O-i Glass, Inc. · NYSE:OI
O-i Glass — Investor Presentation (December 2025)
42 slides from O-i Glass's investor presentation, Dec 2, 2025
Slide 1: Capital Markets Presentation 4Q 2025
CAPITAL MARKETS PRESENTATION 4Q 2025
Slide 2: Safe Harbor Comments and Forward-Looking Statements
SAFE HARBOR COMMENTS AND FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking” statements related to O-I Glass, Inc. (“O-I Glass” or the “Company”) within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the Secu
Slide 3: Who We Are Today
GLOBAL LEADER in glass packaging refocused on transforming COMPETITIVENESS, increasing ECONOMIC PROFIT and growing the VALUE of the company 3 WHO WE ARE TODAY Glass is the preferred choice for premium and health-oriented products ~21,000 employees, 70+ nationalities, 30+ languages customers across a
Slide 4: Reshaping O-I to become the 'Best Value' packaging option
1,100 1,450 1,650 2024 2025E 2027 Target 2029 Objective 4 RESHAPING O-I TO BECOME THE ‘BEST VALUE’ PACKAGING OPTION Optimizing how we work across the value chain with suppliers and customers Transforming O-I’s cost base to become highly competitive Building a higher value, more premium business port
Slide 5: Our Right to Win
5 OUR RIGHT TO WIN Consumers & Customers PREFER GLASS Privileged Footprint With GROWTH Opportunities GLOBAL Reach With LOCAL Touch Privileged CUSTOMER RELATIONSHIPS Refocus On COMPETITIVENESS From Scale
Slide 6: Value Creation Roadmap
6 VALUE CREATION ROADMAP CURRENT O-I EP CAPTURE FUTURE O-I EP CAPTURE FIT TO WIN: Radically reduce total enterprise costs and optimize entire network and value chain PROFITABLE GROWTH: Leverage more competitive position to drive future profitable growth with winning customers HORIZON 1 (2024+) FIT T
Slide 7: Fit to Win: 2025-2027
RADICALLY REDUCE total enterprise cost and OPTIMIZE entire network and value chain 7 FIT TO WIN: 2025-2027 PHASE A: RESHAPE THE STRUCTURE Reduce SG&A Initial Network Optimization PHASE B: TRANSFORM THE VALUE CHAIN Cost Transformation Total Organization Effectiveness (TOE) BEST AT BOTH MODEL Differen
Slide 8: Fit to Win Approach
Drive ECONOMIES OF SCALE and NEW WAYS OF WORKING Across the Network 8 FIT TO WIN APPROACH * See Economic Profit and Economic Spread below and in Appendix slides. Improve productivity, unlock trapped capacity and enable positive Economic Profit* growth and mix Optimize value chain and drive synergies
Slide 9: Best at Both Model
BEST AT BOTH MODEL 9 DIFFERENTIATED Models for MAINSTREAM and PREMIUM Business MAINSTREAM PREMIUM Container Simple, Standard Complex, Branded Scale Long Run Production Mostly Fragmented Production Services Limited Extensive Growth Lower Higher Margins Average ≥ 30% Above Avg. Cost Profile “Lowest Co
Slide 10: Changing Ways of Working to Execute Best at Both Model
Changing WAYS OF WORKING to Successfully execute on Best at Both Model 10 BEST AT BOTH FRAMEWORK OPERATIONS GO TO MARKET Capabilities Alignment Adapt Service Model Based on Segmentation End-to-end Supply chain Optimization Network Specialization Leverage Most Valuable Relationships
Slide 11: Reframing the Competition
REFRAMING THE COMPETITION 11 • 38% of O-I business competes with aluminum cans (primarily Beer and NAB) • Glass share of Beer varies significantly by market • Glass has high market share when unit cost is low and low market share when unit cost is high • Glass is a more premium product -- justifying
