Ardagh Group (ARD) Q3 2025 earnings summary

Executive summary

• Completed a major recapitalization in November 2025, including a $4.3 billion debt-for-equity swap, $1.5 billion new capital, and transfer of ownership to creditors, significantly deleveraging the balance sheet and extending debt maturities to 2030.

• Q3 2025 revenue was $2,504 million, up 5% year-over-year; nine-month revenue reached $7,215 million, up 4%.

• Group Adjusted EBITDA for Q3 2025 was $394 million, a 9% increase year-over-year; nine-month Adjusted EBITDA was $1,072 million, up 7%.

• Net loss for Q3 2025 was $326 million, compared to a $36 million loss in Q3 2024; nine-month net loss was $535 million, compared to $377 million in 2024.

• Focused on deleveraging through organic EBITDA growth, cost control, and operational improvements.

Financial highlights

• Adjusted EBITDA margin for Q3 2025 was 15.7%, up from 15.2% in Q3 2024.

• LTM adjusted EBITDA reached $1,347 million, up $73 million year-to-date.

• Cash and available liquidity at September 30, 2025, was $1.07 billion; $438 million excluding AMP.

• Exceptional items of $392 million were recognized in the nine months ended September 30, 2025, mainly due to restructuring, impairments, and transformation costs.

• Net finance expense for the nine months was $483 million, up from $440 million in 2024.

Outlook and guidance

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

• Expect mid-single-digit constant currency growth in glass packaging adjusted EBITDA for full year 2025.

• Projected net leverage at restricted group to be around 5.4x adjusted EBITDA at year-end 2025.

• CapEx expected to be slightly below $300 million for 2025 and below that in 2026.

• AMP upgraded full-year adjusted EBITDA guidance to $720–$735 million.