O-I Glass reports $13M net loss for Q3 2026

Cover page 1 change

25 unchanged paragraphs

The number of shares of common stock, par value $.01, of O-I Glass, Inc. outstanding as of June September 30, 2026 was 153,659,747 153,942,839 .

1 unchanged paragraph

Financial statements 14 changes

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Net earnings (loss) attributable to the Company

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Net earnings (loss) attributable to the Company

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Net earnings (loss) attributable to the Company

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Pension and other postretirement benefit adjustments, net of tax ( 7 2 )

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Other comprehensive income (loss)

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Comprehensive income attributable to non-controlling interests ( 12 10 )

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Trade receivables, net of allowance of $ 33 34 million, $ 31 million, and $ 31 32 million at June September 30, 2026, December 31, 2025 and June September 30, 2025

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Six months ended June 30,

Nine months ended September 30,

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Deferred tax provision (benefit)

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(Gain) loss on sale of joint venture and miscellaneous assets ( 6 7 )

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Legacy environmental settlement paid

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Cash provided by (utilized in) operating activities

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Net cash receipts (payments) from hedging activities

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Note 1: Segment Information 14 changes

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Financial information for the three months ended June September 30, 2026 and 2025 regarding the Company s reportable segments is as follows, as well as a reconciliation of segment operating profit to earnings (loss) before income taxes:

Three months ended June September 30,

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Six months ended June 30,

Earnings (loss) before income taxes

Financial information for the six nine months ended June September 30, 2026 and 2025 regarding the Company s reportable segments is as follows, as well as a reconciliation of segment operating profit to earnings (loss) before income taxes:

Nine months ended September 30,

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Three months ended June September 30,

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Six months ended June 30,

Nine months ended September 30,

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Six months ended June 30,

Three months ended June September 30,

Operations outside the U.S. that accounted for 10% or more of consolidated net sales during the three months ended June September 30, 2026 and 2025 were in France (2026- 12 %, 2025- 12 % ), Italy (2026- 13 12 %, 2025- 13 %), and Mexico (2026- 14 16 %, 2025- 14 %).

Nine months ended September 30,

Operations outside the U.S. that accounted for 10% or more of consolidated net sales during the six nine months ended June September 30, 2026 and 2025 were in France (2026- 12 11 %, 2025- 12 11 % ), Italy (2026- 12 %, 2025- 13 %), and Mexico (2026- 14 %, 2025- 13 %).

Note 2: Revenue 9 changes

1 unchanged paragraph

For the three- and six-month nine-month periods ended June September 30, 2026 and 2025, the Company had no material bad debt expense, and there were no material contract assets, contract liabilities or deferred contract costs recorded in the Condensed Consolidated Balance Sheets.

The following tables for the three months ended June September 30, 2026 and 2025 disaggregate the Company s revenue by customer end use:

Three months ended June September 30, 2026

3 unchanged paragraphs

Three months ended June September 30, 2025

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Six months ended June 30, 2026

The following tables for the six nine months ended June September 30, 2026 and 2025 disaggregate the Company s revenue by customer end use:

Nine months ended September 30, 2026

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Six months ended June 30, 2025

Nine months ended September 30, 2025

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Note 3: Credit Losses 1 change

1 unchanged paragraph

At June September 30, 2026 and 2025, the Company reported $ 883 867 million and $ 848 891 million of accounts receivable, respectively, net of allowances of $ 33 34 million and $ 31 32 million, respectively. Changes in the allowance were not material for each of the three and six nine months ended June September 30, 2026 and 2025.

Note 4: Inventories 1 change

Major classes of inventory at June September 30, 2026, December 31, 2025 and June September 30, 2025 are as follows:

Note 5: Goodwill 6 changes

The changes in the carrying amount of goodwill at June September 30, 2026, December 31, 2025 and June September 30, 2025 are as follows:

Balance as of June September 30, 2025

1 unchanged paragraph

Balance as of June September 30, 2026

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As a result of the impairment of Europe s goodwill balance, the Company conducted a review during the second quarter of 2026 and determined there was no impairment of Europe s long-lived assets.

The remaining balance of goodwill in Latin America remains susceptible to future impairment charges. If the Company s projected future cash flows were substantially lower, or if the assumed weighted average cost of capital were substantially higher, the testing performed during the second quarter of 2026 may have resulted in an impairment in the Company s Latin America reporting unit. No triggering event was identified in the third quarter of 2026. Any impairment charges that the Company may take in the future could be material to its consolidated results of operations and financial condition.

Goodwill for the Americas segment is net of accumulated impairment losses of $ 1,040 million as of June September 30, 2025, December 31, 2025, and June September 30, 2026.

Note 6: Derivative Instruments 20 changes

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The Company has entered into commodity forward contracts and collars related to forecasted natural gas requirements, the objective of which are is to limit the effects of fluctuations in future market prices of natural gas and the related volatility in cash flows.

An unrecognized loss of $ 12 11 million at September 30, 2026 and $ 0 million at June 30, 2026 and December 31, 2025 respectively, and an unrecognized gain of $ 1 million at June September 30, 2025, respectively, related to the commodity forward contracts and collars was included in Accumulated other comprehensive income (loss) ( Accumulated OCI ), and will be reclassified into earnings over the next 12 months.

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No unrecognized gains related to cross-currency swaps were included in Accumulated OCI at June September 30, 2026, December 31, 2025 and June September 30, 2025.

1 unchanged paragraph

The Company has fixed and variable interest rate borrowings denominated in currencies other than the functional currency of the borrowing subsidiaries. As a result, the Company is exposed to fluctuations in the currency of the borrowing against the subsidiaries functional currency. The Company uses derivatives to manage these exposures and designates these derivatives as fair value hedges of foreign exchange risk. Approximately $ 4 3 million, $ 1 million and $ 2 1 million of the components were excluded from the assessment of effectiveness and are included in Accumulated OCI at June September 30, 2026, December 31, 2025 and June September 30, 2025, respectively.

During the third quarter of 2025, the Company terminated a portion of its cross-currency swaps, which resulted in a $ 17 million payment as disclosed in the financing activities section of the Condensed Consolidated Cash Flows.

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During the second quarter of 2025, the Company paid $ 6 million related to the maturity of two net investment hedges as disclosed in the financing activities section of the Condensed Consolidated Cash Flows.

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The following table shows the amount and classification (as noted above) of the Company s derivatives at June September 30, 2026, December 31, 2025 and June September 30, 2025:

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(a) The notional amount of the commodity forward contracts and collars was approximately 32 39 million, 9 million, and 9 8 million British Thermal Units at June September 30, 2026, December 31, 2025, and June September 30, 2025, respectively. The maximum maturity dates are in 2027 at June September 30, 2026, December 31, 2025, and June September 30, 2025.

(b) The notional amounts of the fair value hedges of foreign exchange risk were $ 400 million at June September 30, 2026, and December 31, 2025 and $ 816 million at June September 30, 2025. The maximum maturity dates are in 2030 at June September 30, 2026, December 31, 2025 and June September 30, 2025.

(c) The notional amounts of the net investment hedges were 1,176 million at June September 30, 2026, and December 31, 2025 and 844 million at June September 30, 2025. The maximum maturity dates are in 2028 at June September 30, 2026, December 31 2025, and at June September 30, 2025.

(d) The notional amounts of the foreign exchange derivative contracts were $ 294 304 million, $ 526 million and $ 506 544 million at June September 30, 2026, December 31, 2025 and June September 30, 2025, respectively. The maximum maturity dates are in 2026 at June September 30, 2026 and December 31, 2025 and 2025 at June September 30, 2025.

