• Focused value-added beverage packaging business with market-leading positions in cans, premium+ spirits and wine packaging
• Well-invested assets to support organic growth, with no further investment in capacity required until after 2030
• Disciplined approach to capital allocation, entering a stronger free cash flow period post FY26

Orora has transformed into a focused value-added beverage packaging business, with market-leading positions in cans, premium+ spirits and wine packaging. The company's earnings are diversified across substrate and geography, with long-term market volume growth of 4-6% in cans and 3-6% in premium+ spirits and wine packaging. Orora has well-invested assets to support organic growth, with cans expansion projects expected to generate over 15% return and more than $50 million of additional EBIT post completion of the Rocklea expansion. The company's glass network also has sufficient capacity to support volume recovery, with no further investment in capacity required until after 2030. Orora is entering a stronger free cash flow period post FY26 and has a disciplined approach to capital allocation, committed to delivering strong cash realisation, maintaining investment grade credit metrics, and maximising shareholder returns.

FY25 EBIT expected to be slightly lower than FY24 due to reallocation of OPS corporate overheads. FY25 capex of $285m-$295m, D&A of ~$155m-$165m, and net finance costs of ~$65-$70m.