Ardagh Group generated $2.78bn in revenue during the third quarter (Q3) of 2026, representing an 11.2% year-on-year increase, while group-adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) reached $392m.
Operating earnings were level with the prior-year period on a reported basis but contracted by 2% when measured at constant currency.
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Ardagh Metal Packaging (AMP) posted a 2% increase in adjusted EBITDA on both a reported and constant currency basis to $213m.
Total shipment volumes at AMP rose by 2% during the quarter. A 6% volume expansion in Europe compensated for a 1% drop across the Americas, where volumes fell 1% in North America and 5% in Brazil.
The group’s growth was tempered by Ardagh Glass Packaging (AGP), where adjusted EBITDA slipped 4% on a reported basis and 6% at constant currency to $179m.
Worldwide shipments at AGP fell by 1%. A 6% downturn in North America outweighed improvements in Europe & Africa, where combined shipments edged up by more than 1%, reflecting a 1% increase in Europe and a 2% gain in Africa.
In response to weak customer demand and surplus production capacity across Europe, AGP has begun a capacity review across its regional glass manufacturing network.
The glass division has put forward proposals to decommission 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.
The group’s net debt to adjusted EBITDA ratio decreased to 6.0× by 30 September 2026, down from 7.8× at the close of the comparative prior-year quarter before the recapitalisation took effect.
Meanwhile, a summary judge in the district court of Luxembourg lifted an injunction that had prevented Ardagh Holdings from divesting any portion of its holdings in Ardagh Metal Packaging.
Following the decision, Ardagh has resumed discussions with its advisers to prepare for a prospective sale of AMP.
Separately, portfolio changes also advanced at Trivium Packaging, where Ardagh Group agreed to divest its entire stake of approximately 42%.
The divestment was triggered by Ontario Teachers’ Pension Plan agreeing to offload its majority interest in Trivium to Silgan Holdings and investment funds affiliated with American Industrial Partners.
The takeover values Trivium at approximately $3.4bn.
Ardagh Group anticipates receiving approximately $90m in net cash proceeds from the sale, which it intends to allocate toward business reinvestment or debt reduction.
Ardagh Group executive chairman Mark Porto said: “Ardagh Group delivered a resilient performance for the third quarter, with adjusted EBITDA broadly in line with the prior-year quarter, despite the more challenging macroeconomic environment.”