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Three months ended June September 30,

Three months ended June September 30,

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Six months ended June 30,

Six months ended June 30,

Nine months ended September 30,

Nine months ended September 30,

6 unchanged paragraphs

Six months ended June 30,

Three months ended June September 30,

Nine months ended September 30,

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Note 7: Restructuring Accruals 13 changes

Selected information related to the restructuring accruals for the three months ended June September 30, 2026 and 2025 is as follows:

Balance at April July 1, 2026

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Balance at June September 30, 2026

Balance at April July 1, 2025

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Balance at June September 30, 2025

Selected information related to the restructuring accruals for the six nine months ended June September 30, 2026 and 2025 is as follows:

4 unchanged paragraphs

Balance at June September 30, 2026

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Balance at June September 30, 2025

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As of June September 30, 2026, the Company s only major restructuring program was the Fit to Win initiative, which is expected to reduce redundant production capacity and begin to optimize the network, as well as streamline other cost areas, such as selling, general and administrative expenses. Details regarding charges, payments and other changes to the Fit to Win restructuring accruals are presented in the tables above. The Fit to Win initiative is expected to last at least through 2026, but and management does not yet have an estimate for the total restructuring charges to be incurred with this program.

For the three and nine months ended September 30, 2026, the Company recorded restructuring, asset impairment and other charges of approximately $ 5 million and $ 60 million, respectively, to Other expense, net in the Condensed Consolidated Results of Operations, all of which related to the Fit to Win program. For the three months ended

For the three and six months ended June 30, 2026, the Company recorded restructuring, asset impairment and other charges of approximately $ 17 million and $ 55 million, respectively, to Other expense, net in the Condensed Consolidated Results of Operations, all of which related to the Fit to Win program. For the three months ended June September 30, 2026, these charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($ 4 1 million), and in the Europe segment ($ 13 4 million). For the six nine months ended June September 30, 2026, these charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($ 7 8 million), Europe segment ($ 44 48 million) and Retained corporate costs and other ($ 4 million). As of June September 30, 2026, the Company has incurred cumulative charges of approximately $ 700 705 million related to the Fit to Win program. Additional restructuring charges are expected in future quarters when management completes its assessment to reduce redundant production capacity and streamline costs. The Company expects that the majority of the remaining cash expenditures related to the accrued employee and other exit costs will be paid out over the next several years.

For the three and six nine months ended June September 30, 2025, the Company recorded restructuring, asset impairment and other related charges of approximately $ 113 60 million and $ 255 million (which included $ 104 117 million related to its decision to halt the MAGMA program), and $ 195 million, respectively, to Other expense, net in the Condensed Consolidated Results of Operations, of which all related to the Fit to Win program. For the three months ended June September 30, 2025, these charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($ 50 59 million) and Europe segment ($ 3 million) and Retained corporate costs and other ($ 60 1 million). For the six nine months ended June September 30, 2025, these charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($ 56 115 million), Europe segment ($ 55 56 million) and Retained corporate costs and other ($ 84 million). As of June September 30, 2025, the Company had incurred cumulative charges of approximately $ 396 456 million related to the Fit to Win program.

The Company s decisions to curtail selected production capacity have resulted in write-downs of certain long-lived assets to the extent their carrying value exceeded fair value or fair value less cost to sell. The Company classified the significant assumptions used to determine the fair value of the impaired assets in the period that the measurement was taken as Level 3 (third-party appraisals, where applicable) in the fair value hierarchy as set forth in the general accounting principles for fair value measurements. For the asset impairments recorded during the three and six nine months ended June September 30, 2026, the remaining carrying value of the impaired assets was approximately $ 0 .

Note 8: Pension Benefit Plans 8 changes

The components of the net periodic pension cost for the three months ended June September 30, 2026 and 2025 are as follows:

Three months ended June September 30,

Three months ended June September 30,

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Six months ended June 30,

Six months ended June 30,

The components of the net periodic pension cost for the six nine months ended June September 30, 2026 and 2025 are as follows:

Nine months ended September 30,

Nine months ended September 30,

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Note 9: Income Taxes 2 changes

The Company calculates its interim tax provision using the estimated annual effective tax rate ( EAETR ) methodology in accordance with ASC 740-270. The EAETR is applied to the year-to-date ordinary income, exclusive of discrete items. The tax effects of discrete items are then included to arrive at the total reported interim tax provision. The determination of the EAETR is based upon a number of estimates, including the estimated annual pretax ordinary income or loss in each tax jurisdiction in which the Company operates. The tax effects of discrete items are recognized in the tax provision in the quarter they occur, in accordance with U.S. GAAP. Depending on various factors, such as the item s significance in relation to total income and the rate of tax applicable in the jurisdiction to which it relates, discrete items in any quarter can materially impact the reported effective tax rate. The Company s annual effective tax rate may be affected by the mix of earnings in the U.S. and foreign jurisdictions, and factors such as changes in tax laws, tax rates or regulations, changes in business, changing interpretation of existing tax laws or regulations and the finalization of tax audits and reviews, as well as other factors. As such, there can be significant volatility in interim tax provisions. The annual effective tax rate differs from the statutory U.S. federal tax rate of 21 %, primarily because of varying non-U.S. tax rates, the impact of the U.S. valuation allowance, non-deductible goodwill impairment charges and the establishment of a valuation allowance against net deferred tax assets in various European jurisdictions. The Company continues to evaluate the realizability of deferred tax assets each reporting period.

The Company is currently under income tax examination in various tax jurisdictions in which it operates, including Brazil, Canada, Colombia, Italy, Peru, and Poland and Spain. The years under examination range from 2004 through 2024. 2025. The Company has received tax assessments in excess of established reserves. The Company is contesting these tax assessments, and will continue to do so, including pursuing all available remedies, such as appeals and litigation, if necessary. The Company believes that adequate provisions for all income tax uncertainties have been made. However, if tax assessments are settled against the Company at amounts in excess of established reserves, it could have a material impact on the Company s consolidated results of operations, financial position or cash flows. Due to uncertainties regarding the ultimate resolution of income tax examinations, the Company is not able to reasonably estimate any tax assessments that may be settled at amounts in excess of established reserves in future periods, or the future periods in which any income tax payments to settle these provisions for income tax uncertainties may be made.

Note 10: Debt 7 changes

The following table summarizes the long-term debt of the Company at June September 30, 2026, December 31, 2025, and June September 30, 2025:

2 unchanged paragraphs

Previous Secured Credit Agreement:

Revolving Credit Facility:

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At June September 30, 2026, the Credit Agreement includes a $ 1.25 billion multicurrency revolving credit facility, the U.S. dollar equivalent of $ 800 million in term loan A facilities ($ 790 789 million outstanding balance at June September 30, 2026, net of debt issuance costs ) and $ 650 million in term loan B facilities ($ 640 639 million outstanding balance at June September 30, 2026, net of debt issuance costs). At June September 30, 2026, the Company s subsidiaries that are party to the Credit Agreement had unused credit of $ 1.11 1.15 billion available under the revolving credit facilities as part of the Credit Agreement. The weighted average interest rate on borrowings outstanding under the Credit Agreement at June September 30, 2026 was 5.50 5.77 % .

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Failure to comply with these covenants and restrictions could result in an event of default under the Credit Agreement. In such an event, the applicable borrowers under the Credit Agreement would not be able to request borrowings under the revolving credit facility, and all amounts outstanding under the Credit Agreement, together with accrued interest, could then be declared immediately due and payable. Upon the occurrence and for the duration of a payment event of default, an additional default interest rate equal to 2.0 % per annum will apply to all overdue obligations under the Credit Agreement. If an event of default occurs under the Credit Agreement and the lenders cause all of the outstanding debt obligations under the Credit Agreement to become due and payable, this could result in a default under a number of other outstanding debt securities and could lead to an acceleration of obligations related to these debt securities. As of June September 30, 2026, the Company was in compliance with all covenants and restrictions in the Credit Agreement. In addition, the Company believes that it will remain in compliance for the term of the Credit Agreement and that its ability to borrow additional funds under the Credit Agreement will not be adversely affected by the covenants and restrictions.

