Ardagh Group: The Ard facts: Q2 2026 results

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Ardagh Group: The Ard facts: Q2 2026 results

J P M O R G A N Europe Credit Research

28 July 2026

Ardagh Group

The Ard facts: Q2 2026 results

Ardagh Group reported mixed Q2 2026 results, with Metal earnings significantly Europe Corporate Credit - Basic

above our estimates, primarily due to a strong performance in Europe, while Glass Materials and Industrials

was below our expectations. The outlook for the Metal business remains solid, with Benjamin Defay AC

the group increasing its FY guidance. However, management cut its FY guidance (33-1) 4015 5047

for the Glass unit due to cost inflation and weaker demand. We believe ARGID's ben.defay@jpmorgan.com

net leverage remains too high and we think the company will struggle to generate J.P. Morgan Securities plc

positive FCF in the coming years, but divestments offer a potential path to delever Guillaume Jouandin

the balance sheet. We move to Neutral from UW on ARGID 2nd lien notes (in line (44-20) 7134-1538

guillaume.jouandin@jpmorgan.com

with 1st lien notes). We remain OW on AMPBEV EUR. J.P. Morgan Securities plc

• Soft Glass Q2 2026 results. Ardagh Group (consolidated) reported Q2 2026 Samuel(44-20) 7134-0456Gosling

adjusted EBITDA of $410m, up +6% YoY (and vs. JPMe of $398m), thanks samuel.gosling@jpmorgan.com

to strong results in Metal Packaging partly offset by a soft performance in J.P. Morgan Securities plc

Glass. Glass EBITDA was $170m, down -4% YoY and below JPMe of $183m, North America Corporate Credit -

driven primarily by higher costs. Consolidated FCF was positive at $245m, and Paper & Packaging

net debt stood at ~$8.9bn as of June 2026 vs. ~$9.0bn as of March 2026. AC Arjun Chandar

Consolidated net leverage was ~6.1x as of June 2026 (5.5x ARGID Group) vs. (1-212) 834-4047