O-I Glass (OI) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$6,331	$1,468	(2.1%)	$6,299	(0.5%)
Adj. EBITDA	$148	($263)	13.9%	$330	123.0%
Free Cash Flow	($44)	($471)	(252.5%)	($532)	(1108.2%)
Net Debt, end of period	$4,420	$4,891		$4,952	12.0%
Net Debt / Adj. EBITDA	29.9x	25.7x		15.0x	-14.9x
Total Liquidity, end of period	$1,533	$1,062		$1,001	(34.7%)

The credit over the next year

O-I's credit over the next year turns on whether European margins recover from near zero: segment profit there fell to $2 million in the third quarter as weaker prices met energy contracts that reset higher and a European gas price that jumped to about $21 per MMBtu. Shipments are still falling but by less each quarter (down 9%, 5%, then 3% in 2026), and the company guides flat volume plus about $170 million of further Fit to Win savings in 2027 to rebuild EBITDA from the $925 to $950 million guided for 2026. With free cash flow guided at about negative $300 million for 2026 and leverage heading to 4.5 to 5.0 times, a second year of high gas prices or weak European pricing would leave little cushion.

Leverage falls from 29.9x to 15.0x over the next four quarters on the starting case.
The company burns $532mm of cash over the next year on the starting case, so liquidity has to fund it.
Net debt grows from $4.42bn to $4.95bn.
Liquidity a year out is $1.00bn, against $1.53bn today.
Company guidance for fiscal 2026: adjusted EBITDA of $925mm to $950mm on its own definition, free cash flow of -$300mm.

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$379.0
Term Loans A due 2030 (Tranche A-1 in U.S. dollars and Tranche A-2 in euros)	789.0	100.0%	N/a	5.3x	Neutral
Multicurrency Revolving Credit Facility due 2030	90.0	100.0%	N/a	5.9x	Neutral
Term Loans B due 2032 (Tranche B-1)	639.0	100.0%	N/a	10.3x	Neutral
Finance leases	142.0	100.0%	N/a	11.2x	Neutral
6.250% Senior Notes due 2028 (EUR 600mm)	680.0	100.0%	6.25%	15.8x	Bearish
5.250% Senior Notes due 2029 (EUR 500mm)	567.0	100.0%	5.25%	19.6x	Bearish
4.750% Senior Notes due 2030	400.0	100.0%	4.75%	22.3x	Bearish
7.250% Senior Notes due 2031	690.0	100.0%	7.25%	27.0x	Neutral
7.375% Senior Notes due 2032	300.0	100.0%	7.38%	29.0x	Neutral
9.500% Senior Notes due 2033	500.0	100.0%	9.50%	32.4x	Neutral
Other long-term debt	27.0	100.0%	N/a	32.6x	Neutral
Total Debt	$4,799.0			32.4x
Net Debt	$4,420.0			29.9x

Last Twelve Months

Revenue	$6,331
Implied Costs	(6,183)
Adj. EBITDA	$148
(-) Interest Expense	(332)
(-) Capex	(411)
Memo: FCF	($44)
Total Liquidity	$1,533.0

Next 12 months, starting case▶ Revenue $6.33bn → $6.30bn▲ Adj. EBITDA $148mm → $330mm▼ Free cash flow -$44mm → -$532mm▼ Net leverage 29.9x → 15.0x▼ Liquidity $1.53bn → $1.00bn

O-I Glass

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$379.0
Undrawn Revolver ($1,250mm facility)			1,154.0
Total Liquidity			$1,533.0

Term Loans A due 2030 (Tranche A-1 in U.S. dollars and Tranche A-2 in euros)	Term SOFR or Eur...	9/30/2030	789.0	100.0%	N/a	N/a	N/a	Neutral
Multicurrency Revolving Credit Facility due 2030	Term SOFR or Eur...	9/30/2030	90.0	100.0%	N/a	N/a	N/a	Neutral
Term Loans B due 2032 (Tranche B-1)	Term SOFR + 3.00...	9/30/2032	639.0	100.0%	N/a	N/a	N/a	Neutral
Finance leases	N/a	N/a	142.0	100.0%	N/a	N/a	N/a	Neutral
Total Secured Debt			$1,660.0						2.0x	1.2x	1.5x	2.2x	1.3x	11.2x	5.0x	4.5x
Net Secured Debt			$1,281.0						1.6x	1.0x	1.1x	1.7x	1.0x	8.7x	3.9x	3.4x

