Ardagh Group (ARD) Investor presentation summary

Recapitalization transaction overview

• A comprehensive recapitalization transaction has been agreed with support from the controlling shareholder and major financial stakeholders, targeting completion by September 30, 2025.

• The transaction will address over $7.9 billion in liabilities, reduce debt by $3.7 billion, and inject $0.3 billion in cash to support liquidity.

• Debt maturities will be extended by over four years, with the next major bond maturity in December 2030.

• Ownership will transfer to holders of senior unsecured notes (SUNS) and PIK Notes via a debt-for-equity swap, with 92.5% and 7.5% equity allocations, respectively.

• No impact is expected for suppliers, customers, employees, or other creditors.

Stakeholder participation and incentives

• A Transaction Support Agreement (TSA) has been signed with key financial stakeholders, representing 75% of SSNs, over 90% of SUNS, and over 60% of PIK Notes.

• Early participation incentives include par exchange for SSNs and pro rata equity allocations for SUNS and PIK Notes if acceded by August 11, 2025.

• Non-participating holders will receive less favorable terms, such as discounted exchange rates or reduced equity allocations.

• The TSA requires 90% participation in each instrument class within 10 business days, with alternative implementation routes if not achieved.

Transaction structure and financial terms

• $1.5 billion in new capital will be raised, secured on a first-lien basis, to refinance debt, fund the purchase of Yeoman Capital S.A., and for general purposes.

• SSNs will be exchanged into $2.66 billion of new notes maturing in December 2030, with enhanced collateral and coupon terms.

• All SUNS and PIK Notes will be fully equitized into 92.5% and 7.5% of group equity, respectively.

• Existing equity owners will sell Yeoman Capital S.A. for $300 million to new equity holders.