ORORA LIMITED — Interim / Quarterly Report 2021

Feb 17, 2021

HALF YEAR FINANCIAL RESULTS HALF YEAR ENDING 31 DECEMBER 2020

Presentation by Brian Lowe — Managing Director and CEO Shaun Hughes — CFO

Orora Limited ABN 55 004 275 165

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

Important information

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Forward Looking Statements

This presentation contains forward looking statements that involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to Orora. Forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “forecast”, “plan”, “seeks”, “estimate”, “anticipate”, “believe”, “continue”, or similar words. Indicators of and guidance on future earnings and financial position are also forward looking statements.

No representation, warranty or assurance (express or implied) is given or made in relation to any forward looking statement by any person (including Orora). In addition, no representation, warranty or assurance (express or implied) is given in relation to any underlying assumption or that any forward looking statements will be achieved. Actual future events may vary materially from the forward looking statement and the assumptions on which the forward looking statements are based. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements.

In particular, we caution you that these forward looking statements are based on management’s current economic predictions and assumptions and business and financial projections. Orora’s business is subject to uncertainties, risks and changes that may cause its actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward looking statements. There are a number of factors that may have an adverse effect on our results or operations, including those identified as principal risks in our most recent Annual Report filed with the Australian Securities Exchange at asx.com.au

These forward looking statements speak only as of the date of this presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rule, Orora disclaims any obligation or undertaking to publicly update or revise any of the forward looking statements in this presentation, whether as a result of new information, or any change in events conditions or circumstances on which any statement is based. Past performance cannot be relied on as a guide to future performance.

No offer of securities

Nothing in this presentation should be construed as either an offer or a solicitation of an offer to buy or sell Orora securities, or be treated or relied upon as a recommendation or advice by Orora.

Non-IFRS information

Throughout this presentation, Orora has included certain non-IFRS financial information. This information is presented to assist in making appropriate comparisons with prior periods and to assess the operating performance of the business. Orora uses these measures to assess the performance of the business and believes that the information is useful to investors. All non-IFRS information unless otherwise stated has not been extracted from Orora’s financial statements.

Minor Reclassification of Prior Year Numbers

Certain prior year amounts have been reclassified for consistency with the current period presentation. This includes the allocation of Corporate Costs to each of the business units, including discontinued operations.

Discontinued Operations

The financial results and position of the Fibre business are presented as a discontinued operation within the consolidated Interim Financial Report and this presentation.

The following notes apply to the entire document.

Continuing Businesses:

1H21 – the net significant item expense after tax of $6.5M relates to additional costs associated with the decommissioning of the former Petrie Mill site. Following ongoing project review and reassessment of remediation requirements these additional estimated costs to complete have been recognised.

Discontinued Operations:

1H21 – the net significant item income after tax of $12.8M reflects an incremental gain on the divestment of the Australasian Fibre business following the finalisation of the post-close completion accounts process and tax position of the sale.

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1H21 Highlights, Group Strategy & Sustainability Brian Lowe – Managing Director and CEO

1H21 financial highlights

EARNINGS BEFORE INTEREST AND TAX (EBIT)

SALES REVENUE

$1,814.1M

$140.0M

1.2% decrease

5.2% increase

• + 3.1% constant currency

• + 7.5% constant currency

UNDERLYING NET PROFIT AFTER TAX (NPAT)

UNDERLYING EARNINGS PER SHARE (EPS)

$91.1M

9.6¢

18.9% increase

20.0% increase

1H21 DIVIDEND (per share)

OPERATING CASH FLOW

$144.8M

6.5 cps

flat vs pcp; +1.0cps vs 2H20

13.8% increase

UNDERLYING RoAFE %

21.4%

220 bps increase

LEVERAGE

0.9x

flat vs FY20

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• Improved operating and financial performance across all businesses

• Strong EPS growth

• Strong cash generation and balance sheet position

• 6.5cps interim dividend

BASE AND GROWTH CAPEX INVESTED IN THE BUSINESS

$26.4M

80% of depreciation

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Orora Ltd

1H21 business & operating highlights

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Solid 1H21 operating result driven by focused and improved execution of strategy and achievement of strategic milestones, with all businesses reporting an increase in underlying EBIT compared to the prior corresponding period despite ongoing impacts of COVID-19.

• In Australasia, higher earnings were predominately driven by stronger volumes across Cans and Closures. Volume gains across all businesses were partially offset by an unfavourable mix in Cans and Glass and the impacts of higher energy and insurance costs.

• The North American businesses improved both operating and financial performance, increasing sales force effectiveness by leveraging data insights and improving customer account profitability, and employing a stronger focus on cost control measures.

• Australasian EBIT was up 4.2% to $86.1M .

• EBIT margin was down 50 bps to 19.5%, primarily reflecting the impact of the unfavourable mix in Cans and Glass.

• These actions resulted in an increase in earnings for both OPS and OV.

• In North America, local currency EBIT was up 12.7% to US$39.0M and EBIT margins expanded 30 bps to 3.9%.

• The impact of COVID-19 was evident in 1H21 with an unfavourable mix shift in Cans and Glass volumes towards the grocery channel and an increase in at home consumption leading to a negative impact on margins .

• The impact of COVID-19 on North America was materially greater than that felt in Australasia. While OPS returned to revenue growth, many retailers remain closed, negatively impacting OV revenue in 1H21.

