Company: GEF
Filing Date: 2025-11-19
Form Type: 10-KT
Source: 0001628280-25-053146
Chunk: 66

Company: GREIF, INC
Filing Date: 2025-11-19
Form: 10-KT
Chunk 66
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 these components also represent our reporting units for purposes of goodwill impairment testing.

As a result of this segment realignment, the Company allocated goodwill to the reporting units existing under the new organizational structure on a relative fair value in the first quarter of 2025. In conjunction with the goodwill allocation described above, we tested our reporting units on November 1, 2024 for potential impairment immediately before and after the segment realignment and concluded that the estimated fair value of each reporting unit exceeded its respective carrying value.

For the Customized Polymer Solutions – Small Plastics & Jerrycans reporting unit, the fair value of the reporting unit exceeded the carrying value by at least 2%, so no impairment was deemed to exist. The low headroom is due to various acquisitions related to this reporting unit in recent years. We expect the headroom of this reporting unit to grow after synergies from those acquisitions are realized and the acquired businesses are fully integrated into our network. For all other reporting units with goodwill balances, the fair value exceeded the carrying value by at least 26%, so no impairment was deemed to exist.

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Annual Goodwill Impairment Testing on August 1, 2025

We performed the annual goodwill impairment testing on August 1, 2025. The goodwill impairment test involves comparing the fair value of each of the reporting units to the carrying value of those reporting units. If the carrying value of a reporting unit exceeds the fair value of the reporting unit, an impairment loss would be recognized (not to exceed the carrying amount of goodwill).

For reporting units with goodwill balances, we proceeded directly to the quantitative impairment testing. For the Customized Polymer Solutions – Small Plastics & Jerrycans reporting unit, the fair value of the reporting unit exceeded the carrying value by at least 8%, so no impairment was deemed to exist. For the Customized Polymer Solutions – Intermediate Bulk Containers reporting unit, the fair value of the reporting unit exceeded the carrying value by at least 18%, so no impairment was deemed to exist. For all other reporting units with goodwill balances, the fair value exceeded the carrying value by at least 27%, so no impairment was deemed to exist.

Net sales, EBITDA margin and EBITDA multiples, as well as the selection of discount rates, are the assumptions that are most sensitive and susceptible to change as they require significant management judgment. In addition, certain future events and circumstances, including deterioration of market conditions, higher cost of capital,