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Ardagh Group (ARD) investor relations material
Ardagh Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue rose 4–6% year-over-year to $2.48–$2.5 billion, driven by higher metal packaging shipments, while glass packaging declined.
Adjusted EBITDA increased 1% to $388 million; net loss for Q2 2025 narrowed to $46 million from $205 million a year earlier.
Announced a recapitalization to reduce debt by $4.3 billion and secure $1.5 billion in new capital, with ownership transferring to bondholders.
Exceptional items of $86 million in H1 2025 included restructuring, impairments, and transformation costs.
Financial highlights
Metal packaging shipments increased 5% year-over-year, with Americas revenue up 21% and EBITDA up 34%.
Glass packaging revenue fell 8% year-over-year to $1.02 billion, with shipments down 5%.
Adjusted EBITDA margin for Q2 2025 was 15.6%, down from 16.3% in Q2 2024.
Net debt at June 30, 2025 was $10,575 million, with net leverage at 8.4x LTM adjusted EBITDA.
Cash and available liquidity totaled $1.08 billion as of June 2025.
Outlook and guidance
Metal packaging raised 2025 adjusted EBITDA guidance to $705–725 million.
Glass packaging maintains a full-year 2025 projection of mid-single-digit adjusted EBITDA growth.
Gradual recovery expected in Europe and Africa glass volumes; North America focus remains on efficiency.
Liquidity projected to be sufficient under recapitalization; adverse scenarios remain sensitive to market and macroeconomic developments.
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