Financial Performance - Net sales for the first quarter of 2025 were $1,567 million, a decrease of $26 million, or 2%, compared to $1,593 million in the first quarter of 2024[82]. - Segment operating profit for reportable segments in the first quarter of 2025 was $209 million, down $26 million, or 11%, from $235 million in the first quarter of 2024[94]. - The company recorded a net loss attributable to the Company of $16 million, or $0.10 per share, in the first quarter of 2025, compared to net earnings of $72 million, or $0.45 per share, in the first quarter of 2024[87]. - Earnings before income taxes were $18 million in the first quarter of 2025, a decrease of $99 million from $117 million in the first quarter of 2024[92]. - The effective tax rate for the first quarter of 2025 was 167%, compared to 35% for the first quarter of 2024, due to unfavorable tax rates on restructuring charges[102]. Sales and Segments - The Americas segment reported net sales of $873 million in the first quarter of 2025, an increase of $19 million, or 2%, compared to $854 million in the first quarter of 2024[89]. - Europe segment net sales decreased to $667 million in the first quarter of 2025, a decline of $42 million, or 6%, from $709 million in the first quarter of 2024[91]. - Glass container shipments increased approximately 4.4% in the first quarter of 2025, contributing an estimated $66 million to net sales[88]. Cash Flow and Capital Expenditures - Cash provided by operating activities is expected to approximate $600 million for 2025, with capital expenditures projected between $400 million and $450 million[106]. - Cash utilized by operating activities was $171 million for the three months ended March 31, 2025, a decrease from $270 million in the same period in 2024[125]. - Capital spending for property, plant, and equipment was $135 million during the first three months of 2025, down from $213 million in the same period in 2024[128]. - The Company had unused credit of $1.06 billion available under the revolving credit facilities as part of the Credit Agreement as of March 31, 2025[115]. - The Company anticipates cash flows from operations and available credit will be sufficient to fund its operating and seasonal working capital needs[130]. Restructuring and Charges - The Company recorded restructuring, asset impairment, and other charges of approximately $82 million for the three months ended March 31, 2025, related to the Fit to Win program[109]. - The Company recorded a pre-tax gain of approximately $6 million on the sale of land and buildings of a previously closed plant in the Americas for the three months ended March 31, 2025[112]. Future Outlook and Strategy - The Company expects stable sales volumes in 2025 compared to 2024, with year-to-date shipments up approximately 3% through April 2025[106]. - Management anticipates generating at least $250 million of Fit To Win benefits in 2025, with a cumulative expectation of approximately $650 million through 2027[106]. - The Company is focused on improving its glass melting technology, known as the MAGMA program, to deliver economic profit within the expected timeframe[136]. Risks and Challenges - Approximately 4.5% of the Company's global sales volumes are currently exposed to new tariffs, primarily related to imports from Europe[106]. - There are risks related to the cost and availability of raw materials, labor, energy, and transportation, particularly due to ongoing geopolitical conflicts[136]. - The Company faces competitive pressures from other glass container producers and alternative packaging forms, which may impact market share[136]. - The Company has identified potential risks associated with labor shortages, labor cost increases, and strikes that could affect operations[136]. - The Company’s ability to generate sufficient future cash flows is critical to ensure that goodwill is not impaired[136]. - There have been no material changes in market risk as of March 31, 2025, compared to the previous year[138]. Accounting and Estimates - The Company has not experienced any material changes in critical accounting estimates as of March 31, 2025, compared to those reported in the Annual Report for the year ended December 31, 2024[133]. - The Company evaluates estimates and assumptions affecting reported financial results on an ongoing basis, which may not be readily apparent from other sources[132]. - The Company does not assume any obligation to update or supplement forward-looking statements based on changing conditions[137].

