Greif Reports Fourth Quarter and Fiscal 2026 Results

Cost savings reached $105 million in annual run-rate terms, exceeding the original three-year commitment one year ahead of schedule.

Rhea-AI Summary

Greif (NYSE: GEF, GEF.B) reported fiscal 2026 net income of $261.5 million as annual earnings improved but fourth-quarter profitability weakened. Annual net income rose from $31.6 million, while adjusted EBITDA, an adjusted earnings measure before interest, taxes, depreciation and amortization, increased 11.7% to $625.7 million. Fourth-quarter net loss narrowed to $6.5 million from $24.3 million, but adjusted EBITDA fell 3.1% to $163.0 million.

Annual adjusted free cash flow fell to $279.3 million, below guidance, amid elevated inventory and higher resin costs; prior-year figures included the divested Containerboard Business. Total debt declined to $1,096.3 million. Greif achieved $105 million in annual run-rate cost savings and targets $150 million by fiscal 2027's end. It announced the Sweetwater mill closure and exit from Coated Recycled Board. Fiscal 2027 low-end guidance is $645 million adjusted EBITDA and $290 million adjusted free cash flow.

23 points · 0 major

PositiveiHow this balance works

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0 major · 11 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointFiscal 2026 net income rose to $261.5 million, or $4.54 per diluted Class A share, from $31.6 million, or $0.55.
• Moderate pointFiscal 2026 adjusted net income increased 73.3% to $231.9 million; adjusted diluted Class A EPS rose from $2.31 to $4.04.
• Moderate pointFiscal 2026 adjusted EBITDA increased 11.7% to $625.7 million from $560.0 million.
• Moderate pointTotal debt decreased $106.2 million to $1,096.3 million, primarily through repayments connected with the timberlands business sale.
• Moderate pointAnnual run-rate cost savings reached $105 million, exceeding the original $100 million three-year commitment one year early.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Greif expanded its cumulative run-rate savings target to $150 million by fiscal 2027's end.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Fiscal 2027 low-end guidance targets $645 million adjusted EBITDA and $290 million adjusted free cash flow.

16 minor points

• Minor pointFourth-quarter net loss narrowed to $6.5 million, or $0.11 per diluted Class A share, from $24.3 million, or $0.42.
• Minor pointFourth-quarter adjusted net income rose 46.1% to $49.1 million; adjusted diluted Class A EPS increased from $0.58 to $0.87.
• Minor pointFiscal 2026 operating cash flow increased $198.4 million to $296.0 million; prior year included approximately $381 million in divestment-related taxes.
• Minor pointFourth-quarter operating cash flow increased $314.5 million to $126.0 million; prior year included approximately $381 million in divestment-related taxes.
• Minor pointNet debt decreased $144.9 million to $800.9 million; the leverage ratio declined from 1.7x to 1.2x.
• Minor pointCustomized Polymer fourth-quarter sales increased $39.2 million to $361.9 million, supported by pricing, acquisitions and currency.
• Minor pointCustomized Polymer fourth-quarter gross profit increased $1.2 million to $71.4 million.
• Minor pointCustomized Polymer fourth-quarter operating profit increased $7.1 million to $8.6 million, with lower compensation expenses contributing.
• Minor pointDurable Metal fourth-quarter sales increased $0.6 million to $392.5 million, supported by pricing and currency.
• Minor pointDurable Metal fourth-quarter gross profit increased $1.1 million to $84.7 million.
• Minor pointDurable Metal fourth-quarter operating profit increased $5.4 million to $41.9 million, with lower compensation expenses contributing.
• Minor pointSustainable Fiber fourth-quarter sales increased $4.9 million to $360.1 million, supported by higher prices and volumes.
• Minor pointInnovative Closure fourth-quarter sales increased $4.6 million to $29.1 million, primarily from higher average selling prices.
• Minor pointInnovative Closure fourth-quarter gross profit increased $4.1 million to $14.4 million.
• Minor pointInnovative Closure fourth-quarter operating profit increased $4.7 million to $7.3 million.
• Minor pointInnovative Closure fourth-quarter adjusted EBITDA increased $5.1 million to $10.3 million.

Negative

• Moderate pointFiscal 2026 adjusted free cash flow fell $101.0 million to $279.3 million, below guidance; prior-year Containerboard contributions limit comparability.
• Moderate pointSustainable Fiber fourth-quarter operating results deteriorated $15.8 million to a $21.4 million loss, including Sweetwater-related impairments.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Coated Recycled Board exit includes the announced closure of the Sweetwater paperboard mill in Austell, Georgia.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Greif sees no compelling demand inflection after multi-year industrial contraction and continues to provide only low-end guidance.
• Minor pointElevated inventory and higher resin costs primarily drove the annual cash-flow guidance shortfall amid Middle East supply disruptions.

6 minor points

• Minor pointFourth-quarter adjusted EBITDA fell 3.1% to $163.0 million, including an $18.2 million unfavorable prior-year incentive-accrual timing effect.
• Minor pointFourth-quarter adjusted free cash flow fell $89.4 million to $83.3 million; prior-year Containerboard contributions limit comparability.
• Minor pointSustainable Fiber fourth-quarter adjusted EBITDA declined $9.5 million to $52.0 million amid cost pressures and corporate expenses.
• Minor pointSustainable Fiber fourth-quarter gross profit decreased $1.0 million to $84.1 million, primarily from higher raw-material and manufacturing costs.
• Minor pointDurable Metal fourth-quarter adjusted EBITDA decreased $0.8 million to $56.2 million, primarily from higher selling, general and administrative expenses.
• Minor pointFourth-quarter product volumes declined 2.3% in both Customized Polymer and Durable Metal, and 3.5% in Innovative Closure.

