O-I Glass (OI) UBS Global Materials Conference summary

Business overview and market positioning

• Operates 68 plants in 19 countries, serving 6,000 customers, including top global beverage brands.

• Glass packaging is core to many leading brands, with a focus on premiumization and sustainability.

• Strongest growth seen in Latin America; Europe expected to grow glass demand at 1% annually.

• 55% of business is with large multinationals on long-term contracts; remainder with regional/local customers.

• Exposed to favorable mega trends: premiumization, health/wellness, sustainability, and travel retail rebound.

Strategic initiatives and Fit to Win program

• Launched Fit to Win, an end-to-end productivity and competitiveness program.

• Program pillars: enhance competitiveness, drive capital discipline, and improve financial performance.

• Actions include simplifying structures, decentralizing decision-making, and optimizing the supply chain.

• Announced permanent closure of at least six furnaces to eliminate redundant capacity.

• SG&A and capital allocation to be tightly managed, with all profit center owners accountable for P&L, balance sheet, and cash flow.

Financial targets and performance outlook

• Targeting sustainable adjusted EBITDA of at least $1.45B and free cash flow of at least 5% of sales by 2027.

• Economic spread goal is at least 2% above cost of capital.

• Majority of $250M–$300M EBITDA improvement expected from self-help initiatives, not market recovery.

• Near-term performance pressured by sluggish demand, but gradual improvement expected as destocking ends.

• Leverage ratio targeted to return to 2.5x by 2027, enabling potential shareholder returns.