Welcome to the Ardagh Group S.A. Q4 quarterly results conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Stephen Lyons, Head of Investor Relations. Please go ahead. Welcome, everybody, and thank you for joining us for today's Ardagh Group investor call, which follows the release of our results in respect of the 2025 fourth quarter and full year results earlier today. I'm joined here by Mark Porto, the Executive Chairman of Ardagh Group, Todd Brents, Interim Group CFO, and by Mike D., CEO of glass packaging. 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 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 full year report can be found at ardaghgroup.com/investors. Ardagh Metal Packaging, or AMP, released its fourth quarter and full year results earlier today, and a replay of its earnings call is available on its website. As usual, we will not be providing additional information regarding AMP on this call. With that, I'll hand the call over to Mark. Thank you, Stephen. Good morning and good afternoon to everybody. Prior to taking your questions, we will make some brief opening remarks covering our fourth quarter and full year performance, our comprehensive capital restructuring, and our outlook for the year ahead. As a brief recap, 2025 proved to be a transformational year for Ardagh Group. The comprehensive recapitalization agreement, reached with a strong majority backing of financial creditors, resulted in the following: Substantial reduction in the group's debt burden with $4.3 billion of notes equitized, comprising approximately $2.3 billion of senior unsecured notes at Ardagh Group S.A., and $2 billion of PIK notes at ARD Finance S.A. $1.5 billion of new money raised to boost liquidity, refinance an existing term loan, and to fund the purchase price to exiting shareholders. Finally, a significant lengthening of maturities through the new issuance and also the exchange of existing senior secured bonds. The new first lien and second lien notes, as well as the asset-based lending facilities, don't mature until December 2030. We believe this provides a runway and financial flexibility to focus on operational business improvement. The Q4 and full year results represent the first reporting update subsequent to the restructuring, and we are positively encouraged by the group's performance, given the backdrop of the restructuring and its momentum. Both the glass and metal businesses delivered adjusted EBITDA ahead of expectations in the fourth quarter. Net leverage and total liquidity also ended 2025 favorable to our expectations. The group ended 2025 with consolidated cash and available liquidity of close to $1.9 billion. Customer and vendor reactions to the restructuring have been positive. There have been no customer defections or negative consequences, and our key vendors have reiterated their support for the business. Since the completion of the restructuring in mid-November, under new ownership, there have been significant changes to the group's governance and executive structures. As noted on the Q3 call, I have joined as Executive Chairman of Ardagh Group. Todd Brents has joined as Interim Group CFO as a result of the retirement of our former CFO at year-end. Todd has over 25 years of experience in interim CFO roles and corporate restructurings and will serve while the search for a permanent replacement is underway. Also joining the team is Timur Colak as Chief Transformation Officer. Timur has over 25 years of experience specializing in complex transformations of international businesses. Recently appointed members to our newly constituted board include Galdino Claro and Richard Navarre, who joined Jean-Pierre Floris, who was appointed in November. Galdino brings extensive experience from the aluminum and industrial services industries. Rick from the steel and mining industries. Rick also chairs our audit committee. Jean-Pierre may already be familiar to many of you following the glass packaging industry as the former CEO and chairman of Verallia. The addition of these board members, along with continuing member Herman Troskie, further expands the expertise and insight provided by our governance structure. Our full focus is on developing plans to maximize value for the new shareholders of Ardagh Group. It's still early in the process, by driving value across the group's businesses through near-term and longer-term improvements, we expect to create strategic optionality to deliver on our objective. We are in the process of detailing and resourcing our action plans. We will update further in due course when our plans are further developed. The performances of the business so far give us confidence, as does the quality of the management teams and the various business functions. We are excited by the group's prospects. Looking to 2026, both businesses anticipate continued adjusted EBITDA growth. In the case of the glass packaging business, performance is trending broadly in line with the projections provided at the announcement of the recapitalization agreement last July. This reflects our expectation of broadly stable global volumes against a backdrop of continued subdued demand trends, as the industry continues to experience structural challenges in terms of overcapacity in Europe and North America. I'll now hand over the call first to Todd and then to Mike to talk you through our financial performance and market performance for the quarter and full year, before finishing with some concluding remarks. Thanks, Mark. I'll start with some highlights at the Ardagh Group level. This is for the fourth quarter and the full year, and these references I'm making are on a constant currency comparison to prior year numbers. Fourth quarter revenue of $2.4 billion was 4% higher than the same quarter last year. This reflected 10% growth in AMP that was partially offset by a 3% decline in glass packaging. Full year 2025 revenue of $9.6 billion was 3% higher than the prior year. This reflected 10% growth in AMP, partially