Slide 12: Horizon II: Profitable Growth
Leverage a COMPETITIVE COST position to drive future PROFITABLE GROWTH with WINNING CUSTOMERS 12 HORIZON II: PROFITABLE GROWTH GLASS IN MORE HANDS LEVERAGE “BEST AT BOTH” MODEL MOST VALUABLE RELATIONSHIPS F&B and Glass is Attractive and Growing Strong Premium Growth Favorable Mega Trends Winning in
Slide 13: Favorable Mega Trends
Transforming COMPETITIVENESS Will Enable O-I to Take Advantage of Favorable MEGA TRENDS 13 LEVERAGING FAVORABLE MEGATRENDS Sources: Euromonitor, IWSR (USD Value % CAGR 2024-2028) Consumer Facts: 1. Wine Intelligence; 2. The IWSR US RTD Study; 3. Glass Packaging Institute; 4. EcoFocus Survey; 5. Mint
Slide 14: Differentiated Strategy to Deliver Increased EBIT, Returns, Growth and FCF
Differentiated STRATEGY to deliver increased EBIT, RETURNS, GROWTH and FCF 14 TARGETED APPROACH TO DELIVER PROFITABLE GROWTH % OF SALES VOLUME INVEST AND GROW IMPROVE AND GROW OPTIMIZE AND DEFEND RESTRUCTURE Mainstream Premium OFFENSE Drive Profitable Volume DEFENSE Drive Higher Return/FCF
Slide 15: Offense: Growing in Attractive High Value Categories
PREMIUM: MAINSTREAM: STRENGTHEN CORE CAPABILITIES: Aligning Service Models and Investments to GROWING, PROFITABLE CATEGORIES 15 OFFENSE: GROWING IN ATTRACTIVE HIGH VALUE CATEGORIES CASE STUDY VIDEO: Winning in Premium Spirits Pernod Ricard • Offer premium value proposition at best cost by expanding
Slide 16: Optimize and Defend Profitable Categories
50% 100% 150% 200% 250% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Volume Gross Margin Per Ton OPTIMIZE and DEFEND profitable categories,RESTRUCTURE or EXIT unattractive businesses 16 DEFENSE: MAXIMIZE EP IN STABLE CATEGORIES LOW GROWTH BUT HIGH RETURN/FCF GENERATING CATEGORIES: SLOW GROWTH,
Slide 17: Strategic Optionality
GROW through geographic expansion, M&A, JVs and partnerships and RETURN VALUE to shareholders 17 STRATEGIC OPTIONALITY INTRODUCTION GEOGRAPHIC EXPANSION Enter High Growth, EP Markets Grow with Winning Customers CORPORATE DEVELOPMENT Strategic JVs Strategic Partnerships Capability M&A RETURN CAPITAL
Slide 18: Geographic Expansion: Top Growth Markets
GLASS FORECAST CAGR BY MARKET (2024-28) O-I is the GLOBAL LEADER IN GLASS but with Significant OPPORTUNITY TO EXPAND 18 GEOGRAPHIC EXPANSION: TOP GROWTH MARKETS GLASS TOTAL O-I MARKET NON O-I MARKET 1.5% F CAGR 0.8% F CAGR 2.8% F CAGR TOP 10 HIGHEST GROWTH MARKETS O-I MARKETS 20,000+ 10,000-19,000 5
Slide 19: Value Creation Roadmap
19 VALUE CREATION ROADMAP CURRENT O-I EP CAPTURE FUTURE O-I EP CAPTURE FIT TO WIN: Radically reduce total enterprise costs and optimize entire network and value chain PROFITABLE GROWTH: Leverage more competitive position to drive future profitable growth with winning customers HORIZON 1 (2024+) FIT
Slide 20: Leveraging Right to Win Will Create Value
20 LEVERAGING RIGHT TO WIN WILL CREATE VALUE DRIVE PROFITABLE GROWTH LEVERAGING OPTIMIZED NETWORK INVEST IN TARGETED GROWTH RETURN CAPITAL TO SHAREHOLDERS DELIVER HIGHER EARNINGS, FCF AND ECONOMIC PROFIT TRANSFORM COST COMPETITIVENESS STRENGTHEN BALANCE SHEET (Financial Leverage Ratio ≤ 2.5X) INCREA
Slide 21: Reframing Success: Long-Term Objectives
21 REFRAMING SUCCESS LONG-TERM OBJECTIVES (Post 2027) 2027 Target 2029 Objective aEBITDA Margin % Low 20s Mid 20s FCF % of Sales ≥ 5% ≥ 7% Economic Spread* ≥ 2% ≥ 4% ≥ $1,450M ≥ $1,650M Sustainable aEBITDA Organic growth ≥ 1.5%/yr Increase premium portfolio from 27% to ~ 40% 20%+ reduction in unit c
