Financial Performance - Net income for the two-month fourth quarter of fiscal 2025 decreased 227.4% to $(43.3) million or $(0.73) per diluted Class A share compared to $34.0 million or $0.58 per diluted Class A share in the same period last year [4]. - Adjusted EBITDA for the two-month fourth quarter increased 7.4% to $98.9 million compared to $92.1 million in the prior year [4]. - For the two months ended September 30, 2025, net sales were $701.3 million, a decrease from $724.9 million in the same period of 2024, representing a decline of approximately 3.6% [33]. - Gross profit for the eleven months ended September 30, 2025, was $871.5 million, compared to $817.8 million in 2024, reflecting an increase of about 6.5% [33]. - Net income attributable to Greif, Inc. for the two months ended September 30, 2025, was $720.1 million, significantly higher than $45.1 million in the same period of 2024 [33]. - The company reported a net loss from continuing operations of $38.6 million for the two months ended September 30, 2025, compared to a profit of $38.5 million in 2024 [33]. - Operating profit for the two months ended September 30, 2025, was $5.0 million, down from $52.6 million in the same period of 2024, indicating a decline of 90.5% [41]. - Net income for the eleven months ended September 30, 2025, was $863.1 million, significantly higher than $269.5 million for the same period in 2024, representing a growth of 220.5% [37]. Cash Flow and Debt Management - Adjusted free cash flow increased by $24.0 million to $122.6 million for the two-month period [4]. - Net cash provided by operating activities decreased by $376.5 million to a use of $244.7 million in the two-month period [4]. - Cash and cash equivalents increased to $256.7 million as of September 30, 2025, compared to $197.7 million at the end of the previous period, marking a growth of 29.7% [37]. - The company’s cash flows from operating activities showed a net cash used of $244.7 million for the two months ended September 30, 2025, compared to a net cash provided of $131.8 million in the same period of 2024 [37]. - Free Cash Flow for the eleven months ended September 30, 2025, was $(85.2) million, a decrease from $124.6 million in the prior year [50]. - Total debt decreased by $1,538.1 million to $1,202.5 million, resulting in a leverage ratio decrease to 1.63x from 3.48x [5]. - Long-term debt decreased to $914.8 million as of September 30, 2025, from $2,626.2 million in the previous period, a reduction of 65.2% [37]. - Net Debt decreased to $945.8 million as of September 30, 2025, from $2,542.9 million a year earlier [54]. - The Leverage Ratio improved to 1.63x as of September 30, 2025, down from 3.48x on October 31, 2024 [56]. Business Operations and Strategic Decisions - The company completed the divestment of its containerboard business for $1.8 billion, impacting financial results as of August 31, 2025 [2]. - The company achieved cost optimization run-rate savings of approximately $50.0 million by the end of fiscal year 2025, increasing the anticipated total commitment to $120.0 million [8]. - The company has not identified any compelling demand inflection on the horizon, continuing to provide only low-end guidance based on current trends [24]. - For fiscal 2026, the company provided low-end guidance of $630.0 million for Adjusted EBITDA and $315.0 million for Adjusted Free Cash Flow [8]. - The company will host a conference call on November 6, 2025, to discuss the fourth quarter and fiscal 2025 results [26]. - Greif operates in over 35 countries, focusing on performance packaging solutions for various industries [27]. Expenses and Charges - Selling, general and administrative expenses increased to $126.0 million for the two months ended September 30, 2025, from $91.9 million in the same period of 2024, marking a rise of approximately 37% [33]. - Interest expense, net for the eleven months ended September 30, 2025, was $56.1 million, up from $40.7 million in 2024, indicating an increase of about 38% [33]. - The company incurred restructuring and other charges amounting to $62.6 million for the eleven months ended September 30, 2025, compared to $2.7 million in 2024 [48]. - Depreciation, depletion, and amortization expense for the eleven months ended September 30, 2025, totaled $212.7 million, up from $207.6 million in 2024 [48]. - The company reported acquisition and integration-related costs of $7.1 million for the eleven months ended September 30, 2025, compared to $17.4 million in 2024 [48]. - Non-cash asset impairment charges for the eleven months ended September 30, 2025, were $37.9 million, compared to $2.3 million in 2024 [48]. - Cash paid for taxes related to Containerboard Business divestment amounted to $381.1 million for the eleven months ended September 30, 2025 [50].

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Fiscal Third Quarter 2025 Financial Highlights](index=1&type=section&id=Fiscal%20Third%20Quarter%202025%20Financial%20Highlights) Greif's Q3 2025 saw reported net income decline due to a prior year gain, offset by increased adjusted net income and Combined Adjusted EBITDA, strong cash flow, and reduced debt Fiscal Third Quarter 2025 Financial Highlights (YoY Change): | Metric | Q3 2025 (Millions) | Q3 2024 (Millions) | Change (%) | | :------------------------------------ | :----------------- | :----------------- | :--------- | | Net income | $39.3 | $78.0 | -49.6% | | Net income (excluding adjustments) | $60.4 | $54.1 | +11.6% | | Combined Adjusted EBITDA | $220.9 | $199.4 | +11.0% | | Adjusted EBITDA (continuing operations) | $160.7 | $157.0 | +2.4% | | Net cash provided by operating activities | $199.9 | $76.8 | +159.9% | | Adjusted free cash flow | $170.7 | $34.3 | +397.7% | | Total debt | $2,717.0 | $2,909.5 | -6.7% | | Net debt | $2,431.8 | $2,715.3 | -10.4% | | Leverage ratio | 3.1x | 3.6x | -13.9% | - Net income decreased primarily due to a **$46.1 million** gain from the divestiture of Delta Petroleum Company, Inc. during the third quarter of 2024[6](index=6&type=chunk) [Strategic Actions and Announcements](index=1&type=section&id=Strategic%20Actions%20and%20Announcements) Greif continued its portfolio optimization with the planned divestiture of its Containerboard Business and timberlands, while also making progress on cost optimization initiatives and increasing shareholder returns through dividends - Entered into a definitive agreement to divest the Containerboard Business for **$1.8 billion**, expected to close by August 31, 2025. This business is now presented as discontinued operations[3](index=3&type=chunk)[6](index=6&type=chunk) - Signed a definitive agreement for the sale of the timberlands business for **$462.0 million**, with closing anticipated on October 1, 2025[6](index=6&type=chunk) - Achieved run-rate savings of **$20.0 million** by the end of Q3 2025 from cost optimization initiatives, reaching the midpoint of the committed **$15 - $25 million** range[6](index=6&type=chunk) - The Board of Directors declared increased quarterly cash dividends for Class A Common Stock (**$0.02 per share increase**) and Class B Common Stock (**$0.03 per share increase**)[6](index=6&type=chunk) [CEO Commentary](index=1&type=section&id=Commentary%20from%20CEO%20Ole%20Rosgaard) CEO Ole Rosgaard highlighted strong adjusted free cash flow generation and ongoing execution of cost optimization and portfolio changes, expressing confidence in achieving long-term commitments despite mixed demand - CEO Ole Rosgaard emphasized strong adjusted free cash flow generation of **$171 million**[5](index=5&type=chunk) - The company is focused on driving cash production, ramping up cost optimization, and executing portfolio changes[5](index=5&type=chunk) - Confidence in achieving long-term commitments and creating value for investors, despite mixed demand[5](index=5&type=chunk) [Non-GAAP Financial Measures Definitions](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20Definitions) [Non-GAAP Financial Measures Definitions](index=2&type=section&id=Note%3A%20A%20reconciliation%20of%20the%20differences%20between%20all%20non-GAAP%20financial%20measures%20used%20in%20this%20release%20with%20the%20most%20directly%20comparable%20GAAP%20financial%20measures%20is%20included%20in%20the%20financial%20schedules%20that%20are%20a%20part%20of%20this%20release.) This section provides detailed definitions and explanations for the non-GAAP financial measures used in the release, including Adjusted EBITDA, Adjusted free cash flow, Net debt, and Leverage ratio, along with their reconciliation to the most directly comparable GAAP measures - Adjustments excluded from net income and EPS before adjustments include acquisition/integration costs, restructuring charges, asset impairment, and gains/losses on business/property disposals[8](index=8&type=chunk) - Adjusted EBITDA is defined as net income plus interest, other expense, income tax, depreciation, and various non-recurring or non-cash charges[8](index=8&type=chunk) - Adjusted free cash flow is net cash from operating activities minus capital expenditures, plus cash paid for acquisition/integration costs, ERP systems, and other nonrecurring costs, including cash flows from the Containerboard Business[8](index=8&type=chunk) - Net debt is total debt less cash and cash equivalents, while the leverage ratio is adjusted net debt divided by trailing twelve-month Adjusted EBITDA, as calculated under the 2022 Credit Agreement[8](index=8&type=chunk) [Segment Performance Analysis](index=3&type=section&id=Fiscal%20Third%20Quarter%202025%20Segment%20Results%3A) [Net Sales Impact Factors](index=3&type=section&id=Net%20Sales%20Impact) The table illustrates the percentage impact of currency translation, volume, and selling prices/product mix on net sales for each segment in Q3 2025 compared to Q3 2024 Q3 2025 Net Sales Impact by Segment (vs. Q3 2024): | Net Sales Impact | Customized Polymer Solutions | Durable Metal Solutions | Sustainable Fiber Solutions | Integrated Solutions | | :--------------- | :--------------------------- | :---------------------- | :-------------------------- | :------------------- | | Currency Translation | 2.4% | 2.7% | (0.1)% | 0.8% | | Volume | 2.2% | (5.8)% | (7.6)% | 2.6% | | Selling Prices and Product Mix | 3.3% | (2.7)% | 2.1% | 1.2% | | **Total Impact** | **7.9%** | **(5.8)%** | **(5.6)%** | **4.6%** | [Customized Polymer Solutions](index=3&type=section&id=Customized%20Polymer%20Solutions) This segment experienced an increase in net sales and gross profit, driven by higher volumes, selling prices, and positive currency translation, despite a slight decrease in operating profit and Adjusted EBITDA due to higher SG&A and restructuring costs - Net sales increased by **$25.1 million** to **$339.8 million**, primarily due to higher volumes (**$7.0 million**), higher average selling prices (**$10.5 million**), and positive foreign currency translation[11](index=11&type=chunk) - Gross profit increased by **$10.1 million** to **$70.7 million**[11](index=11&type=chunk) - Operating profit decreased by **$0.8 million** to **$8.8 million**, and Adjusted EBITDA decreased by **$1.1 million** to **$39.4 million**, mainly due to higher SG&A expenses and restructuring charges[12](index=12&type=chunk) [Durable Metal Solutions](index=3&type=section&id=Durable%20Metal%20Solutions) The Durable Metal Solutions segment saw a decrease in net sales primarily due to lower volumes, but managed to increase gross profit, operating profit, and Adjusted EBITDA due to lower raw material costs - Net sales decreased by **$24.3 million** to **$399.8 million**, primarily due to lower volumes (**$24.6 million**)[13](index=13&type=chunk) - Gross profit increased by **$0.7 million** to **$86.4 million**, mainly due to lower raw material costs[13](index=13&type=chunk) - Operating profit increased by **$1.4 million** to **$37.6 million**, and Adjusted EBITDA increased by **$2.1 million** to **$47.7 million**[13](index=13&type=chunk)[14](index=14&type=chunk) [Sustainable Fiber Solutions](index=3&type=section&id=Sustainable%20Fiber%20Solutions) This segment experienced a decrease in net sales due to lower volumes, but improved gross profit and Adjusted EBITDA, primarily benefiting from lower raw material and manufacturing costs, despite higher restructuring charges impacting operating profit - Net sales decreased by **$17.6 million** to **$308.0 million**, primarily due to lower volumes (**$24.5 million**), partially offset by higher containerboard and boxboard prices (**$6.8 million**)[15](index=15&type=chunk) - Gross profit increased by **$7.5 million** to **$75.4 million**, driven by lower raw material and manufacturing