1.

Libbey Inc.Q3 2019 Earnings Call

October 28 , 2019

2.

Management on Today’s Call

Jim BurmeisterSenior Vice President,

Chief Operating Officer / Chief Financial Officer

Mike BauerChief Executive Officer

Mike LindseyVice President, Corporate Controller

3.

Cautionary StatementMaterial presented on today’s call includes forward-looking statements about LibbeyInc. These statements are subject to risks and uncertainties, including marketconditions, competitive pressures, the value of the U.S. dollar and potential significant cost increases. Please refer to the Company’s Form 10-K for fiscal year-end December 31, 2018, filed on February 27, 2019, for further information.

This presentation includes financial information of which the Company’s independent auditors have not completed their audit. Although the Company believes that the assumptions upon which the financial information and its forward looking statements are based are reasonable, it can give no assurances that these assumptions will prove to be accurate.

This presentation and today’s prepared remarks contain non-GAAP financial measures. We believe that the Adjusted Earnings Before Interest Taxes Depreciation and Amortization, or Adjusted EBITDA; Adjusted EBITDA margin; Adjusted Income from Operations (Adjusted IFO); Adjusted IFO Margin; Free Cash Flow; Trade Working Capital; Debt, net of cash to Adjusted EBITDA; Adjusted Selling, General and Administrative expense; and references to financial measures in constant currency are meaningful measures for investors to compare our results from period to period.

Reconciliations of the non-GAAP to GAAP measures may be found within the earnings press release and the supplemental financials.

4.

($ in millions)

Net Sales Y-O-Y Change Y-O-Y Constant Currency (1)

$192.4 0.9 %2.0 %

$573.5 (2.2 %)(0.9 %)

Gross ProfitY-O-Y ChangeY-O-Y Constant Currency (1)

Y-O-Y Margin Change

$34.4 (7.7 %)(7.3 %)

(160) bps

$115.1 (2.0 %)(1.4 %)+10 bps

Adjusted IFO(1)(2)

Y-O-Y ChangeY-O-Y Constant Currency (1)

Y-O-Y Margin Change

$6.4 +2.8 %+2.5 %- Bps

$23.7 +11.1 %+10.3 %+50 bps

Adjusted EBITDA(1)(2)

Y-O-Y ChangeY-O-Y Constant Currency (1)

Y-O-Y Margin Change

$16.3 +1.5 %

(11.0 %)10 bps

$51.3 (6.3 %)(5.2 %)(40 bps)

Third Quarter

2019

2019 Third-quarter Highlights▪ Net sales grew 2.0% in constant currency, led by

improvements in all three channels in USC

▪ Gross profit decreased $2.8 million; favorable sales margins are offset by an unfavorable $6.9 million impact from discretionary downtime

▪ Disciplined spending reduced SG&A 7.1% and 140 bps vs. prior year

▪ Adjusted Income from Operations (IFO)(1)(2) improved 2.8% vs. prior year; up 11.1% year to date

▪ 1.5% expansion of Adjusted EBITDA(1)(2) driven by improved sales margins and favorable currency, offset by production downtime

▪ Discretionary production downtime drove inventories lower and improved Free Cash Flow(1) by $10.3 million vs. prior-year quarter

(1) See the Appendix for definitions of constant currency and other non-GAAP measures.(2) See our third-quarter 2019 press release filed on form 8-K on October 28, 2019, for reconciliations of Adjusted IFO and Adjusted EBITDA to the most

directly comparable U.S. GAAP measure.

Nine Months Ended Sept

2019

5.

Key Financial DataThird-Quarter ‘19 & ’18

(1) See the Appendix for definitions of non-GAAP measures.(2) See our third-quarter 2019 press release filed on form 8-K on October 28, 2019, for reconciliations of Adjusted EBITDA, Adjusted EBITDA margin, Trade

Working Capital and Debt, net of cash to Adjusted EBITDA ratio to the most directly comparable U.S. GAAP measure.

