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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d) of
The Securities
Exchange Act of 1934
March 13, 2025
Date of Report (Date of earliest event reported)

O-I
GLASS, INC.
(Exact name of registrant as specified in its
charter)
Delaware |
|
1-9576 |
|
22-2781933 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
One Michael Owens Way
Perrysburg,
Ohio
(Address
of principal executive offices) |
43551-2999
(Zip
Code) |
(567)
336-5000
(Registrant’s telephone number, including
area code)
(Former name or former address,
if changed since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
Trading
Symbol |
Name
of each exchange on which
registered |
Common
stock, $.01 par value |
OI |
The New
York Stock Exchange |
Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
ITEM 7.01. | REGULATION FD DISCLOSURE. |
On March 13, 2025, O-I Glass, Inc. (the
“Company”) issued a press release regarding its Investor Day event to be held on March 14, 2025. A copy of the press
release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference. A copy of the presentation
slides, which will be discussed at the Investor Day, is attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated
herein by reference.
The information contained
in this Item 7.01 and in Exhibits 99.1 and 99.2 hereto is furnished and shall
not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any
filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference
in such a filing.
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
O-I GLASS, INC. |
|
|
|
Date: March 13, 2025 |
By: |
/s/ John A. Haudrich |
|
Name: |
John A. Haudrich |
|
Title: |
Senior Vice President and Chief Financial Officer |
Exhibit 99.1
FOR IMMEDIATE RELEASE
O-I GLASS TO DETAIL STRATEGIC INITIATIVES TO DRIVE LONG-TERM VALUE
PERRYSBURG, Ohio (March 13, 2025)
– O-I Glass, Inc. (NYSE: OI), a leading supplier of glass packaging, plans to detail a series of strategic initiatives aimed
at enhancing its market position and delivering long-term value to shareholders during its Investors Day presentation at the New York
Stock Exchange (NYSE) on March 14th that will begin at 8:30 am.
The Power of Glass
The Investor Day presentation, titled "The
Power of Glass," will feature insights from O-I Glass's leadership team, including Gordon Hardie, President and Chief Executive
Officer, John Haudrich, Senior Vice President and Chief Financial Officer, and other key executives. The agenda will cover the company's
business strategy, financial review, and future growth plans, highlighting O-I's dedication to transforming its cost base, optimizing
its value chain, and driving profitable growth with an economic profit mindset.
Gordon Hardie, President & CEO for O-I
stated, “Our multi-horizon approach to value creation, focusing on cost competitiveness and productivity, profitable growth, and
strategic optionality, will enable us to reshape our business and deliver lasting value to our shareholders."
Key Points:
| · | Intent:
The company will outline how it intends to put the power of glass within reach of everyone,
every day. This will be accomplished through implementation of the company’s three
horizon value creation roadmap. |
| · | Horizon
1 – Fit to Win: By taking an economic profit mindset, O-I will radically reduce
total enterprise costs as well as optimize its entire network and value chain to improve
its competitive position. The company has increased its Fit To Win target to generate savings
of at least $650 million by 2027. To further improve its competitive position, O-I will incorporate
a unique model to be both the lowest cost producer in mainstream categories and best cost
producer in premium. |
| · | Horizon
2 – Profitable Growth: Leveraging a more competitive position, O-I will drive future
profitable growth with winning customers. The company will put glass in more hands through
a segmented strategy to expand in attractive categories and capitalize on its valuable relationships
with customers around the world. |
| · | Horizon
3 – Strategic Optionality: O-I will further grow the business through geographic
expansion including potential future corporate development actions as it takes a balanced
approach to capital allocation including consistently returning capital to shareholders. |
| · | Financial
Overview and Outlook: The company is reaffirming its previously announced 2025 guidance
of Adjusted Earnings1 in the range of $1.20 to $1.50 per share and Free Cash Flow2
between $150 and $200 million. Reflecting the expected benefits from its Fit To Win
initiatives, O-I is also reaffirming its 2027 financial targets, including Adjusted EBITDA1
of at least $1.45 billion, Free Cash Flow2 of greater than 5% of sales and
Economic Spread1 of at least 2%. Additionally, the company is introducing preliminary
2029 objectives that include longer-term benefits from its expected Profitable Growth and
Strategic Optionality efforts. |
At 4:00 pm tomorrow, Hardie and members of the
O-I Global Leadership Team will ring the NYSE Closing Bell, live on CNBC.
Slides for the I-Day presentation are available
on the Company’s website, www.o-i.com/investors.
ABOUT O-I GLASS
At O-I Glass, Inc. (NYSE: OI), we love glass,
and we are proud to be one of the leading producers of glass bottles and jars around the globe. Glass is not only beautiful, it is also
pure, healthy, and completely recyclable, making it the most sustainable rigid packaging material. Headquartered in Perrysburg, Ohio
(USA), O-I is the preferred partner for many of the world’s leading food and beverage brands. We innovate in line with customers’
needs to create iconic packaging that builds brands around the world. Led by our diverse team of approximately 21,000 people across 69 plants
in 19 countries, O-I achieved revenues of $6.5 billion in 2024. Learn more about us: o-i.com / Facebook / Twitter
/ Instagram / LinkedIn
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 and use of certain non-GAAP financial measures, including
adjusted earnings, adjusted earnings per share, free cash flow, free cash flow as a percentage of net sales, EBITDA, adjusted EBITDA,
Economic Profit and Economic spread provide relevant and useful supplemental financial information that is widely used by analysts and
investors, as well as by management in assessing both consolidated and business unit performance. These non-GAAP measures should be considered
supplemental in nature and should not be considered in isolation or be construed as being more important than comparable GAAP measures.
1
Adjusted earnings, adjusted EBITDA and economic spread are each non-GAAP financial measures. The company is unable to present
a quantitative reconciliation of these forward-looking non-GAAP measures to its most comparable GAAP financial measures without unreasonable
efforts.
2
Forecasted free cash flow for full year 2025 is a forward-looking non-GAAP financial measure that is reconciled to its most
directly comparable forward-looking GAAP financial measure as follows: Net cash provided by operating activities of approximately $600
million less cash payments for property, plant and equipment of approximately $400 to $450 million equals free cash flow of approximately
$150 to $200 million. For periods ending after December 31, 2025, the company is unable to present a quantitative reconciliation of forward-looking
free cash flow to Net cash provided by operating activities without unreasonable efforts.
Adjusted earnings relates to net earnings (loss)
attributable to the company, exclusive of items management considers not representative of ongoing operations and other adjustments because
such items are not reflective of the company’s principal business activity, which is glass container production. Adjusted earnings
are divided by weighted average shares outstanding (diluted) to derive adjusted earnings per share. EBITDA refers to net earnings, excluding
gains or losses from discontinued operations, interest expense, net, provision for income taxes, depreciation and amortization of intangibles.
Adjusted EBITDA refers to EBITDA, exclusive of items management considers not representative of ongoing operations and other adjustments.
Economic Profit (EP) refers to net earnings (loss) attributable to the Company, excluding interest expense, net and non-cash goodwill
impairment charges, minus the product of the Company’s average invested capital and its weighted average cost of capital. Economic
spread percentage (ES%) refers to EP divided by the Company’s average invested capital. Management uses adjusted earnings, adjusted
earnings per share, EBITDA, Adjusted EBITDA, EP and economic spread to evaluate its period-over-period operating performance because
it believes these provide useful supplemental measures of the results of operations of its principal business activity by excluding items
that are not reflective of such operations. The above non-GAAP financial measures may be useful to investors in evaluating the underlying
operating performance of the company’s business as these measures eliminate items that are not reflective of its principal business
activity.
Further, free cash flow relates to cash provided
by operating activities less cash payments for property, plant and equipment. Free cash flow as a percentage of net sales relates to
free cash flow divided by net sales. Management has historically used free cash flow and free cash flow as a percentage of net sales
to evaluate its period-over-period cash generation performance because it believes these have provided useful supplemental measures related
to its principal business activity. It should not be inferred that the entire free cash flow amount is available for discretionary expenditures,
since the company has mandatory debt service requirements and other non-discretionary expenditures that are not deducted from these measures.
Management uses non-GAAP information principally for internal reporting, forecasting, budgeting and calculating compensation payments.
The company routinely posts important information
on its website – www.o-i.com/investors.
FORWARD-LOOKING STATEMENTS
This press release 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,” “expect,” “anticipate,” “will,”
“could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,”
“predict,” “potential,” “continue,” “target,” “commit,” and the negatives
of these words and other similar expressions generally identify forward-looking statements.
It is possible that the Company’s future
financial performance may differ from expectations due to a variety of factors including, but not limited to the following: (1) the
company’s ability to achieve expected benefits from cost management, efficiency improvements, and profitability initiatives, such
as its Fit to Win program, including expected impacts from production curtailments, reduction in force and furnace closures, (2) the
general political, economic and competitive conditions in markets and countries where the company has operations, including uncertainties
related to economic and social conditions, trade disputes, disruptions in the supply chain, competitive pricing pressures, inflation
or deflation, changes in tax rates, changes in laws or policies, war, civil disturbance or acts of terrorism, natural disasters, public
health issues and weather, (3) cost and availability of raw materials, labor, energy and transportation (including impacts related
to the current Ukraine-Russia and Israel-Hamas conflicts and disruptions in supply of raw materials caused by transportation delays),
(4) competitive pressures from other glass container producers and alternative forms of packaging or consolidation among competitors
and customers, (5) changes in consumer preferences or customer inventory management practices, (6) the continuing consolidation
of the company’s customer base, (7) the company’s ability to improve its glass melting technology, known as the MAGMA
program, and implement it in a manner to deliver economic profit within the timeframe expected in addition to successfully achieving
key production and commercial milestones, (8) unanticipated supply chain and operational disruptions, including higher capital spending,
(9) seasonality of customer demand, (10) the failure of the company’s joint venture partners to meet their obligations
or commit additional capital to the joint venture, (11) labor shortages, labor cost increases or strikes, (12) the company’s ability
to acquire or divest businesses, acquire and expand plants, integrate operations of acquired businesses and achieve expected benefits
from acquisitions, divestitures or expansions, (13) the company’s ability to generate sufficient future cash flows to ensure the
company’s goodwill is not impaired, (14) any increases in the underfunded status of the company’s pension plans, (15) any
failure or disruption of the company’s information technology, or those of third parties on which the company relies, or any cybersecurity
or data privacy incidents affecting the company or its third-party service providers, (16) risks related to the company’s indebtedness
or changes in capital availability or cost, including interest rate fluctuations and the ability of the company to generate cash to service
indebtedness and refinance debt on favorable terms, (17) risks associated with operating in foreign countries, (18) foreign currency
fluctuations relative to the U.S. dollar, (19) changes in tax laws or global trade policies, (20) the company’s ability to comply
with various environmental legal requirements, (21) risks related to recycling and recycled content laws and regulations, (22) risks
related to climate-change and air emissions, including related laws or regulations and increased ESG scrutiny and changing expectations
from stakeholders, and the other risk factors discussed in the Company's filings with the Securities and Exchange Commission.
It is not possible to foresee or identify all
such factors. Any forward-looking statements in this document are based on certain assumptions and analyses made by the Company in light
of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes
are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results or developments
may differ materially from expectations. While the Company continually reviews trends and uncertainties affecting the Company’s
results of operations and financial condition, the Company does not assume any obligation to update or supplement any particular forward-looking
statements contained in this document.
Exhibit 99.2