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Orora safety performance

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Update on our approach to improving safety

Lost time injury Recordable case frequency rate frequency rate (LTIFR)* (RCFR)^ 6.7 6.5 1.5 1.7 JUNE 2020 DEC 2020 JUNE 2020 DEC 2020

• Slight increase to the lost time injury frequency rates shows that there is more work to be done on safety improvement initiatives. Ongoing improvement in recordable cases in the half, seeing a reduction in injuries from the same time last year.

• The Global Integrated Safety Improvement Program (GISIP) continues to progress to plan, with priority on key critical risks.

• In North America, system enhancements were implemented to streamline reporting for the purpose of monitoring COVID-19 incidents in Orora’s electronic reporting system.

• Ongoing investment in mental health and wellbeing support for all team members.

LTIFR* = (Number of lost time injuries / Total number of hours worked for employees and contractors) x 1,000,000 RCFR^ = (Number of recordable safety incidents / Total number of hours worked for employees and contractors) x 1,000,000

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Orora Ltd

Refreshed Executive Leadership Team

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Brian Lowe Managing Director & CEO

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Shaun Hughes Chief Financial Officer

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Ann Stubbings Group General Counsel & Company Secretary

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Matt Wilson Group General Manager, Strategy

• Commenced role in October 2019

• Over 30 years of operational and management experience

• Previously led Orora’s Fibre (2015-2019) and Beverage (2012-2014) divisions

• Formerly held senior roles at Delphi and GE

• Joined in October 2020

• Over 25 years of experience in finance, procurement and IT

• Previously CFO of ASX-listed EBOS

• Formerly held senior executive roles at Telstra, Elders and IBM

• Commenced current role upon Orora demerger in 2013

• Leads Legal/Co Sec, Sustainability, Group HR, Safety and Corporate Affairs

• Over 30 years of legal and governance experience

• Previously held senior legal roles in corporate and commercial law including with Amcor

• Joined in January 2020

• Over 20 years of strategy and corporate finance experience

• Prior senior roles with J.P. Morgan’s investment banking group and independent corporate advisory firm, Flagstaff Partners

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Simon Bromell Group General Manager, Beverage

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Bob Firenze President, Orora Visual

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Frank Pennisi President, Orora Packaging Solutions

• Joined in 2014

• Over 25 years of experience in leadership roles across the national food supply chain in consumer goods and agribusiness

• Formerly held senior positions with Fonterra and Mars

• Commenced role in March 2020

• Over 20 years of experience in sales and management in the North American packaging industry

• Formerly held numerous leadership roles in Orora Packaging Solutions since 2001

• Joined in November 2020

• Over 25 years of experience in leading and transforming large-scale industrial businesses across multiple sectors

• Formerly held senior management roles in FLIR Systems, Honeywell and GE

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Orora Ltd

New strategic pillars were established during FY20 as part of Orora’s refreshed corporate strategy

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Orora’s strategic pillars

ENABLERS

To be a leading sustainable packaging solutions company Delivering on the promise of what's inside

1 OPTIMISE AND GROW ENHANCE AND 2 EXPAND

3 ENTER NEW SEGMENTS

Safety Diverse talent Customer focus

Operating excellence Innovation Financial discipline

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Orora Ltd

Orora applies a returns-focused, risk-weighted approach to investment and capital management decisions

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Shareholder value blueprint

Shareholder value blueprint
ORGANIC GROWTH Australasia North America • GDP sales growth • Enhanced by innovation and customer wins • GDP sales growth • Supplemented by market share gains and increased share of wallet Optimise & Grow TSR COMPONENT STRATEGIC PILLAR ELEMENT	RETURNS-FOCUSED INVESTMENT Capital investment Acquisitions Enter new segments Premium to WACC Lower Higher • Complementary adjacencies – near-term focus in ANZ Enhance & Expand • Enhance digital capabilities, particularly in NA • Enhance capacity and product capabilities across portfolio • Customer-backed growth projects • Beverage footprint expansion in ANZ and offshore • Expand aluminium and glass product capability in ANZ	CAPITAL MANAGEMENT
		Disciplined approach to capital allocation
		Sustainable dividend Potential additional capital returns • Payout ratio of 60% – 80% • Franked to the extent possible • Assessed when appropriate • On- or off-market buybacks • Special dividends/ capital returns Sensible leverage • Target leverage at 2.0 – 2.5x EBITDA (excluding AASB 16)
RETURN TARGETS

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Orora Ltd

1H21 saw continued progress against the core strategies in each Orora business

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Strengths Strategies

Progress

• Market leadership

• Sustainable products

• Leading decoration & design capabilities

• Reputation for reliable supply of high quality products

• Significant investments made in capacity, capability and supply chain

• Australasia

• Strong and longstanding customer relationships

• Maintain, renew and win key contracts

• Continued focus on optimising manufacturing processes

• Enhance product capability through innovation

• Explore opportunities to expand Beverage footprint offshore

• Assess opportunities to leverage core capabilities in adjacent markets in ANZ

  • Orora continues to actively assess future requirements to meet customer needs and the growth in Can demand. ~$530M capital invested into Beverage since demerger

  • Slim Can expansion at Revesby underway with commissioning expected in Q4 FY21

  • G2 glass furnace rebuild completed on-time and on-budget

  • Initiatives underway to increase recycled content in Glass

  • Continue to explore potential ANZ adjacencies

  • • Preliminary assessment of international Beverage footprint expansion underway

