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Key Takeaways GEF beat Q3 earnings and revenue estimates on stronger pricing, cost optimization and lower interest expenses.GEF posted higher sales, expanded margins and stronger adjusted EBITDA across most business segments.Greif maintained its FY26 adjusted EBITDA and free cash flow guidance despite subdued industrial conditions. Greif, Inc. (GEF - Free Report) reported adjusted earnings of $1.61 per share for third-quarter fiscal 2026,  beating the Zacks Consensus Estimate of $1.04. The 54.81% earnings surprise reflected stronger price performance, structural cost optimization and lower interest expenses. The company posted adjusted earnings of 86 cents in the year-ago quarter, excluding the impacts of adjustments.

Including one-time items, earnings per share were $1.37 in the quarter compared with 53 cents in the prior-year quarter.

Greif's Sales & Profitability ImproveGEF’s sales increased 3.5% year over year to $1.17 billion. The top line surpassed the Zacks Consensus Estimate of $1.12 billion.

The cost of sales rose 2.7% year over year to $893 million. Gross profit amounted to $273 million, up 6.5% from the prior-year quarter. The gross margin came in at 23.4%, up from the prior-year quarter’s 22.7%.

Selling, general and administrative expenses were $149.5 million compared with the prior-year quarter’s $168 million.

Adjusted EBITDA rose 24.7% year over year to $183.4 million in the fiscal third quarter. The adjusted EBITDA margin came in at 15.7% compared with the prior-year quarter’s 13.1%.

GEF’s Segment Performance in Q3Revenues in the Customized Polymer Solutions segment increased 13.6% year over year to $384 million, primarily driven by higher average selling prices, favorable foreign currency translation and higher volumes. Our model projected revenues of $331 million for the quarter. The segment’s adjusted EBITDA rose to $64.3 million from $37.1 million in the year-ago quarter. The reported figure beat our estimate of $33 million.

The Durable Metal Solutions segment’s revenues increased 3.4% year over year to $406 million in the fiscal third quarter, aided by positive foreign currency translation and higher average selling prices, partly offset by lower volumes. The figure beat our estimated revenues of $387 million. The segment’s adjusted EBITDA improved to $64 million from $53.6 million in the prior-year quarter. We projected the segment’s adjusted EBITDA to be $52 million.

The Sustainable Fiber Solutions segment’s revenues declined 6.5% year over year to $346.5 million, reflecting lower average selling prices, impacts from the Soterra divestiture and lower volumes. The figure beat our estimated revenues of 260 million. The segment’s adjusted EBITDA was $42.5 million, down from $48.8 million in the year-ago quarter. We projected the segment’s adjusted EBITDA to be $71 million.

The Innovative Closure Solutions segment’s revenues rose 18.8% year over year to $30 million, supported by higher average selling prices, higher volumes and favorable foreign currency translation. We projected the segment's revenues to be $148 million in the quarter. Adjusted EBITDA increased to $12.6 million from $7.6 million a year earlier. Our forecast for the quarter’s adjusted EBITDA was $7 million.

Greif’s Cash Position & Balance Sheet at Q3-EndGreif reported cash and cash equivalents of $288.5 million as of June 30, 2026, compared with $256.7 million at the end of fiscal 2025. The cash flow from operating activities totaled $77.8 million in the quarter under review, down from $147.1 million in the prior-year quarter.

Long-term debt amounted to $687.4 million as of June 30, 2026, compared with $914.8 million as of Sept. 30, 2025. Total debt was $1.03 billion, while net debt declined to $741.9 million from $2.43 billion as of July 31, 2025.

On June 2, Greif’s board declared a quarterly cash dividend of 62 cents per share of Class A Common Stock and 93 cents per share of Class B Common Stock. The dividend represented a 10.7% increase and was paid out on July 1, 2026, to shareholders of record at the close of business on June 17, 2026.

The company also announced plans to execute share repurchases under existing authorizations. It achieved $90 million in cumulative run-rate cost savings and maintained its target of at least $120 million by the end of fiscal 2027. Greif also completed the $57-million Envaplast acquisition, adding an agrochemical-focused small-container producer in Spain.

GEF Maintains FY26 GuidanceGEF expects fiscal 2026 adjusted EBITDA of $615-$635 million, implying year-over-year growth of 9.8-13.4%. The outlook reflects improved fiscal third-quarter demand and continued execution, even as industrial conditions remain subdued and the company has not seen evidence of a broad recovery.

The adjusted free cash flow is projected between $305 million and $325 million, with conversion of about 50%. Current assumptions call for flat Customized Polymer Solutions volumes, mid-single-digit declines in Durable Metal Solutions, and low-single-digit declines in both Sustainable Fiber Solutions and Innovative Closure Solutions.

Greif’s Stock Price PerformanceThe company’s shares have gained 32.4% in a year compared with the industry’s 2.2% growth.

Image Source: Zacks Investment Research

GEF’s Zacks RankPerformances of Other Packaging StocksPackaging Corporation of America (PKG - Free Report) reported second-quarter 2026 adjusted earnings of $2.35 per share, down 5.2% year over year but beating the Zacks Consensus Estimate of $2.31. The bottom line also came above Packaging Corp’s guidance of $2.33, driven by higher production and sales volumes, including contributions from the acquired Greif business. This was partially offset by lower price and mix in the packaging segment, and higher operating, freight and labor costs.

Packaging Corp’s sales increased 14.7% year over year to $2.49 billion and surpassed the consensus estimate of $2.40 billion by 3.6%. Total corrugated products shipments reached an all-time quarterly record, rising 24.3% both per day and in total from the prior-year quarter.

Crown Holdings, Inc. (CCK - Free Report) posted second-quarter 2026 adjusted earnings of $2.49 per share, up 15.8% year over year. The figure surpassed the Zacks Consensus Estimate of $2.15 by 15.81%.

Crown Holdings sales increased 16.5% to $3.67 billion and beat the consensus estimate of $3.34 billion by 9.88%. Global beverage can volumes rose 5%, led by 6% growth in Europe and 5% growth in the Americas. This was partially offset by softer demand in Latin America.

Sonoco Products Company (SON - Free Report) reported adjusted earnings of $1.51 per share in the second quarter of 2026, beating the Zacks Consensus Estimate of $1.47 by 2.72%. The figure rose 10.2% from $1.37 in the year-ago quarter. Pricing actions, favorable foreign-exchange movements and productivity gains helped offset softer volume/mix during the quarter.

Sonoco’s sales of $1.885 billion declined 1.3% year over year and missed the consensus mark of $1.886 billion by 0.05%. Sonoco’s top line declined from the prior-year period primarily due to the absence of sales from the ThermoSafe business, which was divested in November 2025.

DELAWARE, Ohio, July 28, 2026 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, today announced fiscal third quarter 2026 results.

On June 30, 2025, we entered into a definitive agreement to divest our Containerboard Business, including our CorrChoice sheet feeder system. Beginning in the third quarter of fiscal 2025, the Containerboard Business has been reported as discontinued operations. Unless otherwise noted, all financial results and discussions in this press release relate to continuing operations. Additional information regarding the basis of presentation and changes in reportable segments is provided under "Basis of Presentation and Comparability".

Fiscal Third Quarter 2026 Financial Highlights:
(all current period results are compared to the third quarter of 2025 and both periods reflect only continuing operations unless otherwise noted)

Net income increased 156.7% to $78.8 million or $1.37 per diluted Class A share compared to net income of $30.7 million or $0.53 per diluted Class A share.Net income, excluding the impact of adjustments(1), increased 87.0% to $93.3 million or $1.61 per diluted Class A share compared to net income, excluding the impact of adjustments, of $49.9 million or $0.86 per diluted Class A share.Adjusted EBITDA(2) increased 24.7% to $183.4 million compared to Adjusted EBITDA of $147.1 million.Net cash provided by operating activities decreased by $69.3 million to a source of $77.8 million. Adjusted free cash flow(3) decreased by $86.7 million to a source of $57.7 million. Adjusted free cash flow in the prior year includes contribution from the Containerboard Business and is not directly comparable to current year results.Total debt of $1,030.4 million decreased by $1,686.6 million primarily due to repayment of debt from the sales of the Containerboard Business and the timberlands business. Net debt(4) decreased by $1,689.9 million to $741.9 million. Our leverage ratio(5) decreased to 1.1x from 3.1x. Strategic Actions and Announcements

Increased quarterly dividend by 10.7%, reflecting the continued strength of our free cash flow generation, the significant progress we have made in strengthening our balance sheet, and our confidence in Greif’s long-term earnings power.Announcing intention to begin executing on share repurchases under our existing share repurchase authorizations as part of our disciplined capital allocation strategy.Achieved $90 million cumulative run-rate savings on cost optimization program – achieving the high-end of our commitment range for the fiscal year, and reaffirmed our expectation to achieve at least $120 million of cumulative run-rate savings by the end of fiscal year 2027.Completed growth-enabling strategic, bolt-on acquisition of Envaplast on June 2, 2026. The acquisition serves predominantly the Agrochemical end markets and has EBITDA margins and Free Cash Flow conversion well above Greif’s M&A criteria. Commentary from CEO Ole Rosgaard

“Our third quarter results demonstrate that Greif continues to become a stronger company despite a challenging industrial environment. Industrial demand remains subdued, geopolitical uncertainty continues to create volatility, and we have yet to see compelling evidence of a broad recovery. Our agenda, however, has not changed. We are not waiting for the cycle to improve. We are improving Greif everywhere.

Our performance reflects disciplined execution, operational excellence, and thoughtful capital allocation. During the quarter, we expanded margins, strengthened our balance sheet, increased our dividend, continued optimizing our cost structure, and completed another attractive bolt-on acquisition. These results were earned through disciplined execution and the commitment of our colleagues around the world.

Our strategy is straightforward. We are building a higher-quality company by continuously improving our operations, investing with discipline, and allocating capital where it creates the greatest long-term value. Every decision we make is intended to increase our earnings power, strengthen our competitive position, and enhance our ability to create value through every stage of the industrial cycle.

We cannot predict when the cycle will turn. We can decide how prepared Greif will be when it does. Every quarter, we are becoming a more resilient, more efficient, and more valuable company. We believe that positions Greif to deliver superior long-term returns for our shareholders.”