costs[15](index=15&type=chunk) - Operating profit decreased by **$12.7 million** to **$23.2 million** due to higher restructuring and other charges related to plant closures[16](index=16&type=chunk) - Adjusted EBITDA increased by **$8.4 million** to **$65.5 million**[16](index=16&type=chunk) [Integrated Solutions](index=3&type=section&id=Integrated%20Solutions) The Integrated Solutions segment reported decreases across net sales, gross profit, operating profit, and Adjusted EBITDA, primarily attributable to the Delta Divestiture in the prior year - Net sales decreased by **$13.4 million** to **$87.1 million**, primarily due to a **$14.3 million** impact from the Delta Divestiture during Q3 2024[17](index=17&type=chunk) - Gross profit decreased by **$5.9 million** to **$24.8 million**, primarily due to the Delta Divestiture[17](index=17&type=chunk) - Operating profit decreased by **$51.5 million** to **$3.5 million**, largely due to a **$46.1 million** gain from the Delta Divestiture in Q3 2024[18](index=18&type=chunk) - Adjusted EBITDA decreased by **$5.7 million** to **$8.1 million**[18](index=18&type=chunk) [Consolidated Financial Performance](index=4&type=section&id=Consolidated%20Financial%20Performance) [Tax Summary](index=4&type=section&id=Tax%20Summary) Greif recorded an income tax rate of 21.1% for Q3 2025, with an adjusted tax rate of 22.4%, and anticipates its fiscal 2025 tax rate to range between 27.0% and 32.0% Income Tax Rates: | Period | Reported Tax Rate | Tax Rate Excluding Adjustments | | :----- | :---------------- | :----------------------------- | | Q3 2025 | 21.1% | 22.4% | | FY 2025 Outlook | 27.0% - 32.0% | 27.0% - 32.0% | - Fluctuations in quarterly effective tax rates are common due to interim period income tax expense calculations[19](index=19&type=chunk) [Dividend Summary](index=4&type=section&id=Dividend%20Summary) The Board of Directors declared increased quarterly cash dividends for both Class A and Class B Common Stock, payable in October 2025 Quarterly Cash Dividends Declared (August 26, 2025): | Stock Class | Dividend Per Share | | :---------- | :----------------- | | Class A Common Stock | $0.56 | | Class B Common Stock | $0.84 | - Dividends are payable on October 1, 2025, to stockholders of record as of September 16, 2025[20](index=20&type=chunk) [Company Outlook](index=5&type=section&id=Company%20Outlook) [Fiscal 2025 Outlook](index=5&type=section&id=Fiscal%202025%20Outlook) Greif provided its fiscal 2025 outlook for Combined Adjusted EBITDA and Adjusted free cash flow, noting that net income guidance is not provided due to the unpredictability of certain excluded items Fiscal 2025 Outlook (in millions): | Metric | Reported at Q3 | | :-------------------- | :------------- | | Combined Adjusted EBITDA | $725 - $735 | | Adjusted free cash flow | $305 - $315 | - Net income guidance is not provided due to the high variability and difficulty in forecasting items such as gains/losses on business disposals, non-cash asset impairment charges, and restructuring costs[21](index=21&type=chunk) [Corporate Information](index=5&type=section&id=Corporate%20Information) [Conference Call Details](index=5&type=section&id=Conference%20Call) Greif announced details for a conference call to discuss Q3 2025 results, including registration information and replay availability - A conference call to discuss Q3 2025 results will be held on August 28, 2025, at 8:30 a.m. Eastern Time[22](index=22&type=chunk) - Participants can register online, and a digital replay will be available on the company's website[22](index=22&type=chunk) [About Greif](index=5&type=section&id=About%20Greif) Greif, founded in 1877, is a global leader in industrial packaging, operating in 40 countries, providing tailored solutions with a focus on customer service, operational excellence, and sustainability - Greif, founded in 1877, is a global leader in performance packaging with operations in 40 countries[23](index=23&type=chunk) - The company provides trusted, innovative, and tailored solutions for demanding and fast-growing industries[23](index=23&type=chunk) - Greif is committed to customer service, operational excellence, and global sustainability, offering Customized Polymer, Sustainable Fiber, Durable Metal, and Integrated Solutions[23](index=23&type=chunk) [Forward-Looking Statements and Risk Factors](index=6&type=section&id=Forward-Looking%20Statements) This section contains cautionary statements regarding forward-looking information, highlighting various risks and uncertainties that could cause actual results to differ materially from projections, and advises investors not to place undue reliance on such statements - Forward-looking statements are based on assumptions and expectations, but there is no assurance that these expectations will be correct[24](index=24&type=chunk) - Risks and uncertainties include general economic conditions, global operations (political risks, currency exchange), market volatility, competition, raw material/energy price fluctuations, acquisitions/divestitures, labor matters, cyber-attacks, tax changes, and environmental regulations[25](index=25&type=chunk) - Investors should not place undue reliance on forward-looking statements, and a detailed discussion of risks is available in the company's most recently filed Form 10-K[26](index=26&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=GREIF%2C%20INC.%20AND%20SUBSIDIARY%20COMPANIES%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME%20UNAUDITED) [Statements of Income](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) Condensed consolidated statements of income show decreased net sales and operating profit for Q3 and YTD July 2025, primarily due to lower net income from continuing operations and a prior year gain on business disposal Condensed Consolidated Statements of Income (in millions, except per share amounts): | Metric | 3 Months Ended Jul 31, 2025 | 3 Months Ended Jul 31, 2024 | 9 Months Ended Jul 31, 2025 | 9 Months Ended Jul 31, 2024 | | :------------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net sales | $1,134.7 | $1,164.9 | $3,231.8 | $3,247.9 | | Gross profit | $257.3 | $244.9 | $711.9 | $671.2 | | Operating profit | $73.1 | $136.7 | $162.6 | $260.5 | | Net income from continuing operations | $44.7 | $84.5 | $76.8 | $207.7 | | Net income from discontinued operations | $24.7 | $9.1 | $61.5 | $12.2 | | Net income | $69.4 | $93.6 | $138.3 | $219.9 | | Diluted EPS (Class A common stock) | $1.10 | $1.50 | $2.07 | $3.44 | [Balance Sheets](index=8&type=section&id=GREIF%2C%20INC.%20AND%20SUBSIDIARY%20COMPANIES%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS%20UNAUDITED) The condensed consolidated balance sheets show an increase in total assets and total equity as of July 31, 2025, compared to October 31, 2024, driven by higher current assets, particularly cash and current assets held for sale, while long-term debt decreased Condensed Consolidated Balance Sheets (in millions): | Metric | July 31, 2025 | October 31, 2024 | | :-------------------------- | :------------ | :--------------- | | Cash and cash equivalents | $285.2 | $197.7 | | Current assets held for sale | $465.2 | $202.4 | | Total assets | $6,735.1 | $6,647.6 | | Short-term borrowings | $401.9 | $18.6 | | Long-term debt | $2,219.3 | $2,626.2 | | Total liabilities | $4,405.6 | $4,400.2 | | Total Greif, Inc. equity | $2,194.2 | $2,082.4 | [Statements of Cash Flows](index=9&type=section&id=GREIF%2C%20INC.%20AND%20SUBSIDIARY%20COMPANIES%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS*) The condensed consolidated statements of cash flows indicate a significant increase in net cash provided by operating activities for both the three and nine months ended July 31, 2025, compared to the prior year, while net cash used in financing activities also increased Condensed Consolidated Statements of Cash Flows (in millions): | Metric | 3 Months Ended Jul 31, 2025 | 3 Months Ended Jul 31, 2024 | 9 Months Ended Jul 31, 2025 | 9 Months Ended Jul 31, 2024 | | :---------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net cash provided by operating activities | $199.9 | $76.8 | $305.5 | $168.8 | | Net cash used in investing activities | $(38.5) | $(41.2) | $(70.2) | $(703.8) | | Net cash used in financing activities | $(136.8) | $(43.2) | $(190.5) | $541.7 | | Net increase (decrease) in cash | $32.5 | $(1.8) | $87.5 | $13.3 | | Cash and cash equivalents, end of period | $285.2 | $194.2 | $285.2 | $194.2 | - Cash flows from the Containerboard Business are included in the cash flow statements[33](index=33&type=chunk) [GAAP to Non-GAAP Reconciliations](index=10&type=section&id=GAAP%20TO%20NON-GAAP%20RECONCILIATION) [Adjusted EBITDA from Discontinued Operations](index=10&type=section&id=ADJUSTED%20EBITDA%20FROM%20DISCONTINUED%20OPERATIONS) This section provides the reconciliation of net income from discontinued operations to Adjusted EBITDA for the Containerboard Business, showing an increase in Adjusted EBITDA for both the three and nine months ended July 31, 2025 Adjusted EBITDA from Discontinued Operations (in millions): | Metric | 3 Months Ended Jul 31, 2025 | 3 Months Ended Jul 31, 2024 | 9 Months Ended Jul 31, 2025 | 9 Months Ended Jul 31, 2024 | | :------------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net income - discontinued operations | $24.7 | $9.1 | $61.5 | $12.2 | | Adjusted EBITDA - discontinued operations | $60.2 | $42.4 | $167.5 | $102.3 | - Adjusted EBITDA from discontinued operations is derived specifically for the Containerboard Business[35](index=35&type=chunk) [Combined Adjusted EBITDA](index=10&type=section&id=COMBINED%20ADJUSTED%20EBITDA) The reconciliation shows that Combined Adjusted EBITDA, which includes both continuing and discontinued operations, increased significantly for both the three and nine months ended July 31, 2025, compared to the prior year Combined Adjusted EBITDA (in millions): | Metric | 3 Months Ended Jul 31, 2025 | 3 Months Ended Jul 31, 2024 | 9 Months Ended Jul 31, 2025 | 9 Months Ended Jul 31, 2024 | | :------------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Adjusted EBITDA (continuing operations) | $160.7 | $157.0 | $412.4 | $403.8 | | Plus: Adjusted EBITDA - discontinued operations | $60.2 | $42.4 | $167.5 | $102.3 | | **Combined Adjusted EBITDA** | **$220.9** | **$199.4** | **$579.9** | **$506.1** | [Financial Highlights by Segment](index=11&type=section&id=FINANCIAL%20HIGHLIGHTS%20BY%20SEGMENT) This section provides a detailed breakdown of net sales, gross profit, operating profit, and Adjusted EBITDA for each of Greif's operating segments for the three and nine months ended July 31, 2025 and 2024 Segment Financial Highlights (in millions) - Q3 2025 vs. Q3 2024: | Segment | Net Sales (2025) | Net Sales (2024) | Gross Profit (2025) | Gross Profit (2024) | Operating Profit (2025) | Operating Profit (2024) | Adjusted EBITDA (2025) | Adjusted EBITDA (2024) | | :-------------------------- | :--------------- | :--------------- | :------------------ | :------------------ | :---------------------- | :---------------------- | :--------------------- | :--------------------- | | Customized Polymer Solutions | $339.8 | $314.7 | $70.7 | $60.6 | $8.8 | $9.6 | $39.4 | $40.5 | | Durable Metal Solutions | $399.8 | $424.1 | $86.4 | $85.7 | $37.6 | $36.2 | $47.7 | $45.6 | | Sustainable Fiber Solutions | $308.0 | $325.6 | $75.4 | $67.9 | $23.2 | $35.9 | $65.5 | $57.1 | | Integrated Solutions | $87.1 | $100.5 | $24.8 | $30.7 | $3.5 | $55.0 | $8.1 | $13.8 | | **Total (Continuing Ops)** | **$1,134.7** | **$1,164.9** | **$257.3** | **$244.9** | **$73.1** | **$136.7** | **$160.7** | **$157.0** | Segment Financial Highlights (in millions) - 9 Months Ended Jul 31, 2025 vs. 2024: | Segment | Net Sales (2025) | Net Sales (2024) | Gross Profit (2025) | Gross Profit (2024) | Operating Profit (2025) | Operating Profit (2024) | Adjusted EBITDA (2025) | Adjusted EBITDA (2024) | | :-------------------------- | :--------------- | :--------------- | :------------------ | :------------------ | :---------------------- | :---------------------- | :--------------------- | :--------------------- | | Customized Polymer Solutions | $964.2 | $828.3 | $208.0 | $160.3 | $28.8 | $26.9 | $112.7 | $100.5 | | Durable Metal Solutions | $1,120.9 | $1,208.3 | $232.4 | $240.8 | $95.1 | $99.8 | $122.4 | $125.0 | | Sustainable Fiber Solutions | $900.3 | $924.2 | $201.1 | $184.5 | $30.3 | $61.8 | $155.8 | $141.7 | | Integrated Solutions | $246.4 | $287.1 | $70.4 | $85.6 | $8.4 | $72.0 | $21.5 | $36.6 | | **Total (Continuing Ops)** | **$3,231.8** | **$3,247.9** | **$711.9** | **$671.2** | **$162.6** | **$260.5** | **$412.4** | **$403.8** | [Consolidated