offset by a 5% decline in glass packaging. Quarterly adjusted EBITDA of $342 million increased by 22% compared to the prior year. AMP was broadly unchanged versus the prior year, and glass packaging grew at about 54%. For the full year 2025, adjusted EBITDA came in at $1.5 billion. That was 9% higher than the prior year. This reflected 8% growth in AMP and 10% growth in glass packaging. Review of fourth quarter and full year by segment on a constant currency basis, and starting first with metal packaging. Global beverage can shipments increased by 4% in the quarter compared with the same period last year, with a 6% increase in the Americas and a 1% increase in Europe, the latter against a strong prior year comparable. Full year 2025 beverage can shipments increased by over 3%, with Americas increasing by 5% and Europe increasing by 2%. Adjusted EBITDA of $166 million for the quarter was ahead of AMP's guidance and broadly in line with the prior year. Full year adjusted EBITDA of $739 million represented an increase of 8% versus the prior year. Moving to glass packaging, also on a constant currency basis, fourth quarter global shipments decreased by 1% compared to the same quarter last year. Full year global shipments decreased by 3% compared to the prior year. Fourth quarter revenue of $1.04 billion was 3.3% lower than the same quarter last year. Full year revenue of $4.1 billion was down 5% versus the prior year. This decline in both fourth quarter and full year revenues principally reflected the decline in global shipments, which includes the planned reductions in North America, following our previous footprint adjustments to manage our capacity. It also reflects the pass-through of lower input costs in Europe, mainly energy. Glass packaging adjusted EBITDA increased by 54% compared to the same quarter of last year to $176 million. For the full year, adjusted EBITDA increased by 10% compared with the prior year to $675 million. I'll now turn it over to Mike to provide some additional comments. Thanks, Todd. Looking at each of our two glass packaging segments against, again, a constant currency. Revenue in our Europe and Africa segment of $698 million in the fourth quarter was 4% lower than the same period last year, and revenue of $2.65 billion for the full year was 5% lower. Declines for both the quarter and the full year mainly reflected the pass-through of lower input costs to customers, principally energy in Europe, as well as shipment declines in Africa. In Europe, fourth quarter shipments increased by 3% compared to the same quarter last year, but were below our internal forecasts. Market demand overall remains subdued and with divergences between countries and across categories. Demand trends are weaker in Northern Europe, which represents most of our European footprint, versus Southern Europe. Looking across categories, growth in the quarter was driven by growth in the beer and spirit categories. This more than offset declines experienced across food and non-alcoholic beverages. Full year 2025 glass shipments in Europe grew only modestly, less than 1%, and broadly speaking, annual volumes in Europe are unchanged versus our position two years ago, which is down a mid-teens percentage from pre-COVID prior demand levels. In addition to the announced closure of one of our plants in Germany early last year, we continued to curtail significant capacity during the quarter and expect to continue to do so during the current year. In Africa, fourth quarter shipments decreased by 6%, sorry, compared with the same quarter last year, lapping a strong prior year comparable. Volume performance was below our internal forecasts. Weakness spread across all beverage categories and also across both South Africa, our largest market, as well as the other smaller rest of Africa markets. For full year, glass shipments in Africa decreased by 6% versus the prior year. Similar to Europe, Africa's annual volumes are also relatively unchanged, compared with their position two years ago, despite our new capacity investment in South Africa. Likewise, we expect to continue to curtail capacity in 2026, despite an expected improvement in demand. Adjusted EBITDA for the Europe and Africa segment increased by 51% compared with the same quarter last year, to $134 million. This reflected favorable operations and overhead costs, benefiting from higher production volumes in both Africa and Europe. For the full year, adjusted EBITDA increased by 7% compared with the prior year to $489 million. This reflected stronger input cost recovery in both regions and favorable operation and overhead costs in Europe. In Glass North America, fourth quarter revenue of $339 million was in line with the same period last year, as the impact of lower volumes was offset by higher sales prices. For the full year, revenue of $1.45 billion was 3% below the prior year, as the impact of lower volumes was only partially offset by the higher sales prices. Fourth quarter shipments were down 5% compared with the same quarter last year, as expected, driven by declines in the beer category. This was partly offset by some growth in spirits. For the full year, glass shipments reduced by 7% versus the prior year, which was broadly in line with expectations, following our footprint rationalization and other commercial actions taken. The demand backdrop remains weak, but with the footprint actions already taken, and as a reminder, since 2023, we have closed five plants, representing nearly 30% of our North American capacity. Through our ongoing efficiency and commercial efforts, we expect continued margin improvement arising from a smaller, better invested, and better utilized footprint. Adjusted EBITDA for North America increased by 68% compared with the same quarter last year to $42 million. For the full year, adjusted EBITDA increased by 18% versus the prior year to $186 million. The improved performance for both the quarter and the full year reflected increased volumes across the remaining