Orora : Investor Results Release - Year Ended 30 June 2024

Orora results for the year ended 30 June 2024

The company delivered solid earnings and cash flow growth in FY24 following the acquisition of Saverglass which contributed seven months of earnings. This strategically important business is a market leader, providing Orora with exposure to high-end premium wine and spirits packaging.

Excluding Saverglass, Orora demonstrated its resilience by delivering EBIT growth despite a challenging macro-economic environment. Strong cost control measures and margin management initiatives delivered underlying EBIT growth of 0.9%, with margins higher in Orora Packaging Solutions (OPS) and Australasia.

FINANCIAL SUMMARY

• Underlying net profit after tax (NPAT) of $223.7m, up 10.2%.
• Underlying earnings per share (EPS) of 17.9 cents per share (cps), down 4.3 cps, reflecting additional shares post raising equity.
• Statutory NPAT of $185.2m was flat compared to FY23.
• Significant item (SI) expense of $40.4m ($38.5m after tax), comprises transaction costs relating to the acquisition of Saverglass.
• Revenue was $4,697.6m, up 9.5% (up 7.7% on a constant currency basis (CC basis). Excluding Saverglass, revenue was down 7.0% (down 8.8% on a CC basis), driven by:
  o OPS revenue down 8.4% on a reported basis (down 10.8% on a CC basis), reflecting the continued softness in the broader North American manufacturing industry and the flow through impact of price deflation;

• 1. Australasian revenue down 2.5%, with record Cans production being offset by lower aluminium prices and Glass and Closures revenue from decreased volumes. Removing the impact from aluminium prices (which is a pass through), revenue would have increased 0.5%.
• Saverglass contributed €427.6m (A$705.4m) of revenue which represents seven months of trading.
• Underlying earnings before interest and tax (EBIT) was $404.0m, up 26.0% (up 24.6% on a CC basis). Excluding Saverglass, underlying EBIT was up 0.9% (down 0.5% on a CC basis) demonstrating a resilient performance in both regions, despite softer revenue, due to:
• 1. OPS - EBIT margins improving 50bps to 5.6% given the focus on reducing operating costs, the benefits from site rationalisation and the ongoing customer profitability review; and

• 1. Australasia - EBIT margins improving 70bps to 15.5% with EBIT up 2.0%, underpinned by continued volume growth in Cans, product mix improvements and inflation cost recoveries in both Cans and Glass.
• Continued strong cash generation, with underlying operating cash flow of $397.0m increasing 47.1% and cash flow excluding Saverglass increasing 7.9% to $291.4m.
• Positive movement in working capital reflects the Saverglass contribution, one-off inventory cost impacts in FY23 and the recovery of net working capital from lower OPS volumes.

	1,2,3						FY24	FY23	Var%	Var%
Financial Summary
										Constant
A$m										Currency
OPS revenue						2,981.3	3,254.4	(8.4%)	(10.8%)
Global Beverage revenue				1,716.3	1,036.9	65.5%
Total revenue						4,697.6	4,291.3	9.5%	7.7%
Total revenue excluding Saverglass			3,992.2	4,291.3	(7.0%)	(8.8%)
Underlying EBITDA						616.4	443.5	39.0%	37.4%
OPS EBIT							167.0	167.2	(0.1%)	(2.7%)
Global Beverage EBIT						237.0	153.3	54.6%	54.6%
Underlying EBIT						404.0	320.5	26.0%	24.6%
Underlying EBIT excluding Saverglass		323.4	320.5	0.9%	(0.5%)
Underlying NPAT						223.7	203.0	10.2%	8.7%
Statutory NPAT						185.2	184.8	0.2%
Underlying EPS (cents)	4				17.9	22.2	(19.4%)
Return on Sales (EBIT margin)	5			8.6%	7.5%
Underlying operating cash flow	6		397.0	269.9	47.1%
Cash conversion (excl. Saverglass)	7	80.5%	70.2%
RoAFE (exc Saverglass)	8				20.7%	21.8%
RoAFE (inc Saverglass)	8				14.3%	21.8%
Dividends per share (cents)				10.0	17.5	(42.9%)
Net Debt	9						1,753.5	774.0
Leverage	10						2.78x	2.05x
Gearing							46%	49%