Adjusted EBITDA](index=12&type=section&id=CONSOLIDATED%20ADJUSTED%20EBITDA) This reconciliation details the calculation of Consolidated Adjusted EBITDA from net income for continuing operations, showing an increase for both the three and nine months ended July 31, 2025 Consolidated Adjusted EBITDA Reconciliation (in millions): | Metric | 3 Months Ended Jul 31, 2025 | 3 Months Ended Jul 31, 2024 | 9 Months Ended Jul 31, 2025 | 9 Months Ended Jul 31, 2024 | | :------------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net income (continuing operations) | $44.7 | $84.5 | $76.8 | $207.7 | | Operating profit | $73.1 | $136.7 | $162.6 | $260.5 | | Adjusted EBITDA (continuing operations) | $160.7 | $157.0 | $412.4 | $403.8 | | Plus: Adjusted EBITDA - discontinued operations | $60.2 | $42.4 | $167.5 | $102.3 | | **Combined Adjusted EBITDA** | **$220.9** | **$199.4** | **$579.9** | **$506.1** | [Segment Adjusted EBITDA](index=13&type=section&id=SEGMENT%20ADJUSTED%20EBITDA) This section provides a detailed reconciliation of operating profit to Adjusted EBITDA for each segment, further breaking down the adjustments applied to arrive at segment-specific Adjusted EBITDA and Combined Adjusted EBITDA Segment Adjusted EBITDA (in millions) - 3 Months Ended Jul 31, 2025: | Segment | Operating Profit | Depreciation & Amortization | Restructuring & Other Charges | Adjusted EBITDA | | :-------------------------- | :--------------- | :-------------------------- | :---------------------------- | :-------------- | | Customized Polymer Solutions | $8.8 | $23.7 | $3.3 | $39.4 | | Durable Metal Solutions | $37.6 | $7.3 | $5.2 | $47.7 | | Sustainable Fiber Solutions | $23.2 | $25.4 | $15.6 | $65.5 | | Integrated Solutions | $3.5 | $2.4 | $1.1 | $8.1 | | **Consolidated** | **$73.1** | **$58.8** | **$25.2** | **$160.7** | - Sustainable Fiber Solutions' Combined Adjusted EBITDA for Q3 2025 was **$125.7 million**, including **$60.2 million** from discontinued operations[43](index=43&type=chunk) - The reconciliation details specific adjustments like acquisition and integration related costs, non-cash asset impairment charges, and gains/losses on disposal of properties for each segment[43](index=43&type=chunk)[44](index=44&type=chunk) [Adjusted Free Cash Flow](index=15&type=section&id=ADJUSTED%20FREE%20CASH%20FLOW) The reconciliation shows a substantial increase in Adjusted Free Cash Flow for both the three and nine months ended July 31, 2025, compared to the prior year, driven by higher net cash from operating activities Adjusted Free Cash Flow Reconciliation (in millions): | Metric | 3 Months Ended Jul 31, 2025 | 3 Months Ended Jul 31, 2024 | 9 Months Ended Jul 31, 2025 | 9 Months Ended Jul 31, 2024 | | :---------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net cash provided by operating activities | $199.9 | $76.8 | $305.5 | $168.8 | | Cash paid for purchases of PP&E | $(40.8) | $(44.8) | $(106.5) | $(141.4) | | Free cash flow | $159.1 | $32.0 | $199.0 | $27.4 | | Cash paid for acquisition & integration costs | $1.3 | $2.0 | $5.5 | $16.1 | | Cash paid for integration related ERP systems | $1.1 | $0.2 | $4.4 | $1.1 | | Cash paid for other nonrecurring costs | $9.2 | $0.1 | $9.5 | $0.5 | | **Adjusted free cash flow** | **$170.7** | **$34.3** | **$218.4** | **$45.1** | - Cash flows from the Containerboard Business are included within adjusted free cash flow[46](index=46&type=chunk) [Net Income, Class A EPS and Tax Rate Before Adjustments](index=16&type=section&id=NET%20INCOME%2C%20CLASS%20A%20EARNINGS%20PER%20SHARE%20AND%20TAX%20RATE%20BEFORE%20ADJUSTMENTS) This reconciliation provides a detailed breakdown of adjustments made to reported net income, Class A diluted EPS, and tax rates to arrive at figures excluding the impact of specific non-recurring items for both the three and nine months ended July 31, 2025 and 2024 Net Income, Class A EPS, and Tax Rate Before Adjustments (in millions, except per share amounts): | Metric | 3 Months Ended Jul 31, 2025 (Reported) | 3 Months Ended Jul 31, 2025 (Excl. Adjustments) | 3 Months Ended Jul 31, 2024 (Reported) | 3 Months Ended Jul 31, 2024 (Excl. Adjustments) | | :---------------------------------------- | :------------------------------------- | :---------------------------------------------- | :------------------------------------- | :---------------------------------------------- | | Net Income Attributable to Greif, Inc. | $39.3 | $60.4 | $78.0 | $54.1 | | Diluted Class A Earnings Per Share | $0.67 | $1.03 | $1.34 | $0.92 | | Tax Rate | 21.1% | 22.4% | 28.6% | 23.0% | - Key adjustments for Q3 2025 included **$25.2 million** for restructuring and other charges, and **$3.4 million** for non-cash asset impairment charges[47](index=47&type=chunk) - Key adjustments for Q3 2024 included a **$(46.1) million** gain on disposal of businesses, net[47](index=47&type=chunk) [Net Debt](index=17&type=section&id=NET%20DEBT) This section reconciles total debt to net debt as of July 31, 2025, and July 31, 2024, showing a decrease in net debt year-over-year Net Debt Reconciliation (in millions): | Metric | July 31, 2025 | July 31, 2024 | | :---------- | :------------ | :------------ | | Total debt | $2,717.0 | $2,909.5 | | Cash and cash equivalents | $(285.2) | $(194.2) | | **Net debt** | **$2,431.8** | **$2,715.3** | [Leverage Ratio](index=18&type=section&id=LEVERAGE%20RATIO) The reconciliation demonstrates a reduction in Greif's leverage ratio to 3.1x as of July 31, 2025, from 3.6x in the prior year, calculated based on Credit Agreement adjusted net debt and trailing twelve-month Credit Agreement EBITDA Leverage Ratio Calculation (in millions): | Metric | Trailing Twelve Months Ended 7/31/2025 | Trailing Twelve Months Ended 7/31/2024 | | :------------------------------------ | :------------------------------------- | :------------------------------------- | | Credit Agreement EBITDA | $775.1 | $730.5 | | Adjusted net debt | $2,382.2 | $2,608.5 | | **Leverage ratio** | **3.1 x** | **3.6 x** | - Credit Agreement EBITDA includes total company consolidated results, encompassing both continuing and discontinued operations, as approved by creditors under the 2022 Credit Agreement[51](index=51&type=chunk) [Projected 2025 Guidance Reconciliation](index=19&type=section&id=PROJECTED%202025%20GUIDANCE%20RECONCILIATION) [Adjusted Free Cash Flow Guidance](index=19&type=section&id=ADJUSTED%20FREE%20CASH%20FLOW*) This section provides a reconciliation of the fiscal 2025 Adjusted Free Cash Flow guidance to forecasted net cash provided by operating activities, including both continuing and discontinued operations Fiscal 2025 Adjusted Free Cash Flow Guidance Reconciliation (in millions): | Metric | Scenario 1 | Scenario 2 | | :---------------------------------------- | :--------- | :--------- | | Net cash provided by operating activities | $430.0 | $435.0 | | Cash paid for purchases of PP&E | $(150.5) | $(139.5) | | Free cash flow | $279.5 | $295.5 | | Cash paid for acquisition & integration costs | $8.0 | $5.5 | | Cash paid for integration related ERP systems | $5.5 | $4.5 | | Cash paid for other nonrecurring costs | $12.0 | $9.5 | | **Adjusted free cash flow** | **$305.0** | **$315.0** | - The projected Adjusted Free Cash Flow guidance includes cash flows from the Containerboard Business[53](index=53&type=chunk)

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the unaudited condensed consolidated financial statements and related notes for Greif, Inc [ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements for Greif, Inc. and its subsidiaries, including statements of income, comprehensive income, balance sheets, cash flows, and changes in shareholders' equity, along with detailed notes explaining the basis of presentation, significant accounting policies, acquisitions, divestitures, debt, financial instruments, and segment information [Condensed Consolidated Statements of Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Condensed Consolidated Statements of Income (Unaudited) - Three Months Ended July 31 | (in millions, except per share amounts) | 2025 | 2024 | | :------------------------------------ | :--- | :--- | | Net sales | $1,134.7 | $1,164.9 | | Gross profit | $257.3 | $244.9 | | Operating profit | $73.1 | $136.7 | | Net income attributable to Greif, Inc. | $64.0 | $87.1 | | Earnings per Class A common stock - diluted | $1.10 | $1.50 | | Earnings per Class B common stock - diluted | $1.66 | $2.26 | Condensed Consolidated Statements of Income (Unaudited) - Nine Months Ended July 31 | (in millions, except per share amounts) | 2025 | 2024 | | :------------------------------------ | :--- | :--- | | Net sales | $3,231.8 | $3,247.9 | | Gross profit | $711.9 | $671.2 | | Operating profit | $162.6 | $260.5 | | Net income attributable to Greif, Inc. | $119.9 | $198.7 | | Earnings per Class A common stock - diluted | $2.07 | $3.44 | | Earnings per Class B common stock - diluted | $3.10 | $5.16 | [Condensed Consolidated Statements of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Condensed Consolidated Statements of Comprehensive Income (Unaudited) - Three Months Ended July 31 | (in millions) | 2025 | 2024 | | :------------ | :--- | :--- | | Net income | $69.4 | $93.6 | | Other comprehensive income (loss), net of tax | $25.8 | $(13.4) | | Comprehensive income attributable to Greif, Inc. | $89.7 | $73.7 | Condensed Consolidated Statements of Comprehensive Income (Unaudited) - Nine Months Ended July 31 | (in millions) | 2025 | 2024 | | :------------ | :--- | :--- | | Net income | $138.3 | $219.9 | | Other comprehensive income (loss), net of tax | $72.6 | $(25.9) | | Comprehensive income attributable to Greif, Inc. | $192.0 | $173.7 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets (Unaudited) - As of July 31, 2025 and October 31, 2024 | (in millions) | July 31, 2025 | October 31, 2024 | | :-------------------------------- | :------------ | :--------------- | | **ASSETS** | | | | Total current assets | $1,995.4 | $1,549.4 | | Total long-term assets | $3,605.5 | $3,715.2 | | Properties, plants and equipment, net | $1,134.2 | $1,383.0 | | Total assets | $6,735.1 | $6,647.6 | | **LIABILITIES AND SHAREHOLDERS' EQUITY** | | | | Total current liabilities | $1,411.7 | $1,014.4 | | Total long-term liabilities | $2,993.9 | $3,385.8 | | Total Greif, Inc. shareholders' equity | $2,194.2 | $2,082.4 | | Total shareholders' equity | $2,238.1 | $2,117.5 | | Total liabilities and shareholders' equity | $6,735.1 | $6,647.6 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows (Unaudited) - Nine Months Ended July 31 | (in millions) | 2025 | 2024 | | :------------------------------------ | :--- | :--- | | Net cash provided by operating activities | $303.3 | $168.8 | | Net cash used in investing activities | $(70.2) | $(703.8) | | Net cash (used in) provided by financing activities | $(188.3) | $541.7 | | Net increase in cash and cash equivalents | $87.5 | $13.3 | | Cash and cash equivalents at end of period | $285.2 | $194.2 | [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - Nine Months Ended July 31, 2025 | (in millions) | Common Stock Amount | Treasury Stock Amount | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Greif, Inc. Equity | | :------------ | :------------------ | :-------------------- | :---------------- | :-------------------------------------------- | :----------------------- | | Balance as of October 31, 2024 | $230.3 | $(279.0) | $2,486.2 | $(355.1) | $2,082.4 | | Net income | | | $119.9 | | $119.9 | | Other comprehensive income (loss) | | | | $72.1 | $72.1 | | Dividends paid to Greif, Inc. shareholders | | | $(93.8) | | $(93.8) | | Balance as of July 31, 2025 | $246.6 | $(276.5) | $2,507.1 | $(283.0) | $2,194.2 | Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - Nine Months Ended July 31, 2024 | (in millions) | Common Stock Amount | Treasury Stock Amount | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Greif, Inc. Equity | | :------------ | :------------------ | :-------------------- | :---------------- | :-------------------------------------------- | :----------------------- | | Balance as of October 31, 2023 | $208.4 | $(281.9) | $2,337.9 | $(316.5) | $1,947.9 | | Net income | | | $198.7 | | $198.7 | | Other comprehensive income (loss) | | | | $(25.0) | $(25.0) | | Dividends paid to Greif, Inc. shareholders | | | $(89.8) | | $(89.8) | | Balance as of July 31, 2024 | $228.4 | $(279.0) | $2,449.0 | $(341.5) | $2,056.9 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the Company's accounting policies, acquisitions, debt, financial instruments, and segment information [1.6.1 Basis of Presentation and Summary of Significant Accounting