| THE POWER
OF GLASS
INVESTOR DAY 2025
MARCH 14, 2025 |

| 2
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,” “expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,” “estimate,” “intend,” “predict,” “potential,”
“continue,” "target," “commit” and the negatives of these words and other similar expressions generally identify forward-looking statements.
It is possible that the Company’s future financial performance may differ from expectations due to a variety of factors including, but not limited to the following: (1) the Company’s ability to
achieve expected benefits from cost management, efficiency improvements, and profitability initiatives, such as its Fit to Win program, including expected impacts from production curtailments,
reduction in force and furnace closures, (2) the general political, economic and competitive conditions in markets and countries where the Company has operations, including uncertainties related
to economic and social conditions, trade disputes, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates, changes in laws or policies, war, civil
disturbance or acts of terrorism, natural disasters, public health issues and weather, (3) cost and availability of raw materials, labor, energy and transportation (including impacts related to the
current Ukraine-Russia and Israel-Hamas conflicts and disruptions in supply of raw materials caused by transportation delays), (4) competitive pressures from other glass container producers and
alternative forms of packaging or consolidation among competitors and customers, (5) changes in consumer preferences or customer inventory management practices, (6) the continuing
consolidation of the Company’s customer base, (7) the Company’s ability to improve its glass melting technology, known as the MAGMA program, and implement it in a manner to deliver
economic profit within the timeframe expected in addition to successfully achieving key production and commercial milestones, (8) unanticipated supply chain and operational disruptions,
including higher capital spending, (9) seasonality of customer demand, (10) the failure of the Company’s joint venture partners to meet their obligations or commit additional capital to the joint
venture, (11) labor shortages, labor cost increases or strikes, (12) the Company’s ability to acquire or divest businesses, acquire and expand plants, integrate operations of acquired businesses and
achieve expected benefits from acquisitions, divestitures or expansions, (13) the Company’s ability to generate sufficient future cash flows to ensure the Company’s goodwill is not impaired, (14)
any increases in the underfunded status of the Company’s pension plans, (15) any failure or disruption of the Company’s information technology, or those of third parties on which the Company
relies, or any cybersecurity or data privacy incidents affecting the Company or its third-party service providers, (16) risks related to the Company’s indebtedness or changes in capital availability
or cost, including interest rate fluctuations and the ability of the Company to generate cash to service indebtedness and refinance debt on favorable terms, (17) risks associated with operating in
foreign countries, (18) foreign currency fluctuations relative to the U.S. dollar, (19) changes in tax laws or global trade policies, (20) the Company’s ability to comply with various environmental
legal requirements, (21) risks related to recycling and recycled content laws and regulations, (22) risks related to climate-change and air emissions, including related laws or regulations and
increased ESG scrutiny and changing expectations from stakeholders, and the other risk factors discussed in the company's filings with the Securities and Exchange Commission.
It is not possible to foresee or identify all such factors. Any forward-looking statements in this document are based on certain assumptions and analyses made by the Company in light of its
experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements
are not a guarantee of future performance, and actual results or developments may differ materially from expectations. While the Company continually reviews trends and uncertainties affecting
the Company’s results of operations and financial condition, the Company does not assume any obligation to update or supplement any particular forward-looking statements contained in this
document.
Additionally, certain forward-looking and other statements in this presentation or other locations, such as the Company’s corporate website, regarding ESG matters are informed by various ESG
standards and frameworks (which may include standards for the measurement of underlying data) and the interests of various stakeholders. Accordingly, such information may not be, and should
not be interpreted as necessarily being “material” under the federal securities laws for SEC reporting purposes, even if the Company uses the word “material” or “materiality” in such discussions.
In particular, certain standards and frameworks use definitions of “materiality” in the ESG context that differ from, and are often more expansive than, the definition under U.S. federal securities
laws. ESG information is also often reliant on third-party information or methodologies that are subject to evolving expectations and best practices. The Company’s disclosures may change due to
revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond its control. |

| EMMANUELLE GUÉRIN
SVP, Business
Operations Europe
CHRIS MANUEL
VP, Investor Relations
EDUARDO RESTREPO
SVP, Business
Operations Americas
ARNAUD AUJOUANNET
SVP, Chief Sales &
Marketing Officer
GORDON HARDIE
President & Chief
Executive Officer
JOHN HAUDRICH
SVP & Chief
Financial Officer
DARROW ABRAHAMS
SVP, General Counsel
& Secretary
RANDY BURNS
SVP, Chief Administrative &
Sustainability Officer
JAMES DALTON
SVP, Chief Human Resources
& Technology Officer
3
O-I GLASS LEADERSHIP TEAM Investor Day Presenters |

| 4
AGENDA
TOPIC PRESENTERS ROLE
Introduction Chris Manuel VP, Investor Relations
Business Strategy and Overview Gordon Hardie President & Chief Executive Officer
Horizon 1: Fit to Win Eduardo Restrepo SVP, Business Operations Americas
Emmanuelle Guérin SVP, Business Operations Europe
Horizon 2: Profitable Growth Arnaud Aujouannet SVP, Chief Sales & Marketing Officer
Horizon 3: Strategic Optionality Randy Burns SVP, Chief Administrative &
Sustainability Officer
Financial Review and Outlook John Haudrich SVP, Chief Financial Officer
Concluding Remarks Gordon Hardie President & Chief Executive Officer
10 Minute Break
5 Minute Break
Q&A All All
Adjourn Chris Manuel VP, Investor Relations |

| BUSINESS &
STRATEGY
OVERVIEW
GORDON HARDIE,
PRESIDENT &
CHIEF EXECUTIVE OFFICER
5 |

| 1,100
1,450
1,650
2024 2025E 3YR Target 5YR
Objective
6
RESHAPING O-I TO BECOME THE ‘BEST VALUE’ PACKAGING OPTION
Optimizing how we work across the
value chain with suppliers and customers
Transforming O-I’s cost base
to become highly competitive
Building a higher value, more premium business portfolio
Focusing the business on driving
Economic Profit
Growing in clearly targeted
geographies, categories and segments
EARNINGS IMPROVEMENT
(aEBITDA, $M)
1,150-1,200
≥
≥
> 8% 5YR CAGR
ROBUST
INVESTMENT
THESIS
TO CREATE
SHAREHOLDER
VALUE |

