Company: GEF
Filing Date: 2025-06-05
Form Type: 10-Q
Source: 0000043920-25-000025
Chunk: 135

Company: GREIF, INC
Filing Date: 2025-06-05
Form: 10-Q
Item: Part I, Item 2
Chunk 135
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. The reasons for the changes in operating profit, net income, and Adjusted EBITDA for each segment are described below in the “Segment Review.”

Segment Review

Customized Polymer Solutions

Net sales were $624.4 million for the first six months of 2025 compared with $513.6 million for the first six months of 2024. The $110.8 million increase in net sales was primarily due to $97.2 million of contributions from recent acquisitions.

Gross profit was $137.3 million for the first six months of 2025 compared with $99.7 million for the first six months of 2024. The $37.6 million increase in gross profit was primarily due to the same factors that impacted net sales, partially offset by higher raw material, transportation and manufacturing costs. Gross profit margin was 22.0 percent and 19.4 percent for the first six months of 2025 and 2024, respectively.

Operating profit was $39.6 million for the first six months of 2025 compared with $18.0 million for the first six months of 2024. The $21.6 million increase in operating profit was primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses related to higher compensation expenses and amortization expenses from recent acquisitions. Adjusted EBITDA was $92.9 million for the first six months of 2025 compared with $60.7 million for the first six months of 2024. The $32.2 million increase in Adjusted EBITDA was primarily due to the same factors that impacted gross profit.

Durable Metal Solutions

Net sales were $721.1 million for the first six months of 2025 compared with $784.2 million for the first six months of 2024. The $63.1 million decrease in net sales was primarily due to $29.0 million attributable to lower volumes, $20.9 million of negative foreign currency translation impacts and lower average selling prices.

Gross profit was $146.0 million for the first six months of 2025 compared with $155.1 million for the first six months of 2024. The $9.1 million decrease in gross profit was primarily due to the same factors that impacted net sales, partially offset by lower raw material costs. Gross profit margin was 20.2 percent and 19.8 percent for the first six months of 2025 and 2024