Ardagh Group (ARD) Q4 2024 earnings summary

Executive summary

• Fourth quarter 2024 revenue was $2.2 billion, down 1% year-over-year on a constant currency basis, with higher shipments in both metal and glass packaging offset by lower input costs in glass.

• Adjusted EBITDA rose 13% year-over-year to $275 million, with metal packaging up 9% and glass packaging up 18%.

• Full year beverage can shipments increased 3%, with Europe up 4% and Americas up 2%.

• Glass packaging shipments grew 1% globally in Q4, with Europe and Africa up 5% and North America down 10%.

Financial highlights

• Metal packaging Adjusted EBITDA reached $164 million, exceeding guidance and up 9% year-over-year.

• Glass packaging Adjusted EBITDA was $111 million, up 18% year-over-year.

• Europe and Africa glass segment Adjusted EBITDA was $86 million, up 16% year-over-year.

• North America glass EBITDA grew 25% year-over-year despite a 10% shipment decline.

• Group ended 2024 with over $1.5 billion in liquidity and nearly $1.1 billion in cash.

Outlook and guidance

• 2025 Adjusted EBITDA for AMP is guided at $675–$695 million, up from $672 million in 2024.

• Targeting mid-single-digit growth in 2025 Adjusted EBITDA, driven by demand stabilization in Europe and profit improvement in North America.

• Volume expectations for 2025: mid-single-digit growth in Europe and Africa, high single-digit reduction in North America.