6.250% Senior Notes due 2028 (EUR 600mm)	6.25%	5/15/2028	680.0	100.0%	6.25%	5/15/2027 @ 100	6.25%	Bearish
5.250% Senior Notes due 2029 (EUR 500mm)	5.25%	6/1/2029	567.0	100.0%	5.25%	6/1/2027 @ 101.313	7.88%	Bearish
4.750% Senior Notes due 2030	4.75%	2/15/2030	400.0	100.0%	4.75%	11/15/2026 @ 100	4.75%	Bearish
7.250% Senior Notes due 2031	7.25%	5/15/2031	690.0	100.0%	7.25%	5/15/2027 @ 101.813	10.88%	Neutral
7.375% Senior Notes due 2032	7.375%	6/1/2032	300.0	100.0%	7.38%	6/1/2027 @ 103.688	14.75%	Neutral
9.500% Senior Notes due 2033	9.50%	6/1/2033	500.0	100.0%	9.50%	6/1/2029 @ 104.75	11.20%	Neutral
Other long-term debt	N/a	N/a	27.0	100.0%	N/a	N/a	N/a	Neutral
Other debt, discounts and issuance costs	N/a	N/a	(25.0)
Total Debt			$4,799.0						5.9x	3.6x	4.2x	6.4x	3.9x	32.4x	14.5x	12.9x
Net Debt			$4,420.0						5.4x	3.3x	3.9x	5.9x	3.6x	29.9x	15.0x	14.6x
						Adj. EBITDA			$817	$1,342	$1,135	$746	$1,241	$148	$330	$373

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$6,357	$6,856	$7,105	$6,531	$6,426	$6,331	$6,299	$6,299
Y/Y Growth		7.8%	3.6%	(8.1%)	(1.6%)		(0.5%)	0.0%
(-) Cost of Revenue	(5,266)	(5,643)	(5,609)	(5,486)	(5,317)	(5,493)	(5,294)	(5,251)
Gross Profit	$1,091	$1,213	$1,496	$1,045	$1,109	$838	$1,005	$1,048
Gross Margin	17.2%	17.7%	21.1%	16.0%	17.3%	13.2%	16.0%	16.6%
(-) SG&A	(433)	(496)	(540)	(445)	(434)	(378)	(376)	(376)
(+/-) Other Operating Costs, net of D&A	123	542	(406)	(76)	96	(1,456)	(323)	(323)
EBITDA	$781	$1,259	$550	$524	$771	($996)	$307	$349
(+) Add-backs: stock comp, restructuring, impairments	36	83	585	222	470	1,144	23	23
Adj. EBITDA	$817	$1,342	$1,135	$746	$1,241	$148	$330	$373
Margin	12.9%	19.6%	16.0%	11.4%	19.3%	2.3%	5.2%	5.9%
(-) Restructuring and other cash add-backs	(28)	(50)	(97)	(208)	(445)	(248)	--	--
Cash EBITDA	$789	$1,292	$1,038	$538	$796	($100)	$330	$373
(-) Interest Expense (Cash Only)	(209)	(234)	(301)	(344)	(328)	(332)	(329)	(329)
(-) Cash Taxes	(111)	(171)	(147)	(161)	(117)	(124)	(124)	(124)
(-) Capex	(398)	(539)	(688)	(617)	(432)	(411)	(409)	(409)
(+/-) Working Capital and Other	218	(733)	228	456	249	923	--	--
Memo: FCF	$289	($385)	$130	($128)	$168	($44)	($532)	($489)
% of Debt	6.0%	(8.0%)	2.7%	(2.7%)	3.5%	(0.9%)	(11.1%)	(10.2%)

Liquidity

Unrestricted Cash	$379.0
Undrawn Revolver	1,154.0
Total Liquidity	$1,533.0
(-) Debt due through 2028	(680.0)
(+/-) Free cash flow, last twelve months	(44.0)
Liquidity after maturities and a year of cash flow	$809.0

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

The governing debt documents are listed and linked below. The review of baskets and loopholes, and the score, have not been run for this company yet.

