Ardagh Group - comment

There was no results announcement from Ardagh Group (Aengus) yesterday, likely due to the ongoing consent solicitation process. Meanwhile, AMP management indicated that aluminium cans are featuring more prominently in customers' packaging mix. Although they avoided stating that this shift is happening at the expense of glass, the implication is clear.

Ardagh Metal Packaging’s (AMP) results were better than expected, and full-year EBITDA guidance was raised a bit. Aluminium prices have increased since April, but due to customer hedging, this has not had a significant impact. We do not think the higher aluminium price will make customers switch back to glass, but it could slow the trend if electricity prices in Europe drop.