O-I Glass, Inc. /DE/

Previous wording

The Company’s measure of profit for its reportable segments is segment operating profit, which consists of consolidated earnings before interest expense, net and provision for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations and other adjustments, as well as certain retained corporate costs. The segment data presented below is prepared in accordance with general accounting principles for segment reporting. The lines titled “reportable segment totals” in both net sales and segment operating profit, however, are non-GAAP measures when presented outside of the financial statement footnotes. Management has included reportable segment totals below to facilitate the discussion and analysis of financial condition and results of operations and believes this information allows the Board of Directors, management, investors and analysts to better understand the Company’s financial performance. The Company’s management, including the chief operating decision maker (defined as the Chief Executive Officer), uses segment operating profit, supplemented by net sales and selected cash flow information, to evaluate segment performance and allocate resources. Segment operating profit is not, however, intended as an alternative measure of operating results as determined in accordance with U.S. GAAP and is not necessarily comparable to similarly titled measures used by other companies.

Current wording

The Company’s measure of profit for its reportable segments is segment operating profit, which consists of consolidated earnings (loss) before interest expense, net and provision for income taxes and excludes amounts related to certain items that management considers not representative of ongoing operations and other adjustments, as well as certain retained corporate costs. The segment data presented below is prepared in accordance with general accounting principles for segment reporting. The lines titled “reportable segment totals” in both net sales and segment operating profit, however, are non-GAAP measures when presented outside of the financial statement footnotes. Management has included reportable segment totals below to facilitate the discussion and analysis of financial condition and results of operations and believes this information allows the Board of Directors, management, investors and analysts to better understand the Company’s financial performance. The Company’s management, including the chief operating decision maker (defined as the Chief Executive Officer), uses segment operating profit, supplemented by net sales and selected cash flow information, to evaluate segment performance and allocate resources. Segment operating profit is not, however, intended as an alternative measure of operating results as determined in accordance with U.S. GAAP and is not necessarily comparable to similarly titled measures used by other companies.

Previous wording

Financial information for the three and nine months ended September 30, 2025 and 2024 regarding the Company’s reportable segments is as follows (dollars in millions):

Current wording

Financial information for the three months ended March 31, 2026 and 2025 regarding the Company’s reportable segments is as follows (dollars in millions):

Previous wording

Net sales for the first nine months of 2025 decreased $76 million, or 2%, compared to the same period in the prior year, primarily due to the impact from lower sales volumes and lower average selling prices, partially offset by slightly favorable foreign currency translation.

Current wording

Net sales in the first quarter of 2026 decreased $27 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, partially offset by favorable foreign currency translation.

Previous wording

Segment operating profit for reportable segments in the first nine months of 2025 was $57 million higher compared to the prior year period, primarily due to lower operating costs, partially offset by lower net prices (net of cost inflation) and lower sales volumes. Operating costs were favorably impacted by benefits from the Company’s Fit to Win initiatives and several favorable discrete items, partially offset by temporary curtailments of production volumes, primarily in Europe, to balance supply and demand andreduce inventory levels.

Current wording

Segment operating profit of reportable segments in the first quarter of 2026 was $67 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 slightly 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 initiatives, partially offset by temporary production curtailments andseveral external disruptions in the Americas, temporary expenses associated with plant closures in Europe and the nonrecurrence of an insurance settlement in the first quarter of 2025.

Previous wording

For the third quarter of 2025, the Company recorded net earnings attributable to the Company of $30 million, or $0.19 per share (diluted), compared to a net loss attributable to the Company of $80 million, or $0.52 per share, in the third quarter of 2024. As discussed below, net earnings and net loss attributable to the Company in the third quarter of 2025 and 2024 included items that management considers not representative of ongoing operations and other adjustments. These items decreased net earnings attributable to the Company by $45 million, or $0.29 per share, in the third quarter of 2025 and increased net loss attributable to the Company by $74 million, or $0.48 per share, in the third quarter of 2024.