All debt documents

Sep 30, 2025Amended and Restated Credit Agreement and Syndicated Facility Agreement, dated September 30, 2025 · credit agreement · Multicurrency Revolving Credit Facility due 2030; Term Loans A due 2030 (Tranche A-1 in U.S. dollars and Tranche A-2 in euros); Term Loans B due 2032 (Tranche B-1)
May 25, 2023Indenture dated May 25, 2023, Owens-Brockway Glass Container Inc., guarantors and U.S. Bank Trust Company, N.A. as trustee · indenture · 7.250% Senior Notes due 2031
May 25, 2023Indenture dated May 25, 2023, OI European Group B.V., guarantors, U.S. Bank Trust Company, N.A. as trustee and Elavon Financial Services DAC as paying agent · indenture · 6.250% Senior Notes due 2028 (EUR 600mm)
May 28, 2024Indenture dated May 28, 2024, OI European Group B.V., guarantors, U.S. Bank Trust Company, N.A. as trustee and Elavon Financial Services DAC as paying agent · indenture · 5.250% Senior Notes due 2029 (EUR 500mm)
May 18, 2026Indenture dated May 18, 2026, Owens-Brockway Glass Container Inc., guarantors and Regions Bank as trustee · indenture · 9.500% Senior Notes due 2033
Nov 16, 2021Indenture dated November 16, 2021, OI European Group B.V., guarantors and Deutsche Bank Trust Company Americas as trustee · indenture · 4.750% Senior Notes due 2030
May 30, 2024Indenture dated May 30, 2024, Owens-Brockway Glass Container Inc., guarantors and U.S. Bank Trust Company, N.A. as trustee · indenture · 7.375% Senior Notes due 2032
Mar 25, 2022Intercreditor Agreement dated March 25, 2022, Wells Fargo Bank, N.A. as Administrative Agent and Collateral Agent · intercreditor or security agreement · Sharing of collateral among the Multicurrency Revolving Credit Facility due 2030, Term Loans A due 2030, Term Loans B due 2032 and other permitted secured credit exposure. The 2025 credit agreement defines the Intercreditor Agreement as an amended and restated version dated September 30, 2025, which is not filed. This is the latest public text.
Mar 25, 2022Security Agreement dated March 25, 2022, Owens-Illinois Group, Inc., subsidiary grantors and Wells Fargo Bank, N.A. as Collateral Agent · intercreditor or security agreement · Collateral for the Multicurrency Revolving Credit Facility due 2030, Term Loans A due 2030 and Term Loans B due 2032. The 2025 credit agreement keeps this agreement in place as reaffirmed (definition of Security Agreement, Section 1.1).
Mar 25, 2022Pledge Agreement dated March 25, 2022, Owens-Illinois Group, Inc., Owens-Brockway Packaging, Inc. and Wells Fargo Bank, N.A. as Collateral Agent · intercreditor or security agreement · Share and intercompany debt pledges for the Multicurrency Revolving Credit Facility due 2030, Term Loans A due 2030 and Term Loans B due 2032. The 2025 credit agreement keeps this agreement in place as reaffirmed (definition of Pledge Agreement, Section 1.1).
Aug 30, 2022Amendment No. 1 to Credit Agreement and Syndicated Facility Agreement, dated August 30, 2022 (with Annex B Intercreditor Agreement, Annex C Security Agreement and Annex D Pledge Agreement as amended) · credit agreement amendment · Amended the March 2022 credit agreement, which was refinanced in full on September 30, 2025. Still relevant because Annexes C and D hold the as-amended Security Agreement and Pledge Agreement that the 2025 credit agreement reaffirms, and Annex B holds the as-amended 2022 Intercreditor Agreement.
Mar 25, 2022Credit Agreement and Syndicated Facility Agreement, dated March 25, 2022 (Wells Fargo Bank, N.A. as Administrative Agent) · credit agreement · Prior revolving credit facility and term loans. Refinanced in full by the September 30, 2025 amended and restated agreement (8-K filed 2025-10-01, Item 1.01). · repaid
May 13, 2020Indenture dated May 13, 2020, Owens-Brockway Glass Container Inc., guarantors and U.S. Bank National Association as trustee · indenture · 6.625% Senior Notes due 2027. The company redeemed $612mm of these in May 2026 (10-Q for September 30, 2026, debt note). They are not in the current tranche list. · repaid
Nov 12, 2019Indenture dated November 12, 2019, OI European Group B.V., guarantors and Deutsche Trustee Company Limited as trustee · indenture · 2.875% Senior Notes due 2025 (EUR). EUR 176mm was outstanding at December 31, 2024. The notes matured in 2025 and are not in the current tranche list. · repaid