• Established positions in significant markets

• Broad customer reach across a range of endmarkets

• North • Significant network infrastructure

• America • Strong sales teams with longstanding relationships

• Data-enabled through SAP

• Stabilise businesses and fully integrate acquisitions

• New leadership appointed in both OPS and OV during 2020

• Pursue further business model enhancements

• Significant improvement in OPS operating discipline, momentum and financial performance

• Accelerate investments in digital capabilities to enhance customer proposition

• enhance customer proposition • OV returned to profitability, driven by a focused

• • Improve customer profitability through newly cost reduction program and improved execution established business intelligence tools • Focus remains on business model enhancement initiatives across both OPS and OV

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Orora Ltd

Each business has a number of strategic priorities across each of the strategic pillars in the near-term

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Business unit strategic priorities

Optimise & Grow

Enhance & Expand

Enter new segments

Beverage

• Increased utilisation/shifts to enhance production volumes

• Continued i4.0 and Integrated Work System deployment

• Supply chain excellence

• Pursue further automation

• Drive increased recycled content

• In-region expansion

• Anticipated new capacity online in FY23 to meet forecast customer Cans growth

• Capability & capacity: Slim Cans expansion - Revesby Q4 FY21

• Grow share of wallet in current markets

• Continue developments in light-weighting

• Continue to lead digital printing capability

• eCommerce capability enhancement

• Expand current substrates into new categories

• Alternate closure sizes

• Explore potential ANZ adjacencies

• Explore potential offshore entry points

OPS

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OV
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• Account profitability

• Sales force effectiveness

• Integration of previous M&A

• Refinement of core business processes

• Harmonisation of estimation procedures

• Sales force effectiveness

• Digitisation of business model

• Expand engineering, design, and service capabilities (e.g. fulfillment)

• Consolidate digital client platforms

• Extend positions in fibre printing and horticulture

• Expand North American geographic footprint

• Product expansion

• Consider scale expansion opportunities (incl. M&A) from 2022 calendar year

• Review the strategic direction of OV by the end of calendar 2021

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A leading sustainable packaging solutions company

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Progress towards the new five year Orora Eco Targets is tracking well

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Glass successfully commenced transporting cullet from WA CDS scheme increasing recycled content (from ~25% to 40% in time). Cullet sourced from SA and NSW CDS schemes continued

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Culture, engagement and values pulse check underway

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Orora's first Modern Slavery Statement is on track for publication in March 2021

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Orora Packaging Solutions – Strategic Direction Brian Lowe – Managing Director and CEO

OPS is well positioned in a growing and diverse customer market

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• OPS is an integrated packaging solutions provider in the c.US$35Bn US packaging distribution market, providing a range of essential products to a broad set of customers across a diverse and defensive group of end-markets

• B2B distributors play a critical role in North American supply chains given the breadth and depth of the economy and the evolving nature of customer requirements. The impact of COVID and the performance of OPS during this period has only reinforced this fact

US packaging distribution market size

Core value-add by packaging distributors

	US packaging consumption 2019, US$ billion	US packaging consumption 2019, US$ billion	US packaging consumption 2019, US$ billion	US packaging consumption 2019, US$ billion	US packaging consumption 2019, US$ billion	US packaging consumption 2019, US$ billion		% packaging sales through distributors1
Board							61	~15%
Flexible packaging						39		~25-30%
Rigid plastics					32			~15%
Metal				25				~10%
Glass		6						~20%
Others			11					~20%
Total size		~175						~20%

• One-stop shop for customers : saves time and costs dealing with multiple suppliers across multiple substrates

• • Knowledgeable sales force: ensuring packaging products with requisite specifications are delivered

• Speed : hold inventory in warehouses, fast (i.e. same day) delivery

• Value-added offerings: such as design, customisation, job-site delivery, kitting, etc.

• Total cost of ownership benefits: (vs. manufacturers) from smaller order quantities and preferable credit terms

Typical customer profile

Customers with specialised Customers purchasing a SMEs that do not have the packaging needs where variety of products across volume or in-house technical selling expertise is multiple substrates capabilities to engage directly required with manufacturers

1. Includes material handling

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Orora Ltd

Note: Growth does not include impact of COVID-19. Revenue is representative of Landsberg only, long tail of categories not shown. Source: Company data

OPS is an integrated packaging solutions provider delivering essential products and services to diverse and defensive end-markets

