Company: GEF
Filing Date: 2025-06-05
Form Type: 10-Q
Source: 0000043920-25-000025
Chunk: 134

Company: GREIF, INC
Filing Date: 2025-06-05
Form: 10-Q
Item: Part I, Item 2
Chunk 134
---
1 (0.2)(2.6)(3.0)Plus: other costs*0.1 0.1 0.3 — 0.5 Adjusted EBITDA$60.7 $109.2 $102.5 $34.3 $306.7 *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses

Net Sales

Net sales were $2,651.5 million for the first six months of 2025 compared with $2,576.8 million for the first six months of 2024. The $74.7 million increase was primarily due to $97.2 million contributions from recent acquisitions, partially offset by a $26.5 million impact from the Delta Divestiture. See the “Segment Review” below for additional information on net sales by segment.

Gross Profit

Gross profit was $565.0 million for the first six months of 2025 compared with $491.7 million for the first six months of 2024. The $73.3 million increase was primarily due to the same factors that impacted net sales and lower raw material costs, partially offset by higher manufacturing costs. See “Segment Review” below for additional information on gross profit by segment. Gross profit margin was 21.3 percent and 19.1 percent for first six months of 2025 and 2024, respectively.

Selling, General and Administrative Expenses

SG&A expenses were $340.3 million for the first six months of 2025 compared with $313.0 million for the first six months of 2024. The $27.3 million increase in SG&A expenses was primarily related to higher compensation expenses and amortization 

36

expenses due to recent acquisitions. SG&A expenses were 12.8 percent and 12.1 percent of net sales for first six months of 2025 and 2024, respectively.

Financial Measures

Operating profit was $178.5 million for the first six months of 2025 compared with $167.0 million for the first six months of 2024. Net income was $68.9 million for the first six months of 2025 compared with $126.3 million for the first six months of 2024. Adjusted EBITDA was $359.0 million for the first six months of 2025 compared with $306.7 million for the first six months of 2024