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 Securities Act of 1933, as amended. Forward-looking statements reflect the Company's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," " ...

FOR IMMEDIATE RELEASE For more information, contact: Chris Manuel Vice President of Investor Relations 567-336-2600 Chris.Manuel@o-i.com O-I GLASS REPORTS FIRST QUARTER 2025 RESULTS Segment operating profit was $209 million in the first quarter compared to $235 million in the same period of 2024. Strong Start to 2025 as 'Fit to Win' Takes Hold Reaf irming Full Year 2025 Guidance PERRYSBURG, Ohio (April 29, 2025) – O-I Glass, Inc. ("O-I") (NYSE: OI) today reported financial results for the first quarter ende ...

Core Viewpoint - O-I Glass, Inc. reported a strong performance in Q1 2025 despite a net loss, driven by the implementation of its 'Fit to Win' strategy, which is expected to enhance competitiveness and profitability [2][3][10]. Financial Performance - Net earnings attributable to the company were a loss of $0.10 per share in Q1 2025, compared to earnings of $0.45 per share in Q1 2024 [10]. - Adjusted earnings per share (EPS) were $0.40 in Q1 2025, down from $0.45 in the same period last year [10]. - Earnings before income taxes decreased to $18 million in Q1 2025 from $117 million in Q1 2024, primarily due to restructuring and asset impairment charges of $80 million related to the 'Fit to Win' initiative [5][10]. Sales and Shipments - Net sales for Q1 2025 were $1.6 billion, consistent with the prior year, with a 4.4% increase in sales volume offset by unfavorable foreign currency translation and lower average selling prices [4]. - Year-to-date shipments through April 2025 increased approximately 3%, although recent demand softened amid uncertainty regarding new tariff policies [4]. Segment Performance - Segment operating profit in the Americas rose to $141 million in Q1 2025 from $102 million in the prior year, benefiting from over 4% sales volume growth [8]. - In Europe, segment operating profit fell to $68 million from $133 million, despite nearly 4% sales volume growth, due to lower net prices and higher operating costs [8][9]. - Total segment operating profit for the company was $209 million in Q1 2025, down from $235 million in the same period of 2024 [6]. Future Outlook - The company reaffirmed its 2025 guidance, anticipating adjusted EPS to increase by 50% to 85% from 2024 levels, projecting adjusted EPS in the range of $1.20 to $1.50 [11][12]. - Free cash flow is expected to improve significantly to between $150 million and $200 million in 2025, compared to a cash use of $128 million in 2024 [12].

Company Overview - O-I Glass shares increased by 9.5% to close at $10.53, following a significant trading volume, contrasting with a 15.9% loss over the past four weeks [1] - The stock's rise was influenced by U.S. President Trump's announcement of a 90-day pause on certain tariffs for most countries, excluding China [1] Strategic Initiatives - O-I Glass launched the "Fit to Win" initiative aimed at enhancing long-term competitiveness in the French glass market, which is currently facing challenges such as a slowdown in the wine industry, overcapacity, and strong competition [2] - The company is considering operational adjustments at several plants, which may include closures and resizing of administrative functions, potentially affecting 320 positions [2] - Despite these challenges, O-I Glass plans to invest in its French plants as part of its 2025 capital plan to strengthen its market position and promote glass usage [2] Financial Performance Expectations - The company is expected to report quarterly earnings of $0.18 per share, reflecting a year-over-year decline of 60%, with revenues projected at $1.53 billion, down 3.8% from the previous year [3] - The consensus EPS estimate for the quarter has been revised 2.7% higher over the last 30 days, indicating a positive trend in earnings estimate revisions, which typically correlates with stock price appreciation [4] Industry Context - O-I Glass is part of the Zacks Glass Products industry, where another company, Apogee Enterprises, saw its shares rise by 7.6% to $46.81, although it has returned -8% over the past month [4] - Apogee Enterprises' consensus EPS estimate for the upcoming report remains unchanged at $0.90, representing a year-over-year change of -21.1% [5]

Core Insights - The glass market in France is facing significant challenges due to a slowdown in the wine market, overcapacity, and strong competition, prompting the company to consider actions for long-term competitiveness [1][2] Strategic Initiatives - The company has launched a strategic initiative called "Fit to Win" aimed at ensuring long-term sustainability and improving operational agility and flexibility to enhance the competitiveness of glass [2] - An information and consultation process has been initiated with European and French employee representatives regarding potential operational adjustments at various plants, including the possible cessation of production at one furnace in Vayres and the potential closure of the Vergèze plant [3] Investment Plans - The company is contemplating a multi-million Euro investment in its French plants as part of its 2025 capital plan, which is expected to support the development of glass usage and strengthen its position in France [4] Employment Impact - The potential actions under consideration could affect approximately 320 positions, including vacant, created, and eliminated roles, with a commitment to transparency and responsibility towards impacted employees [5] Company Overview - O-I Glass, Inc. is a leading global producer of glass bottles and jars, achieving revenues of $6.5 billion in 2024, and operates 69 plants across 19 countries with a workforce of approximately 21,000 [6]

Core Viewpoint - O-I Glass, Inc. has scheduled its first quarter 2025 earnings conference call and webcast for April 30, 2025, at 8 a.m. EDT, with the earnings release to be issued on April 29, 2025 [1][2]. Company Overview - O-I Glass, Inc. is a leading global producer of glass bottles and jars, emphasizing the sustainability and recyclability of glass as a packaging material [3]. - The company is headquartered in Perrysburg, Ohio, and operates 69 plants across 19 countries, employing approximately 21,000 people [3]. - In 2024, O-I Glass achieved revenues of $6.5 billion [3].