(1)Adjustments that are excluded from net income and from earnings per diluted Class A share are acquisition and integration related costs, restructuring and other charges, non-cash asset impairment charges, non-cash pension settlement charges, (gain) loss on disposal of properties, plants and equipment, net, (gain) loss on disposal of businesses, net, and other costs.(2)Adjusted EBITDA is defined as net income, plus interest expense, net, plus non-cash pension settlement charges, 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)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 taxes related to Containerboard Business divestment, plus cash paid for taxes related to Soterra Assets divestment, plus cash paid for other nonrecurring costs. The cash flows from Containerboard Business have not been segregated and are included within the adjusted free cash flow for comparative period.(4)Net debt is defined as total debt less cash and cash equivalents.(5)Leverage ratio for the periods indicated is defined as adjusted net debt divided by trailing twelve month EBITDA, each as calculated under the terms of the Company's Third Amended and Restated Credit Agreement dated as of February 27, 2026, filed separately as Exhibit 10.1 to the Company's Current Report on Form 8-K on March 5, 2026 (the "2026 Credit Agreement"). As calculated under the 2026 Credit Agreement, adjusted net debt was $668.0 million and $2,382.2 million as of June 30, 2026 and July 31, 2025 respectively, and trailing twelve month credit agreement EBITDA was $621.6 million and $771.5 million as of June 30, 2026 and July 31, 2025, 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.

Basis of Presentation and Comparability
On June 30, 2025, we entered into a definitive agreement to divest our Containerboard Business, including our CorrChoice sheet feeder system, in an all-cash transaction for $1.8 billion to Packaging Corporation of America. Beginning in the third quarter of 2025, the Containerboard Business was reported as discontinued operations. The transaction closed as of August 31, 2025.

Effective October 1, 2025, our Integrated Solutions reportable segment was renamed Innovative Closure Solutions. Additionally, activities related to the purchase and sale of recycled fiber and the production and sale of adhesives used in paperboard products, which were previously reported within the Integrated Solutions reportable segment, are now reported within the Sustainable Fiber Solutions reportable segment. Likewise, activities related to production and sale of complimentary packaging products and services such as paints, linings and filling, that are used in or relate to our steel products and were previously reported within the Integrated Solutions reportable segment, are now reported within the Durable Metal Solutions reportable segment.

Fiscal Third Quarter 2026 Segment Results:
(all current period results are compared to the third quarter of 2025 and both periods reflect only continuing operations 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 third quarter of 2026 as compared to the prior year quarter for the business segments indicated. Net sales from completed acquisitions are not included in the table below but will be included one year after purchase within its respective segments.

Net Sales Impact Customized Polymer Solutions Durable Metal Solutions Sustainable Fiber Solutions Innovative Closure SolutionsCurrency Translation 2.5% 3.6% 0.1% 3.5%Volume 1.5% (3.1)% (4.0)% 5.5%Selling Prices and Product Mix 8.8% 2.9% 1.9% 10.0%Total Impact 12.8% 3.4% (2.0)% 19.0%
Customized Polymer Solutions

Net sales increased by $45.9 million to $383.8 million primarily due to $29.9 million higher average selling prices, $8.5 million of positive foreign currency translation impacts and higher volumes.

Gross profit increased by $20.2 million to $91.1 million. The increase in gross profit was primarily due to the same factors that impacted net sales, partially offset by higher raw material, transportation and manufacturing costs.

Operating profit increased by $24.4 million to $32.8 million primarily due to the same factors that impacted gross profit and lower SG&A compensation expenses related to cost optimization.

Adjusted EBITDA increased by $27.2 million to $64.3 million primarily due to the same factors that impacted operating profit.

Durable Metal Solutions

Net sales increased by $13.3 million to $405.6 million primarily due to $14.0 million of positive foreign currency translation impacts and $11.4 million of higher average selling prices, partially offset by $12.0 million attributable to lower volumes.

Gross profit increased by $2.8 million to $90.9 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 transportation costs.

Operating profit increased by $6.9 million to $52.7 million primarily due to same factors that impacted gross profit and lower SG&A compensation expenses related to cost optimization, partially offset by loss on disposal of properties, plants and equipment, net.

Adjusted EBITDA increased by $10.4 million to $64.0 million primarily due to the same factors that impacted gross profit and lower SG&A compensation expenses related to cost optimization.

Sustainable Fiber Solutions

Net sales decreased by $24.2 million to $346.5 million primarily due to $15.3 million attributable to lower average selling prices, $5.3 million of impacts from the Soterra Divestiture and lower volumes.

Gross profit decreased by $12.0 million to $73.1 million. The decrease in gross profit was primarily due to the same factors that impacted net sales, partially offset by lower raw material and manufacturing costs related to lower volumes.

Operating profit increased by $8.9 million to $13.9 million primarily due to lower restructuring and other charges, lower non-cash asset impairment charges and lower SG&A compensation expenses related to cost optimization, partially offset by the same factors that impacted gross profit.

Adjusted EBITDA decreased by $6.3 million to $42.5 million primarily due to the same factors that impacted gross profit, partially offset by lower SG&A expenses related to cost optimization.

Innovative Closure Solutions

Net sales increased by $4.7 million to $29.7 million primarily due to higher average selling prices, higher volumes and positive foreign currency translation impact.

Gross profit increased by $5.6 million to $17.5 million. The increase in gross profit was primarily due to the same factors that impacted net sales.

Operating profit increased by $4.0 million to $8.5 million primarily due to the same factors that impacted gross profit.

Adjusted EBITDA increased by $5.0 million to $12.6 million primarily due to the same factors that impacted gross profit.

Tax Summary

During the third quarter, we recorded an income tax rate of 17.9 percent and a tax rate excluding the impact of adjustments of 18.0 percent. Income tax expense for interim periods is calculated using estimated annual effective tax rates applied to year to date earnings, which can result in quarter‑to‑quarter variability. For fiscal 2026, we expect our tax rate to range between 24.0 to 28.0 percent and our tax rate excluding adjustments to range between 25.0 to 29.0 percent.

Dividend Summary

On June 2, 2026, the Board of Directors declared quarterly cash dividends of $0.62 per share of Class A Common Stock and $0.93 per share of Class B Common Stock, resulting in a total dividend payment of approximately $35.2 million. Dividends were paid by July 1, 2026, to stockholders of record at the close of business on June 17, 2026.

Company Outlook

(in millions)Fiscal 2026 Outlook Reported at Q3Adjusted EBITDA$615 - $635Adjusted free cash flow$305 - $325
Note: Our fiscal 2026 guidance estimates of Adjusted EBITDA and Adjusted free cash flow and our estimated tax rate and tax rate excluding the impact of adjustments contain forward-looking statements and actual results may differ materially as a result of known and unknown uncertainties and risks, including those set forth below under the heading “Forward-Looking Statements.” In addition, these forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliations to their most directly comparable GAAP financial measures, forecasted net income in the case of Adjusted EBITDA and forecasted net cash provided by operating activities in the case of Adjusted free cash flow, due to the inherent difficulty in projecting and quantifying the various adjusting items necessary for such reconciliations, such as gains or losses on the disposal of businesses or properties, plants and equipment, non-cash asset impairment charges due to unanticipated changes in the business, restructuring related activities, acquisition and integration related costs, debt extinguishment costs, stock-based compensation expense, amortization and depreciation expense, merger and acquisition activity, and other costs that have not yet occurred, are out of our control, or cannot be reasonably predicted. Accordingly, reconciliations of our guidance for Adjusted EBITDA and Adjusted free cash flow are not available without unreasonable effort.

Conference Call

The Company will host a conference call to discuss third quarter 2026 results on July 29, 2026, at 8:00 a.m. Eastern Time (ET). Participants may access the call using the following online registration link: https://register-conf.media-server.com/register/BI2b6bfecf034241d1929d1b17aa4056c5. Registrants will receive a confirmation email containing dial in details and a unique conference call code for entry. Phone lines will open at 7:30 a.m. ET on July 29, 2026. A digital replay of the conference call will be available two hours following the call on the Company’s web site at http://investor.greif.com.

Investor Relations contact information

Bill D’Onofrio, Vice President, Corporate Development & Investor Relations, 614-499-7233. [email protected]

About Greif

Founded in 1877, Greif is a global leader in performance packaging located in 35 countries. The company delivers trusted, innovative, and tailored solutions that support some of the world’s most demanding and fastest-growing industries. With a commitment to legendary customer service, operational excellence, and global sustainability, Greif packages life’s essentials – and creates lasting value for its colleagues, customers, and other stakeholders. Learn more about the company’s Customized Polymer, Sustainable Fiber, Durable Metal, and Innovative Closure Solutions at www.greif.com and follow Greif on Instagram and LinkedIn.

