O-I Glass (OI) Investor presentation summary

Strategic positioning and business overview

• Recognized as a global leader in glass packaging, serving top beer and spirits brands and selling into 74 countries with 64 plants in 18 countries.

• Focused on transforming competitiveness, increasing economic profit, and growing company value.

• Glass is positioned as the preferred choice for premium and health-oriented products, with high customer satisfaction scores.

• Emphasizes privileged customer relationships and a global reach with local execution.

Transformation initiatives and value creation

• Executing a robust investment thesis to become the best value packaging option by transforming the cost base and optimizing the value chain.

• Building a higher-value, more premium business portfolio and targeting growth in specific geographies and segments.

• The Fit To Win program exceeded its 2025 plan, raising the three-year savings target to over $750M.

• Strategic roadmap includes cost reduction, profitable growth, and future expansion through partnerships and M&A.

Financial performance and outlook

• 2026 guidance maintained: aEBITDA of $1.25B–$1.3B, aEPS of $1.65–$1.90, FCF around $200M, and leverage ratio in the low 3x range.

• Additional earnings pressure expected in Q1 2026, especially in Europe due to soft demand, competition, and supply chain costs from capacity closures.

• 2027 targets reaffirmed: aEBITDA above $1.45B, margin in the low 20% range, Fit To Win benefits over $750M, FCF at least 5% of sales, leverage below 2.5x, and normalized economic spread above 2%.

• Key sensitivities for 2026 include flat to down sales volume, modest price increases, energy cost resets, and $275M+ Fit To Win benefit.