Slides
Page 1
1 Ardagh Group S.A. Third Quarter 2026 Update October 22, 2026 Mark Porto Executive Chair, Ardagh Group Alexander Kuzan - CEO, Ardagh Glass Packaging - Europe Brian Brandstatter - CEO, Ardagh Glass Packaging – North America Paul Curnow - CEO, Ardagh Glass Packaging - Africa Todd Brents CFO, Ardagh Group
Page 2
2 Forward-Looking Statements This presentation contains forward-looking statements relating to the business, financial performance and results of Ardagh Group S.A., its consolidated subsidiaries 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://ir.ardaghgroup.com/ The contents of the website are not incorporated by reference into this presentation. Disclaimer
Page 3
3 Introduction
Page 4
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 ***** On October 19, 2026, Ardagh Group announced it has entered into an agreement to sell its entire ~42% stake in Trivium
Page 5
5 Global Footprint
Page 6
6 +2% Resilient Performance in Q3 Improved 2026 guidance for AMP; AGP retains its previously lowered outlook despite increased energy costs $392m Q3 2026 Adjusted EBITDA Q3 global shipments growth by packaging format $1,470m Cash & available liquidity at September 30th 2026 Q3 Adjusted EBITDA broadly in line with prior year quarter • AMP Q3 Adjusted EBITDA growth of 2%, on a reported and constant currency basis, ahead of guidance. Global shipments increased 2%, driven by 6% growth in Europe, partly offset by a 1% decline in Americas • AGP Q3 Adjusted EBITDA declined 4% (-6% at constant currency), broadly in line with expectations. Global shipments declined 1%, driven by a 6% decline in North America, partly offset by combined growth of 1% in Europe & Africa AGP Q3 results & full year outlook impacted by higher input costs • AGP Adjusted EBITDA decline reflects lower input cost recovery - mainly relating to higher direct and indirect energy prices – and unfavorable volume/mix, partly offset by lower operating and overhead costs • AGP 2026 outlook unchanged and remains consistent with the reduced guidance issued following energy market disruption related to the Middle East conflict • Total cash and available liquidity at September 30, 2026, excluding AMP, was $734 million and net leverage at ARGID Group* was 5.5x Continued focus on aligning glass capacity with market demand • Focused on aligning capacity with market demand, driving efficiency across the business, strengthening commercial partnerships, and reinforcing a high-performance culture throughout the organisation • AGP is considering further action to address excess capacity with the possible closure of two additional furnaces, in addition to the permanent actions already taken in Germany * Borrowings listed under 'ARGID Group' above refers to bonds issued by Ardagh Group S.A. and certain of its subsidiaries, be ing Ardagh Packaging Finance plc and Ardagh Holdings USA Inc., as well as leases and other borrowings held within other restricted subsidiaries of the Group -1%
Page 7
7
Page 8
8 Regional Updates Glass Packaging
Page 9
9 Regional AGP snapshots AGP global shipments decreased by 1% in Q3 2026 • 6% decline in Q3, below expectations. Significant declines across all beverage categories other than beer, which saw modest growth. Food was relatively unchanged • Ongoing capacity curtailment action being taken to rightsize inventory levels North America Europe 6% decline in North America in Q3 >1% increase in Europe & Africa in Q3 • 1% growth in Q3, primarily driven by strong growth in food and non-alcoholic beverages, with lower growth in beer. Offset by significant declines across spirits and wine/sparkling wine • Industry demand remains well below prior levels resulting in excess capacity, particularly in Northern Europe • 2% growth in Q3, cycling a more normal prior year comparison. Growth in food, non-alcoholic beverages and premium one-way beer, offsetting declines in wine • Demand in line with operating capacity across South Africa, Nigeria & Kenya. Ethiopia furnace restarted in September Africa