News Explained

Greif reports its quarterly dividend was paid by October 1, 2026 to holders of record on September 17, 2026: $0.62 per Class A share and $0.93 per Class B share, about $35.1 million total; the cash distribution is complete.

Key Figures

Q4 adjusted net income: $49.1 million (+46.1%) Q4 Adjusted EBITDA: $163.0 million (-3.1%) Fiscal-year Adjusted EBITDA: $625.7 million (+11.7%) +5 more

Q4 adjusted net income

$49.1 million (+46.1%)

Fiscal Q4 2026; excluding adjustments

Q4 Adjusted EBITDA

$163.0 million (-3.1%)

Fiscal Q4 2026 versus Q4 2025

Fiscal-year Adjusted EBITDA

$625.7 million (+11.7%)

Fiscal 2026 versus fiscal 2025

Adjusted free cash flow

$279.3 million

Fiscal 2026; below the most recent guidance range

Fiscal 2027 low-end Adjusted EBITDA guidance

$645 million

Fiscal 2027 low-end guidance estimate

Fiscal 2027 low-end adjusted free cash flow guidance

$290 million

Fiscal 2027 low-end guidance estimate

Run-rate cost optimization achieved

$105 million

Cumulative amount achieved by the end of fiscal 2026

Expanded cost optimization commitment

$150 million

Cumulative run-rate savings target by the end of fiscal 2027

Historical Context

1 past event · Latest: Jul 28

1 event

1. Jul 28

   Q3 earnings report

   24h Move

   +4.6%

   Q3 continuing-operations earnings and Adjusted EBITDA increased; the release provided fiscal 2026 guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

discontinued operations, non-gaap, enterprise resource planning

3 terms

discontinued operations financial

"the Containerboard Business has been reported as discontinued operations"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

non-gaap financial

"These non-GAAP financial measures are intended to supplement"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

enterprise resource planning technical

"integration related Enterprise Resource Planning ("ERP") systems"

Enterprise resource planning (ERP) is a comprehensive software system that helps organizations manage and coordinate their core activities—such as finance, supply chain, human resources, and manufacturing—within a single platform. It streamlines operations by providing real-time information, enabling better decision-making. For investors, ERP systems indicate how efficiently a company runs and can signal its ability to adapt and grow in a competitive market.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DELAWARE, Ohio, Nov. 03, 2026 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE: GEF, GEF.B), a world leader in industrial packaging products and services, today announced fourth quarter and fiscal 2026 results.

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

Fiscal Fourth Quarter 2026 Financial Highlights:
(all results compared to the fourth quarter 2025 and both periods reflect only continuing operations unless otherwise noted)

• Net loss decreased to $6.5 million or $0.11 per diluted Class A share compared to net loss of $24.3 million or $0.42 per diluted Class A share.
• Net income, excluding the impact of adjustments⁽¹⁾, increased 46.1% to $49.1 million or $0.87 per diluted Class A share compared to net income, excluding the impact of adjustments, of $33.6 million or $0.58 per diluted Class A share.
• Adjusted EBITDA⁽²⁾ decreased 3.1% to $163.0 million compared to Adjusted EBITDA of $168.2 million. The current quarter's results were $18.2 million unfavorable due to timing of incentive accrual changes in the prior year quarter.
• Net cash provided by operating activities increased by $314.5 million to a source of $126.0 million, as prior year operating activities included an unfavorable tax impact from the sale of our Containerboard Business of approximately $381 million. Adjusted free cash flow⁽³⁾ decreased by $89.4 million to $83.3 million. Adjusted free cash flow in the prior year quarter includes contribution from the Containerboard Business and is not directly comparable to current quarter results.
  
  

Fiscal Year 2026 Financial Highlights:
(all results compared to the fiscal year 2025 and both periods reflect only continuing operations unless otherwise noted):

• Net income increased to $261.5 million or $4.54 per diluted Class A share compared to net income of $31.6 million or $0.55 per diluted Class A share.
• Net income, excluding the impact of adjustments, increased 73.3% to $231.9 million or $4.04 per diluted Class A share compared to net income, excluding the impact of adjustments, of $133.8 million or $2.31 per diluted Class A share.
• Adjusted EBITDA increased 11.7% to $625.7 million compared to Adjusted EBITDA of $560.0 million.
• Net cash provided by operating activities increased by $198.4 million to a source of $296.0 million, as prior year operating activities included an unfavorable tax impact from the sale of our Containerboard Business of approximately $381 million. Adjusted free cash flow decreased by $101.0 million to $279.3 million, below our most recent guidance range, primarily due to elevated inventory balances and higher resin costs, reflecting our strategic decision to ensure continuity of supply for customers amid Middle East supply disruptions. Adjusted free cash flow in the prior year includes contribution from the Containerboard Business and is not directly comparable to current year results.
• Total debt decreased by $106.2 million to $1,096.3 million primarily due to repayment of debt in connection with the sale of our timberlands business. Net debt⁽⁴⁾ decreased by $144.9 million to $800.9 million. The Company's leverage ratio⁽⁵⁾ decreased to 1.2x from 1.7x.
  
  

Strategic Actions and Announcements

• Announced strategic exit of Coated Recycled Board business with the closure of our Sweetwater paperboard mill in Austell, GA. This decision reflects our continued focus on businesses where we have leading market positions and attractive long-term growth opportunities, while strengthening the efficiency and profitability of our remaining Fiber operations.
• Announcing $105 million cumulative run-rate cost optimization achieved by the end of fiscal 2026, outpacing our original $100 million three-year commitment one year ahead of schedule.
• Announcing expanded total cost optimization commitment to $150 million cumulative run-rate savings by the end of fiscal 2027.
  
