# EDGAR Filing Document

**Accession Number:** 0000043920
**File Stem:** 0000043920-25-000031
**Filing Date:** 2025-6
**Character Count:** 98341
**Document Hash:** be3a6a325db67455b82501feaaa8d8eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000043920-25-000031.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0000043920-25-000031

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250609

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GREIF, INC
- **CENTRAL INDEX KEY:** 0000043920
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL SHIPPING BARRELS, DRUMS, KEGS & PAILS [3412]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 314388903
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-00566
- **FILM NUMBER:** 251033441

**BUSINESS ADDRESS:**
- **STREET 1:** 425 WINTER ROAD
- **CITY:** DELAWARE
- **STATE:** OH
- **ZIP:** 43015
- **BUSINESS PHONE:** 7405496000

**MAIL ADDRESS:**
- **STREET 1:** 425 WINTER ROAD
- **CITY:** DELAWARE
- **STATE:** OH
- **ZIP:** 43015

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GREIF INC
- **DATE OF NAME CHANGE:** 20030610

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GREIF BROTHERS CORP
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GREIF BROTHERS COOPERAGE CORP
- **DATE OF NAME CHANGE:** 19690820

?xml version='1.0' encoding='ASCII'? gef-20250609

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

---

| | |
|:---|:---|
| **June 9, 2025** | **(June 4, 2025)** |

---

**Date of Report (Date of earliest event reported)**

![logotagline10qp1a42.jpg](gef-20250609_g1.jpg)

**GREIF, INC.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-00566** | **31-4388903** |
| **(State or other jurisdiction of incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

---

---

| | |
|:---|:---|
| **425 Winter Road, Delaware Ohio** | **43015** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (740) 549-6000** 

**Former name, former address and former fiscal year, if changed since last report: Not Applicable**

&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

&nbsp;&nbsp;&nbsp;&nbsp;If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <u>Title of Each Class</u> | <u>Trading Symbol(s)</u> | <u>Name of Each Exchange on Which Registered</u> |
| Class A Common Stock | GEF | New York Stock Exchange |
| Class B Common Stock | GEF-B | New York Stock Exchange |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ &nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ &nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ &nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

------

**Section 2 – Financial Information**

**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On June 4, 2025, Greif, Inc. (the "Company") issued a press release (the "Earnings Release") announcing the financial results for its second quarter ended April 30, 2025. The full text of the Earnings Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The Earnings Release includes various non-GAAP financial measures, including measures such as net income excluding the impact of certain adjustments, earnings per diluted Class A share excluding the impact of certain adjustments, consolidated adjusted EBITDA, adjusted free cash flow and net debt. Management of the Company uses these non-GAAP financial measures to evaluate ongoing operations and believes that these non-GAAP financial measures are useful to investors. The exclusion of the impact of the identified adjustments enable management and investors to perform meaningful comparisons of current and historical performance of the Company. Management of the Company also believes that the exclusion of the impact of the identified adjustments provides a stable platform on which to compare the historical performance of the Company and that investors desire this information.

The non-GAAP financial measures included in the Earnings Release should be read together with our financial results. These non-GAAP financial measures should not be considered an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measures included in the Earnings Release.

**Section 7 – Regulation FD**

**Item 7.01.&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

On June 5, 2025, management of the Company held a conference call with interested investors and financial analysts (the "Conference Call") to discuss the Company's financial results for its second quarter ended April 30, 2025. The file transcript of the Conference Call is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

**Section 9 – Financial Statements and Exhibits**

**Item 9.01. Financial Statements and Exhibits.**

(d)Exhibits.

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[99.1](gef2025q28-kerex991.htm)</u> | Press release issued by Greif Inc. on June 4, 2025 announcing the financial results for its second quarter ended April 30, 2025. |
| <u>[99.2](gef2025q28-kerex992.htm)</u> | File transcript of conference call with interested investors and financial analysts held by management of Greif Inc. on June 5, 2025. |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | GREIF, INC. | GREIF, INC. |
| Date: June 9, 2025 | By | /s/ Lawrence A. Hilsheimer |
| | | Lawrence A. Hilsheimer,<br>Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![logotagline10qp1a44.jpg](logotagline10qp1a44.jpg)

**Greif Reports Fiscal Second Quarter 2025 Results** 

DELAWARE, Ohio (June 4, 2025) – Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, today announced fiscal second quarter 2025 results.

**Fiscal Second Quarter 2025 Financial Highlights:** 

**(all results compared to the second quarter of 2024 unless otherwise noted)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Net income increased 6.5% to $47.3 million or $0.82 per diluted Class A share compared to net income of $44.4 million or $0.77 per diluted Class A share. Net income, excluding the impact of adjustments<sup>(1)</sup>, increased 42.8% to $68.7 million or $1.19 per diluted Class A share compared to net income, excluding the impact of adjustments, of $48.1 million or $0.83 per diluted Class A share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA<sup>(2)</sup> increased 26.0% to $213.9 million compared to Adjusted EBITDA of $169.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net cash provided by operating activities increased by $48.9 million to a source of $136.4 million. Adjusted free cash flow<sup>(3)</sup> increased by $50.6 million to a source of $109.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total debt of $2,775.2 million decreased by $140.9 million. Net debt<sup>(4)</sup> decreased by $197.6 million to $2,522.5 million. Our leverage ratio<sup>(5)</sup> decreased to 3.3x from 3.4x in the prior year quarter.

**Strategic Actions and Announcements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuing to progress on sale of our timberland business with robust, quality interest. We anticipate using proceeds of the sale to fund further debt reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accelerated progress on cost optimization program, ending the quarter with $10.0 million run-rate savings achieved and confirming expectation to achieve $15.0 million to $25.0 million on a run-rate basis exiting fiscal year 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed annual Gallup survey, achieving an engagement score of 86, which is again within the top quartile of all manufacturing organizations. Additionally, for the second year in a row due to our exemplary workplace culture we were honored to receive the Gallup Exceptional Workplace Award.

**Commentary from CEO Ole Rosgaard**

"Greif delivered another strong quarter, balancing near-term financial execution with long-term strategic progress under our Build to Last strategy. We accelerated structural cost reductions and are on track to meet our 2025 targets. The resilience of our results, supported by deliberate portfolio moves and operational discipline, demonstrates that Greif is well-positioned for success and value creation now and in the future."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

(1)&nbsp;&nbsp;&nbsp;&nbsp;Adjustments that are excluded from net income before adjustments and from earnings per diluted Class A share before adjustments are acquisition and integration related costs, restructuring and other charges, non-cash asset impairment charges, (gain) loss on disposal of properties, plants and equipment, net, (gain) loss on disposal of businesses, net, and other costs.

(2) <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Adjusted EBITDA is defined as net income, plus interest expense, net, plus other (income) expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring and other charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus other costs.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Adjusted free cash flow is defined as net cash provided by operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, plus cash paid for integration related Enterprise Resource Planning (ERP) systems and equipment, plus cash paid for fiscal year-end change costs.

(4)&nbsp;&nbsp;&nbsp;&nbsp;Net debt is defined as total debt less cash and cash equivalents.

------

(5)&nbsp;&nbsp;&nbsp;&nbsp;Leverage ratio for the periods indicated is defined as adjusted net debt divided by trailing twelve month Adjusted EBITDA, each as calculated under the terms of the Company's Second Amended and Restated Credit Agreement dated as of March 1, 2022, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2022 (the "2022 Credit Agreement"). As calculated under the 2022 Credit Agreement, adjusted net debt was $2,472.4 million and $2,623.1 million as of April 30, 2025 and April 30, 2024, respectively, and trailing twelve month Credit Agreement Adjusted EBITDA was $750.2 million and $777.7 million as of April 30, 2025 and April 30, 2024, respectively.

Note: A reconciliation of the differences between all non-GAAP financial measures used in this release with the most directly comparable GAAP financial measures is included in the financial schedules that are a part of this release. These non-GAAP financial measures are intended to supplement, and should be read together with, our financial results. They should not be considered an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of this financial information should not place undue reliance on these non-GAAP financial measures.

------

**Fiscal Second Quarter 2025 Segment Results:** 

**(all results compared to the second quarter of 2024 unless otherwise noted)**

Net sales are impacted mainly by the volume of products sold, selling prices and product mix, and the impact of changes in foreign currencies against the U.S. Dollar. The table below shows the percentage impact of each of these items on net sales for our primary products for the fiscal second quarter of 2025 as compared to the prior year quarter for the business segments indicated. Net sales of products from the completed acquisition of Ipackchem Group SAS ("Ipackchem") will be included in Customized Polymer Solutions segment starting in the fiscal third quarter 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Net Sales Impact</u>** | **Customized Polymer Solutions** | **Durable Metal Solutions** | **Sustainable Fiber Solutions** | **Integrated Solutions** |
| **Currency Translation** | (0.2)% | (1.0)% | (0.1)% | (0.8)% |
| **Volume** | 1.5% | (4.5)% | (1.6)% | 7.3% |
| **Selling Prices and Product Mix** | 0.6% | (3.0)% | 5.0% | (4.1)% |
| **Total Impact** | 1.9% | (8.5)% | 3.3% | 2.4% |

---

**Customized Polymer Solutions**

Net sales increased by $43.7 million to $329.3 million primarily due to $38.8 million of contributions from recent acquisitions.

