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1 Ardagh Group S.A. Fourth Quarter & Full Year 2025 Update February 26, 2026 Mark Porto Executive Chair, Ardagh Group Todd Brents Interim CFO, Ardagh Group Mike Dick CEO, Ardagh Glass Packaging
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2 Forward-Looking Statements This presentation contains forward-looking statements relating to the business, financial performance and results of Ardagh Group and/or the industry and markets in which it operates. Forward-looking statements are not historical facts and are inherently subject to known and unknown risks and uncertainties, many of which maybe beyond our control. We caution you that the forward-looking information presented in this presentation is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this presentation. The words “believe,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,” “continue,” and the negatives of these words and other similar expressions generally identify forward-looking statements. Any forward- looking statements in this presentation are based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions, expected future developments, and other factors we believe are appropriate in the circumstances. It is possible actual events could differ materially from those made in or suggested by the forward-looking statements in this report from our current expectations and projections about future events at the time due to a variety of factors. In addition, new risk factors and uncertainties emerge from time to time, and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual events to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward-looking statements in this presentation be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking information presented herein is made only as of the date of this presentation, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. Non-IFRS Financial Measures This presentation may contain certain financial measures such as Adjusted EBITDA, Adjusted EBITDA margin, net debt and ratios relating thereto that are not calculated in accordance with IFRS. Non-IFRS financial measures may be considered in addition to IFRS financial information, but should not be used as substitutes for the corresponding IFRS measures. The non-IFRS financial measures used by Ardagh Group S.A. may differ from, and not be comparable to, similarly titled measures used by other companies. About Ardagh Group Ardagh Holdings S.A. is the ultimate parent company of Ardagh Group, which is a global supplier of infinitely recyclable metal beverage and glass container packaging for brand owners around the world. Ardagh Group operates 58 metal and glass production facilities in 16 countries, employing approximately 19,000 people with sales of approximately $9.6 billion. We routinely post information on our website: https://www.ardaghgroup.com/investors The contents of the website are not incorporated by reference into this presentation. Disclaimer
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3 Introduction
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4 Ardagh Metal Packaging (AMP) (NYSE-listed 76%-owned)* Ardagh Glass Packaging (AGP) (100%-owned)** Group*** Financials Revenue $5.5 billion $4.1 billion $9.6 billion Adjusted EBITDA $739 million $675 million $1.4 billion Operations Plants 23 (Europe 12, Americas 11) 35 (Europe 19, USA 9, Africa 7) 58 Employees ~6,500 ~12,500 ~19,000 Market Position Europe**** Europe**** United States South Africa Brazil United States#3 #3 #1 #2 ~ 42% stake in Trivium Packaging – leading Food & Specialty Can Supplier Ardagh Group Overview Summary 2025 financials and footprint overview #3 #2 * Refers to ownership of ordinary shares of Ardagh Metal Packaging S.A., which holds all the finance and operating subsidiari es of AMP ** Refers to ownership of ordinary shares of holding companies which hold all the finance and operating subsidiaries of AGP *** Reflects consolidated financial information of Ardagh Group S.A. and its consolidated subsidiaries **** excluding Russia, where Ardagh Group has no presence
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5 Global Footprint
