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 for Q4 rose 13% year-over-year at constant currency, with 9% growth in metal and 18% in glass packaging.

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

• Glass packaging shipments grew 1% globally in Q4, with 5% growth in Europe and Africa, offset by a 10% decline in North America.

Segment performance

• Metal packaging Q4 Adjusted EBITDA was $164 million, 9% ahead of prior year and above guidance.

• Glass packaging Q4 revenue was $1 billion, down 6% year-over-year, mainly due to lower energy cost pass-throughs in Europe.

• Glass Europe and Africa Q4 revenue was $696 million, down 5% year-over-year, with 5% shipment growth; Adjusted EBITDA for the segment rose 16%.

• Africa glass shipments increased 11% in Q4, driven by beer market growth in South Africa; full year shipments up 6%.

• North America glass Q4 revenue was $340 million, down 7% year-over-year, with 10% lower shipments; EBITDA grew 25% due to footprint and cost actions.

Financial highlights

• Group ended 2024 with over $1.5 billion in consolidated cash and available liquidity; $1.1 billion in cash.

• Last 12 months Adjusted EBITDA at Ardagh Restricted Group was $809 million; net leverage improved to 7.6x from 8.1x sequentially.

• No bond maturities before August 2026 following refinancing of 2025 maturities.