Current wording

In the first quarter of 2026, the Company recorded net loss attributable to the Company of $73 million, or $0.48 per share, compared to a net loss attributable to the Company of $16 million, or $0.10 per share, in the first quarter 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 $81 million, or $0.53 per share, in the first quarter of 2026 and increased net loss attributable to the Company by $79 million, or $0.50 per share, in the first quarter of 2025.

Previous wording

Results of Operations — First Nine Months of 2025 Compared with First Nine Months of 2024

Current wording

Results of Operations — First Quarter of 2026 Compared with First Quarter of 2025

Previous wording

The Company’s net sales in the first nine months of 2025 were $4,926 million compared with $5,002 million in the first nine months of 2024, a decrease of $76 million, or 2%. Average selling prices declined, which decreased net sales by $14 million for the first nine months of 2025. Glass container shipments, in tons, were down approximately 1% for the first nine months of 2025, which decreased net sales by approximately $50 million compared to the same period in the prior year. The Company believes that several factors also contributed to lower volumes in the first nine months of 2025, including a major project startup in Europe, inventory corrections in the Mexico and North America beer category related to changes in U.S. trade and immigration policies and the Company’s deliberate decisions to exit unprofitable business as part of its network optimization efforts. Slightly favorable foreign currency exchange rates increased net sales by $6 million in the first nine months of 2025 compared to the same period in the prior year. Other sales were approximately $18 million lower for the first nine months of 2025 than in the same period in the prior year, driven by lower machine part sales.

Current wording

The Company’s net sales in the first quarter of 2026 were $1,540 million compared with $1,567 million in the first quarter of 2025, a decrease of $27 million, or approximately 2%. Average selling prices declined, which decreased net sales by $13 million in the first quarter of 2026. Glass container shipments, in tons, were down approximately 9% in the first quarter of 2026 (down approximately 8% excluding the impact of a divestiture), which decreased net sales by approximately $131 million compared to the same period in the prior year. The Company believes that several factors contributed to lower volumes in the first quarter of 2026, including softer demand in the beer, wine and spirits categories, tougher comparisons as the first quarter of 2025 likely benefitted from higher demand ahead of new U.S. tariffs and competitive pressures, primarily in Europe. Favorable foreign currency exchange rates increased net sales by $130 million in the first quarter of 2026 compared to the same period in the prior year. Other sales were approximately $13 million lower in the first 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.

Previous wording

Europe: Net sales in Europe in the third quarter of 2025 were $688 million compared to $706 million in the third quarter of 2024, a decrease of $18 million, or 3%. Lower average selling prices in Europe decreased net sales by $25 million in the third quarter of 2025. Glass container shipments decreased by approximately 3% in the third quarter of 2025, and this decreased net sales by approximately $29 million compared to the same period in the prior year. The Company believes that third quarter 2025 shipments were adversely impacted by a major project startup. Excluding this event, shipments in the third quarter of 2025 were about flat with the third quarter of 2024. Favorable effects of foreign currency exchange rate changes increased net sales by $36 million in the third quarter of 2025 compared to the same period in the prior year, as the Euro strengthened compared to the U.S. dollar.

Current wording

Europe: Net sales in Europe in the first quarter of 2026 were $655 million compared to $667 million in the first quarter of 2025, a decrease of $12 million, or approximately 2%. Lower average selling prices in Europe decreased net sales by $36 million in the first quarter of 2026. Glass container shipments decreased by approximately 7% in the first quarter of 2026, which decreased net sales by approximately $49 million. The Company believes that net sales in the first quarter of 2026 were adversely impacted by competitive price pressure in select markets and tougher comparisons, as the first quarter of 2025 likely benefitted from higher demand ahead of new U.S. tariffs. Lower shipments were most pronounced to wine customers across Southern Europe. Favorable effects of foreign currency exchange rate changes increased net sales by $73 million in the first quarter of 2026 compared to the same period in the prior year, as the Euro strengthened compared to the U.S. dollar.

