ORORA LIMITED — Capital/Financing Update 2024

Apr 1, 2024

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ASX ANNOUNCEMENT

2 April 2024

Orora FY24 Trading Update

Following the comple�on of the March 2024 quarter trading period, and Management’s recent reviews of business unit forecasts for 2H24, Orora now provides an updated FY24 earnings forecast.

At a Group level, excluding the earnings contribu�on from Saverglass for the seven months in FY24[1.] , earnings (EBIT) are expected to now be slightly lower versus FY23. The revised Group EBIT forecast excluding Saverglass for FY24 is between $307m - $317m compared to $320.5m in FY23.

North America (OPS)

In the March 2024 quarter, OPS has con�nued to experience volume so�ness, principally within Distribu�on, and the flow through impacts of price defla�on to customers. A decline in average daily sales during the February to March trading period means that Management does not expect to see the normal seasonal upli� in June 2024 quarter daily sales. Accordingly, 2H24 revenue is forecast to be down ~3% versus 1H24; with FY24 EBIT forecast to be in a range of US$102m to US$107m (vs FY23: US$112.6m).

OPS remains well posi�oned for any sustained improvement in the US economy with investment in sales resources con�nuing for the Distribu�on and Manufacturing businesses. Addi�onally, OPS has the benefit of a broad opera�ng footprint, with diverse product and end-market segment exposure.

Australasia

Glass, with no immediate benefit expected in FY24 from the removal of tariffs on the export of Australian wine to China. Volume growth from exports to China is expected from FY25.

Saverglass

Following on from the reported December 2023 EBITDA of €14.2m (excluding AASB 16 Leases ), and a similar opera�ng performance in January 2024, a weaker February and March trading result has confirmed that there is no no�ceable improvement in forward customer demand as destocking is con�nuing, leading to a reduc�on in forecast sales tonnage in 2H24, down ~11% versus 2H23[2] .

Despite some encouraging signs of improved consumer demand in certain markets, including in the important North American market, other markets including Europe, remain subdued. Volume upli� is an�cipated once this destocking cycle has completed. As this is now not expected to occur in FY24, forecast EBITDA for FY24 (7

1 Orora’s results for FY24 will include 7 months of earnings from Saverglass following comple�on of the acquisi�on on 1 December 2023.

2 Year to year volumes are compared to the corresponding 6 month period prior to acquisition.

Orora Limited www.ororagroup.com

months) has been reduced from ~€98m to €84m – €88m. References to Saverglass EBITDA are on a pre AASB-16 (Leases) basis under French GAAP repor�ng standards and exclude the impacts of Purchase Price Accoun�ng which will be performed for 2H FY24.

Balance Sheet

The forecast reduc�on in earnings for 2H24 will result in an increase in leverage to ~2.8x at 30 June 2024, up ~0.2x from 31 December 2023.

The Group retains very strong liquidity, with over $600m of commited undrawn liquidity, and with an average debt maturity of ~4.0 years.

This announcement is authorised for release to the ASX by the Board of Directors of Orora.

ENDS

Company contacts:

Media enquiries

Media enquiries Investor enquiries Carolyn Coon Shaun Hughes General Manager CFO Corporate Affairs & Communications investors@ororagroup.com carolyn.coon@ororagroup.com +61 405 183 628

About Orora

Orora is a leading manufacturer and distributor of sustainable, innovative packaging and visual solutions for customers across the world. Listed on the ASX and headquartered in Melbourne, Australia, the company is focused on designing and delivering products and services that enables its customers’ brands to thrive. Every day, millions of consumers buy and use goods in packaging proudly designed, developed, manufactured or distributed by Orora. Learn more at www.ororagroup.com.

Orora Limited www.ororagroup.com