O-I Glass, Inc. (OI): Business Model Canvas [Dec-2025 Updated]

You're looking at a major industrial player navigating a tough market, and frankly, understanding how O-I Glass, Inc. (OI) is structuring its business for the next decade is key. As an analyst who's seen a few cycles, I can tell you their late-2025 model hinges on a tightrope walk: driving operational savings through the 'Fit to Win' program while pushing hard into higher-margin, premium packaging for beer and spirits. With trailing revenue around $\$$6.46 billion and significant debt around $\$$5.116 billion, their ability to execute on efficiency and secure those long-term contracts is what separates the winners from the rest. Dive into the full Business Model Canvas below to see exactly how their key activities and resources are aligned to deliver that $\$$1.55 to $\$$1.65 Adjusted EPS guidance.

O-I Glass, Inc. (OI) - Canvas Business Model: Key Partnerships

You're looking at the network that keeps O-I Glass, Inc. moving, the crucial external relationships that feed materials into their furnaces and move finished goods out to their massive customer base. It's a complex web, especially when you're pushing aggressive sustainability targets.

Strategic suppliers for cullet (recycled glass) and raw materials

O-I Glass, Inc. is heavily focused on increasing the use of cullet (recycled glass) because the math is simple: more cullet means less energy needed to melt, which cuts down on greenhouse gas (GHG) emissions and conserves raw materials like sand, soda ash, and limestone. As of their 2024 performance, the global average use of recycled content was 41% on average. They have set a new, ambitious 2030 goal to increase this average cullet usage to 60%. To secure this supply, O-I Glass, Inc. is actively investing in and partnering with entities that operate cullet processing plants. These include facilities like Glass to Glass Denver and Portland in the U.S., O-I PROMAPI in Mexico, and Julia Vitrum in Italy.

Joint venture partners for local market production and distribution

O-I Glass, Inc. operates a vast global footprint, serving around 6,000 customers across 74 countries with a network of 69 plants in 19 countries. The structure of their supply chain has been recently streamlined under one end-to-end Chief Supply Officer for better cohesion. While the specific names of joint venture partners aren't detailed in recent releases, the company acknowledges the importance of these relationships, as evidenced by risk disclosures mentioning the need for joint venture partners to meet their obligations or commit additional capital.

Technology partners for furnace and glass-making innovation

Innovation in furnace technology is a key partnership lever for decarbonization. O-I Glass, Inc. is investing in furnaces featuring gas-oxygen combustion and heat recovery (GOAT) technology. Following the successful start-up of a GOAT furnace at their Vayres, France facility in 2023, they announced a new GOAT furnace at their Gironcourt, France plant, which began production in early 2025. That Gironcourt facility alone produces 1.9 billion bottles a year, primarily for the beer market. Conversely, the company made the financially prudent decision to halt further development and operations of its MAGMA glass manufacturing technology.

Logistics and transportation providers for global distribution network

Managing the movement of glass containers globally requires a robust logistics framework. O-I Glass, Inc. reported net sales of $1.7 billion in the second quarter of 2025, with year-to-date shipment volumes up nearly 1% compared to the prior year, though Q2 saw a 3% decline in shipment volume (in tons). The company is focused on optimizing this chain, which is now overseen by a single Chief Supply Officer. The Fit to Win program, which achieved $61 million in benefits in Q1 2025, helps offset costs across the value chain, including logistics.

Renewable energy providers to meet 51% global renewable electricity use goal

O-I Glass, Inc. has already surpassed a major sustainability milestone. They achieved 51% global renewable electricity use in 2024, exceeding their original 40% target well ahead of schedule. The strategy to power operations involves securing power purchase agreements and primarily purchasing Renewable Electricity Certificates (RECs) to green their supply, while also working on potential solar projects. The company has set an even higher goal for 2030: reaching 80% use of renewable electricity.

Here's a quick view of the key sustainability partnership metrics:

Finance: draft 13-week cash view by Friday.

