Company: GEF
Filing Date: 2025-06-05
Form Type: 10-Q
Source: 0000043920-25-000025
Chunk: 101

Company: GREIF, INC
Filing Date: 2025-06-05
Form: 10-Q
Item: Part I, Item 8
Chunk 101
---
million attributable to lower volumes, $12.3 million from lower average selling prices and negative foreign currency translation impacts.

33

Gross profit was $82.9 million for the second quarter of 2025 compared with $89.3 million for the second quarter of 2024. The $6.4 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 21.9 percent and 21.6 percent for the second quarter of 2025 and 2024, respectively.

Operating profit was $54.1 million for the second quarter of 2025 compared with $56.5 million for the second quarter of 2024. The $2.4 million decrease was primarily due to the same factors that impacted gross profit and higher restructuring and other charges, partially offset by lower SG&A expenses related to lower incentive expenses due to performance. Adjusted EBITDA was $63.7 million for the second quarter of 2025 compared with $64.5 million for the second quarter of 2024. The $0.8 million decrease in Adjusted EBITDA was primarily due to the same factors that impacted gross profit, partially offset by lower SG&A expenses related to lower incentive expenses due to performance.

Sustainable Fiber Solutions

Our Sustainable Fiber Solutions segment produces and sells fiber-based packaging products, including fiber drums, containerboard, corrugated sheets, corrugated containers, uncoated recycled board, coated recycled board, tubes and cores and specialty partitions made from containerboard, uncoated recycled board and coated recycled board. In addition, this reportable segment is involved in the management and sale of timber, timberland and special use properties in the southeastern United States.

Net sales were $599.1 million for the second quarter of 2025 compared with $580.1 million for the second quarter of 2024. The $19.0 million increase was primarily due to $29.0 million from higher published containerboard and boxboard prices, partially offset by $9.1 million attributable to lower volumes.

Gross profit was $132.7 million for the second quarter of 2025 compared with $93.7 million for the second quarter of 2024. The $39.0 million increase in gross profit was primarily due to the same factors that impacted net sales, along with lower raw material costs and lower manufacturing costs. Gross profit margin was 22.1 percent and