Orora posts USD 428.2m (AUD 616.6m) net loss on glass impairment as investor opposes pay report
Orora reported a net loss of USD 428.2m (AUD 616.6m) for the 2026 financial year, driven by a USD 500.3m (AUD 720.5m) impairment on its glass business. Shareholder Sandon Capital, which holds less than 1% of the company, says it will vote against the remuneration report and bonuses for chief executive Brian Lowe at the annual general meeting on 14 October. Its objections also cover the strategy behind Orora's acquisition of French glassmaker Saverglass, after weak European glass volumes and destocking weighed on the result while the can business held up better.
Why this mattersA USD 500.3m (AUD 720.5m) glass impairment and an investor vote against pay place Orora's Saverglass-led strategy and glass cost base under shareholder scrutiny.
- FY2026 net loss of USD 428.2m (AUD 616.6m), driven mainly by a USD 500.3m (AUD 720.5m) impairment on the glass business
- Revenue from continuing operations rose 6.5% to USD 1.5458bn (AUD 2.2259bn)
- Net profit before significant items fell 5.9% to USD 98.8m (AUD 142.2m)
- Total dividend cut to USD 6.3 cents (AUD 9.0 cents) per share from USD 6.9 cents (AUD 10.0 cents)
- Sandon Capital, holding under 1% of Orora, will vote against the remuneration report and CEO Brian Lowe's bonuses at the AGM on 14 October 2026
- European glass demand was hit by weak volumes and destocking, while the can business was more stable
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