Group 1: O-I Glass' Sustainability Initiatives - O-I Glass successfully tested 100% biofuel in its Harlow, UK plant, replacing natural gas in the glass-making furnace, showcasing its commitment to innovation and sustainability [1] - This trial is part of a broader initiative led by Glass Futures in collaboration with the U.K. government's Net Zero Innovation Portfolio program, aimed at exploring sustainable fuel options for the glass industry [2] - The trial confirmed the viability of alternative fuels, achieving a significant reduction in greenhouse gas emissions during amber bottle production, utilizing a combination of biofuel and advanced technologies [3][4] Group 2: Collaboration with Linde plc - O-I Glass announced a collaboration with Linde plc to install the OPTIMELTTM Thermochemical Regenerator technology at its Holzminden, Germany plant, aimed at improving efficiency and reducing emissions [5] - The partnership will expand to include the installation of an advanced Centrifugal VITRON Vacuum Pressure Swing Adsorption plant to produce oxygen for the furnace, enhancing power efficiency and lowering environmental impact [6][7] Group 3: Financial Performance - O-I Glass reported a fourth-quarter 2024 adjusted loss per share of 5 cents, which was better than the Zacks Consensus Estimate of a loss of 11 cents, but down from earnings of 12 cents in the same quarter last year [8] - Revenues for the quarter were $1.53 billion, a decrease of 6.8% year over year, missing the Zacks Consensus Estimate of $1.61 billion, with flat sales volume in tons [9]

Core Insights - O-I Glass has successfully completed a trial using 100% biofuel to replace natural gas in glass-making, demonstrating the feasibility of alternative fuels in the industry [1][5][6] - The trial is part of the UK government's "Net Zero Innovation Portfolio" program, aimed at exploring sustainable fuel options [1][5] - The initiative highlights O-I's commitment to sustainability and innovation in glass production [3][6] Company Overview - O-I Glass, Inc. is a leading global producer of glass bottles and jars, headquartered in Perrysburg, Ohio, with revenues of $6.5 billion in 2024 [4] - The company employs approximately 21,000 people across 69 plants in 19 countries, focusing on creating sustainable packaging solutions [4] Environmental Impact - The trial at the Harlow plant achieved a significant reduction in greenhouse gas emissions by utilizing biofuel alongside advanced technologies [5][6] - The combination of biofuel, cullet pre-heating, and an oxy-fuel furnace resulted in an 88% cullet usage throughout the trial, contributing to a lower CO2 footprint for amber bottles produced [6] Technical Viability - The successful trial indicates that O-I could implement biofuel solutions on a large scale when availability and cost become feasible [6]

Group 1: Collaboration and Technology Implementation - O-I Glass and Linde are collaborating to install Linde's OPTIMELTTM Thermochemical Regenerator technology at O-I's plant in Holzminden, Germany, aimed at reducing fuel consumption and Scope 1 carbon dioxide emissions [1][2] - The OPTIMELTTM TCR technology can decrease fuel consumption by approximately 30% compared to traditional furnaces and is compatible with various fuels, including low carbon hydrogen [2][3] Group 2: Company Profiles - O-I Glass, Inc. is a leading producer of glass bottles and jars, achieving revenues of $6.5 billion in 2024 and operating 69 plants in 19 countries [5] - Linde, a global industrial gases and engineering company, reported sales of $33 billion in 2024 and focuses on providing solutions that enhance productivity and sustainability [6][7] Group 3: Environmental Impact and Efficiency - The collaboration aims to improve energy efficiency and reduce environmental footprints for O-I and its customers, supporting broader decarbonization efforts [3][4] - Linde's advanced Centrifugal VITRON® Vacuum Pressure Swing Adsorption plant will supply oxygen for the furnace, further enhancing power efficiency and lowering noise emissions [4]

Core Viewpoint - O-I Glass, Inc. is set to present strategic initiatives aimed at enhancing its market position and delivering long-term shareholder value during its Investors Day on March 14, 2025 [1][2] Company Strategy - The presentation titled "The Power of Glass" will include insights from the leadership team and cover business strategy, financial review, and future growth plans [2] - The company emphasizes a multi-horizon approach to value creation focusing on cost competitiveness, productivity, and strategic optionality to reshape the business [3] Value Creation Roadmap - **Horizon 1 – Fit to Win**: O-I aims to reduce total enterprise costs and optimize its value chain, targeting savings of at least $650 million by 2027 [6] - **Horizon 2 – Profitable Growth**: The company plans to leverage its competitive position to drive growth by expanding into attractive categories and enhancing customer relationships [6] - **Horizon 3 – Strategic Optionality**: O-I will pursue geographic expansion and balanced capital allocation while consistently returning capital to shareholders [6] Financial Overview and Guidance - O-I reaffirms its 2025 guidance of Adjusted Earnings between $1.20 and $1.50 per share and Free Cash Flow of $150 to $200 million [6] - The company also reaffirms its 2027 targets, including Adjusted EBITDA of at least $1.45 billion and Free Cash Flow greater than 5% of sales [6] - Preliminary objectives for 2029 include benefits from Profitable Growth and Strategic Optionality efforts [6] Company Background - O-I Glass is a leading global producer of glass bottles and jars, emphasizing the sustainability and recyclability of glass packaging [5] - The company operates approximately 69 plants in 19 countries and achieved revenues of $6.5 billion in 2024 [7]