Previous wording

Americas: Segment operating profit in the Americas in the first nine months of 2025 was $416 million, compared to $296 million in the first nine months of 2024, an increase of $120 million, or 41%. The impact of higher shipments discussed above resulted in a $7 million increase to segment operating profit in the first nine months of 2025 compared to the same period in the prior year. Higher selling prices exceeded higher cost inflation and resulted in a $21 million increase to segment operating profit in the first nine months of 2025. The effects of foreign currency exchange rates decreased segment operating profit by $16 million in the first nine months of 2025.

Current wording

Americas: Segment operating profit in the Americas was $142 million in the first quarter of 2026, compared to $141 million in the first quarter of 2025, an increase of $1 million, or less than 1%. The impact of lower shipments discussed above, partially offset by an improved mix, decreased segment operating profit by $8 million in the first quarter of 2026 compared to the same quarter in 2025. Higher selling prices exceeded higher cost inflation and resulted

Previous wording

Americas: Segment operating profit in the Americas in the third quarter of 2025 was $140 million, compared to $88 million in the third quarter of 2024, an increase of $52 million, or 59%. Operating costs in the third quarter of 2025 were $42 million lower than in the same period in the prior year, primarily due to approximately $35 million of benefits from the Company’s Fit To Win initiatives and $6 million from the settlement of an insurance claim. Higher selling prices exceeded higher cost inflation and resulted in a $29 million increase to segment operating profit in the third quarter of 2025. The impact of lower shipments discussed above resulted in a $14 million decrease to segment operating profit in the third quarter of 2025 compared to the third quarter of 2024. The effects of foreign currency exchange rates decreased segment operating profit by $5 million in the third quarter of 2025.

Current wording

in a $11 million increase to segment operating profit in the first quarter of 2026. The effects of foreign currency exchange rates increased segment operating profit by $7 million in the first quarter of 2026.

Previous wording

In the third quarter of 2025, the Company finalized its plans for the indefinite suspension of operations of two furnaces and the closure of one plant in its Americas segment. The Company will continue to monitor business trends and consider whether any additional temporary downtime or permanent capacity closures in the Americas will be necessary in future periods to align its business with demand trends. Any permanent capacity closures could result in material restructuring and impairment charges, as well as cash expenditures, in future periods.

Current wording

As part of its Fit to Win initiative, the Company will continue to monitor business trends and consider whether any additional temporary downtime or permanent capacity closures in the Americas will be necessary in future periods to align its business with demand trends. Any permanent capacity closures could result in material restructuring and impairment charges, as well as cash expenditures, in future periods.

Previous wording

Europe: Segment operating profit in Europe in the first nine months of 2025 was $253 million compared to $316 million in the first nine months of 2024, a decrease of $63 million, or 20%. Lower net selling prices (net of cost inflation) decreased segment operating profit by $77 million in the first nine months of 2025 compared to the same period in the prior year due to elevated competitive pressures. The impact of lower shipments discussed above decreased segment operating profit by approximately $20 million. Partially offsetting this was the benefit of $25 million of lower operating costs in the first nine months of 2025 compared to the same period in the prior year, driven by approximately $79 million of benefits from the Fit to Win initiativesand an approximate $7 million year-over-year favorable adjustment in the segment’s accrued liabilities for carbon emissions due to lower production levels, partially

Current wording

Europe: Segment operating profit in Europe was $0 in the first quarter of 2026 compared to $68 million in the first quarter of 2025, a decrease of $68 million. Lower net selling prices (net of cost inflation) decreased segment operating profit by $76 million in the first quarter of 2026 compared to the same quarter in 2025 due to a 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 $8 million.

Previous wording

In the third quarter of 2025, the Company finalized its plans for the indefinite suspension of operations of two furnaces and the closure of one plant in its Americas segment. The Company will continue to monitor business trends and consider whether any additional temporary downtime or permanent capacity closures in the Americas will be necessary in future periods to align its business with demand trends. Any permanent capacity closures could result in material restructuring and impairment charges, as well as cash expenditures, in future periods.

Current wording

As part of its Fit to Win initiative, the Company will continue to monitor business trends and consider whether any additional temporary downtime or permanent capacity closures in Europe will be necessary in future periods to align its business with demand trends. Any permanent capacity closures could result in material restructuring and impairment charges, as well as cash expenditures, in future periods.

