The following is a summary of the Ardagh Group S.A. (ARD) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Ardagh Group reported Q4 revenues of $2.2 billion, a decrease of 2% year-over-year due to higher shipments in metal packaging and increased costs in glass packaging, offset by lower glass shipments.

• Adjusted EBITDA for the quarter was $243 million, a 26% drop from the same period last year.

• Metal Packaging unit's revenue increased by 2% to $1.1 billion, with adjusted EBITDA down by 9%.

• Glass Packaging revenues decreased by 6% to $1.08 billion with adjusted EBITDA dropping 43% to $95 million.

• Ardagh expects a 5% to 10% growth in Metal Packaging's adjusted EBITDA for 2024 and projects Glass Packaging's adjusted EBITDA to be between $750 million to $780 million.

• Ardagh ended 2023 with consolidated liquidity of $1.5 billion and anticipates ending 2024 with a leverage of around 6.2x adjusted EBITDA.

Business Progress:

• Ardagh Group is focusing on operational efficiency with initiatives to optimize and improve existing plants.

• The company has entered into a 10-year agreement for a wind energy project in Europe to cover 40% of their European glass electricity needs and is planning large-scale solar projects in North America and South Africa.

• There is a shift in customer outlook from price-focus to volume-focus and the company is in discussions about this.

• Ardagh Group expects a gradual recovery in glass shipments in 2024 and plans to reduce leverage.

• The company is firm in its commitment to sustainability and industry leadership, with a focus on renewable energy and increased use of recycled materials.

• Plans are underway to review their capital structure, are conscious of their maturities, and plan CapEx reductions under the AMP program.

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