Slide 1: Second Quarter 2025 Earnings
SECOND QUARTER 2025 EARNINGS JULY 30, 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: 2Q25 Overview: Building Momentum
2Q25 OVERVIEW 2Q25 aEPS was $0.53/sh Adjusted Earnings 20% increase from prior year adjusted earnings Per Share (aEPS) Diluted $0.53 Navigating Mixed Market Conditions 2Q25 volume -3% (1H25 nearly +1%); moderating net price headwind $0.44 BUILDING Strong Fit To Win (F2W) Benefits MOMENTUM 2Q25 savin
Slide 4: Navigating Mixed Market Conditions
NAVIGATING MIXED MARKET CONDITIONS 1H25 SHIPMENTS UP NEARLY 1% VS. PRIOR YEAR. 2Q25 shipments down ~ 3% — AM up MSD across all markets and most categories while EU down HSD given softer consumer sentiment. O-I GLASS DEMAND TREND 2Q25 Sales Volume down ~ 3% YoY Change in O-I Shipments (in tons) • Up
Slide 5: Delivering on Our Fit to Win Savings Objective
DELIVERING ON OUR FIT TO WIN SAVINGS OBJECTIVE STRONG FIT TO WIN BENEFITS and solid progress towards ≥ $650M savings target by 2027 2024 2025 1 3 YEAR 1 ($M) ACTUAL 1H25 TARGET TARGET COMMENTS All actions completed to secure 2025 benefit total Reshape SG&A2 14 51 100 200 Expect all actions to achiev
Slide 6: 2Q25 Earnings Review
2Q25 EARNINGS REVIEW 2Q25 ADJUSTED EARNINGS EXCEEDED PY RESULTS due to strong Fit To Win execution aEPS SEGMENT OPERATING PROFIT 0.09 0.00 0.53 35 135 +4% (in tons) 10 (9) 0.44 0.03 106 0.12 AMERICAS (7) ($M) (0.12) (0.03) -3% (in tons) COST BREAKDOWN 127 Operating Costs Corp Fav (Unfav) Fit To Win
Slide 7: Improving 2025 Outlook
IMPROVING 2025 OUTLOOK INCREASING FY25 aEPS GUIDANCE and expect earnings to improve 60% to 90% from 2024 EST. QUARTERLY ALLOCATION OF aEPS 2025 GUIDANCE 2025 Guidance 2024 4%-8% Current Prior Actual 26%-31% Adjusted EPS $1.30 - $1.55 $1.20 - $1.50 $0.81 Free Cash Flow ($M) $150 - $200 $150 - $200 ($
Slide 8: Conclusion – Executing on What Is in Our Control
CONCLUSION – EXECUTING ON WHAT IS IN OUR CONTROL EXECUTING VALUE CREATION ROADMAP STRONG START IN 1H25 HORIZON 3 (2028+) STRATEGIC OPTIONALITY FUTURE O-I EP NAVIGATING MIXED CAPTURE HORIZON 2 (2026+) MARKET CONDITIONS PROFITABLE GROWTH EXCELLENT FIT TO WIN HORIZON 1 (2024+) PROGRESS FIT TO WIN INCRE
Slide 9: Appendix
APPENDIX 9
Slide 10: Summary Financial Results: 2Q25 vs 2Q24
SUMMARY FINANCIAL RESULTS: 2Q25 VS 2Q24 NET SALES SEGMENT OPERATING PROFIT $M except EPS and % AMERICAS EUROPE CORP TOTAL AMERICAS EUROPE TOTAL aEPS 2Q24 $ 899 $ 802 $ 28 $ 1,729 $106 $127 $233 $0.44 % Margin 11.8% 15.8% 13.7% FX (28) 56 - 28 (9) 9 - - SUBTOTAL $ 871 $858 $28 $1,757 $97 $136 $233 $0
Slide 11: Key Assumptions and Sensitivities
KEY ASSUMPTIONS AND SENSITIVITIES KEY 2025 ASSUMPTIONS • aEBITDA: $1.17B - $1.21B • Net Price $100M - $125M YoY headwind • Cash Interest: $330M - $340M • Adjusted ETR: 33-36% • CapEx: $400-$450M • Cash Restructuring: $140-$150M • Net Debt Leverage Ratio: Mid-3s by FYE25 • FX: Based on FX rates as of
Slide 12: New Tariffs Represent Both Challenges and Opportunities
NEW TARIFFS REPRESENT BOTH CHALLENGES AND OPPORTUNITIES Changes in global trade policy may create both new challenges CROSS BORDER SHIPMENTS AND O-I CROSS BOARDER SHIPMENTS and opportunities which cannot be fully determined at this stage POTENTIAL TARIFF EXPOSURE AND NEW TARIFF EXPOSURES (Includes e
Slide 13: Non-GAAP Financial Measures
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 presentation
Slide 14: Reconciliation to Adjusted Earnings
RECONCILIATION TO ADJUSTED EARNINGS 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 June 30, 2025 to its most directly comparable GAAP financial measure, net earnin
Slide 15: Segment Reconciliations
SEGMENT RECONCILIATIONS 2Q25 PRICE, SALES VOLUME AND CURRENCY IMPACT ON REPORTABLE SEGMENT SALES 2Q25 PRICE, SALES VOLUME, OPERATING COSTS AND CURRENCY IMPACT ON REPORTABLE SEGMENT OPERATING PROFIT 15 (a) Currency effect on net sales and segment operating profit determined by using 2025 foreign curr
Slide 16: Segment Reconciliations
SEGMENT RECONCILIATIONS YTD 2Q25 PRICE, SALES VOLUME AND CURRENCY IMPACT ON REPORTABLE SEGMENT SALES YTD 2Q25 PRICE, SALES VOLUME, OPERATING COSTS AND CURRENCY IMPACT ON REPORTABLE SEGMENT OPERATING PROFIT 16 (a) Currency effect on net sales and segment operating profit determined by using 2025 fore
Slide 17: Reconciliation for Segment Operating Profit
RECONCILIATION FOR SEGMENT OPERATING PROFIT 17
Slide 18: Reconciliation to Adjusted Effective Tax Rate
RECONCILIATION TO ADJUSTED EFFECTIVE TAX RATE The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted effective tax rate, for the year ending December 31, 2025, to its most directly comparable GAAP financial measure, provision for income taxes
Slide 19: Reconciliation to Adjusted EBITDA
RECONCILIATION TO ADJUSTED EBITDA For the periods ending after June 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 to the
Slide 20: Additional Reconciliations
ADDITIONAL RECONCILIATIONS RECONCILIATION TO FREE CASH FLOW RECONCILIATION TO NET DEBT LEVERAGE RATIO For the year ending December 31, 2025, the Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, net debt leverage ratio, which is defined as total debt