O-i Glass, Inc. · NYSE:OI
O-i Glass — Q4 2025 Earnings Presentation
25 slides from O-i Glass's earnings presentation, Feb 11, 2026
Slide 1: Full Year and Fourth Quarter 2025 Earnings
FULL YEAR AND FOURTH QUARTER 2025 EARNINGS February 11, 2026
Slide 2: Safe Harbor Comments and Forward-Looking Statements
SAFE HARBOR COMMENTS AND FORWARD-LOOKING STATEMENTS 2 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 Se
Slide 3: Overview
OVERVIEW 3 S I G N I F I C A NTLY H I G H E R 2 0 2 5 R E S U LT S V S 2 0 2 4 D R I V E N B Y F I T TO W I N B E N E FI T S BUILDING MOMENTUM aEPS FCF ($M) STRONG 2025 PERFORMANCE 1.65-1.90 ~ Stable Topline, aEPS Up ~ 2x, and FCF Up ~ $300M 200 168 1.60 FIT TO WIN EXCEEDED TARGETS $300M Actual Savi
Slide 4: Strong Full Year 2025 Performance
STRONG FULL YEAR 2025 PERFORMANCE 4 I M P ROV E M E NT AC RO S S K E Y F I N A N C I A L M E A S U RE S : S TA B L E TO P L I NE , a E P S U P 2 X A N D F C F U P ~ $ 3 0 0 M 2025 KEY FINANCIAL MEASURES +200 BPS ~ STABLE +11% ~ 2X ~ +$300M -30% -0.4x +0.7% 6,531 6,426 1,218 1.60 168 617 3.9x 1,100 3
Slide 5: Fit to Win Exceeded 2025 Plan and Raising 3-Year Target
FIT TO WIN EXCEEDED 2025 PLAN AND RAISING 3-YEAR TARGET 5 $ 3 0 0 M B E N E F I T I N 2 0 2 5 A N D I N C R E A S IN G 3 - Y E A R F I T TO W I N TA R G E T TO ≥ $ 7 5 0 M FIT TO WIN BENEFITS ($M) 2024 2025 2026 3 YEAR1 ACTUAL ACTUAL TARGET TARGET TARGET COMMENTS Reshape SGA2 14 98 100 70 200 Focuse
Slide 6: 4Q25 Performance
4Q25 PERFORMANCE 6 S TA B L E N E T S A L E S A N D S I G N I F I C A NTLY H I G H E R A D J U S TE D E A R NI NG S NET SALES ($M) aEPS 0.06 0.20 1,529 1,500 0.10 0.19 0.01 (0.05) -6.5% (Tons) 1 (0.03) (0.08) 4Q24 4Q25 4Q24 Net Price Vol/Mix Operating Corp Interest / FX 4Q25 Costs Retained Tax / Sha
Slide 7: 4Q25 Segment Operating Profit
4Q25 SEGMENT OPERATING PROFIT 7 S E G M E NT O P E R ATI NG P ROF I T U P 3 0 % W I T H I M P ROV E M E NT I N B OT H A M A N D E U SEGMENT OPERATING PROFIT ($M) AM AND EU PERFORMANCE +40% 32 8 134 +30% 20 -10% (Tons) 177 96 AMERICAS (22) 11.9% ($M) 136 9.1% +8% 40 13 43 EUROPE 25 ($M) -3.5% (Tons)
Slide 8: Higher 2026 Performance
HIGHER 2026 PERFORMANCE 8 B U I L D I NG O N S T RONG M O M E NTU M L E D B Y F I T TO W I N E X E C U T I ON 2026 GUIDANCE KEY FINANCIAL MEASURES ESTIMATED QUARTERLY ALLOCATION OF aEPS 2025 2026E 12%-16% 18%-20% aEBITDA ($M) $1,218 $1,250 - $1,300 Reflects challenging PY comparisons which benefitte
Slide 9: Solid Progress Towards Investor Day Targets
SOLID PROGRESS TOWARDS INVESTOR DAY TARGETS 9 R E A F F IR M 2 0 2 7 I N V E S TOR D AY TA R G E TS A N D I N C R E A S I NG 3 - Y E A R F 2 W B E N E F I T TA R G E T PROGRESS TOWARDS 2027 I-DAY GOALS ≥ $1,450M LOW 20%s ≥ $750M ≥ 5% ≤ 2.5x ≥ 2% aEBITDA aEBITDA Margin Fit To Win Benefits FCF % Sales
Slide 10: Conclusion: Enabling Future Shareholder Value
CONCLUSION 10 E N A B L I NG F U T U R E S H A R E H O L D E R VA L U E DELIVERING ON INVESTOR DAY OBJECTIVES STABLE TOPLINE STRONG STRONGYTD PERFORMANCE 2025 PERFORMANCE IMPROVING QUALITY OF REVENUE STRONG FIT TO WIN BENEFITS STREAMLINED, SIMPLIFIED ORGANIZATION FIT TO WIN EXCEEDED TARGETS
Slide 11: Appendix
APPENDIX 11
Slide 12: Value Creation Roadmap
VALUE CREATION ROADMAP 12 HORIZON 3 (2028+) ECONOMIC PROFIT (EP) STRATEGIC OPTIONALITY MINDSET HORIZON 2 (2026+) PROFITABLE GROWTH FUTURE O-I EP HORIZON 1 (2024+) CAPTURE FIT TO WIN CURRENT O-I EP CAPTURE FIT TO WIN: PROFITABLE GROWTH: STRATEGIC OPTIONALITY: Radically reduce total enterprise costs a
Slide 13: Summary Financial Results: FY25 vs FY24
