Company: GEF
Filing Date: 2025-06-05
Form Type: 10-Q
Source: 0000043920-25-000025
Chunk: 48

Company: GREIF, INC
Filing Date: 2025-06-05
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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11.5 Plus: restructuring and other charges0.2 0.3 (7.6)0.3 (6.8)Plus: non-cash asset impairment charges— 0.4 — — 0.4 Plus: (gain) loss on disposal of properties, plants and equipment, net(0.3)0.1 (0.2)0.1 (0.3)Plus: other costs*— — 0.2 — 0.2 Adjusted EBITDA$34.9 $64.5 $49.5 $20.8 $169.7 *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses

Net Sales

Net sales were $1,385.7 million for the second quarter of 2025 compared with $1,371.0 million for the second quarter of 2024. The $14.7 million increase was primarily due to $15.2 million from higher average selling prices. See the “Segment Review” below for additional information on net sales by segment.

Gross Profit

Gross profit was $319.5 million for the second quarter of 2025 compared with $270.1 million for the second quarter of 2024. The $49.4 million increase was primarily due to the same factors that impacted net sales and lower raw material costs. See the “Segment Review” below for additional information on gross profit by segment. Gross profit margin was 23.1 percent and 19.7 percent for the second quarter of 2025 and 2024, respectively.

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses were $172.6 million for the second quarter of 2025 compared with $167.2 million for the second quarter of 2024. The $5.4 million increase was primarily related to recent acquisitions. SG&A expenses were 12.5 percent and 12.2 percent of net sales for the second quarter of 2025 and 2024, respectively.

32

Financial Measures

Operating profit was $118.6 million for the second quarter of 2025 compared with $98.1 million for the second quarter of 2024. Net income was $54.5 million for the second quarter of 2025 compared with $52.0 million for the second quarter of 2024. Adjust