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In May 2026, the Company redeemed $ 612 million aggregate principal amount of the outstanding 6.625 % Senior Notes due 2027. The redemption was funded in part with the proceeds from the May 2026 senior notes issuances issuance described above. The Company recorded approximately $ 1 million of additional interest charges related to this senior note redemption for the write-off of unamortized finance fees.

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The carrying amounts reported for certain long-term debt obligations subject to frequently redetermined interest rates approximate fair value. Fair values for the Company s significant fixed rate debt obligations are based on published market quotations and are classified as Level 1 in the fair value hierarchy. Fair values at June September 30, 2026 of the Company s significant fixed rate debt obligations are as follows:

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Note 11: Contingencies 4 changes

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The Company has recorded aggregate accruals of approximately $ 20 million, $ 21 million and $ 38 21 million (undiscounted) as of June September 30, 2026, December 31, 2025 and June September 30, 2025, respectively, for estimated future remediation and monitoring costs at these sites. Although the Company believes its accruals are adequate to cover its portion of future remediation and monitoring costs, there can be no assurance that the ultimate payments will not exceed the amount of the Company s accruals and will not have a material effect on its results of operations, financial position and cash flows.

1 unchanged paragraph

The Company is being investigated by authorities in France for alleged anti-competitive conduct in that country. To date, the French authorities have not officially charged O-I the Company s business in that country with any violations of competition law. With regard to the above, the Company is committed to compliance with laws in the jurisdictions it operates and maintains policies and procedures regarding competition law. If the authorities in France find that the Company or any of its subsidiaries or joint ventures violated competition law, they could levy fines, which amounts could be material. At this stage, the Company is unable to predict the ultimate outcome of the investigations, and any potential loss cannot be estimated.

Other litigation is pending against the Company, in some cases involving ordinary and routine claims incidental to the business of the Company and in others presenting allegations that are non-routine and involve compensatory, punitive or treble damage claims as well as other types of relief. The Company records a liability for such matters when it is both probable that the liability has been incurred and the amount of the liability can be reasonably estimated. Recorded amounts are reviewed and adjusted to reflect changes in the factors upon which the estimates are based, including additional information, negotiations, settlements and other events.

Recorded amounts are reviewed and adjusted to reflect changes in the factors upon which the estimates are based, including additional information, negotiations, settlements and other events.

Note 12: Share Owners Equity 24 changes

The activity in share owners equity for the three months ended June September 30, 2026 and 2025 is as follows:

1 unchanged paragraph

Distributions to non-controlling interests

Earnings/(Accumulated

Balance on April July 1, 2026

Reissuance of common stock ( 0.2 0.3 million shares)

Stock compensation ( 0.0 million shares)

Other comprehensive income (loss)

Balance on June September 30, 2026

1 unchanged paragraph

Balance on April July 1, 2025

Reissuance of common stock ( 0.2 0.1 million shares)

Shares repurchased ( 0.9 0.6 million shares)

Stock compensation ( 0.1 0.0 million shares)

2 unchanged paragraphs

Balance on June September 30, 2025

The activity in share owners equity for the six nine months ended June September 30, 2026 and 2025 is as follows:

1 unchanged paragraph

Earnings/(Accumulated

1 unchanged paragraph

Reissuance of common stock ( 0.4 0.7 million shares)

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Balance on June September 30, 2026

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Shares repurchased ( 0.6 million shares)

Stock compensation ( 0.9 million shares)

Reissuance of common stock ( 0.4 0.5 million shares)

Shares repurchased ( 2.5 million shares)

Stock compensation ( 1.4 million shares)

2 unchanged paragraphs

Balance on June September 30, 2025

The Company s Board of Directors has authorized a $ 100 million anti-dilutive share repurchase program, which is intended to offset stock-based compensation provided to the Company s directors, officers, and employees. During the three months ended June September 30, 2026, no shares of the Company s common stock were repurchased. Approximately $ 30 million remained available for purchases under this program as of June September 30, 2026.

3 unchanged paragraphs

Note 13: Accumulated Other Comprehensive Loss 11 changes

The activity in accumulated other comprehensive loss for the three months ended June September 30, 2026 and 2025 is as follows:

Balance on April July 1, 2026

2 unchanged paragraphs

Other comprehensive income (loss) attributable to the Company ( 13 66 )

Balance on June September 30, 2026

Balance on April July 1, 2025

2 unchanged paragraphs

Other comprehensive income (loss) attributable to the Company ( 77 1 )

Balance on June September 30, 2025

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The activity in accumulated other comprehensive loss for the six nine months ended June September 30, 2026 and 2025 is as follows:

4 unchanged paragraphs

Balance on June September 30, 2026

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Other comprehensive income (loss) attributable to the Company ( 105 106 )

Balance on June September 30, 2025

2 unchanged paragraphs

Note 14: Other Expense, Net 5 changes

Six months ended June 30,

Other expense, net for the three and six nine months ended June September 30, 2026 and 2025 included the following:

Three months ended June September 30,

Nine months ended September 30,

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In the first six nine months of 2026, the Company recorded pre-tax losses of approximately $ 44 34 million, primarily related to the sale of its share of a joint venture in the former Asia Pacific region. In the first six nine months of 2025, the Company recorded pre-tax gains of approximately $ 6 7 million on the sale of land and buildings of a previously closed plant plants in the Americas and Europe.

Note 15: Earnings (Loss) Per Share 17 changes

The following table sets forth the computation of basic and diluted loss per share for the three months ended June September 30, 2026 and 2025:

Three months ended June September 30,

Net earnings (loss) attributable to the Company

5 unchanged paragraphs

Six months ended June 30,

Basic earnings (loss) per share:

Net earnings (loss) attributable to the Company

Diluted earnings (loss) per share:

Net earnings (loss) attributable to the Company

The diluted loss per share computation for the three months ended June September 30, 2026 and 2025 excludes 1,721,046 1,594,147 and 371,732 4,431 weighted average shares of common stock, respectively, due to their antidilutive effect, which includes unvested restricted stock units and performance vested restricted share units. For the three months ended June September 30, 2026, and 2025, diluted loss per share of common stock was equal to basic loss per share of common stock due to the net loss attributable to the Company.

The following table sets forth the computation of basic and diluted loss per share for the six nine months ended June September 30, 2026 and 2025:

Nine months ended September 30,

Net earnings (loss) attributable to the Company

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Basic earnings (loss) per share:

Net earnings (loss) attributable to the Company

Diluted earnings (loss) per share:

Net earnings (loss) attributable to the Company

The diluted loss per share computation for the six nine months ended June September 30, 2026 and 2025 excludes 1,121,653 1,279,151 and 537,764 359,986 weighted average shares of common stock, respectively, due to their antidilutive effect, which includes unvested restricted stock units and performance vested restricted share units. For the six nine months ended June September 30, 2026, and 2025, diluted loss per share of common stock was equal to basic loss per share of common stock due to the net loss attributable to the Company.

Note 16: Supplemental Cash Flow Information 8 changes

1 unchanged paragraph

Six months ended June 30,

Nine months ended September 30,

1 unchanged paragraph

Interest paid in cash for the six nine months ended June September 30, 2026 and 2025 was $ 173 212 million and $ 178 218 million, respectively.