Previous wording

The Company’s effective tax rate from operations for the third quarter of 2025 was 36.2% compared to (33.3)% for the third quarter of 2024. The effective tax rate for the third quarter of 2025 differed from the third quarter of 2024 due to a benefit from adjustments to deferred income taxes as a result of the agreement with Taxing Authorities in Europe, the impact from the net unfavorable tax rate on restructuring and asset impairment charges, and a change in the mix of geographic earnings.

Current wording

The Company’s effective tax rate from operations for the first quarter of 2026 was (34%) compared to 167% for the first quarter of 2025. The effective tax rate for the first quarter of 2026 differed from the first quarter of 2025 due to pretax earnings changing from pretax income in 2025 to a pretax loss in 2026 and a change in the mix of geographic earnings.

Previous wording

For the third quarter of 2025, the Company recorded net earnings attributable to the Company of $30 million, or $0.19 per share (diluted), compared to a net loss attributable to the Company of $80 million, or $0.52 per share, in the third quarter of 2024. Net earnings or loss attributable to the Company in the third quarter of 2025 and 2024 included items that management considers not representative of ongoing operations and other adjustments as set forth in the following table (dollars in millions).

Current wording

For the first quarter of 2026, the Company recorded a net loss attributable to the Company of $73 million, or $0.48 per share, compared to a net loss attributable to the Company of $16 million, or $0.10 per share, in the first quarter of 2025. Net loss attributable to the Company in the first 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).

Previous wording

For the three and nine months ended September 30, 2024, the Company recorded restructuring and other charges of approximately $83 million to Other expense, net ($81 million) and Equity earnings ($2 million) on the Condensed Consolidated Results of Operations, of which $80 million of cumulative charges related to the Fit to Win program. 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 ($72 million) and Retained Corporate costs and other ($11 million). The Fit to Win program expects 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. Additional restructuring charges are expected in future quarters. 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.

Current wording

For the three months ended March 31, 2026, the Company recorded restructuring, asset impairment and other charges of approximately $38 million to Other expense, net in the Condensed Consolidated Results of Operations, all of which related to the Fit to Win program. 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 ($3 million), Europe segment ($31 million) and Retained corporate costs and other ($4 million). As of March 31, 2026, the Company has incurred cumulative charges of approximately $684 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.

Previous wording

For the three and nine months ended September 30, 2025, the Company recorded restructuring, asset impairment and other charges of approximately $61 million and $252 million (which included $117 million related to its decision to halt the MAGMA program), respectively, to Other expense, net in the Condensed Consolidated Results of Operations, primarily related to the Fit to Win program. 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 ($59 million), Europe segment ($1 million) and Retained corporate costs and other ($1 million). For the nine 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 ($111 million), Europe segment ($56 million) and Retained corporate costs and other ($85 million). As of September 30, 2025, the Company has incurred cumulative charges of approximately $456 million related to the Fit to Win program. Additional restructuring charges are expected in future quarters when management completes their 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.

Current wording

For the three months ended March 31, 2025, the Company recorded restructuring, asset impairment and other charges of approximately $82 million to Other expense, net in the Condensed Consolidated Results of Operations, all of which related to the Fit to Win program. 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 ($6 million), Europe segment ($52 million) and Retained corporate costs and other ($24 million).

Previous wording

Gain on Sale of Miscellaneous Assets

Current wording

Gain (Loss) on Sale of Miscellaneous Assets

Previous wording

In both the third quarter and first nine months of 2024, the Company recorded pre-tax gains of approximately $1 million on the sale of land and buildings of a previously closed plant in the Americas.

Current wording

In the first quarter of 2025, the Company recorded pre-tax gains of approximately $6 million on the sale of land and buildings of a previously closed plant in the Americas.

