O-i Glass, Inc. · NYSE:OI
O-i Glass — Q3 2025 Earnings Presentation
22 slides from O-i Glass's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Earnings
THIRD QUARTER 2025 EARNINGS November 5, 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: 3Q25 Overview: Continued Momentum
3Q25 OVERVIEW ADJUSTED EARNINGS (aEPS) 3Q25 aEPS WAS $0.48/SH Significant Improvement From Prior Year Period $0.48 STABLE TOP-LINE AND HIGHER MARGINS MOMENTUM CONTINUED Segment Operating Profit Up 63% and Margins Up 570 Basis Points STRONG FIT TO WIN DRIVES HIGHER aEPS Another $75M Fit To Win Benefi
Slide 4: Stable Top-Line and Higher Margins
STABLE TOP-LINE AND HIGHER MARGINS NET SALES REMAIN STEADY AND MARGINS UP AMID EVOLVING PACKAGING DYNAMICS Stabilizing LT demand trends and Fit to Win gains support 1% – 2% annual volume growth post-2027 EVOLVING GLASS DEMAND TRENDS STABLE NET SALES ($B) CYCLICAL (SHORT -TERM) STRUCTURAL (LONG-TERM)
Slide 5: Expect to Exceed 2025 Fit to Win Savings Target
EXPECT TO EXCEED 2025 FIT TO WIN SAVINGS TARGET SIGNIFICANT FIT TO WIN BENEFITS and solid progress towards ≥ $650M savings target by 2027 2024 2025 1 3 YEAR 1 ($M) ACTUAL 9M25 TARGET TARGET COMMENTS All actions completed to secure 2025 benefit goal Reshape SG&A2 14 75 100 200 Expect all actions to a
Slide 6: 3Q25 Performance
3Q25 PERFORMANCE STABLE NET SALES AND SIGNIFICANTLY HIGHER MARGINS AND ADJUSTED EARNINGS NET SALES ($M) aEPS 0.11 0.48 1,679 1,653 (0.01) 0.02 0.43 14.4% 8.7% 0.06 (0.04) (0.09) -5% (Tons) 3Q24 3Q25 3Q24 Net Price Vol/Mix Operating Corp Interest / FX 3Q25 Costs Retained Tax / Share Segment Op. Profi
Slide 7: Segment Operating Profit
SEGMENT OPERATING PROFIT 3Q25 SEGMENT OPERATING PROFIT UP 63% with significant improvement in both the Americas and Europe SEGMENT OPERATING PROFIT ($M) AM AND EU PERFORMANCE +63% +59% 42 140 235 29 (5) AMERICAS 88 (14) ($M) -7% (Tons) 144 +70% 60 2 95 EUROPE 56 ($M) (15) (8) -3% (Tons) 3Q24 Net Vol
Slide 8: 2025 Outlook
2025 OUTLOOK INCREASING FY25 aEPS GUIDANCE and expect earnings per share to be ~ 2x prior year 2025 GUIDANCE 2024 2025 Guidance Actual Prior Current 4Q25: $0.14 - $0.24 aEPS Adjusted EPS $0.81 $1.30 - $1.55 $1.55 - $1.65 25%-32% Free Cash Flow ($M) ($128) $150 - $200 $150 - $200 Improved outlook ref
Slide 9: Early View on 2026 Key Business Drivers
EARLY VIEW ON 2026 KEY BUSINESS DRIVERS EXPECT HIGHER EARNINGS AND FCF IN 2026 with continued progress towards 2027 I-Day Goals BUSINESS DRIVER 2026 VS 2025 COMMENTS (Fav / Unfav) NET SALES / • Stable to improving top-line ADJUSTED EARNINGS • Higher earnings driven by strong Fit To Win benefits Volu
Slide 10: Conclusion – Enabling Future Shareholder Value
CONCLUSION – ENABLING FUTURE SHAREHOLDER VALUE DELIVERING ON INVESTOR DAY OBJECTIVES STRONG STRONG YEAR-TO-DATE YTD PERFORMANCE PERFORMANCE LED BY FIT TO WIN BENEFITS STABLE TOP-LINE IMPROVING QUALITY OF REVENUE STRONG FIT TO WIN BENEFITS INCREASING 2025 EARNINGS GUIDANCE STREAMLINED, SIMPLI
Slide 11: Appendix
APPENDIX 11
Slide 12: Value Creation Roadmap
VALUE CREATION ROADMAP 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 and
Slide 13: Summary Financial Results: 3Q25 vs 3Q24
SUMMARY FINANCIAL RESULTS: 3Q25 VS 3Q24 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 3Q24 $ 940 $ 706 $ 33 $1,679 $88 $56 $144 ($0.04) % Margin 9.4% 7.9% 8.7% FX 15 36 - 51 (
Slide 14: Key Assumptions and Sensitivities
KEY ASSUMPTIONS AND SENSITIVITIES KEY 2025 ASSUMPTIONS • aEBITDA: $1.2B - $1.22B • Net Price $75M - $100M YoY headwind • Cash Interest: $330M - $340M • Adjusted ETR: 33-36% • CapEx: $400M - $450M • Cash Restructuring: $140M - $150M • Net Debt Leverage Ratio: Mid-3s by FYE25 • FX: Based on FX rates a
Slide 15: 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 16: 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 September 30, 2025 to its most directly comparable GAAP financial measure, net e
Slide 17: Segment Reconciliations: 3Q25
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 17 (a) Currency effect on net sales and segment operating profit determined by using 2025 foreig
Slide 18: Segment Reconciliations: YTD 3Q25
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 18 (a) Currency effect on net sales and segment operating profit determined by using
Slide 19: Reconciliation for Segment Operating Profit
RECONCILIATION FOR SEGMENT OPERATING PROFIT 19
Slide 20: 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 21: Reconciliation to Adjusted EBITDA
RECONCILIATION TO ADJUSTED EBITDA 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 to
Slide 22: 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