Scores and summaries are an analyst-style reading of the documents produced with AI and checked against the text. They are not legal advice. Read the document before relying on any point.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$6,357	$6,856	$7,105	$6,531	$6,426	$6,331	$6,299	$6,299
Y/Y Growth		7.8%	3.6%	(8.1%)	(1.6%)		(0.5%)	0.0%
(-) Cost of Revenue	(5,266)	(5,643)	(5,609)	(5,486)	(5,317)	(5,493)	(5,294)	(5,251)
Gross Profit	$1,091	$1,213	$1,496	$1,045	$1,109	$838	$1,005	$1,048
Gross Margin	17.2%	17.7%	21.1%	16.0%	17.3%	13.2%	16.0%	16.6%
(-) SG&A	(433)	(496)	(540)	(445)	(434)	(378)	(376)	(376)
(+/-) Other Operating Costs, net of D&A	123	542	(406)	(76)	96	(1,456)	(323)	(323)
EBITDA	$781	$1,259	$550	$524	$771	($996)	$307	$349
(+) Add-backs: stock comp, restructuring, impairments	36	83	585	222	470	1,144	23	23
Adj. EBITDA	$817	$1,342	$1,135	$746	$1,241	$148	$330	$373
Margin	12.9%	19.6%	16.0%	11.4%	19.3%	2.3%	5.2%	5.9%
(-) Restructuring and other cash add-backs	(28)	(50)	(97)	(208)	(445)	(248)	--	--
Cash EBITDA	$789	$1,292	$1,038	$538	$796	($100)	$330	$373
(-) Interest Expense (Cash Only)	(209)	(234)	(301)	(344)	(328)	(332)	(329)	(329)
(-) Cash Taxes	(111)	(171)	(147)	(161)	(117)	(124)	(124)	(124)
(-) Capex	(398)	(539)	(688)	(617)	(432)	(411)	(409)	(409)
(+/-) Working Capital and Other	218	(733)	228	456	249	923	--	--
Memo: FCF	$289	($385)	$130	($128)	$168	($44)	($532)	($489)
% of Debt	6.0%	(8.0%)	2.7%	(2.7%)	3.5%	(0.9%)	(11.1%)	(10.2%)

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
Glass container shipments (tons, change from a year earlier) % change from a year earlier	-8.2	-9.0	-5.0	-3.0	-2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	$16.0mm on revenue	(32)
Average selling price (change from a year earlier) % change from a year earlier	0.0	-0.8	0.2	-0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	$16.0mm on revenue	--
European natural gas price $ per MMBtu	10.24	13.62	15.55	21.45	10.24	13.62	15.55	21.45	10.24	13.62	15.55	21.45	$5.5mm on cost of revenue	--
Fit to Win cost savings $ millions of benefit per quarter	80	35	50	50	45	43	43	43	43	0	0	0	$-1.0mm on cost of revenue	(173)
Euro to US dollar exchange rate $ per euro	1.164	1.170	1.163	1.151	1.164	1.170	1.163	1.151	1.164	1.170	1.163	1.151	$55.0mm on revenue	--

O-I's credit over the next year turns on whether European margins recover from near zero: segment profit there fell to $2 million in the third quarter as weaker prices met energy contracts that reset higher and a European gas price that jumped to about $21 per MMBtu. Shipments are still falling but by less each quarter (down 9%, 5%, then 3% in 2026), and the company guides flat volume plus about $170 million of further Fit to Win savings in 2027 to rebuild EBITDA from the $925 to $950 million guided for 2026. With free cash flow guided at about negative $300 million for 2026 and leverage heading to 4.5 to 5.0 times, a second year of high gas prices or weak European pricing would leave little cushion.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$1,500	$1,540	$1,668	$1,623	$1,468	$1,540	$1,668	$1,623	$1,468	$1,540	$1,668	$1,623
Y/Y Growth	(1.9%)	(1.7%)	(2.2%)	(1.8%)	(2.1%)	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Adj. EBITDA	($305)	$106	$183	$164	($263)	$154	$232	$206	($220)	$154	$232	$206
Margin	(20.3%)	6.9%	11.0%	10.1%	(17.9%)	10.0%	13.9%	12.7%	(15.0%)	10.0%	13.9%	12.7%
Free Cash Flow	$309	($436)	($1)	$84	($471)	($59)	$11	($12)	($429)	($59)	$11	($12)
Cash, end of period	759	317	339	379	(92)	(151)	(140)	(153)	(581)	(640)	(629)	(642)
Total Debt, end of period	4,903	4,864	4,856	4,799	4,799	4,799	4,799	4,799	4,799	4,799	4,799	4,799
Net Debt / Adj. EBITDA	10.4x	16.0x	20.0x	29.9x	25.7x	20.8x	17.2x	15.0x	14.4x	14.6x	14.6x	14.6x