Previous wording

From December 31, 1956 through June 1967, the Company, via a wholly-owned subsidiary, owned and operated a paper mill located on the shore of the Cuyahoga River in Ohio, which is now part of the Cuyahoga Valley National Park that is managed by the National Park Service (“NPS”). The Company and the United States have been engaged in litigation regarding the site in the U.S. District Court for the Northern District of Ohio (Akron), with the United States claiming that the Company should pay $50 million as a remedy for certain soils at the site as well as its past and anticipated future costs. In the third quarter and first nine months of 2024, the Company recorded charges of $1 million and $11 million, respectively, to Other expense, net in the Condensed Consolidated Results of Operations related to this

Current wording

From December 31, 1956 through June 1967, the Company, via a wholly-owned subsidiary, owned and operated a paper mill located on the shore of the Cuyahoga River in Ohio, which is now part of the Cuyahoga Valley National Park that is managed by the National Park Service (“NPS”). The Company and the United States had been engaged in litigation regarding the site in the U.S. District Court for the Northern District of Ohio (Akron), with the United States claiming that the Company should pay $50 million as a remedy for certain soils at the site as well as its past and anticipated future costs. In the first quarter of 2025, the Company and the NPS reached a tentative settlement, and the Company recorded a charge of approximately $4 million to Other expense, net in the Condensed Consolidated Results of Operations to augment its previous accrual balance related to this matter. In the third quarter of 2025, the consent order between the parties was approved by the U.S. District Court and the Company paid $16.5 million to resolve this matter.

Previous wording

On September 30, 2025, certain of the Company’s subsidiaries entered into a Credit Agreement and Syndicated Facility Agreement (the “Credit Agreement”), which refinanced in full the previous credit agreement. The Credit Agreement provides for up to $2.7 billion of borrowings pursuant to term loans A, term loans B and a revolving credit facility. The term loans A mature, and the revolving credit facility terminates, in September 2030, and the term loans B mature in September 2032; provided, however, that if any of the senior notes issued by certain subsidiaries of the Company are outstanding on the date that is 91 days prior to the maturity date for such senior notes (any such date, a “Springing Maturity Date”), then the term loans A, the revolving credit facility and the term loans B will mature and terminate, as applicable, on such Springing Maturity Date. Borrowings under the Credit Agreement are secured by certain collateral of the Company and certain of its subsidiaries.

Current wording

On September 30, 2025, certain of the Company’s subsidiaries entered into an Amended and Restated Credit Agreement and Syndicated Facility Agreement (the “Credit Agreement”), which refinanced in full the previous credit agreement. The Credit Agreement provides for up to $2.7 billion of borrowings pursuant to term loans A, term loans B and a revolving credit facility. The term loans A mature, and the revolving credit facility terminates, in September 2030, and the term loans B mature in September 2032; provided, however, that if any of the senior notes issued by certain subsidiaries of the Company are outstanding on the date that is 91 days prior to the maturity date for such senior notes (any such date, a “Springing Maturity Date”), then the term loans A, the revolving credit facility and the term loans B will mature and terminate, as applicable, on such Springing Maturity Date. Borrowings under the Credit Agreement are secured by certain collateral of the Company and certain of its subsidiaries.

Previous wording

At September 30, 2025, the Credit Agreement includes a $1.25 billion multicurrency revolving credit facility, $800 million in term loan A facilities ($798 million outstanding balance at September 30, 2025, net of debt issuance costs) and $650 million in term loan B facilities ($643 million outstanding balance at September 30, 2025, net of debt issuance costs). At September 30, 2025, the Company had unused credit of $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 September 30, 2025 was 5.88%.

Current wording

At March 31, 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 ($792 million outstanding balance at March 31, 2026, net of debt issuance costs) and $650 million in term loan B facilities ($642 million outstanding balance at March 31, 2026, net of debt issuance costs). At March 31, 2026, the Company’s subsidiaries that are party to the Credit Agreement had

Previous wording

The Credit Agreement also contains one financial maintenance covenant, a Secured Leverage Ratio, for the benefit of lenders under the term loans A and the revolving credit facility (and, following an acceleration of the term loans A and the revolving credit facility, for the benefit of the lenders under the term loans B) that requires the Company not to exceed a ratio of 2.50x calculated by dividing consolidated Net Indebtedness that is then secured by Liens on property or assets of the Company and certain of its subsidiaries by Consolidated EBITDA, as each such capitalized term is defined in the Credit Agreement. The Secured Leverage Ratio could restrict the ability of the Company to undertake additional financing or acquisitions to the extent that such financing or acquisitions would cause the Secured Leverage Ratio to exceed the specified maximum.

