O-i Glass, Inc. · NYSE:OI
O-i Glass — BofA Securities 2026 Global Agriculture and Materials Conference
19 slides from O-i Glass's conference presentation, Feb 25, 2026
Slide 1: Capital Markets Presentation 1Q 2026
CAPITAL MARKETS PRESENTATION 1Q 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: Who We Are Today
WHO WE ARE TODAY 3 GLOBAL LEADER in glass packaging refocused on transforming COMPETITIVENESS, increasing ECONOMIC PROFIT and growing the VALUE of the company Customer Excellence Sell into 74 ~19,000 countries through employees, Top Quartile Net network of 64 70+ nationalities, Promoter Score (NPS)
Slide 4: Our Right to Win
OUR RIGHT TO WIN 4 Consumers Privileged Refocus On & Customers CUSTOMER COMPETITIVENESS PREFER GLASS RELATIONSHIPS From Scale Privileged Footprint With GROWTH GLOBAL Reach Opportunities With LOCAL Touch 4
Slide 5: Robust Investment Thesis
RESHAPING O-I TO BECOME THE ‘BEST VALUE’ PACKAGING OPTION 5 EARNINGS IMPROVEMENT Transforming O-I’s cost base (aEBITDA, $M) to become highly competitive ≥ 1,650 > 8% 5YR CAGR Optimizing how we work across the ROBUST value chain with suppliers and customers 1,250-1,300 ≥ 1,450 INVESTMENT 1,218 THESIS
Slide 6: Value Creation Roadmap
VALUE CREATION ROADMAP 6 HORIZON 3 (2028+) ECONOMIC PROFIT (EP) STRATEGIC OPTIONALITY MINDSET HORIZON 2 (2026+) PROFITABLE GROWTH FUTURE O-I EP HORIZON 1 (2024+) CAPTURE FIT TO WIN CURRENT O-I EP CAPTURE FIT TO WIN: PROFITABLE GROWTH: STRATEGIC OPTIONALITY: Radically reduce total enterprise costs an
Slide 7: Fit to Win Status
FIT TO WIN STATUS 7 Fit To Win Exceeded 2025 Plan and RAISING 3-YEAR TARGET FIT TO WIN BENEFITS ($M) 2024 2025 2026 3 YEAR1 ACTUAL ACTUAL TARGET TARGET TARGET COMMENTS 2 Reshape SGA 14 98 100 70 200 Focused on later stages or SG&A initiative PHASE Initial Network Optimization 11 81 100 65 150 All ac
Slide 8: Solid Progress Towards Investor Day Targets
SOLID PROGRESS TOWARDS INVESTOR DAY TARGETS 8 REAFFIRM 2027 INVESTOR DAY TARGETS And Increasing 3-year F2W Benefit Target 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 Leverage Ratio Normalized ES 2024 2025 2026F
Slide 9: 2026 Outlook
2026 OUTLOOK 9 O-I Is Maintaining Its FY26 Guidance, But Sees ADDITIONAL EARNINGS PRESSURE IN 1Q26 2026 GUIDANCE KEY FINANCIAL MEASURES ESTIMATED QUARTERLY ALLOCATION OF aEPS 2025 2026E 12%-16% The company is maintaining its full- 18%-20% year 2026 guidance, yet it now expects additional pressure on
Slide 10: Conclusion
CONCLUSION 10 ENABLING FUTURE SHAREHOLDER VALUE DELIVERING ON INVESTOR DAY OBJECTIVES STABLE TOPLINE IMPROVING QUALITY OF REVENUE STRONG FIT TO WIN BENEFITS STREAMLINED, SIMPLIFIED ORGANIZATION MORE COST COMPETITIVE OPERATIONS IMPROVING MARGINS AND EARNINGS HIGHER FCF HEALTHY BALANCE
Slide 11: Appendix
APPENDIX 11
Slide 12: 2026 Key Guidance Assumptions and Sensitivities
2026 KEY GUIDANCE ASSUMPTIONS AND SENSITIVITIES 12 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 13: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES 13 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 14: Reconciliation to Adjusted Earnings
RECONCILIATION TO ADJUSTED EARNINGS 14 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 15: Reconciliation to Adjusted EBITDA and Adjusted EBITDA Margin
RECONCILIATION TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN 15 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 16: Reconciliation to Net Debt Leverage Ratio
RECONCILIATION TO NET DEBT LEVERAGE RATIO 16 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 17: Normalized Economic Profit and Spread Reconciliation
NORMALIZED ECONOMIC PROFIT AND SPREAD RECONCILIATION 17 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 economic profit and normalized economic spread t
Slide 18: Reconciliation to FCF and FCF as Percentage of Sales
RECONCILIATION TO FCF AND FCF AS PERCENTAGE OF SALES 18 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
Slide 19: Reconciliation to Adjusted Effective Tax Rate
RECONCILIATION TO ADJUSTED EFFECTIVE TAX RATE 19 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
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