Earnings release
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Exhibit 99.1 O-I Glass, Inc.U N L E A S H IN G T H E P OW E R O F G LA S S | 1 THIRDQUARTER2026 RESULTSOCTOBER 27,2026 AmericasDeliversResilient Third-QuarterPerformanceEuropeRemainsChallenged;RecoveryActionsUnderway 2026OutlookUpdated;Higher AdjustedEarnings AndFree Cash FlowExpected In2027PERRYSBURG,OHIO,OCTOBER 27,2026 — O-IGlass, Inc.(NYSE: OI)todayannouncedfinancial resultsfor the thirdquarter endedSeptember 30,2026. Keyfinancial resultsare summarizedbelow: NetSales $MEarnings BeforeIncome Taxes$M NetEarnings (Loss)Attributable tothe Company$M NetEarnings (Loss)Attributable tothe CompanyPer Share 3Q263Q25 3Q263Q25 3Q263Q25 3Q263Q25 Reported$1,623 $1,653$34 $58 ($13)$30 ($0.08)$0.19 SegmentOperating Profit$M AdjustedEBITDA $MAdjustedEarningsAdjustedEarnings (Loss)Per Share(Diluted) 3Q263Q25 3Q263Q25 3Q263Q25 Adjusted(non-GAAP)1$139 $235 $234$329 ($0.09)$0.48 THIRDQUARTER2026HIGHLIGHTS ▪Net sales wereapproximately$1.6 billion,down 2 percentfrom the prior-year period.Favorablecurrencytranslationpartially offsetslightly lowerselling pricesand a 2 percentdecline in salesvolume2. ▪ Netearnings were aloss of $13million, or $0.08per share, whileadjustedearningsreflected a lossof $15 million,or $0.09 pershare. AdjustedEBITDA was$234 million,earnings beforeincome taxeswas $34 million,and segmentoperating profitwas $139million. ▪Results werebelow the prior-year periodprimarily due tonet pricepressure and anunusually hightax rate.Earnings laggedmanagement'sexpectations asenergy andfreight costswereapproximately$15 millionhigher thanoriginallyanticipated inEurope. ▪Americassegmentoperating profitwas downslightly from theprior-yearperiod amidcommercialheadwinds. ▪Europesegmentoperating profitwas downsignificantlyfrom the prior-year period,primarily due tonet pricepressure. Thecompany madeprogressimproving plantefficiencyfollowing first-halfrestructuring. ▪Fit to Windeliveredapproximately$50 million ofbenefits duringthe quarter. O-Inow targetsapproximately$180 million ofbenefits in 2026and continuesto expect atleast $650million ofcumulativesavings by2027. ▪ Thecompany nowexpects 2026adjustedEBITDA of $925to $950 million,below its prioroutlook due toelevated energyand freightinflation, softerdemand, andpace ofrecovery inEurope. 1Measureslabeled 'non-GAAP' or'adjusted' arenon-GAAPfinancialmeasures.Definitions ofthe non-GAAPmeasures, aswell asreconciliationsof the non-GAAPmeasures totheir mostdirectlycomparableGAAPmeasures arecontainedelsewhere inthis newsrelease. 2Measured intons andexcludes theimpact ofdivestitures.“Third-quarterresultsdemonstratedcontinuedresilience in theAmericas, whileEuroperemained wellbelow ourexpectations.Commercialpressures andelevated energyand freightcosts weighedon results,compounded byinternal supply-chainchallenges thatwe are activelyaddressing. Weare beginning tosee initialprogress, withimprovingEuropeanproductionefficiency, bettersequentialshipment trendsand continuedFit to Win costreductions. Ourfocus now isconverting thatinitial progressinto strongercommercialperformance,lower costs andimprovedmargins. Whilenear-termenergy andtrade conditionsremainuncertain, theactionsunderway,together withcontinuedresilience in theAmericas, areexpected tosupport higheradjustedearnings andfree cash flow in2027 andstrengthen thefoundation forlong-term valuecreation.”GORDO NHARDI E –CHIEFEXECUTIVEOFFICER