North American footprint, post our rationalization actions, efficiency gains, as well as lower overhead costs. I'll now pass it back to Todd for some comments on our capital structure. Thanks, Mike. In terms of our capital structure and overall liquidity, I note the following: adjusted EBITDA at the Ardagh Group, that comprises the EBITDA for glass packaging, as well as the dividend received from AMP. That EBITDA increased by 9% for the full year to $880 million. Net leverage at the group, which excludes the debt in the metal business, was 5.2 times adjusted EBITDA as of year-end. Total cash and available liquidity, excluding AMP, was $913 million. As Mark mentioned in his opening comments, both net leverage and liquidity ended the year favorable to our expectations. This reflected a combination of stronger-than-expected adjusted EBITDA performance in the fourth quarter and a tight control on capital expenditures. We've also benefited from the preferred shares redemption from AMP of $290 million in late 2025. The proceeds of which we used to pay down the ABL facility and provide liquidity. Per the bond indentures, we're entitled to retain up to $200 million of those proceeds for qualified capital expenditures, and are required to make an excess proceeds offer to the outstanding noteholders within a six-month period with the remainder. We're monitoring this closely. In addition, reflecting our confidence in our liquidity position, we're announcing our intention to make the higher cash, lower PIK election on the second lien notes for the next payment period, beginning at the end of May. This will result in approximately $14 million of additional annualized cash interest payments, so a $7 million impact on 2026, but with reduction on the overall interest rates, on the second liens of 100 basis points. With that, I'll hand the call back to Mark. Thanks, Todd. Before moving on to take your questions, I'll briefly recap on our performance and provide some comments on our 2026 outlook. 2025 was a transformational year for the group, and the recapitalization agreement solidly positions the group for future growth. The full focus of the new board and executive team is on developing and executing plans to maximize value for our new shareholders, and we will update further in due course. With the restructuring behind us, we are now in a better position to take actions based on how the market develops during the year. We are excited by the opportunity, and we are encouraged by the performance so far, with both businesses delivering adjusted EBITDA ahead of guidance in the fourth quarter. In terms of additional guidance for 2026, AMP has guided adjusted EBITDA of $750 million-$775 million, compared with a strong 2025 outturn of $739 million. As already indicated, glass packaging is trending broadly in line with the projections provided in mid-2025. The outlook for glass packaging assumes global shipment volumes are broadly flat for the year. We're now 125 days post the restructuring and looking to further improve the glass business. We are placing a lot of internal focus on this, and we remain broadly comfortable with these medium-term projections previously stated. We are 105 days post the restructuring. Excuse me. We are now pleased to take any questions that you may have. 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 go first to Kirk Ludtke with Imperial Capital. Hello, everyone. Thank you for the call. I appreciate the update on the outlook. I just want to make sure I'm looking at the right document. That's the forecast with fiscal 2026 EBITDA of $700 million? Yes, that's correct. Got it. Great. Thank you. Are you thinking that the cash requirements will also be in line with that projection? Yeah, I think so. The CapEx is going to come in under $400. We're projecting cash interest payments of about $380 million. Great. Thank you. You also had lease payments of $105 and, you know, other cash requirements of $65-$125. Is there any thoughts on those items? Yeah, those are still in the same range. The lease numbers are in the same range. That also includes the cash tax and the pensions in that number. You know, we're expecting an uptick in working capital as well. That would offset that a little bit, but those are the main drivers of it. Working capital use. Yeah, I'm gonna, yeah, when I said uptick in working capital, I should clarify that, an increase in cash from working capital, i.e., a working capital reduction. Okay. Got it. Yeah. Okay. Thank you. That's very helpful. I guess the Ardagh Metal beat, but it looks like they left their dividend unchanged. Correct. Okay. Thank you. You mentioned, could you go over again, how you're thinking about the use of proceeds from the preferred shares? Yeah. Like I mentioned, we used it to pay down the revolver late last year. We're ultimately liquidating that, we're spending it on CapEx. We're anticipating that, you know, we'll meet the $200 million eligible use of proceeds for it. There'll be another $90 million that will be tendered out of the. Within six months of the sale. Yeah, in the redemption. Yeah, that happened in December. Got it. Thank you. Appreciate it. Are you thinking about listing the shares? Yeah, we haven't made any decisions regarding the listing. You know, it is something we were looking at and evaluating, but no decision's been made, and we don't have a point of view at present on listing the shares. Okay. you're not required to list the shares? We're not required to list the shares. Okay. Thank you. Last question, what was the outstanding receivables factored at the end of the year? It was, $200 million on the glass side. Got it. I appreciate it. Thank you very much. Congratulations on the quarter. Thank you. We'll go next to Patrick Rogers of Diameter Capital Partners. Hey, thanks for taking my question. I was wondering if you could give us a little bit more color on how you're thinking about global shipment volumes, by region for 2026. Thank you. Yeah. Hi, Patrick. Yeah, what