Ardagh Group (ARD) Q1 2025 earnings summary

Executive summary

• First quarter 2025 revenue reached $2,229 million, up 3%–4% year-over-year, driven by higher metal packaging shipments and input cost pass-through, partially offset by lower glass packaging revenues.

• Adjusted EBITDA rose 14%–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.

Financial highlights

• Global beverage can shipments increased 6% year-over-year, with 7% growth in the Americas and 5% in Europe.

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

• Glass packaging revenue was $961 million, down 5% year-over-year, with shipments down 5%.

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

• Adjusted EBITDA margin improved to 13.0% from 11.7% year-over-year.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance for AMP raised to $695 million-$720 million from $675 million-$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 million-$30 million; CapEx around $300 million; restructuring costs $60 million-$65 million; cash tax about $45 million; cash interest $375 million; lease repayments $125 million-$130 million.