O-I Glass Q3 2026: Europe Nearly Wiped Out Profit, Guidance Cut Sharply
As seen on the 24/7 Wall St. homepage on October 27, 2026.
European segment operating profit fell to $2 million from $95 million a year ago, dragging O-I Glass to a loss and missing expectations. Management cut full-year adjusted EBITDA guidance to $925 to $950 million and withdrew its 2027 targets.
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O-I Glass posted an adjusted loss of $0.09 per share in the third quarter, missing expectations and reversing a year-ago profit. The breadth of the miss signals more than a soft quarter.
European operating profit collapsed to $2 million from $95 million in Q3 2025 on competitive pricing pressure, falling selling prices, and higher energy and freight costs. Southern European wine volumes kept falling, and growth in the Americas was not enough to offset the damage.
Management cut its full-year adjusted EBITDA outlook to $925 to $950 million and now expects negative free cash flow for 2026. The company also withdrew its 2027 targets, saying fresh guidance will come with year-end results.
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The net debt leverage ratio is expected to reach 4.5 to 5.0 times by year-end, leaving the company with limited financial flexibility. O-I has begun evaluating the permanent closure of a European production facility, with charges expected in the fourth quarter of 2026.
CEO Gordon Hardie acknowledged the European shortfall while pointing to early gains in production efficiency and sequential shipment trends, and said the company expects higher net sales, adjusted EBITDA, and free cash flow in 2027 behind the Fit to Win cost-reduction program, which delivered roughly $135 million in benefits year to date. Whether that arrives fast enough to stabilize a stock near its 52-week low is the question investors are weighing now.
Sources
Mentioned: OI