Company: GEF
Filing Date: 2025-11-19
Form Type: 10-KT
Source: 0001628280-25-053146
Chunk: 46

Company: GREIF, INC
Filing Date: 2025-11-19
Form: 10-KT
Chunk 46
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535.5 million for 2024. The $66.4 million increase was primarily due to higher compensation expenses, one-time charges related to the Containerboard Divestment and higher amortization costs related to recent acquisitions. SG&A expenses were 15.3 percent of net sales for 2025 compared with 13.5 percent of net sales for 2024.

#### Financial Measures
Operating profit was $167.6 million for 2025 compared with $313.1 million for 2024. Net income from continuing operations was $38.2 million for 2025 compared with $246.2 million for 2024, primarily due to higher restructuring and other charges, higher non-cash asset impairment charges and higher income tax expense. Adjusted EBITDA was $511.3 million for 2025 compared with $495.9 million for 2024. The reasons for changes in operating profit and Adjusted EBITDA for each reportable segment are described below in “Segment Review.”

#### Trends
We anticipate that the multi-year period of industrial contraction will continue into the 2026 fiscal year, and we have not identified any compelling demand inflection on the horizon, though we are seeing regional and localized improvements. Prices for key raw materials and logistics inputs are expected to remain generally stable, subject to geopolitical and regional volatility. We continue to monitor evolving global sustainability and regulatory developments, which may modestly increase costs but also support demand for circular and recycled packaging solutions that we produce and sell.

#### 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 Containerboard Business, which was previously reported under the Sustainable Fiber Solutions segment, is presented as discontinued operations. Our allocation of corporate expenses to each continued reportable segment was updated to reflect how management measures performance and allocates resources with the Containerboard Business being excluded from continuing operations.

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#### Table of Contents
Customized Polymer Solutions

Net sales were $1,169.6 million for 2025 compared