CAPITAL MARKETS PRESENTATION 1Q 2026 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 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 uncer ...

Core Viewpoint - O-I Glass, Inc. is focused on enhancing shareholder value through improved competitiveness, disciplined cost transformation, and profitable growth, while addressing current market conditions and near-term earnings dynamics [2][3][4] Financial Guidance - The company is maintaining its full-year 2026 guidance but anticipates additional pressure on adjusted earnings per share in Q1 2026, expecting results to be below the previously estimated contribution of 12-16% of full-year adjusted earnings per share [3] - Segment operating profit in Europe will be affected by soft demand, competitive pressures, and higher short-term supply chain costs due to the closure of excess capacity by mid-2026 [3] Strategic Initiatives - O-I is making progress under its Fit to Win program, which has surpassed initial savings targets, leading to margin expansion, stronger cash flow, and increased economic profit [2] - The company is also working on optimizing its global manufacturing footprint and portfolio mix, reaffirming commitments made for the 2027 Investor Day [2] Company Overview - O-I Glass is a leading producer of glass bottles and jars, achieving net sales of $6.4 billion in 2025, and operates approximately 64 plants in 18 countries with a workforce of around 19,000 [6]

Core Viewpoint - O-I Glass reported improved earnings and margins for 2025, with a positive outlook for 2026 despite challenges in demand and rising energy costs in Europe [4][6][14] Financial Performance - Adjusted earnings for 2025 were $1.60 per share, nearly doubling compared to 2024, with free cash flow of $168 million [3][6] - Adjusted EBITDA increased by 11% to approximately $1.25–1.3 billion for 2026, reflecting up to 7% growth [5][14] - Free cash flow is expected to be around $200 million in 2026, influenced by higher earnings and capital expenditures of about $450 million [15] Cost Management and Efficiency - The Fit to Win program delivered $300 million in savings for 2025, exceeding initial targets, with an increased three-year cumulative target raised to at least $750 million [7][5] - The program is expected to generate at least $275 million in additional savings for 2026 [5][7] Market Trends and Strategic Focus - The company is shifting its product mix towards higher value categories such as premium spirits, food, non-alcoholic beverages, and ready-to-drink products, which are outperforming mainstream beer and wine trends [1] - Management anticipates stable or slightly higher net sales for 2026, supported by better gross pricing and favorable foreign exchange [13][14] Segment Performance - In the Americas, segment operating profit rose 40%, despite a 10% decline in volumes, attributed to inventory adjustments and changing consumer behavior [11] - European segment operating profit increased by 8%, with a 3.5% decline in volumes, while strategic initiatives and higher production contributed positively [12] Operational Improvements - The company is enhancing demand forecasting and supply chain efficiency, with forecast accuracy improving from about 50% to approximately 68% [20] - A revamp of the go-to-market model is underway, focusing on better insights and rigorous sales management [21] Future Outlook - Management expects the first quarter of 2026 to be challenging due to prior-year comparisons, but anticipates volume improvements throughout the year [16] - The company reaffirmed its 2027 Investor Day targets, emphasizing progress in adjusted EBITDA, margins, and free cash flow conversion [22]

FULL YEAR AND FOURTH QUARTER 2025 EARNINGS February 11, 2026 SAFE HARBOR COMMENTS AND FORWARD 2 -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 tim ...

