Company: GEF
Filing Date: 2025-11-19
Form Type: 10-KT
Source: 0001628280-25-053146
Chunk: 54

Company: GREIF, INC
Filing Date: 2025-11-19
Form: 10-KT
Chunk 54
---
.2 percent for 2023.

Operating profit was $76.3 million for 2024 compared with $21.4 million for 2023. The $54.9 million increase was primarily due to $46.1 million gain from the Delta Divestiture during the third quarter of 2024 and the same factors that impacted gross profit, partially offset by higher SG&A expenses related to higher compensation expenses. Adjusted EBITDA was $45.0 million for 2024 compared with $38.4 million for 2023. The $6.6 million increase was primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses related to higher compensation expenses.

#### Income Tax Expense
Income tax expense for 2024 was $22.2 million on $281.7 million of pretax income and for 2023 was $98.1 million on $396.4 million of pretax income. The $75.9 million decrease in income tax expense for 2024 was primarily attributable to a decrease in pre-tax earnings in 2024 and the recognition of a deferred tax asset related to the onshoring of certain intangible property.

### LIQUIDITY AND CAPITAL RESOURCES
Our primary sources of liquidity are operating cash flows and borrowings under our senior secured credit facilities and proceeds from our trade accounts receivable credit facilities. We use these sources to fund our working capital needs, capital expenditures, cash dividends, debt repayment and acquisitions. We anticipate continuing to fund these items in a like manner. We currently expect that operating cash flows, borrowings under our senior secured credit facilities and proceeds from our trade

<div align='center'>34</div>

#### Table of Contents
accounts receivable credit facilities will be sufficient to fund our anticipated working capital, capital expenditures, cash dividends, debt repayment and other liquidity needs for at least 12 months.

The cash flows related to the Containerboard Business have not been segregated and are included in our consolidated statements of cash flows. The absence of the cash flows from the Containerboard Business in future periods is not expected to materially impact our liquidity or capital resources.

As disclosed above, we completed the sales of our Containerboard Business effective as of August 31, 2025 for $1,804.7 million and our Soterra Business effective as of October 1, 2025 fo r approximately $462.0 million , subject to certain adjustments. The net cash proceeds from these sale transactions were used for debt repayment.

####