The Company uses various factoring programs to sell certain trade receivables to financial institutions as part of managing its cash flows. Sales of trade receivables are accounted for in accordance with ASC Topic 860, Transfers and Servicing. Trade receivables sold under the factoring programs are transferred without recourse to the Company and accounted for as true sales and, therefore, are excluded from Trade receivables, net in the Condensed Consolidated Balance Sheets. At June September 30, 2026, December 31, 2025 and June September 30, 2025, the total amount of trade receivables sold by the Company was $ 496 457 million, $ 531 million, and $ 544 452 million, respectively. These amounts included $ 192 186 million, $ 159 million and $ 201 204 million at June September 30, 2026, December 31, 2025, and June September 30, 2025, respectively, for trade receivable amounts factored under supply-chain financing programs linked to commercial arrangements with key customers. The Company is the master servicer for the factoring programs that are not associated with key customers and is responsible for administering and collecting receivables.

The Company s use of its accounts receivable factoring programs resulted in an increase to cash utilized in by operating activities of approximately $ 35 74 million and a decrease of $ 9 83 million for the six nine months ended June September 30, 2026 and June 30, 2025, respectively. For the six nine months ended June September 30, 2026 and 2025, the Company recorded expenses related to these factoring programs of approximately $ 8 12 million and $ 9 13 million, respectively.

2 unchanged paragraphs

Six months ended June 30,

Three months ended June September 30,

Nine months ended September 30,

4 unchanged paragraphs

MD&A 76 changes

1 unchanged paragraph

Financial information for the three and six nine months ended June September 30, 2026 and 2025 regarding the Company s reportable segments is as follows (dollars in millions):

1 unchanged paragraph

Net earnings (loss) attributable to the Company

12 unchanged paragraphs

Net interest expense in the second quarter of 2026 increased $1 million compared to the second quarter of 2025.

Executive Overview Quarters ended June September 30, 2026 and 2025

Net sales in the second third quarter of 2026 decreased $38 $30 million, or approximately 2%, compared to the same period in the prior year, primarily due to the impact from lower sales volumes, partially offset by slightly higher volume, lower average selling prices and a divestiture of a plant, partially offset by favorable foreign currency translation.

Loss Earnings before income taxes changed decreased by $834 $24 million in the second third quarter of 2026 compared to earnings before income taxes in the same quarter in 2025. This change was primarily due to a goodwill impairment and lower segment operating profit in Europe, partially offset by lower restructuring charges.

Segment operating profit of reportable segments in the second third quarter of 2026 was $54 $96 million lower compared to the same period in the prior year, primarily due to lower net prices (net of cost inflation) and lower sales volumes, partially offset by lower operating costs and the favorable impact of foreign currency translation. Operating costs were favorably impacted by benefits from the Company s Fit to Win initiative, partially offset by furnace events and operational disruptions following recent plant restructuring actions lower production volumes, lower joint-venture performance, higher freight and other costs and the nonoccurrence of several adjustments recorded in the third quarter of 2025.

Net interest expense in the third quarter of 2026 decreased $5 million compared to the third quarter of 2025, primarily due to the non-recurrence of prior period write-offs of deferred finance fees and related charges due to refinancing activity.

The effective tax rate for the third quarter of 2026 differed from the third quarter of 2025 due to a change in the mix of geographic earnings in the third quarter of 2026 and a benefit from adjustments to deferred income taxes in the third quarter of 2025 as a result of an agreement with Tax Authorities in Europe.

In the second third quarter of 2026, the Company recorded a net loss attributable to the Company of $972 $13 million, or $6.33 $0.08 per share, compared to a net loss earnings attributable to the Company of $5 $30 million, or $0.03 $0.19 per share, in the second third quarter of 2025. As discussed below, net loss or net earnings attributable to the Company in 2026 and 2025, respectively, included items that management considers not representative of ongoing operations and other adjustments. These items increased decreased net loss attributable to the Company by $986 $2 million, or $6.42 $0.01 per share, in the second third quarter of 2026 and increased decreased net loss earnings attributable to the Company by $86 $45 million, or $0.56 $0.29 per share, in the second third quarter of 2025.

Results of Operations Second Third Quarter of 2026 Compared with Second Third Quarter of 2025

The Company s net sales in the second third quarter of 2026 were $1,668 $1,623 million compared with $1,706 $1,653 million in the second third quarter of 2025, a decrease of $38 $30 million, or approximately 2%. Glass container shipments, in tons, were down approximately 5% 3% in the second third quarter of 2026 (down approximately 4.5% 2% excluding the impact of a divestiture), which decreased net sales by approximately $84 $48 million compared to the same period in the prior year. Average selling prices slightly increased, which increased net Sales by $4 million in the second quarter of 2026. The Company believes that several factors contributed to lower volumes in the second quarter of 2026, including softer demand challenging prior year comparisons, was sluggish and constrained sales opportunities resulting from several furnace events uneven across markets and operational disruptions following recent plant restructuring actions. Demand categories, yet shipment trends have improved sequentially through the second in each quarter with June in 2026. sales volumes being flat with June 2025. Shipments to food and non-alcoholic beverage glass container sales continue customers continues to perform better than beer, wine and spirits outperform shipments to alcohol customers. Average selling prices modestly declined, which decreased net sales by $11 million in the third quarter of 2026. Favorable foreign currency exchange rates increased net sales by $49 $35 million in the second third quarter of 2026 compared to the same period in the prior year. Other sales were approximately $7 $6 million lower in the second third quarter of 2026 than in the same quarter in the prior year, driven by the divestiture of a plant in the fourth quarter of 2025 in the former Asia Pacific region.

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Americas: Net sales in the Americas in the second third quarter of 2026 were $949 $970 million compared to $943 $940 million in the second third quarter of 2025, an increase of $6 $30 million, or less more than 1%. Higher 3%. Selling prices increased approximately 1.6% in the region, which increased net sales by $36 $15 million in the second third quarter of 2026. Glass container shipments were approximately 7% 1.3% lower in the second third quarter of 2026, which decreased net sales by approximately $74 $27 million, due to challenging prior year comparisons, softer demand, exiting some unprofitable business with sluggish market conditions, disruptions from the earthquake in the Andean region and the impact onset of a furnace event, the U.S.-Canada trade dispute impacting the quarter. Strong shipment growth in Latin America largely offset headwinds in North America, which constrained sales opportunities. was concentrated in the wine and spirits categories. The favorable effects of foreign currency exchange rate changes increased net sales by $44 $42 million in the second third quarter of 2026 compared to the same period in 2025, as the Brazilian Real, Colombian Peso and Mexican Peso strengthened compared to the U.S. dollar.

Europe: Net sales in Europe in the second third quarter of 2026 were $704 $634 million compared to $741 $688 million in the second third quarter of 2025, a decrease of $37 $54 million, or approximately 5%. Lower average 8%. Selling prices were approximately 3.8% lower in Europe, which decreased net sales by $32 $26 million in the second third quarter of 2026. Glass container shipments decreased by approximately 2% 3.7% in the second third quarter of 2026, which decreased net sales by approximately $10 $21 million. The Company believes that lower net sales Shipments increased in the second quarter of 2026 were due United Kingdom and remained stable in Northern Europe, while Southern Europe remained under pressure, particularly in wine a category that continues to operational disruptions following recent plant restructuring actions, which limited sales opportunities. Favorable suffer declining consumer and export volumes. Unfavorable effects of foreign currency exchange rate changes increased decreased net sales by $5 $7 million in the second third quarter of 2026 compared to the same period in the prior year, as the Euro slightly strengthened weakened compared to the U.S. dollar.

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Loss Earnings before income taxes was $827 $34 million in the second third quarter of 2026 compared to earnings before income taxes of $7 $58 million in the second third quarter of 2025, a change decrease of $834 $24 million, or 41%. This change decrease was primarily due to a goodwill impairment and lower segment operating profit in Europe, partially offset by lower restructuring charges.