  

Commentary from CEO Ole Rosgaard

“We delivered a strong fiscal 2026, growing adjusted EBITDA by nearly 12% despite continued weakness in global industrial markets,” said Ole Rosgaard, Chief Executive Officer. “Our performance reflects the strength of our businesses and the actions our teams are taking to improve profitability, rather than relying on a market recovery.

We achieved $105 million in annual run-rate cost savings, exceeding our original commitment a year ahead of schedule. This success gives us the confidence to increase our original cost optimization target by 50% to $150 million by the end of fiscal 2027.

Our sharpened portfolio is focused on core businesses where we hold leading market positions and see attractive opportunities for profitable growth. With a lower cost base, stronger balance sheet and further improvements ahead, we are well positioned to grow earnings, increase cash flow and deliver lasting value to our shareholders, even without a meaningful recovery in industrial demand.”

(1)		Adjustments that are excluded from net income before adjustments and from earnings per diluted Class A share before adjustments are acquisition and integration related costs, restructuring and other charges, non-cash asset impairment charges, non-cash pension settlement charges, debt extinguishment charges, (gain) loss on disposal of properties, plants and equipment, net, (gain) loss on disposal of businesses, net, and other costs.
(2)		Adjusted EBITDA is defined as net income, plus interest expense, net, plus non-cash pension settlement charges, plus debt extinguishment charges, plus other (income) expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring and other charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus other costs.
(3)		Adjusted free cash flow is defined as net cash provided by operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, plus cash paid for integration related Enterprise Resource Planning ("ERP") systems and equipment, plus cash paid for other nonrecurring costs, plus cash paid for taxes related to Containerboard Business divestment, plus cash paid for taxes related to Soterra Assets divestment. The cash flows from Containerboard Business have not been segregated and are included within the adjusted free cash flow.
(4)		Net debt is defined as total debt less cash and cash equivalents.
(5)		Leverage ratio for the periods indicated is defined as adjusted net debt divided by trailing twelve month EBITDA, each as calculated under the terms of the Company's Third Amended and Restated Credit Agreement dated as of February 27, 2026, filed separately as Exhibit 10.1 to the Company's Current Report on Form 8-K on March 5, 2026 (the "2026 Credit Agreement"). As calculated under the 2026 Credit Agreement, adjusted net debt was $731.7 million and $908.3 million as of September 30, 2026 and September 30, 2025, respectively, and trailing twelve month credit agreement EBITDA was $617.4 million and $549.3 million as of September 30, 2026 and September 30, 2025, respectively.

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

Basis of Presentation and Comparability

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

Effective fiscal 2025, we changed our fiscal year end from October 31 to September 30. As a result, prior-year comparative information has been recast to reflect a twelve-month period ended September 30, 2025, for comparability with fiscal 2026. The results for the twelve-month period recast for fiscal 2025 is unaudited and not included in our audited financial statements for that fiscal year.

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

Segment Results (all results compared to Q4 2025 unless otherwise noted)

Net sales are impacted mainly by the volume of products sold, selling prices, product mix and the impact of changes in foreign currencies against the U.S. dollar. The table below shows the percentage impact of each of these items on net sales for our primary products for the fourth quarter of 2026 as compared to the prior year quarter for the business segments indicated. Net sales from completed acquisitions are not included in the table below but will be included one year after purchase within its respective segments.

Net Sales Impact	Customized Polymer Solutions			Durable Metal Solutions			Sustainable Fiber Solutions			Innovative Closure Solutions
Currency Translation	0.3	%		0.4	%		—	%		0.9	%
Volume	(2.3	)%		(2.3	)%		1.3	%		(3.5	)%
Selling Prices and Product Mix	12.4	%		1.9	%		2.8	%		21.4	%
Total Impact	10.4	%		—	%		4.1	%		18.8	%

Customized Polymer Solutions

Net sales increased by $39.2 million to $361.9 million primarily due to $40.0 million from higher average selling prices, contributions from recent acquisitions and positive foreign currency translation impacts, partially offset by lower volumes.

Gross profit increased by $1.2 million to $71.4 million primarily due to the same factors that impacted net sales, partially offset by higher raw material, transportation and manufacturing costs.

Operating profit increased by $7.1 million to $8.6 million primarily due to the same factors that impacted gross profit and lower compensation expenses related to cost optimization.

Adjusted EBITDA remained flat at $44.5 million primarily due to the same factors that impacted gross profit.

Durable Metal Solutions

Net sales increased by $0.6 million to $392.5 million primarily due to higher average selling prices and positive foreign currency translation impacts, partially offset by lower volumes.

Gross profit increased by $1.1 million to $84.7 million primarily due to the same factors that impacted net sales.

Operating profit increased by $5.4 million to $41.9 million primarily due to the same factors that impacted gross profit and lower compensation expenses related to cost optimization.

Adjusted EBITDA decreased by $0.8 million to $56.2 million primarily due to higher SG&A expenses, partially offset by the same factors that impacted gross profit.

Sustainable Fiber Solutions

Net sales increased by $4.9 million to $360.1 million primarily due to $8.5 million from higher average selling prices as a result of higher published index prices and $4.0 million attributed to higher volumes, partially offset by a $4.8 million impact from our Soterra land management business divestiture during our first quarter of fiscal year 2026.

Gross profit decreased by $1.0 million to $84.1 million primarily due to higher raw material and manufacturing costs, partially offset by the same factors that impacted net sales.

Operating profit decreased by $15.8 million to an operating loss of $21.4 million primarily due to the same factors that impacted gross profit and current quarter impairment charges related primarily to the closure of the Sweetwater paperboard mill, partially offset by lower restructuring and other charges.

