across the board with regard to SG&A and also what we're doing regarding other aspects. So our focus is around all aspects on costs, but again, the changes in footprint have made that more major change. Understood. And did I hear correct that when you talk about full-year guidance, you were thinking about net leverage including AMP dividend of 5.4 times? Is that? That's correct. [crosstalk] Yes. Okay. So that probably means that you expect some working capital improvement in Q4? In Q4, yeah. I think for the full year, we'd expect a full-year working capital use of approximately $50 million. Looking into next year, we'd expect to recover that and to make progress there. But yeah, other line items, not a whole lot different. Tax has come down. CapEx, we've covered. And working capital, we've just touched on there. So yeah, it'll be an outflow, but yeah, typically a Q4 inflow. Understood. Thank you very much. And we'll move to our next question from Armin Akavin with Schoenfeld. Hi. Thanks very much for taking the question. I think you mentioned the founders correctly that you're looking to curtail capacity a bit further in Europe because of just the demand trends. I was just wondering, my understanding is that there's going to be a relatively large new plant being opened in Belgium next year by a Turkish group, which has two fairly big furnaces, one coming online next year and the other one in 2027. Just in light of what you're saying with the demand in Europe and that you're looking to curtail capacity, what impact do you expect this plant to have? So Armin, yes. Look, with regard to what we've been in actions we've taken actually over the last 12 months and our focus as we go forward on the network optimization, we have factored in that there will be a new facility coming on board. So therefore, that's been very much part of our strategy as we go forward. So the reality is that that has been played a part in what we've been doing and the actions we've been taking. Got it. Thank you. And it appears there are no further questions at this time. I'd like to turn the conference back to Mark Porto for any additional or closing remarks. We'd like to thank you for joining the call today. For those of you that are in the United States, we do wish you a happy Thanksgiving. We will be back to go over our full-year results in late February. And again, we thank you for participating in this call with us today. Thank you. And this concludes today's call. Thank you for your participation. You may now disconnect.