O-I Glass, Inc. (OI) - Canvas Business Model: Key Activities

Executing the 'Fit to Win' cost optimization program

The core of O-I Glass, Inc.'s near-term strategy is the 'Fit to Win' program, designed to strip waste and inefficiencies to improve competitiveness. The company has raised its full-year 2025 target for benefits from this program, now expecting to exceed $250 million. As of the end of the third quarter of 2025, the program had delivered $220 million in total benefits year-to-date. Specifically, the third quarter of 2025 saw $75 million in benefits realized. This operational discipline is directly translating to earnings momentum; management raised the full-year 2025 adjusted earnings per share (EPS) guidance to a range of $1.55 to $1.65, nearly double the prior year's results. The program's long-term goal is to achieve total savings of at least $650 million by 2027. A key component, the organizational effectiveness program, is currently about 65% complete across 15 facilities.

• Fit to Win Target (2027): At least $650 million in savings.
• 2025 Annual Benefit Guidance: Exceeding $250 million.
• YTD 2025 Benefit (as of Q3): $220 million.
• Estimated Cash Restructuring Costs (2025): Between $140 million and $150 million.

Operating and maintaining 68 glass manufacturing plants globally

O-I Glass, Inc. maintains a massive global footprint to serve its customer base. While the prompt specifies 68 plants, other reports indicate a network of 69 plants in 19 countries. The company employs approximately 21,000 people globally. The scale of production is immense, having manufactured 41 billion glass containers in 2022. The third quarter of 2025 net sales were reported at $1.7 billion, with the Trailing Twelve Month (TTM) revenue ending Q3 2025 at approximately $6.46 billion. The company is actively managing this network, having permanently closed or suspended operations equivalent to 13% of its capacity over the last 12 months ending in the third quarter of 2025.

Here's a look at the operational scale as of late 2025:

Research and development for sustainable, light-weighted glass

Innovation is channeled through R&D to support sustainability goals, which were significantly elevated in March 2025. The company is focused on reinventing glass-making through technologies like low-carbon alternative fuels and light-weighted glass packaging. O-I Glass, Inc. is leveraging a U.S. Department of Energy investment of up to $125 million to accelerate industrial decarbonization technology, including rebuilding four furnaces to achieve an estimated 40% reduction in scope one carbon dioxide emissions across those units. The company is aiming to increase its average recycled content (cullet) usage to 60% by 2030, up from a previous 50% target. Furthermore, the 2030 goal for GHG emissions reduction was raised to a 47% cut, and renewable electricity use is targeted at 80%. An interim GHG reduction target for 2025 was set at 10%. The ULTRA advanced modeling tool is used on all new product development projects to promote lightweighting, with a historical goal to reduce glass packaging weight by up to 30% by 2025.

• 2030 Cullet Usage Target: 60% average.
• 2030 GHG Reduction Target: 47% reduction.
• 2025 Interim GHG Reduction Target: 10% reduction.
• DOE Decarbonization Funding: Up to $125 million.

Proactive capacity management and network optimization (e.g., plant closures)

Network optimization is a direct part of the 'Fit to Win' program, aimed at reducing redundant capacity. In the first quarter of 2025, O-I Glass, Inc. announced the closure of a manufacturing plant in its European segment, resulting in an estimated charge of $50 million related to employee separation and other costs, affecting approximately 170 employees. In the Americas segment, the company finalized plans in July 2025 for the indefinite suspension of one furnace and the closure of one plant, which led to layoffs of approximately 90 workers at the Portland, Oregon facility. These actions are part of a broader plan that saw O-I Glass announce the closure of 7% of its total capacity by mid-2025. The company also approved a severance program in Q1 2025 for SG&A reductions, anticipating a charge of around $20 million.

The financial impact of these restructuring actions is significant, with expected cash restructuring costs for the full year 2025 estimated between $140 million and $150 million.

Securing multi-year supply contracts with major global brands

O-I Glass, Inc. solidifies its revenue base by selling most of its glass container products directly to customers under annual or multi-year supply agreements. This approach ensures a degree of revenue stability even when facing volume softness, as seen in Q3 2025 net sales holding steady at $1.7 billion year-over-year. The customer base is extensive, serving around 6,000 customers across 74 countries. Key partnerships are with the world's top food and beverage manufacturers.

• Customer Reach: Serves customers in over 74 countries.
• Customer Count: Approximately 6,000 customers.
• Customer Concentration: No single customer represents more than 10% of consolidated net sales.
• Major Brand Partners include: Anheuser-Busch InBev, Coca-Cola, Diageo, and Nestle.

These contracts often include price adjustment clauses based on cost changes, which is critical for managing input volatility. Finance: draft 13-week cash view by Friday.

