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Financial Results 14 August 2025 Year ended 30 June 2025 Financial Results 14 August 2025 Year ended 30 June 2025 For personal use only
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Important information Forward Looking Statements This presentation contains forward looking statements that involve subjective judgment and analysis and are subject to signif icant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to Orora. Forward looking statements can generally be identified by the use of forward- looking words such as “may”, “will”, “exp ect”, “intend”, “forecast”, “plan”, “seeks”, “estimate”, “anticipate”, “believe”, “continue”, or similar. Indicators of and guidance on future earnings and financial position are also forward- looking statements. No representation, warranty or assurance (express or implied) is given or made in relation to any forward- looking statement by a ny person (including Orora). In addition, no representation, warranty or assurance (express or implied) is given in relation to any underlying assumption or that any forward- looking statements will be achieved. Actual futur e events may vary materially from the forward -looking statement and the assumptions on which the forward-looking statements are based. Given these uncertainties, readers are cautioned not to place undue reliance on such forwa rd-looking statements. In particular, we caution you that these forward- looking statements are based on management’s current economic predictions and a ssumptions and business and financial projections. Orora’s business is subject to uncertainties, risks and changes that may cause its actual results, performance or achievements to differ materially from any future results , performance or achievements expressed or implied by these forward- looking statements. There are a number of factors that may have an adverse effect on our results or operations, including but not limited to those identified as principal risks in our most recent Annual Report filed with the Australian Securities Exchange at asx.com.au These forward-looking statements speak only as of the date of this presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rule, Orora disclaims any obligation or undertaking to publicly update or revise any of the forward- looking statements in this presentation, whether as a result of new information, or any change in events conditions or circumstances on which any statement is based. Past performance cannot be relied on as a guide to future performance. No offer of securities Nothing in this presentation should be construed as either an offer or a solicitation of an offer to buy or sell Orora securi ties. or be treated or relied upon as a recommendation or advice by Orora. Non-IFRS information Throughout this presentation, Orora has included certain non- IFRS financial information. This information is presented to assist in making appropriate comparisons with prior periods and to assess the operating performance of the business. Orora uses these measures to assess the performance of the business and believes that the information is useful to inv estors. All non-IFRS information unless otherwise stated has not been extracted from Orora’s financial statements and has not been subject to audit or review. The following notes apply to the entire document. All currency amounts are in Australian dollars unless stated otherwise. All amounts are presented inclusive of AASB 16 Leases unless stated otherwise. The financial periods presented in this report represent underlying earnings of the Group, excluding the impact of significant i tems, unless otherwise stated. For personal use only
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FY25 highlights and portfolio actions Brian Lowe Managing Director & Chief Executive Officer For personal use only
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4 Key messages 1 2 3 Solid results demonstrates resilience Cans growth through capacity investments Taking decisive action on glass network optimisation 4 Strong balance sheet enables shareholder returns For personal use only
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$973.1m Net Profit After Tax (NPAT) +425.4% Leverage (Net debt / EBITDA) / Net Debt Operating cash flow Shareholder returns $418.8m Earnings Before Interest, Tax and Depreciation and Amortisation (EBITDA) +19.4% $333.6m $127m (1) Excludes significant items and earnings for OPS and Closures which are treated as discontinued operations (2) Includes continuing and discontinued operations (3) As announced to ASX on 10 December 2024 - up to 10% of issued shares. 4.6% of shares bought back so far Solid results delivered demonstrating resilient businesses 5 Earnings Before Interest and Tax (EBIT) $262.1m +9.5% FY25 financial highlights – continuing operations1 10.0 / 5.0 cps On-market buyback3 Total / Final dividend +46.4% 0.7x $254.2mCash realisation of 115% $151.1m +18.0% Continuing operations1 Statutory2 For personal use only
