24.8 (1.7) 44.8 14.9 73.1 - 41.9 0.1 Adjusted EBITDA P.23 0.4 Three Months Ended October 31, (0.7) 21.0 8.1 Adjusted EBITDA 37.7 0.1 P.24 (in millions) Operating profit 68.5 Adjusted EBITDA Reconciliation of Historical Segment Operating Profit to Adjusted EBITDA EBITDA First Quarter Fiscal 2023 Earnings Conference Call This presentation contains certain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. The words "may," "will," "expect," "intend," "antici ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________________________ FORM 10-K _________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended October 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-00566 _________________________________________________ GREI ...

Financial Data and Key Metrics Changes - Greif reported a record year in 2022, with strong EBITDA and earnings performance compared to a historically strong 2021 [10][32] - The final Q4 EPS was $1.83, resulting in a full year non-GAAP EPS of $7.87, which was $0.03 below the low end of the reaffirmed range [29][30] - Adjusted EBITDA for Q4 decreased by approximately $25 million year-over-year, with a notable decline in steel costs impacting profitability [22][20] Business Line Data and Key Metrics Changes - The Global Industrial Packaging (GIP) business faced headwinds with volumes falling across most geographies, particularly in EMEA due to energy inflation and the war in Ukraine [17][18] - Paper Packaging's fourth quarter sales rose by approximately $44 million year-over-year, driven by favorable price-cost dynamics despite volume erosion [23][25] - The GIP business experienced a year-over-year decline in adjusted EBITDA, while the Paper Packaging segment saw an increase in adjusted EBITDA despite declining demand [22][25] Market Data and Key Metrics Changes - North America experienced a sequential demand weakness, while Latin America showed strong performance with mid-single-digit growth [19] - APAC demand remained sporadic due to strict lockdowns in China, impacting supply chains and industrial production [18] - Steel prices in North America declined over 43% from June to November, negatively impacting profitability due to lagging price adjustments [20] Company Strategy and Development Direction - Greif's long-term strategic objectives include the "Build to Last" strategy, focusing on diversity, equity, and inclusion, as well as sustainability targets for 2030 [11][12] - The planned acquisition of Lee Container is aimed at expanding Greif's presence in less cyclical end markets and enhancing growth through organic and inorganic investments [15][16] - The company remains committed to disciplined capital allocation, including increasing dividends and pursuing acquisitions to enhance its portfolio [39][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2023 but expressed confidence in the team's ability to navigate market environments [10][43] - The guidance for fiscal 2023 anticipates adjusted EBITDA between $820 million and $906 million, reflecting a wider range due to macroeconomic uncertainties [37][38] - Management emphasized the importance of working capital management and the potential for further improvements in cash generation [82] Other Important Information - Greif's sustainability leadership was recognized with various awards, including an AA MSCI rating and a Gold EcoVadis rating [13] - The company plans to release its 2030 sustainability targets by the end of the calendar year [12] Q&A Session Summary Question: Dynamics of PPS and GIP segments for fiscal year '23 - Management indicated that GIP is expected to be weak in the first half of the year due to significant demand deterioration and steel cost decreases [49][50] Question: EBITDA bridge for '23 versus '22 - Management discussed various operational factors impacting EBITDA, including a potential decrease of $12 million to $98 million compared to the previous year [51][53] Question: Volume assumptions and pricing in PPS - Management refrained from providing specific pricing assumptions but indicated that the worst-case scenario for EBITDA is still above previous consensus estimates [58][59] Question: Impact of Lee Container acquisition - Management estimated a contribution of $25 to $30 million from Lee Container to EBITDA for the year, with expectations for future growth [68] Question: Volume trends and exit rates - Management noted that demand softness has continued into November but is stabilizing, with some destocking observed [72][73] Question: FX impact on guidance - Management estimated a headwind of $160 million to $170 million from currency for the upcoming year, factoring in hedging strategies [79] Question: Working capital improvements - Management believes there are further opportunities for working capital improvements, projecting a benefit of $50 million to $90 million in the coming year [83]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $251 million and adjusted EPS of $2.35 for Q3 2022, with a record adjusted free cash flow of $175.8 million [8][22]. - The company raised its fiscal 2022 guidance, increasing the midpoint of adjusted EPS guidance by $0.40 to $8 per share and free cash flow guidance to a range of $415 million to $445 million [24][25]. Business Line Data and Key Metrics Changes - Global Industrial Packaging (GIP) saw solid demand, with plastic drums down low-single digits and Intermediate Bulk Containers (IBCs) up 10% per day compared to the previous year [10]. - Paper packaging sales rose by $131 million year-over-year due to steady volumes and higher average selling prices, with adjusted EBITDA increasing by $42 million despite higher raw material costs [15][20]. Market Data and Key Metrics Changes - In North America, demand remained stable, while LATAM outperformed with strong volumes in agricultural chemicals and food-related packaging [12][36]. - The company experienced weakening demand in APAC due to continued lockdowns in China, affecting transportation and end markets like automotive and construction [34]. Company Strategy and Development Direction - The company is focused on its "Build to Last" strategy, which aims to deliver strong performance in various economic environments [7][29]. - The company is committed to increasing shareholder value through capital allocation, including an 8.7% increase in quarterly dividends and ongoing share repurchases [26][27]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing economic uncertainty, inflation, and supply chain pressures but expressed confidence in the team's ability to deliver strong results [7][20]. - The company anticipates continued strong cash flow generation into 2023, supported by improved net working capital management [25][67]. Other Important Information - A fire incident at the Riverville Mill resulted in a loss of approximately 9,000 tons of production, which has been factored into the fourth quarter guidance [18][75]. - The company has a robust acquisition pipeline and is exploring opportunities to deploy capital opportunistically [27][57]. Q&A Session Summary Question: How are fundamentals in the PPS segment currently? - Management noted a slight weakening in demand towards the end of the quarter, but backlogs remain solid at around seven to eight weeks [33]. Question: Can you characterize the macro environment in each region? - APAC is facing demand challenges due to lockdowns in China, while EMEA is affected by the Ukraine conflict and energy prices. North America shows lesser weakness, and LATAM remains strong [34][36]. Question: What are the expectations for 2023? - Management indicated that it is too early to provide guidance for 2023 due to economic uncertainties [40]. Question: Can you provide volume trends by month in the quarter? - Volume trends showed a decline in July, with August continuing that trend, but backlogs in the paper business remain strong [42][43]. Question: How do you view the sustainability of recycled boxboard price gains? - Management emphasized that price sustainability is a supply and demand issue [54]. Question: What are the best internal reinvestment opportunities? - The company plans to invest in a new sheet feeder in Texas, IBC expansion, and automation upgrades [109].