• Cash conversion at 80.5% excluding Saverglass and G3 furnace rebuild, compared to 70.2% in FY23.
• The acquisition of Saverglass resulted in an increase in net debt to $1,753.5m at 30 June 2024, and an increase in leverage to 2.78 times EBITDA.
• RoAFE of 20.7% (excluding Saverglass) was 110bps below FY23, reflecting the increase in funds employed for new capital investment in Glass and Cans.
• Foreign exchange translation sensitivity on EBIT and NPAT to a one cent move in the AUD/USD on an annualised basis is ~$2.8m and ~$1.7m, respectively.

SAVERGLASS ACQUISITION

• The acquisition of Saverglass was completed on 1 December 2023 for a cash outflow of €1,309.7m ($2,158.8m), inclusive of the locked box working capital adjustment mechanism and acquired cash on hand.
• Saverglass, for the first seven months under Orora ownership, contributed revenue of €427.6m, EBITDA of €88.9m and EBIT of €48.8m (French GAAP EBITDA €85.4m and EBIT €43.0m).
• Purchase price accounting (PPA) has resulted in a €315.2m increase to Saverglass net assets (excluding goodwill) compared to 1HFY24, principally Property, Plant & Equipment (PPE), customer relationship and brand name recognition. This consequently reduced goodwill by the same amount. When combined with a review of asset useful lives, depreciation and amortisation reduced by €6.2m in FY24.

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POTENTIAL STRATEGIC RE-SHAPING OF PORTFOLIO

• The Orora portfolio has been steadily transformed over time with the sale of fibre business in 2020, optimisation and resulting growth of OPS, capital investment to support volume growth in Cans and the acquisition of Saverglass in FY24.
• Focused beverage container building blocks are now in place with a focus on global beverage being a long-held strategy. Orora is a market leader in Australasian Cans, a global leader in premium and high-end spirits and wines and has an integrated global glass production network.
• A strategic review was undertaken to determine the optimal path for unlocking value, and the Company is currently in discussions to potentially divest OPS. Whilst substantial work remains, a potential transaction will only proceed if value and terms are aligned to
  Orora's view of value.
• A potential outcome is a focused, specialised value-added beverage packaging business with strengthened balance sheet supporting future growth and shareholder returns.
• Shareholder value creation remains the priority, with the receipt of the recent opportunistic, conditional and non-binding indicative offer rejected (as set out in the Company's ASX Announcement of 13 August 2024).

FINAL DIVIDEND

• The final dividend is 5.0 cps, consistent with the interim dividend, with the full year dividend of 10.0 cps representing an underlying dividend payout ratio of 60.5%.
• The dividend is towards the bottom of the 60-80% target payout ratio with leverage currently higher than the target range following the acquisition of Saverglass (noting that net debt remains well below debt covenant levels).
• The final dividend is unfranked and sourced from the conduit foreign income account. The ex-dividend date is 30 August 2024, the record date is 2 September 2024, and the payment date is 8 October 2024.
• The Dividend Reinvestment Plan (DRP) will be operative for this dividend, with shares purchased on market to meet DRP obligations.

OUTLOOK

• OPS - EBIT to be broadly in line with 2HFY24 exit run-rate with benefits from transformation and cost management continuing. The business is well positioned for any recovery in the US economy.
• Global Beverage (Australasia) - slightly lower EBIT with growth in Cans more than offset by the impact of the G3 furnace rebuild at Gawler.
  o Cans - volume growth from new capacity coming online, more weighted to 2HFY25.
  o Glass - growth from export volumes and new products more than offset by soft commercial wine market and impact of G3 furnace rebuild (~$16m in 1HFY25).
• Global Beverage (Saverglass) - Higher full-year EBIT with twelve months of earnings compared to seven in FY24. Continuation of 2HFY24 exit run-rate ahead of volume uplift. Business positioned for volume recovery from end of de-stocking cycle expected early CY25.
• This outlook remains subject to global and domestic economic conditions and currency fluctuations.