Core Viewpoint - Zacks Premium provides tools and resources to help investors make informed decisions and enhance their confidence in stock market investments [1]. Summary by Category Zacks Style Scores - Zacks Style Scores rate stocks based on value, growth, and momentum characteristics, serving as complementary indicators to the Zacks Rank [2]. - Each stock receives a rating from A to F, with A indicating the highest potential for outperforming the market [3]. Value Score - The Value Style Score identifies attractive and discounted stocks using ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow [3]. Growth Score - The Growth Style Score focuses on a company's financial strength and future outlook, analyzing projected and historical earnings, sales, and cash flow [4]. Momentum Score - The Momentum Style Score helps investors capitalize on price trends, utilizing factors like one-week price changes and monthly earnings estimate changes [5]. VGM Score - The VGM Score combines all three Style Scores, providing a comprehensive indicator for selecting stocks with strong value, growth, and momentum [6]. Zacks Rank - The Zacks Rank is a proprietary stock-rating model that leverages earnings estimate revisions to guide investors in building successful portfolios [7]. - Stocks rated 1 (Strong Buy) have historically produced an average annual return of +23.9% since 1988, significantly outperforming the S&P 500 [7]. Stock Selection Strategy - To maximize returns, investors should focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B [9]. - Stocks with a 3 (Hold) rank should also have Style Scores of A or B to ensure potential upside [9]. Company Spotlight: O-I Glass - O-I Glass, Inc. is the largest manufacturer of glass containers globally, operating 69 manufacturing plants across 19 countries [11]. - The company currently holds a 3 (Hold) rating on the Zacks Rank and has a VGM Score of A, with a Value Style Score of A due to a forward P/E ratio of 8.27 [11]. - Recent earnings estimates for fiscal 2025 have been revised higher, with the Zacks Consensus Estimate increasing by $0.03 to $1.60 per share, and an average earnings surprise of +53.8% [12].

Core Viewpoint - Three stocks are highlighted with a buy rank and strong value characteristics for investors to consider, all carrying a Zacks Rank 1 and showing significant increases in earnings estimates over the last 60 days [1][2][3]. Group 1: O-I Glass, Inc. (OI) - O-I Glass, Inc. has a Zacks Consensus Estimate for its current year earnings increasing by 8.8% over the last 60 days [1]. - The company has a price-to-earnings ratio (P/E) of 7.94, which is lower than the industry average of 9.80 [1]. - O-I Glass possesses a Value Score of A, indicating strong value characteristics [1]. Group 2: Maximus, Inc. (MMS) - Maximus, Inc. has a Zacks Consensus Estimate for its current year earnings increasing by 15.8% over the last 60 days [2]. - The company has a price-to-earnings ratio (P/E) of 10.56, compared to the industry average of 13.90 [2]. - Maximus also possesses a Value Score of A, reflecting its strong value characteristics [2]. Group 3: Allegiant Travel Company (ALGT) - Allegiant Travel Company has a Zacks Consensus Estimate for its current year earnings increasing by 8% over the last 60 days [3]. - The company has a price-to-earnings ratio (P/E) of 13.12, which is lower than the industry average of 14.60 [3]. - Allegiant Travel possesses a Value Score of A, indicating strong value characteristics [3].

Core Viewpoint - O-I Glass (OI) shows a significant improvement in earnings outlook, making it an attractive investment option as analysts continue to raise earnings estimates for the company [1][2]. Earnings Estimate Revisions - Analysts' optimism regarding O-I Glass's earnings prospects is leading to higher estimates, which is expected to positively impact the stock price [2]. - The current quarter's earnings estimate is $0.18 per share, reflecting a substantial increase of +460.0% compared to the previous year [5]. - Over the last 30 days, the Zacks Consensus Estimate for O-I Glass has risen by 86.21%, with three estimates moving higher and no negative revisions [5]. - For the full year, the earnings estimate stands at $1.59 per share, indicating a +96.3% change from the year-ago figure [6]. - The consensus estimate for the current year has increased by 8.33% due to four upward revisions and no negative changes [6][7]. Zacks Rank and Performance - O-I Glass has achieved a Zacks Rank 2 (Buy), indicating strong agreement among analysts in revising earnings estimates upward [8]. - The Zacks Rank system has a proven track record, with Zacks 1 Ranked stocks averaging an annual return of +25% since 2008 [3]. - Stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) are shown to significantly outperform the S&P 500 [8]. Recent Stock Performance - O-I Glass shares have increased by 8.8% over the past four weeks, suggesting investor confidence in the company's earnings growth prospects [9].