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OPS business overview

Manufacturing • Corrugated packaging • Eight manufacturing sites in California and Texas • Services both OPS Distribution and Fulfillment, and external customers Distribution • Customer consultation and solution selling • Product sourcing, customisation and warehousing • On-demand logistics • Vendor managed inventory • Supported by 64 sites across USA, Mexico & Canada Engineering & Design • Graphic and structural design services for primary packaging • Equipment, materials and services for automated packaging • Engineering services include packaging audits, production line optimisation and equipment servicing Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework Capabilities Bags 5% Kitting 5% Facilities Supplies 10% Product Corrugate 50% Other 15% Film 10% Cushioning 5% Technology 10-15% Automotive 5% Industrial 20-25% End-market Food & Beverage 25-30% Other 5% Warehouse & Shipping 10-15% Healthcare & Beauty 10-15% Revenue breakdown	Manufacturing • Corrugated packaging • Eight manufacturing sites in California and Texas • Services both OPS Distribution and Fulfillment, and external customers Distribution • Customer consultation and solution selling • Product sourcing, customisation and warehousing • On-demand logistics • Vendor managed inventory • Supported by 64 sites across USA, Mexico & Canada Engineering & Design • Graphic and structural design services for primary packaging • Equipment, materials and services for automated packaging • Engineering services include packaging audits, production line optimisation and equipment servicing Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework Capabilities Bags 5% Kitting 5% Facilities Supplies 10% Product Corrugate 50% Other 15% Film 10% Cushioning 5% Technology 10-15% Automotive 5% Industrial 20-25% End-market Food & Beverage 25-30% Other 5% Warehouse & Shipping 10-15% Healthcare & Beauty 10-15% Revenue breakdown	Manufacturing • Corrugated packaging • Eight manufacturing sites in California and Texas • Services both OPS Distribution and Fulfillment, and external customers Distribution • Customer consultation and solution selling • Product sourcing, customisation and warehousing • On-demand logistics • Vendor managed inventory • Supported by 64 sites across USA, Mexico & Canada Engineering & Design • Graphic and structural design services for primary packaging • Equipment, materials and services for automated packaging • Engineering services include packaging audits, production line optimisation and equipment servicing Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework Capabilities Bags 5% Kitting 5% Facilities Supplies 10% Product Corrugate 50% Other 15% Film 10% Cushioning 5% Technology 10-15% Automotive 5% Industrial 20-25% End-market Food & Beverage 25-30% Other 5% Warehouse & Shipping 10-15% Healthcare & Beauty 10-15% Revenue breakdown	Manufacturing • Corrugated packaging • Eight manufacturing sites in California and Texas • Services both OPS Distribution and Fulfillment, and external customers Distribution • Customer consultation and solution selling • Product sourcing, customisation and warehousing • On-demand logistics • Vendor managed inventory • Supported by 64 sites across USA, Mexico & Canada Engineering & Design • Graphic and structural design services for primary packaging • Equipment, materials and services for automated packaging • Engineering services include packaging audits, production line optimisation and equipment servicing Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework Capabilities Bags 5% Kitting 5% Facilities Supplies 10% Product Corrugate 50% Other 15% Film 10% Cushioning 5% Technology 10-15% Automotive 5% Industrial 20-25% End-market Food & Beverage 25-30% Other 5% Warehouse & Shipping 10-15% Healthcare & Beauty 10-15% Revenue breakdown	Manufacturing • Corrugated packaging • Eight manufacturing sites in California and Texas • Services both OPS Distribution and Fulfillment, and external customers Distribution • Customer consultation and solution selling • Product sourcing, customisation and warehousing • On-demand logistics • Vendor managed inventory • Supported by 64 sites across USA, Mexico & Canada Engineering & Design • Graphic and structural design services for primary packaging • Equipment, materials and services for automated packaging • Engineering services include packaging audits, production line optimisation and equipment servicing Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework Capabilities Bags 5% Kitting 5% Facilities Supplies 10% Product Corrugate 50% Other 15% Film 10% Cushioning 5% Technology 10-15% Automotive 5% Industrial 20-25% End-market Food & Beverage 25-30% Other 5% Warehouse & Shipping 10-15% Healthcare & Beauty 10-15% Revenue breakdown	Manufacturing • Corrugated packaging • Eight manufacturing sites in California and Texas • Services both OPS Distribution and Fulfillment, and external customers Distribution • Customer consultation and solution selling • Product sourcing, customisation and warehousing • On-demand logistics • Vendor managed inventory • Supported by 64 sites across USA, Mexico & Canada Engineering & Design • Graphic and structural design services for primary packaging • Equipment, materials and services for automated packaging • Engineering services include packaging audits, production line optimisation and equipment servicing Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework Capabilities Bags 5% Kitting 5% Facilities Supplies 10% Product Corrugate 50% Other 15% Film 10% Cushioning 5% Technology 10-15% Automotive 5% Industrial 20-25% End-market Food & Beverage 25-30% Other 5% Warehouse & Shipping 10-15% Healthcare & Beauty 10-15% Revenue breakdown	Manufacturing • Corrugated packaging • Eight manufacturing sites in California and Texas • Services both OPS Distribution and Fulfillment, and external customers Distribution • Customer consultation and solution selling • Product sourcing, customisation and warehousing • On-demand logistics • Vendor managed inventory • Supported by 64 sites across USA, Mexico & Canada Engineering & Design • Graphic and structural design services for primary packaging • Equipment, materials and services for automated packaging • Engineering services include packaging audits, production line optimisation and equipment servicing Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework Capabilities Bags 5% Kitting 5% Facilities Supplies 10% Product Corrugate 50% Other 15% Film 10% Cushioning 5% Technology 10-15% Automotive 5% Industrial 20-25% End-market Food & Beverage 25-30% Other 5% Warehouse & Shipping 10-15% Healthcare & Beauty 10-15% Revenue breakdown	Manufacturing • Corrugated packaging • Eight manufacturing sites in California and Texas • Services both OPS Distribution and Fulfillment, and external customers Distribution • Customer consultation and solution selling • Product sourcing, customisation and warehousing • On-demand logistics • Vendor managed inventory • Supported by 64 sites across USA, Mexico & Canada Engineering & Design • Graphic and structural design services for primary packaging • Equipment, materials and services for automated packaging • Engineering services include packaging audits, production line optimisation and equipment servicing Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework Capabilities Bags 5% Kitting 5% Facilities Supplies 10% Product Corrugate 50% Other 15% Film 10% Cushioning 5% Technology 10-15% Automotive 5% Industrial 20-25% End-market Food & Beverage 25-30% Other 5% Warehouse & Shipping 10-15% Healthcare & Beauty 10-15% Revenue breakdown	Manufacturing • Corrugated packaging • Eight manufacturing sites in California and Texas • Services both OPS Distribution and Fulfillment, and external customers Distribution • Customer consultation and solution selling • Product sourcing, customisation and warehousing • On-demand logistics • Vendor managed inventory • Supported by 64 sites across USA, Mexico & Canada Engineering & Design • Graphic and structural design services for primary packaging • Equipment, materials and services for automated packaging • Engineering services include packaging audits, production line optimisation and equipment servicing Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework Capabilities Bags 5% Kitting 5% Facilities Supplies 10% Product Corrugate 50% Other 15% Film 10% Cushioning 5% Technology 10-15% Automotive 5% Industrial 20-25% End-market Food & Beverage 25-30% Other 5% Warehouse & Shipping 10-15% Healthcare & Beauty 10-15% Revenue breakdown	Manufacturing • Corrugated packaging • Eight manufacturing sites in California and Texas • Services both OPS Distribution and Fulfillment, and external customers Distribution • Customer consultation and solution selling • Product sourcing, customisation and warehousing • On-demand logistics • Vendor managed inventory • Supported by 64 sites across USA, Mexico & Canada Engineering & Design • Graphic and structural design services for primary packaging • Equipment, materials and services for automated packaging • Engineering services include packaging audits, production line optimisation and equipment servicing Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework Capabilities Bags 5% Kitting 5% Facilities Supplies 10% Product Corrugate 50% Other 15% Film 10% Cushioning 5% Technology 10-15% Automotive 5% Industrial 20-25% End-market Food & Beverage 25-30% Other 5% Warehouse & Shipping 10-15% Healthcare & Beauty 10-15% Revenue breakdown	Manufacturing • Corrugated packaging • Eight manufacturing sites in California and Texas • Services both OPS Distribution and Fulfillment, and external customers Distribution • Customer consultation and solution selling • Product sourcing, customisation and warehousing • On-demand logistics • Vendor managed inventory • Supported by 64 sites across USA, Mexico & Canada Engineering & Design • Graphic and structural design services for primary packaging • Equipment, materials and services for automated packaging • Engineering services include packaging audits, production line optimisation and equipment servicing Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework Capabilities Bags 5% Kitting 5% Facilities Supplies 10% Product Corrugate 50% Other 15% Film 10% Cushioning 5% Technology 10-15% Automotive 5% Industrial 20-25% End-market Food & Beverage 25-30% Other 5% Warehouse & Shipping 10-15% Healthcare & Beauty 10-15% Revenue breakdown	Manufacturing • Corrugated packaging • Eight manufacturing sites in California and Texas • Services both OPS Distribution and Fulfillment, and external customers Distribution • Customer consultation and solution selling • Product sourcing, customisation and warehousing • On-demand logistics • Vendor managed inventory • Supported by 64 sites across USA, Mexico & Canada Engineering & Design • Graphic and structural design services for primary packaging • Equipment, materials and services for automated packaging • Engineering services include packaging audits, production line optimisation and equipment servicing Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework Capabilities Bags 5% Kitting 5% Facilities Supplies 10% Product Corrugate 50% Other 15% Film 10% Cushioning 5% Technology 10-15% Automotive 5% Industrial 20-25% End-market Food & Beverage 25-30% Other 5% Warehouse & Shipping 10-15% Healthcare & Beauty 10-15% Revenue breakdown	Manufacturing • Corrugated packaging • Eight manufacturing sites in California and Texas • Services both OPS Distribution and Fulfillment, and external customers Distribution • Customer consultation and solution selling • Product sourcing, customisation and warehousing • On-demand logistics • Vendor managed inventory • Supported by 64 sites across USA, Mexico & Canada Engineering & Design • Graphic and structural design services for primary packaging • Equipment, materials and services for automated packaging • Engineering services include packaging audits, production line optimisation and equipment servicing Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework Capabilities Bags 5% Kitting 5% Facilities Supplies 10% Product Corrugate 50% Other 15% Film 10% Cushioning 5% Technology 10-15% Automotive 5% Industrial 20-25% End-market Food & Beverage 25-30% Other 5% Warehouse & Shipping 10-15% Healthcare & Beauty 10-15% Revenue breakdown	Manufacturing • Corrugated packaging • Eight manufacturing sites in California and Texas • Services both OPS Distribution and Fulfillment, and external customers Distribution • Customer consultation and solution selling • Product sourcing, customisation and warehousing • On-demand logistics • Vendor managed inventory • Supported by 64 sites across USA, Mexico & Canada Engineering & Design • Graphic and structural design services for primary packaging • Equipment, materials and services for automated packaging • Engineering services include packaging audits, production line optimisation and equipment servicing Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework Capabilities Bags 5% Kitting 5% Facilities Supplies 10% Product Corrugate 50% Other 15% Film 10% Cushioning 5% Technology 10-15% Automotive 5% Industrial 20-25% End-market Food & Beverage 25-30% Other 5% Warehouse & Shipping 10-15% Healthcare & Beauty 10-15% Revenue breakdown	Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework	Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework	Fulfillment • Assembly and kitting • “Pick-n-pack” • Production and filling • Inventory management • Testing and inspection • Repair and rework
	End-market		Food & Beverage 25-30%		Industrial 20-25%		Warehouse & Shipping 10-15%		Healthcare & Beauty 10-15%		Technology 10-15%		Automotive 5%			Other 5%