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 have affected and could continue to adversely affect our results of operations, including the impacts of ongoing conflicts such as with Iran, (iii) the current and future challenging global economy and disruption and volatility of the financial and credit markets may adversely affect our business and our access to financing and could impact the timing of or otherwise disrupt our share repurchase plan, (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 delays, shortages, price fluctuations, global supply chain disruptions and high 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 product dispositions 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 (“IT”) 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 have in the past been and in the future 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 June 30, Nine months ended June 30,(in millions, except per share amounts)  2026   2025   2026   2025 Net sales $1,165.6  $1,125.9  $3,233.2  $3,221.0 Cost of products sold  893.0   869.9   2,511.0   2,517.1 Gross profit  272.6   256.0   722.2   703.9 Selling, general and administrative expenses  149.5   168.3   487.3   488.4 Acquisition and integration related costs  1.5   2.0   3.6   6.1 Restructuring and other charges  12.1   18.0   42.0   30.4 Non-cash asset impairment charges  1.4   7.2   6.1   24.7 (Gain) loss on disposal of properties, plants and equipment, net  0.2   (3.5)  (217.2)  (5.8)(Gain) loss on disposal of businesses, net  —   0.3   0.5   1.6 Operating profit  107.9   63.7   399.9   158.5 Interest expense, net  7.7   15.8   27.4   47.2 Non-cash pension settlement charges  0.3   —   1.9   — Debt extinguishment charges  —   —   2.5   — Other (income) expense, net  —   1.4   4.8   2.5 Income from continuing operations before income tax (benefit) expense and equity earnings of unconsolidated affiliates, net  99.9   46.5   363.3   108.8 Income tax (benefit) expense  17.9   10.0   82.7   36.8 Equity earnings of unconsolidated affiliates, net of tax  (0.6)  (0.4)  (1.2)  (1.3)Net income from continuing operations  82.6   36.9   281.8   73.3 Net income (loss) from discontinued operations, net of tax  (1.0)  24.1   (3.0)  60.8 Net income  81.6   61.0   278.8   134.1 Net income attributable to noncontrolling interests  (3.8)  (6.2)  (13.8)  (17.4)Net income attributable to Greif, Inc. $77.8  $54.8  $265.0  $116.7 Basic earnings per share attributable to Greif, Inc. common shareholders:Class A common stock (continued operations) - basic $1.39  $0.53  $4.70  $0.96 Class A common stock (discontinued operations) - basic $(0.02) $0.41  $(0.05) $1.05 Earnings per Class A common stock - basic $1.37  $0.94  $4.65  $2.01 Class B common stock (continued operations) - basic $2.08  $0.80  $7.04  $1.44 Class B common stock (discontinued operations) - basic $(0.03) $0.62  $(0.08) $1.57 Earnings per Class B common stock - basic $2.05  $1.42  $6.96  $3.01 Diluted earnings per share attributable to Greif, Inc. common shareholders:Class A common stock (continued operations) - diluted $1.37  $0.53  $4.64  $0.96 Class A common stock (discontinued operations) - diluted $(0.02) $0.41  $(0.05) $1.05 Earnings per Class A common stock - diluted $1.35  $0.94  $4.59  $2.01 Class B common stock (continued operations) - diluted $2.08  $0.80  $7.04  $1.44 Class B common stock (discontinued operations) - diluted $(0.03) $0.62  $(0.08) $1.57 Earnings per Class B common stock - diluted $2.05  $1.42  $6.96  $3.01 Shares used to calculate basic earnings per share attributable to Greif, Inc. common shareholders:Class A common stock  24.8   26.1   25.1   26.0 Class B common stock  21.4   21.3   21.4   21.3 Shares used to calculate diluted earnings per share attributable to Greif, Inc. common shareholders:Class A common stock  25.5   26.1   25.6   26.0 Class B common stock  21.4   21.3   21.4   21.3  GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED(in millions) June 30, 2026
 September 30, 2025
ASSETS      Current assets      Cash and cash equivalents $288.5  $256.7 Trade accounts receivable  747.0   655.3 Inventories  379.6   336.8 Current assets held for sale  19.4   21.8 Other current assets  200.5   159.8    1,635.0   1,430.4 Long-term assets      Goodwill  1,719.0   1,696.5 Intangible assets  794.2   840.9 Operating lease right-of-use assets  175.2   186.5 Noncurrent assets held for sale  —   233.5 Other long-term assets  229.5   243.8    2,917.9   3,201.2 Properties, plants and equipment  1,151.3   1,135.2   $5,704.2  $5,766.8 LIABILITIES AND EQUITY      Current liabilities      Accounts payable $497.3  $429.6 Short-term borrowings  330.5   287.7 Current portion of long-term debt  12.5   — Current portion of operating lease liabilities  41.6   43.9 Current liabilities held for sale  —   2.1 Other current liabilities  386.5   366.3    1,268.4   1,129.6 Long-term liabilities      Long-term debt  687.4   914.8 Operating lease liabilities  134.2   143.9 Other long-term liabilities  484.0   533.8    1,305.6   1,592.5        Redeemable noncontrolling interests  92.4   92.3 Equity      Total Greif, Inc. equity  2,999.4   2,914.9 Noncontrolling interests  38.4   37.5 Total equity  3,037.8   2,952.4   $5,704.2  $5,766.8  GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS*
UNAUDITED  Three months ended June 30, Nine months ended June 30,(in millions)  2026   2025   2026   2025 CASH FLOWS FROM OPERATING ACTIVITIES:        Net income $81.6  $61.0  $278.8  $134.1 Depreciation, depletion and amortization  57.4   67.0   174.9   200.9 Asset impairments  1.4   7.2   6.1   24.7 Pension settlement charges  0.3   —   1.9   — Deferred income tax expense (benefit)  3.8   —   (47.0)  (86.1)Gain on disposal of businesses, net  1.4   0.3   4.5   1.6 Gain (loss) on disposals of properties, plants and equipment, net  0.2   (3.3)  (217.2)  (5.6)Other non-cash adjustments to net income  13.3   15.3   80.3   41.0 Debt extinguishment charges  —   —   0.7   — Operating working capital changes  (87.5)  (8.4)  (53.8)  (31.8)Increase (decrease) in cash from changes in other assets and liabilities  5.9   8.0   (59.2)  7.3 Net cash provided by (used in) operating activities  77.8   147.1   170.0   286.1 CASH FLOWS FROM INVESTING ACTIVITIES:        Acquisitions of companies, net of cash acquired  (54.6)  —   (59.9)  (1.2)Purchases of properties, plants and equipment  (28.7)  (11.6)  (118.5)  (92.9)Receipts for collection of loans receivable  15.0   —   15.0   — Proceeds from the sale of properties, plant and equipment and businesses  0.6   20.0   464.0   25.5 Payments for deferred purchase price of acquisitions  —   (0.7)  (0.6)  (1.9)Proceeds from hedging derivatives  —   —   —   22.5 Other  —   (0.1)  (0.3)  (3.7)Net cash provided by (used in) investing activities  (67.7)  7.6   299.7   (51.7)CASH FLOWS FROM FINANCING ACTIVITIES:        Proceeds (payments) on long-term debt, net  26.4   (64.1)  (169.2)  (31.0)Dividends paid to Greif, Inc. shareholders  (32.7)  (31.4)  (97.0)  (93.8)Payments for debt extinguishment and issuance costs  —   —   (2.8)  — Payments for share repurchases  (2.9)  —   (150.1)  — Tax withholding payments for stock-based awards  —   —   (9.8)  (7.4)Purchases of redeemable noncontrolling interest  —   (38.7)  —   (38.7)Other  (4.8)  (5.2)  (15.4)  (23.2)Net cash provided by (used in) financing activities  (14.0)  (139.4)  (444.3)  (194.1)Effects of exchange rates on cash  6.3   33.4   6.4   35.3 Net increase (decrease) in cash and cash equivalents  2.4   48.7   31.8   75.6 Cash and cash equivalents, beginning of period  286.1   243.3   256.7   216.4 Cash and cash equivalents, end of period $288.5  $292.0  $288.5  $292.0 
*Cash flows from Containerboard Business are included in the comparative period GREIF, INC. AND SUBSIDIARY COMPANIES
FINANCIAL HIGHLIGHTS BY SEGMENT
UNAUDITED  Three months ended June 30,
 Nine months ended June 30,
(in millions)  2026   2025   2026   2025 Net sales:            Customized Polymer Solutions $383.8  $337.9  $1,033.7  $954.8 Durable Metal Solutions  405.6   392.3   1,140.8   1,121.1 Sustainable Fiber Solutions  346.5   370.7   980.2   1,075.4 Innovative Closure Solutions(6)  29.7   25.0   78.5   69.7 Total net sales $1,165.6  $1,125.9  $3,233.2  $3,221.0 Gross profit:            Customized Polymer Solutions $91.1  $70.9  $223.0  $206.3 Durable Metal Solutions  90.9   88.1   250.9   240.9 Sustainable Fiber Solutions  73.1   85.1   209.6   227.5 Innovative Closure Solutions  17.5   11.9   38.7   29.2 Total gross profit $272.6  $256.0  $722.2  $703.9 Operating profit:            Customized Polymer Solutions $32.8  $8.4  $37.8  $27.3 Durable Metal Solutions  52.7   45.8   124.6   117.4 Sustainable Fiber Solutions  13.9   5.0   222.2   3.9 Innovative Closure Solutions  8.5   4.5   15.3   9.9 Total operating profit $107.9  $63.7  $399.9  $158.5 Adjusted EBITDA(7):            Customized Polymer Solutions $64.3  $37.1  $145.6  $109.0 Durable Metal Solutions  64.0   53.6   171.4   140.4 Sustainable Fiber Solutions  42.5   48.8   119.9   124.6 Innovative Closure Solutions  12.6   7.6   25.8   17.8 Total Adjusted EBITDA $183.4  $147.1  $462.7  $391.8 
(6) The Innovative Closure Solutions reportable segment’s total sales, including intersegment sales, was $51.4 million and $43.2 million for the third quarter of 2026 and 2025, respectively. Gross profit margin as a percentage of total sales was 34.0 percent and 27.5 percent for the third quarter of 2026 and 2025, respectively.
(7) Adjusted EBITDA is defined as net income, plus interest expense, net, plus other (income) expense, net, plus non-cash pension settlement charges, plus debt extinguishment charges, 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
SEGMENT ADJUSTED EBITDA(8)
UNAUDITED  Three months ended June 30, 2026(in millions) Customized Polymer Solutions Durable Metal Solutions Sustainable Fiber Solutions Innovative Closure Solutions ConsolidatedOperating profit (loss) $32.8   52.7   13.9   8.5   107.9 Less: Equity earnings of unconsolidated affiliates, net of tax  —   —   —   (0.6)  (0.6)Plus: Depreciation and amortization expense  24.9   7.5   23.3   1.7   57.4 Plus: Acquisition and integration related costs  1.5   —   —   —   1.5 Plus: Restructuring and other charges  3.5   2.9   4.2   1.5   12.1 Plus: Non-cash asset impairment charges  0.4   0.4   0.5   0.1   1.4 Plus: (Gain) loss on disposal of properties, plants and equipment, net  —   —   0.2   —   0.2 Plus: Other costs*  1.2   0.5   0.4   0.2   2.3 Adjusted EBITDA $64.3  $64.0  $42.5  $12.6  $183.4              Three months ended June 30, 2025(in millions) Customized Polymer Solutions Durable Metal Solutions Sustainable Fiber Solutions Innovative Closure Solutions ConsolidatedOperating profit (loss) $8.4   45.8   5.0   4.5   63.7 Less: Equity earnings of unconsolidated affiliates, net of tax  —   —   —   (0.4)  (0.4)Plus: Depreciation, depletion and amortization expense  24.0   7.3   25.0   1.7   58.0 Plus: Acquisition and integration related costs  2.0   —   —   —   2.0 Plus: Restructuring and other charges  2.6   2.6   11.9   0.9   18.0 Plus: Non-cash asset impairment charges  —   0.1   7.1   —   7.2 Plus: (Gain) loss on disposal of properties, plants and equipment, net  (0.2)  (2.7)  (0.6)  —   (3.5)Plus: (Gain) loss on disposal of businesses, net  —   0.3   —   —   0.3 Plus: Other costs*  0.3   0.2   0.4   0.1   1.0 Adjusted EBITDA $37.1  $53.6  $48.8  $7.6  $147.1 
*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses   Nine months ended June 30, 2026(in millions) Customized Polymer Solutions
 Durable Metal Solutions Sustainable Fiber Solutions Integrated Solutions ConsolidatedOperating profit $37.8   124.6   222.2   15.3  399.9 Less: Equity earnings of unconsolidated affiliates, net of tax  —   —   —   (1.2) (1.2)Plus: Depreciation and amortization expense  77.8   22.7   70.0   4.4  174.9 Plus: Acquisition and integration related costs  2.9   —   —   0.7  3.6 Plus: Restructuring and other charges  9.7   11.3   19.3   1.7  42.0 Plus: Non-cash asset impairment charges  0.4   0.4   5.2   0.1  6.1 Plus: (Gain) loss on disposal of properties, plants and equipment, net  0.4   (2.5)  (215.1)  —  (217.2)Plus: (Gain) loss on disposal of businesses, net  0.5   —   —   —  0.5 Plus: Other costs*  16.1   14.9   18.3   2.4  51.7 Adjusted EBITDA $145.6  $171.4  $119.9  $25.8  462.7               Nine months ended June 30, 2025(in millions) Customized Polymer Solutions
 Durable Metal Solutions Sustainable Fiber Solutions Integrated Solutions ConsolidatedOperating profit (loss) $27.3   117.4   3.9   9.9  158.5 Less: Equity earnings of unconsolidated affiliates, net of tax  —   —   —   (1.3) (1.3)Plus: Depreciation, depletion and amortization expense  69.9   21.5   77.3   4.9  173.6 Plus: Acquisition and integration related costs  6.1   —   —   —  6.1 Plus: Restructuring and other charges  4.3   4.0   20.9   1.2  30.4 Plus: Non-cash asset impairment charges  1.0   2.2   21.1   0.4  24.7 Plus: (Gain) loss on disposal of properties, plants and equipment, net  —   (6.6)  0.8   —  (5.8)Plus: (Gain) loss on disposal of businesses, net  —   1.6   —   —  1.6 Plus: Other costs*  0.4   0.3   0.6   0.1  1.4 Adjusted EBITDA $109.0  $140.4  $124.6  $17.8  391.8 
*includes fiscal year-end change costs, share-based compensation impact of disposals of businesses and special charitable contribution expenses
(8) Adjusted EBITDA is defined as net income, plus interest expense, net, plus non-cash pension settlement charges, plus debt extinguishment charges, 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
CONSOLIDATED ADJUSTED EBITDA
UNAUDITED  Three months ended June 30, Nine months ended June 30,(in millions)  2026   2025   2026   2025 Net income $82.6  $36.9  $281.8  $73.3 Plus: Interest expense, net  7.7   15.8   27.4   47.2 Plus: Non-cash pension settlement charges  0.3   —   1.9   — Plus: Debt extinguishment charges  —   —   2.5   — Plus: Other (income) expense, net  —   1.4   4.8   2.5 Plus: Income tax (benefit) expense  17.9   10.0   82.7   36.8 Plus: Equity earnings of unconsolidated affiliates, net of tax  (0.6)  (0.4)  (1.2)  (1.3)Operating profit $107.9  $63.7  $399.9  $158.5 Less: Equity earnings of unconsolidated affiliates, net of tax  (0.6)  (0.4)  (1.2)  (1.3)Plus: Depreciation, depletion and amortization expense  57.4   58.0   174.9   173.6 Plus: Acquisition and integration related costs  1.5   2.0   3.6   6.1 Plus: Restructuring and other charges  12.1   18.0   42.0   30.4 Plus: Non-cash asset impairment charges  1.4   7.2   6.1   24.7 Plus: (Gain) loss on disposal of properties, plants and equipment, net  0.2   (3.5)  (217.2)  (5.8)Plus: (Gain) loss on disposal of businesses, net  —   0.3   0.5   1.6 Plus: Other costs*  2.3   1.0   51.7   1.4 Adjusted EBITDA $183.4  $147.1  $462.7  $391.8 
*includes fiscal year-end change costs, share-based compensation impact of disposals of businesses and special charitable contribution expenses GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
ADJUSTED FREE CASH FLOW(9)
UNAUDITED  Three months ended June 30, Nine months ended June 30,(in millions)  2026   2025   2026   2025 Net cash provided by (used in) operating activities $77.8  $147.1  $170.0  $286.1 Cash paid for purchases of properties, plants and equipment  (28.7)  (11.6)  (118.5)  (92.9)Free cash flow $49.1  $135.5  $51.5  $193.2 Cash paid for acquisition and integration related costs  1.5   3.2   3.6   6.1 Cash paid for integration related ERP systems and equipment(10)  3.6   2.1   9.3   4.6 Cash paid for taxes related to Containerboard Business divestment  —   —   13.7   — Cash paid for taxes related to Soterra Assets divestment  —   —   100.0   — Cash paid for other nonrecurring costs(11)  3.5   3.6   17.9   3.7 Adjusted free cash flow $57.7  $144.4  $196.0  $207.6 
(9) 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 taxes related to Containerboard Business divestment, plus cash paid for taxes related to Soterra Assets divestment, plus cash paid for other nonrecurring costs. The cash flows from Containerboard Business are included within adjusted free cash flow for the comparative period.
(10) 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.
(11) Cash paid for other nonrecurring costs is defined as cash paid for fiscal year-end change costs, cost optimization and debt issuance costs. GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
NET INCOME, CLASS A EARNINGS PER SHARE AND TAX RATE EXCLUDING 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 RateThree months ended June 30, 2026$99.9  $17.9  $(0.6) $3.8 $78.8  $1.37  17.9%Acquisition and integration related costs 1.5   0.4   —   —  1.1   0.02   Restructuring and other charges 12.1   2.8   —   —  9.3   0.16   Non-cash asset impairment charges 1.4   —   —   —  1.4   0.02   (Gain) loss on disposal of properties, plants and equipment, net 0.2   (0.1)  —   —  0.3   0.01   (Gain) loss on disposal of businesses, net —   (0.1)  —   —  0.1   —   Non-cash pension settlement charges 0.3   0.1   —   —  0.2   —   Other costs* 2.3   0.2   —   —  2.1   0.03   Excluding adjustments$117.7  $21.2  $(0.6) $3.8 $93.3  $1.61  18.0%              Three months ended June 30, 2025$46.5  $10.0  $(0.4) $6.2 $30.7  $0.53  21.5%Acquisition and integration related costs 2.0   0.4   —   —  1.6   0.03   Restructuring and other charges 18.0   4.3   —   —  13.7   0.23   Non-cash asset impairment charges 7.2   1.6   —   —  5.6   0.10   (Gain) loss on disposal of properties, plants and equipment, net (3.5)  (0.9)  —   —  (2.6)  (0.04)  (Gain) loss on disposal of businesses, net 0.3   0.1   —   —  0.2   —   Other costs* 1.0   0.3   —   —  0.7   0.01   Excluding adjustments$71.5  $15.8  $(0.4) $6.2 $49.9  $0.86  22.1%              Nine months ended June 30, 2026$363.3  $82.7  $(1.2) $13.8 $268.0  $4.64  22.8%Acquisition and integration related costs 3.6   0.9   —   —  2.7   0.05   Restructuring and other charges 42.0   10.0   —   0.2  31.8   0.54   Non-cash asset impairment charges 6.1   1.2   —   —  4.9   0.08   (Gain) loss on disposal of properties, plants and equipment, net (217.2)  (49.6)  —   —  (167.6)  (2.86)  (Gain) loss on disposal of businesses, net 0.5   0.1   —   —  0.4   0.01   Non-cash pension settlement charges 1.9   0.5   —   —  1.4   0.02   Debt extinguishment charges 2.5   0.6   —   —  1.9   0.03   Other costs* 51.7   12.4   —   —  39.3   0.67   Excluding adjustments$254.4  $58.8  $(1.2) $14.0 $182.8  $3.18  23.1%              Nine months ended June 30, 2025$108.8  $36.8  $(1.3) $17.4 $55.9  $0.96  33.8%Acquisition and integration related costs 6.1   1.5   —   —  4.6   0.08   Restructuring and other charges 30.4   7.4   —   —  23.0   0.39   Non-cash asset impairment charges 24.7   5.8   —   —  18.9   0.33   (Gain) loss on disposal of properties, plants and equipment, net (5.8)  (1.4)  —   —  (4.4)  (0.06)  (Gain) loss on disposal of businesses, net 1.6   0.4   —   —  1.2   0.02   Other costs* 1.4   0.4   —   —  1.0   0.01   Excluding adjustments$167.2  $50.9  $(1.3) $17.4 $100.2  $1.73  30.4%
*includes fiscal year-end change costs, share-based compensation impact of disposals of businesses and special charitable contribution expenses The income‑tax effects of the non‑GAAP reconciling adjustments are calculated using the applicable statutory tax rate for each relevant jurisdiction and may include both current and deferred components, determined in a manner consistent with the nature of each adjustment. Non‑GAAP reconciling adjustments are presented on a gross (pre‑tax) basis, and the related income‑tax effects of those adjustments are disclosed separately from other tax items (e.g., discrete tax benefits or expenses). When a tax item could be viewed as both a discrete tax item and related to a non‑GAAP reconciling adjustment, the Company classifies the item in a single category for the period and does not double‑count the impact.

GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
NET DEBT
UNAUDITED(in millions) June 30, 2026 July 31, 2025Total debt $1,030.4  $2,717.0 Cash and cash equivalents  (288.5)  (285.2)Net debt $741.9  $2,431.8  GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
LEVERAGE RATIO
UNAUDITEDTrailing twelve month Credit Agreement EBITDA
(in millions) Trailing Twelve Months Ended 6/30/2026 Trailing Twelve Months Ended 7/31/2025(12)Net income $1,033.7  $213.9 Plus: Interest expense, net  55.1   146.5 Plus: Non-cash pension settlement charge  1.9   — Plus: Debt extinguishment charges  2.5   — Plus: Other (income) expense  10.3   3.6 Plus: Income tax (benefit) expense  469.1   69.8 Plus: Equity earnings of unconsolidated affiliates, net of tax  0.4   (2.5)Operating profit $1,573.0  $431.3 Less: Equity earnings of unconsolidated affiliates, net of tax  0.4   (2.5)Plus: Depreciation, depletion and amortization expense  234.1   265.6 Plus: Acquisition and integration related costs  5.7   7.8 Plus: Restructuring and other charges  76.9   46.3 Plus: Non-cash asset impairment charges  19.6   28.5 Plus: (Gain) loss on disposal of properties, plants and equipment, net  (220.9)  (6.1)Plus: (Gain) loss on disposal of businesses, net  (1,091.8)  2.7 Plus: Other costs*  80.0   (0.4)Plus: Other income (expense)  (10.3)  (3.6)Credit Agreement EBITDA before adjustments $665.9  $774.6 Credit Agreement adjustments to EBITDA(13)  (44.3)  (3.1)Credit Agreement EBITDA $621.6  $771.5      Adjusted net debt
(in millions) For the Period Ended 6/30/2026 For the Period Ended 7/31/2025Total debt $1,030.4  $2,717.0 Cash and cash equivalents  (288.5)  (285.2)Net debt $741.9  $2,431.8 Credit Agreement adjustments to debt(14)  (73.9)  (49.6)Adjusted net debt $668.0  $2,382.2      Leverage ratio(15)  1.1
x
  3.1
x

*includes fiscal year-end change costs, share-based compensation impact of disposals of businesses and special charitable contribution expenses
(12) Represents trailing twelve months amounts as filed in the prior year quarter ended July 31, 2025.
(13) Adjustments to EBITDA are specified by the 2026 Credit Agreement and include certain 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.
(14) Adjustments to net debt are specified by the 2026 Credit Agreement and include the European accounts receivable program, letters of credit, and balances for swap contracts and other items.
(15) Leverage ratio is defined as Credit Agreement adjusted net debt divided by Credit Agreement adjusted EBITDA.