Current wording

The Credit Agreement also contains one financial maintenance covenant, a Secured Leverage Ratio, for the benefit of lenders under the term loans A and the revolving credit facility (and, following an acceleration of the term loans A and the revolving credit facility, for the benefit of the lenders under the term loans B) that requires the Company and certain of its subsidiaries, collectively, not to exceed a ratio of 2.50x calculated by dividing consolidated Net Indebtedness that is then secured by Liens on property or assets of the Company and certain of its subsidiaries by Consolidated EBITDA, as each such capitalized term is defined in the Credit Agreement. The Secured Leverage Ratio could restrict the ability of the Company and certain of its subsidiaries to undertake additional financing or acquisitions to the extent that such financing or acquisitions would cause the Secured Leverage Ratio to exceed the specified maximum.

Previous wording

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

Current wording

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 March 31, 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.

Previous wording

The Total Leverage Ratio (as defined in the Credit Agreement) determines pricing under the Credit Agreement for the Term Loans A and the revolving credit facility. The interest rate on borrowings under the Credit Agreement is, at the Company’s option, the Base Rate, Term SOFR or, for non-US Dollar borrowings only, the Eurocurrency Rate (each such capitalized term as defined in the Credit Agreement), plus an applicable margin. The applicable margin, for the Term Loans A and the revolving credit facility, ranges from 1.00% to 1.75% for Term SOFR loans and Eurocurrency Rate loans and from 0.00% to 0.75% for Base Rate loans. The applicable margin, for the Term Loans B, is 3.00% for Term SOFR loans. In addition, a commitment fee is payable on the unused revolving credit facility commitments ranging from 0.20% to 0.35% per annum, depending on the Total Leverage Ratio.

Current wording

The Total Leverage Ratio (as defined in the Credit Agreement) determines pricing under the Credit Agreement for the Term Loans A and the revolving credit facility. The interest rate on borrowings under the Credit Agreement is, at the option of the applicable borrower, the Base Rate, Term SOFR or, for non-U.S. Dollar borrowings only, the Eurocurrency Rate (each such capitalized term as defined in the Credit Agreement), plus an applicable margin. The applicable margin, for the Term Loans A and the revolving credit facility, ranges from 1.00% to 1.75% for Term SOFR loans and Eurocurrency Rate loans and from 0.00% to 0.75% for Base Rate loans. The applicable margin, for the Term Loans B, is 3.00% for Term SOFR loans. In addition, a commitment fee is payable on the unused revolving credit facility commitments ranging from 0.20% to 0.35% per annum, depending on the Total Leverage Ratio.

Previous wording

Operating activities: Cash provided by operating activities was $198 million and $171 million for the nine months ended September 30, 2025 and 2024, respectively. The increase in cash provided by operating activities in the first nine months of 2025 was primarily due to a lower use of working capital, partially offset by higher cash paid for restructuring activities and pension contributions than in the same period in 2024.

Current wording

Operating activities: Cash utilized by operating activities was $294 million and $171 million for the three months ended March 31, 2026 and 2025, respectively. The increase in cash utilized by operating activities in the first quarter 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 and pension contributions than in the same quarter in 2025.

Previous wording

Working capital was a use of cash of $238 million in the first nine months of 2025, compared to a use of cash of $359 million in the same period in 2024. The reduction in working capital as a use of cash for the nine months ended September 30, 2025 reflects lower inventory levels compared to the same period in the prior year. The Company’s use of its accounts receivable factoring programs resulted in a decrease to cash provided by operating activities of approximately $83 million and an increase of $2 million for the nine months ended September 30, 2025 and 2024, respectively. Excluding the impact of accounts receivable factoring, the Company’s days sales outstanding as of September 30, 2025 were comparable to September 30, 2024.