Gross profit increased by $21.2 million to $76.7 million. The increase in gross profit was primarily due to the same factors that impacted net sales, partially offset by higher raw material costs and higher manufacturing costs.

Operating profit increased by $19.5 million to $25.8 million primarily due to the same factors that impacted gross profit.

Adjusted EBITDA increased by $18.5 million to $53.4 million primarily due to the same factors that impacted gross profit.

**Durable Metal Solutions**

Net sales decreased by $34.8 million to $378.9 million primarily due to $18.6 million attributable to lower volumes and $12.3 million attributable to lower average selling prices.

Gross profit decreased by $6.4 million to $82.9 million. The decrease in gross profit was primarily due to the same factors that impacted net sales, partially offset by lower raw material costs.

Operating profit decreased by $2.4 million to $54.1 million primarily due to the same factors that impacted gross profit and higher restructuring and other charges, partially offset by lower SG&A expenses related to lower incentive expenses due to performance.

Adjusted EBITDA decreased by $0.8 million to $63.7 million primarily due to the same factors that impacted gross profit, partially offset by lower SG&A expenses related to lower incentive expenses due to performance.

**Sustainable Fiber Solutions**

Net sales increased by $19.0 million to $599.1 million primarily due to $29.0 million from higher published containerboard and boxboard prices, partially offset by $9.1 million attributable to lower volumes.

Gross profit increased by $39.0 million to $132.7 million. The increase in gross profit was primarily due to the same factors that impacted net sales, along with lower raw material costs and lower manufacturing costs.

Operating profit increased by $7.0 million to $25.9 million primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses related to higher compensation expenses and costs incurred for strategic investments, higher restructuring and other charges, and higher impairment charges related to plant closures.

Adjusted EBITDA increased by $30.0 million to $79.5 million primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses related to higher compensation expenses and costs incurred for strategic investments.

**Integrated Solutions**

Net sales decreased by $13.2 million to $78.4 million primarily due to a $15.2 million impact from the divestiture of Delta Petroleum Company, Inc. (the "Delta Divestiture") during the third quarter of 2024.

------

Gross profit decreased by $4.4 million to $27.2 million. The decrease in gross profit was primarily due to the Delta Divestiture.

Operating profit decreased by $3.6 million to $12.8 million primarily due to the same factors that impacted gross profit.

Adjusted EBITDA decreased by $3.5 million to $17.3 million primarily due to the same factors that impacted gross profit.

**Tax Summary**

During the second quarter, we recorded an income tax rate of 35.5 percent and a tax rate excluding the impact of adjustments of 32.8 percent. Note that the application of FIN 18 frequently causes fluctuations in our quarterly effective tax rates. For fiscal 2025, we expect our tax rate and our tax rate excluding adjustments to range between 27.0 to 32.0 percent.

**Dividend Summary**

On June 2, 2025, the Board of Directors declared quarterly cash dividends of $0.54 per share of Class A Common Stock and $0.81 per share of Class B Common Stock. Dividends are payable on July 1, 2025, to stockholders of record at the close of business on June 17, 2025.

**<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

------

**Company Outlook**

Our markets have now experienced a multi-year period of industrial contraction, and we have not identified any compelling demand inflection on the horizon, despite slightly improved year-over-year volumes. While we believe we are well positioned for an eventual recovery of the industrial economy, at this time we believe it is appropriate to provide only low-end guidance based on the continuation of demand trends reflected in the past year, current price/cost factors in Sustainable Fiber Solutions, and other identifiable discrete items. We are raising our fiscal year low-end guidance based upon our second quarter performance and improved price/cost outlook relative to our previous guidance.

---

| | |
|:---|:---|
| *(in millions)* | **Fiscal 2025 Low-End Guidance Estimate Reported at Q2** |
| Adjusted EBITDA | $725 |
| Adjusted free cash flow | $280 |

---

Note: Fiscal 2025 net income guidance, the most directly comparable GAAP financial measure to Adjusted EBITDA, is not provided in this release due to the potential for one or more of the following, the timing and magnitude of which we are unable to reliably forecast: gains or losses on the disposal of businesses or properties, plants and equipment, net; non-cash asset impairment charges due to unanticipated changes in the business; business transformation and restructuring related activities; acquisition and integration related costs; and ongoing initiatives under our Build to Last strategy. No reconciliation of the 2025 low-end guidance estimate of Adjusted EBITDA, a non-GAAP financial measure which excludes restructuring and other charges, acquisition and integration related costs, non-cash asset impairment charges, (gain) loss on the disposal of properties, plants, equipment and businesses, net, and other costs, is included in this release because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required to be included in net income, the most directly comparable GAAP financial measure, without unreasonable efforts. A reconciliation of the 2025 low-end guidance estimate of Adjusted free cash flow to fiscal 2025 forecasted net cash provided by operating activities, the most directly comparable GAAP financial measure, is included in this release.

**Conference Call**

The Company will host a conference call to discuss second quarter 2025 results on June 5, 2025, at 8:30 a.m. Eastern Time (ET). Participants may access the call using the following online registration link: https://register-conf.media-server.com/register/BIa5ca8b8b4cc0402891830955f0a6c51e. Registrants will receive a confirmation email containing dial in details and a unique conference call code for entry. Phone lines will open at 8:00 a.m. ET on June 5, 2025. A digital replay of the conference call will be available two hours following the call on the Company's web site at <u>http://investor.greif.com</u>.

**Investor Relations contact information**

Bill D'Onofrio, Vice President, Corporate Development & Investor Relations, 614-499-7233. <u>Bill.Donofrio@greif.com</u>

**About Greif**

Greif is a global leader in industrial packaging products and services and is pursuing its vision: to be the best customer service company in the world. The Company produces steel, plastic and fibre drums, intermediate bulk containers, reconditioned containers, jerrycans and other small plastics, containerboard, uncoated recycled paperboard, coated recycled paperboard, tubes and cores and a diverse mix of specialty products. The Company also manufactures packaging accessories and provides other services for a wide range of industries. In addition, Greif manages timber properties in the southeastern United States. The Company is strategically positioned in over 35 countries to serve global as well as regional customers. Additional information is on the Company's website at <u>www.greif.com</u>.

------

**Forward-Looking Statements**

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "may," "will," "expect," "intend," "estimate," "anticipate," "aspiration," "objective," "project," "believe," "continue," "on track" or "target" or the negative thereof and similar expressions, among others, identify forward-looking statements. All forward-looking statements are based on assumptions, expectations and other information currently available to management. Although the Company believes that the expectations reflected in forward-looking statements have a reasonable basis, the Company can give no assurance that these expectations will prove to be correct. Such forward-looking statements are subject to certain risks and uncertainties that could cause the Company's actual results to differ materially from those forecasted, projected or anticipated, whether expressed or implied.

Such risks and uncertainties that might cause a difference include, but are not limited to, the following: (i) historically, our business has been sensitive to changes in general economic or business conditions, (ii) our global operations subject us to political risks, instability and currency exchange that could adversely affect our results of operations, (iii) the current and future challenging global economy and disruption and volatility of the financial and credit markets may adversely affect our business, (iv) the continuing consolidation of our customer base and suppliers may intensify pricing pressure, (v) we operate in highly competitive industries, (vi) our business is sensitive to changes in industry demands and customer preferences, (vii) raw material shortages, price fluctuations, global supply chain disruptions and increased inflation may adversely impact our results of operations, (viii) energy and transportation price fluctuations and shortages may adversely impact our manufacturing operations and costs, (ix) we may encounter difficulties or liabilities arising from acquisitions or divestitures, (x) we may incur additional rationalization costs and there is no guarantee that our efforts to reduce costs will be successful, (xi) several operations are conducted by joint ventures that we cannot operate solely for our benefit, (xii) certain of the agreements that govern our joint ventures provide our partners with put or call options, (xiii) our ability to attract, develop and retain talented and qualified employees, managers and executives is critical to our success, (xiv) our business may be adversely impacted by work stoppages and other labor relations matters, (xv) we may be subject to losses that might not be covered in whole or in part by existing insurance reserves or insurance coverage and general insurance premium and deductible increases, (xvi) our business depends on the uninterrupted operations of our facilities, systems and business functions, including our information technology and other business systems, (xvii) a cyber-attack, security breach of customer, employee, supplier or Company information and data privacy risks and costs of compliance with new regulations may have a material adverse effect on our business, financial condition, results of operations and cash flows, (xviii) we could be subject to changes in our tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, (xix) we have a significant amount of goodwill and long-lived assets which, if impaired in the future, would adversely impact our results of operations, (xx) changing climate, global climate change regulations and greenhouse gas effects may adversely affect our operations and financial performance, (xxi) we may be unable to achieve our greenhouse gas emission reduction target by 2030, (xxii) legislation/regulation related to environmental and health and safety matters could negatively impact our operations and financial performance, (xxiii) product liability claims and other legal proceedings could adversely affect our operations and financial performance, and (xxiv) we may incur fines or penalties, damage to our reputation or other adverse consequences if our employees, agents or business partners violate, or are alleged to have violated, anti-bribery, competition or other laws.

The risks described above are not all-inclusive, and given these and other possible risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. For a detailed discussion of the most significant risks and uncertainties that could cause our actual results to differ materially from those forecasted, projected or anticipated, see "Risk Factors" in Part I, Item 1A of our most recently filed Form 10-K and our other filings with the Securities and Exchange Commission.