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Volume growth of 6.0% with strong customer demand since Easter and commissioning of Revesby EBIT includes impact of additional $5m of corporate costs previously allocated to OPS and a $2.1m bad debt – excluding these items EBIT increased 7.0% Growth investments continue with Revesby expansion complete, Helio digital printer commissioning commenced and Rocklea expansion underway Volumes decreased 12%3 compared to FY24 with 2H volumes increasing 9% compared to 1H indicating de-stocking substantially complete Revenue reflects lower volumes and impact of mix shift to standard premium wine and champagne bottles in 2H25 EBIT decline moderated by cost reductions, realisation of synergies, lower profit sharing and reduced depreciation Revenue reflects flat volumes with lower wine and beer offset by other products EBIT decrease driven by impact of G3 furnace rebuild in 1H G1 furnace closure nearing completion with surplus volumes to be transferred to RAK in the UAE Revenue A$776.9m up 12.1% reported up 8.9% adjusted1 EBIT A$103.8m up 0.2% reported up 7.0% adjusted2 6(1) Adjusted excludes the impact of pass-through aluminium prices. (2) Adjusted excludes incremental $5m corporate costs following disposal of OPS and $2.1m bad debt. (3) Movement for Saverglass compares FY25 to pro-forma FY24. On a reported basis revenue increased 43.2% and EBIT increased 62.2%. Gawler and Cans compare FY25 to FY24 FY25 operating highlights Orora Cans Global Glass – Saverglass Global Glass – Gawler EBITDA A$118.7m up 0.4% reported up 6.4% adjusted2 Revenue €612.4m down 16.5%3 EBIT €79.2m down 5.5%3 EBITDA €144.9m down 4.9%3 Revenue A$285.4m up 1.5% EBIT A$25.4m down 54.0% EBITDA A$56.9m down 33.7% For personal use only
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Solid increase in orders, albeit change in mix towards standard premium wine since March 2025 Saverglass orders and inventory 7 • Tariff uncertainty for European producers continues • Improved order intake since November 2024 with largest increase in Americas region ‒ FY25 orders increased 16% and 2H25 orders increased 21% vs. pcp • Product mix skewed more to premium wine and champagne since March 2025 • Timing of conversion to sales can vary with lead times typically 4–6 months from order to invoicing • Sales volume 9% higher in 2H25 with total inventory stable since January indicating de-stocking substantially complete • Increased Saverglass inventory consistent with stronger order intake • Customer owned inventory down more than 50% from peak in December 2023 Order intake Inventory TRADING UPDATE & OUTLOOK Average monthly orders increased 21% from 2H24 to 2H25 Customer owned inventory down more than 50% from peak Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Total inventory Saverglass owned inventory Saverglass managed customer owned inventory For personal use only
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By the end of FY26 Cans capacity expansions will have been completed, delivering multi-year organic growth and strong free cash flow generation Notes: (1) 15% ROI defined as EBIT in third full year of operations (2) Estimated EBIT growth the Cans business could achieve without capacity expansion through productivity gains and partial recov ery of CPI embedded in contracts. Incremental EBIT from FY23 8 Cans capacity expansions Project Type Capacity Completion Investment ROI EBIT (real) Spend to date ($m) FY26 spend ($m) Total spend ($m) (%) Annual EBIT to date ($m) Total Annual EBIT ($m) Ballarat Ends +40% Mar-23 30 - 30 15%1 ~$15m >$50m Dandenong Multi-size line +10% Jun-23 80 - 80 Revesby Multi-size line +10% Jun-25 114 - 114 Rocklea Classic line +13% Est. Jun-26 47 88 135 Total +33% (ex-ends) 271 88 359 Capex supports strong Cans volume growth • FY16 – FY23 volume CAGR of +5.5% driven by shifting consumer preferences to cans and growth of new product categories • FY25 volume growth achieved +6%, enabled by capacity expansion investments • Post-Rocklea investment network can support ~5% volume growth p.a. without further investment in capacity before 2030 • Organic EBIT growth of ~1-2% p.a. enhanced by incremental >$50m EBIT (real) from the expansion program 2 70% of incremental EBIT to be delivered between in FY26 -30, totalling >$50m by FY3075% of the total capex spent to date but only 30% of incremental EBIT delivered Program Budget Spent Program Annual EBIT Delivered 75% 100% To date FY26 30% 100% To date FY30 ~$15m >$50m$359m $271m 100% of total capex spent by FY26 For personal use only