O-I Glass, Inc. (OI) - Canvas Business Model: Key Resources

You're looking at the bedrock assets O-I Glass, Inc. (OI) relies on to operate as the world's largest glass container manufacturer. These aren't just line items; they are the tangible and intangible foundations supporting their global footprint and premium brand partnerships.

Global Manufacturing Footprint and Expertise

The physical scale of O-I Glass, Inc. is a massive resource. You have a global network of 68 manufacturing plants in 19 countries, which allows them to serve customers across major regions like Europe, North America, and Brazil. This physical presence is backed by deep knowledge; the company possesses core glass-making technology, including proprietary systems like the MAGMA glass production process technology, and over a century of expertise in transforming basic ingredients into packaging. This history is a key intangible asset.

Here's a quick look at the scale of their operations as of late 2025, based on recent reports:

Human Capital and Financial Capacity

The people running these operations are critical. O-I Glass, Inc. maintains a human capital base of over 21,000 employees, though some reports indicate a figure closer to 24,000 people across their global sites. This workforce supports their service to 6,000 top global beer and spirits brands. Also, you need to look at the balance sheet strength to understand their capacity for investment and weathering cycles. As of September 2025, the company reports total debt around $5.116 billion. This level of debt requires careful management, especially given the reported net interest expense of $91 million in the third quarter of 2025.

The company's strategy, like the 'Fit to Win' initiative, is designed to improve financial health, targeting $275 million to $300 million in Fit to Win benefits for 2025 alone. This focus on cost transformation directly impacts the quality of their financial resources.

Material Quality and Sustainability

The product itself is a core resource, given the market trend toward sustainable packaging. O-I Glass, Inc. relies on high-quality, infinitely recyclable glass material. Glass is positioned as the most sustainable rigid packaging material, which is a significant advantage when dealing with brand-conscious customers. This material characteristic underpins their value proposition.

Key attributes of the material resource include:

• Glass is described as pure.
• Glass is described as healthy.
• Glass is completely recyclable.
• The company aims to be the most sustainable supplier.

Finance: draft 13-week cash view by Friday.

O-I Glass, Inc. (OI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why major brands choose O-I Glass, Inc. (OI) for their packaging needs, especially as the company pushes through its transformation. These aren't abstract goals; they are backed by concrete operational and financial shifts happening right now.

Sustainable packaging: glass is 100% and infinitely recyclable

Glass packaging is inherently sustainable, which is a major draw for environmentally conscious customers. Glass can be recycled endlessly without any loss in quality or purity. O-I Glass, Inc. has already met several key sustainability targets ahead of schedule, demonstrating commitment to this value proposition. The company reached 51% renewable electricity usage globally in 2024, surpassing its original 40% goal. Furthermore, global Scope 1 and 2 greenhouse gas emissions were reduced by 30% from the 2017 baseline, exceeding the initial 25% target. The 2024 performance showed an average of 41% recycled content in their packaging. Looking forward, O-I Glass, Inc. has set an enhanced 2030 goal to use 60% recycled glass (cullet) on average and achieve 80% renewable electricity use. The company is also targeting a 47% reduction in GHG emissions by 2030, based on a 2019 baseline year.

• Glass is 100% and infinitely recyclable.
• 51% global renewable electricity usage achieved in 2024.
• 30% reduction in Scope 1 and 2 GHG emissions achieved in 2024.
• 2030 goal: 60% average recycled glass usage.

Preferred partner status through deep customer integration

O-I Glass, Inc. is systemic to the beverage industry, servicing a large portion of the world's top food and beverage brands. This deep relationship is built on scale and reach. The company sells its products in over 74 countries and employs 21,000 people globally. To manage risk and maintain stability, O-I Glass, Inc. has structured its customer base so that no single customer represents more than 10% of the company's consolidated net sales. The strategic focus under Horizon 2, Profitable Growth, is about expanding business in attractive categories with winning customers, reinforcing these relationships.

Best-cost producer in premium categories for higher-margin output

Management is actively transforming the cost base to improve competitiveness, aiming for a unique dual role. The strategy is to be the lowest cost producer in mainstream categories while simultaneously being the best cost producer in premium segments. This focus on premium categories is key for higher-margin output. The company is executing the Fit to Win program to strip waste and inefficiencies, targeting at least $650 million in cost reductions by 2027. The success of this cost discipline is showing up in the financial results, as seen in the margin expansion. For instance, in the third quarter of 2025, segment operating profit reached $235 million, with margins improving by 570 basis points compared to the prior year period.

