Ardagh Group (ARD) Q2 2025 earnings summary

Executive summary

• Revenue reached $2,482 million in Q2 2025, up 6% year-over-year, with adjusted EBITDA at $388 million, up 1%; six-month revenue was $4,711 million, adjusted EBITDA $678 million.

• Net loss for Q2 2025 was $46 million, improving from $205 million loss in Q2 2024; six-month net loss narrowed to $209 million from $341 million year-over-year.

• Announced a comprehensive recapitalization agreement to reduce debt by $4.3 billion, convert 2027 maturities to equity, exchange $2.7 billion 2026 notes for new 2030 notes, and inject $1.5 billion in new capital.

• Transaction expected to complete by September 30, 2025, with ownership transferring to bondholders; AMP capital structure remains unaffected.

• Exceptional items of $86 million in H1 2025 included restructuring, impairments, and transformation costs, mainly from facility closures and legal/advisory fees.

Financial highlights

• Metal packaging shipments rose 5% globally, led by 8% growth in the Americas and 12% in Brazil; Metal Packaging Americas Q2 revenue up 21% to $840 million, adjusted EBITDA up 34% to $133 million.

• Metal packaging adjusted EBITDA increased 16% to $210 million, exceeding guidance.

• Glass packaging revenue fell 8% to $1.02 billion, with shipments down 5% year-over-year; Q2 revenue in Europe & Africa down 8% to $638 million, adjusted EBITDA down 21% to $127 million.

• Glass Packaging North America Q2 revenue down 2% to $389 million; adjusted EBITDA up 13% to $51 million due to efficiency initiatives.

• Adjusted EBITDA margin for Q2 2025 was 15.6%, down from 16.3% in Q2 2024; H1 2025 margin was 14.4% versus 14.1% in H1 2024.

Outlook and guidance

• AMP raised 2025 adjusted EBITDA guidance to $705–$725 million, up from $695–$720 million.

• Glass packaging maintains a full-year 2025 projection of a net single-digit improvement in adjusted EBITDA over 2024.

• Management anticipates gradual volume recovery in Europe and Africa, with North America focused on profit improvement rather than volume growth.

• Full-year outlook remains in line with budget, expecting gradual recovery in glass packaging shipments in Europe and continued constrained capex.

• Liquidity is projected to be sufficient under the recapitalization scenario; adverse scenarios remain sensitive to market and macroeconomic developments.