Greif delivers industrial packaging and logistics solutions to global customers across sectors from chemicals to agriculture.

EVR Research LP established a new position in Greif (GEF +2.50%) during the fourth quarter, acquiring 175,000 shares in a trade estimated at $11.85 million based on quarterly average pricing, according to a February 17, 2026, SEC filing.

What happenedAccording to its SEC filing dated February 17, 2026, EVR Research LP initiated a new position in Greif by purchasing 175,000 shares. The estimated value of the acquired stake was $11.85 million, based on the average price during the quarter. The net position change for Greif in the portfolio was $11.85 million at quarter-end, a figure reflecting both the transaction and market price shifts.

This was a new position for EVR Research LP, now representing 6.39% of its 13F reportable assets under managementTop holdings after the filing:NYSE: DAN: $17.34 million (9.4% of AUM)NYSE: WKC: $17.34 million (9.4% of AUM)NYSE: CPS: $12.31 million (6.6% of AUM)NYSE:GEF: $11.85 million (6.4% of AUM)NYSE: MEC: $11.33 million (6.1% of AUM)As of Wednesday, shares of Greif were priced at $65.28, up 17% over the year and fairly in line with the S&P 500’s roughly 19% gain in the same period.Company overviewMetricValuePrice (as of Wednesday)$65.28Market Capitalization$3.7 billionRevenue (TTM)$5.4 billionNet Income (TTM)$190 millionCompany snapshotGreif produces and sells industrial packaging products, including steel, fiber, and plastic drums, intermediate bulk containers, containerboards, corrugated sheets, and manages timber properties.The firm generates revenue through the manufacturing and distribution of packaging solutions, as well as providing logistics, warehousing, and land management services.It serves a diversified customer base across chemicals, food and beverage, agriculture, automotive, building products, and related industrial sectors worldwide.Greif, Inc. is a global leader in industrial packaging with a vertically integrated model spanning packaging manufacturing, recycling, and timberland management. The company leverages its broad product portfolio and service offerings to address complex supply chain needs for major industrial customers. With a history dating back to 1877, Greif's scale, operational expertise, and focus on customer relationships underpin its competitive position in the packaging and containers industry.

What this transaction means for investorsEVR is clearly doubling down on real economy exposure with this move and others last quarter, including a similar buy of Ingevity stock. With multiple top holdings already tied to autos, materials, and industrial production, adding a packaging and logistics player reinforces a bullish thesis around demand across supply chains.

Greif’s business touches everything from chemicals to food and agriculture, which gives it a steady stream of demand tied less to consumer sentiment and more to production activity. That diversification tends to smooth out volatility, especially compared with more cyclical single-end market manufacturers. In its latest earnings report, the firm reported that net income increased to $176.6 million for the quarter, up from $6.6 million a year earlier. This was in part thanks to “meaningful” cost reductions in the quarter, according to CEO Ole Rosgaard.

Finally, the size of the new position also stands out. At more than 6% of assets, this is immediately one of the fund’s larger positions, suggesting that this is not just thematic exposure but a higher conviction addition.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

DELAWARE, Ohio, April 06, 2026 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, announced today it will report the company’s 2026 second quarter financial results after the market closes on Tuesday, April 28, 2026. A conference call will be held on Wednesday, April 29, 2026, at 8:30 a.m. ET to discuss the quarter results.

Greif will provide conference call slides in combination with the earnings press release. The conference call will include management’s prepared remarks and a question and answer session.

Participants may access the call using the following online registration link. Registrants will receive a confirmation containing dial in details and a unique conference call code for entry. Phone lines will open at 8:00 a.m. ET. A digital replay of the conference call will be available two hours following the call on the company’s web site at http://investor.greif.com.

Webcast Details
Title: Greif, Inc. Q2 2026 Earnings Conference Call
URL: https://edge.media-server.com/mmc/p/fovkfsi3/lan/en

About Greif

Founded in 1877, Greif is a global leader in performance packaging located in over 35 countries. The company delivers trusted, innovative, and tailored solutions that support some of the world’s most demanding and fastest-growing industries. With a commitment to legendary customer service, operational excellence, and global sustainability, Greif packages life’s essentials – and creates lasting value for its colleagues, customers, and other stakeholders. Learn more about the company’s Customized Polymer, Sustainable Fiber, Durable Metal, and Innovative Closure Solutions at www.greif.com and follow Greif on Instagram and LinkedIn.

Contact:

Bill D’Onofrio
614-499-7233
[email protected]

DELAWARE, Ohio, April 28, 2026 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, today announced fiscal second quarter 2026 results.

On June 30, 2025, we entered into a definitive agreement to divest our containerboard business, including our CorrChoice sheet feeder system (the “Containerboard Business”), in an all-cash transaction for $1.8 billion to Packaging Corporation of America. The transaction closed as of August 31, 2025. As a result, the Containerboard Business was presented as discontinued operations beginning in the third quarter of 2025. Unless otherwise noted, the discussions and disclosure tables throughout this press release relate only to our continuing operations.

Effective October 1, 2025, our Integrated Solutions reportable segment was renamed Innovative Closure Solutions. Additionally, activities related to the purchase and sale of recycled fiber and the production and sale of adhesives used in paperboard products, which were previously reported within the Integrated Solutions reportable segment, are now reported within the Sustainable Fiber Solutions reportable segment. Likewise, activities related to production and sale of complimentary packaging products and services such as paints, linings and filling, that are used in or relate to our steel products and were previously reported within the Integrated Solutions reportable segment, are now reported within the Durable Metal Solutions reportable segment.

Fiscal Second Quarter 2026 Financial Highlights:
(all current period results are compared to the second quarter of 2025 and both periods reflect only continuing operations unless otherwise noted)

Net income(1) decreased 32.3% to $12.6 million or $0.22 per diluted Class A share compared to net income of $18.6 million or $0.32 per diluted Class A share.Net income, excluding the impact of adjustments(2), increased 57.5% to $62.7 million or $1.10 per diluted Class A share compared to net income, excluding the impact of adjustments, of $39.8 million or $0.68 per diluted Class A share.Adjusted EBITDA(3) increased 7.5% to $156.8 million compared to Adjusted EBITDA of $145.9 million.Net cash provided by operating activities decreased by $5.8 million to a source of $116.6 million. Adjusted free cash flow(4) increased by $92.7 million to a source of $179.3 million. Adjusted free cash flow in the prior year includes contribution from the Containerboard Business and thus is not directly comparable to current year results.Total debt of $1,005.9 million decreased by $1,769.3 million primarily due to repayment of debt of approximately $1,864.0 million from the sales of the Containerboard Business and the timberlands business. Net debt(5) decreased by $1,802.7 million to $719.8 million. Our leverage ratio(6) decreased to 1.1x from 3.3x. Strategic Actions and Announcements

Achieved $75.0 million of run-rate cost optimization by the end of second quarter of fiscal 2026, which increased from the $65.0 million reported as of the end of the first quarter of fiscal 2026.Completed previously announced $150.0 million share repurchase program on April 15, 2026, repurchasing a final total of 1.8 million shares of Class A and 0.4 million shares of Class B.Refinanced long-term debt to 2031 through $500.0 million of Term Loans and $800.0 million of available capacity on a revolving line of credit. Debt secured at favorable rates given market volatility, with a quarter-to-date weighted-average interest rate of 3.14%.Completed 2026 Gallup Colleague Engagement Survey with over 98% participation and an aggregate score of 91st percentile which is world-class across manufacturing companies.Issued 17th Annual Sustainability Report available for review at https://www.greif.com/sustainability/. We encourage investors to review this report, which includes key milestones achieved in 2025 as well as an update on our progress towards our 2030 sustainability goals. Commentary from CEO Ole Rosgaard

“Greif delivered a resilient second quarter in a continued soft industrial environment. Demand remains subdued, and our results reflect the reality of the markets we serve. That said, we executed well on the factors within our control.

Adjusted EBITDA increased 7.5% with margin expansion, and we generated strong adjusted free cash flow of $179 million reflecting disciplined operations and a structurally stronger cash generation profile.

We have also significantly strengthened our financial position. At 1.1x leverage, our balance sheet provides flexibility to invest in the business, return capital to shareholders, and navigate ongoing uncertainty from a position of strength.

Our strategy remains consistent. We are building for organic growth through operational execution, commercial discipline, and continuous improvement, while complementing that with targeted tuck-in M&A, where we will remain selective and focused on value.

We are not yet seeing a demand inflection, and geopolitical developments, including the ongoing conflict in the Middle East, continue to weigh on industrial activity. As a result, we are taking a more conservative outlook and managing the business accordingly, with a focus on cost control, cash generation, and disciplined execution.

The actions we have taken over the past year are strengthening Greif structurally. We are a more focused, more resilient, and more cash-generative company, better positioned to outperform through the cycle.”

(1)Net income for the second quarter of 2026 includes a special charitable contribution recorded in SG&A expenses, which was allocated across the reporting segments and excluded from Adjusted EBITDA as part of other costs.(2)Adjustments that are excluded from net income and from earnings per diluted Class A share are acquisition and integration related costs, restructuring and other charges, non-cash asset impairment charges, non-cash pension settlement charges, debt extinguishment charges, (gain) loss on disposal of properties, plants and equipment, net, (gain) loss on disposal of businesses, net, and other costs.(3)Adjusted EBITDA is defined as net income, plus interest expense, net, plus non-cash pension settlement charges, plus debt extinguishment charges, 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.(4)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 taxes related to Containerboard Business divestment, plus cash paid for taxes related to Soterra Assets divestment, plus cash paid for other nonrecurring costs. The cash flows from Containerboard Business have not been segregated and are included within the adjusted free cash flow for comparative period.(5)Net debt is defined as total debt less cash and cash equivalents.(6)Leverage ratio for the periods indicated is defined as adjusted net debt divided by trailing twelve month EBITDA, each as calculated under the terms of the Company's Third Amended and Restated Credit Agreement dated as of February 27, 2026, filed separately as Exhibit 10.1 to the Company's Current Report on Form 8-K on March 5, 2026 (the "2026 Credit Agreement"). As calculated under the 2026 Credit Agreement, adjusted net debt was $667.6 million and $2,472.4 as of March 31, 2026 and April 30, 2025 respectively, and trailing twelve month credit agreement EBITDA was $586.4 million and $750.2 as of March 31, 2026 and April 30, 2025, 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 2026 Segment Results:
(all current period results are compared to the second quarter of 2025 and both periods reflect only continuing operations 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 2026 as compared to the prior year quarter for the business segments indicated.

