Company: GEF
Filing Date: 2025-11-19
Form Type: 10-KT
Source: 0001628280-25-053146
Chunk: 51

Company: GREIF, INC
Filing Date: 2025-11-19
Form: 10-KT
Chunk 51
---
 to contributions from acquisitions of $261.6 million, partially offset by negative foreign currency translation impacts of

<div align='center'>32</div>

#### Table of Contents
$46.1 million and $30.5 million impact from divestitures. See “Segment Review” below for additional information on net sales by reportable segment.

#### Gross Profit
Gross profit was $899.1 million for 2024 compared with $928.6 million for 2023. The $29.5 million decrease was primarily due to higher raw material costs and higher costs for transportation and manufacturing, partially offset by the same factors that impacted net sales. See “Segment Review” below for additional information on gross profit by reportable segment. Gross profit margin was 20.6 percent for 2024 compared with 22.2 percent for 2023, with the decrease primarily attributed to higher raw material input costs in the Sustainable Fiber Solutions segment caused by higher published index purchase prices.

#### SG&A
SG&A expenses were $589.9 million for 2024 compared with $510.3 million for 2023. The $79.6 million increase was primarily due to acquisitions, including amortization costs, compensation expenses and costs incurred for strategic investments. SG&A expenses were 13.5 percent of net sales for 2024 compared with 12.2 percent of net sales for 2023.

#### Financial Measures
Operating profit was $337.8 million for 2024 compared with $426.8 million for 2023. Net income from continuring operations was $262.6 million for 2024 compared with $300.5 million for 2023. Adjusted EBITDA was $543.7 million for 2024 compared with $621.9 million for 2023. The reasons for changes in operating profit and Adjusted EBITDA for each reportable segment are described below in “Segment Review.”

#### Segment Review
Key factors influencing profitability for our segments include:

• Selling prices, product mix, customer demand, and sales volumes;

• Raw material costs, primarily steel, resin, old corrugated containers and used industrial packaging for reconditioning;

• Energy and transportation costs;

• Benefits from executing the Greif Business System 2.0;

• Restructuring charges;

• Acquisition and integration of businesses and facilities;

• Divestiture of businesses and facilities; and

• Impact of foreign currency translation.

As a result of the Containerboard Divestiture, the Container