Policies](index=10&type=section&id=NOTE%201%20%E2%80%94%20BASIS%20OF%20PRESENTATION%20AND%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note outlines the basis for preparing the interim financial statements, details a change in the Company's fiscal year, explains the reclassification of the Containerboard Business as discontinued operations, and describes the recent changes in segment reporting structure, also mentioning newly adopted and recently issued accounting standards - The Company is changing its fiscal year, effective for the 2025 fiscal year, which will consist of eleven months from November 1, 2024, to September 30, 2025, with subsequent fiscal years ending on September 30[19](index=19&type=chunk) - The Containerboard Business divestiture qualifies as discontinued operations, with its financial results reclassified for all periods presented and related assets and liabilities classified as held for sale[22](index=22&type=chunk)[23](index=23&type=chunk) - The Company changed its reporting structure to a material solution-based structure, resulting in a change from three to four reportable segments: Customized Polymer Solutions, Durable Metal Solutions, Sustainable Fiber Solutions, and Integrated Solutions, with prior period segment information recast[24](index=24&type=chunk)[26](index=26&type=chunk) - The Company is evaluating the potential impact of recently issued ASUs: ASU 2024-03 (Expense Disaggregation Disclosures), ASU 2023-09 (Improvements to Tax Disclosures), and ASU 2023-07 (Improvements to Reportable Segment Disclosures), with effective dates ranging from fiscal year 2025 to 2027[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) [1.6.2 Acquisitions and Divestitures](index=12&type=section&id=NOTE%202%20%E2%80%94%20ACQUISITIONS%20AND%20DIVESTITURES) This note details the Company's divestiture activities, including the intended sales of the Soterra Business and the Containerboard Business, and the completed Ipackchem acquisition, providing financial impacts and reclassifications - On August 5, 2025, the Company entered into a definitive agreement to sell its Soterra land management business for approximately **$462.0 million**, with net cash proceeds to be used for debt repayment; this divestiture does not qualify as discontinued operations[32](index=32&type=chunk) - On June 30, 2025, the Company agreed to sell its Containerboard Business for **$1,800.0 million**, expected to close by August 31, 2025, which qualifies as discontinued operations and its financial results are presented separately[33](index=33&type=chunk) Containerboard Business Results from Discontinued Operations (Unaudited) | (in millions) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :------------ | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net sales | $317.2 | $289.3 | $871.6 | $783.1 | | Operating profit | $53.1 | $34.3 | $142.1 | $77.5 | | Net income from discontinued operations | $24.7 | $9.1 | $61.5 | $12.2 | Ipackchem Acquisition Summary (March 26, 2024) | (in millions) | Amount Recognized as of Acquisition Date | | :------------ | :--------------------------------------- | | Cash consideration | $582.1 | | Total identifiable net assets | $301.1 | | Goodwill | $281.0 | [1.6.3 Goodwill](index=17&type=section&id=NOTE%203%20%E2%80%94%20GOODWILL) This note details the impact of the Company's segment realignment on its reporting units and the allocation of goodwill, confirming no impairment was found after testing, though one reporting unit has low headroom, and summarizes goodwill balances by segment - The Company's segment realignment resulted in a change from three to four reportable segments and new reporting units, with goodwill allocated on a relative fair value basis[47](index=47&type=chunk)[49](index=49&type=chunk) - Goodwill impairment testing immediately before and after the segment realignment concluded that the estimated fair value of each reporting unit exceeded its carrying value, with the Customized Polymer Solutions – Small Plastics/Jerrycans reporting unit having a **2% headroom**[50](index=50&type=chunk) Changes in Carrying Amount of Goodwill by Segment (Nine Months Ended July 31, 2025) | (in millions) | Global Industrial Packaging | Paper Packaging & Services | Customized Polymer Solutions | Durable Metal Solutions | Sustainable Fiber Solutions | Integrated Solutions | Total | | :------------ | :-------------------------- | :------------------------- | :--------------------------- | :---------------------- | :-------------------------- | :------------------- | :---- | | Balance at October 31, 2024 | $1,148.3 | $507.2 | $— | $— | $— | $— | $1,655.5 | | Segment recast | $(1,148.3) | $(507.2) | $607.9 | $401.8 | $475.9 | $169.9 | $— | | Goodwill acquired / Measurement period adjustment | $— | $— | $(10.0) | $— | $— | $— | $(10.0) | | Currency translation | $— | $— | $28.2 | $14.3 | $— | $7.8 | $50.3 | | Balance at July 31, 2025 | $— | $— | $626.1 | $416.1 | $475.9 | $177.7 | $1,695.8 | [1.6.4 Restructuring Charges](index=19&type=section&id=NOTE%204%20%E2%80%94%20RESTRUCTURING%20CHARGES) This note provides a reconciliation of restructuring reserves, detailing the charges incurred for employee separation and other costs during the three and nine months ended July 31, 2025 and 2024, and outlines the remaining expected costs Restructuring Charges | Period | 2025 (in millions) | 2024 (in millions) | | :----- | :--- | :--- | | Three Months Ended July 31 | $25.2 | $2.7 | | Nine Months Ended July 31 | $42.5 | $1.6 | - The focus for 2025 restructuring activities is to optimize operations amidst industrial activity contraction and transform the Company's internal processes and portfolio for long-term profitable earnings growth[51](index=51&type=chunk) - Remaining amounts expected to be incurred from open or formulated restructuring plans totaled **$30.3 million** as of July 31, 2025[54](index=54&type=chunk) [1.6.5 Debt](index=20&type=section&id=NOTE%205%20%E2%80%94%20DEBT) This note summarizes the Company's long-term and short-term debt, including details on the 2022 and 2023 Credit Agreements and accounts receivable credit facilities, along with their terms, interest rates, and compliance with covenants Long-Term Debt Summary | | July 31, 2025 (in millions) | October 31, 2024 (in millions) | | :------------------------------------ | :------------ | :--------------- | | 2022 Credit Agreement - Term Loans | $1,641.3 | $1,707.4 | | 2023 Credit Agreement - Term Loan | $283.1 | $288.8 | | Accounts receivable credit facilities | $— | $357.9 | | 2022 Credit Agreement - Revolving Credit Facility | $395.7 | $373.7 | | Total long-term debt, net | $2,219.3 | $2,626.2 | - The 2022 Credit Agreement includes an **$800.0 million** secured revolving credit facility and various secured term loan facilities (A-1, A-2, A-4), with the Incremental Term Loan A-4 (**$300.0 million**) used to repay funds for the Ipackchem acquisition[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - The 2023 Credit Agreement provides a **$300.0 million** secured term loan facility, used to repay and refinance a portion of the 2022 Credit Agreement borrowings[61](index=61&type=chunk) Short-Term Debt Summary | | July 31, 2025 (in millions) | October 31, 2024 (in millions) | | :---------------------------- | :------------ | :--------------- | | Accounts receivable credit facilities | $386.6 | $— | | Other debt | $15.3 | $18.6 | | Total | $401.9 | $18.6 | - The U.S. Receivables Financing Facility Agreement (U.S. RFA) provides a **$290.0 million** facility, with **$284.3 million** outstanding as of July 31, 2025[65](index=65&type=chunk) - The European RFA provides a **€100.0 million** facility, with **$102.3 million** outstanding as of July 31, 2025[68](index=68&type=chunk) [1.6.6 Financial Instruments and Fair Value Measurements](index=22&type=section&id=NOTE%206%20%E2%80%94%20FINANCIAL%20INSTRUMENTS%20AND%20FAIR%20VALUE%20MEASUREMENTS) This note details the Company's financial instruments, including recurring fair value measurements for interest rate derivatives, foreign exchange hedges, and cross-currency swaps, as well as non-recurring fair value measurements related to asset impairment charges Recurring Fair Value Measurements - July 31, 2025 | | Assets (in millions) | Liabilities (in millions) | | :---------------------- | :----- | :---------- | | Interest rate derivatives | $29.4 | $(7.2) | | Foreign exchange hedges | $1.0 | $(0.8) | | Cross currency swap | $5.8 | $(47.0) | - The Company has interest rate swaps with a total notional amount of **$1,362.5 million**, effectively converting variable rate debt to a fixed rate of **2.99%**[70](index=70&type=chunk)[71](index=71&type=chunk) - Gains reclassified to earnings from interest rate swaps were **$4.6 million** (Q3 2025) and **$14.8 million** (YTD 2025)[73](index=73&type=chunk) - Foreign currency forward contracts outstanding totaled **$219.6 million** as of July 31, 2025, used to reduce volatility from foreign exchange rate changes[74](index=74&type=chunk) - Cross currency interest rate swaps synthetically swap **$534.9 million** of U.S. fixed rate debt to Euro denominated fixed rate debt[78](index=78&type=chunk) - A cash settlement of certain cross-currency swap contracts resulted in a cash receipt of **$22.5 million** in Q1 2025[81](index=81&type=chunk) - Non-cash asset impairment charges for the nine months ended July 31, 2025, totaled **$27.8 million**, primarily related to properties, plants and equipment, and definite-lived intangibles across various segments[84](index=84&type=chunk) [1.6.7 Stock-Based Compensation](index=27&type=section&id=NOTE%207%20%E2%80%93%20STOCK-BASED%20COMPENSATION) This note outlines the stock-based compensation activities, including the granting of restricted stock units (RSUs) and performance stock units (PSUs) under the Long-Term Incentive Plan, and the shares issued upon vesting - The Company granted **123,800 RSUs** on December 13, 2024, with a weighted average fair value of **$66.61**, for the performance period ending September 30, 2027[87](index=87&type=chunk) - The Company granted **215,953 PSUs** on December 13, 2024, with a weighted average fair value of **$61.19**, for the performance period ending September 30, 2027[89](index=89&type=chunk) [1.6.8 Income Taxes](index=27&type=section&id=NOTE%208%20%E2%80%94%20INCOME%20TAXES) This note details the income tax expense for the period, highlighting the increase compared to the prior year due to a one-time tax benefit in 2024 and the impact of the Delta Divestiture, also addressing the impact of the OBBBA and deferred tax liabilities from the Ipackchem acquisition - Income tax expense for the nine months ended July 31, 2025, was **$38.0 million**, an increase of **$22.0 million** compared to **$16.0 million** in 2024, primarily due to a one-time discrete tax benefit of **$48.1 million** recognized in 2024 and a **$17.3 million** gain from the Delta Divestiture in 2024[92](index=92&type=chunk) - The One Big Beautiful Bill Act (OBBBA), enacted on July 4, 2025, permanently extends several major provisions of the Tax Cuts and Jobs Act of 2017, with the Company determining it does not have a material effect on the current quarter's income tax provision, as most provisions affect the 2026 fiscal year[93](index=93&type=chunk) - A deferred tax liability of **$63.6 million** was recorded through purchase accounting as part of the Ipackchem Acquisition, primarily due to temporary differences in intangible assets, property, plant and equipment, and inventory[94](index=94&type=chunk) [1.6.9 Post Retirement Benefit Plans](index=28&type=section&id=NOTE%209%20%E2%80%94%20POST%20RETIREMENT%20BENEFIT%20PLANS) This note presents the components of net periodic pension cost for the three and nine months ended July 31, 2025 and 2024, and outlines expected employer contributions Net Periodic Pension Cost (Benefit) | Period | 2025 (in millions) | 2024 (in millions) | | :----- | :--- | :--- | | Three Months Ended July 31 | $(0.4) | $(0.9) | | Nine Months Ended July 31 | $(1.1) | $(3.0) | - The Company expects to make employer contributions of **$5.9 million** during 2025[95](index=95&type=chunk) [1.6.10 Contingent Liabilities and Environmental Reserves](index=28&type=section&id=NOTE%2010%20%E2%80%94%20CONTINGENT%20LIABILITIES%20AND%20ENVIRONMENTAL%20RESERVES) This note discusses the Company's potential exposure to litigation and regulatory matters, and details its environmental reserves, including the basis for estimation and the potential for future charges - The Company accrues for contingencies related to litigation and regulatory matters when a liability is probable and estimable, regularly reviewing accruals