Unaudited

$ in millions, except per share data '19 '18 VPY '19 '18 VPY

Net sales 192.4$ 190.8$ 1.6$ 573.5$ 586.2$ (12.7)$

Gross profit 34.4$ 37.2$ (2.8)$ 115.1$ 117.4$ (2.3)$

Gross profit margin 17.9% 19.5% (160) bps 20.1% 20.0% 10 bps

Selling, general & administrative expenses 31.0$ 33.3$ 2.3$ 94.4$ 98.4$ 4.0$

Net income (loss) (3.5)$ (5.0)$ 1.5$ (51.8)$ (3.9)$ (47.9)$

Net income (loss) margin (1.8%) (2.6%) 80 bps (9.0%) (0.7%) (830) bps

Diluted EPS (0.15)$ (0.22)$ 0.07$ (2.31)$ (0.18)$ (2.13)$

Adjusted EBITDA (1)(2)

(non-GAAP) 16.3$ 16.1$ 0.2$ 51.3$ 54.8$ (3.5)$

Adjusted EBITDA margin(1)(2)

(non-GAAP) 8.5% 8.4% 10 bps 8.9% 9.3% (40) bps

Unaudited

$ in millions, except ratio

September

30, 2019

September

30, 2018

December

31, 2018

Trade Working Capital (1)(2)

(non-GAAP) 211.5$ 228.7$ 201.2$

Debt, net of cash to Adjusted EBITDA ratio (1)(2)

(non-GAAP) 5.8 x 5.0 x 5.3 x

Third Quarter Year-to-Date

6.

$115.3

$119.4

$105

$110

$115

$120

$125

Q3 '18Net Sales

Retail Foodservice B2B Q3 '19Net Sales

$1.6 $0.8

Q3 2019 Net Sales of $192.4 vs. $190.8 in Q3 2018$ in millions

U.S. & Canada Latin America

Other

$1.7

$35.4 $35.3($0.5)

$30

$35

$40

$45

$50

Q3 '18Net Sales

Retail Foodservice B2B Currency Q3 '19Net Sales

$0.3 $0.4 ($0.3)

$33.3 $31.7($1.4)

$20

$30

$40

$50

$60

Q3 '18Net Sales

Retail Foodservice B2B Currency Q3 '19Net Sales

($0.8)$0.3 $0.3

$6.8 $6.0($0.2)

$0

$10

$20

$30

$40

Q3 '18Net Sales

Retail Foodservice B2B Currency Q3 '19Net Sales

$0.2 $0.0 ($0.8)

EMEA

*See Appendix and our third-quarter 2019 press release filed on form 8-K on October 28, 2019, for definitions and reconciliations of constant currency net sales to its U.S. GAAP measure.

7.

$351.7 $358.2

$290

$310

$330

$350

$370

Q3 '18 YTDNet Sales

Retail Foodservice B2B Q3 '19 YTDNet Sales

$7.2 $5.7 ($6.4)

YTD 2019 Net Sales of $573.5 vs. $586.2 in 2018$ in millions

U.S. & Canada

EMEA

$110.0 $103.9($0.8)

$75

$100

$125

$150

$175

Q3 '18 YTDNet Sales

Retail Foodservice B2B Currency Q3 '19 YTDNet Sales

($2.3)($1.6)

($1.4)

$103.7 $92.5($5.6)

$75

$100

$125

$150

$175

Q3 '18 YTDNet Sales

Retail Foodservice B2B Currency Q3 '19 YTDNet Sales

($3.0)($1.5) ($1.1) $20.8 $19.0($0.9)

$0

$25

$50

$75

$100

Q3 '18 YTDNet Sales

Retail Foodservice B2B Currency Q3 '19 YTDNet Sales

$0.3 ($0.1) ($1.1)

Other

Latin America

*See Appendix and our third-quarter 2019 press release filed on form 8-K on October 28, 2019, for definitions and reconciliations of constant currency net sales to its U.S. GAAP measure.

8.