Here's a quick look at how the operational improvements are translating into financial strength as of late 2025:

High-quality, brand-enhancing packaging for food and beverage

O-I Glass, Inc. provides packaging that enhances the brands it serves. The company's total sales across mainstream and premium categories are roughly $6.5 billion. The third quarter 2025 net sales were $1.7 billion, consistent with the prior year period, showing stability despite softer demand in some areas. The company is actively managing its mix to focus on attractive and growing categories, which supports the premium offering. For example, in the Americas segment, sales volume grew by 4% in Q2 2025, driven by improved competitiveness.

Supply chain stability via multi-year, high-volume contracts

A significant portion of O-I Glass, Inc.'s glass container products are sold directly to customers under formal supply agreements. These contracts provide a degree of stability to the revenue base. The terms for these agreements typically range from one to five years. To further manage volatility in key input costs, the company uses commodity forward contracts, specifically related to its forecasted natural gas requirements. This hedging strategy helps limit potential swings in cash flows and expenses related to changing market prices for energy.

• Most sales occur under annual or multi-year supply agreements.
• Contract terms generally range from one to five years.
• Uses commodity forward contracts to manage natural gas price volatility.

O-I Glass, Inc. (OI) - Canvas Business Model: Customer Relationships

You're looking at how O-I Glass, Inc. locks in its revenue, and honestly, it's all about locking down the biggest players first. Their strategy revolves around achieving Preferred Partner Status with major global food and beverage companies. This deep integration is what helps keep the top line stable, even when overall consumer demand softens, as seen in Q3 2025 when net sales were $1.7 billion, consistent with the prior year period. This relationship focus is clearly paying off in profitability, with Segment Operating Profit hitting $235 million in Q3 2025, a big jump from $144 million the year before.

The backbone of this preferred status is the commitment to long-term agreements. This provides volume stability, which is critical in a capital-intensive business like glass manufacturing. You can see the difference in predictability across their operating regions:

This high contract coverage, especially in North America, means a much more predictable environment for pricing and volume planning. The company explicitly states that its Horizon 2 strategy, Profitable Growth, is about leveraging this competitive position to drive growth with winning customers.

For the most valuable relationships, O-I Glass uses a segmented approach to service levels, which includes Strategic and Partner tiers, likely supported by dedicated account management. This contrasts with how they handle smaller clients. For those smaller, regional customers, the company utilizes O-I Packaging Solutions (O-IPS), which is a specialty team focused on turnkey and fully-custom options. This setup suggests a more transactional or standardized service model for that segment, helping O-I Glass manage its resources effectively while still capturing smaller market needs.

Collaboration on innovation is also a key relationship driver. O-I Glass offers strategic value creation through its design services, utilizing market intelligence and manufacturing practices to build brand-forward packaging. This collaborative R&D helps them differentiate and meet customer needs for premium, custom-designed glass, especially in developed markets where sustainability is a major focus. The success of this overall strategy is reflected in the raised full-year 2025 adjusted earnings guidance, now targeting $1.55 to $1.65 per share, nearly double the prior year's results.

• The company aims for a Net Promoter Score (NPS) of ≥ 60% to be in the first quartile of manufacturing companies.
• They are focused on expanding business in attractive and growing categories as part of their disciplined pricing approach.
• The company's overall goal is to be both the lowest cost producer in mainstream categories and the best cost producer in premium segments.

O-I Glass, Inc. (OI) - Canvas Business Model: Channels

The Channels block for O-I Glass, Inc. centers on its extensive physical footprint and direct engagement model with large industrial clients.

The direct sales force manages relationships with approximately 6,000 customers. This direct approach is supported by a massive global infrastructure.

O-I Glass, Inc. operates a global manufacturing and distribution network spanning 74 countries. This network includes 69 plants located across 19 countries, with facilities in the Americas, Europe, and Asia. The company employs approximately 21,000 people globally.

Regional sales offices are key to supporting the major segments, specifically the Americas and Europe. For instance, in the second quarter of 2025, the Americas segment generated an operating profit of $135 million, while the Europe segment posted an operating profit of $90 million. By the third quarter of 2025, the Europe segment operating profit had risen to $95 million.

The company is actively optimizing its physical network, with initial network optimization activities targeted for completion by mid-2026. An organizational effectiveness program is currently being rolled out across 15 facilities.

