Ardagh Group (ARD) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was $2,388 million, down 4% year-over-year; nine-month revenue was $6,909 million, down 4% from 2023.

• Group Adjusted EBITDA for Q3 2024 rose 8% to $362 million, but for the nine months fell 5% to $999 million.

• Net loss for Q3 2024 was $36 million, compared to $26 million loss in Q3 2023; nine-month net loss widened to $377 million from $170 million.

• Exceptional items of $220 million in the nine months included significant restructuring and impairment costs, mainly in North America.

Financial highlights

• Adjusted EBITDA margin improved to 15.2% in Q3 2024 from 13.4% in Q3 2023.

• Net debt increased to $10,057 million at September 30, 2024, up from $9,497 million at year-end 2023.

• Net debt to LTM Adjusted EBITDA ratio rose to 8.1x from 7.3x at year-end.

• Cash and cash equivalents stood at $751 million at quarter-end.

Outlook and guidance

• Management expects sufficient liquidity for at least the next twelve months, supported by cash balances, operating cash flow, and credit facilities.

• The Board continues to review capital structure and monitor market conditions for future debt maturities.