$54.8 $51.3

$1.1 ($0.6) ($1.3)($2.9)

($1.5) $1.9 ($0.2)

40

45

50

55

60

65

Prior Year Impact of Sales Currency Benefit Related ManufacturingActivity

Shipping &Storage Activity

SG&A(excluding benefits)

Other Adjusted EBITDA

Q3 '19 YTD Adjusted EBITDA vs. Prior Year $MM

$16.1 $16.3

$4.9 $2.0

$0.3

($0.4) ($6.0)

($0.6 )

10

15

20

25

30

35

Prior Year Impact of Sales Currency Benefit Related ManufacturingActivity

Shipping &Storage Activity

SG&A(excluding benefits)

Other Adjusted EBITDA

Q3 '19 QTD Adjusted EBITDA vs. Prior Year $MM

Adjusted EBITDA(1) Walk vs. Prior Year$ in millions

(1) See the Appendix for definitions of non-GAAP measures. See our third-quarter 2019 press release filed on form 8-K on October 28, 2019, for a reconciliation of Adjusted EBITDA to net income (loss).

$ in millions

Healthcare ($1.0)

Impact of Operating Downtime ($6.9)

Impact of Operating Downtime ($6.6)

$0.0

9.

Updating 2019 Outlook

▪ Net sales flat to slightly down compared to 2018; driven by headwinds in our European and Latin American markets and negative currency impacts

▪ Adjusted SG&A(1) ~15.5% of net sales

▪ Adjusted EBITDA margin(1) between 8.5%-9% range

▪ Capital expenditures and ERP capital(2) near $35 million

(1) See Appendix for definitions of non-GAAP measures. See our third-quarter 2019 press release filed on form 8-K on October 28, 2019, for a reconciliation of Adjusted SG&A Margin and Adjusted EBITDA Margin to the most directly comparable U.S. GAAP measure.

(2) See Table 9 in our third-quarter 2019 press release filed on form 8-K on October 28, 2019 for calculation; also see New Accounting Standards Adopted in our Form 10-Q for the quarter-ended March 31, 2019, filed on May 1, 2019

10.

Q&A

11.

Appendix of Non-GAAP Definitions▪ Adjusted EBITDA and Adjusted EBITDA Margin

‒ U.S. GAAP net income (loss) plus interest expense, provision for income taxes, depreciation and amortization, and special items, when applicable, that Libbey believes are not reflective of our core operating performance. Adjusted EBITDA Margin is Adjusted EBITDA divided by net sales.

▪ Adjusted SG&A and Adjusted SG&A Margin‒ U.S. GAAP selling, general and administrative expenses less special items that Libbey believes are not reflective of our core operating performance. Adjusted

SG&A Margin is Adjusted SG&A divided by net sales.

▪ Adjusted Income from Operations (IFO) and Adjusted IFO Margin‒ U.S. GAAP net income (loss) plus interest expense, provision for income taxes, other (income) expense, and special items, when applicable, that Libbey

believes are not reflective of our core operating performance. Adjusted IFO Margin is Adjusted IFO divided by net sales.

▪ Free Cash Flow‒ Sum of net cash provided by operating activities and net cash used in investing activities. The most directly comparable U.S. GAAP measure is net cash

provided by (used in) operating activities.

▪ Trade Working Capital‒ Net accounts receivable plus net inventories less accounts payable

▪ Debt, Net of Cash to Adjusted EBITDA Ratio‒ Gross debt on the balance sheet plus unamortized discount and finance fees, less cash and cash equivalents, divided by last twelve months Adjusted EBITDA

(defined above)

▪ Constant Currency‒ Constant currency references regarding net sales reflect a simple mathematical translation of local currency results using the comparable prior period’s

currency conversion rate ‒ Constant currency references regarding Gross Profit, Gross Profit Margin, Adjusted IFO, Adjusted IFO Margin, Adjusted EBITDA and Adjusted EBITDA Margin

comprise a simple mathematical translation of local currency results using the comparable prior period’s currency conversion rate plus the transactional impact of changes in exchange rates from revenues, expenses and assets and liabilities that are denominated in a currency other than the functional currency

12.

Additional Information

NYSE American: LBY

Alpha IR Group

Bobby Winters or Chris Hodges

312-445-2870

email: LBY@alpha-ir.com

visit our website: www.libbey.com