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O-I Glass, Inc.U N L E A S H IN G T H E P OW E R O F G LA S S | 2THIRDQUARTER2026 RESULTSOCTOBER 27,2026AMERICASSEGMENTChanges in NetSales andSegmentOperating Profit$M 3Q25CurrencyPrice/Net PriceSales Vol//MixOperating Cost3Q26 Net Sales$940 $42 $15+1.6% ($27)-1.3% in tons --$970 SegmentOperating Profit% Margins$140 14.9%$10 ($6) ($10)$3 $137 14.1%Net sales in theAmericas were$970 million, upmore than 3percent fromthe prior-yearperiod. A 1.6percentincrease inselling pricesand favorablecurrencytranslation morethan offset a 1.3percent declinein sales volume,measured intons. Strongshipmentgrowth in LatinAmerica largelyoffsetheadwinds inNorth America.Segmentoperating profitwas $137million, downslightly from theprior-yearperiod, as Fit toWin benefitsand favorablecurrencytranslationmostly offsetlower volumeand unfavorablenet price. Theprior yearbenefited froma $6 millionone-timeinsurance claimthat did notrepeat.EUROPESEGMENTChanges in NetSales andSegmentOperating Profit$M 3Q25CurrencyPrice/Net PriceSales Vol//MixOperating Cost3Q26 Net Sales$688 ($7) ($26)-3.8% ($21)-3.7% in Tons --$634 SegmentOperating Profit% Margins $9513.8% ($3)($91) ($4) $5 $20.3% Net salesin Europe were$634 million,down 8 percentfrom the prior-year period.The declinereflected 3.8percent lowerselling prices, a3.7 percentdecrease insales volume,measured intons, andunfavorablecurrencytranslation.Shipmentsincreased inNorthernEurope, whileSouthernEuroperemained underpressure,particularly inwine – acategory thatcontinues tosuffer decliningconsumer andexport volumes.Segmentoperating profitwas $2 million,compared with$95 million inthe prior-yearperiod. Thedecline wasprimarily drivenby unfavorablenet price,reflectingcompetitivepricing pressureand elevatedenergy andfreight costswhich wereapproximately$15 millionabovemanagement’sexpectationsentering thequarter.Favorableoperating costsoffset theimpact of lowersales volume.One-time itemsprovided ayear-over-yearnet unfavorableimpact of $2million.Europe’s year-to-datesegmentoperating profitis downsignificantly in2026.Commercialpressures andelevated energyand freightcosts haveweighed onresults, withinternal supply-chainchallengescompoundingtheseheadwinds. Thecompany hasestablished adetailedrecovery planfocused onimprovingcommercialperformance,managingenergy costs,as well asdriving plantand supply-chainefficiencies.These actionsare expected tohelp improveadjustedearnings andfree cash flowin 2027. FIT TOWIN Fit to Winremains centralto O-I’s strategyto strengthencompetitivenessand cashgeneration. Theprogramdeliveredapproximately$50 million ofbenefits duringthe third quarter($135 millionyear-to-date)which morethan offset theimpact of higherfreight andmaintenancecosts, lowerjoint ventureperformance,and one-timeitems.Compared to itsprior outlook ofat least $200million in Fit toWin benefits, O-I now expectsapproximately$180 million ofnet benefits thisyear given thepace ofrecovery inEurope. Thoseopportunitiesare expected toshift to nextyear as thecompanycontinues totarget at least$650 million ofcumulative Fitto Win benefitsby the end of2027.
