4Q 2025
WHO WE ARE TODAY
~21,000
employees, 70+ nationalities,
30+ languages
6,000
customers across a
broad product portfolio
Serve TOP
global beer and spirits brands
Customer Excellence
Top Quartile Net Promoter Score (NPS)
Sell into 74 countries through network of 69
plants in 19
countries
GLOBAL LEADER in glass packaging refocused on transforming COMPETITIVENESS, increasing ECONOMIC PROFIT and growing the VALUE of the company
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Glass is the preferred choice for premium and health-oriented products
FINANCIAL SCALE* ($M)
$6,531
Net sales 1.6x next largest glass competitor
$1,100
Net Sales
aEBITDA
Global Leader in both
MAINSTREAM and PREMIUM
Glass Packaging
#1
Global Glass Supplier
*All metrics as of YE 2024
RESHAPING O-I TO BECOME THE 'BEST VALUE' PACKAGING OPTION
ROBUST INVESTMENT THESIS TO CREATE SHAREHOLDER VALUE Transforming O-I's cost baseto become highly competitive
Optimizing how we work across the value chain with suppliers and customers Building a higher value, more premium business portfolio Growing in clearly targeted geographies, categories and segmentsEARNINGS IMPROVEMENT
(aEBITDA, $M)
≥1,450
1,200-1,220
1,100
> 8% 5YR CAGR≥ 1,650
Focusing the business on driving Economic Profit2024 2025E 2027
Target
2029
Objective
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Note: 2025 outlook last updated with 3Q25 reporting; 2027 target and 2029 objective were from our March 2025 I-Day and not subsequently updated
OUR RIGHT TO WIN
Consumers & Customers
PREFER GLASSPrivileged CUSTOMER RELATIONSHIPS
Refocus On
COMPETITIVENESSFrom Scale
Privileged Footprint With GROWTH Opportunities
GLOBAL Reach With LOCAL Touch5
VALUE CREATION ROADMAP
ECONOMIC PROFIT (EP) MINDSETHORIZON 3 (2028+) STRATEGIC OPTIONALITY
HORIZON 2 (2026+) PROFITABLE GROWTH
HORIZON 1 (2024+)
FIT TO WIN
FUTURE O-I EP CAPTURE
CURRENT O-I EP CAPTURE
FIT TO WIN:
Radically reduce total enterprise costs and optimize entire network and value chain
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PROFITABLE GROWTH:
Leverage more competitive position to drive future profitable growth with winning customers
STRATEGIC OPTIONALITY:
Grow the business through geographic expansion, JVs, partnerships and capability M&A, as well as consistently return capital to shareholders
FIT TO WIN: 2025-2027
RADICALLY REDUCE total enterprise cost and OPTIMIZE entire network and value chainPHASE A: RESHAPE THE STRUCTURE PHASE B: TRANSFORM THE VALUE CHAIN BEST AT BOTH MODEL
Reduce SG&A
Initial Network Optimization
Cost Transformation
Total Organization Effectiveness (TOE)
Differentiated Models for Mainstream and Premium Segments
2027 Target Long-Term Goal
Achieve ≥ $650M Fit To Win Benefits
(Phase A $350M; Phase B ≥ $300M)
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Increase premium portfolio from 27% to ~ 40%
20%+ reduction in unit cost in relevant mainstream categories and markets
Note: Long-term targets were from our March 2025 I-Day and not subsequently updated
FIT TO WIN APPROACH
INCREASE
ECONOMIC PROFIT
Drive ECONOMIES OF SCALE and NEW WAYS OF WORKING Across the Network
5. Invest & Monetize
1. SG&A and Network Optimization
Maximize Economic Profit through greater return and growth
Reduce cost base to be competitive in all markets / categories where we compete
4. Best at Both
2. Cost Transformation
Specialize network to be lowest cost in mainstream and best cost in premium
Optimize value chain and drive synergies across procurement, efficiency logistics and energy
3. Total Organization Effectiveness
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Improve productivity, unlock trapped capacity and enable positive Economic Profit* growth and mix
* See Economic Profit and Economic Spread below and in Appendix slides.
BEST AT BOTH MODEL
DIFFERENTIATED Models for MAINSTREAM and PREMIUM BusinessTo further improve its competitive position,
MAINSTREAM VS PREMIUM MODELSMAINSTREAM PREMIUM
Container Simple, Standard Complex, Branded
O-I is incorporating unique models for Mainstream
Scale Long Run
Production
Mostly Fragmented
Production
and Premium categories, customers and SKUs
The Mainstream model is focused on being the "Lowest Cost" producer
Services Limited Extensive
Growth Lower Higher
Margins Average ≥ 30% Above Avg.
Cost Profile "Lowest Cost" "Best Cost"
The Premium model is focused on being the "Best Cost" producer
VOLUME
GROSS PROFIT
GOAL: Increase premium portfolio from 27% to ~ 40%27%
73%
55%
45%
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Source: Internal OI
Mainstream Premium
Note: Long-term targets were from our March 2025 I-Day and not subsequently updated
Mainstream Premium
BEST AT BOTH FRAMEWORK
Changing WAYS OF WORKING to Successfully execute on Best at Both Model
OPERATIONS
Network Specialization
End-to-end Supply chain Optimization
Capabilities Alignment
GO TO MARKET
Adapt Service Model Based on Segmentation
Leverage Most Valuable Relationships
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