| GLOBAL LEADER in glass packaging refocused on transforming COMPETITIVENESS, increasing
ECONOMIC PROFIT and growing the VALUE of the company
7
WHO WE ARE TODAY
Glass is the
preferred choice
for premium and
health-oriented
products
~21,000
employees,
70+ nationalities,
30+ languages
customers across a
broad product portfolio
Sell into 74
countries through
network of 69
plants in 19
countries
Serve 6,000 TOP
global
beer and
spirits
brands
Customer Excellence
Top Quartile Net
Promoter Score (NPS)
Global Leader in both
MAINSTREAM and PREMIUM
Glass Packaging
$6,531
$1,100
Net Sales aEBITDA
FINANCIAL SCALE* ($M) #1
Global Glass Supplier Net sales 1.6x next
largest glass
competitor
*2024 Results |

| 8
OUR REFOCUSED PURPOSE
Together, we put the power of glass
within reach of everyone, every day |

| Making Safety Our #1 Priority
Operating with Transparency, Teamwork
and Inclusivity
Driving Productivity, Continuous Improvement
and Sustainability
Building Shared Value with Our Customers
Strengthening LeadershipThrough the Business
Using Economic Profit to Drive Our
Value Creation
Operating
Principles
We will reshape O-I to make it a
safer, fit, sustainable, and more
valuable company as we build
shared value with our customers.
9 |

| 10
VALUE CREATION ROADMAP
CURRENT
O-I EP
CAPTURE
FUTURE
O-I EP
CAPTURE
FIT TO WIN:
Radically reduce total enterprise costs and
optimize entire network and value chain
PROFITABLE GROWTH:
Leverage more competitive position to drive
future profitable growth with winning customers
HORIZON 1 (2024+)
FIT TO WIN
STRATEGIC OPTIONALITY:
Grow the business through geographic expansion,
JVs, partnerships and capability M&A, as well as
consistently return capital to shareholders
ECONOMIC PROFIT (EP)
MINDSET
HORIZON 2 (2026+)
PROFITABLE GROWTH
HORIZON 3 (2028+)
STRATEGIC OPTIONALITY
Excellent Progress and
Increasing Fit to Win Target
from $300M to $650M |

| 11
OUR RIGHT TO WIN
Consumers
& Customers
PREFER GLASS
Privileged Footprint
With GROWTH
Opportunities
GLOBAL Reach
With LOCAL Touch
Privileged
CUSTOMER
RELATIONSHIPS
Refocus On
COMPETITIVENESS
From Scale |

| Consumers prefer GLASS for its superior SUSTAINABILITY, QUALITY and FOOD SAFETY
12
CONSUMERS AND CUSTOMERS PREFER GLASS
Sources: 1.GPI 2022 US Consumer Study, 2. 2023 US EcoFocus Consumer Trends survey, 3. FEVE Survey, 4. Wine Intelligence SOLA Report 2022.
WE SERVE THE MOST ICONIC BRANDS, ENABLING THEM TO INNOVATE AND BUILD EQUITY
MAINSTREAM PREMIUM
of European consumers
trust the quality of a
product more when it
is packaged in glass3
. of global wine drinkers
consider glass bottles as
the most sustainable
wine packaging option4
. of Europeans view
glass as a material
fit for the future3
. of US consumers believe
glass safely stores
food and beverages2
. of US consumers regard
glass packaging positively
because of its lower
environmental impact1
.
Premium Super Premium Luxury
92% 70% 80% 59% 65% |

| Privileged customer RELATIONSHIPS, leading DESIGN capabilities and SERVICE levels
13
O-I SERVES THE BRANDS WE ALL TRUST AND LOVE |

| Most TRUSTED Glass Supplier to a LARGE, DIVERSE AND VALUABLE Customer Base
14
PRIVILEGED CUSTOMER RELATIONSHIPS
Source: Internal OI (3RD Party NPS study)
Note: No customer greater than 6% of net sales
LARGE, DIVERSE,
VALUABLE CUSTOMER BASE
THE MOST TRUSTED
GLOBAL GLASS SUPPLIER
Net Promoter Score
# CUSTOMERS
(2024 = 6,000)
International Regional Local/Emerging
22
27
20
28
45
50
56
2018 2019 2020 2021 2022 2023 2024
NET SALES
(2024 = $6.5B)
First Quartile – Mfg Cos |

| 15
PRIVILEGED GLOBAL FOOTPRINTWITH OPPORTUNITIES FOR GROWTH
• Sell into 74 countries
• Operate in 19 countries
• 70+ nationalities
• 30+ languages
GROWTH
OPPORTUNITY
O-I IS GLOBAL LEADER
IN GLASS CONTAINER
MARKET, BUT
REPRESENTS ONLY
~ 9% SHARE
Source: Internal OI
O-I has GLOBAL REACH with DEEP LOCAL connections and know how |

| 16
OPPORTUNITY TO GROW IN THE ATTRACTIVE F&B MARKET
GLOBAL (O-I + NON-O-I GEOGRAPHIES)
Data source: 1. Euromonitor 2023 Actuals (domestic + imported consumption); *does not account for returnable glass bottles
CSD = Carbonated Soft Drinks; NAB = Non Alcoholic Beverages; RTD = Ready To Drink
Globally, glass maintains a
strong and stable share in
core alcohol categories
There is significant room for
growth in FOOD, NAB,
SPIRITS, and PREMIUM
BEER which is outpacing the
overall glass CAGR
RTDs represent
opportunity for glass to
capture premium growth
and expand its presence
especially in the US
303 416 405 669 367 36 30 20 2,246 Units Sold
(#B)
2.1% 3.4% 2.2% 1.9% 1.6% 2.3% 0.5% 4.5% 2.3%
Category
Growth CAGR
(2024-2028)
1.9% 3.0% 2.1% 2.1% 0.8% 1.7% 0.4% 4.0% 1.5%
Glass
Growth CAGR
(2024-2028)
O-I Serves the GLOBAL FOOD AND BEVERAGE Industry with ~ 2.3% Annual Growth
CSDs Bottled
Water
Other
NAB
Food Beer/Cider Spirits Wine RTDs Total
GLASS VS ALTERNATIVE PACKAGING
UNITS SOLD
Glass Alternative Packaging |

| 17
LEVERAGING RIGHT TO WIN WILL CREATE VALUE
DRIVE PROFITABLE GROWTH
LEVERAGING OPTIMIZED
NETWORK
INVEST IN
TARGETED GROWTH
RETURN CAPITALTO
SHAREHOLDERS
DELIVER HIGHER EARNINGS, FCF
AND ECONOMIC PROFIT
TRANSFORM
COST COMPETITIVENESS
STRENGTHEN BALANCE SHEET
(Financial Leverage Ratio ≤ 2.5X)
INCREASE
SHAREHOLDER
VALUE |

| HURDLE RATE
+2% Economic Spread*
ECONOMIC PROFIT Mindset, Increased ACCOUNTABILITY and CAPABILITY
with alignment of all capital to EP POSITIVE INVESTMENT
18
EP FRAMEWORK UNDERPINS VALUE CREATION
* See Economic Profit and Economic Spread in Appendix
ECONOMIC PROFIT FRAMEWORK
Rigorous Vetting
Plants
returning on their investment through TOE
Customers
generating positive value & aligned to strategy
SKUs
individually contributing and aligned to manufacturing assets
Scrutiny of Investments & Reinvestments
Continuous monitoring & accountability |

| 19
REFRAMING SUCCESS
LONG-TERM
OBJECTIVES
(Post 2027)
REAFFIRM
2027 Target
NEW
2029 Objective
aEBITDA
Margin %
Low 20s
Mid 20s
FCF %
of Sales
≥ 5%
≥ 7%
Economic
Spread*
≥ 2%
≥ 4%
≥ $1,450M
≥ $1,650M
Sustainable
aEBITDA
Organic
growth
≥ 1.5%/yr
Increase premium
portfolio from
27% to ~ 40%
20%+ reduction in
unit cost in relevant
mainstream categories
and markets
Net Promotor
Score (NPS)
≥ 60
Return
more capital
to shareholders
* Economic Spread assumes 2024 WACC
Achieve
Elevated 2030
Sustainability Goals |

| FIT TO WIN
EDUARDO RESTREPO,
SVP BUSINESS OPERATIONS
AMERICAS
20 |

| RADICALLY REDUCE total enterprise cost and OPTIMIZE entire network and value chain
21
FIT TO WIN: 2025-2027
PHASE A:
RESHAPE THE
STRUCTURE
Reduce SG&A
Initial Network
Optimization
PHASE B:
TRANSFORM THE
VALUE CHAIN
Cost Transformation
Total Organization
Effectiveness (TOE)
BEST AT BOTH
MODEL
Differentiated Models
for Mainstream and
Premium Segments
2027 Target Long-Term Goal
• Achieve ≥ $650M Fit To Win Benefits
• (Phase A $350M; Phase B ≥ $300M)
• Increase premium portfolio from 27% to ~ 40%
• 20%+ reduction in unit cost in relevant
mainstream categories and markets |