GROUP BALANCE SHEET

Balance Sheet	1,2,3	30 June	30 June	Var$
A$m		2024	2023
Cash		274.7	58.4	216.3
Other Current Assets	1,660.0	1,199.3	460.7
Property, Plant & Equipment	1,756.9	806.5	950.4
ROU Lease Assets	345.9	180.7	165.2
Goodwill & Intangible Assets	1,732.3	440.1	1,292.2
Other Non-Current Assets	222.9	116.8	106.1
Total Assets		5,992.7	2,801.8	3,190.9
Borrowings		1,998.4	832.4	1,166.0
Lease Liabilities	419.5	227.6	191.9
Payables & Provisions	1,483.1	941.6	541.5
Total Equity		2,091.7	800.2	1,291.5
Total Liabilities & Equity	5,992.7	2,801.8	3,190.9
Net Debt		1,753.5	774.0	979.5
Leverage		2.78x	2.05x
Gearing		46%	49%

• Orora's total assets more than doubled to $5,992.7m since June 2023 mainly due to the acquisition of Saverglass.
• This acquisition added net assets of $1,612.1m comprised of assets of $2,566.8m and liabilities of $954.7m.
• The difference between net assets acquired and the purchase price of $2,276.2m (€1,381.0m) is goodwill of $664.1m (€402.9m).
• Inventory levels decreased in North America, largely driven by lower volumes in Distribution, and Saverglass, partially offset by Glass finished goods.
• Property, plant and equipment increased due to the ongoing investment in growth capex for Cans and the G3 furnace project for Glass.
• Net debt increased by $979.5m to $1,753.5m, attributable to the acquisition of Saverglass.

GROUP CASH FLOW

Cash Flow1,2,3	FY24	FY23	Var%
A$m
Underlying EBITDA	616.4	443.5	39.0%
Lease repayments	(97.1)	(65.6)
Non-cash Items	24.8	25.0
Cash EBITDA	544.1	402.9	35.1%
Movement in Total Working Capital	(46.9)	(84.8)
Base Capex	(102.9)	(48.8)
Sale Proceeds	2.7	0.6
Underlying Operating Cash Flow	397.0	269.9	47.1%
Cash Significant Items	(55.8)	(34.4)
Operating Free Cash Flow	341.2	235.5	44.9%
Interest	(76.5)	(36.9)
Tax	(54.9)	(40.3)
Growth capex	(153.5)	(145.0)
Free Cash Available to Shareholders	56.3	13.3	>100%
Cash Conversion (incl. SVG) 11	79.1%	70.2%
Cash Conversion (excl. SVG) 7	80.5%	70.2%

• The strong cash flow generation of the group is evident with underlying operating cash flow of $397.0m, an increase of 47.1% due to the acquisition of Saverglass.
• Excluding Saverglass, underlying operating cash flow increased

7.9% to $291.4m with an improvement in working capital in

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Australasia (one-off inventory cost impacts in FY23) and higher EBITDA more than offsetting higher base capex due to the G3 furnace rebuild. Operating cash flow for North America was steady compared to FY23.

• Cash significant items were Petrie decommissioning costs of $20.5m and Saverglass acquisition costs of $35.3m
• Net interest payments were higher at $76.5m due to the increased debt from the Saverglass acquisition and an increase in base interest rates. It includes $11.5m of interest income earned on the proceeds of the equity issuance prior to the completion of the transaction.
• Cash taxes increased to $54.9m consistent with additional earnings from Saverglass.
• Growth capex increased slightly to $153.5m with the majority of spend for Australasia with projects including the new multi-can line at Revesby ($55m) and the Glass oxygen plant at Gawler ($33m).
• FY24 total capex of $256.4m was lower than the expected spend of $300m after a detailed review resulted in deferrals and re-phasing with no impact to business performance or future growth.
• FY25 total capex, including Saverglass, is expected to be ~$240- $260m, with growth capex of ~$90m - $100m and base capex of ~$100m - $110m. There is also an estimated ~$53m remaining for the G3 furnace rebuild.
• Long-runcontinuing base capex, excluding the G3 furnace rebuild, remains an estimated ~$90-$130m per annum. This includes Saverglass base capex of ~€30m-€45m(A$50-A$70m).