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O-I Glass, Inc.U N L E A S H IN G T H E P OW E R O F G LA S S | 3THIRDQUARTER2026 RESULTSOCTOBER 27,2026BUSINESSOUTLOOK2026 GuidanceCurrent Prior2025 ActualAdjustedEBITDA ($M)$925-$950$1,000-$1,100$1,218 FreeCash Flow ($M)~ ($300)($50-$150)$168 LeverageRatio 4.5 – 5.0x≥ 4x 3.5x O-Ihas updated its2026 businessoutlook andnow expectsadjustedEBITDA ofapproximately$925 to $950million and afree cash flowuse ofapproximately$300 million.The revisedoutlookprimarilyreflectscontinued softdemandincluding thepotential impactof U.S.-Canadatrade disputes,further energyrelated costinflation, slowerpace ofrecovery inEurope andhigherinventory levelsdue to softershipments.Liquidity wasapproximately$1.5 billion atthe end of thethird quarterand O-I expectsits net debtleverage ratiowillapproximate4.5 to 5.0 timesat year end. For2027, thecompanyexpects highernet sales,adjustedEBITDA, andfree cash flow,supported bythe company’sefforts toimprove netprice, maintainstable salesvolumes, andreduceoperating coststhrough Fit toWin. Givenevolvingcommercial,energy, andglobal tradeconditions,among otherfactors, O-I isno longermaintaining its2027 targetsand plans toprovide 2027guidance on its2026 year-endearnings call. Inlate October2026, thecompanydecided toinitiate aprocess withemployeerepresentativesregarding theproposedpermanentclosure of aproductionfacility inEurope. Nofinal decisionwill be madeuntil thatprocess iscomplete. As aresult, thecompanycurrentlyestimatesrelated chargesofapproximately$100 million to$120 million willbe recorded inthe fourthquarter of 2026,includingapproximately$40 million to$50 million offuture cashexpenditures.Updated 2026guidancereflects thecompany’scurrentexpectations forsales andproductionvolumes, mix,and workingcapital trends.However, theoutlook foradjustedEBITDA andfree cash flowremains subjecttomacroeconomicuncertainty,includingconflicts in theMiddle East,currencymovements,energy and rawmaterial costs,supply-chaindisruptions,laboravailability,changes intrade orimmigrationpolicies, andthe execution ofglobalprofitabilityimprovementinitiatives. “Ourrevised 2026outlook reflectsadditionalpressure fromenergy andfreight costinflation,continued softdemand andthe slower paceof recovery inEurope. Whilethese factorsare weighing onnear-termresults andcash flow, ourliquidityremains strongand we arecommitted tofinancial andoperationaldiscipline andexecution.Looking ahead,we expecthigher adjustedearnings andfree cash flowin 2027,supported byimprovedcommercial andoperationalperformance inEurope,additional Fit toWin benefits,and continuedresilience in theAmericas. Weremain focusedon convertingthese actionsintomeasurablefinancialimprovement,strengtheningfree cash flow,and reducingleverage. Wewill providespecific 2027guidance withour year-endresults.” JOHNHAUDRICH –CHIEFFINANCIALOFFICER
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O-I Glass, Inc. UN L E A S H I NG T H E P O W ER O F G L A S S |4 THIRDQUARTER 2026RESULTSOCTOBER 27,2026 Contacts :Chris Manuel VP,InvestorRelations 567-336-2600Chris.Manuel@o-i.com SashaSekpeh InvestorRelations 567-336-5128 NON-GAAPFINANCIALMEASURES Thecompany usescertain non-GAAP financialmeasures, whichare measures ofits historical orfuture financialperformance thatare notcalculated andpresented inaccordance withGAAP, within themeaning ofapplicable SECrules.Managementbelieves that itspresentation anduse of certainnon-GAAPfinancialmeasures,includingadjustedearnings,adjustedearnings pershare, free cashflow, segmentoperating profit,segmentoperating profitmargin, EBITDA,adjustedEBITDA, netdebt, leverageratio andadjusted effectivetax rate providerelevant andusefulsupplementalfinancialinformation thatis widely used byanalysts andinvestors, as wellas bymanagement inassessing bothconsolidated andbusiness unitperformance.These non-GAAP measuresare reconciled tothe most directlycomparableGAAP measuresand should beconsideredsupplemental innature andshould not beconsidered inisolation or beconstrued asbeing moreimportant thancomparableGAAP measures.Adjustedearnings relatesto net earnings(loss) attributableto the company,exclusive ofitemsmanagementconsiders notrepresentative ofongoingoperations andotheradjustmentsbecause suchitems are notreflective of thecompany’sprincipalbusiness activity,which is glasscontainerproduction.Adjustedearnings aredivided byweightedaverage sharesoutstanding(diluted) to deriveadjustedearnings pershare. Segmentoperating profitrelates toearnings (loss)before interestexpense, net,and beforeincome taxesand is alsoexclusive ofitemsmanagementconsiders notrepresentative ofongoingoperations aswell as certainretainedcorporate costsand otheradjustments.Segmentoperating profitmargin iscalculated assegmentoperating profitdivided bysegment netsales. EBITDArefers to netearnings,excluding gainsor losses fromdiscontinuedoperations,interest expense,net, provision forincome taxes,depreciation andamortization ofintangibles.Adjusted EBITDArefers toEBITDA,exclusive ofitemsmanagementconsiders notrepresentative ofongoingoperations andotheradjustments. NetC O N F E R E NC E C A L L / WE B C A S T Q32026: October28, 2026 at 8:00a.m. ET Q42026: February3, 2027 Notice:Beginning with itsfourth-quarter2026 results, O-Iexpects torelease itsearningsmaterials,including theearnings releaseand presentation,approximatelyone hour beforethe scheduledearnings call onthe day of thecall. The changereflects theanticipated moveto extended (23-hour, five-day)trading on theNew York StockExchange.Earningsmaterials and thewebcast will beavailable atwww.o-i.com/investorsWW investors.o-i.com ABOUT O-IGLASS At O-IGlass, Inc.(NYSE: OI), weare proud to beone of theleadingproducers ofglass bottles andjars around theglobe. Glass isnot onlybeautiful, it isalso pure,healthy, andcompletelyrecyclable,making it themost sustainablerigid packagingmaterial.Headquartered inPerrysburg, Ohio(USA), O-I is thepreferred partnerfor many of theworld’s leadingfood andbeverage brands.We innovate inline withcustomers’ needsto create iconicpackaging thatbuilds brandsaround the world.Led by ourdiverse team ofapproximately19,000 peopleacross 61 plantsin 18 countries,O-I achievedrevenues of $6.4billion in 2025. O-I is an S&P Smallcap 600 memberand a componentof more than 100ExchangeTraded Fundsfrom iShares,Vanguard,Schwab, Invescoand other firms.To learn more,visit: www.o-i.com
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O-I Glass, Inc.U N L E A S H IN G T H E P OW E R O F G LA S S | 5THIRDQUARTER2026RESULTSOCTOBER 27,2026 debtrefers to totaldebt less cash.Leverage ratiorefers to netdebt divided byAdjustedEBITDA.Adjustedeffective taxrate relates toprovision forincome taxes,exclusive ofitemsmanagementconsiders notrepresentativeof ongoingoperations andotheradjustmentsdivided byearnings (loss)before incometaxes,exclusive ofitemsmanagementconsiders notrepresentativeof ongoingoperations andotheradjustments.Managementuses adjustedearnings,adjustedearnings pershare, segmentoperating profit,segmentoperating profitmargin,EBITDA,AdjustedEBITDA, netdebt, leverageratio andadjustedeffective taxrate to evaluateits period-over-periodoperatingperformancebecause itbelieves theseprovide usefulsupplementalmeasures ofthe results ofoperations ofits principalbusinessactivity byexcluding itemsthat are notreflective ofsuchoperations. Theabove non-GAAP financialmeasures maybe useful toinvestors inevaluating theunderlyingoperatingperformance ofthe company’sbusiness asthesemeasureseliminate itemsthat are notreflective of itsprincipalbusinessactivity.Further, freecash flowrelates to cashprovided byoperatingactivities lesscash paymentsfor property,plant, andequipment.Managementhas historicallyused free cashflow to evaluateits period-over-period cashgenerationperformancebecause itbelieves thesehave providedusefulsupplementalmeasuresrelated to itsprincipalbusinessactivity. Itshould not beinferred thatthe entire freecash flowamount isavailable fordiscretionaryexpenditures,since thecompany hasmandatory debtservicerequirementsand other non-discretionaryexpendituresthat are notdeducted fromthesemeasures.Managementuses non-GAAPinformationprincipally forinternalreporting,forecasting,budgeting andcalculatingcompensationpayments. Thecompanyroutinely postsimportantinformation onits website –www.o-i.com/investors.FORWARD-LOOKINGSTATEMENTSThis pressreleasecontains“forward-looking”statementsrelated to O-IGlass, Inc. (“O-I Glass” or the“Company”)within themeaning ofSection 21E ofthe SecuritiesExchange Actof 1934, asamended (the“ExchangeAct”) andSection 27A ofthe SecuritiesAct of 1933, asamended.Forward-lookingstatementsreflect theCompany’scurrentexpectationsand projectionsabout futureevents at thetime, and thusinvolveuncertainty andrisk. The words“believe,”“expect,”“anticipate,”“will,” “could,”“would,”“should,” “may,”“plan,”“estimate,”“intend,”“predict,”“potential,”“continue,”“target,”“commit,” andthe negativesof these wordsand othersimilarexpressionsgenerallyidentifyforward-lookingstatements. Itis