Company: GEF
Filing Date: 2025-06-05
Form Type: 10-Q
Source: 0000043920-25-000025
Chunk: 129

Company: GREIF, INC
Filing Date: 2025-06-05
Form: 10-Q
Item: Part I, Item 2
Chunk 129
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 second quarter of 2024. The $43.7 million increase was primarily due to $38.8 million of contributions from recent acquisitions.

Gross profit was $76.7 million for the second quarter of 2025 compared with $55.5 million for the second quarter of 2024. The $21.2 million increase in gross profit was primarily due to the same factors that impacted net sales, partially offset by higher raw material costs and higher manufacturing costs. Gross profit margin was 23.3 percent and 19.4 percent for the second quarter of 2025 and 2024, respectively.

Operating profit was $25.8 million for the second quarter of 2025 compared with $6.3 million for the second quarter of 2024. The $19.5 million increase was primarily due to the same factors that impacted gross profit. Adjusted EBITDA was $53.4 million for the second quarter of 2025 compared with $34.9 million for the second quarter of 2024. The $18.5 million increase in Adjusted EBITDA was primarily due to the same factors that impacted gross profit.

Durable Metal Solutions

Our Durable Metal Solutions segment produces and sells metal-based packaging products, including a wide variety of steel drums.

Net sales were $378.9 million for the second quarter of 2025 compared with $413.7 million for the second quarter of 2024. The $34.8 million decrease was primarily due to $18.6 million attributable to lower volumes, $12.3 million from lower average selling prices and negative foreign currency translation impacts.

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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 $