Earnings release
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Ardagh Group S.A. - Fourth Quarter and Full Year 2025 Results February 26, 2026 7:00am EST Ardagh Group S.A. today announced results for the fourth quarter and year ended December 31, 2025. LUXEMBOURG, Feb. 26, 2026 /PRNewswire/ -- Full Year highlights: Full Year 2025 Adjusted EBITDA of $1,414 million, +11% annual growth Cash and available liquidity of $1,877 million at December 31, 2025 The successful completion of a comprehensive recapitalization transaction, resulting in a significantly reduced debt burden and no near-term maturities, positioning Ardagh Group for long-term sustainable growth Mark Porto, Executive Chair of Ardagh Group, said: "2025 proved to be a transformational year for Ardagh Group. The comprehensive recapitalization agreement reached in mid-November, with the strong backing of financial creditors, places Ardagh Group's financial position on a sustainable footing. Since the completion of the restructuring, under new ownership, there have been significant changes to Ardagh Group's governance and executive structures. Our full focus is on developing plans to maximise value for the new shareholders of Ardagh Group. It's still early in the process, but through driving value across Ardagh Group's businesses we expect to create strategic optionality to deliver on our objective. We are in the process of detailing and resourcing our action plans and we will update further in due course when our plans are further developed. But we are strongly encouraged by the underlying performance so far and excited by Ardagh Group's prospects. Each of the Glass Packaging and Metal Packaging businesses delivered Adjusted EBITDA ahead of expectations in the fourth quarter, and Ardagh Group's net leverage and strong liquidity position were also better than anticipated." Ardagh Group Adjusted EBITDA of $342 million for the quarter represented a 24% increase versus the prior year (+22% at constant currency). This was driven by growth of 59% (+54% at constant currency) in Ardagh Glass Packaging (AGP) to $176 million, with Adjusted EBITDA of $166 million in Ardagh Metal Packaging (AMP) broadly unchanged versus the prior year quarter. Ardagh Group Adjusted EBITDA of $1,414 million for the full year represented an 11% increase versus the prior year (+9% at constant currency). This reflected an increase of 12% in AGP (+10% at constant currency) to $675 million, and an increase of 10% in AMP (+8% at constant currency) to $739 million. AGP global shipments declined by 1% in the quarter versus the prior year due to a 5% decline in North America, reflecting footprint rationalisation, while Europe & Africa shipments remained unchanged. For the full year AGP global shipments declined by 3%, with a decline of 1% in Europe & Africa, and a 7% decline in North America. AMP global shipments increased by 4% in the quarter versus the prior year, led by a 6% increase in the Americas (driven by 9% growth in North America), alongside growth of 1% in Europe. For the full year AMP global shipments increased by over 3%, with 5% growth in the Americas and 2% growth in Europe. Ardagh Group successfully completed its comprehensive recapitalization transaction on November 12, with the strong majority backing of its creditors, which resulted in (i) a debt-for-equity swap of $4.3 billion of debt – comprising approximately $2.3 billion of senior unsecured notes at Ardagh Group S.A. and $2.0 billion of PIK notes at ARD Finance S.A. (ii) the refinancing of approximately $2.6 billion of senior secured notes into new senior secured second lien notes with extended maturities and (iii) the issuance of approximately $1.5 billion of new senior secured first lien notes, the proceeds of which were used to repay in full an existing term loan, to fund a cash payment to former shareholders of Ardagh Group, and for general corporate purposes including transaction costs. th
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At the ARGID Group (ARGID), which refers to Ardagh Group S.A. and certain of its subsidiaries – including glass operations but excludes AMP - the newly issued senior secured notes have a maturity date of December 1, 2030 and there are no maintenance covenants applicable to the notes, providing a pathway for continued business improvement. Ardagh Group ended the year in a strong liquidity position, with consolidated cash and available liquidity of $1,877 million as at December 31, 2025, of which $913 million is held in ARGID - which benefitted from the repayment in the fourth quarter of the €250 million preferred shares invested in AMP. Furthermore, in the fourth quarter the asset-based lending facility in AGP was successfully extended to 2030. Ardagh Group net debt to Adjusted EBITDA reduced to 6.0x at December 31, 2025, following the completion of the recapitalization transaction, which compares with 7.4x at the end of the prior year. ARGID net debt to Adjusted EBITDA was 5.2x at December 31, 2025, which was lower than the recently provided guidance. A copy of the 2025 annual report can be found at https://www.ardaghgroup.com/investors/financial-results 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. For more information, visit https://www.ardaghgroup.com/investors Contacts: Investors: Email: investors@ardaghgroup.com Media: Pat Walsh, Murray Consultants Tel.: +353 1 498 0300 / +353 87 2269345 Email: pwalsh@murraygroup.ie Earnings Webcast and Conference Call Details Ardagh Group S.A. will hold its fourth quarter 2025 earnings webcast and conference call for investors at 11.00 a.m. EST (4.00 p.m. GMT) on Thursday February 26, 2026. Please use the following webcast link to register for this call: Webcast registration and access: https://event.webcasts.com/starthere.jsp?ei=1749572&tp_key=73b4d273c2 Conference call dial in: United States/Canada: +1 646-769-9200 International: +44 (0)20 7769 6464 Participant pin code: 9989039 Disclaimer This release presents Adjusted EBITDA and net debt to Adjusted EBITDA, which are not defined under IFRS Accounting Standards. Adjusted EBITDA consists of profit/(loss) for the period before income tax charge/(credit), net finance expense, depreciation and amortization, exceptional operating items and share of profit or loss in equity accounted joint venture. We use Adjusted EBITDA to evaluate and assess our segment performance. Adjusted EBITDA is presented because we believe that it is frequently used by securities analysts, investors and other interested parties in evaluating companies in the packaging industry. However, other companies may calculate Adjusted EBITDA in a manner different from ours. Adjusted EBITDA and net debt to Adjusted EBITDA are not measures of financial performance under IFRS Accounting Standards and should not be considered an alternative to profit/(loss) as indicators of operating performance or any other measures of performance derived in accordance with IFRS Accounting Standards. This release may include "forward-looking statements," including certain statements, estimates, targets and projections provided by Ardagh Group S.A. with respect to its anticipated future performance, financial condition, plans, objectives and business outlook. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "could," "estimates," "anticipates," "aims,"
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"expects," "intends," "may," "will," "plans," "continue," "potential," "predict," "project," "target," "seek," "should," or "would," or, in each case, their negative or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Such forward-looking statements are not guarantees of future performance. You should not place undue reliance on these statements. They reflect significant assumptions and subjective judgments by management, which may or may not prove to be correct, and there can be no assurance that any estimates, targets or projections are attainable or will be realized. Neither Ardagh Group S.A. , nor any of its affiliates or directors, partners, employees or advisers, accepts any responsibility for the accuracy or completeness of such statements or assumes any obligation to update or revise them to reflect changes in expectations or events, conditions or circumstances on which such statements are based. View original content to download multimedia:https://www.prnewswire.com/news-releases/ardagh-group-sa-- fourth-quarter-and-full-year-2025-results-302698184.html SOURCE Ardagh Group S.A. Released February 26, 2026