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• Consolidation of all European wine and champagne bottle production to Ghlin • Timing revised with Phase 1 rebuild to commence May 2026 • Phase 1 (approved) – partial rebuild of furnace and feeder to complete July 2026 which maintains existing capacity • Phase 2 (proposed) – modernization work to improve capacity • Closure process has begun for Le Havre F4 which represents 13% of European capacity • Engagement with Works Council commenced May 2025 • Consultation expected to complete November 2025 • Optionality in 2027 to upsize F3, if market recovers sufficiently • G3 furnace rebuild complete and fully operational with improved efficiency and 30% reduction in energy consumption • G1 furnace closure by September 2025 with reduction in roles of 85 • Work underway to shift surplus capacity to RAK furnace in UAE 9 Phase 1 – €26m total spend with €17m over FY26 and FY27 Phase 2 – €18m in FY28 and FY29 Notes: (1) 7-month EBIT benefit expected in FY26 with full run-rate by FY27. (2) FY26 EBIT expected to be ~$30m €6m impairment (FY25) / €14m cash cost (primarily FY26) / €20m total ~€9m annual EBIT benefit1 >$184m capex for G3 $12m cash cost for G1 closure – delivers $17m EBIT benefit relative to a three- furnace operation2 Ghlin rebuild and modernisation Decisive action taken across global glass network to optimize capacity driving operating efficiencies Glass network optimisation Le Havre F4 closure Gawler G3 rebuild and G1 closure For personal use only
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Safety and Sustainability Update Brian Lowe Managing Director & Chief Executive Officer For personal use only
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Lost time injury frequency rate (LTIFR)* Recordable case frequency rate (RCFR)^ LTIFR* = (Number of lost time injuries / Total number of hours worked for employees and contractors) x 1,000,000 RCFR^ = (Number of recordable case injuries (lost time, restricted work case and medical treatment) / Total number of hours worked for employees and contractors) x 1,000,000 Data includes OPS until completion of the sale on 12 December 2024 11 Safety performance Update on our approach to improving safety • FY24 has been restated to include Saverglass data. • No Serious Injuries or Fatalities (SIF) have occurred. • LTIFR and RCFR have continued to decrease since June 2024, with fewer Lost Time injuries and Recordable Case injuries over the previous 12 months. • LTIFR decreased 35% and the RCFR decreased 5%, demonstrating the effective implementation of the FY23-FY25 Global Health & Safety Strategy. • This Strategy includes established health and safety governance processes and procedures, the Stay Safe rules awareness program, and demonstrated leader commitment to safety through our Safety Leadership Tours program. • Orora’s attention now turns to implementing its FY26-FY28 Global Health & Safety Strategy, which will build on the previous strategy by maintaining focus on safety awareness and embedding safety culture across all Orora sites. • This will enhance the way health and safety is managed across the Group, including both physical and psychosocial health and safety. 3.4 2.2 June 2024 June 2025 8.8 8.3 June 2024 June 2025 For personal use only
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Sustainability progress Significant progress with increased recycled content and improved carbon emissions. Reporting Scope 3 emissions for the first time New recycled content targets Net zero emissions by 2050 Prioritising action for our people and our community • Glass (Gawler) – 59.5% recycled content vs CY25 target of 60%1 • Colour glass (global) – 44% recycled content • Continued to expand cullet sourcing program, particularly in Australia from Container Deposit Schemes • Cans – 78% total recycled content and significant uptake by customers of lighter 375ml cans • FY35 Scope 1 and 23 – Group 41% (tonnes), Global Glass 60% (intensity) • FY30 Scope 1 and 23 – Cans 50% (tonnes) • FY35 Scope 3 – Group 31% (tonnes), Global Glass 32% (intensity), Cans 30% (tonnes) • Improved safety performance with Recordable Case Injuries decreasing more than 15% and Lost Time injuries decreasing more than 40%, compared to FY24. • Introduction to Culture at Orora available to all team members globally via a new Global One Orora Onboarding Portal in 2025. • ANZ DEI&B Council launched in early 2025 consisting of volunteers across all functions. • Women in Leadership program expanded in 2025 to include European cohort. Circular Economy Climate Change Community 12(1) Pre and post-consumer and internal use. Excludes Saverglass (2) Pre and post-consumer, no internal use, colour glass only. Includes Saverglass (3) From FY19 baseline. Tonnes = in absolute tonnes of emission, Intensity = ratio of kilograms of emissions per tonne of packed glass produced FY25 achievements New recycled content targets • Colour glass – target 68%2 recycled content by FY35 • Cans – target 80% total recycled content by FY30 New emissions reduction targets • Scope 1 and 2 – Group 19% (market based) and 22% (location based), Global Glass 21% (market based) and 26% (location based), Cans +3% (market based) and +19% (location based). FY25 emissions reductions from FY19 For personal use only
