O-I GLASS REPORTS SECOND QUARTER 2025 RESULTS

PERRYSBURG, Ohio, July 29, 2025 (GLOBE NEWSWIRE) -- FOR IMMEDIATE RELEASE Strong Second Quarter Performance As ‘Fit to Win’ Momentum AcceleratesIncreasing Full-Year 2025 Guidance O-I Glass, Inc. (“O-I”) (NYSE: OI) today reported financial results for the second quarter ended June 30, 2025. Net Earnings (Loss) Attributable to the Company Per Share (Diluted)Earnings Before Income Taxes$M2Q252Q242Q252Q24Reported($0.03) $0.36$7$104 Adjusted EarningsEarnings Per Share (Diluted)Segment Operating Profit$M2Q252Q242Q252Q24Non – GAAP$0.53 $0.44$225$233 “Our teams executed effectively to deliver a strong second quarter 2025 performance, despite a sluggish demand environment,” said Gordon Hardie, Chief Executive Officer of O-I Glass. “While reported earnings declined year-over-year due to restructuring charges, our adjusted earnings rose 20 percent compared to the second quarter of last year. Notably, the company’s continued performance on Fit to Win initiatives to improve our competitive position has more than offset macroeconomic softness in several markets.” “The company remains focused on executing against controllable factors—and the results reflect that discipline. Year-to-date, Fit to Win benefits have reached $145 million, reinforcing our confidence in achieving or surpassing the ambitious goals we set during our recent Investor Day. Given our strong performance and momentum, we are raising our full-year 2025 guidance and now anticipate adjusted earnings will increase 60 to 90 percent over 2024.” “Following a comprehensive review, we have made the financially prudent decision to halt further MAGMA development and operations. While the earlier stages delivered meaningful technical advancements, we have concluded the platform does not have a pathway to the operational or financial return requirements as previously outlined.” “Through our ‘Best at Both’ operations strategy, as outlined at Investor Day, we believe we can drive significantly higher premium output at lower operating cost and capital intensity than MAGMA would have realized in the coming years. This decision aligns with our focus on driving competitiveness and economic profit. Accordingly, we intend to reconfigure our Bowling Green facility into a best-cost, premium-focused operation. We are confident this is the right path forward for our business, our customers, and our shareholders,” Hardie concluded. Second Quarter 2025 Results O-I Glass reported second quarter 2025 net sales of $1.7 billion, consistent with the prior year. Net Sales benefited from favorable currency translation; however, this was offset by slightly lower selling prices and an approximately 3 percent decline in shipment volume (in tons). While demand increased in the Americas, it softened in Europe. On a year-to-date basis, shipment volumes were up nearly 1 percent compared to the prior year. Earnings before income taxes totaled $7 million, down from $104 million in the same period last year. This decline primarily reflected items not considered representative of ongoing operations, including $108 million in restructuring and asset impairment charges, largely associated with the discontinuation of the MAGMA program. Additionally, segment operating profit was modestly lower, though this was partially offset by improved retained corporate and other costs. Segment operating profit was $225 million in the second quarter compared to $233 million in the same period of 2024. Americas: Segment operating profit rose to $135 million, up from $106 million in the prior year period. This increase was driven by significant operating cost reductions from our Fit to Win initiatives and a 4 percent growth in sales volume as a result of improved competitiveness. These gains were partially offset by unfavorable currency translation and by slightly lower net price.Europe: Segment operating profit declined to $90 million, down from $127 million in the prior year period. The decrease was primarily due to unfavorable net price, an approximately 9 percent drop in sales volume (in tons), and higher operating costs due to increased temporary production curtailments aimed at reducing inventory. These headwinds were partially mitigated by Fit to Win savings and favorable currency translation. Retained corporate and other costs improved to $25 million, down from $32 million in the prior year period, reflecting Fit to Win benefits partially offset by other costs including higher management incentives. Net interest expense was $85 million, slightly lower than $87 million in the second quarter of 2024. The company reported a net loss attributable to the company of $0.03 per share in the second quarter of 2025, down from net earnings of $0.36 per share (diluted) in the prior year period mostly due to items not considered representative of ongoing operations. Adjusted earnings were $0.53 per share (diluted) up from $0.44 per share (diluted) in the second quarter of 2024. Updated Full-Year 2025 Outlook 2025 Guidance2024 CurrentPreviousActualAdjusted