Orora reported a net loss of USD 430.6m (AUD 616.6m) for the 2026 financial year, driven by a USD 503.1m (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 503.1m (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 430.6m (AUD 616.6m), driven mainly by a USD 503.1m (AUD 720.5m) impairment on the glass business
- Revenue from continuing operations rose 6.5% to USD 1.5544bn (AUD 2.2259bn)
- Net profit before significant items fell 5.9% to USD 99.3m (AUD 142.2m)
- Total dividend cut to USD 6.3 cents (AUD 9.0 cents) per share from USD 7.0 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
Orora has appointed Susannah Jobling Hodgens as Chief Legal Officer and Company Secretary, joining the leadership team from October 2026. She is promoted internally after 13 years at the company, most recently as General Counsel and alternate Company Secretary. The outgoing company secretary remains in post until 31 December 2026 to support the transition.
Why this mattersAn internal promotion keeps Orora's legal and company secretarial function in continuity through the October to December handover.
- Susannah Jobling Hodgens becomes Chief Legal Officer and Company Secretary from October 2026
- She has spent 13 years at Orora in senior legal and governance roles, most recently as General Counsel and alternate Company Secretary
- The outgoing company secretary remains in post until 31 December 2026 to support the transition
- The outgoing company secretary is named as Ann Stubbings, Chief Safety, Sustainability and Governance Officer
- Stubbings has served Orora for more than 13 years since its listing
Saverglass has redesigned the Cepage bottle used by Oregon winery Domaine Serene, cutting glass weight by more than 200 grams, a 30% reduction, while keeping the original silhouette. The bottle will be used across Domaine Serene's estate wines in Oregon and Burgundy, unifying the brand's packaging globally for the first time. The change is expected to avoid about 15 metric tonnes of carbon emissions a year and nearly 250,000 pounds of glass transported.
Why this mattersThe redesign shows glassmakers pursuing weight reduction in premium wine packaging without sacrificing brand identity, a template other luxury producers may follow to cut costs and emissions.
- The new Cepage Eco bottle cuts glass weight by more than 200 grams per bottle, a 30% reduction.
- The redesign is expected to avoid approximately 15 metric tons of carbon emissions annually.
- Annual glass transported is expected to fall by nearly 250,000 pounds.
- The bottle will be used across Domaine Serene's estate wines in Oregon and Burgundy, unifying the brand's packaging for the first time.
- The original Cepage bottle design had been in use for more than 35 years.
- Domaine Serene, founded in 1989, is the flagship estate of Evenstad Estates.
Orora reported a statutory net loss of A$616.6 million for the year to 30 June 2026 after a A$720.5 million impairment of its glass business, where Saverglass in Europe faced weak volumes and destocking. Revenue from continuing operations rose 6.5% to A$2,225.9 million, but net profit before significant items fell 5.9% to A$142.2 million, and the board cut total dividends to 9.0 cents per share, unfranked, from 10.0 cents in FY2025. The result follows Orora's December 2024 sale of its North American Orora Packaging Solutions business at an enterprise value of about A$1.8 billion, with proceeds used to reduce debt.
Why this mattersA A$720.5m write-down on glass shows how far European speciality bottle demand has fallen, while the can operations held up more steadily over the same period.
- Orora recorded a A$720.5 million impairment on its glass business for FY2026, driving a statutory net loss of A$616.6 million.
- Revenue from continuing operations rose 6.5% to A$2,225.9 million for the year to 30 June 2026.
- Net profit before significant items fell 5.9% to A$142.2 million.
- Total FY2026 dividend was cut to 9.0 cents per share (5.0-cent interim, 4.0-cent final payable 6 October 2026), down from 10.0 cents in FY2025 and unfranked.
- The glass division, including Saverglass in Europe, faced weak volumes, destocking and cost pressures.
- In December 2024 Orora sold its North American Orora Packaging Solutions business for an enterprise value of about A$1.8 billion, using proceeds to cut debt.
- Orora now values Saverglass at EUR 840m, versus the EUR 1.3bn it paid to acquire the business in 2023
- Union CGT says Saverglass cut 139 posts at its Le Havre glass plant, including 77 dismissals, as of 17 September 2026
- Permanent staff at Saverglass's Feuquieres site fell from 1,144 in December 2024 to 1,054 by 30 June 2026
- Glass orders at Feuquieres dropped to 32,100 tonnes by end-July 2026 from a historical monthly run rate of 50,000 tonnes