possible thatthe Company’sfuture financialperformancemay differ fromexpectationsdue to a varietyof factorsincluding, butnot limited tothe following:(1) theCompany’sability toachieveexpectedbenefits fromcostmanagement,efficiencyimprovements,and profitabilityinitiatives, suchas its Fit to Wininitiative,includingexpectedimpacts fromproductioncurtailments,reduction inforce andfurnaceclosures, (2)the Company’sability toachieveexpectedbenefits fromits Europeanrecovery planwithin theanticipatedtimeframe,includingrecovering costinflation,improving itscommercialperformance,managingenergy cost,securingprofitablevolume, andimproving plantefficiencythrough Fit toWin andoptimizinglogistics, (3)the generalcredit, financial,political,economic, legalandcompetitiveconditions inmarkets andcountrieswhere theCompany hasoperations,includinguncertaintiesrelated toeconomic andsocialconditions,trade policiesand disputes,financialmarketconditions,disruptions inthe supplychain,competitivepricingpressures,inflation ordeflation,changes in taxrates, changesin laws orpolicies, legalproceedingsinvolving theCompany, war,civildisturbance oracts ofterrorism,naturaldisasters,public healthissues andweather, (4)cost andavailability ofraw materials,labor, energyandtransportation(includingimpacts relatedto the currentconflicts in theMiddle Eastand betweenRussia andUkraine anddisruptions insupply of rawmaterialscaused bytransportationdelays), (5)competitivepressures fromother glasscontainerproducers andalternativeforms ofpackaging orconsolidationamongcompetitorsand customers,(6) changes inconsumerpreferences orcustomerinventorymanagementpractices, (7)the continuingconsolidation ofthe Company’scustomer base,(8) risks relatedto thedevelopment,deploymentand use ofartificialintelligencetechnologies,(9) theCompany’sinability toimprove glassmeltingtechnology in acost-effectivemanner andintroduceproductivity,process andnetworkoptimizationactions, (10)unanticipatedsupply chainand operationaldisruptions,includinghigher capitalspending, (11)seasonality ofcustomerdemand, (12)the failure ofthe Company’sjoint venturepartners tomeet theirobligations orcommitadditionalcapital to thejoint venture,(13) laborshortages,labor cost
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O-I Glass, Inc.U N L E A S HI N G T H E PO W E R O FG L A S S | 6THIRDQUARTER2026RESULTSOCTOBER 27,2026increases orstrikes, (14)the Company’sability toacquire ordivestbusinesses,acquire andexpand plants,integrateoperations ofacquiredbusinessesand achieveexpectedbenefits fromacquisitions,divestitures orexpansions,(15) theCompany’sability togeneratesufficientfuture cashflows toensure theCompany’sgoodwill is notimpaired, (16)any increasesin theunderfundedstatus of theCompany’spension plans,(17) any failureor disruption ofthe Company’sinformationtechnology, orthose of thirdparties onwhich theCompanyrelies, or anycybersecurityor data privacyincidentsaffecting theCompany orits third-partyserviceproviders, (18)risks related tothe Company’sindebtednessor changes incapitalavailability orcost, includinginterest ratefluctuationsand the abilityof theCompany togenerate cashto serviceindebtednessand refinancedebt onfavorableterms, (19)risksassociatedwith operatingin foreigncountries, (20)foreigncurrencyfluctuationsrelative to theU.S. dollar,(21) changesin tax laws orglobal tradepolicies, (22)the Company’sability tocomply withvariousenvironmentallegalrequirements,(23) risksrelated torecycling andrecycledcontent lawsandregulations,(24) risksrelated toclimate-change and airemissions,includingrelated laws orregulationsand increasedESG scrutinyand changingexpectationsfromstakeholders,and the otherrisk factorsdiscussed inthe Company'sfilings with theSecurities andExchangeCommission. Itis not possibleto foresee oridentify allsuch factors.Any forward-lookingstatements inthis documentare based oncertainassumptionsand analysesmade by theCompany inlight of itsexperienceand perceptionof historicaltrends, currentconditions,expectedfuturedevelopments,and otherfactors itbelieves areappropriate inthecircumstances.Forward-lookingstatements arenot aguarantee offutureperformanceand actualresults ordevelopmentsmay differmaterially fromexpectations.While theCompanycontinuallyreviews trendsanduncertaintiesaffecting theCompany’sresults ofoperations andfinancialcondition, theCompanydoes notassume anyobligation toupdate orsupplementany particularforward-lookingstatementscontained inthis document,except wherewe areexpresslyrequired to doso by law.