for adequacy[98](index=98&type=chunk) - Environmental reserves were **$17.1 million** as of July 31, 2025, and **$16.5 million** as of October 31, 2024, primarily based on environmental studies and third-party cost estimates[99](index=99&type=chunk) [1.6.11 Earnings Per Share](index=28&type=section&id=NOTE%2011%20%E2%80%94%20EARNINGS%20PER%20SHARE) This note explains the Company's two-class method for computing earnings per share (EPS) for its Class A and Class B Common Stock, detailing the dividend distribution proportion and providing a reconciliation of shares used in the calculation - The Company applies the 'two-class method' for EPS calculation, allocating earnings based on a **40% to 60% dividend split** for Class A and Class B shareholders, respectively[101](index=101&type=chunk)[102](index=102&type=chunk) Numerator for Basic and Diluted EPS | Period | Net income from continuing operations attributable to Greif, Inc. (in millions) | Net income from discontinued operations attributable to Greif, Inc. (in millions) | Net income attributable to Greif, Inc. (in millions) | Cash dividends (in millions) | Undistributed earnings attributable to Greif, Inc. (in millions) | | :----- | :-------------------------------------------------------------- | :---------------------------------------------------------------- | :------------------------------------- | :------------- | :----------------------------------------------- | | Three Months Ended July 31, 2025 | $39.3 | $24.7 | $64.0 | $(31.4) | $32.6 | | Three Months Ended July 31, 2024 | $78.0 | $9.1 | $87.1 | $(30.1) | $57.0 | | Nine Months Ended July 31, 2025 | $58.4 | $61.5 | $119.9 | $(93.8) | $26.1 | | Nine Months Ended July 31, 2024 | $186.5 | $12.2 | $198.7 | $(89.8) | $108.9 | Shares Outstanding | | July 31, 2025 (in thousands) | October 31, 2024 (in thousands) | | :-------------------- | :------------ | :--------------- | | Class A Common Stock | 26,169,944 | 25,850,270 | | Class B Common Stock | 21,331,127 | 21,331,127 | [1.6.12 Comprehensive Income (Loss)](index=31&type=section&id=NOTE%2012%20%E2%80%94%20COMPREHENSIVE%20INCOME%20(LOSS)) This note provides a rollforward of accumulated other comprehensive income (loss), detailing changes related to foreign currency translation, derivative financial instruments, and minimum pension liability adjustments for the nine months ended July 31, 2025 and 2024 Rollforward of Accumulated Other Comprehensive Income (Loss) - Nine Months Ended July 31, 2025 | | Foreign Currency Translation (in millions) | Derivative Financial Instruments (in millions) | Minimum Pension Liability Adjustment (in millions) | Accumulated Other Comprehensive Income (Loss) (in millions) | | :-------------------------- | :--------------------------- | :------------------------------- | :----------------------------------- | :-------------------------------------------- | | Balance as of October 31, 2024 | $(314.1) | $33.9 | $(74.9) | $(355.1) | | Other comprehensive income (loss) | $95.0 | $(21.4) | $(1.5) | $72.1 | | Balance as of July 31, 2025 | $(219.1) | $12.5 | $(76.4) | $(283.0) | Rollforward of Accumulated Other Comprehensive Income (Loss) - Nine Months Ended July 31, 2024 | | Foreign Currency Translation (in millions) | Derivative Financial Instruments (in millions) | Minimum Pension Liability Adjustment (in millions) | Accumulated Other Comprehensive Income (Loss) (in millions) | | :-------------------------- | :--------------------------- | :------------------------------- | :----------------------------------- | :-------------------------------------------- | | Balance as of October 31, 2023 | $(317.7) | $71.7 | $(70.5) | $(316.5) | | Other comprehensive income (loss) | $14.8 | $(35.5) | $(4.3) | $(25.0) | | Balance as of July 31, 2024 | $(302.9) | $36.2 | $(74.8) | $(341.5) | [1.6.13 Business Segment Information](index=31&type=section&id=NOTE%2013%20%E2%80%94%20BUSINESS%20SEGMENT%20INFORMATION) This note details the Company's new four-segment reporting structure, providing descriptions of products and services for each segment, and presents disaggregated net sales by geographic area and segment, along with segment operating profit, depreciation, and total assets - Effective November 1, 2024, the Company realigned its organizational structure into four reportable business segments: Customized Polymer Solutions, Durable Metal Solutions, Sustainable Fiber Solutions, and Integrated Solutions[107](index=107&type=chunk) Net Sales by Segment and Geographic Area - Three Months Ended July 31, 2025 | Segment | United States (in millions) | Europe, Middle East and Africa (in millions) | Asia Pacific and Other Americas (in millions) | Total (in millions) | | :-------------------------- | :------------ | :----------------------------- | :------------------------------ | :---- | | Customized Polymer Solutions | $139.4 | $139.2 | $61.2 | $339.8 | | Durable Metal Solutions | $71.6 | $238.0 | $90.2 | $399.8 | | Sustainable Fiber Solutions | $294.3 | $0.2 | $13.5 | $308.0 | | Integrated Solutions | $65.2 | $12.9 | $9.0 | $87.1 | | Total net sales | $570.5 | $390.3 | $173.9 | $1,134.7 | Operating Profit by Segment | Segment | Three Months Ended July 31, 2025 (in millions) | Three Months Ended July 31, 2024 (in millions) | Nine Months Ended July 31, 2025 (in millions) | Nine Months Ended July 31, 2024 (in millions) | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Customized Polymer Solutions | $8.8 | $9.6 | $28.8 | $26.9 | | Durable Metal Solutions | $37.6 | $36.2 | $95.1 | $99.8 | | Sustainable Fiber Solutions | $23.2 | $35.9 | $30.3 | $61.8 | | Integrated Solutions | $3.5 | $55.0 | $8.4 | $72.0 | | Total operating profit | $73.1 | $136.7 | $162.6 | $260.5 | Total Assets by Segment | Segment | July 31, 2025 (in millions) | October 31, 2024 (in millions) | | :-------------------------- | :------------ | :--------------- | | Customized Polymer Solutions | $1,947.8 | $1,818.7 | | Durable Metal Solutions | $1,045.8 | $1,183.8 | | Sustainable Fiber Solutions | $2,904.7 | $2,788.8 | | Integrated Solutions | $311.0 | $403.1 | | Total segments | $6,209.3 | $6,194.4 | | Corporate and other | $525.8 | $453.2 | | Total assets | $6,735.1 | $6,647.6 | [1.6.14 Redeemable Noncontrolling Interests](index=34&type=section&id=NOTE%2014%20%E2%80%94%20REDEMABLE%20NONCONTROLLING%20INTERESTS) This note describes the nature of redeemable noncontrolling interests in joint ventures and details the repurchase of a 20% ownership interest, along with a summary of changes in the redeemable noncontrolling interest balance - On May 30, 2025, the Company redeemed the remaining **20% ownership interest** in one of its noncontrolling interests for **$38.7 million**, increasing its ownership to **100%**[116](index=116&type=chunk) Change in Redeemable Noncontrolling Interest - Nine Months Ended July 31, 2025 | | Redeemable Noncontrolling Interest (in millions) | | :------------------------------------ | :------------------------------- | | Balance as of October 31, 2024 | $129.9 | | Current period mark to redemption value | $4.9 | | Repurchase of redeemable shareholder interest | $(40.9) | | Redeemable noncontrolling interest share of income | $5.2 | | Dividends to redeemable noncontrolling interest and other | $(7.7) | | Balance as of July 31, 2025 | $91.4 | [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=35&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on the Company's financial condition and results of operations, including a general overview, detailed segment reviews for the third quarter and year-to-date, and an analysis of liquidity and capital resources [2.1 General Information](index=35&type=section&id=GENERAL) This subsection introduces the Management's Discussion and Analysis, highlights the Company's fiscal year change, and reiterates the reclassification of the Containerboard Business as discontinued operations and the intended sale of the Soterra Business - The Company's 2025 fiscal year began on November 1, 2024, and will end on September 30, 2025, consisting of eleven months, with subsequent fiscal years running from October 1 to September 30[119](index=119&type=chunk) - The Containerboard Business is presented as discontinued operations starting in the third quarter of 2025 due to a definitive agreement for its sale for **$1,800.0 million**, expected to close by August 31, 2025[126](index=126&type=chunk) - A definitive agreement was entered on August 5, 2025, to sell the Soterra land management business for approximately **$462.0 million**, expected to close October 1, 2025; this divestiture does not qualify as discontinued operations[127](index=127&type=chunk) [2.2 Business Segments Overview](index=36&type=section&id=BUSINESS%20SEGMENTS) This section describes the Company's new four-segment reporting structure, effective November 1, 2024, outlining the primary products and services offered by each segment - The Company operates in four reportable business segments: Customized Polymer Solutions (plastic drums, IBCs, small plastics), Durable Metal Solutions (steel drums), Sustainable Fiber Solutions (fiber drums, recycled board, timberland management), and Integrated Solutions (paints, linings, closure systems, recycled fiber, adhesives)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) [2.3 Critical Accounting Policies](index=36&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES) This subsection confirms no material changes to critical accounting policies and provides a detailed discussion on goodwill valuation, including the impact of segment realignment and impairment testing results - There have been no material changes to the Company's critical accounting policies from the disclosures in the 2024 Form 10-K[136](index=136&type=chunk) - The segment realignment led to changes in reporting units and a reallocation of goodwill; impairment testing showed that the fair value of each reporting unit exceeded its carrying value, though the Customized Polymer Solutions – Small Plastics/Jerrycans unit had a low headroom of **2%**[137](index=137&type=chunk)[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) Goodwill Balance by Reporting Unit | Reporting Unit | July 31, 2025 (in millions) | October 31, 2024 (in millions) | | :------------------------------------ | :------------ | :--------------- | | Customized Polymer Solutions - Small Plastics/Jerrycans | $369.0 | $357.7 | | Customized Polymer Solutions - Large/Medium Plastics | $130.2 | $128.0 | | Customized Polymer Solutions - Intermediate Bulk Containers | $126.9 | $122.2 | | Durable Metal Solutions | $416.1 | $401.8 | | Sustainable Fiber Solutions - Boxboard & Converted | $475.9 | $475.9 | | Integrated Solutions | $177.7 | $169.9 | | Total | $1,695.8 | $1,655.5 | [2.4 Results of Operations - Third Quarter](index=39&type=section&id=RESULTS%20OF%20OPERATIONS) This section analyzes the Company's consolidated and segment-level financial performance for the three months ended July 31, 2025, compared to the prior year, covering net sales, gross profit, SG&A expenses, operating profit, net income, and Adjusted EBITDA, along with key trends and income tax expense Consolidated Financial Performance (Three Months Ended July 31) | (in millions) | 2025 | 2024 | | :------------ | :--- | :--- | | Net sales | $1,134.7 | $1,164.9 | | Operating profit | $73.1 | $136.7 | | Adjusted EBITDA | $160.7 | $157.0 | - Net sales decreased by **$30.2 million (2.6%)** to **$1,134.7 million** in Q3 2025, primarily due to lower volumes (**$40.1 million**), partially offset by positive foreign currency translation impacts[152](index=152&type=chunk) - Gross profit increased by **$12.4 million (5.1%)** to **$257.3 million** in Q3 2025, driven by lower raw material costs, with gross profit margin improving to **22.7%** from **21.0%** in Q3 2024[153](index=153&type=chunk) - Operating profit decreased by **$63.6 million (46.5%)** to **$73.1 million** in Q3 2025, and net income decreased by **$39.8 million (47.1%)** to **$44.7 million**, while Adjusted EBITDA increased by **$3.7 million (2.4%)** to **$160.7 million**[155](index=155&type=chunk) - Volumes in small plastics improved, but no compelling customer demand inflection is anticipated for the remainder of the year, with prices for steel, resin, old corrugated containers, other direct materials, transportation, labor, and utilities expected to remain relatively stable[156](index=156&type=chunk) Segment Performance (Three Months Ended July 31, 2025 vs 2024) | Segment | Net Sales Change (in millions) | Gross Profit Change (in millions) | Operating Profit Change (in millions) | Adjusted EBITDA Change (in millions) | | :-------------------------- | :--------------- | :------------------ | :---------------------- | :--------------------- | | Customized Polymer Solutions | Up $25.1 | Up $10.1 | Down $0.8 | Down $1.1 | | Durable Metal Solutions | Down $24.3 | Up $0.7 | Up $1.4 | Up $2.1 | | Sustainable Fiber Solutions | Down $17.6 | Up $7.5 | Down $12.7 | Up $8.4 | | Integrated Solutions | Down $13.4 | Down $5.9 | Down $51.5 | Down $5.7 | - Income tax expense decreased by **$21.7 million** to **$11.8 million** in Q3 2025, primarily due to a gain from the Delta Divestiture in 2024[174](index=174&type=chunk) [2.5 Results of Operations - Year-to-Date](index=45&type=section&id=Year-to-Date%20Results) This section analyzes the Company's consolidated and segment-level financial performance for the nine months ended July 31, 2025, compared to the prior year, covering net sales, gross profit, SG&A expenses, operating profit, net income, and Adjusted EBITDA, along with income tax expense Consolidated Financial Performance (Nine Months Ended July 31) | (in millions) | 2025 | 2024 | | :------------ | :--- | :--- | | Net sales | $3,231.8 | $3,247.9 | | Operating profit | $162.6 | $260.5 | | Adjusted EBITDA | $412.4 | $403.8 | - Net sales decreased by **$16.1 million (0.5%)** to **$3,231.8 million** in YTD 2025, primarily due to lower volumes (**$57.1 million**), the Delta Divestiture (**$40.8 million**), and negative foreign currency impacts (**$11.3 million**), partially offset by recent acquisitions (**$97.2 million**)[179](index=179&type=chunk) - Gross profit increased by **$40.7 million (6.1%)** to **$711.9 million** in YTD 2025, mainly due to lower raw material costs, with gross profit margin improving to **22.0%** from **20.7%** in YTD 2024[180](index=180&type=chunk) - Operating profit decreased by **$97.9 million (37.6%)** to **$162.6 million** in YTD 2025, and net income decreased by **$130.9 million (63.0%)** to **$76.8 million**, while Adjusted EBITDA increased by **$8.6 million (2.1%)** to **$412.4 million**[182](index=182&type=chunk) Segment Performance (Nine Months Ended July 31, 2025 vs 2024) | Segment | Net Sales Change (in millions) | Gross Profit Change (in millions) | Operating Profit Change (in millions) | Adjusted EBITDA Change (in millions) | | :-------------------------- | :--------------- | :------------------ | :---------------------- | :--------------------- | | Customized Polymer Solutions | Up $135.9 | Up $47.7 | Up $1.9 | Up $12.2 | | Durable Metal Solutions | Down $87.4 | Down $8.4 | Down $4.7 | Down $2.6 | | Sustainable Fiber Solutions | Down $23.9 | Up $16.6 | Down $31.5 | Up $14.1 | | Integrated Solutions | Down $40.7 | Down $15.2 | Down $63.6 | Down $15.1 | - Income tax expense increased by **$22.0 million** to **$38.0 million** in YTD 2025, primarily due to a one-time discrete tax benefit of **$48.1 million** in 2024 and a **$17.3 million** gain from the Delta Divestiture in 2024[196](index=196&type=chunk) [2.6 Liquidity and Capital Resources](index=49&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) This section discusses the Company's primary sources and uses of liquidity, the expected impact of divestiture proceeds on debt repayment, and provides a detailed analysis of cash flows from operating, investing, and financing activities, along with an overview of financial obligations and instruments - Primary liquidity sources are operating cash flows, borrowings under senior secured credit facilities, and proceeds from trade accounts receivable credit facilities, which are expected to be sufficient for anticipated needs for at least 12 months[197](index=197&type=chunk) - Net cash proceeds from the sales of the Containerboard Business (**$1,800.0 million**) and Soterra Business (**$462.0 million**) will be used for debt repayment[199](index=199&type=chunk) Cash Flow Summary (Nine Months Ended July 31) | | 2025 (in millions) | 2024 (in millions) | | :------------------------------------ | :--- | :--- | | Net cash provided by operating activities | $303.3 | $168.8 | | Net cash used in investing activities | $(70.2) | $(703.8) | | Net cash (used in) provided by financing activities | $(188.3) | $541.7 | | Net increase in cash and cash equivalents | $87.5 | $13.3 | | Cash and cash equivalents at end of period | $285.2 | $194.2 | - Net cash provided by operating activities increased to **$303.3 million** in YTD 2025 from **$168.8 million** in YTD 2024, primarily due to favorable changes in accounts receivable and inventories[200](index=200&type=chunk)[201](index=201&type=chunk) - Net cash used in investing activities decreased significantly to **$(70.2) million** in YTD 2025 from **$(703.8) million** in YTD 2024, mainly due to the Ipackchem acquisition in 2024[200](index=200&type=chunk)[205](index=205&type=chunk) - Net cash used in financing activities was **$(188.3) million** in YTD 2025, compared to **$541.7 million** provided in YTD 2024, reflecting debt repayments in 2025 versus significant borrowings for the Ipackchem acquisition in 2024[200](index=200&type=chunk)[206](index=206&type=chunk) - As of July 31, 2025, the Company had **$404.3 million** of available borrowing capacity under its **$800.0 million** secured revolving credit facility[211](index=211&type=chunk) - The U.S. RFA was amended on August 28, 2025, to provide an accounts receivable financing facility of **$200.0 million**[218](index=218&type=chunk) - The Company received **$22.5 million** from a cash settlement of certain cross-currency swap contracts in Q1 2025[227](index=227&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=55&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) This section addresses the Company's internal control over financial reporting and disclosure controls and procedures, confirming their effectiveness and reporting no material changes [4.1 Changes in Internal Control Over Financial Reporting](index=55&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) This subsection confirms no material changes to the Company's internal control over financial reporting during the recent fiscal quarter - There has been no change in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting during the most recent fiscal quarter[229](index=229&type=chunk) [4.2 Disclosure Controls and Procedures](index=55&type=section&id=Disclosure%20Controls%20and%20Procedures) This subsection confirms the effectiveness of the Company's disclosure controls and procedures as of the end of the reporting period - The Company's management, with the participation of its principal executive officer and principal financial officer, concluded that its disclosure controls and procedures were effective as of the end of the reporting period[230](index=230&type=chunk) [PART II. OTHER INFORMATION](index=56&type=section&id=PART%20II.%20OTHER%20INFORMATION) This part addresses risk factors, lists filed exhibits, and includes the official signatures for the report [ITEM 1A. RISK FACTORS](index=56&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section states that there have been no material changes to the Company's risk factors since its last Annual Report on Form 10-K - There have been no material changes in the Company's risk factors from those disclosed in the 2024 Form 10-K[231](index=231&type=chunk) [ITEM 6. EXHIBITS](index=56&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed as part of the Quarterly Report on Form 10-Q, including amendments to agreements and certifications - Exhibits include Amendment No.1 to the Purchase and Agreement (dated July 15, 2025), Omnibus Amendment and Amendment No. 8 to the Third Amended and Restated Transfer and Administration Agreement (dated August 28, 2025), and Certifications of the Chief Executive Officer and Chief Financial Officer[232](index=232&type=chunk) [SIGNATURES](index=57&type=section&id=SIGNATURES) This section contains the official signatures for the Quarterly Report on Form 10-Q - The report was signed on August 28, 2025, by Lawrence A. Hilsheimer, Executive Vice President and Chief Financial Officer of Greif, Inc[234](index=234&type=chunk)

Financial Performance - Net income increased by 6.5% to $47.3 million, or $0.82 per diluted Class A share, compared to $44.4 million, or $0.77 per diluted Class A share in the prior year[6]. - Adjusted EBITDA rose by 26.0% to $213.9 million, up from $169.7 million[6]. - Net income attributable to Greif, Inc. for the three months ended April 30, 2025, was $47.3 million, up from $44.4 million in the same period of 2024, representing a 6.5% increase[31]. - Basic earnings per share attributable to Greif, Inc. common shareholders for Class A common stock was $0.82 for the three months ended April 30, 2025, compared to $0.77 for the same period in 2024, a 6.5% increase[31]. - Operating profit for the six months ended April 30, 2025, was $178.5 million, compared to $167.0 million for the same period in 2024, indicating a 6.5% increase[31]. - For the three months ended April 30, 2025, the consolidated operating profit was $118.6 million, a significant increase from $98.1 million in the same period of 2024, representing a growth of approximately 20.5%[41]. - Adjusted EBITDA for the six months ended April 30, 2025, reached $359.0 million, compared to $306.7 million for the same period in 2024, indicating an increase of about 17%[42]. Cash Flow and Debt Management - Net cash provided by operating activities increased by $48.9 million to $136.4 million, while adjusted free cash flow increased by $50.6 million to $109.6 million[6]. - Cash provided by operating activities for the six months ended April 30, 2025, was $105.6 million, compared to $92.0 million in 2024, marking a 14.8% increase[35]. - The company reported a net cash used in investing activities of $(31.7) million for the six months ended April 30, 2025, compared to $(662.6) million in 2024, showing a substantial reduction in cash outflow[35]. - The company experienced a net cash decrease of $116.2 million from financing activities for the three months ended April 30, 2025, compared to a net cash increase of $548.8 million in 2024[35]. - Total debt decreased by $140.9 million to $2,775.2 million, and net debt decreased by $197.6 million to $2,522.5 million, resulting in a leverage ratio decrease to 3.3x from 3.4x[6][7]. - The company’s net debt as of April 30, 2025, was $2,522.5 million, down from $2,720.1 million a year earlier[47]. - The leverage ratio as of April 30, 2025, was 3.3x, slightly improved from 3.4x a year prior[49]. Sales and Revenue Growth - Net sales for the three months ended April 30, 2025, were $1,385.7 million, a 1.9% increase from $1,371.0 million in the same period of 2024[31]. - Total net sales for the six months ended April 30, 2025, reached $2,651.5 million, up from $2,576.8 million in 2024, indicating a growth of 2.9%[37]. - Customized Polymer Solutions net sales increased by $43.7 million to $329.3 million, primarily due to $38.8 million from recent acquisitions[10]. - Sustainable Fiber Solutions net sales increased by $19.0 million to $599.1 million, driven by $29.0 million from higher containerboard and boxboard prices[14]. - Customized Polymer Solutions segment net sales increased to $329.3 million for the three months ended April 30, 2025, from $285.6 million in 2024, a growth of 15.2%[37]. Cost Management and Savings - The company anticipates achieving $15.0 million to $25.0 million in run-rate savings from its cost optimization program by the end of fiscal year 2025[6]. - The company reported acquisition and integration related costs of $2.0 million for the three months ended April 30, 2025, down from $11.5 million in the same period of 2024[31]. - Restructuring and other charges for the same period amounted to $14.6 million, contributing to the overall financial adjustments[45]. - The company incurred $2.0 million in acquisition and integration related costs during the three months ended April 30, 2025[45]. Asset Management - Total assets as of April 30, 2025, were $6,754.4 million, an increase from $6,647.6 million as of October 31, 2024[33]. - Cash and cash equivalents increased to $252.7 million as of April 30, 2025, from $197.7 million as of October 31, 2024[33]. - Long-term debt decreased to $2,290.9 million as of April 30, 2025, from $2,626.2 million as of October 31, 2024[33]. - Total equity for Greif, Inc. increased to $2,134.1 million as of April 30, 2025, compared to $2,082.4 million as of October 31, 2024[33]. Taxation - The company recorded an income tax rate of 35.5% for the second quarter, with an expected range of 27.0% to 32.0% for fiscal 2025[20]. - Greif's income before income tax for the three months ended April 30, 2025, was $83.9 million, reflecting a significant operational performance[45].

