Orora : FY24 – Investor Presentation Slides - Year Ended 30 June 2024

Financial Results

Full Year Ended 30 June 2024

14 August 2024

FY24 Highlights and Group Strategy

Brian Lowe

Managing Director & Chief Executive Officer

FY24 financial highlights

Includes seven months of Saverglass1

• Underlying EBIT of $404.0m increased 26.0% due to

seven months contribution from Saverglass

Revenue

$4,697.6m

+9.5% / +7.7% CC

Ex-SVG:-7.0% /-8.8% CC

Total capex spend invested in the business

$256m

91.7% of depreciation2

Underlying Earnings Per Share (EPS)

17.9 cps

Down 19.4%

Underlying Earnings Before Interest and Tax (EBIT)

$404.0m

+26.0% / +24.6% CC

Ex-SVG: +0.9% / -0.5% CC

RoAFE3 %

Excluding Saverglass

20.7%

110bps decrease

Leverage

2.78x

0.73x increase vs June 2023

Underlying Net Profit After Tax (NPAT)

$223.7m

+10.2%

+8.7% CC

Underlying operating cash flow

$397.0m

47.1% increase

Cash conversion of 80.5%4

FY24 Final Dividend

5.0 cps

60.5% underlying payout ratio

• Group results slightly ahead of trading update from

April 2024:

• Group EBIT (ex Saverglass) $323.4m (vs

$307-317m)

• OPS EBIT US$109.5m (vs US$102-107m)

• Saverglass EBITDA (French GAAP) €85.4m (vs

€ 84-88m)

• Underlying NPAT of $223.7m increased 10.2% with

higher earnings partly offset by increased interest

expense due to additional acquisition debt

• Underlying EPS, down 4.3 cps to 17.9 cps, driven by

higher share count from equity raising

• Strong cash generation with underlying operating

cash flow of $397.0m ($291.4m excluding

Saverglass) and improved working capital delivering

cash conversion of 80.5%4 (excluding Saverglass)

• Total capital expenditure of $256m supports

sustainability and Cans growth

• Leverage increased to 2.78x

• Final dividend of 5.0 cps (unfranked); underlying

1. Orora's results for the year ended 30 June 2024 include seven months of Saverglass earnings following completion of the acquisition on 1 December 2023
2. Calculated as base capital expenditure of $102.9m as a percentage of total Group depreciation
3. Return on Average Fund Employed (RoAFE) excludes Saverglass as only seven months of data is available following completion of the acquisition on 1 December 2023
4. Excludes Saverglass and G3 furnace rebuild capex ($33.6m) in FY24

payout ratio of 60.5%

4

FY24 operating highlights

Resilient earnings performance across OPS and Australasia, with seven months of Saverglass earnings

Orora Packaging Solutions

Revenue	EBIT
(USD)	(USD)
down	down
10.8%	2.7%

• Benefits of ongoing business transformation visible with impact of revenue decline dampened and margins expanding
• Revenue reflects softer macroeconomic environment with reduced manufacturing activity across multiple industries
• EBIT margin increased 50bps to 5.6%, with 2H margins of 5.3%
• Further investment in sales resources with ~60 new hires and further investment planned in 2025

Global Beverage - Australasia

Revenue	EBIT
down
up 2.0%
2.5%

• Revenue reflects record production in Cans (+2.5%), offset by aluminium cost pass-through deflation and volume decline in Glass
• Utilising spare Glass capacity with new categories now also including jars and olive oil
• Margins improved 70bps to 15.5%
• Capex investments supporting future volume and earnings growth in Cans
• • Ramp-upof new multi-size cans line at Dandenong progressing well; 24/7 operations since Q2FY24
  • Construction commenced for new multi-size can line at Revesby, due to commence operations in 2HFY25

Global Beverage - Saverglass

RevenueEBIT

ofof

€427.6m €48.8m

• First seven months of ownership delivered EBIT of €48.8m with EBITDA consistent with trading update
• Aligned production to match underlying demand due to challenging de-stocking environment
• Workforce reduced including government support payments
• Integrated with Gawler to create Global Glass Business with regional management structure now implemented
• Recommissioned furnace F5 at Feuquieres (France) as a low-carbon hybrid furnace, boosting electricity input up
  to 30%, delivering a CO2 reduction of ~12% per tonne of glass produced
• Expanded North American reach and delivered