Earnings Per Share (EPS)$1.30 - $1.55$1.20 - $1.50$0.81Free Cash Flow – Source / (Use) ($M)$150 - $200$150 - $200($128) O-I continues to expect full-year 2025 sales volumes will be in line with prior year levels. Reflecting strong year-to-date performance and continued momentum from the Fit to Win program, the company has raised its full-year 2025 adjusted earnings guidance to a range of $1.30 to $1.55 per share, up from the previous outlook of $1.20 to $1.50 per share. This represents a projected improvement of 60 to 90 percent over 2024 results. The company continues to anticipate free cash flow of $150 to $200 million for the full year which is about a $300 million improvement from the prior year, despite $140 to $150 million in cash restructuring costs. In late July 2025, and in addition to halting MAGMA, the company finalized its plans for the indefinite suspension of operations of one furnace as well as the closure of one plant in its Americas segment. These actions are part of O-I’s Fit to Win initiative to reduce redundant capacity and begin to optimize its network. Subject to finalization of certain estimates, the company expects to record charges associated with these closures of approximately $45 million in the third quarter of 2025. Guidance primarily reflects the company’s current view on sales and production volume, mix and working capital trends; it may not fully reflect the potential impact of tariffs on U.S. imports or retaliatory tariffs on U.S. exports. O-I’s adjusted earnings outlook assumes foreign currency rates as of July 28, 2025, and a full-year adjusted effective tax rate of approximately 33 to 36 percent. The earnings and cash flow guidance ranges may not fully reflect uncertainty in macroeconomic conditions, currency rates, energy and raw materials costs, supply chain disruptions, labor challenges, and success in global profitability improvement initiatives, among other factors.Conference Call Scheduled for July 30, 2025 O-I’s management team will conduct a conference call to discuss the company’s latest results on Wednesday, July 30, 2025, at 8:00 a.m. EDT A live webcast of the conference call, including presentation materials, will be available on the O-I website, www.o-i.com/investors, in the News and Events section. A replay of the call will be available on the website for a year following the event. Contact: Sasha Sekpeh, 567-336-5128 – O-I Investor Relations In accordance with guidance provided by the SEC regarding the use of company websites and social media channels to disclose material information, O-I wishes to notify investors, media, and other interested parties that it uses its website (www.o-i.com/investors) to publish important information about O-I, including information that may be deemed material to investors, or supplemental to information contained in this or other press releases. The list of websites and social media channels that O-I uses may be updated on O-I’s media and website from time to time. O-I encourages investors, media, and other interested parties to review the information the company may publish through its website and social media channels as described above, in addition to the company’s SEC filings, press releases, conference calls, and webcasts. O-I’s third quarter 2025 earnings conference call is currently scheduled for Wednesday, November 5, 2025 at 8:00 a.m. EST. 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 net sales 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, segment operating profit, segment operating profit margin and adjusted effective tax rate 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 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. Adjusted effective tax rate relates to provision for income taxes, exclusive of items management considers not representative of ongoing operations and other adjustments divided by earnings before income taxes, exclusive of items management considers not representative of ongoing operations and other adjustments. Management uses adjusted earnings, adjusted earnings per share, segment operating profit, segment operating profit margin and adjusted effective tax rate 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. Management has historically used free cash flow 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, legal and competitive conditions in markets and countries where the company has operations, including uncertainties related to economic and social conditions, trade policies and disputes, financial market conditions, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates, changes in laws or policies, legal proceedings involving the company, 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) impacts from the company’s decision to halt further MAGMA development and operations, (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. 2Q 2025 O-I Glass Earnings Presentation 2Q 2025 O-I Glass Earnings Release

O-I GLASS REPORTS SECOND QUARTER 2025 RESULTS

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