O-I Glass, Inc.

end. If you would like to ask a question, press star 1 on your telephone keypad. I would now like to pass the conference over to our host, Chris Manu, Vice President of Investor Relations. Please go ahead.

Thank you, Jerry, and welcome everyone to the OI Glass Third Quarter 2025 Earnings Conference Call. Our discussion today will be led by Gordon Hardy, our CEO, and John Hodrick, our CFO. Following prepared remarks, we will host a Q&A session. Presentation materials for this call are available on the company's website. Please review the Safe Harbor comments and disclosure of our use of non-GAAP financial measures included in those materials.

Now I'd like to turn the call over to Gordon, who will start on slide three. Good morning, everybody, and thank you for your interest in OIGlass. Today we will review our third quarter performance, examine recent market trends, and highlight the progress we have made on our transformation journey. We will also share our improved outlook for 2025 and an early view on key business drivers for further improvement in 2026. Before we begin, I want to acknowledge the dedication and determination of the entire OIT. Your commitment, teamwork and execution are the drivers behind our ongoing transformation. Last night, we reported third quarter adjusted earnings of 48 cents per share, delivering strong results that exceeded both last year's performance and our own initial plans. Our top line remains stable, supported by higher average selling prices and favorable effects, even as overall consumer demand remains subdued. We saw revenue growth in non-alcoholic beverages, food, and RTDs, while beer and wine experience declines due to softer consumer demand. Importantly, the execution of our strategic initiatives is leading to a higher quality of revenue as we strip out waste and inefficiencies, expand in growing categories, and exit some unprofitable business. As a result, segment operating profit rose by more than 60% year over year, and margins are up a robust 570 basis points propelled by significant benefits from our strategic program and increased production levels following last year's inventory reduction. Bid to Win contributed another $75 million in the third quarter and $220 million year to date. We now expect to surpass our original 2025 savings target, and this program is strengthening our competitiveness, enhancing performance, and enabling durable profit improvement. Despite ongoing macroeconomic headwinds, our strategy is delivering results. We have raised our full year 2025 guidance and now expect adjusted earnings per share to nearly double versus 2024. Momentum is building and we anticipate continued growth and adjusted earnings and free cash flow in 2026 as we advance towards the target set out at our Research Investor Day. Let's now move to page four. As we review our quarterly results, it is important to consider current trends within the broader market context. Packaging dynamics are evolving. Short term cyclical pressures, including inflation, consumer price resistance and elevated supply chain inventories have temporarily dampened demand. However, we anticipate these headwinds will ease over time. Longer term factors such as lower per capita alcohol consumption and increased substrate competition will persist in certain markets. Yet these challenges are expected to be offset by growing interest in premiumization and sustainability. Furthermore, rising consumer health awareness is driving growth in no low alcohol beverages, as well as food and water. These trends suggest a more balanced and sustained demand for glass over the long term. In the interim, our focus remains on eliminating waste and inefficiencies building higher quality revenue streams, delivering a more profitable portfolio, and positioning the business for future shifts in consumer demand. OI has navigated market volatility effectively, maintaining stable net sales in recent years. As we address near-term cyclical pressures, we are carefully balancing price and volume to achieve a relatively stable top line. For the full year, we now expect pricing to be flat and sales volumes to be down about 2%, which is consistent with softer consumer demand. Despite this, our fit to win initiative is delivering a higher quality business mix and strengthening our competitive position as evidenced by improved margins of segment profits. Looking ahead, we anticipate OI will achieve 1% to 2% annual sales volume growth post-2027, as markets stabilize, strategic initiatives enhance our cost position, and we drive profitable growth in the next phase of our strategy. Let's now turn to page five to review the progress of our Fit to Win initiative, which I'm pleased to report is ahead of schedule. Fit to Win is significantly reducing costs across the enterprise, as well as optimizing our network and value chain to enhance competitiveness and support future growth. In the third quarter, we achieved another $75 million in savings with benefits of $220 million through the first nine months of the year, well ahead of our initial plans. With this momentum, we expect 2025 savings will range between $275 and $300 million, which exceeds our current year goal. So we are well on our way to at least $650 million of benefits by 2027 on a cumulative basis. We are making excellent progress in phase A, which focuses on streamlining SG&A costs and initial network optimization actions. We've already secured $100 million in SG&A savings in 2025, and we are on track to reach our three-year target ahead of schedule. Our network optimization is also moving quickly. We have communicated the closure of 13% of capacity to align supply with demand. 8% is now complete. and all remaining actions should be completed by early next year. Phase B centers on transforming our entire value chain. The first wave of our total organization effectiveness rollout across 15 plants is completed, and each location has met or exceeded expectations. The second wave covering another 15 plants is in progress, and we should complete the remaining plants by the end of next year with benefits continuing into 2020-27 and beyond. Our teams are driving strong results in procurement and energy reduction, further boosting savings and resilience. New supplier agreements are set to enhance productivity and competitiveness over the next three years. Overall, the Fit to Win program is delivering results faster than planned. We are well ahead of our targets for 2025, and are positioned to unlock even greater value through 2027, despite challenging market conditions. Now I'll hand it over to John, who will start with a review of our third quarter results on page six.