All forward-looking statements made in this news release are expressly qualified in their entirety by reference to such risk factors. Except to the limited extent required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

------

**GREIF, INC. AND SUBSIDIARY COMPANIES**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

UNAUDITED

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended April 30,** | **Three months ended April 30,** | **Six months ended April 30,** | **Six months ended April 30,** |
|<br>*(in millions, except per share amounts)* | **2025** | **2024** | **2025** | **2024** |
| Net sales | $1385.7 | $1371.0 | $2651.5 | $2576.8 |
| Cost of products sold | 1066.2 | 1100.9 | 2086.5 | 2085.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 319.5 | 270.1 | 565.0 | 491.7 |
| Selling, general and administrative expenses | 172.6 | 167.2 | 340.3 | 313.0 |
| Acquisition and integration related costs | 2.0 | 11.5 | 4.2 | 14.1 |
| Restructuring and other charges | 14.6 | (6.8) | 17.3 | (1.1) |
| Non-cash asset impairment charges | 10.7 | 0.4 | 24.4 | 1.7 |
| (Gain) loss on disposal of properties, plants and equipment, net | 0.5 | (0.3) | (1.1) | (3.0) |
| (Gain) loss on disposal of businesses, net | 0.5 |  | 1.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating profit | 118.6 | 98.1 | 178.5 | 167.0 |
| Interest expense, net | 34.9 | 30.2 | 72.6 | 54.4 |
| Other (income) expense, net | (0.2) | (0.4) | 0.2 | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income tax (benefit) expense and equity earnings of unconsolidated affiliates, net | 83.9 | 68.3 | 105.7 | 103.9 |
| Income tax (benefit) expense | 29.8 | 17.0 | 37.6 | (21.2) |
| Equity earnings of unconsolidated affiliates, net of tax | (0.4) | (0.7) | (0.8) | (1.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 54.5 | 52.0 | 68.9 | 126.3 |
| Net income attributable to noncontrolling interests | (7.2) | (7.6) | (13.0) | (14.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Greif, Inc. | $47.3 | $44.4 | $55.9 | $111.6 |
| **Basic earnings per share attributable to Greif, Inc. common shareholders:** |  |  |  |  |
| Class A common stock | $0.82 | $0.77 | $0.97 | $1.94 |
| Class B common stock | $1.22 | $1.15 | $1.44 | $2.90 |
| **Diluted earnings per share attributable to Greif, Inc. common shareholders:** |  |  |  |  |
| Class A common stock | $0.82 | $0.77 | $0.97 | $1.94 |
| Class B common stock | $1.22 | $1.15 | $1.44 | $2.90 |
| **Shares used to calculate basic earnings per share attributable to Greif, Inc. common shareholders:** |  |  |  |  |
| Class A common stock | 26.1 | 25.8 | 26.0 | 25.7 |
| Class B common stock | 21.3 | 21.3 | 21.3 | 21.3 |
| **Shares used to calculate diluted earnings per share attributable to Greif, Inc. common shareholders:** |  |  |  |  |
| Class A common stock | 26.2 | 25.9 | 26.1 | 25.8 |
| Class B common stock | 21.3 | 21.3 | 21.3 | 21.3 |

---

------

**GREIF, INC. AND SUBSIDIARY COMPANIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

UNAUDITED

---

| | | |
|:---|:---|:---|
| *(in millions)* | **April 30, 2025** | **October 31, 2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $252.7 | $197.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable | 803.7 | 746.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 430.7 | 399.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 267.3 | 205.3 |
|  | 1754.4 | 1549.4 |
| **Long-term assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 1987.4 | 1953.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 881.7 | 937.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 260.0 | 284.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | 241.4 | 270.8 |
|  | 3370.5 | 3446.1 |
| **Properties, plants and equipment** | 1629.5 | 1652.1 |
|  | $6754.4 | $6647.6 |
| **LIABILITIES AND EQUITY** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $531.6 | $521.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | 388.5 | 18.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 95.8 | 95.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 54.2 | 56.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 315.7 | 321.6 |
|  | 1385.8 | 1014.4 |
| **Long-term liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 2290.9 | 2626.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 207.5 | 230.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 564.0 | 529.4 |
|  | 3062.4 | 3385.8 |
| **Redeemable noncontrolling interests** | 131.2 | 129.9 |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Greif, Inc. equity | 2134.1 | 2082.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 40.9 | 35.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 2175.0 | 2117.5 |
|  | $6754.4 | $6647.6 |

---

------

**GREIF, INC. AND SUBSIDIARY COMPANIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

UNAUDITED

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended April 30,** | **Three months ended April 30,** | **Six months ended April 30,** | **Six months ended April 30,** |
|<br>*(in millions)* | **2025** | **2024** | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |  |  |
| Net income | $54.5 | $52.0 | $68.9 | $126.3 |
| Depreciation, depletion and amortization | 66.4 | 65.9 | 133.0 | 126.3 |
| Asset impairments | 10.7 | 0.4 | 24.4 | 1.7 |
| Deferred income tax expense (benefit) | (2.6) | (4.2) | (3.2) | (53.4) |
| Other non-cash adjustments to net income | 36.0 | 23.1 | 38.0 | 40.7 |
| Operating working capital changes | (39.9) | (26.7) | (63.0) | (54.3) |
| Increase (decrease) in cash from changes in other assets and liabilities | 11.3 | (23.0) | (92.5) | (95.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 136.4 | 87.5 | 105.6 | 92.0 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |  |  |
| Acquisitions of companies, net of cash acquired |  | (567.6) | (4.6) | (567.6) |
| Purchases of properties, plants and equipment | (30.0) | (41.0) | (65.7) | (96.6) |
| Proceeds from the sale of properties, plant and equipment and businesses, net of impacts from the purchase of acquisitions | 18.0 | 0.9 | 19.6 | 5.9 |
| Payments for deferred purchase price of acquisitions |  |  | (1.2) | (1.2) |
| Proceeds from hedging derivatives |  |  | 22.5 |  |
| Other | (0.7) | (1.3) | (2.3) | (3.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (12.7) | (609.0) | (31.7) | (662.6) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |  |  |
| Proceeds (payments) on long-term debt, net | (78.4) | 596.2 | 25.4 | 670.3 |
| Dividends paid to Greif, Inc. shareholders | (31.4) | (30.0) | (62.4) | (59.7) |
| Tax withholding payments for stock-based awards | (1.0) | (3.8) | (7.4) | (10.6) |
| Other | (5.4) | (13.6) | (9.3) | (15.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (116.2) | 548.8 | (53.7) | 584.9 |
| Effects of exchange rates on cash | 44.1 | (10.6) | 34.8 | 0.8 |
| Net increase (decrease) in cash and cash equivalents | 51.6 | 16.7 | 55.0 | 15.1 |
| Cash and cash equivalents, beginning of period | 201.1 | 179.3 | 197.7 | 180.9 |
| Cash and cash equivalents, end of period | $252.7 | $196.0 | $252.7 | $196.0 |

---

------

**GREIF, INC. AND SUBSIDIARY COMPANIES**

**FINANCIAL HIGHLIGHTS BY SEGMENT**

UNAUDITED

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended April 30,** | **Three months ended April 30,** | **Six months ended April 30,** | **Six months ended April 30,** |
|<br>*(in millions)* | **2025** | **2024** | **2025** | **2024** |
| **Net sales:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customized Polymer Solutions | $329.3 | $285.6 | $624.4 | $513.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Durable Metal Solutions | 378.9 | 413.7 | 721.1 | 784.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustainable Fiber Solutions | 599.1 | 580.1 | 1160.5 | 1108.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Solutions | 78.4 | 91.6 | 145.5 | 170.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net sales | $1385.7 | $1371.0 | $2651.5 | $2576.8 |
| **Gross profit:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customized Polymer Solutions | $76.7 | $55.5 | $137.3 | $99.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Durable Metal Solutions | 82.9 | 89.3 | 146.0 | 155.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustainable Fiber Solutions | 132.7 | 93.7 | 236.1 | 182.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Solutions | 27.2 | 31.6 | 45.6 | 54.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross profit | $319.5 | $270.1 | $565.0 | $491.7 |
| **Operating profit:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customized Polymer Solutions | $25.8 | $6.3 | $39.6 | $18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Durable Metal Solutions | 54.1 | 56.5 | 91.7 | 93.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustainable Fiber Solutions | 25.9 | 18.9 | 29.5 | 27.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Solutions | 12.8 | 16.4 | 17.7 | 28.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating profit | $118.6 | $98.1 | $178.5 | $167.0 |
| **Adjusted EBITDA**<sup>(6)</sup>**:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customized Polymer Solutions | $53.4 | $34.9 | $92.9 | $60.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Durable Metal Solutions | 63.7 | 64.5 | 108.9 | 109.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustainable Fiber Solutions | 79.5 | 49.5 | 131.0 | 102.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Solutions | 17.3 | 20.8 | 26.2 | 34.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Adjusted EBITDA | $213.9 | $169.7 | $359.0 | $306.7 |

---

<sup>(6)</sup> Adjusted EBITDA is defined as net income, plus interest expense, net, plus other (income) expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring and other charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus other costs.

