Ardagh Group S.A.: Second Quarter 2021 results

Ardagh Group S.A. announced its results for the second quarter ended June 30, 2021.

Paul Coulson, Chairman and Chief Executive of the group, said, “The Group performed very well in the quarter, with strong Adjusted EBITDA growth led by advances of 18% in Ardagh Metal Packaging (“AMP”) and 36% in Glass Packaging Europe. Our growth investments across our business are on track and we expect to deliver further progress in the second half of the year.”

• Revenue of 1.9 billion USD increased by 11% at constant exchange rates, due to higher shipments in both metal and glass, as well as the pass through of increased input costs.

• Adjusted EBITDA increased by 14% at constant currency, with strong growth in AMP and Glass Packaging Europe.

• AMP shipments increased by 3% in the quarter, after a cyber incident impact of 4%, and measured against a strong comparable. Specialty can volumes increased by 16%, with double-digit growth in all regions, and represented 46% of total shipments. Adjusted EBITDA increased by 18% at constant currency to $173 million. AMP LTM Adjusted EBITDA increased to 613 million USD at June 30, 2021.

• Glass Packaging shipments increased by 7% in the quarter, led by 10% growth in Europe.

• Adjusted EBITDA increased by 19%, reflecting a 36% increase in Glass Packaging Europe, where demand recovered strongly compared with the same quarter in the prior year.

• Growth investment projects continued to progress across the Group during the quarter and are fully on track.

• Separate listing of AMP on NYSE as a pure play beverage can producer, via combination with Gores Holdings V Inc, is progressing to completion.

• Cash and available liquidity of 4.0 billion USD at June 30, 2021.

• Commitment of 50 million USD in a 10-year partnership with Project Lead the Way, to promote STEM education in all communities where Ardagh Group operates across the US.

• Re-iterating 2021 Guidance: Adjusted EBITDA of 1.28 – 1.30 billion USD in 2021 with end of year reported net leverage of around 5x LTM Adjusted EBITDA. Third quarter Adjusted EBITDA is expected to be 335-345 million USD.