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Financial Results Shaun Hughes Chief Financial Officer For personal use only
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Ongoing focus on capital allocation to deliver strong cash realisation, maintain investment grade credit metrics, and maximise shareholder returns Deliver strong operating cash realisation with disciplined working capital management Strict capital allocation / investment approach Maintain investment grade credit metrics Maximise shareholder value through EPS growth and distributions CAPITAL ALLOCATION Historical cash realisation >80%1 >15% return target on organic growth capex by year 3 Leverage target 1.5 – 2.5x 60 – 80% dividend payout ratio Notes: (1) Defined as (EBITDA – increase in working capital +/ - non-cash items) / EBITDA. On a continuing operations basis excluding significant items. 14 Key financial prioritiesFor personal use only
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(1) Excludes significant items (2) Calculated as NPAT / weighted average ordinary shares (net of Treasury Shares) of 1,325.0m (FY24: 1,248.9m). Continuing operations ($m)1 FY25 FY24 Var$ Var% CC% Revenue 2,090.2 1,679.9 410.3 24.4% 23.4% EBITDA 418.8 350.8 68.0 19.4% 18.2% Depreciation and amortisation (156.7) (111.4) (45.3) (40.8%) EBIT 262.1 239.4 22.7 9.5% 8.5% Net finance costs (67.3) (68.9) 1.6 2.3% Profit Before Tax 194.8 170.5 24.3 14.2% NPAT 151.1 128.1 23.0 18.0% 17.0% EPS (cps)2 11.4 10.3 1.1 11.1% 10.3% Continuing operations • Revenue growth reflects twelve months of Saverglass contribution compared to seven months in the pcp • Gawler revenue up 1.5% and Cans up 12.1% • EBIT growth of 9.5% reflects increased Saverglass contribution partly offset by impact of G3 furnace rebuild in Australia • Higher depreciation mainly due to increased Saverglass contribution • NPAT of $151.1m, up 18.0%, reflecting the higher EBIT, lower net finance costs and lower effective tax rate • Increase in EPS reflects the higher NPAT partly offset by increased share count due to timing of equity raise in FY24 Statutory results • Continuing operations statutory results include Gawler G1 restructuring costs of $83.7m ($58.6m post tax) and Le Havre F4 closure costs of $34.2m ($26.3m post tax) • Discontinued operations comprised of OPS (earnings and profit on sale) and Closures (earnings and loss on sale) – refer slide 32 for more details Statutory ($m) FY25 FY24 Var$ Var% EBITDA 300.9 310.4 (9.5) (3.1%) EBIT 144.2 199.0 (54.8) (27.5%) Profit Before Tax 76.9 130.1 (53.2) (40.9%) NPAT (continuing) 66.2 89.6 (23.4) (26.1%) Net profit from discontinued operations 906.9 95.6 811.3 nm NPAT 973.1 185.2 787.9 nm EPS (cps)2 73.4 14.8 58.6 nm 15 FY25 Group financial performanceFor personal use only
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FY25 Orora Cans financial highlights Business performance • Revenue reflects 6.0% volume growth, improved mix and higher aluminium prices • Revenue excluding pass-through aluminium prices increased 8.9% • Volumes include inventory build for customers to support new filling investments in Queensland • EBITDA and EBIT broadly flat with higher revenue offset by higher transport costs and a $5m increase in corporate costs following the OPS sale and a $2.1m bad debt for an RTD customer • Excluding the incremental corporate costs and bad debt, EBIT increased 7.0% Investment • Capex continues to be invested to support new capacity with the completion of the second line at Revesby ($42.7m) and the commencement of the expansion in Rocklea ($38.3m) $14.9m $776.9m $118.7m Depreciation & amortisation (1) Excludes the impact from pass-through increase in aluminium prices (2) Excludes $5m incremental corporate costs allocated following the disposal of OPS and a $2.1m bad debt (3) Calculated as base capital expenditure of $21.5m as a percentage of $11.4m total depreciation 12.1% increase 0.4% increase $0.2m increase 16 Revenue EBITDA $103.8m EBIT 8.9% adjusted increase1 6.4% adjusted increase2 13.4% 189% of depreciation3 EBIT margin 150bps decrease $124.7m Total capex 0.2% increase 7.0% adjusted increase2 60bps adjusted decrease2 For personal use only
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FY25 Saverglass financial highlights1 Business performance1 • Revenue reflects 12% lower volumes due to global de-stocking and softer demand in Europe • De-stocking substantially complete with 2H volumes increasing 9% from 1H • Revenue flat over the same period due to impact of mix shift to standard premium wine and champagne bottles and cost deflation pass-through • EBITDA declined 4.9% with revenue decline partly offset by benefit from ongoing cost containment measures, lower profit-sharing costs and reduced depreciation • EBIT decline of 5.5% reflects slightly lower depreciation (down €3.0m) from alignment of mould useful lives consistent with Gawler Investment • Major components of capex included moulds (€10.8m) and early works for the Ghlin furnace rebuild (€6.6m) €612.4m €144.9m EBITDA 17 Revenue €65.7m Depreciation & amortisation €79.2m 5.5% decrease2 (1) Excludes significant items – Le Havre F4 closure costs of $34.2m pre-tax (2) Movements compare FY25 to pro-forma FY24 (3) Calculated as base capital expenditure of €19.7m as a percentage of €43.3m total depreciation 4.9% decrease216.5% decrease2 €3.0m decrease2 A$1,027.9m A$243.2m A$110.3m EBIT 12.9% EBIT margin €30.8m 45% of depreciation3150bps increase2 Total capex A$132.9m For personal use only
