O-I Glass (OI) Q1 2026 earnings summary

Executive summary

• Adjusted EPS for Q1 2026 was $0.05, down from $0.40 in the prior year, reflecting weak early demand, commercial pressures, and higher energy and restructuring costs in Europe, while Americas remained stable despite disruptions.

• Net sales for Q1 2026 were $1.54 billion, down 2% year-over-year, with shipments down about 8% but sequential improvement seen through March.

• Net loss attributable to the company was $73 million ($0.48 per share) in Q1 2026, compared to a net loss of $16 million ($0.10 per share) in Q1 2025.

• The Fit to Win initiative delivered $50 million gross and $35 million net benefits in Q1 2026, helping offset a disruptive environment.

• New business wins across 15 accounts are expected to drive 1.5% volume growth starting in H2 2026.

Financial highlights

• Net sales: $1,540 million in Q1 2026 vs. $1,567 million in Q1 2025; adjusted EPS: $0.05 vs. $0.40 prior year.

• Segment operating profit: $142 million, down from $209 million last year; margin declined to 9.2% from 13.3%.

• Americas segment profit stable at $142 million; Europe breakeven, down $68 million year-over-year.

• Gross profit decreased to $199 million from $280 million year-over-year.

• Cash utilized in operating activities: $294 million in Q1 2026 vs. $171 million in Q1 2025.

Outlook and guidance

• Full-year 2026 adjusted EPS guidance: $1.00–$1.50; adjusted EBITDA: $1,125–$1,225 million; free cash flow: $50–$150 million, all revised downward due to higher energy costs in Europe.

• Americas expected to show strong year-over-year improvement; Europe outlook risk-adjusted for $25 million in competitive pressures.

• 75–80% of 2026 EU natural gas needs are hedged at favorable rates, mitigating further energy inflation risk.

• Management expects flat sales volumes for Q2 2026 and low- to mid-single-digit growth in H2, supported by new business wins.

• Fit to Win benefits expected to reach at least $275 million in 2026 and $750 million cumulatively through 2027.