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OPS is entering the second phase of the strategic journey as Orora positions the business for sustainable growth

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With a stabilised core, solid execution and positive momentum, OPS is well positioned

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NEAR-TERM
TODAY
Enhance
Optimise
• Execute digital transformation
• Effectively harnessing data via SAP (e-Commerce roll-out,
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• Execute digital transformation (e-Commerce roll-out, omnichannel capability)

• Enhanced operating discipline & rigour

• Expand strategic account breadth and depth

• Account profitability

• Roll-out regional innovation and design centres

• Rationalise procurement processes

• Drive head office efficiencies

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MEDIUM-TERM
Expand
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• Pursue fill-outs in geographic capabilities

• Expand engineering, design, and service capabilities (e.g., fulfillment)

• Drive increased penetration of sustainable products

• Enhance sales force effectiveness

Growth

Low single digits

Low-mid single digits

Mid-high single digits

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Orora Ltd

Financial Results Shaun Hughes – CFO

1H21 Group financial summary – Underlying and Statutory Results

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A$M – Underlying	1H21	1H20	Var$	Var%
Revenue	1,814.1	1,835.2	(21.1)	(1.2%)
EBITDA	199.4	194.8	4.6	2.4%
D&A	(59.4)	(61.7)	2.3	3.7%
EBIT	140.0	133.1	6.9	5.2%
Net Finance Cost	(14.4)	(27.4)	13.0	47.4%
Profit Before Tax	125.6	105.7	19.9	18.8%
NPAT (ex-Significant Items)	91.1	76.6	14.5	18.9%
EPS	9.6cps	8.0cps	1.6cps	20.0%
A$M – Statutory	1H21	1H20	Var$	Var%
NPAT (pre Significant Items)	91.1	76.6	14.5	18.9%
NPAT – Discontinued Operations	-	20.7	20.7	nm
Significant Items – Post Tax
Discontinued Ops – Fibre Profit on Sale	12.8	-	(7.9)	nm
Continuing Ops – Petrie	(6.5)	-	(6.5)	nm
NPAT (post SI & Discontinued Ops)	97.4	97.3	0.1	0.1%
EPS	10.2cps	10.1cps	0.1cps	1.0%

Revenue

• Reported Group revenue declined by 1.2% on the pcp, driven by an A$ 3.5% reduction in North American revenue, partially offset by a 7.0% increase in Australasian revenue.

• North American constant currency revenue was up 2.0% compared to the pcp.

Net Finance Cost

• Net finance costs declined by $13.0M on the pcp to $14.4M primarily reflecting the reduction of net bank debt following the receipt of the Fibre sale proceeds in 2H20.

EPS[1]

• Strong underlying EPS growth of 20.0% was driven by an increase in underlying NPAT (ex-significant items) and the impact of the buyback.

Significant Items

• Finalisation of the Fibre sale has resulted in a post-close completion accounts net gain of $11.3M ($12.8M after tax benefit).

• Following ongoing project review and reassessment of remediation requirements, additional costs associated with the decommissioning of the former Petrie mill site of $9.3M ($6.5M after tax) have been recognised in respect of estimated costs to complete.

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Orora Ltd

1. Calculated as NPAT / weighted average ordinary shares (net of Treasury Shares)

1H21 Australasian financial highlights

SALES REVENUE

UNDERLYING EBIT

$441.2M

$86.1M

7.0% increase

4.2% increase

EBIT MARGIN %

OPERATING CASH FLOW

$91.8M

19.5%

50 bps decrease

cash conversion 76.6%

CAPEX INVESTED IN THE BUSINESS

ROAFE%

$15.4M

28.0%

74% of depreciation

340 bps decrease

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• Sales were up 7.0%. After taking into account the pass through of lower aluminium prices, underlying sales increased 9.0% compared to the pcp.

• EBIT growth was predominately driven by strong volume growth in Cans and Closures compared to the pcp.

• In Cans, the mix of product was skewed toward the grocery channel supported by the continued strength of at home consumption.

• In Glass, despite the impact of a smaller 2020 wine vintage, total tonnage was broadly in-line with the pcp, with wine volumes slightly behind the prior period, offset by growth in beer and other beverage categories.

• Earnings margin adversely impacted by mix in Cans and Glass and previously announced first half cost headwinds related to increased energy (~$1.5M) and insurance (~$0.75M ).

• RoAFE of 28.0% was below the pcp at 31.4%, with higher earnings offset by recent capital upgrades (G2 and warehouses at Gawler).

• Cash flow was strong at $91.8M, up 13.3% on the pcp, driven by higher earnings and lower capex, offset by a negative movement in working capital.