Financial Performance Highlights - Adjusted EBITDA for Q3 2022 was $251.0 million[4], compared to $237.8 million in Q3 2021[9] - Adjusted Class A EPS for Q3 2022 was $2.35 per share[4], up from $1.93 per share in Q3 2021[9] - Adjusted Free Cash Flow reached a record $175.8 million in Q3 2022[4], significantly higher than the $64.1 million in Q3 2021[9] - Net sales increased from $1,490.8 million in Q3 FY21 to $1,622.1 million in Q3 FY22[9] - The company is raising its Fiscal Year 2022 Adjusted Class A EPS guidance to a range of $7.90 - $8.10 per share[4] Segment Performance - Global Industrial Packaging (GIP) net sales were approximately $906.7 million in Q3 FY22[5], slightly down from $907.8 million in Q3 FY21[5], with Adjusted EBITDA at $117.1 million[5] compared to $146.2 million[5], and Adjusted EBITDA % decreased from 16.1% to 12.9%[5] - Paper Packaging & Services (PPS) net sales increased to $710.2 million in Q3 FY22[7], from $578.8 million in Q3 FY21[7], with Adjusted EBITDA at $131.8 million[7] compared to $89.9 million[7], and Adjusted EBITDA % increased from 15.5% to 18.6%[7] Capital Structure and Allocation - The credit agreement leverage ratio was 1.99x, within the target range of 2.0 - 2.5x[4] - The company is increasing its quarterly dividend by 8.7%[13] - A share repurchase program of $150 million is in place[15]

PACKAGING SUCCESS TOGETHER® Third Quarter Fiscal 2022 Earnings Conference Call September 1, 2022 Safe Harbor FORWARD-LOOKING STATEMENTS This presentation contains certain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. The words "may," "will," "expect," "intend," "anticipate," "anticipate," "aspiration," "objective," "believe," "continue," "on track" or "target" or the negative thereof and similar expressions, among others, identify forward-looking sta ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________ FORM 10-Q _________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-00566 _________________________________ GREIF, INC. (Exact name of registrant as specified in its charter) _ ...

Greif, Inc. (NYSE:GEF) Q2 2022 Earnings Conference Call June 9, 2022 8:30 AM ET Company Participants Matt Leahy - Vice President of Corporate Development and Investor Relations Ole Rosgaard - President and Chief Executive Officer Larry Hilsheimer - Chief Financial Officer Conference Call Participants Ghansham Panjabi - Baird George Staphos - Bank of America Adam Josephson - Key Banc Gabe Hajde - Wells Fargo Justin Bergner - Gabelli Funds Operator Good morning. My name is Rob, and I will be your conference o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________ FORM 10-Q _________________________________ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-00566 _________________________________ GREIF, INC. (Exact name of registrant as specified in its charter) ...

PACKAGING SUCCESS TOGETHER™ First Quarter Fiscal 2022 Earnings Conference Call March 3, 2022 Safe Harbor FORWARD-LOOKING STATEMENTS This presentation contains certain 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 ...