------

**GREIF, INC. AND SUBSIDIARY COMPANIES**

**GAAP TO NON-GAAP RECONCILIATION**

**CONSOLIDATED ADJUSTED EBITDA**

UNAUDITED

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended April 30,** | **Three months ended April 30,** | **Six months ended April 30,** | **Six months ended April 30,** |
|<br>*(in millions)* | **2025** | **2024** | **2025** | **2024** |
| Net income | $54.5 | $52.0 | $68.9 | $126.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Interest expense, net | 34.9 | 30.2 | 72.6 | 54.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Other (income) expense, net | (0.2) | (0.4) | 0.2 | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Income tax (benefit) expense | 29.8 | 17.0 | 37.6 | (21.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Equity earnings of unconsolidated affiliates, net of tax | (0.4) | (0.7) | (0.8) | (1.2) |
| Operating profit | $118.6 | $98.1 | $178.5 | $167.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Equity earnings of unconsolidated affiliates, net of tax | (0.4) | (0.7) | (0.8) | (1.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Depreciation, depletion and amortization expense | 66.4 | 65.9 | 133.0 | 126.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Acquisition and integration related costs | 2.0 | 11.5 | 4.2 | 14.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Restructuring and other charges | 14.6 | (6.8) | 17.3 | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Non-cash asset impairment charges | 10.7 | 0.4 | 24.4 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: (Gain) loss on disposal of properties, plants and equipment, net | 0.5 | (0.3) | (1.1) | (3.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: (Gain) loss on disposal of businesses, net | 0.5 |  | 1.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Other costs\* | 0.2 | 0.2 | 0.5 | 0.5 |
| Adjusted EBITDA | $213.9 | $169.7 | $359.0 | $306.7 |
| \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses |

---

------

**GREIF, INC. AND SUBSIDIARY COMPANIES**

**GAAP TO NON-GAAP RECONCILIATION**

**SEGMENT ADJUSTED EBITDA**<sup>(7)</sup>

UNAUDITED

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended April 30, 2025** | **Three months ended April 30, 2025** | **Three months ended April 30, 2025** | **Three months ended April 30, 2025** | **Three months ended April 30, 2025** |
|<br>*(in millions)* | **Customized Polymer Solutions** | **Durable Metal Solutions** | **Sustainable Fiber Solutions** | **Integrated Solutions** | **Consolidated** |
| Operating profit | 25.8 | 54.1 | 25.9 | 12.8 | 118.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Equity earnings of unconsolidated affiliates, net of tax |  |  |  | (0.4) | (0.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Depreciation and amortization expense | 23.1 | 7.1 | 33.7 | 2.5 | 66.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Acquisition and integration related costs | 2.0 |  |  |  | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Restructuring and other charges | 1.7 | 1.7 | 10.5 | 0.7 | 14.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Non-cash asset impairment charges | 0.7 | 0.7 | 8.9 | 0.4 | 10.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: (Gain) loss on disposal of properties, plants and equipment, net |  |  | 0.5 |  | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: (Gain) loss on disposal of businesses, net |  |  |  | 0.5 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Other costs\* | 0.1 | 0.1 |  |  | 0.2 |
| Adjusted EBITDA | $53.4 | $63.7 | $79.5 | $17.3 | 213.9 |
|  | **Three months ended April 30, 2024** | **Three months ended April 30, 2024** | **Three months ended April 30, 2024** | **Three months ended April 30, 2024** | **Three months ended April 30, 2024** |
| *(in millions)* | **Customized Polymer Solutions** | **Durable Metal Solutions** | **Sustainable Fiber Solutions** | **Integrated Solutions** | **Consolidated** |
| Operating profit | 6.3 | 56.5 | 18.9 | 16.4 | 98.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Equity earnings of unconsolidated affiliates, net of tax |  |  |  | (0.7) | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Depreciation and amortization expense | 17.5 | 7.2 | 37.9 | 3.3 | 65.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Acquisition and integration related costs | 11.2 |  | 0.3 |  | 11.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Restructuring and other charges | 0.2 | 0.3 | (7.6) | 0.3 | (6.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Non-cash asset impairment charges |  | 0.4 |  |  | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: (Gain) loss on disposal of properties, plants and equipment, net | (0.3) | 0.1 | (0.2) | 0.1 | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Other costs\* |  |  | 0.2 |  | 0.2 |
| Adjusted EBITDA | $34.9 | $64.5 | $49.5 | $20.8 | 169.7 |
| \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** | **Six months ended April 30, 2025** |
|<br>*(in millions)* | **Customized Polymer Solutions** | **Durable Metal Solutions** | **Sustainable Fiber Solutions** | **Integrated Solutions** | **Consolidated** |
| Operating profit | 39.6 | 91.7 | 29.5 | 17.7 | 178.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Equity earnings of unconsolidated affiliates, net of tax |  |  |  | (0.8) | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Depreciation and amortization expense | 46.0 | 13.9 | 68.0 | 5.1 | 133.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Acquisition and integration related costs | 4.2 |  |  |  | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Restructuring and other charges | 2.2 | 2.2 | 12.1 | 0.8 | 17.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Non-cash asset impairment charges | 0.7 | 2.2 | 21.1 | 0.4 | 24.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: (Gain) loss on disposal of properties, plants and equipment, net |  | (1.2) | 0.1 |  | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: (Gain) loss on disposal of businesses, net |  |  |  | 1.4 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Other costs\* | 0.2 | 0.1 | 0.2 |  | 0.5 |
| Adjusted EBITDA | $92.9 | $108.9 | $131.0 | $26.2 | 359.0 |
|  | **Six months ended April 30, 2024** | **Six months ended April 30, 2024** | **Six months ended April 30, 2024** | **Six months ended April 30, 2024** | **Six months ended April 30, 2024** |
| *(in millions)* | **Customized Polymer Solutions** | **Durable Metal Solutions** | **Sustainable Fiber Solutions** | **Integrated Solutions** | **Consolidated** |
| Operating profit | 18.0 | 93.4 | 27.1 | 28.5 | 167.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Equity earnings of unconsolidated affiliates, net of tax |  |  |  | (1.2) | (1.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Depreciation and amortization expense | 29.5 | 14.5 | 75.9 | 6.4 | 126.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Acquisition and integration related costs | 13.0 |  | 1.1 |  | 14.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Restructuring and other charges | 0.4 | 0.7 | (3.0) | 0.8 | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Non-cash asset impairment charges |  | 0.4 | 1.3 |  | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: (Gain) loss on disposal of properties, plants and equipment, net | (0.3) | 0.1 | (0.2) | (2.6) | (3.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses |

---

<sup>(7)</sup> Adjusted EBITDA is defined as net income, plus interest expense, net, plus other (income) expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring and other charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus other costs. However, because the Company does not calculate net income by segment, this table calculates Adjusted EBITDA by segment with reference to operating profit by segment, which, as demonstrated in the table of consolidated Adjusted EBITDA, is another method to achieve the same result.

------

**GREIF, INC. AND SUBSIDIARY COMPANIES**

**GAAP TO NON-GAAP RECONCILIATION**

**ADJUSTED FREE CASH FLOW**<sup>(8)</sup>

UNAUDITED

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended April 30,** | **Three months ended April 30,** | **Six months ended April 30,** | **Six months ended April 30,** |
|<br>*(in millions)* | **2025** | **2024** | **2025** | **2024** |
| **Net cash provided by (used in) operating activities** | $136.4 | $87.5 | $105.6 | $92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for purchases of properties, plants and equipment | (30.0) | (41.0) | (65.7) | (96.6) |
| **Free cash flow** | $106.4 | $46.5 | $39.9 | $(4.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for acquisition and integration related costs | 2.0 | 11.5 | 4.2 | 14.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for integration related ERP systems and equipment<sup>(9)</sup> | 1.0 | 0.6 | 3.3 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for fiscal year-end change costs | 0.2 | 0.4 | 0.3 | 0.4 |
| **Adjusted free cash flow** | $109.6 | $59.0 | $47.7 | $10.8 |

---

<sup>(8)</sup> Adjusted free cash flow is defined as net cash provided by operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, plus cash paid for integration related ERP systems and equipment, plus cash paid for fiscal year-end change costs.

<sup>(9)</sup> Cash paid for integration related ERP systems and equipment is defined as cash paid for ERP systems and equipment required to bring the acquired facilities to Greif's standards.

