Company: GEF
Filing Date: 2025-11-19
Form Type: 10-KT
Source: 0001628280-25-053146
Chunk: 53

Company: GREIF, INC
Filing Date: 2025-11-19
Form: 10-KT
Chunk 53
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 expenses, partially offset by the same factors that impacted gross profit. Adjusted EBITDA was $165.8 million for 2024 compared with $172.0 million for 2023. The $6.2 million decrease was primarily due to the same factors that impacted operating profit.

Sustainable Fiber Solutions

Net sales were $1,242.3 million for 2024 compared with $1,307.9 million for 2023. The $65.6 million decrease was primarily due to $61.8 million attributable to lower volumes and some offsetting impacts between contributions from acquisitions and lower average selling prices as a result of lower published boxboard prices.

Gross profit was $248.0 million for 2024 compared with $319.5 million for 2023. The $71.5 million decrease was primarily due to higher raw material costs, transportation and manufacturing costs, partially offset by the same factors that impacted net sales. Gross profit margin was 20.0 percent for 2024 compared with 24.4 percent for 2023. The decrease in gross profit margin was primarily due to higher raw material input costs caused by higher published index purchase prices.

Operating profit was $87.5 million for 2024 compared with $166.1 million for 2023. The $78.6 million decrease was primarily due to the same factors that impacted gross profit and a $54.6 million gain from the divestiture of Tama Paperboard, LLC in the Sustainable Fiber Solutions segment (the “Tama Divestiture”) during the first quarter of 2023, partially offset by lower impairment, restructuring and other charges. Adjusted EBITDA was $194.0 million for 2024 compared with $262.6 million for 2023. The $68.6 million decrease was primarily due to the same factors that impacted gross profit.

Integrated Solutions

Net sales were $375.4 million for 2024 compared with $318.6 million for 2023. The $56.8 million increase was primarily due to $38.5 million attributable to higher volumes and $9.1 million from higher average selling prices.

Gross profit was $109.2 million for 2024 compared with $89.7 million for 2023. The $19.5 million increase was primarily due to the same factors that impacted net sales, partially offset by higher raw material costs. Gross profit margin was 29.1 percent for 2024 compared with 28