• Investment continued with base capex of $10.4M and growth capex of $5.0M; down on the pcp given the 2H weighting of the FY21 capex program and the G2 rebuild in the pcp (~$25M).

• Capex investments totalled 74% of depreciation (excluding AASB16).

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Orora Ltd

Australasia EBIT bridge

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4.2% EBIT increase

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(A$’M)
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2.3
5.8
86.1
82.6
1H20 Organic Growth Cost Headwinds 1H21
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“ Organic growth was partially offset by cost headwinds associated ” with energy and insurance

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Orora Ltd

1H21 North American financial highlights

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North American Group

USD SALES REVENUE

$993.1M

2.0% increase

OPERATING CASH FLOW (AUD)

$53.0M

cash conversion 83.6%

USD EBIT

$39.0M

12.7% increase

EBIT MARGIN %

3.9%

30 bps increase

• North America improved its operating and financial performance in 1H21, with local currency revenue and EBIT up 2.0% and 12.7% respectively.

• Higher local currency earnings were achieved despite the continued impact of COVID-19, where the impact was materially greater than that felt in Australasia.

• While OPS returned to revenue growth, many retailers remain closed, negatively impacting OV revenue.

• Operating Cash flow increased by 14.7% to $53.0M, driven by improved working capital while cash conversion improved to 83.6% (73.9% in pcp). Cash flow target remains at >70%.

• RoAFE increased by 370bps to 15.4% due to higher earnings.

OPS

• Solid improvement in business performance and margins resulting from further traction of profit improvement programs – principally volume growth, margin recovery & cost efficiency / reduction.

• Delivered constant currency revenue growth of approximately 2.8%.

• EBIT was higher than the pcp in both Q1 and Q2; Q2 EBIT margins were ahead of Q1.

• EBIT margins increased to 4.6% from 4.1% in the pcp.

ROAFE%

15.4%

370 bps increase

CAPEX INVESTED IN THE BUSINESS (USD)

$8.0M

90% of depreciation

OV

• Focus on cost reduction and stabilising revenue has continued.

• OV revenue was below the pcp in constant currency in Q1 and Q2 due to challenging trading conditions with retail store closures and the deferral of promotional programs during the COVID-19 pandemic.

• OV was able to deliver cost reduction, and shift sales revenue focus to defensive markets.

• EBIT was slightly positive and broadly in-line with the pcp.

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Orora Ltd

North American EBIT bridge

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6.7% EBIT growth 12.7% constant currency EBIT growth

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(A$’M)
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0.8
3.0
7.2
53.9
50.5
1H20 Organic Growth Cost Headwinds FX 1H21
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Local currency earnings higher by ~13% with both businesses ahead of the pcp

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Orora Ltd

Strong operating cash flow - a foundation of Orora

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A$ Million	1H21	1H20
EBITDA	199.4	194.8
Lease repayments	(30.5)	(31.8)
Non Cash Items	14.4	13.5
Cash EBITDA	183.4	176.5
Movement in Working Capital	(17.1)	(0.1)
Base Capex	(21.4)	(50.0)
Proceeds from disposals	0.0	0.8
Operating Cash Flow(1)	144.8	127.2
Cash Significant Items	(18.0)	(14.8)
Operating Free Cash Flow	126.8	112.4
Interest – Group	(9.0)	(20.7)
Tax - Group	18.9	(35.6)
Growth Capex	(5.0)	(11.3)
Free Cash Flow available to shareholders	131.7	44.7
Cash Conversion(2)	79.0%	72.0%
Average Working Capital to Sales(3)(%)	6.9%	8.5%

Operating cash flow[(1)] increased 13.8% to $144.8M

• Increase in cash EBITDA broadly in line with lease adjusted earnings.

• Lease repayments and non-cash items broadly in line with pcp.

• Further amounts will be received in due course relating to deferred settlement of two properties in relation to the sale of Fibre.

• Cash conversion to be >70%.

Working Capital

• Increase in trade receivables in-line with increased sales.

• Early payment of payables in North America to capture settlement discounts.

• One-off unwind of extended terms related to a supplier in Australia.

• Reduction in Cans inventory and paper in OPS.

Capex

• Lower base capex of $21.4M compared to $50.0m in pcp reflects 2H21 phasing of capex in Australasia and impact of G2 rebuild (~$25M) in prior period.

Average working capital to sales

• Average total working capital to sales was 6.9% (8.5% in pcp), with the decrease largely attributable to increased sales and reduced inventory in Cans and OPS, partially offset by the net impact of increased receivables and decreased payables.

• (1) Underlying operating cash flow excludes cash flow from discontinuing operations and significant items (2) Cash conversion measured as operating cash flow divided by cash EBITDA

• (3) Average net working capital for the period/annualised sales

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Orora Ltd

Balance sheet and debt – Orora Group

A$ Million	Dec 20	June 20
Funds Employed (period end)	1,304	1,403
Net Debt	277	292
Equity	915	1,032
Leverage (x)(1)	0.9x	0.9x
RoAFE (%) (2)	21.4%	16.0%
Undrawn bank debt capacity	595	614

• (1) Equal to Net Debt / trailing 12 months EBITDA

(2) Calculated as annualised 1H21 EBIT / trailing 12 month average funds employed.

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Strong balance sheet provides operating and strategic flexibility

• Balance sheet remains strong and provides a solid foundation for the next phase of Orora’s enhance, expand and grow strategy.