Adjusted EBITDA decreased by $9.5 million to $52.0 million primarily due to the same factors that impacted gross profit and various corporate SG&A expenses.

Innovative Closure Solutions

Net sales increased by $4.6 million to $29.1 million primarily due to $5.2 million from higher average selling prices.

Gross profit increased by $4.1 million to $14.4 million primarily due to the same factor that impacted net sales.

Operating profit increased by $4.7 million to $7.3 million primarily due to the same factor that impacted net sales.

Adjusted EBITDA increased by $5.1 million to $10.3 million primarily due to the same factor that impacted net sales.

Tax Summary

During the fourth quarter, we recorded an income tax rate of 118.6 percent and a tax rate excluding the impact of adjustments of 42.2 percent. Note that the application of accounting for income taxes often causes fluctuations in our quarterly effective tax rates. For the full year, we recorded an income tax rate of 28.0 percent and a tax rate excluding the impact of adjustments of 28.1 percent.

Dividend Summary

On August 25, 2026, the Board of Directors declared quarterly cash dividends of $0.62 per share of Class A Common Stock and $0.93 per share of Class B Common Stock, resulting in a total dividend payment of approximately $35.1 million. Dividends were paid by October 1, 2026, to stockholders of record at the close of business on September 17, 2026.

Company Outlook

Our markets have now experienced a multi-year period of industrial contraction, and we have not identified any compelling demand inflection on the horizon. While we believe we are well positioned for an eventual recovery of the industrial economy, at this time we believe it is appropriate to continue to provide only low-end guidance based on the continuing demand trends reflected in the past year, current price/cost factors, and other identifiable discrete items.

(in millions, except per share amounts)	Fiscal 2027 Low-End Guidance Estimate
Adjusted EBITDA	$645
Adjusted free cash flow	$290

Note: Our fiscal 2027 low-end guidance estimates of Adjusted EBITDA and Adjusted free cash flow contain forward-looking statements and actual results may differ materially as a result of known and unknown uncertainties and risks, including those set forth below under the heading “Forward-Looking Statements.” In addition, these forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliations to their most directly comparable GAAP financial measures, forecasted net income in the case of Adjusted EBITDA and forecasted net cash provided by operating activities in the case of Adjusted free cash flow, due to the inherent difficulty in projecting and quantifying the various adjusting items necessary for such reconciliations, such as gains or losses on the disposal of businesses or properties, plants and equipment, non-cash asset impairment charges due to unanticipated changes in the business, restructuring related activities, acquisition and integration related costs, debt extinguishment costs, stock-based compensation expense, amortization and depreciation expense, merger and acquisition activity, and other costs that have not yet occurred, are out of our control, or cannot be reasonably predicted. Accordingly, reconciliations of our guidance for Adjusted EBITDA and Adjusted free cash flow are not available without unreasonable effort.

Conference Call

The Company will host a conference call to discuss the fourth quarter and fiscal 2026 results on November 4, 2026, at 8:00 a.m. Eastern Time (ET). Participants may access the call using the following online registration link: https://register-conf.media-server.com/register/BI9802eb67f1134c2e9ef42b25d7bf319a. Registrants will receive a confirmation email containing dial in details and a unique conference call code for entry. Phone lines will open at 7:30 a.m. ET on November 4, 2026. A digital replay of the conference call will be available two hours following the call on the Company's web site at http://investor.greif.com.

Investor Relations contact information

Bill D’Onofrio, Vice President, Corporate Development & Investor Relations, 614-499-7233. Bill.Donofrio@greif.com

About Greif

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

Forward-Looking Statements

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

Such risks and uncertainties that might cause a difference include, but are not limited to, the following: (i) economic conditions, end-market demand and competitive pressure may adversely affect our results of operations, (ii) the continuing consolidation of our customer base and suppliers may intensify pricing pressure, (iii) our global operations expose us to geopolitical, regulatory, currency and other international risks, (iv) volatility in raw material, energy, transportation and other input costs could continue to impact profitability, (v) our ability to execute strategic initiatives, including acquisitions, divestitures, restructuring and operational improvements, may affect future performance, (vi) we may incur additional rationalization costs and product dispositions and there is no guarantee that our efforts to reduce costs will be successful, (vii) we depend on our workforce, joint venture relationships and operational continuity, (viii) we may be subject to losses that might not be covered in whole or in part by existing insurance reserves or insurance coverage and general insurance premium and deductible increases, (ix) technology failures, cybersecurity incidents, artificial intelligence risks and data privacy obligations could disrupt our business, (x) our capital structure, access to financing, tax position and asset valuations may adversely affect our results, (xi) we have in the past been and in the future could be subject to changes in our tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, (xii) environmental, climate, sustainability and other regulatory requirements and trends may increase costs and create additional risks, (xiii) we may be unable to achieve our greenhouse gas emission reduction targets, (xiv) legislation/regulation related to environmental and health and safety matters could negatively impact our operations and financial performance, (xv) product liability claims and other claims, legal proceedings and compliance failures could adversely affect our operations and financial performance, and (xvi) we may incur fines or penalties, damage to our reputation or other adverse consequences if our employees, agents or business partners violate, or are alleged to have violated, anti-bribery, competition or other laws.

