Ardagh Group S.A. Provides Financing Review Update

LUXEMBOURG, May 20, 2025 /PRNewswire/ -- Ardagh Group S.A. ("Ardagh", "the Company", and together with its subsidiaries, "the Group") has today provided a further update in connection with its capital structure review and its recent discussions with certain of the Group's noteholders.

Noteholders comprise a group owning a majority of the Group's Senior Unsecured Notes (and certain of the Group's Senior Secured Notes) (the "SUN Group"), and a group owning a majority of the Group's Senior Secured Notes (and certain of the Group's Senior Unsecured Notes) (the "SSN Group"). This follows the Group's previous updates on these discussions provided on March 11, 2025 and April 7, 2025 (the "April Update").

Following the April Update, the Company, the indirect majority shareholder, and the SUN Group have been in discussions on the terms of a transaction. On May 18, 2025, the Company received the latest proposal from the SUN Group ("SUN Group Counterproposal"). The SUN Group's Counterproposal proposed material modifications to the terms that had been discussed since March, with details of both the transaction terms and the SUN Group Counterproposal set out in today's update.

The parties were unable to reach an agreement and have concluded negotiations at this time. The Company remains committed to putting in place a sustainable capital structure. The Company will continue to review its options and may continue discussions with its financial stakeholders in the future relating to its capital structure and its applicable debt maturities.

On April 24, 2025, Ardagh reported that first quarter Adjusted EBITDA increased by 14% to $290 million compared with the same period last year, with growth in both Glass Packaging and Metal Packaging. Adjusted EBITDA in Metal Packaging increased by 16% to $155 million for the quarter, with an increase of 13% to $135 million in Glass Packaging.

Ardagh Group's cash and available liquidity at March 31, 2025, of over $1.1 billion, after the customary seasonal first quarter working capital outflow, represented an increase over the $970 million reported at March 31, 2024.

The Company will provide further updates in due course.

Ardagh Group is a global supplier of infinitely recyclable metal and glass packaging for brand owners around the world. Ardagh operates 59 metal and glass production facilities in 16 countries, employing approximately 19,000 people with sales of approximately $9.1 billion in 2024.

Disclaimer

This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities referred to in this announcement, in any jurisdiction, including the United States, in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, or an exemption from registration.

This release contains "forward-looking" information. The forward-looking information is based upon certain assumptions about future events or conditions and is intended to illustrate hypothetical results under those conditions. Actual events or conditions are unlikely to be consistent with, and may materially differ from, those assumed. Any views or opinions expressed in this release (including statements or forecasts) constitute the judgement of the Company as of the date of this material and are subject to change without notice. You are cautioned not to place undue reliance on any forward-looking information.

Any projections or forecasts in this release are illustrative only and have been based on the estimates and assumptions when the Company's business plan was prepared. Such estimates and assumptions may or may not prove to be correct. These projections do not constitute a forecast or prediction of actual results and there can be no assurance that the projected results will actually be realized or achieved. Actual results may depend on future events which are not in the Company's control and may be materially affected by unforeseen economic or other circumstances.

Contacts:

Media:
Pat Walsh, Murray Consultants
Tel.: +353 1 498 0300 / +353 87 2269345
Email: [email protected]

Conor McClafferty, FGS Global
Email: [email protected]

Investors:
Email: [email protected]

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SOURCE Ardagh Group S.A.