Ardagh Group (ARD) investor relations material

Executive summary

• Adjusted EBITDA for Q2 2026 grew 6% year-over-year to $410 million, driven by strong Metal Packaging performance and a 3% increase in global Glass Packaging shipments, though Glass Packaging faced inflationary pressures and a revised full-year outlook due to softer demand and regional divergence.

• The Clearly Ardagh transformation initiative was launched to align capacity, drive efficiency, reinforce a high-performance culture, and includes the closure of the Germersheim facility in Germany in Q3 2026.

• Management changes included new CEOs for AGP Europe, a new group CFO, and the appointment of Todd Brents as permanent CFO effective July 22, 2026.

• Net loss for Q2 2026 widened to $126 million from $46 million year-over-year, with exceptional items of $75 million in H1 2026 related to restructuring, transformation, and legal costs.

• Liquidity remained robust at $1,441 million as of June 30, 2026, supported by recapitalization and improved leverage metrics.

Financial highlights

• Q2 2026 revenue was $2.8 billion, up 13% year-over-year; AMP revenue grew 16%, AGP revenue grew 3%.

• Adjusted EBITDA margin for Q2 2026 was 14.7%, down from 15.6% in Q2 2025.

• Net debt at June 30, 2026 was $8,897 million, with net debt to LTM Adjusted EBITDA at 6.1x and ARGID Group leverage at 5.5x.

• Cash and available liquidity at June 30, 2026 totaled $1,441 million; liquidity (excluding AMP) was $794 million.

• Loss for the quarter widened to $126 million, mainly due to higher finance expenses and exceptional items.

Outlook and guidance

• AMP upgraded full-year adjusted EBITDA guidance to $775–$790 million, while AGP expects a low to mid-single digit percentage negative impact to prior adjusted EBITDA guidance of $700 million for 2026.

• Projected adjusted EBITDA growth of up to 20% over five years (2025–2030), assuming flat volumes.

• Capital expenditures to rise to 9% of sales in 2026 and maintained through 2030.

• Management expects sufficient liquidity to fund operations and debt service for at least the next twelve months.

• Demand outlook remains uncertain, with regional and product category divergence and ongoing inflationary pressures, especially in energy.