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FY25 Gawler Glass financial highlights1 Business performance • Revenue increased 1.5% with contracted price increases and flat volumes • Declines in wine and beer volumes were offset by increases in other products such as food jars which are generally lower margin • EBITDA and EBIT decrease driven by the impact of the G3 furnace rebuild at Gawler • Depreciation increase reflects completion of G3 furnace rebuild and oxygen plant Investment • Capex reflects investment in G3 furnace rebuild ($59.0m) and oxygen plant ($22.6m) $31.5m $285.4m $56.9m $25.4m EBITDepreciation & amortisation (1) Excludes significant items – Gawler G1 restructuring costs $83.7m pre-tax (2) Calculated as base capital expenditure of $63.4m as a percentage of $30.2m total depreciation 1.5% increase 33.7% decrease 18 Revenue EBITDA $0.9m increase 8.9% $87.1m Total capex 210% of depreciation2 EBIT margin 1,070bps decrease 54.0% decrease For personal use only
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(1) Includes seven months of Saverglass following completion of the acquisition on 1 December 2023 (2) Operating cash flow excludes cash flow from discontinuing operations and significant items (3) Cash realisation measures EBITDA plus the movement in working capital and any non-cash items over EBITDA $m FY25 FY241 Var% EBITDA 418.8 350.8 19.4% Lease payments (28.2) (14.9) Non-cash items (0.4) 25.3 Cash EBITDA 390.2 361.2 8.0% Movement in working capital 62.9 17.2 Other items (3.2) (69.8) Base capex (117.9) (80.8) Sale proceeds 1.6 - Operating cash flow2 333.6 227.8 46.4% Cash significant items (7.8) (55.8) Operating free cash flow 325.8 172.0 89.4% Interest (63.4) (55.8) Tax (19.6) (26.3) Growth capex (145.5) (148.5) Free cash flow available to shareholders 97.3 (58.6) nm Cash realisation 114.9% 112.1% • Operating cash flow of $333.6m was 46.4% higher than FY24 with improved working capital partly offset by an increase in base capex • Working capital reflects unwind of Gawler inventory and increased payables from higher volumes and timing of aluminium purchases for Cans • Base capex of $117.9m reflects the completion of the G3 furnace rebuild at Gawler and the inclusion of Saverglass for 12 months • Growth capex of $145.5m is consistent with FY24 with the completion of major projects such as the new canning line at Revesby, the Oxygen Plant for the G3 furnace rebuild and the commencement of the new canning line at Rocklea • Net interest payments of $63.4m increased due to lower interest income ($6.5m) and timing of payment of interest accruals • Cash realisation of 115%3 reflects strong cash flow management with positive working capital for the year 19 Operating cash flow – continuing operations For personal use only
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Orora has delivered cash realisation of >80% including pro-forma Saverglass1,2,3 Key messages Cash realisation (%)1,2 and working capital ($m)2 Notes: (1) Defined as (EBITDA – movement in working capital +/ - non-cash items) / EBITDA. (2) Continuing operations basis before significant items, pro forma for Saverglass prior to acquisition for FY20 -FY23. (3) Excludes FY23 where there was an increase in working capital to support G3 rebuild and growth in Saverglass. 20 Strong cash realisation • Strong track record of generating operating cash flow and cash conversion • Working capital efficiency is a key focus for Orora • Cash realisation metric defined to isolate the impact of working capital movements on operating cash flow • Unwind in working capital in Gawler of $40 – 50m expected between FY25 and FY27, partly offset by increases for Cans and Saverglass Increase in working capital to support growth in Saverglass Increase in working capital reflects higher inventory to support G3 rebuild and growth in Saverglass 294 317 390 555 525 397 90.1% 94.0% 79.0% 63.2% 112.1% 114.9% FY20 FY21 FY22 FY23 FY24 FY25 For personal use only