Slide 22: Consistent Improvement in Sustainable aEBITDA
CONSISTENT IMPROVEMENT in Sustainable aEBITDA 22 IMPROVE EARNINGS 2027 aEBITDATarget of $1.45B Through Fit To Win Benefits Despite Cautious Commercial Outlook Expect Continued Performance Improvement Through 2029 Supported by Cost and Growth/Expansion Initiatives ADJUSTED EBITDA ($M) 2024 Net Price
Slide 23: Capital Allocation
Maintenance CapEx Productivity CapEx Restructuring Debt Reduction Share Repurchase / Dividend 23 CAPITAL ALLOCATION DRIVING ECONOMIC PROFIT FIT TO WIN INVESTMENTS • SG&A Restructuring • Network Optimization / Restructuring • Capacity / Productivity Investments RETURN CAPITAL TO SHAREHOLDERS • Anti-d
Slide 24: 3Q25 Overview
3Q25 OVERVIEW ($0.04) $0.48 3Q24 3Q25 RAISING 2025 EARNINGS GUIDANCEI CONTINUED Expect $1.55 - $1.65 aEPS; ~ 2x Improvement vs PY STRONG MOMENTUM 24 STABLE TOP-LINE AND HIGHER MARGINS Segment Operating Profit Up 63% and Margins Up 570 Basis Points 3Q25 aEPSWAS $0.48/SH Significant Improvement From P
Slide 25: Significant Fit to Win Benefits
SIGNIFICANT FIT TO WIN BENEFITS and solid progress towards ≥ $650M savings target by 2027 EXPECT TO EXCEED 2025 FIT TO WIN SAVINGS TARGET ($M) COMMENTS TOTAL FIT TO WIN SAVINGS 2024 ACTUAL 25 3 YEAR 1 TARGET 650 9M25 220 TARGET All actions completed to secure 2025 benefit goal Expect all actions to
Slide 26: 3Q25 Performance
3Q25 PERFORMANCE 1,679 1,653 3Q24 3Q25 NET SALES ($M) STABLE NET SALES AND SIGNIFICANTLY HIGHER MARGINS AND ADJUSTED EARNINGS Further details in the appendix aEPS 26 (0.04) 0.06 (0.09) 0.43 0.02 0.11 (0.01) 0.48 3Q24 Net Price Vol/Mix Operating Costs Corp Retained Interest / Tax / Share FX 3Q25 Segm
Slide 27: Increased FY25 aEPS Guidance
INCREASED FY25 aEPS GUIDANCE and expect earnings per share to be ~ 2x prior year 27 2025 OUTLOOK (as of 3Q reporting) 2024 Actual Prior Current Adjusted EPS $0.81 $1.30 - $1.55 $1.55 - $1.65 Free Cash Flow ($M) ($128) $150 - $200 $150 - $200 2025 Guidance 25%-32% Improved outlook reflects strong YTD
Slide 28: Early View on 2026 Key Business Drivers
/ 28 EARLY VIEW ON 2026 KEY BUSINESS DRIVERS Operating Costs Corp Ret. / Interest / Tax Rate ADJUSTED EARNINGS NET SALES FREE CASH FLOW CapEx LEVERAGE RATIO 2026 VS 2025 (Fav / Unfav) BUSINESS DRIVER COMMENTS • Stable to improving top-line • Higher earnings driven by strong Fit To Win benefits • PAF
Slide 29: Conclusion: Executing on What Is in Our Control
HORIZON 1 (2024+) FIT TO WIN HORIZON 2 (2026+) PROFITABLE GROWTH HORIZON 3 (2028+) STRATEGIC OPTIONALITY CURRENT O-I EP CAPTURE FUTURE O-I EP CAPTURE CONCLUSION – EXECUTING ON WHAT IS IN OUR CONTROL EXECUTING VALUE CREATION ROADMAP INCREASED 2025 OUTLOOK WITH aEPS EXPECTED TO ABOUT DOUBLE FROM 2024
Slide 30: Appendix
30 APPENDIX
Slide 31: O-I Operations
31 O-I operations MANUFACTURING IN THE MARKET FOR THE MARKET PLANTS IN 19 COUNTRIES 69 SUBJECT TO ONGOING TARIFF UNCERTAINTY ~4.5% SALES/SUPPLY WITHIN 300 MILES OF O-I PLANTS 85% as of year end 2024
Slide 32: New Tariffs Represent Both Challenges and Opportunities
32 N EW TARIF F S REP RES EN T B OTH CHALLEN GES AN D OP P ORTUNITIES CHALLENGES: ▼ CURRENTLY EXPECT LIMITED DIRECT TARIFF EXPOSURE • 14% of O-I global sales volume (filled & unfilled) crosses U.S. border and exposed to new tariffs • 9.5% expected to be exempt because of USMCA compliance—mostly U.S.