------

**GREIF, INC. AND SUBSIDIARY COMPANIES**

**GAAP TO NON-GAAP RECONCILIATION**

**NET INCOME, CLASS A EARNINGS PER SHARE AND TAX RATE BEFORE ADJUSTMENTS**

UNAUDITED

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions, except for per share amounts)* | **Income before Income Tax (Benefit) Expense and Equity Earnings of Unconsolidated Affiliates, net** | **Income Tax (Benefit) Expense** | **Equity Earnings** | **Non-Controlling Interest** | **Net Income (Loss) Attributable to Greif, Inc.** | **Diluted Class A Earnings Per Share** | **Tax Rate** |
| **Three months ended April 30, 2025** | $83.9 | $29.8 | $(0.4) | $7.2 | $47.3 | $0.82 | 35.5% |
| &nbsp;&nbsp;&nbsp;Acquisition and integration related costs | 2.0 | 0.5 |  |  | 1.5 | 0.02 |  |
| &nbsp;&nbsp;&nbsp;Restructuring and other charges | 14.6 | 3.7 |  |  | 10.9 | 0.18 |  |
| &nbsp;&nbsp;&nbsp;Non-cash asset impairment charges | 10.7 | 2.6 |  |  | 8.1 | 0.15 |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal of properties, plants and equipment, net | 0.5 | 0.1 |  |  | 0.4 | 0.01 |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal of businesses, net | 0.5 | 0.1 |  |  | 0.4 | 0.01 |  |
| &nbsp;&nbsp;&nbsp;Other costs\* | 0.2 | 0.1 |  |  | 0.1 |  |  |
| &nbsp;&nbsp;&nbsp;Excluding adjustments | $112.4 | $36.9 | $(0.4) | $7.2 | $68.7 | $1.19 | 32.8% |
| **Three months ended April 30, 2024** | $68.3 | $17 | $(0.7) | $7.6 | $44.4 | $0.77 | 24.9% |
| &nbsp;&nbsp;&nbsp;Acquisition and integration related costs | 11.5 | 2.9 |  |  | 8.6 | 0.14 |  |
| &nbsp;&nbsp;&nbsp;Restructuring and other charges | (6.8) | (1.7) |  |  | (5.1) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;Non-cash asset impairment charges | 0.4 | 0.1 |  |  | 0.3 |  |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal of properties, plants and equipment, net | (0.3) |  |  |  | (0.3) |  |  |
| &nbsp;&nbsp;&nbsp;Other costs\* | 0.2 |  |  |  | 0.2 | 0.01 |  |
| &nbsp;&nbsp;&nbsp;Excluding adjustments | $73.3 | $18.3 | $(0.7) | $7.6 | $48.1 | $0.83 | 25.0% |
| **Six months ended April 30, 2025** | $105.7 | $37.6 | $(0.8) | $13 | $55.9 | $0.97 | 35.6% |
| &nbsp;&nbsp;&nbsp;Acquisition and integration related costs | 4.2 | 1.0 |  |  | 3.2 | 0.05 |  |
| &nbsp;&nbsp;&nbsp;Restructuring and other charges | 17.3 | 4.3 |  |  | 13.0 | 0.22 |  |
| &nbsp;&nbsp;&nbsp;Non-cash asset impairment charges | 24.4 | 5.9 |  |  | 18.5 | 0.33 |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal of properties, plants and equipment, net | (1.1) | (0.3) |  |  | (0.8) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal of businesses, net | 1.4 | 0.3 |  |  | 1.1 | 0.02 |  |
| &nbsp;&nbsp;&nbsp;Other costs\* | 0.5 | 0.2 |  |  | 0.3 |  |  |
| &nbsp;&nbsp;&nbsp;Excluding adjustments | $152.4 | $49.0 | $(0.8) | $13.0 | $91.2 | $1.58 | 32.2% |
| **Six months ended April 30, 2024** | $103.9 | $(21.2) | $(1.2) | $14.7 | $111.6 | $1.94 | (20.4)% |
| &nbsp;&nbsp;&nbsp;Acquisition and integration related costs | 14.1 | 3.5 |  |  | 10.6 | 0.17 |  |
| &nbsp;&nbsp;&nbsp;Restructuring and other charges | (1.1) | (0.3) |  |  | (0.8) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Non-cash asset impairment charges | 1.7 | 0.4 |  |  | 1.3 | 0.02 |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on disposal of properties, plants and equipment, net | (3.0) | (0.7) |  |  | (2.3) | (0.04) |  |
| &nbsp;&nbsp;&nbsp;Other costs\* | 0.5 | 0.1 |  |  | 0.4 | 0.02 |  |
| &nbsp;&nbsp;&nbsp;Excluding adjustments | $116.1 | $(18.2) | $(1.2) | $14.7 | $120.8 | $2.10 | (15.7)% |
| \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses |

---

The impact of income tax (benefit) expense and non-controlling interest on each adjustment is calculated based on tax rates and ownership percentages specific to each applicable entity.

------

**GREIF, INC. AND SUBSIDIARY COMPANIES**

 **GAAP TO NON-GAAP RECONCILIATION** 

 **NET DEBT**

UNAUDITED

---

| | | |
|:---|:---|:---|
| *(in millions)* | **April 30, 2025** | **April 30, 2024** |
| Total debt | $2775.2 | $2916.1 |
| Cash and cash equivalents | (252.7) | (196.0) |
| **Net debt** | $2522.5 | $2720.1 |

---

------

**GREIF, INC. AND SUBSIDIARY COMPANIES**

 **GAAP TO NON-GAAP RECONCILIATION** 

 **LEVERAGE RATIO**

UNAUDITED

---

| | | |
|:---|:---|:---|
| **Trailing twelve month Credit Agreement EBITDA**<br>*(in millions)* | **Trailing Twelve Months Ended 4/30/2025** | **Trailing Twelve Months Ended 4/30/2024** |
| Net income | $238.1 | $296.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Interest expense, net | 153.1 | 104.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Non-cash pension settlement charge |  | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Other (income) expense | 1.6 | 13.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Income tax (benefit) expense | 86.0 | 19.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Equity earnings of unconsolidated affiliates, net of tax | (2.7) | (2.6) |
| Operating profit | $476.1 | $435.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Equity earnings of unconsolidated affiliates, net of tax | (2.7) | (2.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Depreciation, depletion and amortization expense | 268.0 | 245.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Acquisition and integration related costs | 8.6 | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Restructuring and other charges | 23.8 | 12.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Non-cash asset impairment charges | 25.3 | 20.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: (Gain) loss on disposal of properties, plants and equipment, net | (6.9) | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: (Gain) loss on disposal of businesses, net | (44.6) | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Other costs\* | 3.7 | 2.8 |
| Adjusted EBITDA | $756.7 | $739.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agreement adjustments to EBITDA<sup>(10)</sup> | (6.5) | 38.2 |
| Credit Agreement EBITDA | $750.2 | $777.7 |
| **Adjusted net debt**<br>*(in millions)* | **For the Period Ended 4/30/2025** | **For the Period Ended 4/30/2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt | $2775.2 | $2916.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | (252.7) | (196.0) |
| Net debt | $2522.5 | $2720.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agreement adjustments to debt<sup>(11)</sup> | (50.1) | (97.0) |
| Adjusted net debt | $2472.4 | $2623.1 |
| **Leverage ratio**<sup>(12)</sup> | **3.3** **x** | **3.4** **x** |
| \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses | \*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses |

---

<sup>(10)</sup> Adjustments to EBITDA are specified by the 2022 Credit Agreement and include equity earnings of unconsolidated affiliates, net of tax, certain acquisition savings, deferred financing costs, capitalized interest, income and expense in connection with asset dispositions, and other items.

<sup>(11)</sup> Adjustments to net debt are specified by the 2022 Credit Agreement and include the European accounts receivable program, letters of credit, balances for swap contracts, and other items.

<sup>(12)</sup> Leverage ratio is defined as Credit Agreement adjusted net debt divided by Credit Agreement adjusted EBITDA.

------

**GREIF, INC. AND SUBSIDIARY COMPANIES**

 **PROJECTED 2025 GUIDANCE RECONCILIATION**

 **ADJUSTED FREE CASH FLOW**

UNAUDITED

---

| | |
|:---|:---|
| | **Fiscal 2025 Low-End Guidance Estimate** |
|<br>*(in millions)* | |
| **Net cash provided by operating activities** | $431.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for purchases of properties, plants and equipment | (171.0) |
| **Free cash flow** | $260.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for acquisition and integration related costs | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for integration related ERP systems and equipment | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for fiscal year-end change costs | 2.0 |
| **Adjusted free cash flow** | $280.0 |

---

## Exhibit 99.2

**Exhibit 99.2**

**Greif, Inc.<br>Fiscal Second Quarter 2025 Earnings Results Conference Call**

**June 5, 2025**

**COMPANY PARTICIPANTS**

**Ole G. Rosgaard** – Greif, Inc., President, Chief Executive Officer & Director

**Lawrence A. Hilsheimer** – Greif, Inc., Chief Financial Officer & Executive Vice President

**Bill D'Onofrio** – Greif, Inc., Vice President, Investor Relations & Corporate Development

**OTHER PARTICIPANTS**

**Gabrial Shane Hajde** – Wells Fargo Securities, LLC, Research Division

**George Leon Staphos** - BofA Securities, Research Division

**Joshua S. Vesely** - Robert W. Baird & Company, Incorporated, Research Division

**Matthew Burke Roberts** – Raymond James & Associates, Inc., Research Division

**Michael Andrew Roxland** – Truist Securities, Inc., Research Division

**MANAGEMENT DISCUSSION SECTION**

**Operator**

Good day, and thank you for standing by. Welcome to the Greif, Inc. Second Quarter 2025 Earnings Conference Call.

Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Bill D'Onofrio, Vice President of Investor Relations and Corporate Development. Please begin.

**Bill D'Onofrio**

Vice President of Investor Relations & Corporate Development

Thank you, and good day, everyone. Welcome to Greif's Fiscal Second Quarter 2025 Earnings Conference Call. Today, our CEO, Ole Rosgaard, will begin with an update on our colleague and customer engagement as well as progress on our cost optimization commitment. He will then discuss key global market trends. Our CFO, Larry Hilsheimer, will walk through second quarter financial results and 2025 guidance.

Please turn to Slide 2. In accordance with Regulation Fair Disclosure, please ask questions regarding topics you consider important because we are prohibited from discussing material nonpublic information with you on an individual basis.