Financial Performance - Net income for the three months ended April 30, 2025, was $54.5 million, compared to $52.0 million for the same period in 2024, representing a 4.8% increase[9] - Comprehensive income attributable to Greif, Inc. for the three months ended April 30, 2025, was $123.2 million, up from $44.1 million in 2024, indicating a significant increase of 179.5%[9] - Net cash provided by operating activities for the six months ended April 30, 2025, was $105.6 million, compared to $92.0 million for the same period in 2024, an increase of 14.8%[13] - The net income for the three months ended April 30, 2025, was $47.3 million, compared to $55.9 million for the six months ended April 30, 2025[14] - Comprehensive income for the three months ended April 30, 2025, was $123.2 million, while the comprehensive income for the six months ended April 30, 2025, was $102.3 million[14] - The net income attributable to Greif, Inc. for the six months ended April 30, 2025, was $55.9 million, compared to $111.6 million for the same period in 2024[92] Assets and Equity - Total assets as of April 30, 2025, were $6,754.4 million, compared to $6,647.6 million as of October 31, 2024, reflecting a growth of 1.6%[11] - Cash and cash equivalents increased to $252.7 million as of April 30, 2025, from $197.7 million at the end of October 2024, marking a rise of 27.8%[11] - The total shareholders' equity increased to $2,175.0 million as of April 30, 2025, from $2,117.5 million as of October 31, 2024, representing a growth of 2.7%[12] - As of April 30, 2025, Greif, Inc. reported a total equity of $2,175.0 million, an increase from $2,117.5 million as of October 31, 2024[14] - The company's total equity as of April 30, 2024, was $2,047.4 million, reflecting an increase from $1,986.3 million as of October 31, 2023[15] Debt and Financing - Long-term debt decreased to $2,290.9 million as of April 30, 2025, down from $2,626.2 million as of October 31, 2024, a reduction of 12.7%[12] - The Company has a secured revolving credit facility of $800.0 million, maturing on March 1, 2027[49] - As of April 30, 2025, the outstanding balance under the 2022 and 2023 Credit Agreements was $2,392.3 million, with a current portion of $95.8 million and a long-term portion of $2,296.5 million[55] - The weighted average interest rate for borrowings under the 2022 and 2023 Credit Agreements was 5.88% for the six months ended April 30, 2025, with an actual interest rate of 6.06% as of the same date[55] Foreign Currency and Translation - The company reported a foreign currency translation gain of $118.0 million for the three months ended April 30, 2025, compared to a loss of $29.2 million in 2024[9] - The company experienced a foreign currency translation gain of $117.3 million for the three months ended April 30, 2025[14] - The company reported a foreign currency translation loss of $28.3 million for the current period[15] - The net investment hedges resulted in a final gain of $11.3 million, included in the foreign currency translation component of other comprehensive income (OCI) [74] Dividends - Dividends paid to Greif, Inc. shareholders amounted to $31.4 million for the three months ended April 30, 2025, with a per share distribution of $0.54 for Class A and $0.81 for Class B shares[14] - Dividends paid to Greif, Inc. shareholders amounted to $30.0 million, with Class A and Class B shares receiving $0.52 and $0.78 per share, respectively[15] Acquisitions and Restructuring - The Company acquired Ipackchem Group SAS for a total purchase price of $582.1 million, incurring transaction costs of $8.9 million[29] - As of April 30, 2025, the fair value of identifiable net assets acquired from Ipackchem was $301.1 million, with goodwill recognized at $281.0 million[32] - The Company recorded restructuring charges of $11.2 million for the three months ended April 30, 2025, compared to $(6.8) million for the same period in 2024[43] - The Company expects to incur remaining restructuring costs of $25.9 million as of April 30, 2025[46] Operational Segments - The Customized Polymer Solutions segment generated $624.4 million in net sales for the six months ended April 30, 2025, up from $513.6 million in the same period of 2024, reflecting a 21.6% increase[100][102] - The Sustainable Fiber Solutions segment reported net sales of $1,160.5 million for the six months ended April 30, 2025, compared to $1,108.9 million in the prior year, marking a 4.7% increase[100][102] - The Durable Metal Solutions segment achieved net sales of $721.1 million for the six months ended April 30, 2025, compared to $784.2 million in the same period of 2024, reflecting a decrease of 8.0%[100][102] - The Integrated Solutions segment reported an operating profit of $17.7 million for the six months ended April 30, 2025, down from $28.5 million in the same period of 2024, a decline of 37.5%[100][102] Compliance and Standards - The interim condensed consolidated financial statements have been prepared in accordance with GAAP, ensuring compliance with SEC regulations[17] - The company is in the process of determining the potential impact of recently issued accounting standards on its financial position and operations[24] Environmental and Tax - The company expects to make employer contributions of $5.9 million to its pension plans during 2025 [86] - As of April 30, 2025, the company's environmental reserves were $19.8 million, up from $19.1 million as of October 31, 2024 [90] - Income tax expense for the six months ended April 30, 2025, was $37.6 million, compared to a benefit of $(21.2) million for the same period in 2024, reflecting a $58.8 million increase [84] - A deferred tax liability of $63.6 million was recorded as part of the Ipackchem Acquisition, arising from temporary differences between the fair value of acquired assets and their tax basis [85]

Financial Performance - Net income decreased by 87.2% to $8.6 million or $0.15 per diluted Class A share compared to $67.2 million or $1.17 per diluted Class A share in the prior year[6] - Net income attributable to Greif, Inc. was $8.6 million, a significant decrease of 87.8% compared to $67.2 million in the prior year[31] - Net income for the three months ended January 31, 2025, was $14.4 million, a decrease of 80.6% compared to $74.3 million in the same period of 2024[39] - Net income for the trailing twelve months ended January 31, 2025, was $228.8 million, down from $360.3 million for the same period in 2024, representing a decrease of approximately 36.4%[48] - Basic earnings per share attributable to Greif, Inc. common shareholders for Class A common stock was $0.15, down from $1.17 in the same quarter of 2024[31] - The company reported an operating profit of $59.9 million for the three months ended January 31, 2025, down 13.0% from $68.9 million in the same period of 2024[39] Revenue and Sales - Net sales for the three months ended January 31, 2025, were $1,265.8 million, an increase of 4.1% compared to $1,205.8 million in the same period of 2024[31] - Customized Polymer Solutions net sales increased by $67.1 million to $295.1 million, primarily due to $58.5 million from recent acquisitions[12] - Sustainable Fiber Solutions net sales increased by $32.6 million to $561.4 million, driven by $25.8 million from higher containerboard and boxboard prices[16] - Customized Polymer Solutions segment net sales increased to $295.1 million, a rise of 29.4% from $228.0 million in the prior year[37] Adjusted EBITDA - Adjusted EBITDA increased by 5.9% to $145.1 million compared to $137.0 million in the prior year[6] - Total Adjusted EBITDA for the three months ended January 31, 2025, was $145.1 million, an increase of 5.9% from $137.0 million in the prior year[37] - Adjusted EBITDA for the trailing twelve months ended January 31, 2025, was $712.4 million, a decline of 11.2% compared to $802.4 million for the same period in 2024[48] Debt and Liabilities - Total debt increased by $548.4 million to $2,840.2 million, primarily due to the acquisition of Ipackchem, resulting in a leverage ratio increase to 3.63x from 2.46x[6] - Total debt increased to $2,840.2 million as of January 31, 2025, compared to $2,291.8 million a year earlier, representing a rise of 24.0%[46] - Net debt rose to $2,639.1 million as of January 31, 2025, compared to $2,112.5 million in the prior year, indicating an increase of 25.0%[46] - Total liabilities decreased to $3,158.0 million as of January 31, 2025, from $3,385.8 million as of October 31, 2024[33] - Adjusted net debt as of January 31, 2025, was $2,558.4 million, compared to $1,989.9 million for the same period in 2024, indicating an increase of about 28.5%[48] - The leverage ratio increased to 3.63x as of January 31, 2025, compared to 2.46x a year prior, highlighting a significant rise in financial leverage[48] Cash Flow - The company reported a net cash used in operating activities of $(30.8) million, a decline from $4.5 million in the same quarter of 2024[35] - Cash and cash equivalents at the end of the period were $201.1 million, compared to $179.3 million at the end of the same period in 2024[35] - Free cash flow for the three months ended January 31, 2025, was $(66.5) million, compared to $(51.1) million in the same period of 2024, reflecting a decline of 30.0%[43] - The company reported a net cash provided by operating activities of $391.0 million for fiscal 2025[50] Guidance and Projections - Fiscal 2025 low-end guidance for Adjusted EBITDA is set at $710 million and for Adjusted free cash flow at $245 million[23] - Projected free cash flow for fiscal 2025 is estimated at $220.0 million, with adjusted free cash flow expected to be $245.0 million[50] - Cash paid for purchases of properties, plants, and equipment is estimated at $171.0 million, impacting overall cash flow[50] Operational Changes - The closure of the A1 uncoated recycled paperboard machine in Austell, GA, and the containerboard and uncoated recycled paperboard mill in Fitchburg, MA, was announced[6] - The company is actively managing a period of industrial contraction while transforming internal processes for long-term profitable earnings growth[5] Taxation - The company recorded an income tax rate of 35.8% for the first quarter, with an expected range of 27.0% to 32.0% for fiscal 2025[20] - The effective tax rate for the three months ended January 31, 2025, was 35.8%, compared to a negative tax rate of 107.3% in the same period of 2024[44]

Financial Performance - Net sales for the three months ended January 31, 2025, increased to $1,265.8 million, up 4.1% from $1,205.8 million in the same period of 2024[9]. - Gross profit rose to $245.5 million, representing a 10.8% increase compared to $221.6 million in the prior year[9]. - Net income attributable to Greif, Inc. decreased significantly to $8.6 million, down 87.8% from $67.2 million in the same quarter of 2024[9]. - Basic earnings per share for Class A common stock dropped to $0.15, a decline of 87.9% from $1.17 in the previous year[9]. - Net income for the three months ended January 31, 2025, was $14.4 million, a decrease of 80.6% compared to $74.3 million for the same period in 2024[14]. - Total operating profit for the three months ended January 31, 2025, was $59.9 million, down from $68.9 million in 2024, a decrease of 13.0%[123]. - Adjusted EBITDA for the same period was $145.1 million, up 5.9% from $137.0 million in 2024[123]. Assets and Liabilities - Total assets as of January 31, 2025, were $6,585.7 million, a decrease from $6,647.6 million as of October 31, 2024[12]. - Long-term debt decreased to $2,422.2 million from $2,626.2 million, reflecting a reduction of 7.8%[13]. - Total shareholders' equity as of January 31, 2025, was $2,078.9 million, a decrease from $2,117.5 million as of October 31, 2024[15]. - The company reported accumulated other comprehensive loss of $384.6 million as of January 31, 2025, compared to $355.1 million as of October 31, 2024[94]. Cash Flow and Dividends - Cash flows from operating activities resulted in a net cash used of $30.8 million, contrasting with a net cash provided of $4.5 million in the prior year[14]. - The company paid dividends of $31.0 million to shareholders, slightly up from $29.7 million in the same quarter last year[15]. - Cash dividends paid to stockholders increased to $31.0 million in Q1 2025 from $29.7 million in Q1 2024[156]. Segment Performance - Operating profit for the Customized Polymer Solutions segment increased to $13.8 million in Q1 2025 from $11.7 million in Q1 2024, reflecting a growth of 17.9%[99]. - The Sustainable Fiber Solutions segment reported a decline in operating profit to $3.6 million in Q1 2025 from $8.2 million in Q1 2024, a decrease of 56.1%[99]. - Customized Polymer Solutions segment reported net sales of $295.1 million, a 29.5% increase from $228.0 million in 2024[123]. - Durable Metal Solutions segment net sales decreased to $342.2 million from $370.5 million, reflecting a decline of 7.0%[123]. - Sustainable Fiber Solutions segment achieved net sales of $561.4 million, an increase of 6.2% from $528.8 million in 2024[123]. - Integrated Solutions segment net sales decreased to $67.1 million from $78.5 million, a decline of 14.3%[123]. Acquisitions and Restructuring - The Company acquired Ipackchem Group SAS for a total purchase price of $582.1 million, incurring transaction costs of $8.9 million[28]. - Goodwill recognized from the Ipackchem acquisition amounted to $280.0 million, attributed to expected synergies and economies of scale[28]. - The restructuring charges recorded during the three months ended January 31, 2025, were $2.7 million, a decrease from $5.7 million in the same period of 2024[40]. - The restructuring activities in 2025 focus on optimizing operations and transforming internal processes for long-term profitable earnings growth[39]. Debt and Financing - The company has an outstanding amount of $2,524.3 million under the 2022 and 2023 Credit Agreements as of January 31, 2025[51]. - The company utilized $300.0 million from the Incremental Term Loan A-4 to repay funds drawn on the revolving credit facility for the acquisition of Ipackchem[47]. - The company has a secured revolving credit facility of $800.0 million, maturing on March 1, 2027[45]. Tax and Environmental Reserves - Income tax expense for the quarter was $7.8 million, a significant increase from an income tax benefit of $38.2 million in the same quarter of 2024[81]. - Environmental reserves increased to $19.5 million as of January 31, 2025, compared to $19.1 million as of October 31, 2024[88]. Other Financial Metrics - The company experienced an unrealized foreign exchange loss of $0.5 million in the current quarter, compared to a loss of $7.6 million in the same quarter last year[14]. - The company has various interest rate swaps with a total notional amount of $1,400.0 million, maturing between March 1, 2027, and July 16, 2029[59]. - The weighted average interest rate for borrowings under the 2022 and 2023 Credit Agreements was 5.98% for the three months ended January 31, 2025[51].