Net Sales Impact Customized Polymer Solutions Durable Metal Solutions Sustainable Fiber Solutions Innovative Closure SolutionsCurrency Translation 5.7% 7.8% 0.2% 7.5%Volume 1.5% (5.9)% (10.0)% (2.4)%Selling Prices and Product Mix (0.2)% 0.1% 1.6% 10.4%Total Impact 7.0% 2.0% (8.2)% 15.5%
Customized Polymer Solutions

Net sales increased by $22.3 million to $344.8 million primarily due to $18.3 million of positive foreign currency translation impacts and higher volumes.

Gross profit decreased by $2.7 million to $74.1 million. The decrease in gross profit was primarily due to higher raw material costs and higher manufacturing costs, partially offset by the same factors that impacted net sales.

Operating profit decreased by $15.3 million to $2.5 million primarily due to higher SG&A expenses and the same factors that impacted gross profit, partially offset by lower compensation expenses related to cost optimizations.

Adjusted EBITDA increased by $2.4 million to $45.8 million primarily due to the same factors that impacted net sales and lower compensation expenses related to cost optimizations.

Durable Metal Solutions

Net sales increased by $7.5 million to $380.4 million primarily due to primarily due to $29.0 million positive foreign currency translation impacts, partially offset by $22.0 million attributable to lower volumes.

Gross profit increased by $5.5 million to $89.3 million. The increase in gross profit was primarily due to the same factors that impacted net sales.

Operating profit decreased by $2.1 million to $39.0 million primarily due to higher SG&A expenses, partially offset by the same factors that impacted gross profit and lower compensation expenses related to cost optimizations.

Adjusted EBITDA increased by $11.6 million to $61.6 million primarily due to the same factors that impacted gross profit and lower compensation expenses related to cost optimizations.

Sustainable Fiber Solutions

Net sales decreased by $38.9 million to $321.8 million primarily due to $35.2 million attributable to lower volumes, and impacts from the Soterra Divestiture.

Gross profit decreased by $6.8 million to $71.3 million. The decrease in gross profit was primarily due to the same factors that impacted net sales, partially offset by lower raw material, transportation and manufacturing costs.

Operating loss increased by $8.0 million to $10.2 million primarily due to higher SG&A expenses and the same factors that impacted gross profit, partially offset by lower compensation expenses related to cost optimizations.

Adjusted EBITDA decreased by $5.5 million to $40.8 million primarily due to the same factors that impacted gross profit, partially offset by lower compensation expenses related to cost optimizations.

Innovative Closure Solutions

Net sales increased by $3.5 million to $25.8 million primarily due to higher average selling prices and positive foreign currency translation impact, partially offset by lower volumes.

Gross profit increased by $2.5 million to $12.3 million. The increase in gross profit was primarily due to the same factors that impacted net sales.

Operating profit increased by $0.1 million to $4.1 million primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses.

Adjusted EBITDA increased by $2.4 million to $8.6 million primarily due to the same factors that impacted gross profit.

Tax Summary

During the second quarter, we recorded an income tax rate of 27.1 percent and a tax rate excluding the impact of adjustments of 25.5 percent. Income tax expense for interim periods is calculated using estimated annual effective tax rates applied to year to date earnings, which can result in quarter‑to‑quarter variability. For fiscal 2026, we expect our tax rate to range between 26.0 to 30.0 percent and our tax rate excluding adjustments to range between 28.0 to 32.0 percent.

Dividend Summary

On February 23, 2026, the Board of Directors declared quarterly cash dividends of $0.56 per share of Class A Common Stock and $0.84 per share of Class B Common Stock, resulting in a total dividend payment of approximately $31.9 million. Dividends were paid by April 1, 2026, to stockholders of record at the close of business on March 16, 2026.

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. While we believe we are well positioned for an eventual recovery of the industrial economy, at this time we believe it is appropriate to continue to provide only low-end guidance based on the continuing demand trends reflected, both in the current year and in the past year, and current price/cost factors. As a result of current and anticipated consequences of the Middle East conflict, we have reduced our low-end annual Adjusted EBITDA guidance. Call-in details are provided below.

(in millions)Fiscal 2026 Low-End Guidance Estimate Reported at Q2Adjusted EBITDA$610Adjusted free cash flow$315
Note: Our fiscal 2026 low-end guidance estimates of Adjusted EBITDA and Adjusted free cash flow and our estimated tax rate and tax rate excluding the impact of adjustments contain forward-looking statements and actual results may differ materially as a result of known and unknown uncertainties and risks, including those set forth below under the heading “Forward-Looking Statements.” In addition, these forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliations to their most directly comparable GAAP financial measures, forecasted net income in the case of Adjusted EBITDA and forecasted net cash provided by operating activities in the case of Adjusted free cash flow, due to the inherent difficulty in projecting and quantifying the various adjusting items necessary for such reconciliations, such as gains or losses on the disposal of businesses or properties, plants and equipment, non-cash asset impairment charges due to unanticipated changes in the business, restructuring related activities, acquisition and integration related costs, debt extinguishment costs, stock-based compensation expense, amortization and depreciation expense, merger and acquisition activity, and other costs that have not yet occurred, are out of our control, or cannot be reasonably predicted. Accordingly, reconciliations of our guidance for Adjusted EBITDA and Adjusted free cash flow are not available without unreasonable effort.

Conference Call

The Company will host a conference call to discuss second quarter 2026 results on April 29, 2026, 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/BI6b3185f6af284f9db540033cb9fee2dd. 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 April 29, 2026. A digital replay of the conference call will be available two hours following the call on the Company’s web site at http://investor.greif.com.

Investor Relations contact information

Bill D’Onofrio, Vice President, Corporate Development & Investor Relations, 614-499-7233. [email protected].

About Greif

Founded in 1877, Greif is a global leader in performance packaging located in 35 countries. The company delivers trusted, innovative, and tailored solutions that support some of the world’s most demanding and fastest-growing industries. With a commitment to legendary customer service, operational excellence, and global sustainability, Greif packages life’s essentials – and creates lasting value for its colleagues, customers, and other stakeholders. Learn more about the company’s Customized Polymer, Sustainable Fiber, Durable Metal, and Innovative Closure Solutions at www.greif.com and follow Greif on Instagram and LinkedIn.

