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Ardagh Group (ARD) investor relations material
Ardagh Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary25 Nov, 2025
Executive summary
Completed a major recapitalization in November 2025, including a $4.3 billion debt-for-equity swap, $1.5 billion new capital, and transfer of ownership to creditors, significantly deleveraging the balance sheet and extending debt maturities to 2030.
Q3 2025 revenue was $2,504 million, up 5% year-over-year; nine-month revenue reached $7,215 million, up 4%.
Group Adjusted EBITDA for Q3 2025 was $394 million, a 9% increase year-over-year; nine-month Adjusted EBITDA was $1,072 million, up 7%.
Net loss for Q3 2025 was $326 million, compared to a $36 million loss in Q3 2024; nine-month net loss was $535 million, compared to $377 million in 2024.
Focused on deleveraging through organic EBITDA growth, cost control, and operational improvements.
Financial highlights
Adjusted EBITDA margin for Q3 2025 was 15.7%, up from 15.2% in Q3 2024.
LTM adjusted EBITDA reached $1,347 million, up $73 million year-to-date.
Cash and available liquidity at September 30, 2025, was $1.07 billion; $438 million excluding AMP.
Exceptional items of $392 million were recognized in the nine months ended September 30, 2025, mainly due to restructuring, impairments, and transformation costs.
Net finance expense for the nine months was $483 million, up from $440 million in 2024.
Outlook and guidance
Management expects sufficient liquidity for at least the next twelve months, supported by cash balances, future operating cash flow, and credit facilities.
Expect mid-single-digit constant currency growth in glass packaging adjusted EBITDA for full year 2025.
Projected net leverage at restricted group to be around 5.4x adjusted EBITDA at year-end 2025.
CapEx expected to be slightly below $300 million for 2025 and below that in 2026.
AMP upgraded full-year adjusted EBITDA guidance to $720–$735 million.
Elaborate on organic deleveraging drivers
How does new EU capacity impact strategy?
What drives lower 2026 CapEx vs. prior?
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Next Ardagh Group earnings date
Q4 202526 Feb, 2026
Next Ardagh Group earnings date
Q4 202526 Feb, 2026
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