Core Insights - O-I Glass, Inc. reported a first-quarter 2025 adjusted loss per share of 40 cents, which was worse than the Zacks Consensus Estimate of a loss of 18 cents, compared to earnings of 45 cents per share in the same quarter last year [1][3] - The company experienced an 11% year-over-year decline in adjusted earnings due to temporary production curtailments aimed at reducing inventory levels amid sluggish demand and pricing pressure [2][3] Financial Performance - Revenues for the quarter were $1.567 billion, down 1.6% year-over-year, but exceeded the Zacks Consensus Estimate of $1.53 billion; sales volume increased by 4.4% year-over-year [3] - Cost of sales rose by 0.9% year-over-year to $1.29 billion, while gross profit decreased by 12% to $280 million, resulting in a gross margin of 17.9%, down from 20% in the prior-year quarter [4] - Selling and administrative expenses decreased by 11% year-over-year to $109 million, and segment operating profit fell to $209 million from $235 million in the prior-year period [4] Segment Performance - In the Americas segment, net sales increased by 2.2% year-over-year to $873 million, with operating profit rising by 38% to $141 million, driven by a 4% sales volume growth [5] - The Europe segment reported net sales of $667 million, down 6% year-over-year, with operating profit plunging 49% to $68 million due to competitive pressures and higher operating costs [6][7] Cash Flow and Balance Sheet - O-I Glass had cash and cash equivalents of $424 million at the end of Q1 2025, down from $734 million at the end of 2024; the company used $171 million in operating activities during the quarter [8] - Total debt increased to approximately $5 billion as of March 31, 2025, up from $4.97 billion at the end of 2024 [8] Future Outlook - The company expects adjusted earnings for 2025 to be in the range of $1.20 to $1.50 per share, indicating a potential year-over-year growth of 67% from earnings per share of 81 cents in 2024 [9] - O-I Glass anticipates free cash flow for 2025 to be between $150 million and $200 million, a significant improvement from an outflow of $128 million in 2024 [10] Stock Performance - O-I Glass shares have declined by 18.8% over the past year, compared to a 24.6% drop in the industry [11]

Financial Data and Key Metrics Changes - The company reported first quarter adjusted earnings of $0.40 per share, down from the previous year but exceeding management's expectations due to stronger sales volume and Fit to Win benefits [4][14] - Shipments increased by more than 4% compared to last year, reflecting a gradual recovery in market conditions [4][6] - The Fit to Win program generated savings of $61 million in the first quarter, contributing significantly to better-than-expected results [4][10] Business Line Data and Key Metrics Changes - Segment operating profit improved significantly in The Americas, driven by strong demand and strategic initiatives, while results in Europe trended down due to lower net prices and temporary production downtime [4][15] - In The Americas, sales volume grew nearly 4%, with strong performance in beer and spirits, while Europe saw a nearly 4% increase in volume but faced competitive pricing pressures [8][42] Market Data and Key Metrics Changes - Overall shipments were up 4.4% in the first quarter, with growth driven by inventory rebuilding and contract negotiations [6][7] - Volumes increased across nearly all markets, particularly in beer and spirits, with Europe experiencing a rebound in customer inventory rebuilding [8][9] Company Strategy and Development Direction - The company is reaffirming its full-year 2025 guidance, expecting adjusted earnings to improve between 50% and 85% from 2024 [5][17] - The Fit to Win program aims to reduce total enterprise costs and optimize the network to support future profitable growth, with a target of $250 million in savings for 2025 [10][11] - The company is focused on improving its competitive position through strategic initiatives and is well-positioned to capitalize on opportunities arising from changes in global trade policies [21][23] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the operating environment, noting potential headwinds from new tariff policies but maintaining a stable volume outlook for the year [9][18] - The company is addressing excess capacity in Europe through temporary curtailments and is consulting with local works councils regarding long-term restructuring actions [8][9] Other Important Information - The company has made significant progress in reducing inventory, down approximately $225 million from the same time last year, and is on track to meet its year-end target of less than fifty days of inventory [16] - The company is leveraging its extensive glass network in the U.S. to enhance competitiveness, particularly in light of tariff dynamics affecting aluminum and imports from China [21][22] Q&A Session Summary Question: Can you talk about any pre-buy effects and the volume impact? - Management indicated that pre-buying had a limited impact on the stronger volume in the first quarter, with most strength attributed to underlying demand [27][28] Question: Are we looking at negative volumes in April? - Management noted a slight decline in