O I Glass : Capital Markets Presentation

OI

CAPITAL MARKETS

PRESENTATION

SEPTEMBER 4, 2024

PRESENTERS

Gordon Hardie

President and CEO

John Haudrich

SVP and CFO

2

SAFE HARBOR COMMENTS

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," 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 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 and laws, war, civil disturbance or acts of terrorism, natural disasters, public health issues and weather, (2) 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), (3) competitive pressures from other glass container producers and alternative forms of packaging or consolidation among competitors and customers, (4) changes in consumer preferences or customer inventory management practices, (5) the continuing consolidation of the Company's customer base, (6) the Company's ability to improve its glass melting technology, known as the MAGMA program, and implement it within the timeframe expected, (7) unanticipated supply chain and operational disruptions, including higher capital spending, (8) the Company's ability to achieve expected benefits from margin expansion and profitability initiatives, such as its Fit to Win program, including expected impacts from production curtailments and furnace closures, (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 U.S. 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. ESG information is also often reliant on third-party information or methodologies that are subject to evolving expectations and best practices, and the Company's approach to and discussion of these matters may continue to evolve as well. For example, the Company's disclosures may change due to revisions in framework requirements, availability of information, changes in our business or applicable governmental policies, or other factors, some of which may be beyond its control.

3

O-I AT A GLANCE

GLOBAL LEADER IN GLASS PACKAGING FOCUSED ON WINNING WITH CUSTOMERS, IMPROVING ECONOMIC PROFIT, AND INCREASING THE VALUE OF THE COMPANY

#1

6,000

36

glass containers

Sustainability

~23,000

manufactured in 2023

Leadership

employees

BILLION

broad product portfolio

customer demand

in 19 countries

customers across a

is driving

across 68 plants

global leader in glass packaging

Glass is the

preferred choice

for premium and health-oriented products

BREAKTHROUGH

FIT TO WIN

INNOVATION

MAGMA

Economic profit mindset to

& ULTRA

improve competitiveness and

boost results

$7.1B NET SALES

FY 2023

ADJUSTED EPS & FINANCIAL LEVERAGE

5.5x

6.0x

4.4x

5.0x

3.5x

4.0x

2.9x

3.0x

2.0x

$1.83

1.0x

$1.22

$2.30

$3.09

0.0x

2020

2021

2022

2023

4

O-I SERVES THE BRANDS YOU TRUST AND LOVE

LEADING CUSTOMER RELATIONSHIPS, DESIGN CAPABILITIES AND SERVICE LEVELS

5

PORTFOLIO OVERVIEW

PRIVILEGED FOOTPRINT WITH DEEP TECHNICAL AND MANUFACTURING CAPABILITIES

2023

AMERICAS

EU

Category Mix

Net Sales ($B)

$3.9

$3.1

$7.1

Beer

# Plants

32

34

68

# Countries

7

10

19

Wine

Long Term Contracts

75%

35%

55%

Long Term CAGR1

-1% to +2%

0% to 1%

0% to 1%

Food

NAB

32%

19%

17%

16%

Spirits

16%

6 O-I'snon-reportable segment includes operations in Asia as well as machine part sales and engineering services 1) 2023-2028 Euromonitor estimates for one way domestic + imported consumption.

COMPETITIVE GLASS OFFERING LEVERAGES MEGA TRENDS

Increased demand

Health and

CPG innovation

Glass is the most

for premium

wellness favors

and diversification

sustainable rigid

beverages

glass over plastics

of product portfolios

packaging

Glass

Metal

Plastics

7

Favorable

Neutral

Unfavorable

VALUE CREATION ROADMAP

EARNINGS IMPROVEMENT AND VALUE CREATION OPPORTUNITY SUPPORTED MORE BY SELF HELP RATHER THAN SIGNIFICANT MARKET RECOVERY

ECONOMIC PROFIT MINDSET

CAPTURING MORE OF THE ECONOMIC PROFIT

IN THE PACKAGING VALUE CHAIN

Horizon 3

(2028+)

STRATEGIC

OPTIONALITY

Horizon 2

(2026-2027)

BUILD VALUE

Horizon 1

MOMENTUM

FUTURE

O-I EP

(Thru 2025)

CAPTURE

FIT TO WIN

CURRENT

O-I EP

CAPTURE

8

REVERSE TREND IN

ECONOMIC PROFIT

$500

8%

$400

7%

6%

$300

5%

($M)EP

$200

4%

ES%

2%

$100

3%

1%

$0

0%

-$100

-1%

-2%

-$200

-3%

2022 2023

1H24 LTM

EP

ES %

Preliminary Targets¹ (2027)

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.

HORIZON 1: FIT TO WIN

FIT TO WIN WILL DRIVE A STEP CHANGE IN O-I'S COMPETITIVE POSITION

PILLARS

ACTIONS AND NEXT STEPS

ENHANCE COMPETITIVENESS

• Decentralize business model to align accountability

• 24% capacity temporarily curtailed QTD 3Q24 due to slow demand / reduce IDS

• End-to-end supply chain review / network optimization

• Announced closure of 4 furnaces as part of program to close 6+ furnaces

• Deliver economically profitable mix and growth

In 3Q24 earnings call: Detail furnace closure program & 2025 SG&A savings plan

DRIVE CAPITAL DISCIPLINE AND CASH GENERATION

• Incorporate an economic profit (EP) model

• Initiated analysis of EP performance across all countries, plants, customers, and SKUs

• Increased capital accountability

• All discretionary capital halted at EP negative operations pending further review

• In 2H24: Develop draft restructuring and CapEx plan based on EP analysis

CONSISTENT FINANCIAL PERFORMANCE

• Economic profit will be a key financial KPI

Shared enterprise EP and ES % for 2022, 2023 and YTD 2024 (see previous page)

• Evaluate aligning incentives with economic profit

In 2H24: Integrate EP as an element into future incentive plan structure

PERFORMANCE = POTENTIAL MINUS INTERFERENCE

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FIT TO WIN TO ADDRESS THE INTERFERENCE

MONETIZING MAGMA

MAGMA CONTINUES TO ADVANCE WITH INCREASED

FOCUS ON ACCELERATING ECONOMIC PROFIT

GEN 2 MAGMA GREENFIELD

(Bowling Green, KY)

MAGMA CORE TECHNOLOGY WORKS

RAMPING UP MAGMA GEN 2 GREENFIELD IN BOWLING GREEN

10

Disclaimer

O-I Glass Inc. published this content on 04 September 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on September 04, 2024 at 10:44:01 UTC.