Current wording

Working capital was a use of cash of $376 million in the first quarter of 2026, compared to a use of cash of $314 million in the same quarter in 2025. The higher use of cash from working capital for the three months ended March 31, 2026 reflects lower accounts receivable factoring and higher inventory levels 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 $93 million and $31 million for the three months ended March 31, 2026 and 2025, respectively. Excluding the impact of accounts receivable factoring, the Company’s days sales outstanding as of March 31, 2026 were comparable to March 31, 2025.

Previous wording

Investing activities: Cash utilized in investing activities was $309 million and $506 million for the nine months ended September 30, 2025 and 2024, respectively. Capital spending for property, plant and equipment was $339 million during the first nine months of 2025, compared to $509 million in the same period in 2024, reflecting lower spending as the Company was constructing a new plant in Bowling Green, Kentucky and several other expansion projects in 2024 that did not reoccur in the first nine months of 2025. The Company estimates that its full year 2025 capital expenditures isexpected to range between approximately $400 million and $450 million. Net cash proceeds on the sale of

Current wording

Investing activities: Cash utilized in investing activities was $139 million and $120 million for the first quarter of 2026 and 2025, respectively. Capital spending for property, plant and equipment was $142 million during the first quarter of 2026, compared to $135 million in the same quarter in 2025. The Company estimates that its full year 2026 capital expenditures areexpected to approximate $450 million. Net cash proceeds on the sale of a joint venture and miscellaneous assets were $5 million and $13 million, for the first quarter of 2026 and 2025, respectively.

Previous wording

Financing activities: Cash utilized in financing activities was $103 million and cash provided by financing activities was $184 million for the nine months ended September 30, 2025 and 2024, respectively. Financing activities included additions to long-term debt of $2,302 million and $1,096 million for the nine-month periods ended September 30, 2025 and 2024, respectively. Financing activities included repayments of long-term debt of $2,333 million and $923 million for the nine-month periods ended September 30, 2025 and 2024, respectively. Short-term loans increased by $10 million and $77 million for the nine months ended September 30, 2025 and 2024, respectively. During each of the nine-month periods ended September 30, 2025 and 2024, the Company repurchased $30 million of its common stock. For the nine months ended September 30, 2025, the Company paid $23 million for hedging activity.

Current wording

Financing activities: Cash utilized in financing activities was $19 million and $33 million for the first quarter of 2026 and 2025, respectively. Financing activities included additions to long-term debt of $23 million and $362 million for the first quarter of 2026 and 2025, respectively. Financing activities included repayments of long-term debt of $27 million and $387 million for the first quarter ended 2026 and 2025, respectively. During each of the first quarters of 2026 and 2025, the Company repurchased $10 million of its common stock. The Company intends to repurchase up to $40 million of shares of its common stock in 2026.

Previous wording

The Company anticipates that cash flows from its opera­tions and from utiliza­tion of credit available under the revolving credit facilities provided by the Credit Agreement will be sufficient to fund its operating and seasonal working capital needs, debt service and other obligations on a short-term (the next 12 months) and long-term basis (beyond the next 12 months). However, as the Company cannot predict the impact from tariffs and other changes in global trade policies and the outcome of theconflict between Russia and Ukraine and its impact on the Company’s customers and suppliers, the negative financial impact to the Company’s results cannot be reasonably estimated but could be material. The Company is actively managing its business to maintain cash flow, and it has significant liquidity. The Company believes that these factors will allow it to meet its anticipated funding requirements.

Current wording

The Company anticipates that cash flows from its opera­tions and from utiliza­tion of credit available under the revolving credit facilities provided by the Credit Agreement will be sufficient to fund its operating and seasonal working capital needs, debt service and other obligations on a short-term (the next 12 months) and long-term basis (beyond the next 12 months). However, as the Company cannot predict the impact from tariffs and other changes in global trade policies and the outcome of theconflicts between Russia and Ukraine and in the Middle East and its impact on the Company’s customers and suppliers, the negative financial impact to the Company’s results cannot be reasonably estimated but could be material. The Company is actively managing its business to maintain cash flow, and it has significant liquidity. The Company believes that these factors will allow it to meet its anticipated funding requirements.