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6 +11% 2025 in review Recapitalization concludes; both businesses performing strongly $1,414m FY25 Adjusted EBITDA FY25 Adjusted EBITDA growth $1,877m Cash & available liquidity at Dec 31st 2025 Completion of comprehensive recapitalization • Conclusion of comprehensive recapitalization transaction on November 12th, with the strong majority backing of financial creditors, resulting in a substantial reduction in the Group’s debt burden and lengthening of debt maturities. We believe this provides a runway for continued business improvement • Board reconstituted, under new ownership, and focused on maximising value for shareholders 2025 Adjusted EBITDA ahead of guidance in both businesses • AGP 2025 Adjusted EBITDA growth of 12% (10% at constant currency). Global shipments declined 3%, with a 7% decline in North America in line with the managed footprint reduction • AMP 2025 Adjusted EBITDA growth of 10% (8% at constant currency), with global shipments growth of over 3% - split between 5% growth in the Americas and 2% growth in Europe Liquidity and leverage at end December favorable to expectations • Leverage at December 31st 2025 significantly improved, as net debt-to-Adjusted EBITDA reduced to 6x (5.2x at ARGID Group*) down from 7.4x at the end of the prior year • Strong liquidity position of $1,877 million at December 31st 2025 ($913 million excluding AMP) * Borrowings under “ARGID Group” above refers to bonds issued by Ardagh Group S.A. and one of its subsidiaries, Ardagh Packagin g Finance plc, as well as leases and other borrowings held within other restricted subsidiaries of the Group
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7 Regional Updates Glass Packaging
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8 Regional snapshots - Europe & Africa 1% shipments decline in Europe & Africa in 2025; unchanged in Q4 • Modest growth in 2025 shipments, with Q4 shipments growth of 3% • Growth in Q4 driven by growth in beer and spirits categories, which offset declines across food and non-alcoholic beverages • Curtailment actions ongoing reflecting a flat near-term growth outlook Europe AGP Europe glass packaging volume mix* 37% 26% 19% 10% 6% 2% Beer Food Spirits Wine/Sparkling Wine Non-alcoholic beverages Other *based on 2025 shipments in tonnes
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9 Regional snapshots - Europe & Africa 1% shipments decline in Europe & Africa in 2025; unchanged in Q4 Africa AGP Africa glass packaging volume mix* • 6% decline in 2025 shipments; Q4 shipments also declined by 6% • Shipments performance below expectations, with declines across all beverage categories in Q4 • Curtailment actions ongoing reflecting recent soft demand trends, but improved outlook expected for 2026 61%13% 11% 6% 9% Beer Wine/Sparkling Wine Spirits Food Other *based on 2025 shipments in tonnes
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10 Regional snapshots - North America 7% shipments decline in North America in 2025; -5% in Q4 North America AGP North America packaging volume mix* • 2025 Shipments decline broadly in line with expectations, following footprint rationalisations and other commercial actions taken • Cumulative actions through 2023-2025 reduced the number of facilities to nine from fourteen • Volumes down in Q4 as expected, driven by beer category, partly offset by some growth in spirits • Expect further margin gains from a smaller, better-invested and better-utilised footprint 28% 27% 19% 17% 7% 2% Beer Food Spirits Wine Non-alcoholic beverages Other *based on 2025 shipments in tonnes
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11 FY25 & Q4 Financial review
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12 Three months ended December 31, 2025 Three months ended December 31, 2024 Change reported Change constant currency Revenue 2,383 2,231 7% 4% Adjusted EBITDA 342 275 24% 22% Ardagh Group key financial metrics Full Year 2025 & Fourth quarter 2025 Twelve months ended December 31, 2025 Twelve months ended December 31, 2024 Change reported Change constant currency Revenue 9,598 9,140 5% 3% Loss for the year (952) (597) Pre-exceptional loss for the year (235) (288) Adjusted EBITDA 1,414 1,274 11% 9%