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

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

GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) UNAUDITED
	Three Months Ended September 30,								Twelve Months Ended September 30,
(in millions, except per share amounts)		2026				2025				2026				2025
Net sales	$	1,143.6			$	1,094.3			$	4,376.8			$	4,315.3
Cost of products sold		889.0				845.1				3,400.0				3,362.2
Gross profit		254.6				249.2				976.8				953.1
Selling, general and administrative expenses		153.6				166.9				640.9				655.3
Acquisition and integration related costs		1.8				2.1				5.4				8.2
Restructuring and other charges		25.6				34.9				67.6				65.3
Non-cash asset impairment charges		36.5				13.5				42.6				38.2
(Gain) loss on disposal of properties, plants and equipment, net		0.7				(3.7	)			(216.5	)			(9.5	)
(Gain) loss on disposal of businesses, net		—				0.5				0.5				2.1
Operating profit		36.4				35.0				436.3				193.5
Interest expense, net		9.1				14.2				36.5				61.4
Non-cash pension settlement charges		0.8				—				2.7				—
Debt extinguishment charges		—				—				2.5				—
Other (income) expense, net		5.5				5.5				10.3				8.0
Income (loss) before income tax expense and equity earnings of unconsolidated affiliates, net		21.0				15.3				384.3				124.1
Income tax (benefit) expense		24.9				31.3				107.6				68.1
Equity earnings of unconsolidated affiliates, net of tax		(0.7	)			1.6				(1.9	)			0.3
Net income (loss) from continuing operations		(3.2	)			(17.6	)			278.6				55.7
Net income from discontinued operations, net of tax		—				772.5				(3.0	)			833.3
Net income		(3.2	)			754.9				275.6				889.0
Net income attributable to noncontrolling interests		(3.3	)			(6.7	)			(17.1	)			(24.1	)
Net income (loss) attributable to Greif, Inc.	$	(6.5	)		$	748.2			$	258.5			$	864.9
Basic earnings (loss) per share attributable to Greif, Inc. common shareholders:
Class A common stock (continued operations) - basic	$	(0.11	)		$	(0.42	)		$	4.59			$	0.55
Class A common stock (discontinued operations) - basic	$	—			$	13.28			$	(0.05	)		$	14.35
Earnings per Class A common stock - basic	$	(0.11	)		$	12.86			$	4.54			$	14.90
Class B common stock (continued operations) - basic	$	(0.17	)		$	(0.63	)		$	6.89			$	0.81
Class B common stock (discontinued operations) - basic	$	—			$	19.92			$	(0.08	)		$	21.53
Earnings per Class B common stock - basic	$	(0.17	)		$	19.29			$	6.81			$	22.34
Diluted earnings (loss) per share attributable to Greif, Inc. common shareholders:
Class A common stock (continued operations) - diluted	$	(0.11	)		$	(0.42	)		$	4.54			$	0.55
Class A common stock (discontinued operations) - diluted	$	—			$	13.28			$	(0.05	)		$	14.35
Earnings per Class A common stock - diluted	$	(0.11	)		$	12.86			$	4.49			$	14.90
Class B common stock (continued operations) - diluted	$	(0.17	)		$	(0.63	)		$	6.89			$	0.81
Class B common stock (discontinued operations) - diluted	$	—			$	19.92			$	(0.08	)		$	21.53
Earnings per Class B common stock - diluted	$	(0.17	)		$	19.29			$	6.81			$	22.34
Shares used to calculate basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock		24.7				26.2				25.0				26.1
Class B common stock		21.4				21.3				21.4				21.3
Shares used to calculate diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock		24.7				26.2				25.6				26.1
Class B common stock		21.4				21.3				21.4				21.3

GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED
(in millions)	September 30, 2026			September 30, 2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	295.4		$	256.7
Trade accounts receivable		723.1			655.3
Inventories		383.5			336.8
Current assets held for sale		24.9			21.8
Other current assets		192.0			159.8
		1,618.9			1,430.4
LONG-TERM ASSETS
Goodwill		1,716.6			1,696.5
Intangible assets		770.7			840.9
Operating lease right-of-use assets		210.8			186.5
Noncurrent assets held for sale		—			233.5
Other long-term assets		215.4			243.8
		2,913.5			3,201.2
PROPERTIES, PLANTS AND EQUIPMENT, NET		1,125.3			1,135.2
	$	5,657.7		$	5,766.8
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable	$	496.4		$	429.6
Short-term borrowings		328.1			287.7
Current portion of long-term debt		12.5			—
Current portion of operating lease liabilities		49.8			43.9
Current liabilities held for sale		—			2.1
Other current liabilities		329.0			366.3
		1,215.8			1,129.6
LONG-TERM LIABILITIES
Long-term debt		755.7			914.8
Operating lease liabilities		166.6			143.9
Other long-term liabilities		520.2			533.8
		1,442.5			1,592.5
REDEEMABLE NONCONTROLLING INTERESTS		90.7			92.3
EQUITY
Total Greif, Inc. equity		2,870.1			2,914.9
Noncontrolling interests		38.6			37.5
Total equity		2,908.7			2,952.4
	$	5,657.7		$	5,766.8

GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS* UNAUDITED
	Three Months Ended September 30,								Twelve Months Ended September 30,
(in millions)		2026				2025				2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(3.2	)		$	754.9			$	275.6			$	889.0
Depreciation, depletion and amortization		58.4				59.2				233.3				260.1
Asset impairments		36.5				13.5				42.6				38.2
Pension settlement charges		0.8				—				2.7				—
Deferred income tax expense (benefit)		37.0				(27.3	)			(10.0	)			(113.4	)
Gain on disposal of businesses, net		—				(1,096.3	)			4.5				(1,094.7	)
Gain (loss) on disposals of properties, plants and equipment, net		0.7				(3.7	)			(216.5	)			(9.3	)
Other non-cash adjustments to net income		20.6				11.1				100.9				52.1
Debt extinguishment charges		—				—				0.7				—
Operating working capital changes		23.8				(7.8	)			(30.0	)			(39.6	)
Increase (decrease) in cash from changes in other assets and liabilities		(48.6	)			107.9				(107.8	)			115.2
Net cash (used in) provided by operating activities		126.0				(188.5	)			296.0				97.6
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of companies, net of cash acquired		—				—				(59.9	)			(1.2	)
Purchases of properties, plants and equipment		(54.3	)			(49.6	)			(172.8	)			(142.5	)
Receipts for collection of loans receivable		—				—				15.0				—
Proceeds from the sale of properties, plants and equipment and businesses		0.5				1,787.3				464.5				1,812.8
Payments for deferred purchase price of acquisitions		—				—				(0.6	)			(1.9	)
Proceeds from hedging derivatives		—				—				—				22.5
Other		—				3.3				(0.3	)			(0.4	)
Net cash (used in) provided by investing activities		(53.8	)			1,741.0				245.9				1,689.3
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on debt, net		65.5				(1,534.2	)			(103.7	)			(1,565.2	)
Dividends paid to Greif, Inc. shareholders		(35.6	)			(31.5	)			(132.6	)			(125.3	)
Payments for debt extinguishment and issuance costs		—				—				(2.8	)			—
Payments for share repurchases		(75.1	)			—				(225.2	)			—
Tax withholding payments for stock-based awards		—				—				(9.8	)			(7.4	)
Purchases of redeemable noncontrolling interest		—				—				—				(38.7	)
Other		(6.5	)			(16.1	)			(21.9	)			(39.3	)
Net cash (used in) provided by for financing activities		(51.7	)			(1,581.8	)			(496.0	)			(1,775.9	)
Effects of exchange rates on cash		(13.6	)			(6.0	)			(7.2	)			29.3
Net increase (decrease) in cash and cash equivalents		6.9				(35.3	)			38.7				40.3
Cash and cash equivalents, beginning of period		288.5				292.0				256.7				216.4
Cash and cash equivalents, end of period	$	295.4			$	256.7			$	295.4			$	256.7
*Cash flows from Containerboard Business are included in the comparative period

GREIF, INC. AND SUBSIDIARY COMPANIES FINANCIAL HIGHLIGHTS BY SEGMENT UNAUDITED
	Three Months Ended September 30,								Twelve Months Ended September 30,
(in millions)		2026				2025				2026			2025
Net sales:
Customized Polymer Solutions	$	361.9			$	322.7			$	1,395.6		$	1,277.5
Durable Metal Solutions		392.5				391.9				1,533.3			1,513.0
Sustainable Fiber Solutions		360.1				355.2				1,340.3			1,430.6
Innovative Closure Solutions (6)		29.1				24.5				107.6			94.2
Total net sales	$	1,143.6			$	1,094.3			$	4,376.8		$	4,315.3
Gross profit:
Customized Polymer Solutions	$	71.4			$	70.2			$	294.4		$	276.5
Durable Metal Solutions		84.7				83.6				335.6			324.5
Sustainable Fiber Solutions		84.1				85.1				293.7			312.6
Innovative Closure Solutions		14.4				10.3				53.1			39.5
Total gross profit	$	254.6			$	249.2			$	976.8		$	953.1
Operating profit (loss):
Customized Polymer Solutions	$	8.6			$	1.5			$	46.4		$	28.8
Durable Metal Solutions		41.9				36.5				166.5			153.9
Sustainable Fiber Solutions		(21.4	)			(5.6	)			200.8			(1.7	)
Innovative Closure Solutions		7.3				2.6				22.6			12.5
Total operating profit	$	36.4			$	35.0			$	436.3		$	193.5
Adjusted EBITDA(7):
Customized Polymer Solutions	$	44.5			$	44.5			$	190.1		$	153.5
Durable Metal Solutions		56.2				57.0				227.6			197.4
Sustainable Fiber Solutions		52.0				61.5				171.9			186.1
Innovative Closure Solutions		10.3				5.2				36.1			23.0
Total Adjusted EBITDA	$	163.0			$	168.2			$	625.7		$	560.0

⁽⁶⁾ The Innovative Closure Solutions reportable segment’s total sales, including intersegment sales, was $48.1 million and $41.2 million for the fourth quarter of 2026 and 2025, respectively. Gross profit margin as a percentage of total sales was 29.9 percent and 25.0 percent for the fourth quarter of 2026 and 2025, respectively.

⁽⁷⁾ Adjusted EBITDA is defined as net income, plus interest expense, net, plus other (income) expense, net, plus non-cash pension settlement charges, plus debt extinguishment charges, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring and other charges, plus non-cash asset impairment charges, plus gain (loss) on disposal of properties, plants and equipment, (gain) loss on disposal of businesses, net, plus other costs.

GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION SEGMENT ADJUSTED EBITDA(8) UNAUDITED
	Three Months Ended September 30, 2026
(in millions)	Customized Polymer Solutions			Durable Metal Solutions				Sustainable Fiber Solutions				Innovative Closure Solutions				Consolidated
Operating profit (loss)	$	8.6		$	41.9			$	(21.4	)		$	7.3			$	36.4
Less: Equity earnings of unconsolidated affiliates, net of tax		—			—				—				(0.7	)			(0.7	)
Plus: Depreciation, depletion and amortization expense		27.2			7.3				22.7				1.2				58.4
Plus: Acquisition and integration related costs		1.8			—				—				—				1.8
Plus: Restructuring and other charges		6.2			6.3				12.1				1.0				25.6
Plus: Non-cash asset impairment charges		—			—				36.5				—				36.5
Plus: (Gain) loss on disposal of properties, plants and equipment, net		—			(0.1	)			0.8				—				0.7
Plus: Other costs*		0.7			0.8				1.3				0.1				2.9
Adjusted EBITDA	$	44.5		$	56.2			$	52.0			$	10.3			$	163.0
	Three Months Ended September 30, 2025
(in millions)	Customized Polymer Solutions			Durable Metal Solutions				Sustainable Fiber Solutions				Innovative Closure Solutions				Consolidated
Operating profit (loss)	$	1.5		$	36.5			$	(5.6	)		$	2.6			$	35.0
Less: Equity earnings of unconsolidated affiliates, net of tax		—			—				—				1.6				1.6
Plus: Depreciation, depletion and amortization expense		24.1			7.0				27.0				1.1				59.2
Plus: Acquisition and integration related costs		2.1			—				—				—				2.1
Plus: Restructuring and other charges		6.3			9.1				17.6				1.9				34.9
Plus: Non-cash asset impairment charges		2.5			—				11.0				—				13.5
Plus: (Gain) loss on disposal of properties, plants and equipment, net		—			(3.8	)			—				0.1				(3.7	)
Plus: (Gain) loss on disposal of businesses, net		—			—				0.5				—				0.5
Plus: Other costs*		8.0			8.2				11.0				1.1				28.3
Adjusted EBITDA	$	44.5		$	57.0			$	61.5			$	5.2			$	168.2
*includes fiscal year-end change costs, share-based compensation impact of disposals of businesses and special charitable contribution expenses