Previous wording

The Company’s analysis and discussion of its financial condition and results of operations are based upon its Condensed Consolidated Financial Statements that have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. The Company evaluates these estimates and assumptions on an ongoing basis. Estimates and assumptions are based on historical and other factors believed to be reasonable under the circumstances at the time the financial statements are issued. The results of these estimates may form the basis of the carrying value of certain assets and liabilities and may not be readily apparent from other sources. Actual results, under conditions and circumstances different from those assumed, may differ from estimates.

Current wording

The Company’s analysis and discussion of its financial condition and results of operations are based upon its Condensed Consolidated Financial Statements that have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. The Company evaluates these estimates and assumptions on an ongoing basis. Estimates and assumptions are based on historical and other factors believed to be reasonable under the circumstances at the time the financial statements are issued. The results of these estimates may

Previous wording

management, efficiency improvements, and profitability initiatives, such as its Fit to Win program, including expected impacts from production curtailments, reduction in force and furnace closures, (2) the general political, economic, legal and competitive conditions in markets and countries where the Company has operations, including uncertainties related to economic and social conditions, trade policies and disputes, financial market conditions, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates, changes in laws or policies, legal proceedings involving the Company, war, civil disturbance or acts of terrorism, natural disasters, public health issues and weather, (3) cost and availability of raw materials, labor, energy and transportation (including impacts related to the current Ukraine-Russia and Israel-Hamas conflicts and disruptions in supply of raw materials caused by transportation delays), (4) competitive pressures from other glass container producers and alternative forms of packaging or consolidation among competitors and customers, (5) changes in consumer preferences or customer inventory management practices, (6) the continuing consolidation of the Company’s customer base, (7) impacts from the Company’s decision to halt further MAGMA development and operations, (8) unanticipated supply chain and operational disruptions, including higher capital spending, (9) seasonality of customer demand, (10) the failure of the Company’s joint venture partners to meet their obligations or commit additional capital to the joint venture, (11) labor shortages, labor cost increases or strikes, (12) the Company’s ability to acquire or divest businesses, acquire and expand plants, integrate operations of acquired businesses and achieve expected benefits from acquisitions, divestitures or expansions, (13) the Company’s ability to generate sufficient future cash flows to ensure the Company’s goodwill is not impaired, (14) any increases in the underfunded status of the Company’s pension plans, (15) any failure or disruption of the Company’s information technology, or those of third parties on which the Company relies, or any cybersecurity or data privacy incidents affecting the company or its third-party service providers, (16) risks related to the Company’s indebtedness or changes in capital availability or cost, including interest rate fluctuations and the ability of the Company to generate cash to service indebtedness and refinance debt on favorable terms, (17) risks associated with operating in foreign countries, (18) foreign currency fluctuations relative to the U.S. dollar, (19) changes in tax laws or global trade policies, (20) the Company’s ability to comply with various environmental legal requirements, (21) risks related to recycling and recycled content laws and regulations, (22) risks related to climate-change and air emissions, including related laws or regulations and increased environmen…

Excerpt shortened here; the source contains the full paragraph.

Current wording

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 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) 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) competitive pressures from other glass container producers and alternative forms of packaging or consolidation among competitors and customers, (5) changes in consumer preferences or customer inventory management practices, (6) the continuing consolidation of the Company’s customer base, (7) risks related to the development, deployment and use of artificial intelligence technologies, (8) the Company’s inability to improve glass melting technology in a cost-effective manner and introduce productivity, process and network optimization actions, (9) unanticipated supply chain and operational disruptions, including higher capital spending, (10) seasonality of customer demand, (11) the failure of the Company’s joint venture partners to meet their obligations or commit additional capital to the joint venture, (12) labor shortages, labor cost increases or strikes, (13) 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) the Company’s ability to generate sufficient future cash flows to ensure the Company’s goodwill is not impaired, (15) any increases in the underfunded status of the Company’s pension plans, (16) 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) 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) risks …

Excerpt shortened here; the source contains the full paragraph.