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13 Revenue $m AMP Europe AMP Americas AGP Europe & Africa AGP North America Group Revenue Q4 2024 542 653 696 340 2,231 Movement (34) 154 (27) (1) 92 FX translation 31 - 29 - 60 Revenue Q4 2025 539 807 698 339 2,383 Financial bridge Three months ended December 31, 2025 Adjusted EBITDA $m AMP Europe AMP Americas AGP Europe & Africa AGP North America Group Adjusted EBITDA Q4 2024 56 108 86 25 275 Movement 5 (6) 45 17 61 FX translation 3 - 3 - 6 Adjusted EBITDA Q4 2025 64 102 134 42 342 Q4 2025 Adjusted EBITDA margin % 11.9% 12.6% 19.2% 12.4% 14.4% Q4 2024 Adjusted EBITDA margin % 10.3% 16.5% 12.4% 7.4% 12.3%
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14 Revenue $m AMP Europe AMP Americas AGP Europe & Africa AGP North America Group Revenue 2024 2,161 2,747 2,738 1,494 9,140 Movement 72 443 (152) (43) 320 FX translation 74 - 64 - 138 Revenue 2025 2,307 3,190 2,650 1,451 9,598 Financial bridge Twelve months ended December 31, 2025 Adjusted EBITDA $m AMP Europe AMP Americas AGP Europe & Africa AGP North America Group Adjusted EBITDA 2024 257 415 444 158 1,274 Movement 5 52 33 28 118 FX translation 10 - 12 - 22 Adjusted EBITDA 2025 272 467 489 186 1,414 2025 Adjusted EBITDA margin % 11.8% 14.6% 18.5% 12.8% 14.7% 2024 Adjusted EBITDA margin % 11.9% 15.1% 16.2% 10.6% 13.9%
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15 Ardagh Group net debt and available liquidity At December 31, 2025 Amount drawn Undrawn amount $m ARGID Group * Unrestricted Group ** Total Group Senior Secured First Lien Notes 1,560 - 1,560 - Senior Secured Second Lien Notes 2,659 - 2,659 - South African Senior Facilities 489 - 489 24 Global Asset Based Loan Facility – Group - - - 288 Lease obligations 416 368 784 - Other borrowings/credit lines 72 27 99 48 Senior Secured Green and Senior Green Notes - 4,056 4,056 - Global Asset Based Loan Facility – Unrestricted Group - - - 351 Bradesco Facility - - - 91 Total borrowings/undrawn facilities 5,196 4,451 9,647 802 Deferred debt issue costs (75) (32) (107) - Net borrowings/undrawn facilities 5,121 4,419 9,540 802 Cash, cash equivalents and restricted cash (553) (522) (1,075) 1,075 Derivative financial instruments used to hedge foreign currency and interest rate risk - 3 3 - Net debt/available liquidity 4,568 3,900 8,468 1,877 * Borrowings under “ARGID Group” above refers to bonds issued by Ardagh Group S.A. and one of its subsidiaries, Ardagh Packagin g Finance plc, as well as leases and other borrowings held within other restricted subsidiaries of the Group ** “Unrestricted Group” refers to Ardagh Metal Packaging S.A. and its subsidiaries
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16 ARGID Group maturity profile* At December 31, 2025 *Excludes lease obligation of $416 million and other credit lines of $72 million as of December 31 st 2025 ** Borrowings under “ARGID Group” above refers to bonds issued by Ardagh Group S.A. and one of its subsidiaries, Ardagh Packagin g Finance plc, as well as leases and other borrowings held within other restricted subsidiaries of the Group $913 $1,560 $2,659 $489 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Available cash & liquidity as of Dec 31st 2025 2026 2027 2028 2029 2030 Debt ($m) Liquidity 1st Lien notes 2nd Lien notes South African Rand senior facilities • Post the recapitalization, ARGID Group** benefits from lower leverage, lengthened maturities and enhanced liquidity • ABL facility was also extended to 2030 following the completion of the recapitalization transaction • Weighted average maturity on outstanding bonds of ~4.6 years • Repayment in Q4 of the €250 million AMP preferred shares included in cash ARGID Group Borrowings
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17 Supplemental information
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18 Reconciliation of loss for the period to Adjusted EBITDA Twelve months ended December 31, 2025 $m 2024 $m (Loss) for the period (952) (597) Income tax charge 98 48 Net finance expense 910 585 Depreciation and amortization 899 901 Exceptional operating items 439 308 Share of post-tax loss in equity accounted joint venture 20 29 Adjusted EBITDA 1,414 1,274
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