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Segment operating profit of reportable segments in the second third quarter of 2026 was $171 $139 million, compared to $225 $235 million in the second third quarter of 2025, a decrease of $54 $96 million, or 24%. 41%. This decrease was primarily due to lower net prices (net of cost inflation) and lower sales volumes. Operating costs were lower and favorably impacted by approximately $53 $45 million of benefits from the Company s Fit to Win initiative (consistent with management s ( below the Company's prior expectations, reflecting the slower pace of recovery in Europe), partially offset by approximately $34 $37 million related to temporary lower production curtailments, furnace events and operational disruptions following recent plant restructuring actions volumes, lower joint-venture performance, higher freight and other costs and the nonoccurrence of several adjustments recorded in the third quarter of 2025 . Favorable foreign currency exchange rates increased segment operating profit by $9 $7 million in the second third quarter of 2026 compared to the same quarter in the prior year.

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Americas: Segment operating profit in the Americas was $165 $137 million in the second third quarter of 2026, compared to $135 $140 million in the second third quarter of 2025, an increase a decrease of $30 $3 million, or approximately 22%. Higher selling prices exceeded 2%. Higher cost inflation, especially energy costs, exceeded higher selling prices and resulted in a $21 $6 million increase decrease to segment operating profit in the second third quarter of 2026. The impact of lower shipments discussed above decreased segment operating profit by $17 $10 million in the second third quarter of 2026 compared to the same quarter in 2025. The effects of foreign currency exchange rates increased segment operating profit by $10 million in the second third quarter of 2026.

In addition, operating costs in the second third quarter of 2026 were $16 $3 million lower than in the same period in the prior year, primarily due to approximately $19 $18 million in savings from the Company s Fit to Win initiative, partially offset by $3 $15 million from costs related to a furnace event lower joint-venture performance, higher freight and other items. costs, as well as the nonoccurrence of $6 million of insurance claims recorded in the third quarter of 2025.

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Europe: Segment operating profit in Europe was $6 $2 million in the second third quarter of 2026 compared to $90 $95 million in the second third quarter of 2025, a decrease of $84 $93 million, or approximately 93%. 98%. Lower net selling prices (net of cost inflation) decreased segment operating profit by $85 $91 million in the second third quarter of 2026 compared to the same quarter in 2025 due to elevated competitive pressures and a step-up in elevated energy and freight costs. following The expiration of favorable region s energy contracts at the end of 2025 and higher freight costs stemming from were approximately $15 million above the Middle East conflicts. Company s expectations entering the quarter. The impact of lower shipments discussed above decreased segment operating profit by approximately $1 $4 million.

Partially offsetting this was the benefit of $3 $5 million of lower operating costs in the second third quarter of 2026 compared to the same quarter in 2025. Lower operating costs were driven by approximately $34 $27 million of benefits from the Fit to Win initiative and approximately $11 million in one-time benefits, primarily related to a business tax resolution. These benefits were partially offset by approximately $31 $33 million related to from higher operating costs associated with recent plant restructuring actions, two furnace events related to lower production volumes, lower joint-venture performance, the nonoccurrence of a $13 million favorable adjustment to the segment s carbon emissions accrued liabilities in the third quarter of 2025 and other higher costs. The effects of foreign currency exchange rates decreased segment operating profit by $1 $3 million in the second third quarter of 2026.

Europe s year-to-date segment operating profit is down significantly in 2026. Commercial pressures and elevated energy and freight costs have weighed on results, with internal supply-chain challenges compounding these headwinds. The Company has established a detailed recovery plan focused on improving commercial performance, managing energy costs, as well as driving plant and supply-chain efficiencies. These actions are expected to help improve future earnings and cash flow in 2027.

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Net interest expense in the second third quarter of 2026 was $86 million compared to $85 $91 million in the second third quarter of 2025, primarily due to the non-recurrence of prior period write-offs of deferred finance fees and related charges due to refinancing activity.

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The Company s effective tax rate from operations for the second third quarter of 2026 was (17%) 115% compared to 86% 36% for the second third quarter of 2025. The effective tax rate for the second third quarter of 2026 differed from the second third quarter of 2025 due to non-deductible goodwill impairment charges, the additional $96 million change in European valuation allowance on deferred tax assets and a change in the mix of geographic earnings in the second third quarter of 2026 and a benefit from adjustments to deferred income taxes in the third quarter of 2025 as a result of an agreement with Tax Authorities in Europe.

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For the second third quarter of 2026, the Company recorded a net loss attributable to the Company of $972 $13 million, or $6.33 $0.08 per share, compared to a net loss earnings attributable to the Company of $5 $30 million, or $0.03 $0.19 per share, in the second third quarter of 2025. Net loss attributable to the Company in the second third quarter of 2026 and 2025 included items that management considers not representative of ongoing operations and other adjustments as set forth in the following table (dollars in millions).

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Change in European valuation allowance on deferred tax assets (96)

European investment tax incentive

Charges for note repurchase premiums and write-off of deferred finance fees and related charges (1) (7)

Deferred tax benefits

Net (expense) benefit for income tax on items above

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Executive Overview Six Nine months ended June September 30, 2026 and 2025

Net sales for the first six nine months of 2026 decreased $66 $96 million, or approximately 2%, compared to the same period in the prior year, primarily due to the impact from lower sales volumes and lower average selling prices and a divestiture of a plant, partially offset by favorable foreign currency translation.

Loss before income taxes changed by $906 $929 million in the first six nine months of 2026 compared to earnings before income taxes in the same period in 2025. This change was primarily due to a goodwill impairment and lower segment operating profit in Europe, partially offset by lower restructuring charges in the first nine months of 2026.

Segment operating profit of reportable segments in the first half nine months of 2026 was $121 $218 million lower compared to the same period in the prior year, primarily due to lower net prices (net of cost inflation) and lower sales volumes, partially offset by lower operating costs and the favorable impact of foreign currency translation. Operating costs were favorably impacted by benefits from the Company s Fit to Win initiative, partially offset by temporary production curtailments, and furnace f urnace events, and operational disruptions following recent plant restructuring actions, and other costs and the non-occurrence of certain one-time benefits in the same period in the prior year.

Net interest expense in the first six nine months of 2026 decreased $1 $6 million compared to the same period in 2025, primarily due to lower write-offs of deferred finance fees and related charges due to refinancing activity.

The effective tax rate for the first nine months of 2026 differed from the first nine months of 2025 due to non-deductible goodwill impairment charges, the additional $96 million change in European valuation allowance on deferred tax assets in the first nine months of 2026, benefits from adjustments to deferred income taxes as a result of an agreement with Tax Authorities in Europe and a European Investment incentive in the first nine months of 2025, and a change in the mix of geographic earnings.

For the first six nine months of 2026, the Company recorded a net loss attributable to the Company of $1,046 $1,058 million, or $6.83 $6.90 per share, compared to a net loss earnings attributable to the Company of $20 $9 million, or $0.13 $0.06 per share (diluted), in the first six nine months of 2025. As discussed below, net loss attributable to the Company in 2026 and 2025 included items that management considers not representative of ongoing operations and other adjustments. These items increased net loss attributable to the Company by $1,067 $1,066 million, or $6.97 $6.95 per share, in the first half nine months of 2026 and increased decreased net loss earnings attributable to the Company by $165 $209 million, or $1.06 $1.35 per share, in the first half nine months of 2025.