During today's call, we will make forward-looking statements involving plans, expectations and beliefs related to future events. Actual results could differ materially from those discussed. Additionally, we will be referencing certain non-GAAP financial measures and the reconciliation to the most directly comparable GAAP metrics that can be found in the appendix of today's presentation.

I'll now hand the call over to Ole on Slide 3.

**Ole G. Rosgaard**

President, CEO & Director

Thank you, Bill, and good morning, everyone. I want to start by recognizing our more than 14,000 colleagues across the world. Their discipline, focus and execution continue to drive strong performance.

In Q2, we made further progress under our Build to Last strategy. Despite ongoing macroeconomic volatility, our resilient business model and emphasis on controlling what we can control give us confidence in the road ahead. That confidence is reflected in our decision to raise full year guidance, which Larry will walk through shortly.

Our culture remains a core competitive advantage. I'm proud to report that we have once again been named one of Newsweek's Top 100 Most Loved Workplaces in the world. This marks our third consecutive year on the list. In addition, we received Gallup's Exceptional Workplace Award for the second year in a row. Our colleague engagement score places us in the 86th percentile of all manufacturing companies globally, with a remarkable 94% participation rate.

These recognitions speak to the pride our teams take in their work and the environment we built where people feel empowered, valued and connected to our purpose. That engagement drives legendary customer service. Our fiber team was recently honored with the Supplier Innovation Award from the U.S. Postal Service. USPS joined us in 2024 and is now a key customer for our Dallas sheet feeder facility. This award is a strong validation of the long-term value and customer loyalty we create.

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Sustainability also sets us apart. While we view it as the right thing to do, it is also a clear business advantage. This marks our 16th consecutive year publishing sustainability report, a rare track record in our industry. Our sustainability strategy is central to strengthening customer relationships and pursuing durable, high-margin growth.

Please turn to Slide 4. Our cost optimization efforts are progressing rapidly, thanks to our team's focus and willingness to embrace change. As of quarter end, we have achieved $10 million in run rate savings toward our full year commitment of $15 million to $25 million and $100 million total commitment compared to our 2024 baseline.

A few highlights of projects underway. A thank you to our colleagues in Warminster, Alsip, Welcome and Oshkosh. Our operations and engineering teams are embracing change and utilizing Six Sigma practices to advance scalable and structural change in process efficiency and scrap production across our metal and fiber production plants. Second, we made a strategic decision to close our L.A. paperboard mill, removing 72,000 tons of capacity. While difficult, this step streamlines our network and improves long-term performance across our fiber operations.

These are just 2 of many projects underway. Each day, our conviction grows in our ability to achieve or exceed both our 2025 and 2027 commitments. Across the board, our strategy is working. We are sharpening our competitive edge, optimizing operations and expanding in high-return markets that positions us well when demand accelerates.

Please turn to Slide 5. Our portfolio continues to show resilience with especially strong performance in the areas we are investing. Polymer Solutions volumes improved year-over-year with small containers and IBC both up. That impact was partially offset by lower large polymer drum volumes due to softer industrial demand. Our polymers growth was driven by our target growth end markets of agrochemicals, food and beverage, pharma, and flavors and fragrances, which all showed year-over-year growth.

This contrasts with metals, which was down 5% year-over-year due to exposure to chemical and lubricant markets, which continues to be softer. Fiber Solutions volumes were down slightly compared to last year, but improved each month throughout the quarter. Our corrugated business outperformed and was up high single digits per day versus an industry decline of 2%. This differentiation was driven by strong independent demand.

Integrated Solutions saw continued growth led by recycled fiber, while external volumes in closures, paints, linings and adhesives held steadily as we managed our own internal needs versus external demand. It is interesting to note that last year was a leap year, giving 1 additional day of business as well.

Demand remained stable across all regions outside North America. In North America, softness persisted due to greater exposure to industrial end markets. The key takeaway across the previous 4 slides is clear: our strategy is working. We are investing in resilient, high-growth markets, reinforcing our competitive strengths and optimizing our cost base simultaneously. This all prepares us to capture even further upside when demand meaningfully rebounds.

Please turn to Slide 6. In closing, I want to briefly touch on a topic which demonstrates the resilience of our business model. On tariffs, we are staying ahead of potential disruption. Year-to-date, we have not seen major demand shifts tied directly to tariffs, but we continue to monitor demand patterns and talk closely with customers to identify any potential impacts on our end markets.

Our network of more than 250 facilities in over 40 countries allows us to buy, produce and sell locally. This flexibility minimizes disruption, serves our customers' needs more flexibly than competition and allows us to obtain a fair price for the additional exceptional service and adaptability we provide our customers.

Our global sourcing team continues to assess risks. And we reaffirm that our maximum direct cost exposure is less than $10 million annually, although that figure at present is even lower due to mitigation actions and tariffs currently in effect versus worst-case scenarios. Meanwhile, we are capturing more value through network flexibility and pricing. We are also benefiting from pass-through mechanisms in our metals business as steel producers respond to raw material inflation.

With that, I'll turn it over to Larry to walk through our Q2 financial performance on Slide 7.

**Lawrence Allen Hilsheimer**

Executive VP & CFO

Thank you, Ole, and good morning, everyone.

For the second quarter of fiscal 2025, adjusted EBITDA increased $44 million year-over-year to $214 million, and adjusted EBITDA margin was up 300 basis points to 15.4%. These results are a testament to our disciplined cost management, resilient business model and our team's unwavering commitment to value creation. We generated $110 million of adjusted free cash flow, up from $59 million in Q2 of '24, and adjusted EPS of $1.19 versus $0.83 in Q2 of '24.

The sale of our Land Management business, Soterra, is on pace, and we are excited about the level and the quality of interest we've received. The proceeds from the Soterra divestment, combined with our accelerating cash flow generation, will be used to reduce debt following our capital allocation framework, as outlined at Investor Day.

Our decision to close our L.A. paperboard mill, while extremely difficult due to the impact on our colleagues, is a prime example of the next stage of optimization for Greif. At our December Investor Day, we discussed how we've executed on the vast majority of opportunities in the lowest quartile of our quadrant analysis. We are now focused on moving from good operators to great operators across our global footprint of 250-plus facilities.

------

We are digging deeper to identify untapped opportunities to increase our return on invested capital within facilities in each quadrant. This may lead to strategic investment or closure, as was the case of L.A., but our actions will remain focused on deriving the highest long-term return on capital.

Please turn to Slide 8 for a segment overview. In our Customized Polymer Solutions segment, adjusted EBITDA increased $19 million year-over-year to $53 million, driven by a combination of volume growth, favorable product mix and continued discipline on value-over-volume pricing. Our Polymer segment is performing well given the demand environment as our target growth end markets continue to be more resilient than other areas of our business.

Durable Metal Solutions sales were lower year-over-year due to the softness of the industrial end markets Ole mentioned earlier. A core focus for us is capitalizing on operating leverage in metals when industrial end markets recover. Encouraging gross margins were up year-over-year through value-over-volume focus.

Sustainable Fiber Solutions posted $80 million of adjusted EBITDA relative to $50 million in the prior year. EBITDA margins also improved to 13.3% from 8.5% in the prior year. As a reminder, in February, RISI recognized $40 a ton of containerboard price increase, which contributed to this quarter's results. While we are certainly pleased with the improvement in price/cost in our fiber business, we consider the market to be out of balance.

The $30 a ton URB price increase recently recognized by RISI will continue to improve margins, but we have conviction that the demand we are seeing warrants recognition of the full $50 to $70 a ton we announced in March. Those price increases will continue to push our fiber business towards normalized margins near 20% and get us closer to achieving our objective of greater than 18% margins for the enterprise.

Integrated Solutions delivered $17 million in adjusted EBITDA, up slightly from prior year. While volumes were strong in Q2, the overall product mix was incrementally heavier on recycled fiber, which led to lower sales mix resulting in modest growth year-over- year. Sales were still up year-over-year in closures as we continue to grow that business. However, paints, linings and adhesives had lower external volumes in the quarter.

Please turn to Slide 9 to discuss guidance. We are raising low-end fiscal 2025 guidance. Adjusted EBITDA is now expected to be at least $725 million, up from $710 million. And adjusted free cash flow guidance is increased to $280 million from $245 million due to the increased EBITDA and improving operating working capital management. This raise increases -- this raise reflects the impact of better price/cost performance in Q2 and revised higher price/cost expectations for the second half.

Given this is low-end guidance, we reduced that impact with a more bearish volume assumption than in our previous guidance as well as for the negative EBITDA impact of higher incentives due to our improved performance. The largest variable, which could provide upside to this low-end guidance is volume. We are not yet providing a range due to the continuously evolving trading dynamics, but have high conviction in our raised low end.

This increase is not based on optimism; it is grounded in our demonstrated ability to execute. We've proven that Greif can deliver performance even in a challenging industrial economy. Price/cost performance, especially in fiber, is improving. Polymers continue to grow, and our disciplined cost structure is enabling margin expansion. We're raising guidance because our actions are driving results, and we're confident in our ability to sustain this performance through the balance of the year.

With that, I'll turn it back to Ole on Slide 10.

**Ole G. Rosgaard**

President, CEO & Director

Thanks, Larry. Let me close by underscoring what this quarter confirms. Our strategy is working. We are expanding margins, growing EBITDA and generating strong free cash flow even in a challenging macro environment.

