Orora Earnings: Aluminum Cans More Resilient Than Glass Bottles

No-moat Orora’s first-half fiscal 2025 underlying EBIT of AUD 121 million was 25% higher than the same period last year, and largely supported by the acquisition of Saverglass. The Australian can business delivered 6% growth, but the Australian glass division remains troubled with earnings falling materially and leading to management shutting one of three furnaces. The result was as expected, with soft demand for discretionary alcoholic beverages such as spirits, wine, and beer, affecting Orora’s sales revenue.