Revenue is built from Alcoholic Beverages, Food and Other, Nonalcoholic Beverage, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026 · Oct 28, 2026

Slides Webcast and audio replay Investor relations site

Americas held steady but Europe profit nearly vanished, and O-I cut its 2026 EBITDA and cash flow outlook again, with leverage now seen at 4.5x to 5.0x.

Takeaways

Net sales fell 2 percent to $1.62 billion. Adjusted EBITDA dropped to $234 million from $329 million a year ago, and adjusted EPS swung to a $0.09 loss.
Europe segment profit collapsed to $2 million from $95 million on lower prices, weak wine demand in the south, and energy and freight costs about $15 million above plan. The Americas earned $137 million, down only slightly.
Free cash flow for 2026 is now guided to a use of about $300 million, versus a prior range of a $50 to $150 million use. Year to date operating cash flow was negative $35 million after $318 million of capex.
Liquidity was about $1.5 billion at quarter end, made up of $1,154 million of revolver capacity and $379 million of cash. Total debt was about $4.9 billion.
Management expects net leverage of 4.5x to 5.0x at year end, up from 3.5x at the end of 2025. Earlier in the year O-I wrote off $873 million of goodwill and equity fell to $536 million.
O-I proposed permanently closing a European plant, with $100 to $120 million of fourth quarter charges, of which $40 to $50 million is cash. It dropped its 2027 targets and will give 2027 guidance in February.

Debt and capital

In May 2026 subsidiary Owens-Brockway issued $500 million of 9.500% senior notes due 2033 and used the proceeds, revolver borrowings and cash to redeem its 6.625% notes due 2027, clearing that maturity.
Total debt was about $4.9 billion at September 30, 2026, with $183 million due within one year and $4,736 million long term.
Liquidity of about $1.5 billion includes $1,154 million of undrawn revolver capacity.
Share buybacks were $10 million year to date, down from $30 million in the same period of 2025.
Receivables sold under factoring programs stood at $457 million at quarter end.
Management said it is focused on strengthening free cash flow and reducing leverage, but gave no new leverage target.

Guidance

2026 adjusted EBITDA cut to $925 to $950 million from $1.0 to $1.1 billion (2025 actual was $1,218 million).
2026 free cash flow cut to a use of about $300 million from a use of $50 to $150 million; operating cash flow about $125 million and capex about $425 million.
Year end net leverage now expected at 4.5x to 5.0x, versus a prior outlook of 4x or above.
Fit to Win cost savings for 2026 lowered to about $180 million from at least $200 million. The target of at least $650 million cumulative by 2027 was held.
Prior 2027 financial targets withdrawn. Management still expects higher sales, adjusted EBITDA and free cash flow in 2027.

Tone: Defensive and cautious, with management owning a weak Europe while pointing to early operating gains and a better 2027.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Press release and earnings materials only. O-I does not publish a call transcript or prepared remarks on its IR site or with the SEC.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Europe's profit nearly disappeared, adjusted EBITDA fell to $234mm, and the company cut its 2026 EBITDA and free cash flow outlook.

Results

Third quarter net sales were $1.62bn, down 2% from $1.65bn a year earlier.
Adjusted EBITDA was $234mm against $329mm a year earlier. Segment operating profit was $139mm against $235mm.
Net loss attributable to the company was $13mm, or $0.08 per share, against earnings of $30mm, or $0.19 per share. The adjusted loss was $0.09 per share against adjusted earnings of $0.48.
Cash provided by operating activities was $165mm in the quarter against $214mm, and capital spending was $81mm against $100mm. For the nine months, operating activities used $35mm of cash and capital spending was $318mm.

Why

Europe sales fell 8% to $634mm on 3.8% lower selling prices and 3.7% lower tons shipped. Segment operating profit there was $2mm against $95mm, mostly from price falling behind cost inflation.
Energy and freight costs in Europe ran about $15mm above what management expected going into the quarter. Wine demand in Southern Europe stayed weak.
Americas sales rose more than 3% to $970mm on 1.6% higher prices and currency, with tons down 1.3%. Segment operating profit was $137mm against $140mm.
The Fit to Win cost program delivered about $50mm of benefits in the quarter and $135mm in the nine months. The 2026 target was lowered to about $180mm from at least $200mm.