ORORA PACKAGING SOLUTIONS

Financial Summary	1,2,3	FY24	FY23	Var%
A$m
Sales Revenue		2,981.3	3,254.4	(8.4%)
EBIT		167.0	167.2	(0.1%)
EBIT Margin %		5.6%	5.1%
RoAFE		22.2%	21.7%

Financial Summary	FY24	FY23	Var%
US$m
Sales Revenue	1,954.5	2,190.2	(10.8%)
EBIT	109.5	112.6	(2.7%)
Segment Cash Flow	FY24	FY23	Var%
US$m
EBITDA	174.7	164.2	6.4%
Lease repayments	(53.5)	(41.1)
Non-cash Items	(0.5)	3.1
Cash EBITDA	120.7	126.2	(4.4%)
Movement in Total Working Capital	2.8	2.8
Base Capex	(14.3)	(16.9)
Sale Proceeds	1.7	0.4
Operating Cash Flow	110.9	112.5	(1.4%)
Cash Significant Items	-	-
Operating Free Cash Flow	110.9	112.5	(1.4%)
Cash Conversion	91.9%	89.2%

KEY POINTS

• Revenue was down 10.8% to US$1,954.5m (down 8.4% to
  A$2,981.3m on a reported basis), due to the flow-through impact of price deflation and lower volumes from continued softness in the broader North American manufacturing industry.
• As disclosed in the trading update issued on 2 April 2024, the volume softness OPS experienced was principally within

Distribution, and this continued into the second half, although

performance was slightly better than expected with a moderate improvement in average daily sales late in FY24.

• Against these challenging volume headwinds, OPS improved margins on slightly lower EBIT, reflecting the benefits of Management's ongoing operational transformation plan, including: o embedded pricing disciplines;
  o pro-active operational cost management; o procurement driven initiatives;
  o operating site rationalisation; and o equipment load optimisation.
• EBIT decreased by 2.7% to US$109.5m (down 0.1% on a reported basis to A$167.0m) given the lower revenue, which was partly offset through initiatives as noted above.
• EBIT margin increased 50bps to 5.6%.
• Underlying operating cash flow of US$110.9m is broadly in line with FY23 of US$112.5m.
• Working capital was flat, and base capex of US$14.3m was US$2.6m lower than FY23.
• Continued strong cash conversion of 91.9%, up from 89.2% in FY23.
• RoAFE of 22.2%, up 50bps, with EBIT flat on slightly lower funds employed.
• Reported EBIT includes a positive $4.7m foreign exchange translation impact.

OPS BUSINESS GROUP PERFORMANCE

Distribution

• Distribution revenue declined across all regions, reflecting volume softness due to ongoing soft North American economic conditions.
• There was some improvement in trading performance in late FY24, with volumes growing through the last quarter. This, combined with ongoing benefits from account profitability and cost to serve, enabled margins to expand for FY24.

Manufacturing

• In line with the broader industry, Manufacturing revenue was below FY23, as the business continued to be impacted by lower trading volumes and activity.
• Management remains focused on driving improvements in operating efficiencies, active cost management and operational excellence, as a way of partially mitigating the earnings impact from lower volumes.

Orora Visual (OV)

• OV continued to execute its business improvement programs which enabled the mitigation of a volume driven revenue decline.

PERSPECTIVES FOR FY25 - OPS

• Resilient business performance despite challenging operational environment due to benefits from ongoing transformation and investment in growth.
• These benefits delivered 2HFY24 margins of 5.3%, despite lower volumes in Distribution.
• Ability to expand margins over time through further footprint optimisation, automation (modernisation activities) and lifting asset utilisation.
• Business well positioned for growth as US economy improves.
• Continue to invest in new sales resources to drive medium term sales growth.