we're really seeing is more or less, if you look at Europe and Africa, it's more or less flat to slight growth of around 1% in that area and slightly down in North America. In real terms, it's more or less flat. Thank you. In terms of the EBITDA growth, year-over-year, can you give us some color on other moving pieces, so volumes, flattish globally? Is there anywhere else that you're getting better effects of utilization or more effective curtailment or cost savings that might be baked into the EBITDA improvement in 2026? Yeah. Look, if you look at the improvement in 2026, a lot of that's coming through the actions we took last year with the closures. In Germany, the plant in Germany and also in North America with the plant in Dolton. That relocation of volumes into the network is giving us that uplift. Got it. Thank you. Last one for me. You mentioned the competitive environment in Europe remains challenging. Where do you see utilization today? Given some of the capacity closure announcements we've seen from you and peers, where do you see it trending in 2026? Is the competitive environment in terms of margin pressure and pricing pressure starting to subside and improving? Do you expect that to remain a headwind for the foreseeable future? Thank you. Yes. Patrick, I see it remaining as a headwind in the foreseeable future. you know, we're still... I think you're, as I've made reference in the opening statement, that I think we're looking at, you know, mid-teens% in from a idle capacity standpoint. I think that's aligned with what we see in the market, and I still think there's the, as we go forward, it'll take some time for that to work through. I still see it being a challenging market, in the, certainly in the next 12 months or so. Thank you. I'll pass it along. We'll go next to Ed Brucker with Barclays. Hey, thanks for taking the time today. You've mentioned a couple of times the overcapacity within the market, with you taking some out now in Europe and Africa going forward, and had done a lot of work in North America. How much more capacity needs to be taken out, maybe as a percentage of the total market? How much of that capacity taken out is going to be Ardagh? Well, I would say, Ed, we are I think as you heard from the statement, we are reviewing our process going forward. I still think there's. It's difficult to tell because I think the demand situation is still a little bit volatile, and to try and understand what the baseline should be. I think for us, it's hard to make a call on what that should be at this stage. I think as we go through the next 6-12 months, it may become clearer as we understand a bit more regarding the demand requirements. Got it. Now, with your capital structure, much stronger, is the plan to start reinvesting in the, you know, current asset base, you know, specifically like North America, where you've done the rationalization? All right, will you plan to reinvest in those facilities in a way that we would expect maybe CapEx to go higher in the future? How would that kind of ramp go? Yes. As, as we've gone through, clearly in the last few years, we've had, obviously capital constraints. Therefore, I think you're looking at CapEx numbers previously that are lower than you would expect. As we go forward, we would see that catching up to a more normal position. Yes, we would expect to be investing more in that in the periods going forward. Understand. Thanks. As a reminder to ask a question on today's call, that is star one on your telephone keypad. We'll go next to Peter D'Elia with BNP Paribas. Yes. Hi. I do a question in respect to the Q4 margins. Although they're relatively consistent with Q3, you know, they were substantially better than Q4 of last year and the Q4 of the prior year. Was there something unique to those previous years that led to the Q4s being so weak, or were there some particular operational improvements in this Q4 that drove the sharp year-over-year improvement? Just to answer that, Peter, the previous years, we were in the process of curtailments, we're making curtailments throughout those years. What we had the benefit of in 2025 was actually a bit more stable environment from that standpoint. Therefore, we had the benefits of the costs out of the network and getting that benefit back through into the margins. Okay. Then on, you touched a little bit on the volume side, but I don't know if you mentioned it in earlier questions, but a little bit thought on price versus cost, and maybe across some of your geographies. Obviously, your competitors, a lot of bad news in the last 48 hours out of the sector. Maybe some thoughts on, where's maybe where you might be seeing some pricing pressure versus, what's been going on in your cost structure. Look, our focus really is around the transfer of our input costs to the customer base. That maintains our focus. That's how we're really moving forward. Clearly, we are in a challenging environment, but our focus really is, and has been over numerous years, is around the input cost transfer. That's really the driver. Yes, there is some competitive challenges, and we try to assess the best way forward there, but it really is about transferring the input costs. Okay. Thank you very much. Once again, if you'd like to ask a question, that's star one on your telephone keypad. At this time, there are no further questions. I will now turn the call back to Mark Porto for any additional or closing remarks. Hey, hey, before Mark comments on this is Todd. I wanted to clarify something I responded to a moment ago. Question was on supply chain financing and the AR factoring. Just wanted to clarify. Combined, that was $300 million at the end of the year. We'd like to thank everybody for their participation in the call today. We look very much forward to talking to you on the next call, and we hope you have a good remainder to your day. Thank you very kindly. Thank you. This does conclude today's conference. We thank you for your participation.