Company: GEF
Filing Date: 2025-11-19
Form Type: 10-KT
Source: 0001628280-25-053146
Chunk: 132

Company: GREIF, INC
Filing Date: 2025-11-19
Form: 10-KT
Chunk 132
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 which resulted in a segment realignment. As a result of the segment realignment, the Company allocated goodwill to the reporting units. In conjunction with the goodwill allocation, the Company tested its 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.

The Company’s evaluation of goodwill for impairment involves comparing the carrying value of the reporting unit to the estimated fair value of the reporting unit. The Company’s determination of the estimated fair value of the reporting units is based on a discounted cash flow analysis utilizing the income approach and market multiple approach. The determination of the estimated fair value of the reporting units using the market approach and the income approach requires management to make

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significant estimates and assumptions related to the valuation of the reporting units. Changes in these assumptions could have a significant impact on either the fair value of the reporting unit, the amount of any goodwill impairment charge, or both. The Company’s consolidated goodwill balance was $1,697 billion as of September 30, 2025, of which $365 million and $127 million was allocated to the Customized Polymer Solutions – Small Plastics & Jerrycans reporting unit and Customized Polymer Solutions – Intermediate Bulk Containers reporting unit, respectively. The estimated fair value of the Customized Polymer Solutions – Small Plastics & Jerrycans and Customized Polymer Solutions – Intermediate Bulk Containers reporting units exceeded their carrying value, therefore no impairment was recognized.

We identified the valuations of the Customized Polymer Solutions – Small Plastics & Jerrycans and Customized Polymer Solutions – Intermediate Bulk Containers reporting units as a critical audit matter because of the significant judgments made by management to estimate the fair values. This required a high degree of auditor judgment and an increased extent of effort to evaluate the reasonableness of management’s estimates and assumptions related to the forecasts of future net sales, EBITDA margin and discount rate, as well as the selection of EBITDA multiples used in the market approach, including the need to involve our internal fair value specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the forecasts of future net sales, EBITDA margins, and discount rates, as well as the selection of EBITDA multiples for the Customized Polymer Solutions – Small Plastics & Jerrycans and Customized Polymer Solutions – Intermediate Bulk Containers reporting units included the following, among