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 have affected and could continue to adversely affect our results of operations, including the impacts of ongoing conflicts such as with Iran, (iii) the current and future challenging global economy and disruption and volatility of the financial and credit markets may adversely affect our business and our access to financing and could delay or otherwise disrupt our share repurchase plan, (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 delays, shortages, price fluctuations, global supply chain disruptions and high 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 product dispositions 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 (“IT”) 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 have in the past been and in the future 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 March 31, Six months ended March 31,(in millions, except per share amounts)  2026   2025   2026   2025 Net sales $1,072.8  $1,078.4  $2,067.6  $2,095.1 Cost of products sold  825.8   829.9   1,618.0   1,647.2 Gross profit  247.0   248.5   449.6   447.9 Selling, general and administrative expenses  191.7   159.9   337.8   320.1 Acquisition and integration related costs  1.4   1.3   2.1   4.1 Restructuring and other charges  15.7   9.1   29.9   12.4 Non-cash asset impairment charges  4.5   17.2   4.7   17.5 (Gain) loss on disposal of properties, plants and equipment, net  (1.7)  0.1   (217.4)  (2.3)(Gain) loss on disposal of businesses, net  —   0.2   0.5   1.3 Operating profit  35.4   60.7   292.0   94.8 Interest expense, net  10.0   15.5   19.7   31.4 Non-cash pension settlement charges  0.7   —   1.6   — Debt extinguishment charges  2.5   —   2.5   — Other (income) expense, net  0.4   0.2   4.8   1.1 Income from continuing operations before income tax (benefit) expense and equity earnings of unconsolidated affiliates, net  21.8   45.0   263.4   62.3 Income tax (benefit) expense  5.9   20.0   64.8   26.8 Equity earnings of unconsolidated affiliates, net of tax  (0.4)  (0.1)  (0.6)  (0.9)Net income from continuing operations  16.3   25.1   199.2   36.4 Net income (loss) from discontinued operations, net of tax  —   21.3   (2.0)  36.7 Net income  16.3   46.4   197.2   73.1 Net income attributable to noncontrolling interests  (3.7)  (6.5)  (10.0)  (11.2)Net income attributable to Greif, Inc. $12.6  $39.9  $187.2  $61.9 Basic earnings per share attributable to Greif, Inc. common shareholders:Class A common stock (continued operations) - basic $0.22  $0.32  $3.31  $0.44 Class A common stock (discontinued operations) - basic $—  $0.37  $(0.03) $0.63 Earnings per Class A common stock - basic $0.22  $0.69  $3.28  $1.07 Class B common stock (continued operations) - basic $0.33  $0.48  $4.95  $0.65 Class B common stock (discontinued operations) - basic $—  $0.55  $(0.05) $0.95 Earnings per Class B common stock - basic $0.33  $1.03  $4.90  $1.60 Diluted earnings per share attributable to Greif, Inc. common shareholders:Class A common stock (continued operations) - diluted $0.22  $0.32  $3.27  $0.44 Class A common stock (discontinued operations) - diluted $—  $0.37  $(0.03) $0.63 Earnings per Class A common stock - diluted $0.22  $0.69  $3.24  $1.07 Class B common stock (continued operations) - diluted $0.33  $0.48  $4.95  $0.65 Class B common stock (discontinued operations) - diluted $—  $0.55  $(0.05) $0.95 Earnings per Class B common stock - diluted $0.33  $1.03  $4.90  $1.60 Shares used to calculate basic earnings per share attributable to Greif, Inc. common shareholders:Class A common stock  24.7   26.1   25.2   26 Class B common stock  21.5   21.3   21.4   21.3 Shares used to calculate diluted earnings per share attributable to Greif, Inc. common shareholders:Class A common stock  24.7   26.1   25.6   26.0 Class B common stock  21.5   21.3   21.4   21.3  GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED(in millions) March 31, 2026
 September 30, 2025
ASSETS      Current assets      Cash and cash equivalents $286.1  $256.7 Trade accounts receivable  707.1   655.3 Inventories  340.0   336.8 Current assets held for sale  18.4   21.8 Other current assets  212.2   159.8    1,563.8   1,430.4 Long-term assets      Goodwill  1,693.2   1,696.5 Intangible assets  794.0   840.9 Operating lease right-of-use assets  173.8   186.5 Noncurrent assets held for sale  —   233.5 Other long-term assets  243.8   243.8    2,904.8   3,201.2 Properties, plants and equipment  1,128.0   1,135.2   $5,596.6  $5,766.8 LIABILITIES AND EQUITY      Current liabilities      Accounts payable $500.9  $429.6 Short-term borrowings  292.2   287.7 Current portion of long-term debt  12.5   — Current portion of operating lease liabilities  40.3   43.9 Current liabilities held for sale  —   2.1 Other current liabilities  380.2   366.3    1,226.1   1,129.6 Long-term liabilities      Long-term debt  701.2   914.8 Operating lease liabilities  134.4   143.9 Other long-term liabilities  461.0   533.8    1,296.6   1,592.5        Redeemable noncontrolling interests  92.7   92.3 Equity      Total Greif, Inc. equity  2,942.2   2,914.9 Noncontrolling interests  39.0   37.5 Total equity  2,981.2   2,952.4   $5,596.6  $5,766.8  GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS*
UNAUDITED  Three months ended March 31, Six months ended March 31,(in millions)  2026   2025   2026   2025 CASH FLOWS FROM OPERATING ACTIVITIES:        Net income $16.3  $46.4  $197.2  $73.1 Depreciation, depletion and amortization  57.2   66.4   117.5   133.9 Asset impairments  4.5   17.2   4.7   17.5 Pension settlement charges  0.7   —   1.6   — Deferred income tax expense (benefit)  (0.9)  (0.6)  (50.8)  (86.1)Gain on disposal of businesses, net  —   0.2   3.1   1.3 Gain (loss) on disposals of properties, plants and equipment, net  (1.7)  0.1   (217.4)  (2.3)Other non-cash adjustments to net income  55.5   14.3   67.0   25.7 Debt extinguishment charges  0.7   —   0.7   — Operating working capital changes  20.1   (30.6)  33.7   (23.4)Increase (decrease) in cash from changes in other assets and liabilities  (35.8)  9.0   (65.1)  (0.7)Net cash provided by (used in) operating activities  116.6   122.4   92.2   139.0 CASH FLOWS FROM INVESTING ACTIVITIES:        Acquisitions of companies, net of cash acquired  (5.3)  —   (5.3)  (1.2)Purchases of properties, plants and equipment  (56.8)  (38.6)  (89.8)  (81.3)Proceeds from the sale of properties, plant and equipment and businesses  2.5   2.4   463.4   5.5 Payments for deferred purchase price of acquisitions  —   —   (0.6)  (1.2)Proceeds from hedging derivatives  —   —   —   22.5 Other  (0.3)  (0.7)  (0.3)  (3.6)Net cash provided by (used in) investing activities  (59.9)  (36.9)  367.4   (59.3)CASH FLOWS FROM FINANCING ACTIVITIES:        Proceeds (payments) on long-term debt, net  64.3   (17.8)  (195.6)  33.1 Dividends paid to Greif, Inc. shareholders  (31.8)  (31.2)  (64.3)  (62.4)Payments for debt extinguishment and issuance costs  (2.8)  —   (2.8)  — Payments for share repurchases  (19.1)  —   (147.2)  — Tax withholding payments for stock-based awards  (9.8)  (7.4)  (9.8)  (7.4)Other  (1.4)  (4.6)  (10.6)  (18.0)Net cash provided by (used in) financing activities  (0.6)  (61.0)  (430.3)  (54.7)Effects of exchange rates on cash  (13.5)  34.0   0.1   1.9 Net increase (decrease) in cash and cash equivalents  42.6   58.5   29.4   26.9 Cash and cash equivalents, beginning of period  243.5   184.8   256.7   216.4 Cash and cash equivalents, end of period $286.1  $243.3  $286.1  $243.3 *Cash flows from Containerboard Business are included in the comparative period GREIF, INC. AND SUBSIDIARY COMPANIES
FINANCIAL HIGHLIGHTS BY SEGMENT
UNAUDITED  Three months ended March 31, Six months ended March 31,(in millions)  2026   2025   2026   2025 Net sales:         Customized Polymer Solutions $344.8  $322.5  $649.9  $616.9 Durable Metal Solutions  380.4   372.9   735.2   728.8 Sustainable Fiber Solutions  321.8   360.7   633.7   704.7 Innovative Closure Solutions(7)  25.8   22.3   48.8   44.7 Total net sales $1,072.8  $1,078.4  $2,067.6  $2,095.1 Gross profit:         Customized Polymer Solutions $74.1  $76.8  $131.9  $135.4 Durable Metal Solutions  89.3   83.8   160.0   152.8 Sustainable Fiber Solutions  71.3   78.1   136.5   142.4 Innovative Closure Solutions  12.3   9.8   21.2   17.3 Total gross profit $247.0  $248.5  $449.6  $447.9 Operating profit:         Customized Polymer Solutions $2.5  $17.8  $5.0  $18.9 Durable Metal Solutions  39.0   41.1   71.9   71.6 Sustainable Fiber Solutions  (10.2)  (2.2)  208.3   (1.1)Innovative Closure Solutions  4.1   4.0   6.8   5.4 Total operating profit $35.4  $60.7  $292.0  $94.8 Adjusted EBITDA(8):         Customized Polymer Solutions $45.8  $43.4  $81.3  $71.9 Durable Metal Solutions  61.6   50.0   107.4   86.8 Sustainable Fiber Solutions  40.8   46.3   77.4   75.8 Innovative Closure Solutions  8.6   6.2   13.2   10.2 Total Adjusted EBITDA $156.8  $145.9  $279.3  $244.7 (7) The Innovative Closure Solutions reportable segment’s total sales, including intersegment sales, was $45.4 million and $38.6 million for the second quarter of 2026 and 2025, respectively. Gross profit margin as a percentage of total sales was 27.1 percent and 25.4 percent for the second quarter of 2026 and 2025, respectively.
(8) Adjusted EBITDA is defined as net income, plus interest expense, net, plus other (income) expense, net, plus non-cash pension settlement charges, plus debt extinguishment charges, 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
SEGMENT ADJUSTED EBITDA(9)
UNAUDITED