Digital platforms are used for customer order management and service, though specific metrics on platform adoption aren't detailed, the overall scale of business suggests significant digital integration. The company reported net sales of $1.7 billion in the second quarter of 2025.

Here's a look at the operational scale supporting these channels:

The strategic deployment of these channels is tied to cost transformation efforts, with the company targeting $275 million to $300 million in 'Fit to Win' savings for full-year 2025.

The distribution structure supports sales across different product categories:

• Serving both mainstream and premium categories.
• Leveraging global reach to drive growth in targeted geographies.
• Focus on being the lowest cost producer in mainstream categories.
• Focus on being the best cost producer in premium categories.

The company's commitment to its customer base is underscored by its updated 2025 adjusted earnings guidance, now projected to be between $1.55 to $1.65 per share.

O-I Glass, Inc. (OI) - Canvas Business Model: Customer Segments

You're looking at the core customer base for O-I Glass, Inc. (OI) as of late 2025. This is a business built on supplying the world's largest brand owners with their primary packaging.

Global alcoholic beverage companies (beer, wine, spirits)

This group represents the most significant end market. Beer is explicitly stated as the primary end market for O-I Glass's glass containers. The company produces glass containers for beer, wine, and spirits. O-I Glass has a leading position in key geographic markets, including Europe, North America, and Brazil, which are major hubs for these beverages. For the third quarter ended September 30, 2025, sales volume in tons showed a decline in the Beer and Wine categories, which more than offset modest growth elsewhere. O-I Glass serves major global players like Anheuser-Busch InBev, Brown Forman, Carlsberg, Diageo, Heineken, Molson Coors, and Pernod Ricard, all of whom are part of this segment.

Major food and beverage corporations (NAB, Food, RTD)

This segment covers Non-Alcoholic Beverages (NAB), Food, and Ready-to-Drink (RTD) categories. These customers also include major global manufacturers such as Coca-Cola, Nestle, and PepsiCo. In the third quarter of 2025, this combined group showed modest growth in sales volume (in tons). The company's trailing twelve-month revenue as of September 30, 2025, stood at $6.46 Billion USD. Furthermore, 70% of O-I Glass's total revenue is generated from outside the United States, indicating a massive international footprint serving these multinational corporations.

The breakdown of volume trends for the third quarter of 2025 helps illustrate the relative health of these two largest customer groups:

Regional and craft producers seeking premium glass packaging

While the search results emphasize the largest global customers, O-I Glass operates 69 plants across 19 countries, which inherently supports a broad base of regional and craft producers who require high-quality glass packaging. The company's strategy involves expanding into development and seedling markets to achieve sustainable earnings improvement. The focus on tighter mix management suggests a deliberate effort to balance large-volume contracts with higher-margin, potentially smaller-volume premium business.

Customers prioritizing sustainable and circular packaging solutions

The company's operational strategy, Fit to Win, delivered $220 million in benefits year-to-date in 2025, with a target to exceed $250 million for the full year. This focus on efficiency and optimization directly impacts the cost structure, which is a key concern for all customers, including those focused on the total lifecycle cost of packaging. O-I Glass is the world's largest manufacturer of glass bottles, a material inherently recognized for its circularity potential. The company's ongoing network optimization, including plant closures and furnace suspensions announced in 2025, is part of a move to reduce redundant capacity and improve the health of its operations, which supports long-term supply reliability for all segments.

• O-I Glass has approximately 21,000 employees globally.
• The company is looking to achieve adjusted earnings per share (EPS) guidance for full-year 2025 in the range of $1.55 to $1.65 per share.
• Expected free cash flow for the full year 2025 is between $150 and $200 million.

O-I Glass, Inc. (OI) - Canvas Business Model: Cost Structure

You're looking at the cost side of O-I Glass, Inc. (OI) as of late 2025, and honestly, it's dominated by capital intensity and ongoing transformation costs. The business runs on massive, long-lived assets, which locks in a high level of fixed expense.

High fixed costs from operating global glass furnaces and plants define the baseline spend. O-I Glass manages its global glass operations through two reportable segments: the Americas and Europe. The cost structure is inherently high-fixed because of the need to maintain and operate its extensive network of glass furnaces, even when production levels fluctuate. For instance, in Q3 2025, segment operating profit was $209 million year-over-year, but the company was actively managing capacity, including furnace closures as part of its optimization efforts.

