Ardagh Group reports US$2.78B revenue in Q3 despite weaker glass packaging performance

LUXEMBOURG – Ardagh Group generated US$2.78 billion in revenue during the third quarter of 2026, an 11.2 percent year-on-year increase, while group-adjusted EBITDA reached US$392 million, held back by weaker glass packaging performance and capacity reductions in Europe.

Ardagh Metal Packaging posted a 2 percent increase in adjusted EBITDA on both a reported and constant currency basis to US$213 million. 

Total shipment volumes at AMP rose 2 percent during the quarter, with a 6 percent volume expansion in Europe compensating for a 1 percent drop across the Americas, where volumes fell 1 percent in North America and 5 percent in Brazil. 

Beverage can demand in Europe has remained firmer as brands shift formats toward aluminium, while Brazilian volumes reflect softer consumption conditions.

Glass Division EBITDA Falls Four Percent on Weak Demand

Group growth was tempered by Ardagh Glass Packaging, where adjusted EBITDA slipped 4 percent on a reported basis and 6 percent at constant currency to US$179 million.

Worldwide shipments at Ardagh Glass Packaging fell 1 percent, with a 6 percent downturn in North America outweighing improvements in Europe and Africa, where combined shipments edged up more than 1 percent, reflecting a 1 percent increase in Europe and a 2 percent gain in Africa.

Capacity Review Targets Furnace Closures in Denmark and UK

In response to weak customer demand and surplus production capacity across Europe, Ardagh Glass Packaging has begun a capacity review across its regional glass manufacturing network. 

The division has proposed decommissioning one furnace at its Holmegaard plant in Denmark and another at its Knottingley site in the UK. 

Consultations over the proposed closures are under way with plant management and local employee representatives at both locations. Furnace closures reduce fixed costs but also remove production flexibility should demand recover.

Debt Ratio Improves as Trivium Stake Divested

The group’s net debt to adjusted EBITDA ratio decreased to 6.0 times by 30 September 2026, down from 7.8 times at the close of the comparative prior-year quarter before recapitalisation took effect. 

A summary judge in the district court of Luxembourg lifted an injunction that had prevented Ardagh Holdings from divesting holdings in Ardagh Metal Packaging, and the company has resumed discussions with advisers to prepare for a prospective sale. 

Separately, Ardagh Group agreed to divest its entire stake of approximately 42 percent in Trivium Packaging, triggered by Ontario Teachers’ Pension Plan agreeing to offload its majority interest to Silgan Holdings and American Industrial Partners.

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