Results of Operations First Six Nine Months of 2026 Compared with First Six Nine Months of 2025

The Company s net sales in the first half nine months of 2026 were $3,207 $4,830 million compared with $3,273 $4,926 million in the first half nine months of 2025, a decrease of $66 $96 million, or approximately 2%. Average selling prices declined, which decreased net sales by $9 $20 million in the first six nine months of 2026. Glass container shipments, in tons, were down approximately 7% 6% in the first half nine months of 2026 (down approximately 6% 5% excluding the impact of a divestiture), which decreased net sales by approximately $215 $263 million compared to the same period in the prior year. The Company believes that several factors contributed to lower volumes in the first half nine months of 2026, including softer demand in the beer, wine and spirits categories, tougher comparisons as the first half nine months of 2025 likely benefitted from higher demand ahead of new U.S. tariffs, competitive pressures, primarily in Europe, and constrained sales opportunities resulting from several furnace events and operational disruptions following recent plant restructuring actions. Food and non-alcoholic beverage glass container sales continue to perform better than beer, wine and spirits sales. Favorable foreign currency exchange rates increased net sales by $179 $215 million in the first half nine months of 2026 compared to the same period in the prior year. Other sales were approximately $21 $28 million lower in the first six nine months of 2026 than in the same period in the prior year, driven by the divestiture of a plant in the fourth quarter of 2025 in the former Asia Pacific region.

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Americas: Net sales in the Americas in the first six nine months of 2026 were $1,819 $2,790 million compared to $1,816 $2,756 million in the first six nine months of 2025, an increase of $3 $34 million, or less than approximately 1%. Higher selling prices in the region increased net sales by $59 $74 million in the first half nine months of 2026. Glass container shipments were approximately 8% 6% lower in the first six nine months of 2026, which decreased net sales by approximately $156 $183 million, due to challenging prior year comparisons, soft demand in the beer and wine categories, ongoing customer inventory adjustments in spirits and a furnace event that constrained sales opportunities. Sales trends were more stable in the food and non-alcoholic beverage categories. Sales volumes in the first half nine months of 2026 throughout the segment were down in North America and Mexico and up in South America compared to the same period in 2025. The favorable effects of foreign currency exchange rate changes increased net sales by $100 $143 million in the first six nine months of 2026 compared to the same period in 2025, as the Brazilian Real, Colombian Peso and Mexican Peso strengthened compared to the U.S. dollar.

Europe: Net sales in Europe in the first nine months of 2026 were $1,993 million compared to $2,095 million in the first nine months of 2025, a decrease of $102 million, or approximately 5%. Lower average selling prices in Europe decreased net sales by $94 million in the first nine months of 2026. Glass container shipments decreased by approximately 4% in the first nine months of 2026, which decreased net sales by approximately $80 million. The

Europe: Net sales in Europe in the first six months of 2026 were $1,359 million compared to $1,407 million in the first six months of 2025, a decrease of $48 million, or approximately 3%. Lower average selling prices in Europe decreased net sales by $68 million in the first half of 2026. Glass container shipments decreased by approximately 4% in the first half of 2026, which decreased net sales by approximately $59 million. The Company believes that net sales in the first six nine months of 2026 were adversely impacted by competitive price pressure in select markets, tougher comparisons, as the first half nine months of 2025 likely benefitted from higher demand ahead of new U.S. tariffs, and operational disruptions in the first half of 2026 following recent plant restructuring actions that constrained sales opportunities. Lower shipments were most pronounced to wine customers across Southern Europe. Favorable effects of foreign currency exchange rate changes increased net sales by $79 $72 million in the first half nine months of 2026 compared to the same period in the prior year, as the Euro strengthened compared to the U.S. dollar.

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Loss before income taxes was $880 $846 million in the first six nine months of 2026 compared to earnings before income taxes of $26 $83 million in the first six nine months of 2025, a change of $906 $929 million. This change was primarily due to a goodwill impairment and lower segment operating profit in Europe, partially offset by lower restructuring charges.

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Segment operating profit of reportable segments in the first half nine months of 2026 was $313 $451 million, compared to $434 $669 million in the first half nine months of 2025, a decrease of $121 $218 million, or 28%. 33%. This decrease was primarily due to lower net prices (net of cost inflation) and lower sales volumes. Operating costs were lower and favorably impacted by approximately $91 $136 million ($106 million net of disruptions) of benefits from the Company s Fit to Win initiative (consistent with management s ( below the Company's expectations, reflecting the slower pace of recovery in Europe), partially offset by approximately $71 $108 million related to temporary production curtailments , and lower production volumes, furnace events and operational disruptions following recent plant restructuring actions, and other costs and the non-occurrence of certain one-time benefits in the same period in the prior year . Favorable foreign currency exchange rates increased segment operating profit by $22 $28 million in the first half nine months of 2026 compared to the same period in the prior year.

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Americas: Segment operating profit in the Americas was $307 $444 million in the first six nine months of 2026, compared to $276 $416 million in the first six nine months of 2025, an increase of $31 $28 million, or approximately 11%. 7%. Higher selling prices exceeded higher cost inflation and resulted in a $32 $26 million increase to segment operating profit in the first half nine months of 2026. The impact of lower shipments discussed above, partially offset by an improved mix, decreased segment operating profit by $25 $35 million in the first half nine months of 2026 compared to the same period in 2025. The effects of foreign currency exchange rates increased segment operating profit by $17 $27 million in the first six nine months of 2026.

In addition, operating costs in the first half nine months of 2026 were $7 $10 million lower than in the same period in the prior year, primarily due to approximately $37 $55 million in savings from the Company s Fit to Win initiative. These benefits were partially offset by approximately $30 $45 million from temporary production curtailments to balance supply and demand, several external disruptions, including extreme weather in North America, civil unrest in Mexico and a natural gas pipeline outage in Peru, costs incurred related to a furnace event and the nonoccurrence of a $7 million insurance settlement settlements recorded in the first half nine months of 2025.

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Europe: Segment operating profit in Europe was $6 $7 million in the first six nine months of 2026 compared to $158 $253 million in the first six nine months of 2025, a decrease of $152 $246 million, or approximately 96%. 97%. Lower net selling prices (net of cost inflation) decreased segment operating profit by $161 $252 million in the first half nine months of 2026 compared to the same period in 2025 due to a higher energy costs, including the step-up in energy costs following the expiration of favorable energy contracts at the end of 2025, and elevated competitive pressures. The impact of lower shipments discussed above decreased segment operating profit by approximately $9 $13 million.

Partially offsetting this was the benefit of $13 $18 million of lower operating costs in the first half nine months of 2026 compared to the same period in 2025, driven by approximately $54 $81 million of benefits from the Fit to Win initiative. These benefits were partially offset by approximately $41 $63 million related to operational disruptions following recent plant restructuring actions, two furnace events, lower production volumes and temporary production curtailments to balance supply and demand and other higher costs. The effects of foreign currency exchange rates increased segment operating profit by $5 $1 million in the first six nine months of 2026.

Europe s year-to-date segment operating profit is down significantly in 2026. Commercial pressures and elevated energy and freight costs have weighed on results, with internal supply-chain challenges compounding these headwinds. The Company has established a detailed recovery plan focused on improving commercial performance, managing energy costs, as well as driving plant and supply-chain efficiencies. These actions are expected to help improve future earnings and cash flow in 2027.

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Net interest expense in the first six nine months of 2026 was $165 $251 million compared to $166 $257 million in the first six nine months of 2025, primarily due to lower write-offs of deferred finance fees and related charges due to refinancing activity.

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The Company s effective tax rate from operations for the six nine months ended June September 30, 2026 was (18%) (23%) compared to 139% 69% for the six nine months ended June September 30, 2025. The effective tax rate for the first half nine months of 2026 differed from the first half nine months of 2025 due to non-deductible goodwill impairment charges, the additional $96 million change in European valuation allowance on deferred tax assets in the first nine months of 2026, benefits from adjustments to deferred income taxes as a result of an agreement with Tax Authorities in Europe and a European Investment incentive in the first nine months of 2025, and a change in the mix of geographic earnings. in the second quarter of 2026.

