Company: GEF
Filing Date: 2025-06-05
Form Type: 10-Q
Source: 0000043920-25-000025
Chunk: 52

Company: GREIF, INC
Filing Date: 2025-06-05
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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estiture. Gross profit margin was 34.7 percent and 34.5 percent for the second quarter of 2025 and 2024, respectively.

Operating profit was $12.8 million for the second quarter of 2025 compared with $16.4 million for the second quarter of 2024. The $3.6 million decrease was primarily due to the same factors that impacted gross profit. Adjusted EBITDA was $17.3 million for the second quarter of 2025 compared with $20.8 million for the second quarter of 2024. The $3.5 million decrease in Adjusted EBITDA was primarily due to the same factors that impacted gross profit.

Income Tax Expense

Income tax expense for the second quarter of 2025 was $29.8 million compared with $17.0 million for the second quarter of 2024. The $12.8 million increase in income tax expense was primarily due to higher pre-tax book earnings, changes in the mix of earnings among tax jurisdictions, and other discrete tax expenses.

34

Year-to-Date Results

The following table sets forth the net sales, operating profit and Adjusted EBITDA for each of our business segments for the six months ended April 30, 2025 and 2024:

Six Months EndedApril 30,(in millions)20252024Net sales:Customized Polymer Solutions$624.4 $513.6 Durable Metal Solutions721.1 784.2 Sustainable Fiber Solutions1,160.5 1,108.9 Integrated Solutions145.5 170.1 Total net sales$2,651.5 $2,576.8 Operating profit:Customized Polymer Solutions$39.6 $18.0 Durable Metal Solutions91.7 93.4 Sustainable Fiber Solutions29.5 27.1 Integrated Solutions17.7 28.5 Total operating profit$178.5 $167.0 Adjusted EBITDA:Customized Polymer Solutions$92.9 $60.7 Durable Metal Solutions108.9 109.2 Sustainable Fiber Solutions131.0 102.5 Integrated Solutions26.2 34.3 Total Adjusted EBITDA$359.0 $306.7 

The following table sets forth Adjusted EBITDA, reconciled to net income and operating profit, for our consolidated results