SUMMARY FINANCIAL RESULTS: FY25 VS FY24 13 NET SALES, SEGMENT OPERATING PROFIT, AND aEPS RECONCILIATIONS NET SALES SEGMENT OPERATING PROFIT $M except EPS and % AMERICAS EUROPE CORP TOTAL AMERICAS EUROPE TOTAL aEPS FY24 $ 3,584 $ 2,820 $ 127 $ 6,531 $392 $356 $748 $0.81 % Margin 10.9% 12.6% 11.7% FX
Slide 14: Summary Financial Results: 4Q25 vs 4Q24
SUMMARY FINANCIAL RESULTS: 4Q25 VS 4Q24 14 NET SALES, SEGMENT OPERATING PROFIT, AND aEPS RECONCILIATIONS NET SALES SEGMENT OPERATING PROFIT $M except EPS and % AMERICAS EUROPE CORP TOTAL AMERICAS EUROPE TOTAL aEPS 4Q24 $ 891 $ 604 $ 34 $ 1,529 $96 $40 $136 ($0.05) % Margin 10.8% 6.7% 9.1% FX 50 56 -
Slide 15: 2026 Key Guidance Assumptions and Sensitivities
2026 KEY GUIDANCE ASSUMPTIONS AND SENSITIVITIES 15 2026 BUSINESS DRIVERS SENSITIVITIES & FX 2026 vs 2025 APPROXIMATE EPS SENSITIVITY TO 1% CHANGE IN BUSINESS DRIVER ▲ Fav ▼Unfav 2026 COMMENTS ANNUAL VOLUME aEBITDA ▲ $1.25B - $1.30B • $0.07/sh for 1% change in sales volume Sales Volume ►/▼ ~ Flat to
Slide 16: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES 16 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 17: Reconciliation to Adjusted Earnings
RECONCILIATION TO ADJUSTED EARNINGS 17 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 December 31, 2025 to its most directly comparable GAAP financial measure, net
Slide 18: Segment Reconciliations: FY25 vs. FY24
SEGMENT RECONCILIATIONS: FY25 VS. FY24 18 FY25 PRICE, SALES VOLUME AND CURRENCY IMPACT ON REPORTABLE SEGMENT SALES FY25 PRICE, SALES VOLUME, OPERATING COSTS AND CURRENCY IMPACT ON REPORTABLE SEGMENT OPERATING PROFIT Year ended December 31 Americas Europe Total Segment operating profit - 2024 $ 392 $
Slide 19: Segment Reconciliations: 4Q25 vs. 4Q24
SEGMENT RECONCILIATIONS: 4Q25 VS. 4Q24 19 4Q25 PRICE, SALES VOLUME AND CURRENCY IMPACT ON REPORTABLE SEGMENT SALES 4Q25 PRICE, SALES VOLUME, OPERATING COSTS AND CURRENCY IMPACT ON REPORTABLE SEGMENT OPERATING PROFIT Three months ended December 31 Americas Europe Total Segment operating profit - 2024
Slide 20: Reconciliation for Segment Operating Profit
RECONCILIATION FOR SEGMENT OPERATING PROFIT 20
Slide 21: Reconciliation to Adjusted EBITDA and Adjusted EBITDA Margin
RECONCILIATION TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN 21 For the periods ending after December 31, 2025, the Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted EBITDA and adjusted EBITDA margin, to its most directly comparable U.S. GAA
Slide 22: Reconciliation to Net Debt Leverage Ratio
RECONCILIATION TO NET DEBT LEVERAGE RATIO 22 For the years ending after 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 less cash divided by Adjusted EBITDA, to its most
Slide 23: Economic Profit and Spread Reconciliation
ECONOMIC PROFIT AND SPREAD RECONCILIATION 23 NORMALIZED ECONOMIC PROFIT AND SPREAD RECONCILIATION For the years ending after December 31, 2025, the Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measures, economic profit, economic spread, normalized econom
Slide 24: Reconciliation to Adjusted Effective Tax Rate
RECONCILIATION TO ADJUSTED EFFECTIVE TAX RATE 24 The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted effective tax rate, for the years ending after December 31, 2025, to its most directly comparable GAAP financial measure, provision for in
Slide 25: Reconciliation to FCF and FCF as Percentage of Sales
RECONCILIATION TO FCF AND FCF AS PERCENTAGE OF SALES 25 The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measures, free cash flow, for all periods after 2026 and for free cash flow as a percentage of net sales, for all periods after December 31, 2025 to