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GLOBAL BEVERAGE

	1,2,3	FY24	FY23	Var%
Financial Summary
A$m
Revenue		1,716.3	1,036.9	65.5%
Underlying EBIT		237.0	153.3	54.6%
EBIT Margin %		13.8%	14.8%
RoAFE (inc Saverglass)	11.4%	21.8%
RoAFE (exc Saverglass)	19.3%	21.8%
Segment Cash Flow	FY24	FY23	Var%
A$m
Underlying EBITDA	350.0	199.5	75.5%
Lease repayments	(15.5)	(4.4)
Non-cash Items		25.6	20.3
Cash EBITDA		360.1	215.4	67.2%
Movement in Total Working Capital	(51.2)	(89.1)
Base Capex		(81.1)	(23.6)
Sale Proceeds		-	-
Underlying Operating Cash Flow	227.8	102.7	121.9%
Cash Significant Items	(55.8)	(34.4)
Operating Free Cash Flow	172.0	68.3	151.9%
Cash Conversion	11	72.6%	53.7%

KEY POINTS

• Global Beverage includes Australasian Glass and Cans and the recently acquired Saverglass.
• With the acquisition of Saverglass on 1 December 2023 and the inclusion of seven months of earnings, Global Beverage experienced significant growth.
• Revenue of $1,716.3m, was up 65.5% due to the acquisition of Saverglass. Excluding Saverglass, revenue was down 2.5% with record Cans production (+2.5%) being offset by lower aluminium prices and glass and closures revenue from decreased volumes.
• Excluding the impact of aluminium prices, revenue (ex Saverglass) increased 0.5%.
• EBIT was up 54.6% to $237.0m due to Saverglass. Excluding Saverglass, the increase was 2.0%, reflecting:
  o continued Cans volume growth (+2.5%), with record production enabled through the successful commissioning of the new Dandenong line;
  o production efficiencies and active cost management, partly offset by;
  o ongoing soft demand for Australian commercial wine bottles and lower beer bottle sales, resulting in lower Glass and Closures volumes.
• This result demonstrates again the resilience of the Australasian Beverage business, with strong consumer demand for Cans driving earnings growth, despite ongoing softness in domestic Glass. The inclusion of Saverglass creates a much larger business with a platform for future growth.
• EBIT margin of 13.8% was down 100bps with the inclusion of Saverglass, with earnings impacted by the de-stocking cycle. EBIT margin excluding Saverglass was 15.5%, an increase of 70bps which was driven by the strong performance of the Cans business with benefits from recent growth investments, the benefits of lower aluminium costs and cost recoveries passed through to customers.
• Underlying operating cash flow of $227.8m with Saverglass cash flows included. Excluding Saverglass the increase was 19.0% with lower net working capital and moderately higher EBITDA.
• Strong cash conversion of 72.6%, up from 53.7% in FY23, with

improved working capital despite higher Glass inventory to support

the G3 furnace rebuild after FY23 was negatively impacted by one- off items.

• Base capex of $81.1m was higher than FY23, with $29.9m of Saverglass capex and $33.6m relating to the G3 furnace rebuild.
• RoAFE was 11.4% due to the acquisition of Saverglass, Excluding Saverglass RoAFE was 19.3%, a decrease of 250bps given the additional capex supporting Cans growth and the G3 furnace rebuild.

BUSINESS GROUP PERFORMANCE - AUSTRALASIA

Cans:

• Cans earnings was higher than FY23, reflecting the impact of continued growth in volumes (up 2.5%), driven by record production, continued strong operating momentum, improved product mix, contract price passthrough mechanisms, cost recoveries and further operating efficiencies.
• Volume growth was again underpinned by ongoing strong demand in carbonated soft drink, craft beer, energy drinks and ready to drink (RTD's) products, which benefited from a continuation of the preference shift to Can formats. Growth in Slim, Sleek and multi- size formats was stronger than classic sizes and reflect continued evolution of consumer preferences.
• Volume growth slowed in 2HFY24 given cost of living pressures facing consumers, and this is expected to continue into the first half of FY25.

Glass:

• Revenue was lower due to reduced volumes of Australian commercial wine and beer which was only partly offset by a benefit from inflation price recovery.
• Earnings were impacted by the higher cost of soda ash, albeit this moderated in the second half and storage costs as inventory is built prior to the G3 furnace rebuild. This was partly offset by operating efficiencies and procurement initiatives.

Closures:

• Closure earnings were below FY23 principally due to lower commercial wine volumes.

PERSPECTIVES FOR FY25

Cans

• Will utilise increased capacity to support continued market growth with the commissioning of the second line in Revesby.
• Digital capabilities will be enhanced to drive new product launches with digital printing technology Helio.