volumes in April, adjusted for Easter, but emphasized that the overall outlook remains stable for the year [29][30] Question: Can you provide insights on volume progress by end market? - Management reported strong volume growth across most categories in The Americas, with beer and spirits performing particularly well, while Europe saw mixed results [42][44] Question: What are the drivers behind the realignment of French operations? - Management explained that the focus is on aligning assets with market opportunities, particularly in the premium segment, while continuing to invest in key markets like France [48][49] Question: Have you seen signs of aluminum tariffs impacting customer conversations? - Management acknowledged that while there is potential for shifts towards glass due to aluminum tariffs, it is still early to see significant impacts [52][53] Question: How do you expect net price headwinds to trend throughout the year? - Management indicated that net price headwinds are expected to be front-end loaded, with a moderation anticipated in the second half of the year [60][61] Question: How are you managing energy costs and raw materials? - Management confirmed favorable long-term energy contracts and emphasized a value chain approach to manage raw material costs effectively [74][78]

Financial Data and Key Metrics Changes - The company reported first quarter adjusted earnings of $0.40 per share, down from the previous year but exceeding management's expectations due to stronger sales volume and Fit to Win benefits [4][14] - Shipments increased by more than 4% compared to last year, reflecting a gradual recovery in market conditions [4][6] - The Fit to Win program generated savings of $61 million in the first quarter, contributing significantly to better-than-expected results [4][10] Business Line Data and Key Metrics Changes - Segment operating profit improved significantly in The Americas, driven by strong demand and strategic initiatives, while results in Europe trended down due to lower net prices and temporary production downtime [4][15] - In The Americas, sales volume grew nearly 4%, with strong performance in beer and spirits, while Europe saw a slight increase in volume but faced competitive pricing pressures [6][15] Market Data and Key Metrics Changes - Shipments in The Americas were up more than 4%, with inventory normalization and structural demand improvement in Latin America [6][7] - In Europe, volumes increased nearly 4% driven by customer inventory rebuilding, but there were challenges due to excess capacity and temporary curtailments [7][15] Company Strategy and Development Direction - The company is reaffirming its full-year 2025 guidance, expecting adjusted earnings to improve between 50% to 85% from 2024 levels [5][17] - The Fit to Win program aims to reduce total enterprise costs and optimize the network to support future profitable growth, with a target of $250 million in savings for 2025 [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the year, noting that while there are anticipated headwinds, the company is well-positioned to manage elements within its control [5][23] - The impact of changing global trade policies is uncertain, but the company believes it can capitalize on domestic production advantages [21][22] Other Important Information - The company is addressing excess capacity in Europe through temporary curtailments and is consulting with local works councils regarding long-term restructuring actions [7][15] - The company has made significant progress in reducing inventory, which is down approximately $225 million from the same time last year [16] Q&A Session Summary Question: Can you talk about any pre-buy effects and volume impacts? - Management indicated that pre-buying had a limited impact on the stronger volume in the quarter, with stronger sales seen in January and February [30] Question: What is the outlook for volumes in April? - Volumes were down about 1% or 2% in April, but overall, the company maintains a stable volume outlook for the year [31][32] Question: Can you provide insights on volume progress by end market? - Strong volume growth was reported across most categories in The Americas, particularly in beer and spirits, while Europe saw mixed results with some softness in spirits [44][45] Question: What are the plans for French operations given the slowdown in wine? - The company is realigning its operations to focus on premium products, while continuing to invest in key markets like France [50][51] Question: How are tariffs on aluminum seen as an opportunity? - Management noted that if aluminum prices increase, it could help close the cost gap with glass, but they are focused on improving their cost base independently of tariffs [54][57] Question: What is the expected trend for net price and operating costs throughout the year? - Net price pressures are expected to moderate in the second half of the year, while curtailment costs are also anticipated to decrease [62][63] Question: How is the company managing energy costs? - The company has favorable long-term energy contracts and is well-positioned for the current year, with ongoing efforts to manage future energy costs [78][81]

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].