The variable side is heavily influenced by significant raw material and energy costs. As a glass manufacturer, the cost of natural gas and electricity to power those furnaces represents a substantial, fluctuating portion of the operating expense. While specific dollar amounts for these inputs aren't broken out in the latest public summaries, their impact is clear when looking at segment profit movements, such as the decline in Europe's Q1 2025 segment operating profit due to higher operating costs, even with volume growth.

The transformation efforts add a layer of significant, non-recurring cash outflows. You see restructuring costs hitting the books as O-I Glass executes its network optimization. The company anticipates cash restructuring costs for the full year 2025 to be in the range of $140 million to $150 million. To give you a sense of the quarterly impact, Q1 2025 included $80 million in restructuring and asset impairment charges, and Q2 2025 included $108 million in such charges, largely tied to the discontinuation of the MAGMA program.

Financing the asset base means interest expense on total debt is a fixed financial cost. As of September 2025, O-I Glass's total debt stood at approximately $5.11 Billion USD. This debt load results in regular interest payments. For example, net interest expense was $91 million in the third quarter of 2025, up from $87 million in Q3 2024, partly due to fees from refinancing the bank credit agreement. The quarterly interest expense has been in the $81 million to $91 million range across the first three quarters of 2025.

Offsetting these costs is the aggressive pursuit of efficiency through the 'Fit to Win' program. This initiative drives operational savings, which directly reduce the cost base. O-I Glass is targeting at least $250 million in savings for the full year 2025, and they are ahead of schedule, having achieved $220 million in benefits year-to-date as of the third quarter. The company even raised its full-year 2025 savings target to a range of $275 million-$300 million based on Q3 momentum.

Here's a quick look at some of the key cost and expense drivers for the 2025 period:

• Total Debt as of September 2025: $5.11 Billion USD.
• Expected Cash Restructuring Costs for Full Year 2025: $140 million to $150 million.
• Fit to Win Savings Target for 2025 (Raised): $275 million-$300 million.
• Fit to Win Savings Achieved Year-to-Date (as of Q3 2025): $220 million.
• Net Interest Expense in Q3 2025: $91 million.
• Restructuring and Asset Impairment Charges in Q1 2025: $80 million.
• Retained corporate and other costs in Q3 2025: $26 million.

You can see the major financial commitments in this table:

The company is actively managing its cost base by taking out capacity; for example, they completed 8% of a planned 13% capacity closure by Q3 2025.

O-I Glass, Inc. (OI) - Canvas Business Model: Revenue Streams

You're looking at the core ways O-I Glass, Inc. brings in money, which is heavily tied to their operational transformation right now. The revenue streams are fundamentally built on their position as a global leader in glass packaging.

The primary revenue source is the Sales of glass containers to global food and beverage companies. This is systemic to the beverage industry, serving many of the world's top brands. For context on the scale, the alcoholic beverage segment-which includes beer, wine, and spirits-accounted for approximately $4.04 billion of their revenue in the last full fiscal year reported (2024). The company is actively focusing on growing revenue in what they term attractive and growing categories, which includes non-alcoholic beverages (NAB), Food, and Ready-to-Drink (RTD) products, even as they manage declines in other areas.

The company's overall financial performance expectations for the full year 2025 are a key indicator of revenue quality and operational success. They are transforming the business by focusing on a higher quality of revenue, which includes driving output from their premium glass products lines. While the total revenue for the trailing twelve months ending September 2025 was $6.46 billion, management is emphasizing that this revenue is being generated more profitably through disciplined pricing and mix management, rather than just volume.

Here's a look at the key financial metrics tied to their revenue performance and outlook for 2025:

The focus on premium products is part of a broader strategy to be more competitive. They are reconfiguring facilities to be premium-focused operations. The total revenue base, which includes both mainstream and premium categories, was roughly $6.5 billion recently. This strategic shift is designed to ensure that revenue growth, when it comes, is profitable growth.

The expected financial outcomes directly reflect the revenue strategy:

• Full-Year 2025 Adjusted EPS Guidance: The company raised its outlook to a range of $1.55 to $1.65 per share.
• Full-Year 2025 Free Cash Flow: Generation is projected to be between $150 million and $200 million.
• Revenue Quality Drivers: Growth in the NAB, Food, and RTD categories is being prioritized over segments like Beer and Wine.