We set ambitious cost optimization commitments at our Investor Day, and we are delivering exactly as planned. Our commitment to achieving $1 billion in EBITDA and $500 million in free cash flow by 2027 is unwavering. As we have consistently done with every commitment we have given in the past, we are also delivering on this commitment.

We remain focused on what we can control. The culture we have built centered on high engagement, agility and disciplined execution continues to be a powerful competitive advantage to us. I have never been more confident in our team or more optimistic about Greif's future. We are building a stronger company and doing it the right way for our customers, for our colleagues and for our shareholders.

Thank you for joining us today. Operator, will you please open the line for questions?

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**QUESTION AND ANSWER SECTION**

**Operator**

Our first question will be coming from Ghansham Panjabi of Baird.

**Joshua S. Vesely**

Robert W. Baird & Co. Incorporated, Research Division

Hey everyone, it's actually Josh Vesely on for Ghansham. Thanks for taking my questions. Ole, you provided some good commentary on tariffs, and it seems like demand fluctuation was relatively minimal. But I'm just curious what those conversations with customers look like as it relates to kind of what they're seeing in end market demand and how they're thinking about that on a go-forward basis.

**Ole G. Rosgaard**

President, CEO & Director

Yes. So I mean, generally, the sentiment is really unchanged. If you look at housing, for instance, sales of existing housing is at its lowest since '95. And auto builds are at its lowest in 3 years. And the tariffs that we keep talking about, they're just reoccurring themes. And all this really has an impact, especially on our chemical customers. And until we see an improvement of existing house sales, which is linked to the interest rates, we don't really believe and our customers don't really believe they'll see any demand improvement either.

**Joshua S. Vesely**

Robert W. Baird & Co. Incorporated, Research Division

Great. Yes, that's great color. And then maybe just for my follow-up, I just wanted to clarify on some of the raw material inflation that you're talking about that was tariff-related. Just any more color on what you guys are seeing there and what the near-term impact on EBITDA margins might be for the year?

**Ole G. Rosgaard**

President, CEO & Director

As I said, maximum, the worst-case impact for us is around $10 million, but we're not even close to that. We have been -- our team have done a great job in minimizing that impact, and we are much, much lower than that at the moment. So it's really not material.

**Lawrence Allen Hilsheimer**

Executive VP & CFO

Yes. And Josh, the other element of that, obviously, is we've already seen steel producers in the U.S. push up cost or price. That then applies against our lower base inventory and provides some lift in margin that while temporary, until things catch up, will provide additional spread. So this increase in tariffs to the 50% level would probably end up being helpful above our low-end guidance.

**Ole G. Rosgaard**

President, CEO & Director

And it could actually end up being a tailwind for us, Josh. And then again, I just want to remind that we operate 250 facilities in over 40 countries. So most of our business is done locally. We source raw materials locally. We manufacture locally, we sell locally, which obviously means that tariffs doesn't come into play.

**Operator**

And our next question will be coming from Michael Roxland of Truist Securities.

**Michael Andrew Roxland**

Truist Securities, Inc., Research Division

Hey and thank you Ole, Larry and Bill thanks for taking my questions and congrats on all the progress. The first question I have is on SG&A, which we believe remains elevated. I think there was a slight decline sequentially in SG&A as a percentage of revenue, but still above the average for last year. So I'm just curious as to what's driving the elevated SG&A. And what level of SG&A as a percent of sales are you targeting and over what time?

**Lawrence Allen Hilsheimer**

Executive VP & CFO

Yes. So you've got a couple of factors going in. I mentioned in my commentary somewhat of an increase in incentives because your team is performing well. So that has a little bit of impact. You've got the entry of the sort of full quarter of Ipackchem. And then you've got currency impacts, which on the bottom line are actually a lift, but on SG&A, it's increasing it.

But yes, we agree with you, our SG&A is higher than what we view it that need to-- or should be over a long period of time. And as part of our cost optimization efforts, we would like to see, as the volume recovers and our revenue goes back, we expect our SG&A to be below 10%. Now it gets somewhat inflated when you're doing acquisitions because you end up with depreciation related to intangibles that flows in there. But that, as a general rule, is what our target is longer term, Michael.

**Michael Andrew Roxland**

Truist Securities, Inc., Research Division

------

Very helpful. And so just to put a bow on that is you really -- largely, there are some factors in terms of incentive comp and Ipackchem and maybe a little FX. But really, you're expecting accelerating revenue to bring down that ratio. So it's more market- related in terms of driving that ratio.

**Lawrence Allen Hilsheimer**

Executive VP & CFO

No, it's a combination. But yes, I mean, ultimately, we do -- obviously, there'd be an impact to the ratio related to the recovery of volumes. And our cost optimization is like one of our key focuses, obviously. And so we announced a $100 million cost optimization. I'd call it business optimization over our entire platform. Some of that relates in the business operations, some of it is SG&A, but it's over our '24 levels. So yes, it's a combination, but I just was trying to give you the long-term impact. We try to get down below that 10%, which would be a combination of some revenue recovery, but a lot of it is still cost out.

**Michael Andrew Roxland**

Truist Securities, Inc., Research Division

Got it. And I appreciate all the color. Then just my second question, Larry, you mentioned strong URB demand, which you believe should warrant the full price increase of $50 to $70 a ton. So if you get that incremental $20 to $40 a ton in URB pricing, all else equal, what type of incremental EBITDA should we expect you'd generate? And what type of margin would you have in sustainable fiber as a result of that?

And then quickly, just lastly, just do you see the potential for further rationalization in CRB and maybe just becoming solely focused on URB and containerboard?

**Lawrence Allen Hilsheimer**

Executive VP & CFO

Let me answer the last piece first and then come back to the incremental impact on pricing. So the remaining CRB machine we have is actually a swing machine. So we could swing between URB and CRB depending on the market demand. And right now, we're a niche little player in our space. We're happy with the operations there, and we don't really have any plan to make it full-time URB or we're just taking advantage of whatever we can get in the market.

Relative to the impact of pricing, about a $10 a ton change in URB pricing is about $530,000 a month for us. So hopefully, that gives you something to work with.

**Ole G. Rosgaard**

President, CEO & Director

And Mike, just an added comment to what Larry said. So on the CRB, we will continue to optimize paper grades by highest return. And if we swing a machine to URB from CRB, that's what we will do, if that's what it provides us.

**Operator**

Our next question will be coming from Matt Roberts of Raymond James.

**Matthew Burke Roberts**

Raymond James & Associates, Inc., Research Division

Ole and Larry, good morning. First question, on the volume, I believe you said not giving a range, but maybe could you just help me understand what underpins the $725 million guide? And related to tariff impact on volumes, I know you noted no demand shifts, but in light of Liberation Day in early April, could you provide some incremental color into demand in April, whether there was any front running ahead of that or how trends have progressed in April and May? It seems like more recently, there's a window open in the tariffs. So I'm wondering if you've seen any spike more recently there.

**Lawrence Allen Hilsheimer**

Executive VP & CFO

Yes, we -- Ole can supplement what I say. But we haven't seen really any trends specifically tied to tariffs, even in indications with customers. It really, particularly in the U.S., has a whole lot more to do with interest rates and homebuilding and the demand impact that's having on the chemicals industry and even auto production being down, which perhaps that's indirectly tied to tariffs.

But what we saw is, if I go from our prior low-end guidance of $710 million to $725 million, we got about $53 million roughly of price/cost benefit in that, which Metal Solutions is up $17 million, Polymer Solutions is up $17 million, Fiber Solutions is up $26 million and Integrated with the OCC cost coming down is down $8 million.

And then if you go on the volume side, we're down about $5 million in Metal Solutions, about $5 million in Polymer Solutions and down $30 million in Fiber Solutions just relative to just an overall impact relative to where we were previously.

**Ole G. Rosgaard**

President, CEO & Director

Matt, just on tariffs, so directly impact, that's something we can control. And so there is no direct impact on us. But one thing we cannot control, that's the indirect impact. And when tariffs affect the overall demand in the markets, that obviously has an effect on all of us, which is something we can't control. But we do have the flexibility to adapt production for customers, and we will price for it. And then all ranges of these outcomes, they are considered in Larry's revised guidance.

**Matthew Burke Roberts**

Raymond James & Associates, Inc., Research Division

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Thank you very much for the incremental color there. For my follow-up, specifically in polymer, you noted business wins and market- driven growth in target end markets. Could you elaborate on what you're expecting in those target end markets for the rest of the year?

And more specifically, on those new business wins, what areas were they in? And what do you attribute those to? Is it greater scale? Or are you starting to realize cost saving benefits following acquisitions? Is it customer service tools providing a benefit as Greif+ is rolled out further? Just any incremental color there on those new market wins. Thanks again for taking the questions.

**Ole G. Rosgaard**

President, CEO & Director

Well, let me just zoom out and then go back to -- we often referenced Investor Day, but that's why we presented our whole strategy. Our growth strategy hinges around the following end segments, and it's agrochemical, food and bev, flavor and fragrances and pharma. Those end segments, they grow faster than GDP. That's why we have picked them to really focus on them.

The products that services those segments, they are polymer products. That's why we are focusing on polymer in our strategy. And what we have seen here in the quarter is exactly that, that those end segments have proven to be more resilient than other end markets, exactly as we planned and expected. And also, we have grown year-over-year in those end segments.