Slide 33: Sustainability = Productivity + Efficiency
33 SUSTAINABILITY = PRODUCTIVITY + EFFICIENCY *2017 Baseline **2019 Baseline Prior 2030 Goals* As of 2024 GHG by 25% (2.0˚ Pathway) ~20% Renewable Electricity to 40% ~40% Cullet to 50% 40% on avg RECYCLED CONTENT MANUFACTURING EFFICIENCY ENERGY EFFICIENCY LOW CARBON ENERGY LIGHTER WEIGHT MANUFACTURI
Slide 34: Fit to Win Drives ≥ $650M Benefits Through 2027
PHASE A PHASE B $200 $170 $100 $150 $150 $100 $150 $100 $25+ $150 $100 $25+ ≥$650 $520 275-300 2027 2026 2025 FIT TO WIN BENEFITS ($M) Reshape SG&A (A) Initial Network Optimization (A) Cost Transformation (B) Total Organization Effectiveness (B) Savings from 2024 Baseline FIT TO WIN Drives ≥ $650M B
Slide 35: Non-GAAP Financial Measures
35 NON-GAAP FINANCIAL MEASURES The company uses certain non-GAAP financial measures, which are measures of its historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. Management believes that its presentati
Slide 36: Reconciliation to Adjusted Earnings
RECONCILIATION TO ADJUSTED EARNINGS 36 The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted earnings and adjusted earnings per share, for the periods ending after September 30, 2025 to its most directly comparable GAAP financial measure, ne
Slide 37: Segment Reconciliations: 3Q25
37 SEGMENT RECONCILIATIONS: 3Q25 3Q25 PRICE, SALES VOLUME AND CURRENCY IMPACT ON REPORTABLE SEGMENT SALES 3Q25 PRICE, SALES VOLUME, OPERATING COSTS AND CURRENCY IMPACT ON REPORTABLE SEGMENT OPERATING PROFIT (a) Currency effect on net sales and segment operating profit determined by using 2025 foreig
Slide 38: Segment Reconciliations: YTD 3Q25
38 SEGMENT RECONCILIATIONS: YTD 3Q25 YTD 3Q25 PRICE, SALES VOLUME AND CURRENCY IMPACT ON REPORTABLE SEGMENT SALES YTD 3Q25 PRICE, SALES VOLUME, OPERATING COSTS AND CURRENCY IMPACT ON REPORTABLE SEGMENT OPERATING PROFIT (a) Currency effect on net sales and segment operating profit determined by using
Slide 39: Reconciliation for Segment Operating Profit
39 RECONCILIATION FOR SEGMENT OPERATING PROFIT
Slide 40: Reconciliation to Adjusted EBITDA
RECONCILIATION TO ADJUSTED EBITDA 40 For the periods ending after September 30, 2025, the Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted EBITDA, to its most directly comparable U.S. GAAP financial measure, net earnings (loss) attributable
Slide 41: Reconciliation to Free Cash Flow
RECONCILIATIONTO FREE CASH FLOW 41 The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measures, free cash flow and free cash flow as a percentage of net sales, for all periods after December 31, 2025 to its most directly comparable U.S. GAAP financial meas
Slide 42: Additional Reconciliations: Financial Leverage Ratio
ADDITIONAL RECONCILIATIONS 42 RECONCILIATION TO FINANCIAL LEVERAGE RATIO For the periods ending after September 30, 2025, the Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, economic profit and economic spread percentage, to its most directly compa