Core Insights - Zacks Premium offers various tools to help investors make informed decisions and enhance their confidence in the stock market [1][2] Zacks Style Scores - Zacks Style Scores rate stocks based on value, growth, and momentum characteristics, providing complementary indicators to the Zacks Rank [2][3] - Stocks are assigned ratings from A to F, with A indicating the highest potential for outperformance [3] Value Score - The Value Score focuses on identifying undervalued stocks using ratios like P/E, PEG, Price/Sales, and Price/Cash Flow [3] Growth Score - The Growth Score assesses a company's financial health and future outlook by analyzing projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Score identifies trends in stock prices and earnings outlooks, helping investors time their positions effectively [5] VGM Score - The VGM Score combines the Value, Growth, and Momentum Scores to highlight stocks with the best overall potential [6] Zacks Rank - The Zacks Rank is a proprietary model that uses earnings estimate revisions to guide investors in building successful portfolios [7] - Stocks rated 1 (Strong Buy) have historically produced an average annual return of +23.93% since 1988, significantly outperforming the S&P 500 [7] Stock to Watch: O-I Glass - O-I Glass, Inc. is the largest manufacturer of glass containers globally, operating 69 plants across 19 countries [11] - The company holds a 2 (Buy) rating on the Zacks Rank and has a VGM Score of A, indicating strong potential [11] - O-I Glass has a forward P/E ratio of 7.98, making it attractive for value investors [11] - Recent upward revisions in earnings estimates have increased the Zacks Consensus Estimate for fiscal 2025 to $1.59 per share, with an average earnings surprise of +53.8% [12]

Financial Performance Highlights - The company's adjusted earnings per share (aEPS) for 3Q25 was $0.48, a significant improvement from 3Q24's $(0.04)[6, 9] - Segment operating profit increased by 63% and margins increased by 570 basis points[8] - Net sales remained relatively stable, with a slight decrease from $1.679 billion in 3Q24 to $1.653 billion in 3Q25[11, 14] - The company is raising its 2025 earnings guidance and now expects $1.55 - $1.65 aEPS, approximately a 2x improvement compared to the previous year[8] Fit to Win Program - The Fit to Win program contributed $75 million in benefits during 3Q25, bringing the year-to-date total to $220 million[8] - The company expects to exceed its 2025 Fit to Win savings target, with solid progress towards achieving ≥ $650 million in savings by 2027[12] Segment Performance - Segment operating profit in the Americas increased by 59%, from $88 million in 3Q24 to $140 million in 3Q25[16, 17] - Segment operating profit in Europe increased by 70%, from $56 million in 3Q24 to $95 million in 3Q25[16, 17] Future Outlook - The company expects higher aEPS and free cash flow (FCF) in 2026, with continued progress towards its 2027 Investor Day (I-Day) goals[8] - Capital expenditures (CapEx) are expected to remain stable at approximately $450 million[20]

Core Insights - O-I Glass, Inc. reported strong financial results for Q3 2025, with significant improvements in earnings and margins compared to the previous year [2][3][4] Financial Performance - Net sales for Q3 2025 were $1.7 billion, consistent with the prior year, benefiting from higher average selling prices and favorable currency translation [4] - Net earnings attributable to the company were $0.19 per share (diluted), a recovery from a net loss of $0.52 per share in Q3 2024 [8] - Adjusted earnings per share were $0.48, up from an adjusted loss of $0.04 per share in the same quarter last year [8] Segment Performance - Segment operating profit reached $235 million in Q3 2025, up from $144 million in Q3 2024, reflecting a 570 basis point improvement in margins [5] - In the Americas, segment operating profit rose to $140 million, a 59% increase from the prior year, driven by lower operating costs and favorable net pricing [5][7] - In Europe, segment operating profit increased to $95 million, a 70% rise from the previous year, supported by higher production levels and benefits from the Fit to Win initiatives [7] Strategic Initiatives - The company continues to execute its Fit to Win initiative, delivering $75 million in benefits for Q3 2025 and $220 million year-to-date, on track to exceed the $250 million annual target for 2025 [3][6] - O-I Glass is focusing on improving the quality of revenue and disciplined pricing strategies to enhance economic profit [3] Updated Guidance - The company raised its full-year 2025 adjusted earnings guidance to a range of $1.55 - $1.65 per share, nearly double the previous year's results [9][10] - Full-year free cash flow is expected to be between $150 million and $200 million, representing an improvement of approximately $300 million over the prior year [11]