Page 10
10 Q3 Financial review
Page 11
11 Ardagh Group key financial metrics Third quarter 2026 Three months ended September 30, 2026 Three months ended September 30, 2025 Nine months ended September 30, 2026 Nine months ended September 30, 2025 Revenue 2,785 2,504 8,074 7,215 Loss for the period (164) (326) (459) (535) Pre-exceptional loss for the quarter (14) (20) (234) (143) Adjusted EBITDA 392 394 1,124 1,072
Page 12
12 Revenue $m AMP Europe AMP Americas AGP Europe & Africa AGP North America Group Revenue Q3 2025 625 803 709 367 2,504 Movement 75 198 22 (17) 278 FX translation (7) - 10 - 3 Revenue Q3 2026 693 1,001 741 350 2,785 Financial bridge Three months ended September 30, 2026 Adjusted EBITDA $m AMP Europe AMP Americas AGP Europe & Africa AGP North America Group Adjusted EBITDA Q3 2025 82 126 138 48 394 Movement 9 (4) (4) (7) (6) FX translation - - 4 - 4 Adjusted EBITDA Q3 2026 91 122 138 41 392 Q3 2026 Adjusted EBITDA margin % 13.1% 12.2% 18.6% 11.7% 14.1% Q3 2025 Adjusted EBITDA margin % 13.1% 15.7% 19.5% 13.1% 15.7%
Page 13
13 Ardagh Group net debt and available liquidity At September 30, 2026 Amount drawn Undrawn amount $m ARGID Group * Unrestricted Group ** Total Group Senior Secured First Lien Notes 1,501 - 1,501 - Senior Secured Second Lien Notes 2,682 - 2,682 - South African Senior Facilities 494 - 494 25 Global Asset Based Loan Facility – ARGID Group - - - 265 Lease obligations 395 320 715 - Other borrowings/credit lines 52 27 79 48 Senior Secured Green and Senior Green Notes - 3,996 3,996 - Global Asset Based Loan Facility – Unrestricted Group - - - 427 Bradesco Facility - - - 96 Total borrowings/undrawn facilities 5,124 4,343 9,467 861 Deferred debt issue costs (61) (26) (87) - Net borrowings/undrawn facilities 5,063 4,317 9,380 861 Cash, cash equivalents and restricted cash (396) (213) (609) 609 Derivative financial instruments used to hedge foreign currency and interest rate risk - - - - Net debt/available liquidity 4,667 4,104 8,771 1,470 * Borrowings listed under 'ARGID Group' above refers to bonds issued by Ardagh Group S.A. and certain of its subsidiaries, be ing Ardagh Packaging Finance plc and Ardagh Holdings USA Inc., 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
Page 14
14 ARGID Group maturity profile* At September 30, 2026 *Excludes lease obligation of $395 million and other credit lines of $52 million as of September 30 th 2026 ** Borrowings listed under 'ARGID Group' above refers to bonds issued by Ardagh Group S.A. and certain of its subsidiaries, b eing Ardagh Packaging Finance plc and Ardagh Holdings USA Inc., as well as leases and other borrowings held within other restricted subsidiaries of the Group $734 $1,501 $2,682 $4940 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Available cash & liquidity at September 30, 2026 2026 2027 2028 2029 2030 Debt ($m) Liquidity 1st Lien notes 2nd Lien notes South African Rand senior facilities • On July 28, 2026, Ardagh Group announced the results of its Excess Proceeds Offer, following which approximately $90.4 million, arising from the redemption of the AMP preferred shares in December 2025, was applied towards the purchase of 1st lien senior secured notes and 2nd lien senior secured notes • Weighted average maturity on outstanding bonds/senior facilities of ~3.9 years ARGID Group Borrowings
Page 15
15 Supplemental information
Page 16
16 Reconciliation of loss for the period to Adjusted EBITDA Three months ended September 30, Nine months ended September 30, 2026 $m 2025 $m 2026 $m 2025 $m Loss for the period (164) (326) (459) (535) Income tax charge 6 (9) 33 8 Net finance expense 203 171 648 483 Depreciation and amortization 199 228 649 672 Exceptional operating items 133 324 203 428 Share of post-tax loss in equity accounted joint venture 15 6 50 16 Adjusted EBITDA 392 394 1,124 1,072
Page 17
17