OI · O-I Glass, Inc.

O-I Glass reported first-quarter 2026 results marked by solid Americas performance but significant headwinds in Europe, driving a revision to full-year guidance. Net sales declined modestly to $1.54 billion, primarily due to lower price and volume, though currency translation provided partial offset. The $0.48 GAAP loss per share included non-recurring items such as a loss on sale of a joint venture, while adjusted EPS of $0.05 reflected near-term European challenges—particularly a step-up in energy costs following expiration of favorable contracts and intensified price competition in Southern Europe’s Wine market. Europe’s segment operating profit fell to breakeven from $68 million a year earlier, while the Americas delivered stable $142 million segment operating profit and improved margin to 16.3%, aided by Fit to Win savings that mitigated external disruptions including extreme weather, civil unrest, and a natural gas pipeline outage. Management revised full-year 2026 adjusted EPS guidance to $1.00–$1.50 from $1.65–$1.90, attributing the $0.40–$0.50 per share reduction largely to global energy-cost inflation, especially in natural gas, electricity, logistics, and raw materials. Disciplined energy management—including securing 75–80% of 2026 EU gas needs at favorable prices—is expected to limit further exposure. The company reaffirmed commitment to its 2027 Investor Day objectives, characterizing current pressures as short-term and emphasizing continued execution of Fit to Win and restructuring actions to improve second-half performance.