• The Board’s preference is to pursue growth investment opportunities – both organic and inorganic, including exploration of potential ANZ adjacencies.

On-market buy back

• On-market buyback is ~44% complete.

• ~42.7M shares have been purchased at a cost of $110.7M; average purchase price of $2.59 per share.

• Buyback is forecast to be completed prior to 30 June 2021.

Committed to sensible debt levels and investment grade credit metrics

• Net Debt ~$277M as at 31 December 2020, down ~$15M since 30 June 2020.

• This reduction in net debt was driven by stronger earnings, reduced capex, receipt from the Fibre completion account settlement process, a tax refund receipt and a ~$13M FX benefit on US dollar denominated debt, largely offset by the buyback.

• Leverage remained steady at 0.9x from 30 June 2020.

• FY21 gross capex is expected to be approximately 90.0% of depreciation (excluding AASB16).

• Refinance of A$350M Syndicated Facility, expiring April 2022, has commenced and will be completed before June 2021.

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Orora Ltd

Interim Dividend

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• Interim dividend of 6.5 cents per share (unfranked).

• Interim dividend is in-line with 1H20.

• Key dates for interim dividend:

• Ex-dividend date: 3 March 2021

• Record date: 4 March 2021

• Payment date: 1 April 2021

• Interim dividend represents a payout ratio of ~68[(1)] % of NPAT.

• Orora’s target payout ratio is between 60 – 80% of NPAT.

• Dividend Reinvestment Plan has been suspended for the interim dividend and is expected to be suspended while the on-market buyback is undertaken.

• (1) Payout ratio = interim dividend of 6.5cps / 1H21 underlying EPS of 9.6cps

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Orora Ltd

FY21 Perspectives & Outlook Brian Lowe – Managing Director and CEO

Orora Limited ABN 55 004 275 165

Perspectives for FY21

Australasia

• Continue to identify and implement cost reduction initiatives, reinvest in asset upgrades and new capacity.

• Cans volumes expected to remain strong.

• 2020 wine vintage was weaker and exports are expected to remain subdued. Orora expects industry wine bottle volumes to decline in 2H21.

• Work closely with customers to understand and plan for the impact of China bottled wine exports in 2H21 and beyond.

• Energy prices are expected to remain steady beyond the reset experienced in calendar 2020. A further increase in insurance costs of ~$0.75M will impact the Australasian business in 2H21.

• G2 negative EBIT impact in 2H20 of ~$8.0M will largely unwind in 2H21, expected benefit ~$6.0M, but likely to be more than offset by glass volume declines.

North America

• The new Management teams are focussed on continuing to build momentum from the improved performance delivered in 1H21 through earnings improvement programs, sales growth, margin improvement and cost efficiency programs.

• Pollock earnings weighted 70% to first half. A further increase in insurance costs of ~US$0.75M will impact North America in 2H21.

• Market conditions in North America continue to remain challenging with the future impacts of COVID-19 uncertain - particularly in California and Texas - markets which represent ~60% of total North American revenue.

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Cashflow & Capex

• Group cash conversion of >70% in FY21.

• Phasing of Australasian base capex program weighted to 2H21.

• FY21 Capex to be ~90% of underlying depreciation (excluding depreciation of leases).

Capital

• FY21 dividend expected to be towards the top end of target payout range.

• Current on market buyback expected to be completed in FY21.

• Explore adjacent growth opportunities in Aust / NZ.

• Review the strategic direction of Orora Visual by the end of calendar 2021.

• M&A in the current North American businesses is not an immediate priority.

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Orora Ltd

FY21 Outlook

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• Orora delivered a solid operating performance in the first half of FY21, with improved operating momentum and financial performance across all business units. Correspondingly, at a Group level Orora is forecasting higher earnings in FY21 compared to the prior year.

• In Australasia, Orora expects second half FY21 EBIT to be negatively impacted by lower wine bottle exports to China and the smaller 2020 wine vintage. Full year EBIT is expected to be broadly in line with FY20.

• In North America, in a continuation of the improved operating and financial performance, Orora expects EBIT to be higher in second half FY21 compared to second half FY20 and for the Full Year.

• This outlook remains subject to global and domestic economic conditions and the impacts of the COVID-19 pandemic.

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Orora Ltd

APPENDIX

1H21

Appendix 1: 3 core focus areas during COVID-19

Health, Safety & Wellbeing

Customers and Supply Chain

2

1

• Response continues to be guided by formal government and health authority advice across each jurisdiction

• Strong emphasis on clear customer and supplier communication

• Continued focus on safe, efficient, quality and surety of supply

• Businesses continue to be classified as essential services

• Ongoing engagement with customers with partnership approach applied to ensure continuity of product supply

• Ongoing separation of production and nonproduction workforces globally as per government and health authority advice

• Comprehensive site based pandemic safety procedures and protocols in place

• 2,000 team members continuing to work remotely

• Ongoing mental health and wellbeing support for all team members

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Active Financial 3 Management

• Orora has worked tirelessly to mitigate the financial impact of COVID-19

• Realigned operating costs and increased focus on efficiency

• Enhanced margin management and customer profitability

• Adapted product offering

• Preserving and growing volumes

• Cash, counterparty risk and active receivables management

• Deferral of non-essential capital

• Balance sheet provides support and flexibility

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Orora Ltd