| EXCELLENT PROGRESS on PHASE A, EXPANDING Fit To Win Target from $300M to $650M by 2027
22
DELIVERING ON OUR FIT TO WIN SAVINGS OBJECTIVE
Introducing
PHASE B Targets
≥ $200M
≥ $150M
≥ $350M
Reshape SG&A
Initial Network Optimization
SUBTOTAL
2025:
$100M
$100M
$200M
PHASE A:
RESHAPE THE STRUCTURE
2024:
$14M
$11M
$25M
TARGET
PHASE B:
TRANSFORM THE VALUE CHAIN
TOTAL $25M $250M ≥ $650M
(by 2027)
$50M ≥ $300M |

| Drive ECONOMIES OF SCALE and NEW WAYS OF WORKING Across the Network
23
FIT TO WIN APPROACH
* See Economic Profit and Economic Spread below and in Appendix slides.
Improve productivity, unlock trapped capacity and
enable positive Economic Profit* growth and mix
Optimize value chain & drive synergies
across procurement, efficiency logistics
and energy
Reduce cost base to be competitive in all
markets / categories where we compete
Specialize network to be lowest cost in
mainstream and best cost in premium
Maximize economic profit through
greater return and growth
2. Cost Transformation
3. Total Organization Effectiveness
4. Best at Both
5. Invest & Monetize 1. SG&A and Network Optimization
INCREASE
ECONOMIC PROFIT |

| Net cost reduction by 2027
with SG&A ≤ 5% of net sales
REDUCE SG&A
24
Lean, FIT FOR PURPOSE Organization
0%
5%
10%
2023 2024 2025 2026 2027
Peer
Avg
$200M
• On Target for ≥ $100M savings in 2025
• Expect actions to be complete by early-2026
• De-layer the organization
• Shift key operational accountabilities to local markets
• Reduce central operating costs
• Eradicate waste
SG&A % SALES
Solid Progress To Date
Rapidly Realigning SG&A Spend
To Improve Competitive Position
PHASE A
RESHAPE THE STRUCTURE
Source: Internal OI benchmarking |

| INITIAL NETWORK OPTIMIZATION
25
Eliminate EXPENSIVE Temporary Downtime
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0
50
100
150
200
250
300
350
2024 First Wave
Optimization
(1H25)
Achieve
Prelim.
Inventory
Goal
(2H25)
Second Wave
Optimization
(1H26)
2026 (%) ($M)
Unabsorbed Fixed Costs % Excess Capacity
ADDRESS EXCESS CAPACITY AND
UNABSORBED FIXED COSTS
Evaluate market
trends and assess
additional action
$150M Net cost reduction by 2027
• Close high cost, underutilized furnaces
• Rebalance inventories (prelim. inventory goal IDS ≤ 50)
• Reduced inventories
• On target for ~ $100M network savings in 2025
• Expect actions to be complete by 2026
t
Rapidly Eliminating Excess Capacity
and Unabsorbed Fixed Costs
Solid Progress To Date
PHASE A
RESHAPE THE STRUCTURE
Source: Internal OI |

| Net cost reduction by 2027
COST TRANSFORMATION THROUGH DISCIPLINED DISRUPTION
26
Optimize the VALUE CHAIN and Drive Synergies
by Leveraging GLOBAL SCALE
RAW
LOCATION ENERGY EFFICIENCY INDIRECT MATERIAL
BENCHMARK
PLANT A
PLANT B
PLANT C
PLANT D
PLANT E
PLANT F
PLANT G
PLANT H
PLANT I
PLANT J
$150M
• Procurement purchase best practices
• Joint supplier productivity plans
• Specific platform for energy and plant efficiency
• Raising performance standards
• Expect to save ~ $50M in 2025 (of $150M 2027 target)
Proactively Managing Enterprise Spend
Solid Progress To Date
PHASE B
TRANSFORM THE VALUE CHAIN
Cost Transformation through raising standards,
challenging conventions, and new levels of productivity
4 3
th Quartile 2
rd Quartile KEY Top Quartile nd Quartile
Source: Internal OI |

| A NEW APPROACH WITH SUPPLIERS
27
• Partners – Joint Capital Investment, Joint Ventures, Cost Transformation
• Strategics – Productivity, Long-Term Contracts, Consolidation
• Transactional – Tender, E-Tender, Rationalization
• Working with the Best / Most Efficient Suppliers
• Reduce Administrative Costs
• Leverage Technology
• Consolidation
New Framework for Working with Suppliers
Rationalization of Supplier Base
• Joint Business Plans
• Risk Management
• Joint Venture Opportunities
• Shared 'New' Value
Working Differently
PHASE B
TRANSFORM THE VALUE CHAIN |

| Align
Organization
on Purpose
Statement
Establish the
Value Office
Rapid Review
and Adjust
TOTAL ORGANIZATION EFFECTIVENESS
28
Transform PRODUCTIVITY to OPTIMIZE CAPACITY
and MAXIMIZE ECONOMIC PROFIT
• Initiated pilot at Toano, VA plant with impressive initial results
• Begin systematic rollout starting mid-2Q25
• New methods to drive productivity in glass operations
• Implement across entire O-I network by end of 2026
• Challenging long-held industry conventions
Solid Progress To Date
Optimizing Capacity
DRIVING SCALE ACROSS
THE NETWORK
Improve
Plant
Productivity
and Free
Trapped
Capacity and
Eliminate
Waste
Optimize
Network
Around
Improved
Capacity
Utilization
Manage Mix
and Margins
to Improve
Economic
Profit
PHASE B
TRANSFORM THE VALUE CHAIN
Capital Discipline
≥ $150M Net cost reduction by 2027
(Expect more benefits beyond 2027) |

| Total Organization Effectiveness IN ACTION and Delivering strongly against EXPECTATIONS
CASE STUDY: TOE PILOT AT TOANO, VA PLANT
CASE STUDY: 20 WEEK DEPLOYMENT PILOT
Current TOE Rating Target TOE Rating
PORTFOLIO TOE RATING
Expect TOE Will Free 10-15%
Trapped Capacity/Cost for
Higher Profit Volume and
Support Further Network
Optimization
• Increased efficiency by nearly 10% with no capital • Reduced IDS to <30 days
• Plant cost will be competitive with cans
• Reduced energy usage, waste and raw materials
TOE PILOT IN TOANO, VA MAKING GREAT PROGRESS
INITIAL
WINS
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Definition of plant
specific opportunities STAGEDevelopment of plan
and team readiness
Installation of actions to improve
Increase Standards to
Drive Continuous
Improvement
Calendar Week Number
We Are Here
Source: Internal OI
PHASE B
TRANSFORM THE VALUE CHAIN
29 |

| 30
O-I MEXICO BRINGS FIT TO WIN APPROACH TO LIFE M E X I C O
Improve productivity, unlock trapped capacity and
enable positive Economic Profit1 growth and mix
Reducing consumption and costs across key
categories to deliver on energy, waste, raw
materials and procurement opportunities
Reduced SG&A costs by 25% and right
sized capacity to align current supply with
sustainable demand
Continue allocation of mainstream vs
premium mix aligned to asset base
Investing in select assets to further
optimize economic profit and monetizing
under-utilized assets
2. Cost Transformation
3. Total Organization Effectiveness
4. Best at Both
5. Invest & Monetize 1. SG&A and Network Optimization
ENHANCE
ECONOMIC
SPREAD |

| BEST AT BOTH
EMMANUELLE GUERIN,
SVP BUSINESS OPERATIONS
EUROPE
31 |

| BEST AT BOTH MODEL
32
DIFFERENTIATED Models for
MAINSTREAM and PREMIUM Business
MAINSTREAM PREMIUM
Container Simple, Standard Complex, Branded
Mostly Fragmented
Production
Long Run
Production
Scale
Services Limited Extensive
Growth Lower Higher
Margins Average ≥ 30% Above Avg.
Cost Profile “Lowest Cost” “Best Cost”
73%
27%
VOLUME
Mainstream Premium
45%
55%
GROSS PROFIT
Mainstream Premium
MAINSTREAM VS PREMIUM MODELS
To further improve its competitive position,
O-I is incorporating unique models for Mainstream
and Premium categories, customers and SKUs
The Mainstream model is focused
on being the “Lowest Cost” producer
The Premium model is focused
on being the “Best Cost” producer
GOAL: Increase premium
portfolio from 27% to ~ 40%
Source: Internal OI |

