OI - Quick Take - Live from the Truist Securities Industrials & Services Conference

研报英文原文证据摘录

OI - Quick Take - Live from the Truist Securities Industrials & Services Conference

Truist Securities

Equity Research Report June 17, 2026

INDUSTRIALS: Packaging O-I Glass, Inc. (OI)

OI - Quick Take - Live from the Truist Securities Industrials & Michael Roxland

212-326-4839 Services Conference

Michael.Roxland@truist.com

Niccolo Piccini O-I Glass’s (OI, Buy) SVP & CFO John Haudrich, VP & General Manager OI Packaging

212-303-4140 Solutions Kurt Manz, and VP, Investor Relations Chris Manuel hosted meetings at the Truist

Nico.Piccini@truist.com Securities Industrials & Services Conference. Overall, conditions are unchanged from last

week’s presentation, where it lowered 2Q EPS guidance but reiterated 2026 (link). While

we believe that OI experienced some incremental volume headwinds earlier in 2Q, we think

volumes improved in June, which tends to be the most important month of the quarter.

Current Price (Jun. 16, $9.03 Moreover, nat gas TTF prices have averaged ~€47/MWh qtd, towards the lower end of 2026)

OI’s guidance which embeds €45-55/MWh. Further, we believe OI built-in some additional

Stock Rating BUY conservatism in its revised guide last quarter.

Unchanged

In the Americas, mainly North America, volumes have been modestly negatively impacted

Price Target $14.00 by customers deferring shipments as they proactively managed elevated diesel costs. That

Unchanged said, we believe that OI can use Fit-to-Win (F2W) and its new sales system to offset this

incremental headwind. Our sense is that Americas EBIT remains on track to increase ~50%

vs. 2024 levels.

In Europe, demand has been negatively impacted by elevated inflation while F2W is ~6-9 4 Page Document

months behind the Americas as the company prioritized F2W deployment in the Americas.