Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 24% year-over-year, with EBITDA margins improving by 260 basis points to 12.3% due to cost optimization efforts [9][10] - Earnings per share rose by 140% year-over-year, driven by higher EBITDA and lower interest expenses, despite an increase in tax expenses [10] - The company reaffirmed its low-end guidance for 2026, targeting $630 million in adjusted EBITDA and $315 million in adjusted free cash flow [11][12] Business Line Data and Key Metrics Changes - In Customized Polymer Solutions, demand was flat overall, with IBC volumes up low singles and small containers down low singles, while large containers declined mid-single digits [6][7] - Durable Metal Solutions faced pressure, particularly from chemical customers, while Sustainable Fiber Solutions saw volume declines due to industrial softness in North America [7] - Innovative Closure Solutions experienced a high single-digit decline in volumes, but total sales remained flat due to a strong price mix [7][8] Market Data and Key Metrics Changes - The overall market environment remains soft, particularly in fiber and steel, affecting demand across various segments [19] - The company noted that while some seasonality may improve small container volumes in Q2, the overall demand conditions are still muted [19][20] Company Strategy and Development Direction - The company is focused on its "Build to Last" strategy, emphasizing cost optimization and capital flexibility to create shareholder value [3][4] - There is a commitment to organic growth, with significant capital allocated to high-return investments and a disciplined approach to share repurchases [12][14] - The management is transforming the commercial team to focus on aggressive market capture, shifting from a "farmer" to a "hunter" mentality [20][48] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the continued muted demand environment but expressed confidence in the company's ability to manage costs and drive growth [15][19] - The company is optimistic about the potential for volume recovery in the latter half of the year, supported by ongoing commercial initiatives [48][50] Other Important Information - The company completed $130 million of its $150 million share repurchase program and announced a new $300 million authorization for future buybacks [4][13] - The company is actively addressing manufacturing costs and expects improvements as the year progresses [38] Q&A Session Summary Question: Insights on inventory management and volume trends - Management noted that demand conditions remain muted, particularly in fiber and steel, but some seasonality may improve volumes in Q2 [19][20] Question: CapEx and growth projects - The company is deploying additional capacity in Europe and Africa, particularly in the mining sector, which is showing significant growth [26][27] Question: Volume performance and EBITDA guidance - Management expressed confidence in achieving volume targets for the year despite a weaker Q1, citing ongoing commercial activities and customer wins [48][50] Question: Price cost spread in Fiber - Management indicated that the price cost spread will be more favorable in the second half of the year, with ongoing efforts to manage costs effectively [35][36] Question: Share repurchase strategy - The company plans to maintain a disciplined approach to share repurchases, with a commitment to a 2% annual buyback, while remaining open to potential acquisitions [66][68]

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 24% year-over-year, with EBITDA margins improving by 260 basis points to 12.3% due to cost optimization efforts [9][10] - Earnings per share rose by 140% year-over-year, driven by higher EBITDA and lower interest expenses, despite an increase in tax expenses [10] - The company reaffirmed its low-end guidance for 2026, targeting $630 million in adjusted EBITDA and $315 million in adjusted free cash flow [11][12] Business Line Data and Key Metrics Changes - In Customized Polymer Solutions, demand was flat overall, with IBC volumes up low singles and small containers down low singles, while large containers declined mid-single digits [6][7] - Durable Metal Solutions faced pressure, particularly from chemical customers, while Sustainable Fiber Solutions saw volume declines due to industrial softness in North America [7] - Innovative Closure Solutions experienced a high single-digit decline in volumes, but total sales remained flat due to strong price mix [7][10] Market Data and Key Metrics Changes - The overall market environment remains soft, particularly in fiber and steel, affecting demand across various segments [19] - The company noted that while some segments may see seasonal improvements, the overall demand conditions are still muted [19][20] Company Strategy and Development Direction - The company is focused on its "Build to Last" strategy, emphasizing cost optimization and capital flexibility to create shareholder value [3][4] - There is a commitment to organic growth, with capital being deployed in areas with strong business cases, particularly in Europe and Africa [26][27] - The company is transforming its commercial team to focus on aggressive market capture, shifting from a "farmer" to a "hunter" mentality [20][48] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the continued muted demand environment but expressed confidence in the company's ability to manage costs and drive growth [15][19] - The company is optimistic about the potential for volume recovery in the second half of the year, supported by ongoing commercial initiatives [48][50] Other Important Information - The company completed $130 million of its $150 million share repurchase program and announced a new $300 million share repurchase authorization [4][13] - The company is committed to increasing dividends over time and maintaining a leverage ratio well below 2x [12][14] Q&A Session Summary Question: Insights on inventory management and volume trends - Management noted that demand conditions remain muted, particularly in fiber and steel, but some seasonality may improve volumes in Q2 [19][20] Question: CapEx and growth projects - The company is deploying additional capacity in Europe and Africa, particularly in the mining sector, which is seeing significant growth [26][27] Question: Volume performance and EBITDA guidance - Management expressed confidence in achieving volume targets for the year despite a weaker Q1, citing ongoing commercial activities and customer wins [48][50] Question: Price cost spread in fiber and polymer margins - Management indicated that the price cost spread for fiber will annualize in the second half of the year, with polymer margins impacted by product mix [35][36][38] Question: Share repurchase strategy and future capital allocation - The company will flex its capital allocation strategy based on market conditions and M&A opportunities, with a primary focus on organic growth [67][68]

First Quarter 2026 Earnings Conference Call January 28, 2026 1 R0 G113 B206 #0070CD R234 G118 B34 #F07623 Safe Harbor and Presentation Note R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C FORWARD-LOOKING STATEMENTS This presentation contains certain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. The words "may," "will," "expect," "intend," ...

Core Viewpoint - Greif, Inc. reported strong fiscal first quarter 2026 results, demonstrating significant growth in Adjusted EBITDA and net income, despite a challenging demand environment [6][9]. Financial Highlights - Net income increased to $176.6 million or $3.00 per diluted Class A share, compared to $6.6 million or $0.13 per diluted Class A share in the previous year, marking a substantial increase [9]. - Adjusted EBITDA rose by 24.0% to $122.5 million from $98.8 million year-over-year [9]. - Total debt decreased by $1,896.2 million to $944.0 million, primarily due to debt repayment from the divestiture of the Containerboard Business [9]. - The leverage ratio improved to 1.2x from 3.6x in the prior year quarter [9]. Segment Results - **Customized Polymer Solutions**: Net sales increased by $10.7 million to $305.1 million, driven by positive foreign currency translation impacts [15]. - **Durable Metal Solutions**: Net sales decreased by $1.1 million to $354.8 million, primarily due to lower volumes, but gross profit increased by $1.7 million to $70.7 million [17]. - **Sustainable Fiber Solutions**: Net sales decreased by $32.1 million to $311.9 million, largely due to lower volumes, while operating profit surged by $217.4 million to $218.5 million due to a gain from the sale of timberlands [19]. - **Innovative Closure Solutions**: Net sales increased by $0.6 million to $23.0 million, with gross profit rising by $1.4 million to $8.9 million [22]. Strategic Actions - The company executed approximately $130.0 million in share repurchases during the first quarter and obtained authorization for an additional $300.0 million in future repurchases [9]. - Greif reaffirmed its low-end guidance for fiscal 2026, estimating Adjusted EBITDA at $630.0 million and Adjusted Free Cash Flow at $315.0 million [26]. Company Outlook - The company acknowledges a multi-year period of industrial contraction and does not foresee a compelling demand inflection in the near term, maintaining a cautious outlook [25].