Ardagh Group (ARD) Q1 2026 earnings summary

Executive summary

• Achieved Q1 2026 Adjusted EBITDA growth of 11% year-over-year to $322 million, with both metal and glass packaging businesses performing strongly despite lower shipment volumes and higher commodity costs from Middle East conflict.

• Revenue rose 12% year-over-year to $2,495 million, driven by positive currency effects, improved pricing, and strong performance in Metal Packaging Europe and Glass Packaging Europe & Africa.

• Announced closure of the Germersheim glass facility in Germany as part of ongoing turnaround plans to address excess capacity, with ongoing consultation with employees.

• A comprehensive recapitalization was completed in November 2025, including a debt-for-equity swap and transfer of ownership.

• Employee engagement survey completed with record participation to shape future strategy.

Financial highlights

• Q1 2026 revenue was $2,495 million, up from $2,229 million in Q1 2025 (12% reported, 5% constant currency), with Metal Packaging Americas and Europe showing the largest gains.

• Adjusted EBITDA rose to $322 million from $290 million, an 11% increase (5% at constant currency); margin was 12.9%.

• Net loss widened to $169 million from $163 million in Q1 2025, impacted by higher finance expenses and exceptional items.

• Maintenance capex was $110 million, and growth investment capex was $22 million.

• Net leverage at ARGID Group was 5.2x at quarter-end, unchanged from the previous quarter.

Outlook and guidance

• Management expects sufficient liquidity for at least the next twelve months, supported by $563 million in cash and $714 million in undrawn credit facilities.

• AMP reaffirmed full-year 2026 Adjusted EBITDA guidance of €750–775 million; Glass Packaging targets 2026 Adjusted EBITDA of ~€700 million.

• Full-year 2026 capex expected below €400 million; cash interest ~€380 million; positive working capital inflow anticipated.

• Demand outlook: flat to slightly declining volumes overall, with improvement expected after a slow Q1; near-term growth outlook remains uncertain, especially in Europe.

• Monitoring geopolitical risks and inflation; hedging and pass-through mechanisms in place.