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For the first six nine months of 2026, the Company recorded a net loss attributable to the Company of $1,046 $1,058 million, or $6.83 $6.90 per share, compared to a net loss earnings attributable to the Company of $20 $9 million, or $0.13 $0.06 per share (diluted), in the first six nine months of 2025. Net loss attributable to the Company in the first half nine months of 2026 and 2025 included items that management considers not representative of ongoing operations and other adjustments as set forth in the following table (dollars in millions).

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Deferred tax benefits

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Globally, shipments declined approximately 5% year-over-year in the second quarter of 2026, with June 2026 volumes flat versus the prior year June. Demand remains below management s original expectations. The pace of recovery has been difficult to predict against a backdrop of sluggish consumer demand and customer destocking in certain markets. Looking ahead, the Company expects growth in the second half of 2026, supported by easier comparisons and new business wins. At the same time, management expects a more gradual pace of recovery as the Company attempts to improve its operating performance.

Net prices (net of cost inflation) are expected to be unfavorable in 2026 and assumes approximately $150 million of higher energy costs in Europe as certain energy contracts are reset at higher cost levels, as well as $75 million to $100 million of additional inflation through further energy market inflation as a result of Middle East conflicts.

To help limit energy-cost exposure, the Company has secured approximately 75 80% of its European natural-gas requirements for 2026 at rates favorable to current index prices.

The Company is also realigning its 2027 targets and expects adjusted EBITDA of $1.2 billion to $1.3 billion. This assumes a slower recovery path in Europe, including continued commercial pressure, gradual improvement in industry utilization rates, elevated energy costs, and the revised Fit to Win outlook as the Company attempts to resolve European operational disruptions.

Globally, shipments declined approximately 3% year-over-year in the third quarter of 2026 (down approximately 2% excluding the impact of a divestiture) . Looking ahead, the Company expects flat to low-single-digit shipment growth in the fourth quarter compared to the prior year supported by easier comparisons and new business wins. For the full year 2026, the Company expects sales volumes will be down approximately 3-4% from the prior year.

To help limit energy-cost exposure, the Company has now fixed 100% of its European natural-gas requirements for the remainder of 2026 and more than 90 percent of its forecasted European natural gas needs for 2027 at rates favorable to current index prices. Barring extreme price spikes or supply disruptions, this coverage should significantly limit further changes in direct gas costs for the remainder of the year.

Management anticipates generating approximately $200 $180 million of net Fit to Win benefits in 2026, down from the initial estimate of $200 million given the pace of recovery in Europe. On a cumulative basis, the Company expects at least $650 million of Fit to Win benefits through 2027 (with 2024 as a baseline).

Cash provided by operating activities is expected to range between be approximately $275 million and $375 $125 million for 2026. assuming the inclusion of approximately $150 million of restructuring payments. Capital expenditures in 2026 are expected to be approximately $425 million.

Given evolving commercial, energy, and global trade conditions, among other factors, O-I is no longer maintaining its 2027 targets and plans to provide 2027 guidance on its 2026 year-end earnings call. In Europe, earnings will likely remain under pressure through the first quarter of 2027 due to peak energy inflation and normal seasonality.

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Retained corporate costs and other for the second third quarter of 2026 were $24 $27 million compared to $25 $26 million in the second third quarter of 2025 and were $56 $81 million in the first six nine months of 2026 compared to $53 $80 million for the same period in 2025. These costs were impacted in the second third quarter and first six nine months of 2026, primarily due to lower management incentive expenses, higher expenses related to transformation activities, lower recharges to the regions due to decreasing costs, partially offset by approximately $12 $5 million and $24 $29 million of benefits from the Company s Fit to Win initiative in the second third quarter of 2026 and the first six nine months of 2026, respectively (consistent with management s expectations).

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For the three and six nine months ended June September 30, 2026, the Company recorded restructuring, asset impairment and other charges of approximately $17 $3 million and $55 $58 million, respectively, to Other expense, net in the Condensed Consolidated Results of Operations. These charges included $5 million and $60 million for the three and nine months ended September 30, 2026, respectively, for restructuring activity, all of which related to the Fit to Win program, and $2 million of other credits for both the three and nine months ended June September 30, 2026. For the three months ended September 30, 2026, these restructuring-related charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($4 ($1 million) and in the Europe segment ($13 ($4 million). For the six nine months ended June September 30, 2026, these restructuring-related charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($7 ($8 million), Europe segment ($44 ($48 million) and Retained corporate costs and other ($4 million). Additional restructuring charges are expected in future quarters when management completes its assessment to reduce redundant production capacity and streamline costs. The Company expects that the majority of the remaining cash expenditures related to the accrued employee and other exit costs will be paid out over the next several years.

For the three and six nine months ended June September 30, 2025, the Company recorded restructuring, asset impairment and other charges of approximately $108 $61 million and $252 million (which included $104 $117 million related to its decision to halt the MAGMA program), and $191 million, respectively, to Other expense, net in the Condensed Consolidated Results of Operations. of which all These charges included $60 million and $255 million for the three and nine months ended September 30, 2025, respectively, for restructuring activity, primarily related to the Fit to Win program, and $1 million of other charges and $3 million of other credits for the three and nine months ended June September 30, 2025, respectively. For the three months ended September 30, 2025, these charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($45 ($59 million) and Europe segment ($3 million) and Retained corporate costs and other ($60 ($1 million). For the six nine months ended June September 30, 2025, these charges consisted of employee costs, such as severance and benefit-related costs, write-down of assets and other exit costs in the Americas segment ($52 ($115 million), Europe segment ($55 ($56 million) and Retained corporate costs and other ($84 million).

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In the second third quarter of 2026, the Company recorded pre-tax gains of approximately $2 $11 million, on primarily related to the sale of land from a previously closed plant in the Americas. In the first six nine months of 2026, the Company recorded pre-tax losses of approximately $44 $34 million, primarily related to the sale of its share of a joint venture in the former Asia Pacific region.

In the third quarter and first six nine months of 2025, the Company recorded pre-tax gains of approximately $6 $1 million and $7 million, respectively, on the sale of land and buildings of a previously closed plant plants in the Americas and Europe.

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At June September 30, 2026, the Credit Agreement includes a $1.25 billion multicurrency revolving credit facility, the U.S. dollar equivalent of $800 million in term loan A facilities ($790 ($789 million outstanding balance at June September 30, 2026, net of debt issuance costs ) and $650 million in term loan B facilities ($640 ($639 million outstanding balance at June September 30, 2026, net of debt issuance costs). At June September 30, 2026, the Company s subsidiaries that are party to the Credit Agreement had unused credit of $1.11 $1.15 b illion available under the revolving credit facilities facility as part of the Credit Agreement. The weighted average interest rate on borrowings outstanding under the Credit Agreement at June September 30, 2026 was 5.50%. 5.77%.

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Failure to comply with these covenants and restrictions could result in an event of default under the Credit Agreement. In such an event, the applicable borrowers under the Credit Agreement would not be able to request borrowings under the revolving credit facility, and all amounts outstanding under the Credit Agreement, together with accrued interest, could then be declared immediately due and payable. Upon the occurrence and for the duration of a payment event of default, an additional default interest rate equal to 2.0% per annum will apply to all overdue obligations under the Credit Agreement. If an event of default occurs under the Credit Agreement and the lenders cause all of the outstanding debt obligations under the Credit Agreement to become due and payable, this could result in a default under a number of other outstanding debt securities and could lead to an acceleration of obligations related to these debt securities. As of June September 30, 2026, the Company was in compliance with all covenants and restrictions in the Credit Agreement. In addition, the Company believes that it will remain in compliance for the term of the Credit Agreement and that its ability to borrow additional funds under the Credit Agreement will not be adversely affected by the covenants and restrictions.