So the overall growth in our polymer has been 1.5% year-over-year. But then our legacy polymer business, which is large polymer drums, especially in North America, that market serves the chemical industry, the industrial side of it, and that market is down. But even with that, we still have seen overall growth in the polymer markets.

**Operator**

Our next question will be coming from George Staphos of Bank of America Securities.

**George Leon Staphos**

BofA Securities, Research Division

Thanks so much. Hi everyone, good morning and hope you can hear me okay. So my questions to start, I know we have 2 questions here, is on paperboard broadly. So when we consider the L.A. closure and also Austell, what will that do ultimately to your blended cost per ton and/or margin as you see it normalized for the business?

And given the closures, will require you to adjust operations or inventory management since you'll have fewer facilities to produce from, and therefore, you might need to keep more buffer stock or do other things from an operating standpoint? So cost per ton given the closures and then operating adjustments that you might need given the closures, and then I had a follow-on.

**Lawrence Allen Hilsheimer**

Executive VP & CFO

Yes, George, I don't have the answer for you on what the cost per ton impact is. What I can tell you is that with the closures of Fitchburg and L.A. and Austell, after we get through the transitionary cost that sort of offset that stuff, that will be an annual bottom line EBITDA cost impact of a positive $10 million a year to the bottom line.

As we said, on each of those facilities, the end customer mix, we shifted what made sense to being served out of our existing mill footprint. And so obviously, that all factors in to drive a lower average cost per ton and higher margin that drives to that bottom line $10 million impact for that. But yes, I haven't looked at what the average cost per ton impact is, unfortunately.

**George Leon Staphos**

BofA Securities, Research Division

And just on the operations, aside from sort of optimizing your production relative to your target end markets, anything else that you would relay to us that we'll be able to discern, watch, monitor in your financials?

**Lawrence Allen Hilsheimer**

Executive VP & CFO

Yes. I mean it's, obviously, it's all part of, as you noted, our cost optimization, our cost-out program. And I would just add to that $10 million on the bottom line for fiscal '26 and forward.

**George Leon Staphos**

BofA Securities, Research Division

Okay. That's fine, Larry. I was getting more into sort of how you run the business, but I'll leave it there. I guess on the cost-out program and the progress you're making towards the goal of on the high end $25 million this year and the $10 million I think you've got through 2Q, are the categories of benefit the same throughout the year? Do they evolve? And if they do evolve over the course of the next couple of quarters, what does that mean in terms of the business and the margin, both the rest of the year and into 2026? And I'll turn it over there, and I'll come back if I can.

**Lawrence Allen Hilsheimer**

Executive VP & CFO

And Ole may add some color, too, but the -- basically, what we've got so far is a combination of operational cost-outs and some SG&A cost reductions. And to reemphasize, the $10 million is what would be run rate, what we know will be run rate this year. $5 million is what we'll actually realize this year. And then the -- and the $10 million I mentioned from those 3 mill closures does not impact this year. So it was effectively locked up against our long-term objective, already $20 million of the $100 million kind of thing.

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So this whole program goes against the broad cost structure and revenue opportunities of our business, so whether it's manufacturing cost or SG&A, but we're very pleased with the progress to date. We've even enhanced our confidence of getting to our $1 billion-plus commitment going into '28 with every month that we go further.

**Ole G. Rosgaard**

President, CEO & Director

George, just to give you some color. You'll remember that last year, we reorganized the business, which was really the precursor, the planned precursor for doing the business optimization. And the business optimization, we have more than 70 work streams in motion at the moment. And they are SG&A rationalization, network optimization, operating efficiency gains and so on.

So in terms of the millions we're talking about, we're playing on the whole P&L, and we will continue to do that. And there's things that's in flight that we can't talk about on the earnings call. But I can just mention again that we have over 70 work streams in flight.

**George Leon Staphos**

BofA Securities, Research Division

Very good. I'll turn it over. I'll have one more question when we come back in queue if we get there.

**Operator**

Our next question will be coming from Gabe Hajde of Wells Fargo.

**Gabrial Shane Hajde**

Wells Fargo Securities, LLC, Research Division

Ole, Larry, Bill, good morning. I wanted to ask about Slide 8. You referenced some price and volume impacts in the metals business. I'm just curious if you're specifically calling anything out from a competitive standpoint or if this is in relation to steel.

And then maybe revisiting the question that Matt Roberts was asking about on Slide 6, it seems like there's sort of 2 discrete items. You've got an identified up to $10 million impact, and it's not clear if that's volume-related or cost-related. So maybe if you can clarify that.

And then I think 2 bullet points down, you say there's a potential positive head -- or tailwind from, I'm assuming, rising steel. if you didn't, can you quantify that for us? Or was that included in the $17 million of favorable price/cost that you called out, Larry, in response to another question?

**Lawrence Allen Hilsheimer**

Executive VP & CFO

Yes, it is included in there, Gabe. And so what we are referencing relative to the metals business is the fact that in the U.S., cost index have risen, causing our price adjustment mechanisms to kick in against lower-cost inventory. Now what we haven't tried to build in because it's speculative right now is, is there going to be incremental to that because of this newly announced increase that -- to the 50% level on tariffs, we've built nothing in for that.

And then your first question on Page 8, can you repeat that?

**Gabrial Shane Hajde**

Wells Fargo Securities, LLC, Research Division

Yes. I mean it just says in the Metals segment, sales were impacted by both price and volume. And I didn't know if that was competitive price or if you're talking about the positive price impact.

**Lawrence Allen Hilsheimer**

Executive VP & CFO

No, it's talking about the positive price development. Yes, the price/cost mix was positive. The volume was negative.

**Ole G. Rosgaard**

President, CEO & Director

And the negative volume was mainly attributed to North America, which relies on the industrial sectors of chemical.

**Gabrial Shane Hajde**

Wells Fargo Securities, LLC, Research Division

Yes. Okay. And then maybe what George was trying to get at was integration in the URB business. I mean I think if I did my math right, you're around 650,000 tons now of URB capacity. And is the goal there to be fully integrated? Or are you there already? And if not...

**Lawrence Allen Hilsheimer**

Executive VP & CFO

No. This goes back, Gabe, and we've said this all along, integration is not that important in that business because of the breadth of customers that there are out there, the numbers of them and the small number. Integration value just becomes much less important in that space than it is in the containerboard space.

And so, Bill, do you know what our integration level even is on URB?

**Bill D'Onofrio**

Vice President of Investor Relations & Corporate Development

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It's over 50%.

**Lawrence Allen Hilsheimer**

Executive VP & CFO

Yes, okay. But so -- yes, so we're happy with it. If there were really high-margin opportunities to acquire integration, we do it, I mean, sort of like the ColePak acquisition we did. We've talked about -- that's a joint venture we have, and we're thrilled with it because really nice high-margin business on the beverage divider business, but it's not something that we need to seek out because of the just general structure of that industry.

**Operator**

Our next question will be a follow-up from George Staphos of Bank of America Securities.

**George Leon Staphos**

BofA Securities, Research Division

Hi thanks for taking my question. Larry, Ole, I seem to remember in the discussion that you said on the increase in the guidance on the low end, you were still building in some, I guess, additional volume downside. That might not have been your phrasing, but nonetheless, in the worst-case scenario. If I got that correctly, can you tell us a little bit about where you are sort of baking in a little bit worst case on volume? Thank you very much and good luck in the quarter.

**Lawrence Allen Hilsheimer**

Executive VP & CFO

Yes. I mean, yes, we did have a walk, and I gave the numbers on the volume element of that, that shows a volume impact of a negative 40. A lot of that within the fiber business already happened in the second quarter. Like we said, each month, it got better through the second quarter. So I was just giving it relative to where we were in Q1. And we already talked about metals being less and also we built in some on polymers.

But again, we built in sort of worst-case scenario in giving our low-end guidance. So what we provided is low end, and we have extreme confidence in delivering it. And so those are the factors that I gave you, George, is that current demand pretty much was expected; a little slower start to fiber in Q2, got improved; backlogs are really now about as high as they've been in 2 years; and then cautionary stuff.

**George Leon Staphos**

BofA Securities, Research Division

Understood. And on pricing, you mentioned ultimately that you still think $50 to $70 per ton was, and again, this is my phrasing, not yours, appropriate relative to the tension in the URB market. With that, if that's correctly sort of phrased, are you still attempting to get a full price hike in the market? Or have you, at this juncture, stopped and you've taken what you've taken?

**Lawrence Allen Hilsheimer**

Executive VP & CFO

No, no, we're obviously still working that price increase in the market where we're not on index-type contracts.

**Ole G. Rosgaard**

President, CEO & Director

And to support that, our backlogs are actually stronger in 2-plus years at the moment.

**Operator**

And I would now like to turn the conference back to Ole Rosgaard for closing remarks.

**Ole G. Rosgaard**

President, CEO & Director

Thank you. I want to say thank you for your time today and also for your continued interest and investment in Greif. We remain committed to continue delivering exceptional results and are focused on accelerating our performance towards our 2027 target of $1 billion EBITDA and $500 million in free cash flow. We are confident that our relentless pursuit of operational excellence and customer-centric growth will create enduring value for all our stakeholders.

Thanks again for joining us today.

**Operator**

And this concludes today's conference call. Thank you for participating. You may now disconnect.

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