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O-I GLASS, INC. Condensed Consolidated Results of Operations (Dollars in millions, except per share amounts) Three months ended September 30 Nine months ended September 30 Unaudited 2026 2025 2026 2025 Net sales $ 1,623 $ 1,653 $ 4,830 $ 4,926 Cost of goods sold (1,428) (1,353) (4,222) (4,047) Gross profit 195 300 608 879 Selling and administrative expense (88) (105) (261) (318) Research, development and engineering expense (7) (8) (26) (33) Interest expense, net (86) (91) (251) (257) Equity earnings 23 31 78 82 Other expense, net (incl. goodwill impairment) (3) (69) (994) (270) Earnings (loss) before income taxes 34 58 (846) 83 Provision for income taxes (39) (21) (195) (57) Net earnings (loss) (5) 37 (1,041) 26 Net earnings attributable to noncontrolling interests (8) (7) (17) (17) Net income (loss) attributable to the Company $ (13) $ 30 $ (1,058) $ 9 Basic earnings per share: Net income (loss) attributable to the Company $ (0.08) $ 0.19 $ (6.90) $ 0.06 Weighted average shares outstanding (thousands) 153,812 153,571 153,335 153,757 Diluted earnings per share: Net income (loss) attributable to the Company $ (0.08) $ 0.19 $ (6.90) $ 0.06 Diluted average shares (thousands) 153,812 155,215 153,335 155,406
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O-I GLASS, INC. Condensed Consolidated Balance Sheets (Dollars in millions) Unaudited September 30, December 31, September 30, 2026 2025 2025 Assets Current assets: Cash and cash equivalents $ 379 $ 759 $ 556 Trade receivables, net 867 601 891 Inventories 944 1,002 982 Prepaid expenses and other current assets 297 239 231 Total current assets 2,487 2,601 2,660 Property, plant and equipment, net 3,397 3,447 3,441 Goodwill, net 580 1,487 1,480 Intangibles, net 168 188 193 Other assets 1,369 1,520 1,484 Total assets $ 8,001 $ 9,243 $ 9,258 Liabilities and Share Owners' Equity Current liabilities: Accounts payable $ 1,099 $ 1,201 $ 1,081 Short-term loans and long-term debt due within one year 183 162 170 Other liabilities 657 726 742 Total current liabilities 1,939 2,089 1,993 Long-term debt 4,736 4,837 4,946 Other long-term liabilities 790 872 849 Share owners' equity 536 1,445 1,470 Total liabilities and share owners' equity $ 8,001 $ 9,243 $ 9,258
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O-I GLASS, INC. Condensed Consolidated Cash Flows (Dollars in millions) Unaudited Three months ended September 30 Nine months ended September 30 2026 2025 2026 2025 Cash flows from operating activities: Net earnings (loss) $ (5) $ 37 $ (1,041) $ 26 Non-cash charges (credits) Depreciation and amortization 124 123 365 361 Deferred tax provision (benefit) 3 (30) 14 (36) Pension expense 9 8 26 23 Stock-based compensation expense 5 4 10 12 Goodwill impairment 873 Change in European valuation allowance on deferred tax assets 96 Restructuring, asset impairment and related charges 5 60 60 255 Legacy environmental charge 4 (Gain) loss on sale of joint venture and miscellaneous assets (11) (1) 34 (7) Cash payments Pension contributions (6) (11) (21) (25) Cash paid for restructuring activities (51) (31) (141) (109) Legacy environmental settlement paid (17) (17) Change in components of working capital (a) 156 97 (225) (238) Other, net (b) (64) (25) (85) (51) Cash provided by (utilized in) operating activities 165 214 (35) 198 Cash flows from investing activities: Cash payments for property, plant and equipment (81) (100) (318) (339) Net cash proceeds on sale of joint venture and misc. assets 17 8 24 26 Net cash receipts (payments) from hedging activities 4 (2) 4 Cash utilized in investing activities (64) (88) (296) (309) Cash flows from financing activities: Changes in borrowings, net (62) (15) (31) (21) Shares repurchased (10) (10) (30) Payment of finance fees (12) (7) (12) Net cash receipts (payments) for hedging activity 1 (17) 3 (23) Distributions to non-controlling interests (2) (12) (10) Other, net (c) (4) (7) Cash utilized in financing activities (61) (56) (61) (103) Effect of exchange rate fluctuations on cash (1) 12 36 Change in cash 40 69 (380) (178) Cash at beginning of period 339 487 759 734 Cash at end of period $ 379 $ 556 $ 379 $ 556 (a) The Company uses various factoring programs to sell certain receivables to financial institutions as part of managing its cash flows. At September 30, 2026, December 31, 2025 and September 30, 2025, the amount of receivables sold by the Company was $457 million, $531 million and $452 million, respectively. For the nine months ended September 30, 2026 and 2025, the Company's use of its factoring programs resulted in an increase of $74 million and $83 million to cash utilized in operating activities, respectively. (b) Other, net includes other non-cash charges plus other changes in non-current assets and liabilities. (c) Other, net includes share settlement activity