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Capex ($m)1 • Total FY25 capex of $263m – base capex is 102% of depreciation • Reduction in FY26 capex to ~$190-210m reflects lower growth capex with only Cans capacity growth at Rocklea remaining • Beyond FY26, base capex to average ~$70-95m per year de-carbonisation capex to average ~$15-25m per year, a total of ~$85-120m per year Key projects under construction Free cash flow to be significantly higher in FY26 with lower capex spend Project Spend to date FY26 spend FY27+ spend Total Rocklea expansion – growth ($m) 47 ~88 - ~135 Ghlin rebuild – Phase 1 (€m) 9 ~10 ~7 ~26 Ghlin rebuild – Phase 2 (€m) - - ~18 ~18 21 Depreciation & amortisation • FY26 expected to be $180m - $185m • Reflects completion of recent projects including G3 rebuild, Gawler oxygen plant and Revesby expansion • Saverglass depreciation expected to be low to mid €70 million range (1) Excludes OPS Group capex spend 44 59 148 145 37 59 FY24 FY25 FY26e FY27+ Base De-carbonisation Growth G3 furnace rebuild 229 263 190-210 ~100-110 ~80-90 ~10 ~85-120 ~70-95 ~15-25 Some growth capex is expected to support investment in automation, new customer moulds, and efficiency upgrades For personal use only
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Balance sheet provides operating and strategic flexibility to support Orora’s growth strategy and shareholder returns • Balance sheet in a strong position after the OPS sale with cash and undrawn facilities to support ongoing shareholder distributions and organic growth • Leverage ratio of 0.7x1 below long-term leverage target range of 1.5x – 2.5x • Significant available liquidity of $1,384.0m (Committed undrawn debt facilities of $1,126.7m and cash of $257.4m) Balance sheet Net debt and leverage ratio (1) Calculated as net debt / trailing 12-month EBITDA and includes 12 months of Saverglass EBITDA (2) Calculated as trailing 12-month EBITDA / net interest expense and includes 12 months of Saverglass EBITDA • FY26 net finance costs estimated to be $55-60m assuming 10% on-market buyback completed during the year • Includes the following • Interest on drawn debt – average cost of ~4.5% • Supply chain (ALU) and other working capital financing • ROU interest of ~$8m – for leased assets • Other – including commitment fees for undrawn facilities $m Jun-25 Jun-24 Net debt 254.2 1,753.5 Net assets 2,896.6 2,091.7 Leverage1 0.7x 2.8x Interest cover2 6.4x 7.4x Undrawn committed bank debt capacity and cash 1,384.0 865.1 890 292 453 629 774 1,754 254 1.9x 0.9x 1.5x 1.8x 2.0x 2.8x 0.7x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x - 500 1,000 1,500 2,000 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Net debt Leverage 22 Net finance costs Balance sheet and net debtFor personal use only
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Significant balance sheet capacity available for ongoing capital management Gross final dividend Cents per share $64.1m 5.0 cps On-market buyback $127m 69% payout ratio Final dividend of 5.0 cents per share (unfranked), represents a $64m gross dividend FY25 final dividend payout ratio of 69% is consistent with the target payout range of 60 – 80% of NPAT. The total dividend payout ratio of 86% is above the target range due to the impact in the first half of OPS earnings treated as discontinued and net interest including five months of higher debt until sale completion The Dividend Reinvestment Plan will be operative for this dividend, with shares purchased on market to meet DRP obligations Key dates for final dividend: - Ex-dividend date: 29 August 2025 - Record date: 1 September 2025 - Payment date: 7 October 2025 Share buyback of up to 10% of issued shares announced December 2024 with $127m (or 4.6%) bought back so far 23 10.0 cps Final Total 86% payout ratio Shareholder returnsFor personal use only
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Investor proposition and FY26 Perspectives and Outlook Brian Lowe Managing Director & Chief Executive Officer For personal use only
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Orora investor proposition 25 Focused value-added beverage packaging business • Portfolio actions have transformed Orora into a focused beverage packaging business, with market-leading positions in cans, premium+ spirits and champagne, and wine packaging • Earnings diversified across substrate and geography, with long-term market volume growth of ~4-6% in cans and ~3-6% in premium+ spirits and wine packaging Well invested assets to support organic growth • Cans expansion projects expected to generate >15% return 1, with >$50m of additional EBIT (in real terms) post completion of Rocklea • Capacity in Glass network to support volume recovery • No further investment in capacity required until after 2030 Disciplined approach to capital allocation • Commitment to delivering strong cash realisation, maintaining investment grade credit metrics, and maximising shareholder returns • Entering a stronger FCF period post FY26 • Strong balance sheet supports ongoing shareholder distributions • M&A not a near-term focus Note: (1) Defined as EBIT / invested capital. (2) Defined as (EBITDA – increase in working capital +/ - non-cash items) / EBITDA. On a continuing operations basis before significant items. Orora provides investors with defensive growth exposure, a well-invested asset base and strong balance sheet to support ongoing shareholder returns 2026 – 2030 Organic growth without further capacity expansion >80% Historical cash realisation2 1.5 – 2.5x Leverage target 60 – 80% NPAT Dividend payout ratio >15% Target return on organic growth capex by year 3 Addressing investor priorities Key metrics / targets For personal use only
