Ardagh Group (ARD) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached $2,229 million, up 4% year-over-year on a constant currency basis, driven by higher metal packaging shipments and favorable volume/mix, partially offset by lower glass packaging revenues.

• Adjusted EBITDA rose 16% year-over-year to $290 million, with metal packaging up 17% and glass packaging up 13%, reflecting improved cost recovery and lower operating costs.

• Net loss for the period was $163 million, impacted by $69 million in exceptional items, mainly restructuring costs related to facility closures.

• Metal packaging saw strong global beverage can shipment growth, while glass packaging faced lower shipments but improved profitability.

Financial highlights

• Metal packaging adjusted EBITDA was $155 million, up 17% year-over-year and ahead of guidance.

• Glass packaging adjusted EBITDA reached $135 million, a 13% increase year-over-year.

• Europe and Africa glass segment adjusted EBITDA rose 32% to $90 million, benefiting from lower input costs.

• North America glass packaging adjusted EBITDA was $45 million, down 12% year-over-year.

• Consolidated cash and available liquidity exceeded $1.1 billion at March 31, 2025.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance for AMP raised to $695–$720 million from $675–$695 million.

• Glass packaging maintains guidance for mid-single-digit adjusted EBITDA growth over 2024's $602 million.

• Full-year outlook remains in line with budget, with expectations for gradual recovery in glass packaging shipments in Europe and constrained capital expenditure.

• Working capital expected to be a modest use of $20–$30 million; CapEx around $300 million; restructuring costs $60–$65 million; cash tax ~$45 million; cash interest ~$375 million; lease repayments $125–$130 million.