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O-I GLASS, INC. Reportable Segment Information and Reconciliation to Earnings Before Income Taxes (Dollars in millions) Unaudited Three months ended September 30 Nine months ended September 30 2026 2025 2026 2025 Net sales: Americas $ 970 $ 940 $ 2,790 $ 2,756 Europe 634 688 1,993 2,095 Reportable segment totals 1,604 1,628 4,783 4,851 Other 19 25 47 75 Net sales $ 1,623 $ 1,653 $ 4,830 $ 4,926 Earnings (loss) before income taxes $ 34 $ 58 $ (846) $ 83 Items excluded from segment operating profit: Retained corporate costs and other 27 26 81 80 Items not considered representative of ongoing operations (a) (8) 60 965 249 Interest expense, net 86 91 251 257 Segment operating profit (b): $ 139 $ 235 $ 451 $ 669 Americas $ 137 $ 140 $ 444 $ 416 Europe 2 95 7 253 Reportable segment totals $ 139 $ 235 $ 451 $ 669 Ratio of earnings before income taxes to net sales 2.1% 3.5% -17.5% 1.7% Segment operating profit margin (c): Americas 14.1% 14.9% 15.9% 15.1% Europe 0.3% 13.8% 0.4% 12.1% Reportable segment margin totals 8.7% 14.4% 9.4% 13.8% (a) Reference reconciliation for adjusted earnings. (b) Segment operating profit consists of consolidated earnings before interest income, interest expense,net, and provision for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations as well as certain retained corporate costs and other adjustments. The Company presents information on segment operating profit because management believes that it provides investors with a measure of operating performance separate from the level of indebtedness or other related costs of capital. The most directly comparable GAAP financial measure to segment operating profit is earnings before income taxes. The Company presents segment operating profit because management uses the measure, in combination with net sales and selected cash flow information, to evaluate performance and to allocate resources. (c) Segment operating profit margin is segment operating profit divided by segment net sales.
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O-I GLASS, INC. Reconciliation for Adjusted Earnings (Dollars in millions, except per share amounts) The reconciliation below describes the items that management considers not representative of ongoing operations. Unaudited Three months ended September 30 Nine months ended September 30 2026 2025 2026 2025 Net income( loss) attributable to the Company $ (13) $ 30 $ (1,058) $ 9 Items impacting other income (expense), net: Goodwill impairment 873 Restructuring, asset impairment and other charges 3 61 58 252 Legacy environmental charge 4 Loss (gain) on sale of joint venture and miscellaneous assets (11) (1) 34 (7) Items impacting interest expense: Charges for note repurchase premiums and write-off of deferred finance fees and related charges 7 1 7 Items impacting income tax: Change in European valuation allowance on deferred tax assets 96 European investment tax incentive (22) Deferred tax benefits (21) (21) Net expense (benefit) for income tax on items above 2 (1) (1) (4) Items impacting net earnings attributable to noncontrolling interests: Net impact of noncontrolling interests on items above 4 5 Total adjusting items (non-GAAP) $ (2) $ 45 $ 1,066 $ 209 Adjusted earnings (loss) (non-GAAP) $ (15) $ 75 $ 8 $ 219 Diluted average shares (thousands) 153,812 155,215 153,335 155,406 Net income (loss) attributable to the Company (diluted) $ (0.08) $ 0.19 $ (6.90) $ 0.06 Adjusted earnings (loss) per share (non-GAAP) (a) $ (0.09) $ 0.48 $ 0.05 $ 1.41 (a) For purposes of computing adjusted earnings per share, the diluted average shares (in thousands) are 154,740 for the three months ended September 30, 2026. For purposes of computing adjusted earnings per share, the diluted average shares (in thousands) are 154,810 for the nine months ended September 30, 2026. The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted earnings, for the periods ending after September 30, 2026 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 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.