Financial Performance - Total net sales for the year ended October 31, 2024, reached $5,218.6 million, with $3,332.3 million from Global Industrial Packaging and $2,260.5 million from Paper Packaging & Services[230]. - U.S. income before income tax expense was $85.1 million in 2024, down from $240.7 million in 2023[169]. - The company's effective income tax rate decreased to 8.51% in 2024 from 23.81% in 2023[201]. - The balance of unrecognized tax benefits increased to $25.5 million as of October 31, 2024, up from $23.4 million in 2023[172]. - The company reported a decrease in active participants in post-retirement benefit plans from 1,509 in 2023 to 1,323 in 2024[206]. - The company's accumulated other comprehensive loss (pre-tax) was $109.2 million as of October 31, 2024[215]. Acquisitions and Divestitures - The company completed the Ipackchem Acquisition on March 26, 2024, enhancing its position in high-performance plastic packaging[227]. - The cash consideration for the ColePak acquisition was $74.6 million, with a noncontrolling interest valued at $72.1 million[131]. - Total identifiable net assets acquired in the ColePak acquisition were $86.6 million, with goodwill recognized at $60.1 million[131]. - The fair value of customer relationships acquired in the Ipackchem acquisition was $183.8 million with a weighted average estimated useful life of 13.5 years[127]. - The Tama Divestiture generated net cash proceeds of $100.0 million and resulted in a gain on sale of business of $54.6 million, including goodwill allocated to the sale of $22.5 million[143]. Capital Investments and Financial Agreements - The company is making significant capital investments in new equipment automation and technology to increase capacity, productivity, and safety[68]. - An Incremental Term Loan Agreement was executed on March 25, 2024, as an amendment to the existing credit agreement[104]. - The company has a Second Amended and Restated Credit Agreement dated March 1, 2022, with various financial institutions as lenders[103]. - The outstanding balance under the 2022 and 2023 Credit Agreements was $2,369.9 million as of October 31, 2024, with a weighted average interest rate of 6.52%[152]. - The company has a secured revolving credit facility of $800.0 million, maturing on March 1, 2027[181]. Economic and Market Conditions - The company faces significant competitors in its markets, with pricing pressure expected to continue due to lower customer demand patterns experienced in fiscal years 2023 and 2024[66]. - Economic downturns or geopolitical uncertainties could materially adversely affect the company's business and cash flows[83]. - The ongoing military conflict in Ukraine has increased risks such as foreign exchange volatility and supply chain disruptions, potentially impacting financial performance[84]. - The company operates in various industries including chemicals, food and beverage, and pharmaceuticals, which are sensitive to economic conditions[82]. - The company faces challenges in forecasting revenues and operating results due to global economic conditions, leading to potential stock price volatility[87]. Employee and Safety Initiatives - The company is committed to employee well-being through various wellness programs, including health care insurances and mental health support[77]. - The company has established safety policies and programs to comply with extensive health and safety regulations, which are not expected to materially affect financial condition[51]. - The company utilizes Greif University for employee training and development, enhancing leadership and customer service skills[79]. Pension and Benefit Obligations - The benefit obligation at the end of the year for October 31, 2024, is $654.1 million, an increase from $604.1 million at the end of the previous year[240]. - The net periodic pension cost for the company was $7.2 million, with $4.8 million attributed to the United States and $2.4 million to international operations[177]. - The actuarial loss for the year ended October 31, 2024, was $52.8 million, primarily due to changes in discount rates used to measure benefit obligations[241]. - The service cost for the year ended October 31, 2024, was $6.8 million, compared to $8.0 million in the previous year[240]. - The investment policy aims for a well-diversified asset portfolio to meet long-term funding obligations without undue risk[242]. Asset Management and Impairments - Asset impairment charges recognized were $2.6 million in 2024 and $20.3 million in 2023, with significant write-downs in long-lived assets[160]. - The impairment of long-lived assets was recorded at $2.6 million for the year ended October 31, 2024, down from $20.3 million in 2023[192]. - The company has recorded valuation allowances of $65.2 million against non-U.S. deferred tax assets as of October 31, 2024[203].

Financial Performance - Net income for Q4 2024 decreased by 6.5% to $63.4 million, or $1.08 per diluted Class A share, compared to $67.8 million, or $1.16 per diluted Class A share in Q4 2023[3] - Adjusted EBITDA for Q4 2024 decreased by 2.0% to $197.6 million, down from $201.6 million in Q4 2023[3] - For the fiscal year 2024, net income decreased by 27.0% to $262.1 million, or $4.52 per diluted Class A share, compared to $359.2 million, or $6.15 per diluted Class A share in fiscal year 2023[4] - Adjusted free cash flow for fiscal year 2024 decreased by $291.4 million to $189.8 million[4] - Net income for the three months ended October 31, 2024, was $68.8 million, a decrease of 6.1% from $73.3 million in the same period last year[40] - The company reported a decrease in asset impairments to $0.7 million for the three months ended October 31, 2024, down from $16.9 million in the prior year[40] - The company reported a loss on disposal of businesses amounting to $46.0 million, which negatively affected overall financial performance[58] - The company reported net income of $288.7 million for the trailing twelve months ended October 31, 2024, down from $379.1 million in the previous year, a decline of 23.9%[62] Debt and Leverage - Total debt increased by $525.5 million to $2,740.6 million, with a leverage ratio rising to 3.53x from 2.2x in the prior year quarter[4] - Long-term debt increased to $2,626.2 million as of October 31, 2024, compared to $2,121.4 million a year earlier, reflecting a significant rise in leverage[37] - Net debt as of October 31, 2024, was $2,542.9 million, up from $2,034.2 million a year earlier, indicating an increase of 25%[62] - The leverage ratio as of October 31, 2024, was 3.53x, compared to 2.2x in the previous year, showing a significant increase in leverage[62] - Total debt as of October 31, 2024, was $2,740.6 million, an increase from $2,215.1 million in the previous year, representing a rise of 23.6%[62] Sales and Revenue - Net sales in the Global Industrial Packaging segment increased by $65.9 million to $786.9 million, primarily due to contributions from recent acquisitions and higher volumes[14] - Net sales for the three months ended October 31, 2024, were $1,417.1 million, an increase of 8.3% compared to $1,308.4 million for the same period in 2023[34] - Total net sales for the fiscal year ended October 31, 2024, reached $3,405.7 million, a 2.2% increase from $3,332.3 million in 2023[65] Operational Efficiency - The company announced a targeted cost optimization effort to eliminate $100 million of structural costs through SG&A rationalization and operational efficiency gains[6] - The company is focused on strategic initiatives to enhance market presence and operational efficiency, as evidenced by ongoing restructuring and integration efforts[58] Cash Flow - Cash provided by operating activities was $187.2 million for the three months ended October 31, 2024, compared to $203.5 million in the same period last year[40] - Net cash used in investing activities was $45.5 million for the three months ended October 31, 2024, a significant improvement from a net cash outflow of $173.5 million in the prior year[40] - Free Cash Flow for the three months ended October 31, 2024, was $142.1 million, an increase from $126.3 million in the prior year[55] - Adjusted Free Cash Flow for the three months ended October 31, 2024, was $144.7 million, compared to $136.2 million in the prior year[55] Future Outlook - The company expects low-end guidance for fiscal 2025 Adjusted EBITDA at $675 million and Adjusted free cash flow at $225 million[24] - The company will host an Investor Day on December 11, 2024, to discuss strategic actions and future outlook[5]

Financial Performance - Net income for fiscal Q3 2024 decreased by 3.5% to $87.1 million, or $1.50 per diluted Class A share, compared to $90.3 million, or $1.55 per diluted Class A share in Q3 2023[3] - Adjusted EBITDA decreased by 14.5% to $193.7 million from $226.5 million in the prior year[3] - Net income for the three months ended July 31, 2024, was $93.6 million, a decrease of 3.2% compared to $96.7 million for the same period in 2023[22] - Net income attributable to Greif, Inc. for the three months ended July 31, 2024, was $87.1 million, a decrease of 3.5% from $90.3 million in the prior year[20] - Basic earnings per share attributable to Greif, Inc. common shareholders for Class A stock was $1.51, down from $1.57 in the same period last year[20] - Adjusted EBITDA for the three months ended July 31, 2024, was $193.7 million, down 14.4% from $226.5 million in the same period of 2023[24] - Free cash flow for the three months ended July 31, 2024, was $32.0 million, significantly lower than $157.0 million in the same period of 2023[26] - Adjusted free cash flow for the three months ended July 31, 2024, was $34.3 million, compared to $167.1 million in the same period of 2023[26] Sales and Revenue - Net sales for the three months ended July 31, 2024, were $1,454.2 million, an increase of 9.3% compared to $1,330.3 million for the same period in 2023[20] - Net sales in Global Industrial Packaging increased by $84.2 million to $846.0 million, driven by higher selling prices and volumes[8] - Net sales in Paper Packaging & Services rose by $39.7 million to $603.6 million, primarily due to higher average selling prices and volumes[10] - Total net sales for the three months ended July 31, 2024, reached $1,454.2 million, an increase of 9.3% from $1,330.3 million in the prior year[23] Profitability - Gross profit for the three months ended July 31, 2024, was $290.4 million, a decrease of 5.4% from $307.0 million in the prior year[20] - Operating profit for the three months ended July 31, 2024, was $171.0 million, up 9.3% from $155.6 million in the same period last year[20] - The company reported a total gross profit margin of 19.9% for the three months ended July 31, 2024, compared to 23.1% in the same quarter of 2023[23] - Operating profit in the Global Industrial Packaging segment for the three months ended July 31, 2024, was $131.8 million, an increase of 29.4% from $102.0 million in the same period of 2023[25] - The Paper Packaging & Services segment's operating profit for the three months ended July 31, 2024, was $37.5 million, down from $52.1 million in the same period of 2023[25] Debt and Equity - Total debt increased by $738.0 million to $2,909.5 million, with net debt rising by $701.5 million to $2,715.3 million, resulting in a leverage ratio of 3.66x[3] - Long-term debt increased to $2,793.4 million as of July 31, 2024, from $2,121.4 million as of October 31, 2023[21] - Total equity for Greif, Inc. increased to $2,056.9 million as of July 31, 2024, compared to $1,947.9 million as of October 31, 2023[21] - The company’s net debt as of July 31, 2024, was $2,715.3 million, compared to $2,720.1 million as of April 30, 2024, and $2,013.8 million as of July 31, 2023[28] - The leverage ratio as of July 31, 2024, was 3.59x, compared to 3.44x for the trailing twelve months ended April 30, 2024, and 2.17x for the trailing twelve months ended July 31, 2023[29] Cash Flow - Cash provided by operating activities for the three months ended July 31, 2024, was $76.8 million, a decrease of 62.0% from $202.3 million in the same period last year[22] - Cash used in investing activities for the three months ended July 31, 2024, was $(41.2) million, compared to $(45.7) million in the same quarter of 2023[22] - Cash used in financing activities for the three months ended July 31, 2024, was $(43.2) million, a decrease from $(153.6) million in the same period last year[22] - The company’s cash and cash equivalents at the end of the period were $194.2 million, an increase from $157.7 million at the end of the same period last year[22] Future Outlook - Fiscal 2024 adjusted EBITDA outlook is projected between $675 million and $725 million, with adjusted free cash flow expected between $175 million and $225 million[14] - Fiscal 2024 guidance for net cash provided by operating activities is projected between $322.0 million and $388.0 million[30] - Free cash flow is expected to range from $144.0 million to $188.0 million[30] - Adjusted free cash flow is projected to be between $175.0 million and $225.0 million[30] - Cash paid for acquisitions and integration-related costs is estimated at $26.8 million to $30.8 million[30] - The company anticipates capital expenditures for properties, plants, and equipment to be between $178.0 million and $200.0 million[30] Risks and Challenges - The company faces various risks including economic conditions, competitive pressures, and potential disruptions in the supply chain[18]