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Disciplined execution of our strategy to deliver strong cash flow growth 26 Perspectives for FY26 and beyond (1) US Mexico Canada Alliance Orora Cans Global Glass – Saverglass Global Glass – Gawler • Order intake remains solid but below October- February period with mix shift towards standard premium wine and champagne bottles • Improved market conditions for cognac producers following agreement between EU and China on price increases • Monitoring US tariff situation – proposed 15% EU tariff appears manageable for ultra premium spirits and wine although no clear customer response yet • Mexican produced bottles sold into US currently exempt as under USMCA 1 – flexibility to move production to respond to external factors • Le Havre furnace closure progressing – consultation process expected to complete November 2025 • Ghlin rebuild in FY26 which will enable consolidation of wine and champagne bottle production • Volume growth in FY26 expected to be consistent with long-term industry growth rates with demand driven by substrate shift and growth of new categories • All major customers have opened new can filling capacity in Queensland • Revesby second line fully commissioned adding additional 10% network capacity • Digital printing machine Helio commissioning commenced with first cans printed • Continued expansion in production capacity with new line under construction at Rocklea – to complete in FY26 • Increase in wine volumes from Chinese exports but domestic commercial wine market expected to remain challenging given structural decline in demand • G1 furnace closure to complete by September 2025 resulting in highly utilised two furnace operation • Surplus volumes to be serviced by RAK furnace in the UAE For personal use only
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27 FY26 outlook Group • EBITDA and cash flow growth in all businesses • Additional $7m corporate costs previously allocated to OPS ($15m annualised – Cans $10m, Glass $5m) • With higher D&A tempering FY26 EBIT growth EBIT expected to be broadly in line compared to FY25 • Volume growth and cost reduction initiatives to support higher EBITDA compared to FY25 despite product mix skew towards lower priced wine and champagne bottles • Offset by increased D&A EBIT expected to be higher than FY25 • Volume growth expected to be consistent with long term growth rates supporting EBITDA growth in FY26 • Partially offset by higher D&A (full year of Revesby and commencement of Rocklea depreciation) and additional $5m in corporate costs following the sale of OPS EBIT expected to be ~$30m • Operational benefits from transition to two-furnace operation to support EBITDA growth • Partially offset by higher D&A (full year of G3 and oxygen plant) 27 Outlook assumes no further changes to US tariffs as of 14 August 2025 Orora Cans Saverglass Gawler FY25 FY26 Capex $263m $190m-$210m D&A $157m $180m-$185m Net finance costs $67m $55m-$60m For personal use only
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Supporting Information For personal use only
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• Sale to Nippon Paper Industries Co. Limited for A$1.7bn – 11.5x EV / FY19 adj. EBITDA • Sale price reflective of significant business improvement initiatives • Proceeds facilitated significant growth capex investment and shareholder distributions ($150m capital return; $450m share buyback) • Acquisition of Saverglass for €1.3bn – 7.7x EV / FY23 EBITDA • Positions Orora to benefit from ongoing premiumisation trends in spirits and wine • Established network with €450m capital invested over the last five years 1 – capacity to grow organically post recent destocking cycle • Established Orora as a global market leader in high-end glass manufacturing and decoration • Sale to Veritiv Corporation for US$1.2bn – 9.9x EV / FY24 EBITDA • Sale price reflective of significant business improvement initiatives • Proceeds facilitated balance sheet strengthening, additional Cans network expansion, and share buyback • Transformed Orora into a focused value- add beverage packaging business Portfolio actions have transformed Orora into a focused beverage packaging business, with market-leading positions in cans, premium+ spirits and wine packaging Note: (1) Includes all capital expenditure from CY18 to CY22. Strategic evolution of portfolio 29 Today Focused value-add beverage packaging business Demerger in 2013 Disparate portfolio of fibre, distribution and beverage businesses STRATEGY UPDATE Acquisitionof SaverglassSale of AustralianFibre Saleof OPS 2023 20242019 For personal use only