| Changing WAYS OF WORKING to Successfully execute on Best at Both Model
33
BEST AT BOTH FRAMEWORK
OPERATIONS
GO TO MARKET
Capabilities
Alignment
Adapt Service Model
Based on Segmentation
End-to-end
Supply chain
Optimization
Network
Specialization
Leverage Most
Valuable Relationships |

| 52% 50%
30%
10%
18%
40%
2024 Target
Dedicated Premium Furnaces
Hybrid Furnaces
Dedicated Mainstream Furnaces
73%
60%
27%
40%
2024 Target
Mainstream
Premium
Greater NETWORK SPECIALIZATION in line with Mainstream and Premium segments
34
OPERATIONS TRANSFORMATION
BUSINESS MIX FURNACE ORIENTATION
NETWORK SPECIALIZATION FOR BEST AT BOTH MODEL
Realigning furnace/line
network for greater specialization
and lower cost
Increase the number
of furnaces dedicated
to Premium
Increase PREMIUM in
portfolio mix
Source: Internal OI |

| MAINSTREAM
35
WINNING IN MAINSTREAM
Reframe the
Competition
Differentiated Sustainability
Lowest Cost Economies of Scale
Core Quality |

| REFRAMING THE COMPETITION
36
• 38% of O-I business competes with aluminum cans
(primarily Beer and NAB)
• Glass share of Beer varies significantly by market
• Glass has high market share when unit cost is low and
low market share when unit cost is high
• Glass is a more premium product -- justifying a higher price and
delivering a higher profit margin to the customer
• Aim to significantly reduce cost to improve position in markets
with low share and defend position in markets with high share
Glass Share in Beer Sensitive to Costs
Competing with Aluminum Cans in Beer
BE COMPETITIVE WITH CANS
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
NA A B C D E F O-I Glass Cost Per Unit Index (NA = 100%) Glass Share of Beer Market
GLASS BEER MARKET SHARE
AND UNIT COST
Glass Share of Beer Unit Cost Index (NA = 100%)
Other O-I Markets in EU and LatAm
Source: Internal OI, Euromonitor for beer glass share |

| 37
SNAPSHOT: IMPROVING THE COMPETITIVE POSITION VS. CANS
Source: Euromonitor, O-I Internal
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2018 2019 2020 2021 2022 2023 2024
EUROPE
EU Glass Unit Cost Index
EU Glass Share
Beer glass share in EU is high
and fairly stable with a low
unit cost (similar unit cost to
cans in NA)
FOCUS FIT TO WIN to reduce
mainstream container costs and enable
growth
Partner with the VALUE CHAIN
to reduce secondary packaging costs and
enable growth
LIGHTWEIGHT to reduce transportation
cost, improve sustainability and enable growth
GOAL: 20%+ reduction in unit cost in relevant
mainstream categories and markets
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2018 2019 2020 2021 2022 2023 2024
NORTH AMERICA
NA Can Unit Cost Index
NA Glass Share
NA Beer Glass Unit Cost = 100% NA Beer Glass Unit Cost = 100%
Beer glass share in NA is low
and has declined as unit cost
is high … 20-30% above NA
can unit cost (and EU glass
unit cost)
BEER GLASS COMPETITIVENESS |

| 38
SUCCESSFUL STRATEGIES WINNING IN BEER
IVC: Piedras Negras, Mexico
Large scale
efficiency with
five furnaces
State of the art
technology, high
operational efficiency
& stable volumes
Strategic location
10-year+
growth partner
JV, co-located strategy, helped customer grow
their brands by ~ 20% over the past 5 years.
O-I: Zipaquira, Colombia
Large scale
efficiency with
four furnaces
High operational
efficiency and co-located sand mine
drive low cost
Growing
market with
high glass share
Low-cost provider delivers growth:
+6.9% glass share; -4.4% share loss by cans
Source: Internal OI |

| 39
WINNING IN THE PREMIUM MODEL
PREMIUM
Design &
Innovation
Sustainability
Leverage Extensive
Relationships
Flexible
Production
Best Cost |

| O-I Has a Successful History of ALIGNING ASSETS to Meet PREMIUM Categories
40
SUCCESSFUL STRATEGY WINNING IN PREMIUM
Alloa, Scotland
Best total cost serving PREMIUM spirits
Increased customer touch
Designed to deliver production flexibility
Asset repositioned to serve premium spirits
with highest quality
Leading SUSTAINABILITY |

| FIT TO WIN - SUMMARY
41
RADICALLY REDUCE total enterprise cost and
OPTIMIZE entire network and value chain
Source: Internal OI
Savings from 2024 Baseline
≥ $650M of Fit To Win Benefits
2027 TARGET
LONG-TERM GOAL
• Increase premium portfolio from
27% to ~ 40%
• 20%+ reduction in unit cost in
relevant mainstream categories and
markets
PHASE A
PHASE B
$100
$170
$200
$100
$150
$150
$25
$100
$150
$25
$100
$150
$250
$520
≥$650
2025
2026
2027
FIT TO WIN BENEFITS ($M)
Reshape SG&A (A)
Initial Network Optimization (A)
Cost Transformation (B)
Total Organization Effectiveness (B) |

| 42
10 MIN BREAK |

| DELIVERING
PROFITABLE
GROWTH
ARNAUD AUJOUANNET,
SVP AND CHIEF SALES
& MARKETING OFFICER
43 |

| Leverage a COMPETITIVE COST position to drive future
PROFITABLE GROWTH with WINNING CUSTOMERS
44
HORIZON II: PROFITABLE GROWTH
GLASS IN
MORE HANDS
LEVERAGE
“BEST AT BOTH”
MODEL
MOST
VALUABLE
RELATIONSHIPS
F&B and Glass is
Attractive and Growing
Strong Premium Growth
Favorable Mega Trends
Winning in Mainstream
and Premium Categories
Targeted Offense and
Defense Strategies
Customer Segmentation
Working Differently
with Customers
Most Trusted
Glass Supplier
• Organic Growth ≥ 1.5%/yr, post 2027
• Net Promoter Score (NPS) ≥ 60
• Grow in Attractive Categories
• Maximize Economic Profit (EP) in Stable Categories
• Exit Negative EP Business / Customers / Segments
2027 Target Long-Term Goal |

| Reframed Strategy designed to DELIVER GROWTH through COMPETITIVENESS
45
O-I STABLE OVER THE LONG-TERM
Source: Internal data, adjusted to exclude the impact of divestitures
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
O-I SALES VOLUME (MT)
O-I O-I + Strategic JVs
10 YEAR SALES VOLUME TREND (2013-2022)
• O-I: +1.5 CAGR
• O-I + Strategic JVs: +2.6% CAGR
GLOBAL
PACKAGING
RECESSION
GLASS IN MORE HANDS |

| 0
100
200
300
400
500
600
700 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 INDEX (1999 = 100)
PREMIUM (~4% CAGR)
Beer Wine Spirits NAB
0
50
100
150
200
250
300
350
400 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 INDEX (1999 = 100)
MAINSTREAM (~1% CAGR)
Beer Wine Spirits NAB
GLASS IS EXPECTED TO GROW ~ 1.5% CAGR with most growth in PREMIUM CATEGORIES
46
GLASS GROWTH TRENDS
Scope: Global;
Sources: Beer, NAB: GlobalData / Spirits, Wine: IWSR | *Beer Base 100 begins in 2005. Premium and mainstream refers to total category not just glass
LONG-TERM CONSUMPTION TRENDS BY CATEGORY
Mainstream categories are
generally stable with stronger
growth in NAB
Premium categories have good growth,
resiliency and are more profitable Beer 0.8%
Wine 0.4%
Spirits 1.7%
Food 2.1%
NAB 2.3%
RTD 4.0%
TOTAL 1.5%
Expected Glass
Container Growth
(CAGR 2024-2028)
Source: Euromonitor |

| Transforming COMPETITIVENESS Will Enable O-I to Take Advantage of Favorable MEGA TRENDS
47
LEVERAGING FAVORABLE MEGATRENDS
Sources: Euromonitor, IWSR (USD Value % CAGR 2024-2028)
Consumer Facts: 1. Wine Intelligence; 2. The IWSR US RTD Study; 3. Glass Packaging Institute; 4. EcoFocus Survey; 5. Mintel
SUSTAINABILITY
RESPONSIBILITY
HEALTH &
WELLNESS
PREMIUMIZATION
AFFORDABLE
LUXURY
82% of wine drinkers
perceive glass bottles
as a sign of superior
quality1
. 92% of respondents
feel positively toward
glass packaging’s low
environmental impact3
. 70% of consumers
believe glass is safer4
. 43% of UK adults
moderating their alcohol
intake do so primarily
for health reasons5
.
41% of US consumers
prefer glass for
alcoholic RTDs2
. 40% average recycled
content. KEY CONSUMER TRENDS
PREMIUM
ALCOHOL
SPIRITS-BASED RTDs
PROSECCO FOOD
LOW/NON
ALC BEVS
SPARKLING
WATER
+4%
+12%
+5%
+3% +6%
+10% |