  Three months ended March 31, 2026(in millions) Customized Polymer Solutions
 Durable Metal Solutions Sustainable Fiber Solutions Innovative Closure Solutions ConsolidatedOperating profit (loss)  2.5   39.0   (10.2)  4.1   35.4 Less: Equity earnings of unconsolidated affiliates, net of tax  —   —   —   (0.4)  (0.4)Plus: Depreciation and amortization expense  25.0   7.6   23.3   1.3   57.2 Plus: Acquisition and integration related costs  0.7   —   —   0.7   1.4 Plus: Restructuring and other charges  3.9   4.6   7.1   0.1   15.7 Plus: Non-cash asset impairment charges  —   —   4.5   —   4.5 Plus: (Gain) loss on disposal of properties, plants and equipment, net  0.4   (2.4)  0.3   —   (1.7)Plus: Other costs*  13.3   12.8   15.8   2.0   43.9 Adjusted EBITDA $45.8  $61.6  $40.8  $8.6  $156.8               Three months ended March 31, 2025(in millions) Customized Polymer Solutions
 Durable Metal Solutions Sustainable Fiber Solutions Innovative Closure Solutions ConsolidatedOperating profit (loss)  17.8   41.1   (2.2)  4.0   60.7 Less: Equity earnings of unconsolidated affiliates, net of tax  —   —   —   (0.1)  (0.1)Plus: Depreciation, depletion and amortization expense  22.9   7.0   25.7   1.5   57.1 Plus: Acquisition and integration related costs  1.3   —   —   —   1.3 Plus: Restructuring and other charges  0.6   0.7   7.6   0.2   9.1 Plus: Non-cash asset impairment charges  0.7   2.1   14.0   0.4   17.2 Plus: (Gain) loss on disposal of properties, plants and equipment, net  0.1   (1.1)  1.1   —   0.1 Plus: (Gain) loss on disposal of businesses, net  —   0.2   —   —   0.2 Plus: Other costs*  —   —   0.1   —   0.1 Adjusted EBITDA $43.4  $50.0  $46.3  $6.2  $145.9 *includes fiscal year-end change costs, share-based compensation impact of disposals of businesses and special charitable contribution expenses   Six months ended March 31, 2026(in millions) Customized Polymer Solutions
 Durable Metal Solutions Sustainable Fiber Solutions Integrated Solutions ConsolidatedOperating profit  5.0   71.9   208.3   6.8  292.0 Less: Equity earnings of unconsolidated affiliates, net of tax  —   —   —   (0.6) (0.6)Plus: Depreciation and amortization expense  52.9   15.2   46.7   2.7  117.5 Plus: Acquisition and integration related costs  1.4   —   —   0.7  2.1 Plus: Restructuring and other charges  6.2   8.4   15.1   0.2  29.9 Plus: Non-cash asset impairment charges  —   —   4.7   —  4.7 Plus: (Gain) loss on disposal of properties, plants and equipment, net  0.4   (2.5)  (215.3)  —  (217.4)Plus: (Gain) loss on disposal of businesses, net  0.5   —   —   —  0.5 Plus: Other costs*  14.9   14.4   17.9   2.2  49.4 Adjusted EBITDA $81.3  $107.4  $77.4  $13.2  279.3               Six months ended March 31, 2025(in millions) Customized Polymer Solutions
 Durable Metal Solutions Sustainable Fiber Solutions Integrated Solutions ConsolidatedOperating profit (loss)  18.9   71.6   (1.1)  5.4  94.8 Less: Equity earnings of unconsolidated affiliates, net of tax  —   —   —   (0.9) (0.9)Plus: Depreciation, depletion and amortization expense  45.9   14.2   52.3   3.2  115.6 Plus: Acquisition and integration related costs  4.1   —   —   —  4.1 Plus: Restructuring and other charges  1.7   1.4   9.0   0.3  12.4 Plus: Non-cash asset impairment charges  1.0   2.1   14.0   0.4  17.5 Plus: (Gain) loss on disposal of properties, plants and equipment, net  0.2   (3.9)  1.4   —  (2.3)Plus: (Gain) loss on disposal of businesses, net  —   1.3   —   —  1.3 Plus: Other costs*  0.1   0.1   0.2   —  0.4 Adjusted EBITDA $71.9  $86.8  $75.8  $10.2  244.7 *includes fiscal year-end change costs, share-based compensation impact of disposals of businesses and special charitable contribution expenses
(9)Adjusted EBITDA is defined as net income, plus interest expense, net, plus non-cash pension settlement charges, plus debt extinguishment charges, 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
CONSOLIDATED ADJUSTED EBITDA
UNAUDITED  Three months ended March 31, Six months ended March 31,(in millions)  2026   2025   2026   2025 Net income $16.3  $25.1  $199.2  $36.4 Plus: Interest expense, net  10.0   15.5   19.7   31.4 Plus: Non-cash pension settlement charges  0.7   —   1.6   — Plus: Debt extinguishment charges  2.5   —   2.5   — Plus: Other (income) expense, net  0.4   0.2   4.8   1.1 Plus: Income tax (benefit) expense  5.9   20.0   64.8   26.8 Plus: Equity earnings of unconsolidated affiliates, net of tax  (0.4)  (0.1)  (0.6)  (0.9)Operating profit $35.4  $60.7  $292.0  $94.8 Less: Equity earnings of unconsolidated affiliates, net of tax  (0.4)  (0.1)  (0.6)  (0.9)Plus: Depreciation, depletion and amortization expense  57.2   57.1   117.5   115.6 Plus: Acquisition and integration related costs  1.4   1.3   2.1   4.1 Plus: Restructuring and other charges  15.7   9.1   29.9   12.4 Plus: Non-cash asset impairment charges  4.5   17.2   4.7   17.5 Plus: (Gain) loss on disposal of properties, plants and equipment, net  (1.7)  0.1   (217.4)  (2.3)Plus: (Gain) loss on disposal of businesses, net  —   0.2   0.5   1.3 Plus: Other costs*  43.9   0.1   49.4   0.4 Adjusted EBITDA $156.8  $145.9  $279.3  $244.7 *includes fiscal year-end change costs, share-based compensation impact of disposals of businesses and special charitable contribution expenses GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
ADJUSTED FREE CASH FLOW(10)
UNAUDITED  Three months ended March 31, Six months ended March 31,(in millions)  2026   2025   2026   2025 Net cash provided by (used in) operating activities $116.6  $122.4  $92.2  $139.0 Cash paid for purchases of properties, plants and equipment  (56.8)  (38.6)  (89.8)  (81.3)Free cash flow $59.8  $83.8  $2.4  $57.7 Cash paid for acquisition and integration related costs  1.4   1.2   2.1   2.9 Cash paid for integration related ERP systems and equipment(11)  3.7   1.5   5.7   2.5 Cash paid for taxes related to Containerboard Business divestment  —   —   13.7   — Cash paid for taxes related to Soterra Assets divestment  100.0   —   100.0   — Cash paid for other nonrecurring costs(12)  14.4   0.1   14.4   0.1 Adjusted free cash flow $179.3  $86.6  $138.3  $63.2 (10) 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 taxes related to Containerboard Business divestment, plus cash paid for taxes related to Soterra Assets divestment, plus cash paid for other nonrecurring costs. The cash flows from Containerboard Business are included within adjusted free cash flow for the comparative period.
(11) 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.
(12) Cash paid for other nonrecurring costs is defined as cash paid for fiscal year-end change costs, cost optimization and debt issuance costs. GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
NET INCOME, CLASS A EARNINGS PER SHARE AND TAX RATE EXCLUDING 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 RateThree months ended March 31, 2026 $21.8  $5.9  $(0.4) $3.7  $12.6  $0.22  27.1%Acquisition and integration related costs  1.4   0.4   —   —   1.0   0.02   Restructuring and other charges  15.7   3.8   —   0.2   11.7   0.21   Non-cash asset impairment charges  4.5   1.1   —   —   3.4   0.06   (Gain) loss on disposal of properties, plants and equipment, net  (1.7)  (0.3)  —   —   (1.4)  (0.02)  Non-cash pension settlement charges  0.7   0.2   —   —   0.5   0.01   Debt extinguishment charges  2.5   0.6   —   —   1.9   0.03   Other costs*  43.9   10.9   —   —   33.0   0.57   Excluding adjustments $88.8  $22.6  $(0.4) $3.9  $62.7  $1.10  25.5%                Three months ended March 31, 2025 $45.0  $20.0  $(0.1) $6.5  $18.6  $0.32  44.4%Acquisition and integration related costs  1.3   0.3   —   —   1.0   0.02   Restructuring and other charges  9.1   2.2   —   —   6.9   0.12   Non-cash asset impairment charges  17.2   4.2   —   —   13.0   0.22   (Gain) loss on disposal of properties, plants and equipment, net  0.1   0.1   —   —   —   —   (Gain) loss on disposal of businesses, net  0.2   —   —   —   0.2   —   Other costs*  0.1   —   —   —   0.1   —   Excluding adjustments $73.0  $26.8  $(0.1) $6.5  $39.8  $0.68  36.7%                Six months ended March 31, 2026 $263.4  $64.8  $(0.6) $10.0  $189.2  $3.27  24.6%Acquisition and integration related costs  2.1   0.5   —   —   1.6   0.03   Restructuring and other charges  29.9   7.2   —   0.2   22.5   0.38   Non-cash asset impairment charges  4.7   1.2   —   —   3.5   0.06   (Gain) loss on disposal of properties, plants and equipment, net  (217.4)  (49.4)  —   —   (168.0)  (2.88)  (Gain) loss on disposal of businesses, net  0.5   0.2   —   —   0.3   0.01   Non-cash pension settlement charges  1.6   0.4   —   —   1.2   0.02   Debt extinguishment charges  2.5   0.6   —   —   1.9   0.03   Other costs*  49.4   12.2   —   —   37.2   0.64   Excluding adjustments $136.7  $37.7  $(0.6) $10.2  $89.4  $1.56  27.6%                Six months ended March 31, 2025 $62.3  $26.8  $(0.9) $11.2  $25.2  $0.44  43.0%Acquisition and integration related costs  4.1   1.0   —   —   3.1   0.05   Restructuring and other charges  12.4   3.0   —   —   9.4   0.16   Non-cash asset impairment charges  17.5   4.3   —   —   13.2   0.23   (Gain) loss on disposal of properties, plants and equipment, net  (2.3)  (0.5)  —   —   (1.8)  (0.02)  (Gain) loss on disposal of businesses, net  1.3   0.3   —   —   1.0   0.02   Other costs*  0.4   0.1   —   —   0.3   —   Excluding adjustments $95.7  $35.0  $(0.9) $11.2  $50.4  $0.88  36.6%*includes fiscal year-end change costs, share-based compensation impact of disposals of businesses and special charitable contribution expenses
The income‑tax effects of the non‑GAAP reconciling adjustments are calculated using the applicable statutory tax rate for each relevant jurisdiction and may include both current and deferred components, determined in a manner consistent with the nature of each adjustment. Non‑GAAP reconciling adjustments are presented on a gross (pre‑tax) basis, and the related income‑tax effects of those adjustments are disclosed separately from other tax items (e.g., discrete tax benefits or expenses). When a tax item could be viewed as both a discrete tax item and related to a non‑GAAP reconciling adjustment, the Company classifies the item in a single category for the period and does not double‑count the impact.

GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
NET DEBT
UNAUDITED(in millions) March 31, 2026 April 30, 2025Total debt $1,005.9  $2,775.2 Cash and cash equivalents  (286.1)  (252.7)Net debt $719.8  $2,522.5  GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
LEVERAGE RATIO
UNAUDITED

Trailing twelve month Credit Agreement EBITDA
(in millions) Trailing Twelve Months Ended 3/31/2026 Trailing Twelve Months Ended 4/30/2025(13)Net income $1,013.1  $238.1 Plus: Interest expense, net  83.5   153.1 Plus: Non-cash pension settlement charge  1.6   — Plus: Debt extinguishment charges  2.5   — Plus: Other (income) expense  11.7   1.6 Plus: Income tax (benefit) expense  467.7   86.0 Plus: Equity earnings of unconsolidated affiliates, net of tax  0.6   (2.7)Operating profit $1,580.7  $476.1 Less: Equity earnings of unconsolidated affiliates, net of tax  0.6   (2.7)Plus: Depreciation, depletion and amortization expense  243.7   268.0 Plus: Acquisition and integration related costs  6.2   8.6 Plus: Restructuring and other charges  82.8   23.8 Plus: Non-cash asset impairment charges  25.4   25.3 Plus: (Gain) loss on disposal of properties, plants and equipment, net  (224.6)  (6.9)Plus: (Gain) loss on disposal of businesses, net  (1,092.9)  (44.6)Plus: Other costs*  78.7   3.7 Adjusted EBITDA $699.4  $756.7 Credit Agreement adjustments to EBITDA(14)  (113.0)  (6.5)Credit Agreement EBITDA $586.4  $750.2      Adjusted net debt
(in millions) For the Period Ended 3/31/2026 For the Period Ended 4/30/2025Total debt $1,005.9  $2,775.2 Cash and cash equivalents  (286.1)  (252.7)Net debt $719.8  $2,522.5 Credit Agreement adjustments to debt(15)  (52.2)  (50.1)Adjusted net debt $667.6  $2,472.4      Leverage ratio(16)  1.1x  3.3x*includes fiscal year-end change costs, share-based compensation impact of disposals of businesses and special charitable contribution expenses
(13) Represents trailing twelve months amounts as filed in the prior year quarter ended April 30, 2025.
(14) Adjustments to EBITDA are specified by the 2026 Credit Agreement and include certain 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.
(15) Adjustments to net debt are specified by the 2026 Credit Agreement and include the European accounts receivable program, letters of credit, and balances for swap contracts and other items.
(16) Leverage ratio is defined as Credit Agreement adjusted net debt divided by Credit Agreement adjusted EBITDA.

DELAWARE, Ohio, June 02, 2026 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, announced today that its Board of Directors has declared quarterly cash dividends of $0.62 per share on its Class A Common Stock, and $0.93 per share on its Class B Common Stock.

"As part of our disciplined and balanced capital allocation framework, our Board has approved a 10.7% increase to our quarterly dividend," said Larry Hilsheimer, Greif’s Executive Vice President and Chief Financial Officer. "This increase reflects the continued strength of our free cash flow generation, the significant progress we have made strengthening our balance sheet, and our confidence in Greif’s long-term earnings power. We remain committed to a disciplined capital allocation approach which includes maintaining leverage below 2.0x, investing in high-return organic growth opportunities, executing opportunistic share repurchases, and returning cash to shareholders through dividends."

Dividends are payable on July 1, 2026, to stockholders of record at the close of business on June 17, 2026.

About Greif

Founded in 1877, Greif is a global leader in performance packaging located in 35 countries. The company delivers trusted, innovative, and tailored solutions that support some of the world’s most demanding and fastest-growing industries. With a commitment to legendary customer service, operational excellence, and global sustainability, Greif packages life’s essentials – and creates lasting value for its colleagues, customers, and other stakeholders. Learn more about the company’s Customized Polymer, Sustainable Fiber, Durable Metal, and Innovative Closure Solutions at www.greif.com and follow Greif on Instagram and LinkedIn.

Concerning Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other statements about future expectations, prospects, estimates and other matters that are dependent upon future events or developments. These forward-looking statements may be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue," "likely," and similar expressions, and include statements reflecting future results, trends or guidance and statements of outlook. All forward-looking statements are based on assumptions, expectations and other information currently available to management. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those forecasted, projected or anticipated, whether expressed or implied. Greif is subject to additional risks and uncertainties described in its Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports. Except to the extent required by applicable law, Greif undertakes no obligation to update or revise any forward-looking statement.

Contact:

Bill D’Onofrio
614-499-7233
[email protected]