incremental volumes following commissioning of
new glass furnace in Mexico	5

Orora safety performance update

Lost time injury frequency rate (LTIFR)*

2.6

1.6

June 2023

June 2024

Recordable case frequency rate (RCFR)^

9.5

5.4

June 2023

June 2024

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

Note*^: Data excludes Saverglass

Update on our approach to improving safety

• No Serious Injuries or Fatalities.
• Significant reductions in both Lost Time Injuries (38%) and Recordable Case Injuries (43%), which is a result of our focus on heightened communication, continuous improvement activities and existing programs to identify hazards and manage risks before they lead to injury or illness.
• Our FY23-FY25 Global Health & Safety strategy continues its focus on high-riskactivities, through improved communication, focus on high-riskactivities, incident reporting and governance processes.
• We conducted a global Health & Safety Assurance Program, including Australasia and OPS, providing assurance that safety critical risks are managed effectively across all sites.
• We launched Critical Control Checklists for Orora's 10 Stay Safe rules, for sites to verify that critical controls for our highest risk activities are in place and effective.
• We deployed several Orora H&S procedures to drive best practice through standardisation and consistency.
• We demonstrated senior leader commitment to safety through Safety Leadership Tours (SLTs), supporting an improved safety culture and enhancing overall safety outcomes.

6

Compelling investment proposition

Orora provides investors with a robust and defensive earnings profile core in Australasia, and attractive growth profile in North America and Europe

Leadership positions	Robust and	Well invested assets
in attractive	diversified business	and defensive
markets	model	growth profile

Disciplined	Strong financial	Experienced and stable
management team
approach to capital	track record and
allocation	strong growth
	prospects

Long-term customer trading relationships

Favourably positioned in sustainability

7

Saverglass investment thesis

Saverglass enhances Orora's business model and presents compelling growth opportunities in the long term

Leadership	Robust and	Well invested	Long-term
positions in	diversified	assets and	customer
attractive	business	defensive	trading
markets	model	growth profile	relationships

Disciplined approach to capital allocation

Strong financial track record and strong growth prospects

Experienced and stable management team

Favourably positioned in sustainability

• Leading market position in most specialised bottle categories
• Exposed to higher growth premium spirits and wine categories
• Unique customer value proposition to create tailored and bespoke exclusive designs

• Saverglass sells products in 100+ countries
• Global production network across 3 continents
• Integrated glass manufacturing and decoration production process supported by technical IP

• Well-investedand owned facilities with €450m of capital invested over the last five years1
• Six Saverglass plants, comprising nine furnaces & four Decoration plants

• 15+ year average relationship with top customers
• Ongoing collaboration supports idea creation to global category leaders
• Network of strategically located manufacturing sites located in close proximity to key customers

• Balance sheet supports ongoing organic growth investments
• No change to long- term leverage target range of 2.0x - 2.5x

• Well-investedand established business model with a historically consistent long- term growth profile and robust financial performance
• +6% sales volume CAGR (CY08-CY22)2

• Highly capable management team, (15+ years average tenor) managing a global network of glass manufacturing sites
• Employee base average tenor ~11 years

• CO2 roadmap certified by the SBTi (Science- Based Targets initiative)
• 73% cullet rate in coloured glass
• 77% of decorated bottles made with organic inks

8

1. Includes all capital expenditure (base and growth) from CY18 to CY22
2. Sales CAGR excludes Gawler

Global glass production network

Saverglass acquisition enables the creation of a global glass business with the integration of Gawler

Global Glass Business

Capacity to be managed across seven manufacturing plants and four decoration sites

Allows for more effective capacity planning

Volumes able to be seamlessly shifted depending on demand, utilisation and cost

New Operating Structure

Regional businesses with P&L accountability reporting to President Saverglass

Jean Marc Arrambourg:

• Asia Pacific - Greg Savage
• Europe - Alexandre Tissot-Favre
• Americas - Matt Wilson

Supported by central functions in France and Australia

Reporting

External reporting under a Global Beverage business including Cans

Separate Saverglass disclosure to give market transparency into underlying performance and trends

Structurally positioned for volume recovery

9

Near-term growth priorities

Orora's businesses offer investors exposure to multiple attractive growth pathways

Value Proposition

Global Beverage

Glass

Leading manufacturer and decorator of value-added glass containers to the premium wine and spirits markets globally

Cans

Leading manufacturer and decorator of aluminium beverage cans in Australasia

OPS

Leading provider of custom and value-added packaging solutions in North America

Industry growth drivers

Growth Priorities

•	Ongoing premiumisation	• Substrate shifts to aluminium
•	"Drinking better, less often"	• Category growth (e.g. energy)
•	Brand proliferation	•	Brand proliferation
•	Sustainability	•	Sustainability
• Drive increased wallet share in North	• Expand capacity to meet ongoing
	American premium wine & spirits		customer demand
• Optimise mix in Europe	• Establish digital printing capability

• Utilise enhanced network to expand presence in under-represented markets

• Manufacturing activity
• SME establishment and growth
• E-commerce
• Sustainability
• Expand size and scope of sales team
• Utilise digital marketing capabilities to drive targeted lead generation
• Regional expansion in higher growth and/or under-represented markets (e.g. Mexico)

10