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In May 2026, the Company redeemed $612 million aggregate principal amount of the outstanding 6.625% Senior Notes due 2027. The redemption was funded in part with the proceeds from the May 2026 senior notes issuances issuance described above. The Company recorded approximately $1 million of additional interest charges related to this senior note redemption for the write-off of unamortized finance fees.

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There have been no material changes to the Company s material cash requirements at June September 30, 2026 from those described in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations - Capital Resources and Liquidity - Material Cash Requirements in the Company s Annual Report on Form 10-K for the year ended December 31, 2025.

Operations - Capital Resources and Liquidity - Material Cash Requirements in the Company s Annual Report on Form 10-K for the year ended December 31, 2025.

Operating activities: Cash utilized by operating activities was $200 million and $16 $35 million for the six nine months ended June September 30, 2026, and compared to $198 million of cash provided by operating activities for the first nine months ended September 30, 2025. respectively. The increase in cash utilized by operating activities in the first six nine months of 2026 was primarily due to a larger net loss a higher use of working capital and an increase in cash paid for restructuring activities than in the same period in 2025.

Working capital was a use of cash of $381 $225 million in the first six nine months of 2026, compared to a use of cash of $335 $238 million in the same period in 2025. The higher lower use of cash from working capital for the six nine months ended June September 30, 2026 reflects higher accounts payable exceeding higher accounts receivable and lower accrued salaries compared to the same period in the prior year. The Company s use of its accounts receivable factoring programs resulted in an increase to cash utilized by operating activities of approximately $35 $74 million and cash provided by operating activities of approximately $9 $83 million for the six nine months ended June September 30, 2026 and 2025, respectively. Excluding the impact of accounts receivable factoring, the Company s days sales outstanding as of June September 30, 2026 were slightly higher compared to June September 30, 2025.

Investing activities: Cash utilized in investing activities was $232 $296 million and $221 $309 million for the first six nine months of 2026 and 2025, respectively. Capital spending for property, plant and equipment was $237 $318 million during the first half nine months of 2026, compared to $239 $339 million in the same period in 2025. The Company estimates that its full year 2026 capital expenditures are expected to approximate $425 million . Net cash proceeds on the sale of a joint venture and miscellaneous assets were $7 $24 million and $18 $26 million for the first six nine months of 2026 and 2025, respectively.

Financing activities: Cash utilized in financing activities was $0 $61 million and $47 $103 million for the first six nine months of 2026 and 2025, respectively. Financing activities included additions to long-term debt of $990 $1,335 million and $680 $2,302 million for the first half nine months of 2026 and 2025, respectively. Financing activities included repayments of long-term debt of $986 $1,381 million and $698 $2,333 million for the first six months nine-month periods ended September 30, 2026 and 2025, respectively. Short-term loans increased by $27 $15 million and $12 $10 million for the first six nine months ended September 30, 2026 and 2025, respectively. The Company received $3 million and paid $23 million for hedging activity for the nine months ended September 30, 2026 and 2025, respectively. During each of the first half nine months of 2026 and 2025, the Company repurchased $10 million and $20 $30 million, respectively, of its common stock. The Company intends to repurchase up to $40 million of no additional shares of its common stock in 2026.

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There have been no other material changes in critical accounting estimates at June September 30, 2026 from those described in the Company s Annual Report on Form 10-K for the year ended December 31, 2025.

Forward-looking statements 1 change

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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 initiative, including expected impacts from production curtailments, reduction in force and furnace closures, (2 ) the Company s ability to achieve expected benefits from its European recovery plan within the anticipated timeframe, including recovering cost inflation, improving its commercial performance, managing energy cost, securing profitable volume, and improving plant efficiency through Fit to Win and optimizing logistics, (3) the general credit, financial, 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) (4) cost and availability of raw materials, labor, energy and transportation (including impacts related to the current conflicts in the Middle East and between Russia and Ukraine and disruptions in supply of raw materials caused by transportation delays), (4) (5) competitive pressures from other glass container producers and alternative forms of packaging or consolidation among competitors and customers, (5) (6) changes in consumer preferences or customer inventory management practices, (6) (7) the continuing consolidation of the Company s customer base, (7) (8) risks related to the development, deployment and use of artificial intelligence technologies, (8) (9) the Company s inability to improve glass melting technology in a cost-effective manner and introduce productivity, process and network optimization actions, (9) (10) unanticipated supply chain and operational disruptions, including higher capital spending, (10) (11) seasonality of customer demand, (11) (12) the failure of the Company s joint venture partners to meet their obligations or commit additional capital to the joint venture, (12) (13) labor shortages, labor cost increases or strikes, (13) (14) 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, (14) (15) the Company s ability to generate sufficient future cash flows to ensure the Company s goodwill is not impaired, (15) (16) any increases in the underfunded status of the Company s pension plans, (16) (17) 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, (17) (18) 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, (18) (19) risks associated with operating in foreign countries, (19) (20) foreign currency fluctuations relative to the U.S. dollar, (20) (21) changes in tax laws or global trade policies, (21) (22) the Company s ability to comply with various environmental legal requirements, (22) (23) risks related to recycling and recycled content laws and regulations, (23) (24) 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.

1 unchanged paragraph

Market risk 1 change

There have been no material changes in market risk at June September 30, 2026 from those described in the Company s Annual Report on Form 10-K for the year ended December 31, 2025.

Controls and procedures 2 changes

1 unchanged paragraph

As required by Rule 13a-15(b) of the Exchange Act, the Company carried out an evaluation, under the supervision and with the participation of management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company s disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, the Company s Chief Executive Officer and Chief Financial Officer concluded that the Company s disclosure controls and procedures were effective at the reasonable assurance level as of June September 30, 2026.

As required by Rule 13a-15(d) of the Exchange Act, the Company carried out an evaluation, under the supervision and with the participation of management, including its Chief Executive Officer and Chief Financial Officer, of any change in the Company s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company s internal control over financial reporting. There have been no changes in the Company s internal control over financial reporting during the fiscal quarter ended June September 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company s internal control over financial reporting.

Legal proceedings 1 change

SEC regulations require the Company to disclose certain information about environmental proceedings if the Company reasonably believes that such proceedings may result in monetary sanctions above a stated threshold. The Company uses a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required. Except as disclosed in Note 11 to the Condensed Consolidated Financial Statements, no such proceedings were pending or contemplated as of June September 30, 2026.

1 unchanged paragraph

Risk factors 2 changes

Except as set forth below, there have been no material changes in risk factors at June September 30, 2026 from those described in the Company s Annual Report on Form 10-K for the year ended December 31, 2025.

5 unchanged paragraphs

Changes in laws or policies governing the terms of foreign trade, and in particular increased trade restrictions, tariffs or taxes on imports or exports from or to countries where the Company manufactures or sells, or its customers sells, sell, its products may affect the prices of and demand for the Company s products;

12 unchanged paragraphs

Other information 1 change

During the three months ended June September 30, 2026, no director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement , as each term is defined in Item 408 of Regulation S-K.

Exhibits 2 changes

2 unchanged paragraphs

Indenture, dated as of May 18, 2026, by and among Owens-Brockway Glass Container Inc., the guarantors party thereto and Regions Bank, as trustee (filed as Exhibit 4.1 to O-I Glass, Inc. s Form 8-K dated May 18, 2026, File No. 1-9576, and incorporated herein by reference).

4 unchanged paragraphs

Financial statements from the Quarterly Report on Form 10-Q of O-I Glass, Inc. for the quarterly period ended June September 30, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Results of Operations, (ii) the Condensed Consolidated Comprehensive Income (Loss), (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements.

5 unchanged paragraphs