| GLASS is an INTEGRAL PART OF EVERYDAY LIFE and will expand across MORE OCCASIONS
48
PUTTING GLASS IN MORE HANDS
More Occasions More Share of occasions MEGA TRENDS
COMPETITIVENESS
TRANSFORMATION
+
O-I CORE STRENGTHS
Innovation, Design, Customers
+
=
GLASS IN MORE HANDS |

| Differentiated STRATEGY to deliver increased EBIT, RETURNS, GROWTH and FCF
49
TARGETED APPROACH TO DELIVER PROFITABLE GROWTH
% OF
SALES
VOLUME
INVEST
AND GROW
IMPROVE
AND GROW
OPTIMIZE
AND DEFEND RESTRUCTURE
Mainstream Premium
OFFENSE
Drive Profitable Volume
DEFENSE
Drive Higher Return/FCF |

| PREMIUM:
MAINSTREAM:
STRENGTHEN CORE CAPABILITIES:
Aligning Service Models and Investments to GROWING, PROFITABLE CATEGORIES
50
OFFENSE: GROWING IN ATTRACTIVE HIGH VALUE CATEGORIES
CASE STUDY VIDEO:
Winning in Premium Spirits
Pernod Ricard
• Offer premium value proposition at best cost by expanding network of
specialized plants, innovation, design services and sustainability solutions
• Invest with winning customers
• Deliver glass at lowest cost through network optimization, capacity
expansion, streamlining and lightweighting
• Differentiate service model to optimize costs and improve productivity
• Reliable quality and supply, recognized know-how,
strong relationships
• Build differentiated capabilities |

| 51
Placeholder for Pernod video – NYSE TO RUN VIDEO AG0 |

| 50%
100%
150%
200%
250%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Volume Gross Margin Per Ton
OPTIMIZE and DEFEND profitable categories, RESTRUCTURE or EXIT unattractive businesses
52
DEFENSE: MAXIMIZE EP IN STABLE CATEGORIES
LOW GROWTH BUT HIGH RETURN/FCF
GENERATING CATEGORIES:
SLOW GROWTH,
UNPROFITABLE BUSINESS:
81% 73%
19% 27%
2019 2024
Mainstream Premium
IMPROVING MIX
CASE STUDY: EU FOOD
Source: Internal OI
• Deliver lowest cost through improved productivity,
network optimization and value chain optimization
• Differentiate service model to optimize costs and
improve productivity
• Improve economic profit
• Deliver economic profit / cash or exit quickly |

| OPPORTUNITIES
53
O-I SALES VOLUME OUTLOOK
Source: Internal OI
2024 2027 2029
O-I SALES VOLUME OUTLOOK (MT)
Offense Defense
46%
54%
51%
49%
58%
42%
STABLE Sales Volume Through 2027 As Focus on Return/Mix; 1.5% CAGR GROWTH 2027
• Packaging recession recovery
• Wins through improved
competitive position
• Wins through substrate
conversion
• Accelerate strategic customer
partnerships
Stable Sales Volume As
Focus On Mix While
Improving Cost Structure
Drive > 1.5% CAGR
Growth Focusing on Most
Attractive Categories
Sales Volume Up 5% YTD25 |

| #
CUSTOMERS
(2024 = 6,000)
22
27
20
28
45
50
56
2018 2019 2020 2021 2022 2023 2024
NPS
54
MOST TRUSTED GLOBAL GLASS SUPPLIER
O-I has the largest and most diversified customer base
with opportunities for higher value segmentation …
…and long-lasting relationships built on a foundation
of Excellence in Quality & Innovation
Large, diverse,
valuable
customer base
SALES $
CUSTOMERS
(2024 = $6.5B)
International Regional Local/Emerging
“I really
appreciate
the can-do
approach”
“The biggest footprint globally
– one stop shop – the only
one that can support global
beverage businesses”
“...relationship is
grounded on a solid
foundation of mutual
trust and respect” GOAL: NPS ≥ 60%
First Quartile – Mfg Cos
MOST VALUABLE
RELATIONSHIPS
Source: Internal OI |

| TO BE MORE
SUSTAINABLE
TO
DIFFERENTIATE
TO
GROW
TO BE MORE
EFFICIENT
AVAILABILITY
AFFORDABILITY/COST
INNOVATION/NPD
LIGHTWEIGHTING
CO2 & RECYCLING
55
LEVERAGING STRENGTHS TO MEET CORE CUSTOMER NEEDS
HELP CUSTOMERS: |

| 56
Hold for Heineken video -- NYSE TO RUN VIDEO
AG0 |

| EVOLVING APPROACH WITH CUSTOMERS
57
• Partners
• Strategics
• Tacticals
SEGMENTATION FOR MANAGING CUSTOMERS
• Leveraging digitization and AI to:
• Optimize Service Model
• Drive Efficiencies & Productivity
• Forecast Demand
• Grow Sales & Optimize Economic Profit
• Enable Strategy Execution
WORKING DIFFERENTLY
Customer Segmentation Service Levels High Basic Standard
Tactical Strategic Partner
SEGMENTATION AND SERVICE LEVELS |

| PROFITABLE GROWTH - SUMMARY
58
2027 TARGET
LONG-TERM GOALS
• Organic Growth ≥ 1.5%/yr (post 2027)
• Net Promotor Score (NPS) ≥ 60
• Grow in Attractive Categories
• Maximize Economic Profit (EP) in Stable Categories
• Exit Negative EP Business / Customers / Segments
Leverage a COMPETITIVE COST position to drive future
PROFITABLE GROWTH with WINNING CUSTOMERS |

| 59
STRATEGIC
OPTIONALITY
RANDY BURNS,
CHIEF ADMINISTRATIVE &
SUSTAINABILITY OFFICER |

| 60
SUSTAINABILITY = PRODUCTIVITY + EFFICIENCY
*2017 Baseline
**2019 Baseline
Prior 2030 Goals* As of 2024
GHG by 25% (2.0˚ Pathway) ~20%
Renewable Electricity to 40% ~40%
Cullet to 50% 40% on avg
RECYCLED
C O N T E N T
MANUFACTURING
E F F I C I E N C Y
ENERGY
E F F I C I E N C Y
LOW CARBON
E N E R G Y
LIGHTER
W E I G H T
MANUFACTURING
T E C H N O L O G Y
New 2030** Goals
GHG by 47% (1.5˚ Pathway)
Renewable Electricity to 80%
Cullet to 60% |

| GROW through geographic expansion, M&A, JVs and
partnerships and RETURN VALUE to shareholders
61
STRATEGIC OPTIONALITY INTRODUCTION
GEOGRAPHIC
EXPANSION
Enter High Growth,
EP Markets
Grow with Winning
Customers
CORPORATE
DEVELOPMENT
Strategic JVs
Strategic Partnerships
Capability M&A
RETURN
CAPITAL TO
SHAREHOLDERS
Prioritize 2.0 – 2.5x
Financial Leverage Ratio
Greater Share
Repurchases
Initiate Dividend
2027 Target Long-Term Goal
Achieve Financial Leverage Ratio ~ 2.5x • Financial Leverage Ratio Range 2.0x – 2.5x
• Return More Capital to Shareholders |

| GLASS FORECAST CAGR BY MARKET (2024-28)
O-I is the GLOBAL LEADER IN GLASS but with Significant OPPORTUNITY TO EXPAND
62
GEOGRAPHIC EXPANSION: TOP GROWTH MARKETS
GLASS TOTAL O-I MARKET NON O-I MARKET
1.5% F CAGR 0.8% F CAGR 2.8% F CAGR
TOP 10 HIGHEST
GROWTH MARKETS
O-I MARKETS
20,000+
10,000-19,000
5,000-9,9999
0-4,999
GLASS CONSUMPTION
BY MARKET
2023 MN UNITS
Source: Euromonitor |

| 63
CORPORATE DEVELOPMENT
LONG TERM – Focus on Expansion
• Geographic Expansion
• Support Customer Growth Ambitions
• Acquire Capabilities for Growth Through M&A
• Glass Adjacencies
NEAR TERM – Focus on Improving the Balance Sheet
• Potential small bolt-on opportunities
POTENTIAL GROWTH OPPORTUNITIES HISTORY OF SUCCESSFUL JVs
0
250
500
750
1000
SEGMENT
PROFIT
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
ECONOMIC
SPREAD
Strategic JVs Consolidated Business
O-I will prioritize reducing financial leverage to ~ 2.5x over the next few years
2024 Data
Solid History of SUCCESSFUL STRATEGIC JVs Evaluate Opportunities to PROFITABLY
SUPPORT our CUSTOMERS AMBITIONS
Source: Internal OI |