Glass

• Optimisation of product mix with increase in wine volumes from Chinese exports and addition of new segments such as food jars.
• Deliver production and sustainability benefits through the oxy- fuelled G3 furnace rebuild.

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SAVERGLASS

1,2,3	FY24	FY23
Financial Summary
A$m
Sales Revenue	705.4	-
EBIT	80.6	-
EBIT Margin %	11.4%	-
RoAFE (annualised)	6.4%	-

Financial Summary	FY24	FY23
EUR€m
Sales Revenue	427.6	-
EBIT	48.8	-

Segment Cash Flow	FY24	FY23
EUR€m
EBITDA	88.9	-
Lease repayments	(6.2)	-
Non-cash Items	2.5	-
Cash EBITDA	85.2	-
Movement in Total Working	(3.1)	-
Capital
Base Capex	(18.1)	-
Sale Proceeds	-	-
Operating Cash Flow	64.0	-
Cash Significant Items	(0.7)	-
Operating Free Cash Flow	63.3	-
Cash Conversion	75.2%	-

KEY POINTS

• Saverglass' first seven months contributed revenue of €427.6m,
  EBITDA of €88.9m and EBIT of €48.8m (Excluding AASB 16 Leases and before adjustments for PPA, EBITDA was €85.4m and EBIT was €43.0m).
• Financial performance was consistent with the April 2024 trading update but below expectations when the acquisition was announced due to the ongoing global de-stocking environment.
• Underlying operating cash flow was €64.0m for the first seven under Orora ownership and includes €18.1m of base capex.

PERSPECTIVES FOR FY25

• Realise synergies from creation of Global Glass Business with integration of Gawler glass operation.
• Convert new product development opportunities into incremental volume growth.
• Well positioned for recovery in volumes from end of de-stocking cycle expected in early CY25.
• Manage costs and available capacity in-line with short-term market conditions.
• Any impact from potential US or China tariffs not expected to be material.

SUSTAINABILITY

• In FY24, Orora continued to make good progress on its sustainability goals and commitments, representing 'Our Promise to The Future', under the pillars of Circular Economy, Climate Change and Community.
• Importantly, Saverglass' sustainability targets are closely aligned to that of Orora's. In FY25 the company will implement an integrated sustainability program and report against it accordingly to reflect the activities of the combined Group.

Circular Economy Pillar12

• Orora achieved 50% recycled content in the glass packaging it manufactures, up from 38% in FY23, and is on track to achieve its 2025 goal of 60%.
• In Australia, the company expanded its cullet sourcing program, with arrangements now in place across all participating container deposit schemes.
• Orora achieved an average of 72% recycled content in aluminium cans in Australia, up from 57% in FY23, and an average of 56% recycled content in the manufacture of corrugated board in North America, a slight decrease from FY23.

Climate Change Pillar12

• Orora is committed to achieving a 40% reduction in greenhouse gas emissions for Scope 1 and 2 by 2035 and Net Zero Scope 1 and 2 emissions by 2050.
• Scope 1 & 2 greenhouse gas emissions decreased by 13.8% (utilising Market-based factors for S2) and 17.8% (utilising Location- based factors for S2) from the FY19 baseline.
• Construction progressed for the oxy-fuelled furnace at Gawler due for completion in late calendar 2024, which will bring it into the top 10% of energy-efficient furnaces in the world, reducing carbon emissions by approximately 20%.
• 78% of the electricity used by Orora Beverage in Australia in FY24 came from renewable sources, and a new Power Purchase Agreement was executed to supply 100% wind farm electricity for our cans facility in Queensland.
• Saverglass' furnace at Feuquiéres, France was recommissioned as a low-carbon hybrid furnace delivering a CO2 reduction of ~12% per tonne of glass produced, and successful trials were undertaken for the use of hydrogen as an alternative future fuel source.
• The first electric vehicle was introduced to the OPS fleet in North America, with further units due for delivery in FY25.

Community Pillar

• The Community pillar focuses on the safety, health and human rights of Orora's team members and communities. A concerted effort on continuous safety improvement led to a pleasing improvement in the company's safety performance in FY24. Lost
  Time injuries decreased by 38% compared to FY23, while Recordable Case Injuries reduced by 43%.
• Orora advanced a number of initiatives under the Community pillar in FY24, including:
  o Continued delivery of the company's FY23-FY25 Global Health
• • Safety strategy which focuses on improved communication of the Orora Stay Safe rules targeting 10 high-risk activities, confirming effectiveness of critical controls, incident reporting and governance processes.