Balance sheet and guidance

Cash was $379mm at September 30, 2026, down from $759mm at year-end 2025. Total liquidity was $1.53bn, including $1.15bn of revolver capacity.
Long-term debt was $4.74bn, plus $183mm of short-term loans and debt due within one year.
The release does not state leverage at quarter end. The company expects its net debt leverage ratio to be about 4.5x to 5.0x at year-end 2026, against 3.5x at year-end 2025.
Cut: 2026 adjusted EBITDA is now expected at $925mm to $950mm, down from $1.0bn to $1.1bn. 2025 was $1.22bn.
Cut: 2026 free cash flow is now expected to be a use of about $300mm, against a prior use of $50mm to $150mm. That assumes about $125mm of operating cash flow and $425mm of capital spending.
Year-end leverage is now expected at 4.5x to 5.0x, against a prior outlook of 4x or more.
The company withdrew its 2027 targets. It says it expects higher net sales, adjusted EBITDA and free cash flow in 2027 and will give guidance with year-end results.
A proposed plant closure in Europe is expected to bring fourth quarter charges of $100mm to $120mm, of which $40mm to $50mm is future cash.

What to watch

Leverage is guided to 4.5x to 5.0x at year end, up from 3.5x a year earlier. Watch where it lands and how much revolver capacity is left after a $300mm free cash flow use.
Europe earned $2mm of segment profit in the quarter. The recovery plan depends on better pricing against energy and freight costs, so watch net price in Europe and any further cost overrun.
The proposed European plant closure adds $40mm to $50mm of future cash cost, and the company cites higher inventory from soft shipments. Watch working capital and restructuring cash in the fourth quarter.

From the company's press release filed Oct 27, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Oct 27, 20268-K for Oct 27, 2026: Results · Press release
Jul 28, 20268-K for Jul 28, 2026: Results · Press release
Apr 28, 20268-K for Apr 28, 2026: Results · Press release
Feb 10, 20268-K for Feb 10, 2026: Results · Press release
Nov 4, 20258-K for Nov 4, 2025: Results · Press release
Jul 29, 20258-K for Jul 29, 2025: Results · Press release
Apr 29, 20258-K for Apr 29, 2025: Results · Press release
Feb 4, 20258-K for Feb 4, 2025: Results · Press release

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Jul 10, 20268-K for Jul 8, 2026: Director or officer change
Jun 9, 20268-K for Jun 9, 2026: Regulation FD
May 18, 20268-K for May 18, 2026: Material agreement; New debt
May 13, 20268-K for May 13, 2026: Shareholder vote
May 4, 20268-K for May 4, 2026: Regulation FD
Mar 5, 20268-K for Mar 3, 2026: Director or officer change
Feb 25, 20268-K for Feb 25, 2026: Regulation FD
Dec 2, 20258-K for Dec 2, 2025: Regulation FD
Nov 10, 20258-K for Nov 7, 2025: Director or officer change
Oct 1, 20258-K for Sep 30, 2025: Material agreement; New debt
Jun 10, 20258-K for Jun 10, 2025: Regulation FD
May 15, 20258-K for May 14, 2025: Director or officer change; Shareholder vote
Mar 21, 20258-K for Mar 18, 2025: Restructuring; Other event
Mar 13, 20258-K for Mar 13, 2025: Regulation FD
Dec 17, 20248-K for Dec 12, 2024: Restructuring; Impairment; Other event
Dec 3, 20248-K for Dec 3, 2024: Regulation FD
Nov 14, 20248-K for Nov 14, 2024: Current report
Oct 22, 20248-K for Oct 21, 2024: Restructuring; Impairment
Oct 16, 20248-K for Oct 15, 2024: Other event
Sep 4, 20248-K for Sep 4, 2024: Regulation FD

Proxy statements 3

Other filings 8

Jan 6, 202015-12B
Dec 27, 201925-NSE
May 13, 201610-K/A for Dec 31, 2015
Apr 26, 2013424B7
Oct 29, 2012424B7
Apr 27, 2012424B7
Oct 28, 2011424B7
Apr 29, 2011424B7

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Coming up

Feb 11, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.
May 15, 2028Maturity. 6.250% Senior Notes due 2028 (EUR 600mm): $680mm outstanding comes due.

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