| MAGMA was intended to support the PREMIUM model and deliver PRODUCTION FLEXIBILITY
64
SPOTLIGHT: MAGMA DESIGNED FOR THE PREMIUM MODEL
Bowling Green, KY
• Operational and producing premium spirits bottles
• Slower than expected start up
• 2025 is an important milestone year for MAGMA
• Prove key operating and profit margin requirements
• Achieve industrial production scale
• Meet minimum +2% economic spread target
Current Status
Target Performance |

| STRATEGIC OPTIONALITY SUMMARY
65
2027 TARGET
LONG-TERM GOALS
Achieve Financial Leverage Ratio ~ 2.5x
• Financial Leverage Ratio Range 2.0x – 2.5x
• Return More Capital to Shareholders
GROW through geographic expansion, M&A, JVs and
partnerships and RETURN VALUE to shareholders |

| FINANCIAL
OVERVIEW
& OUTLOOK
JOHN HAUDRICH,
CHIEF FINANCIAL OFFICER
66 |

| 67
KEY MESSAGES
Reaffirm 2027 Financial Targets
Performance Improvement Enabled by ≥ $650M
of Fit To Win Initiative Benefits through 2027
Introducing Preliminary Objectives for 2029
Economic Profit Mindset ForValue Creation
Capital Allocation Driven by Economic Profit, Cash,
Returns, Growth, Balance Sheet Improvement and Return
Capital to Shareholders |

| 68
PERFORMANCE TREND
$1.22
$1.83
$2.30
$3.09
$0.81
2020 2021 2022 2023 2024 2025E
aEPS
$6,091 $6,357 $6,856 $7,105
$6,531
2020 2021 2022 2023 2024
SALES ($B)
$146
$282 $236 $130
-$128
$311 $398
$539
$688
$617
2020 2021 2022 2023 2024 2025E
FCF AND CAPEX ($M)
FCF
CapEx 5.5
4.4
3.5
2.9
3.9
2020 2021 2022 2023 2024 2025E
FINANCIAL LEVERAGE
$1.20 - $1.50
$150 - $200
$400 - $450 Mid-3s
Strong Performance
Exiting the Pandemic
2024 Results Reflect
Global Packaging Recession
Fit To Win To Drive Improved
Performance Starting 2025
Reaffirming 2025 Guidance provided on Feb 4, 2025
2025 Guidance does not reflect potential impact of tariffs on U.S. imports or retaliatory tariffs on U.S. exports. |

| Driving Improved Financial Performance Through “Self Help” Initiatives with
Focus on Higher FCF and Economic Profit Positions O-I For Future Profitable Growth
69
REAFFIRM 2027 TARGETS AND NEW 2029 PRELIMINARY OBJECTIVES
17%
2024 Reaffirm
2027
Target
Prelim.
2029
Objective
ADJUSTED
EBITDA
MARGIN %
-2%
≥5%
≥7%
2024 Reaffirm
2027
Target
Prelim.
2029
Objective
FCF % SALES
$1,100M
≥$1,450M
≥$1,650M
2024 Reaffirm
2027
Target
Prelim.
2029
Objective
ADJUSTED
EBITDA
-2%
≥2%
≥4%
2024 Reaffirm
2027
Target
Prelim.
2029
Objective
ECONOMIC
SPREAD
Low
20s
Mid
20s
Economic Spread assumes 2024 WACC |

| PHASE A
PHASE B
$200
$170
$100
$150
$150
$100
$150
$100
$25
$150
$100
$25
≥$650
$520
$250
2027
2026
2025
FIT TO WIN BENEFITS ($M)
Reshape SG&A (A)
Initial Network Optimization (A)
Cost Transformation (B)
Total Organization Effectiveness (B)
Savings from 2024 Baseline
FIT TO WIN Drives ≥ $650M BENEFITS through 2027
70
FIT TO WIN: RESHAPING O-I’S COMPETITIVE POSITION |

| CONSISTENT IMPROVEMENT in Sustainable aEBITDA
71
IMPROVE EARNINGS
Reaffirming 2027 aEBITDATarget of $1.45B Through Fit To Win
Benefits Despite Cautious Commercial Outlook
Expect Continued Performance Improvement Through 2029 Supported
by Cost and Growth/Expansion Initiatives
ADJUSTED EBITDA ($M)
≥ $1,450M
(Low 20s)
≥ $1,650M
(Mid 20s)
$1,100M
(17%)
Includes potential
impact of fav. Energy
contract resets in
2026/2027
TBD |

| Driving Higher FCF through IMPROVED EARNINGS and TIGHTER CAPITAL MANAGEMENT
72
HIGHER FCF
-2% Sales
≥ 5% Sales
≥ 7% Sales
FCF AS % OF SALES
0% |

| EXPECT LOWER CAPEX, Priority Shifts to Maintenance and Productivity
73
TIGHTER CAPITAL MANAGEMENT SUPPORTS HIGHER FCF
Avg CapEx: 2022-2024 Avg CapEx: 2025-2027
Maintenance Productivity Growth
$615M
~ $450M
CAPEX ($M)
Lower CapEx Investment Through Network Optimization and
Economic Profit Focused Investment
Reduced Growth Investment In Favor of Improving Core
Operating Performance and Network Optimization |

| BALANCE SHEET IMPROVEMENT Remains O-I’s TOP PRIORITY for Use of FCF
74
IMPROVING BALANCE SHEET
0
1
2
3
4
5
6
2020 2021 2022 2023 2024 2027 Target Prelim. 2029
Objective
~ 2.5x 2.0x – 2.5x
FINANCIAL LEVERAGE RATIO
Target Financial Leverage ratio of 2.0x – 2.5x Capital Return Considerations Once Within Target Range |

| Maintenance CapEx
Productivity CapEx
Restructuring
Debt Reduction
Share Repurchase / Dividend
75
CAPITAL ALLOCATION DRIVING ECONOMIC PROFIT
FIT TO WIN INVESTMENTS
• SG&A Restructuring
• Network Optimization / Restructuring
• Capacity / Productivity Investments
RETURN CAPITAL TO SHAREHOLDERS
• Anti-dilutive Share Repurchases
• Evaluate Additional Share Repurchases
• Evaluate Dividend
IMPROVE PRICE, MIX, COST
& PRODUCTIVITY TO DRIVE
+2% ECONOMIC SPREAD
PROFITABLE GROWTH
• Capacity / Productivity Investments
• Line Extension Investments
• Selective Brownfield / Green Investments
IMPROVE CAPITAL STRUCTURE
• Prioritize ≤ 2.5x Financial Leverage
• Long-term Target range of 2.0x - 2.5x Financial Leverage Ratio
STRATEGIC OPTIONALITY
• Geographic Expansion
• M&A, JVs
• Enter Glass Adjacencies
ALLOCATION OF CASH FROM OPERATIONS
(2025-2027) |

| 3.1% 2.6%
-0.3%
7.3%
2.2%
-2.1%
2.0%
4.0%
-4%
-2%
0%
2%
4%
6%
8%
-200
-100
0
100
200
300
400
500
2019 2020 2021 2022 2023 2024 2027 Target Prelim. 2029
Objective ES (%) EP ($M)
EP($M) ES (%)
MORE CONSISTENT ECONOMIC PROFIT delivered by Fit To Win
76
IMPROVING ECONOMIC PROFIT
* See Economic Profit and Economic Spread in Appendix slides.
ECONOMIC PROFIT AND ECONOMIC SPREAD*
Sustainable EP Through the Cycle Target ES% of 2% - 4% |

| 77
REFRAMING SUCCESS
LONG-TERM
OBJECTIVES
(Post 2027)
REAFFIRM
2027 Target
NEW
2029 Objective
aEBITDA
Margin %
Low 20s
Mid 20s
FCF %
of Sales
≥ 5%
≥ 7%
Economic
Spread*
≥ 2%
≥ 4%
≥ $1,450M
≥ $1,650M
Sustainable
aEBITDA
Organic
growth
≥ 1.5%/yr
Increase premium
portfolio from
27% to ~ 40%
20%+ reduction in
unit cost in relevant
mainstream categories
and markets
Net Promotor
Score (NPS)
≥ 60
Return
more capital
to shareholders
* Economic Spread assumes 2024 WACC
Achieve
new 2030
Sustainability Goals |

| CONCLUSION
GORDON HARDIE,
PRESIDENT &
CHIEF EXECUTIVE OFFICER
78 |

| Align
Organization
on Purpose
Statement
Establish the
Value Office
Rapid Review
and Adjust
EXECUTION
79
Leadership Committed to DELIVER THE VALUE
THROUGH EXECUTION
• Delivered Phase A objectives
• Quickly organizing Phase B initiatives
• Solid pipeline of additional actions
Drive Execution
Solid Progress To Date
• Engage all employees to internalize new purpose statement
• Rapid project planning and execution
• Bias for speed and achieving measurable results
• Adjust execution plans to early warning signals
• Economic Profit Tree / Linked KPIs / Incentives
Integral to achieve $650M
of total enterprise benefits
Focused on DELIVERING
RESULTS |