1. Further roll-out of the 'One Orora' culture program to create an innovative, high performing and inclusive working environment.

1. Progression of the Women in Leadership at Orora (WILO) program, now in its eighth year.

CORPORATE

• Corporate costs are allocated directly to the business segments.
• Orora upsized the Global Syndicated Facility Agreement in November 2023 to A$600m and €760m comprising:
  o $250m of revolving multi-currency facilities with maturity dates ranging from May 2027 to November 2028;

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1. A $350m term loan facility with a maturity date of November 2030; and

• 1. A €760m of revolving multi-currency facilities with maturity dates ranging from May 2027 to November 2028.
• Post refinancing of the Global Syndicated Facility Agreement and acquisition of Saverglass, Orora has $865.1m of liquidity including $590.4m of committed undrawn debt facilities to support the
  Group's liquidity requirements, with an average committed debt maturity of 3.7 years.
• Leverage ratio of 2.78x reflects the impact of the Saverglass acquisition.
• The decommissioning of the Petrie site is a significant and complex exercise involving multiple government agencies. At 30 June 2024, all major on-site works are complete with the remaining activity largely focused on the preparation and submission of the required documentation to the appropriate government departments. The provision at 30 June 2024 ($2.0m), represents management's best estimate in respect of the anticipated costs to complete the above activity, using all currently available information and considering applicable legislative and environmental regulations.
• Dividends in FY24 are unfranked, due to recent capital investment programs and associated tax benefits from Australia's instant asset write-off legislation for capital expenditure.

CONFERENCE CALL

• Orora is hosting a conference call for investors and analysts at 10:30am today. The audio cast will be available on the Orora website, www.ororagroup.com, within 24 hours.

1. Leverage is calculated as Net Debt / trailing 12-month underlying EBITDA (excluding AASB 16 Leases). It also includes 12 months of Saverglass EBITDA.
2. Cash conversion is calculated as underlying operating cash flow / cash EBITDA including Saverglass, but excluding base capex ($33.6m) for the G3 furnace rebuild.
3. Circular Economy glass recycled content target and Climate Change Scope 1 and 2 greenhouse gas emissions performance data excludes Saverglass.

NOTES TO THE INVESTOR RESULTS RELEASE

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1. This report includes certain non-IFRS financial information (operating cash flow, average funds employed, EBIT and EBITDA). This information is considered by Management in assessing the operating performance of the business and has been included for the benefit of investors. References to earnings throughout this report are reference to earnings before significant items, interest and tax.
2. 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. Prior period comparatives (FY23) do not include Saverglass as the entity was not owned by Orora at that point in time.
3. References to underlying earnings and measures exclude a significant item expense post tax of $38.5m (pre-tax of $40.4m) relating to transaction costs for the acquisition of Saverglass.
4. Earnings Per Share (EPS) is calculated as underlying NPAT / weighted average ordinary shares (net of Treasury Shares). EPS for 30 June 2023 (FY23) has been restated to reflect the bonus element of the equity raising that was completed in September 2023.
5. Return on Sales is calculated as underlying EBIT / Sales.
6. Underlying operating cash flow excludes cash significant items that are considered to be outside of the ordinary course of operations.
7. Cash conversion is calculated as underlying operating cash flow / cash EBITDA and excludes Saverglass and base capex ($33.6m) for the G3 furnace rebuild.
8. Return on Average Fund Employed (RoAFE) has been provided excluding the impact of Saverglass as a like for like comparison. RoAFE including the impact of seven months of Saverglass earnings and funds employed, following completion of the acquisition on 1 December 2023, has also been included.
9. Net Debt excludes the impact of AASB 16 Leases but includes the value of finance leases ($29.8m).

Authorised for release to the ASX by Orora's Company Secretary, Ann Stubbings.

Orora Limited	The contents of this report are to be read with reference to the Notes to the Investor Results Release on page 6
www.ororagroup.com	6/6