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O-I GLASS, INC. Changes in Net Sales and Segment Operating Profit for Reportable Segments (Dollars in millions) Unaudited Three months ended September 30 Americas Europe Total Net sales for reportable segments- 2025 $ 940 $ 688 $ 1,628 Effects of changing foreign currency rates (a) 42 (7) 35 Price 15 (26) (11) Sales volume & mix (27) (21) (48) Total reconciling items 30 (54) (24) Net sales for reportable segments- 2026 $ 970 $ 634 $ 1,604 Three months ended September 30 Americas Europe Total Segment operating profit - 2025 $ 140 $ 95 $ 235 Effects of changing foreign currency rates (a) 10 (3) 7 Net price (net of cost inflation) (6) (91) (97) Sales volume & mix (10) (4) (14) Operating costs 3 5 8 Total reconciling items (3) (93) (96) Segment operating profit - 2026 $ 137 $ 2 $ 139 Nine months ended September 30 Americas Europe Total Net sales for reportable segments- 2025 $ 2,756 $ 2,095 $ 4,851 Effects of changing foreign currency rates (a) 143 72 215 Price 74 (94) (20) Sales volume & mix (183) (80) (263) Total reconciling items 34 (102) (68) Net sales for reportable segments- 2026 $ 2,790 $ 1,993 $ 4,783 Nine months ended September 30 Americas Europe Total Segment operating profit - 2025 $ 416 $ 253 $ 669 Effects of changing foreign currency rates (a) 27 1 28 Net price (net of cost inflation) 26 (252) (226) Sales volume & mix (35) (13) (48) Operating costs 10 18 28 Total reconciling items 28 (246) (218) Segment operating profit - 2026 $ 444 $ 7 $ 451 (a) Currency effect on net sales and segment operating profit determined by using 2026 foreign currency exchange rates to translate 2025 local currency results.
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Unaudited O-I GLASS, INC. Reconciliation to Free Cash Flow (Dollars in millions) Previous Forecast Current Forecast Year Ended for Year Ended for Year Ended December 31, 2025 December 31, 2026 December 31, 2026 Cash provided by operating activities $ 600 $ 275 to 375 $ 125 Cash payments for property, plant and equipment (432) (425) (425) Free cash flow (non-GAAP) $ 168 $ (50) to (150) $ (300) The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, free cash flow, for all periods after 2026 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. O-I GLASS, INC. Reconciliation to Adjusted EBITDA (Dollars in millions) Quarter Ended Year Ended Quarter Ended September 30, 2025 December 31, 2025 September 30, 2026 Net Income (Loss) $ 37 $ (103) $ (5) Interest expense (net) 91 341 86 Provision for income taxes 21 54 39 Depreciation 98 391 101 Amortization of intangibles 22 88 21 EBITDA 269 771 242 Items not considered representative of ongoing operations 60 447 (8) Adjusted EBITDA (non-GAAP) $ 329 $ 1,218 $ 234 For the periods ending after September 30, 2026, the Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, adjusted EBITDA, to its most directly comparable U.S. GAAP financial measure, net 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 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. O-I GLASS, INC. Reconciliation to Adjusted EBITDA, Net Debt and Leverage Ratio (Dollars in millions) Unaudited Year Ended December 31, 2025 Net Loss $ (103) Interest expense (net) 341 Provision for income taxes 54 Depreciation 391 Amortization of intangibles 88 EBITDA 771 Items not considered representative of ongoing operations 447 Adjusted EBITDA (non-GAAP) $ 1,218 Total debt $ 4,999 Less cash 759 Net debt (non-GAAP) $ 4,240 Leverage ratio (Net debt divided by Adjusted EBITDA) 3.5 For the periods ending after September 30, 2026, the Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP measure, leverage ratio, which is defined as total debt less cash divided by Adjusted EBITDA, to its most directly comparable U.S. GAAP financial measure, Net earnings, because management cannot reliably predict all of the necessary components of this U.S. GAAP financial measure without unreasonable efforts. Net earnings 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.
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O-I GLASS, INC. Reconciliation to Total Liquidity (Dollars in millions) As of September 30, 2026 Revolving Credit Facility Capacity (non-GAAP) $ 1,154 Plus Cash 379 Total Liquidity (non-GAAP) $ 1,533