| 80
RESHAPING O-I TO BECOME THE ‘BEST VALUE’ PACKAGING OPTION
Optimizing how we work across the
value chain with suppliers and customers
Transforming O-I’s cost base
to become highly competitive
Building a higher value, more premium business portfolio
Focusing the business on driving
Economic Profit
Growing in clearly targeted
geographies, categories and segments
1,100
1,450
1,650
2024 2025E 3YR Target 5YR
Objective
EARNINGS IMPROVEMENT
(aEBITDA, $M)
1,150-1,200
≥
≥
> 8% 5YR CAGR
ROBUST
INVESTMENT
THESIS
TO CREATE
SHAREHOLDER
VALUE |

| CONCLUSION
81
INCREASING THE VALUE OF O-I BY HELPING:
OUR CUSTOMERS Grow their business
OUR SUPPLIERS Expand with us
OUR PEOPLE Develop their careers
OUR SHAREHOLDERS Receive value…
AND Be More Sustainable |

| 82
5 MIN BREAK |

| Q&A
83 |

| APPENDIX
84 |

| 85
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 and use of certain non-GAAP financial measures, including adjusted earnings, adjusted earnings per share,
free cash flow, free cash flow as a percentage of net sales, financial leverage ratio, EBITDA, adjusted EBITDA, adjusted EBITDA margin, segment operating profit, segment operating profit margin,
Economic Profit and Economic spread provide relevant and useful supplemental financial information that is widely used by analysts and investors, as well as by management in assessing both
consolidated and business unit performance. These non-GAAP measures are reconciled to the most directly comparable GAAP measures and should be considered supplemental in nature and
should not be considered in isolation or be construed as being more important than comparable GAAP measures.
Adjusted earnings relates to net earnings (loss) attributable to the company, exclusive of items management considers not representative of ongoing operations and other adjustments because
such items are not reflective of the company’s principal business activity, which is glass container production. Adjusted earnings are divided by weighted average shares outstanding (diluted) to
derive adjusted earnings per share. Segment operating profit relates to earnings (loss) before interest expense, net, and before income taxes and is also exclusive of items management considers
not representative of ongoing operations as well as certain retained corporate costs and other adjustments. Segment operating profit margin is calculated as segment operating profit divided by
segment net sales. EBITDA refers to net earnings, excluding gains or losses from discontinued operations, interest expense, net, provision for income taxes, depreciation and amortization of
intangibles. Adjusted EBITDA refers to EBITDA, exclusive of items management considers not representative of ongoing operations and other adjustments. Adjusted EBITDA margin refers to
Adjusted EBITDA divided by net sales. Financial leverage ratio refers to the sum of total debt less cash, unfunded pension liability and asbestos or Paddock liability divided by Adjusted
EBITDA. Economic Profit (EP) refers to net earnings (loss) attributable to the Company, excluding interest expense, net and non-cash goodwill impairment charges, minus the product of the
Company’s average invested capital and its weighted average cost of capital. Economic spread percentage (ES%) refers to economic profit divided by the Company’s average invested capital.
Management uses adjusted earnings, adjusted earnings per share, segment operating profit, segment operating profit margin, EBITDA, Adjusted EBITDA, economic profit, economic spread and
financial leverage ratio to evaluate its period-over-period operating performance because it believes these provide useful supplemental measures of the results of operations of its principal
business activity by excluding items that are not reflective of such operations. The above non-GAAP financial measures may be useful to investors in evaluating the underlying operating
performance of the company’s business as these measures eliminate items that are not reflective of its principal business activity.
Further, free cash flow relates to cash provided by operating activities less cash payments for property, plant and equipment. Free cash flow as a percentage of net sales relates to free cash flow
divided by net sales. Management has historically used free cash flow and free cash flow as a percentage of net sales to evaluate its period-over-period cash generation performance because it
believes these have provided useful supplemental measures related to its principal business activity. It should not be inferred that the entire free cash flow amount is available for discretionary
expenditures, since the company has mandatory debt service requirements and other non-discretionary expenditures that are not deducted from these measures. Management uses non-GAAP
information principally for internal reporting, forecasting, budgeting and calculating compensation payments.
The company routinely posts important information on its website – www.o-i.com/investors. |

| 86
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 December
31, 2024 to its most directly comparable GAAP financial measure, net earnings (loss) attributable to the Company, because management cannot reliably predict all of the necessary components of
this GAAP financial measure without unreasonable efforts. Net earnings (loss) attributable to the Company includes several significant items, such as restructuring charges, asset impairment
charges, charges for the write-off of finance fees, and the income tax effect on such items. The decisions and events that typically lead to the recognition of these and other similar items are
complex and inherently unpredictable, and the amount recognized for each item can vary significantly. Accordingly, the Company is unable to provide a reconciliation of adjusted earnings and
adjusted earnings per share to net earnings (loss) attributable to the Company or address the probable significance of the unavailable information, which could be material to the Company's future
financial results. |

| 87
RECONCILIATION TO FINANCIAL LEVERAGE RATIO AND ADJUSTED
EBITDA
For the years ending after December 31, 2024, the Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measures Adjusted EBITDA and financial leverage
ratio, which is defined as the sum of total debt less cash, unfunded pension liability and asbestos or Paddock liability divided by Adjusted EBITDA, to its most directly comparable U.S. GAAP
financial measure, Net earnings (loss), because management cannot reliably predict all of the necessary components of this U.S. GAAP financial measure without unreasonable efforts. Net
earnings (loss) includes several significant items, such as restructuring, asset impairment and other charges, charges for the write-off of finance fees, and the income tax effect on such items. The
decisions and events that typically lead to the recognition of these and other similar non-GAAP adjustments are inherently unpredictable as to if and when they may occur. The inability to
provide a reconciliation is due to that unpredictability and the related difficulties in assessing the potential financial impact of the non-GAAP adjustments. For the same reasons, the Company is
unable to address the probable significance of the unavailable information, which could be material to the Company’s future financial results. |

| 88
RECONCILIATION TO ADJUSTED EBITDA MARGIN
For the year ending December 31, 2025 and later periods, the Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measures, adjusted
EBITDA and adjusted EBITDA margin, to its most directly comparable U.S. GAAP financial measure, net earnings (loss) attributable to the Company, because management cannot
reliably predict all of the necessary components of this U.S. GAAP financial measure without unreasonable efforts. Net earnings (loss) attributable to the Company includes several
significant items, such as restructuring, asset impairment and other charges, charges for the write-off of finance fees, and the income tax effect on such items. The decisions and
events that typically lead to the recognition of these and other similar non-GAAP adjustments are inherently unpredictable as to if and when they may occur. The inability to
provide a reconciliation is due to that unpredictability and the related difficulties in assessing the potential financial impact of the non-GAAP adjustments. For the same reasons,
the Company is unable to address the probable significance of the unavailable information, which could be material to the Company’s future financial results. |

| 89
RECONCILIATION TO ECONOMIC PROFIT AND ECONOMIC SPREAD %
For the year ending December 31, 2025 and later periods, the Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, economic
profit and economic spread percentage, to its most directly comparable U.S. GAAP financial measure, net earnings (loss) attributable to the Company, because management cannot
reliably predict all of the necessary components of this U.S. GAAP financial measure without unreasonable efforts. Net earnings (loss) attributable to the Company includes several
significant items, such as restructuring, asset impairment and other charges, charges for the write-off of finance fees, and the income tax effect on such items. The decisions and
events that typically lead to the recognition of these and other similar non-GAAP adjustments are inherently unpredictable as to if and when they may occur. The inability to
provide a reconciliation is due to that unpredictability and the related difficulties in assessing the potential financial impact of the non-GAAP adjustments. For the same reasons,
the Company is unable to address the probable significance of the unavailable information, which could be material to the Company’s future financial results. |

| 90
RECONCILIATION TO FREE CASH FLOW (FCF) & FCF % NET SALES
The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measures, free cash flow and free cash flow as a percentage of net sales, for all periods after
December 31, 2025 to its most directly comparable U.S. GAAP financial measure, cash provided by operating activities, without unreasonable effort. This is due to potentially high variability,
complexity and low visibility, in the relevant future periods, of components of cash provided by operating activities and cash spent on property, plant and equipment, as well as items that
would be excluded from cash provided by operating activities. The variability of these excluded items and other components of cash provided by operating activities may have a significant,
and potentially unpredictable, impact on the Company's future financial results. |

| 91
RECONCILIATION TO SEGMENT OPERATING PROFIT |
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