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• • • Market size1 ~$1.2bn1 ~$21bn2 ~$700m1 Volume growth ~4 – 6%1 ~3 – 6%1 ~Flat3 Market trends Shift to aluminum Category growth Brand proliferation Sustainability Premiumisation Brand proliferation Sustainability Near-term destocking Lower commercial wine consumption Market position #1 Australasia cans #1 global premium+ spirits #1 Australasia wine bottle Group earnings contribution (CY24) ~40% ~50% ~10% End-market split %4 68% Non-alcohol 32% Alcohol 66% Spirits 34% Wine 77% Wine 16% Beer 7% Other Orora’s position All products supported by long-term exclusivity agreements with vast majority of customers beyond 20305 Investing in additional capacity and new digital capabilities No additional capacity required until after 2030 Focus on Premium+ segment and integrated decoration Current network supports continued organic growth with minimal new growth capex Strategically located assets Flexibility to move volumes between RAK and Gawler Lowest carbon wine bottle furnace in Australia Moderate EBIT growth opportunity through inflation, mix and efficiencies Defensive growth exposure through Cans and Glass Notes: (1) Management estimates. (2) Management estimates of market revenue, supplemented with cross -references to external market research. (3) Commercial wine, beer, and other products. (4) Saverglass excludes non-beverage products. (5) Orora’s contracts are not for committed volume but generally for exclusive supply. STRATEGY UPDATE Cans Saverglass Gawler 30 For personal use only
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31 Capital allocation framework Orora’s capital allocation framework to drive discipline across all capital decisions Note: (1) Returns defined as EBIT / invested capital. • Shareholder returns via dividends and buybacks • On-market buybacks to return surplus capital • Targeting 15% return by year 31 for organic growth capex • M&A not a near-term focus Key messages Operating cash flow Maximise Total Shareholder Returns Over Time Base capex $70 – 95m p.a. including furnace rebuilds Dividends to shareholders 60 – 80% of underlying NPAT, franked subject to availability Available capital Asset sales / divestments Surplus capital Buybacks On-market M&A Risk adjusted premium to WACC Organic growth capex Targeting >15% return by year 31 Leverage target 1.5 – 2.5x Commitment to investment grade credit metrics CAPITAL ALLOCATION Saverglass decarbonisation capex $15 – 25m p.a. For personal use only
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(1) Underlying result is a non-GAAP measure which adjusts for the effects of one-off significant items Statutory to underlying results FY25 FY24 ($m) EBITDA EBIT PBT NPAT EBITDA EBIT PBT NPAT Continuing Operations Statutory result 300.9 144.2 76.9 66.2 310.4 199.0 130.1 89.6 Add significant items: - Le Havre F4 furnace closure 34.2 34.2 34.2 26.3 - - - - Asia Pacific production capacity review 83.7 83.7 83.7 58.6 - - - - Saverglass acquisition transaction costs - - - - 40.4 40.4 40.4 38.5 Continuing Operations Underlying result1 418.8 262.1 194.8 151.1 350.8 239.4 170.5 128.1 Net Profit from Discontinued Operations 110.0 92.4 77.7 61.7 265.6 164.6 130.4 95.6 Add Discontinued Operations significant items: - Gain on Sale of OPS Business 849.6 849.6 849.6 858.6 - - - - - Loss on Disposal of Closures Business (19.1) (19.1) (19.1) (13.4) - - - - Discontinued Operations result 940.5 922.9 908.2 906.9 265.6 164.6 130.4 95.6 Statutory Continuing and Discontinued Operations 973.1 185.2 Statutory to underlying reconciliations 32 For personal use only
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Liquidity and debt maturity profile Debt Maturity and Liquidity Profile ($m) As at 30 June 2025 33 257 125 305 161 233 731 Cash on hand FY25 FY26 FY27 FY28 FY29 FY30 FY31 Drawn amount Committed and available facilities For personal use only
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Business performance • Global Glass represents Gawler and Saverglass • Significant growth for Global Glass earnings from acquisition of Saverglass with only seven months of earnings in the prior year Investment • Capex comprised of Saverglass ($51.6m) and Gawler ($87.1m) and includes $59.0m of G3 rebuild spend and $22.6m of oxygen plant spend which were both completed during the year FY25 Global Glass financial highlights1 $141.8m $1,313.3m $300.1m $158.3m EBIT 16.6% increase Depreciation & amortisation (1) Excludes significant items – Le Havre F4 closure costs of $34.2m pre-tax (2) Calculated as base capital expenditure of $96.5m as a percentage of $102.9m total depreciation 33.1% increase 29.1% increase 34 Revenue EBITDA $45.1m increase 12.1% $138.7m Total capex invested in the business 94% of depreciation2 EBIT Margin 170bps decrease For personal use only
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Chris Vagg General Manager Investor Relations +61 409 406 128 Chris.vagg@ororagroup.com ASX: ORA For personal use only