Orora Limited (ORA) held its thirteenth Annual General Meeting on Wednesday, 14 October 2026, where Chair Rob Sindel addressed shareholders. Orora is a prominent provider of sustainable packaging solutions for beverage and food industries, operating through its Cans and Glass businesses. Sindel acknowledged significant shareholder disappointment regarding recent outcomes, including a decline in share price and challenges from the Saverglass acquisition, which led to a substantial impairment.
Despite navigating a global environment marked by geopolitical conflict and weak consumer demand, Orora’s Cans business delivered a strong FY26 performance, supported by capacity expansion. Conversely, the Glass business faced difficult conditions, resulting in a non-cash impairment of €450 million for Saverglass. This reflected impacts from ongoing Middle East conflict, US tariffs, and cost-of-living pressures. The Group reported broadly flat EBITDA at $420 million, with underlying NPAT at $142 million. Operating cash flow remained strong at $291 million, supporting shareholder distributions and an on-market share buyback of $118 million.
The Board directly addressed shareholder feedback on remuneration, making no short-term incentive payments to Key Management Personnel for FY26, and the FY24 long-term incentive grant did not vest. Key Management Personnel also received no fixed pay increase for FY27. Looking to FY27, Orora expects higher EBIT for its Cans business, while Saverglass EBIT is anticipated to be below FY26, with earnings weighted to the second half as strategic initiatives target over €30 million in EBIT improvement by FY30. Overall Group EBIT is projected to be lower than FY26, reflecting higher depreciation and amortisation and the Saverglass outlook.