	Twelve Months Ended September 30, 2026
(in millions)	Customized Polymer Solutions			Durable Metal Solutions				Sustainable Fiber Solutions				Innovative Closure Solutions				Consolidated
Operating profit	$	46.4		$	166.5			$	200.8			$	22.6			$	436.3
Less: Equity earnings of unconsolidated affiliates, net of tax		—			—				—				(1.9	)			(1.9	)
Plus: Depreciation, depletion and amortization expense		105.0			30.0				92.7				5.6				233.3
Plus: Acquisition and integration related costs		4.7			—				—				0.7				5.4
Plus: Restructuring and other charges		15.9			17.6				31.4				2.7				67.6
Plus: Non-cash asset impairment charges		0.4			0.4				41.7				0.1				42.6
Plus: (Gain) loss on disposal of properties, plants and equipment, net		0.4			(2.6	)			(214.3	)			—				(216.5	)
Plus: (Gain) loss on disposal of businesses, net		0.5			—				—				—				0.5
Plus: Other costs*		16.8			15.7				19.6				2.5				54.6
Adjusted EBITDA	$	190.1		$	227.6			$	171.9			$	36.1			$	625.7
	Twelve Months Ended September 30, 2025
(in millions)	Customized Polymer Solutions			Durable Metal Solutions				Sustainable Fiber Solutions				Innovative Closure Solutions				Consolidated
Operating profit (loss)	$	28.8		$	153.9			$	(1.7	)		$	12.5			$	193.5
Less: Equity earnings of unconsolidated affiliates, net of tax		—			—				—				0.3				0.3
Plus: Depreciation, depletion and amortization expense		94.0			28.5				104.3				6.0				232.8
Plus: Acquisition and integration related costs		8.2			—				—				—				8.2
Plus: Restructuring and other charges		10.6			13.1				38.5				3.1				65.3
Plus: Non-cash asset impairment charges		3.5			2.2				32.1				0.4				38.2
Plus: (Gain) loss on disposal of properties, plants and equipment, net		—			(10.4	)			0.8				0.1				(9.5	)
Plus: (Gain) loss on disposal of businesses, net		—			1.6				0.5				—				2.1
Plus: Other costs*		8.4			8.5				11.6				1.2				29.7
Adjusted EBITDA	$	153.5		$	197.4			$	186.1			$	23.0			$	560.0
*includes fiscal year-end change costs, share-based compensation impact of disposals of businesses and special charitable contribution expenses

⁽⁸⁾ Adjusted EBITDA is defined as net income, plus interest expense, net, plus other (income) expense, plus non-cash pension settlement charges, plus debt extinguishment charges, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring and other charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, plus (gain) loss on disposal of businesses, net, plus other costs. However, because the Company does not calculate net income by segment, this table calculates adjusted EBITDA by segment with reference to operating profit by segment, which, as demonstrated in the table of consolidated adjusted EBITDA, is another method to achieve the same result.

GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION CONSOLIDATED ADJUSTED EBITDA UNAUDITED
	Three Months Ended September 30,								Twelve Months Ended September 30,
(in millions)		2026				2025				2026				2025
Net income (loss)	$	(3.2	)		$	(17.6	)		$	278.6			$	55.7
Plus: Interest expense, net		9.1				14.2				36.5				61.4
Plus: Non-cash pension settlement charges		0.8				—				2.7				—
Plus: Debt extinguishment charges		—				—				2.5				—
Plus: Other (income) expense, net		5.5				5.5				10.3				8.0
Plus: Income tax (benefit) expense		24.9				31.3				107.6				68.1
Plus: Equity earnings of unconsolidated affiliates, net of tax		(0.7	)			1.6				(1.9	)			0.3
Operating profit	$	36.4			$	35.0			$	436.3			$	193.5
Less: Equity earnings of unconsolidated affiliates, net of tax		(0.7	)			1.6				(1.9	)			0.3
Plus: Depreciation, depletion and amortization expense		58.4				59.2				233.3				232.8
Plus: Acquisition and integration related costs		1.8				2.1				5.4				8.2
Plus: Restructuring and other charges		25.6				34.9				67.6				65.3
Plus: Non-cash asset impairment charges		36.5				13.5				42.6				38.2
Plus: (Gain) loss on disposal of properties, plants and equipment, net		0.7				(3.7	)			(216.5	)			(9.5	)
Plus: (Gain) loss on disposal of businesses, net		—				0.5				0.5				2.1
Plus: Other costs*		2.9				28.3				54.6				29.7
Adjusted EBITDA	$	163.0			$	168.2			$	625.7			$	560.0
*includes fiscal year-end change costs, share-based compensation impact of disposals of businesses and special charitable contribution expenses

GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION ADJUSTED FREE CASH FLOW(9) UNAUDITED
	Three Months Ended September 30,								Twelve Months Ended September 30,
(in millions)		2026				2025				2026				2025
Net cash (used in) provided by operating activities	$	126.0			$	(188.5	)		$	296.0			$	97.6
Cash paid for purchases of properties, plants and equipment		(54.3	)			(49.6	)			(172.8	)			(142.5	)
Free Cash Flow	$	71.7			$	(238.1	)		$	123.2			$	(44.9	)
Cash paid for acquisition and integration related costs		1.8				2.1				5.4				8.2
Cash paid for integration related ERP systems and equipment(10)		3.7				3.2				13.0				7.8
Cash paid for other nonrecurring costs(11)		6.1				24.4				24.0				28.1
Cash paid for taxes related to Containerboard Business divestment		—				381.1				13.7				381.1
Cash paid for taxes related to Soterra Assets divestment		—				—				100.0				—
Adjusted Free Cash Flow	$	83.3			$	172.7			$	279.3			$	380.3

⁽⁹⁾ Adjusted free cash flow is defined as net cash provided by operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, net, plus cash paid for integration related ERP systems and equipment, plus cash paid for other nonrecurring costs, plus cash paid for taxes related to Containerboard Business divestment, plus cash paid for taxes related to Soterra Assets divestment. The cash flows from Containerboard Business are included within adjusted free cash flow.

⁽¹⁰⁾ Cash paid for integration related ERP systems and equipment is defined as cash paid for ERP systems and equipment required to bring the acquired facilities to Greif’s standards.

⁽¹¹⁾ Cash paid for other nonrecurring costs is defined as cash paid for fiscal year-end change costs and other operating costs specifically related to the Containerboard Business divestment.

GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION NET INCOME, CLASS A EARNINGS PER SHARE, AND TAX RATE BEFORE ADJUSTMENTS UNAUDITED
(in millions, except for per share amounts)	Income before Income Tax Expense and Equity Earnings of Unconsolidated Affiliates, net				Income Tax (Benefit) Expense				Equity Earnings				Noncontrolling Interest				Net Income Attributable to Greif, Inc.				Diluted Class A Earnings Per Share			Tax Rate
Three Months Ended September 30, 2026	$	21.0			$	24.9			$	(0.7	)		$	3.3			$	(6.5	)		$	(0.11	)	118.6	%
Acquisition and integration related costs		1.8				0.4				—				—				1.4				0.02
Restructuring and other charges		25.6				6.5				—				—				19.1				0.34
Non-cash asset impairment charges		36.5				8.9				—				—				27.6				0.48
(Gain) loss on disposal of properties, plants and equipment, net		0.7				(4.1	)			—				(0.1	)			4.9				0.09
Non-cash pension settlement charges		0.8				0.2				—				—				0.6				0.01
Other costs*		2.9				0.9				—				—				2.0				0.04
Excluding Adjustments	$	89.3			$	37.7			$	(0.7	)		$	3.2			$	49.1			$	0.87		42.2	%
Three Months Ended September 30, 2025	$	15.3			$	31.3			$	1.6			$	6.7			$	(24.3	)		$	(0.42	)	204.6	%
Acquisition and integration related costs		2.1				0.5				—				—				1.6				0.03
Restructuring and other charges		34.9				8.4				—				—				26.5				0.46
Non-cash asset impairment charges		13.5				3.3				—				—				10.2				0.17
(Gain) loss on disposal of properties, plants and equipment, net		(3.7	)			(1.3	)			—				—				(2.4	)			(0.04	)
(Gain) loss on disposal of businesses, net		0.5				0.1				—				—				0.4				0.01
Other costs*		28.3				6.7				—				—				21.6				0.37
Excluding Adjustments	$	90.9			$	49.0			$	1.6			$	6.7			$	33.6			$	0.58		53.9	%
Twelve Months Ended September 30, 2026	$	384.3			$	107.6			$	(1.9	)		$	17.1			$	261.5			$	4.54		28.0	%
Acquisition and integration related costs		5.4				1.3				—				—				4.1				0.07
Restructuring and other charges		67.6				16.5				—				0.2				50.9				0.88
Non-cash asset impairment charges		42.6				10.1				—				—				32.5				0.56
(Gain) loss on disposal of properties, plants and equipment, net		(216.5	)			(53.7	)			—				(0.1	)			(162.7	)			(2.79	)
(Gain) loss on disposal of businesses, net		0.5				0.1				—				—				0.4				0.01
Non-cash pension settlement charges		2.7				0.7				—				—				2.0				0.03
Debt extinguishment charges		2.5				0.6												1.9				0.03
Other costs*		54.6				13.3				—				—				41.3				0.71
Excluding Adjustments	$	343.7			$	96.5			$	(1.9	)		$	17.2			$	231.9			$	4.04		28.1	%
Twelve Months Ended September 30, 2025	$	124.1			$	68.1			$	0.3			$	24.1			$	31.6			$	0.55		54.9	%
Acquisition and integration related costs		8.2				2.0				—				—				6.2				0.11
Restructuring and other charges		65.3				15.8				—				—				49.5				0.85
Non-cash asset impairment charges		38.2				9.1				—				—				29.1				0.50
(Gain) loss on disposal of properties, plants and equipment, net		(9.5	)			(2.7	)			—				—				(6.8	)			(0.11	)
(Gain) loss on disposal of businesses, net		2.1				0.5				—				—				1.6				0.03
Other costs*		29.7				7.1				—				—				22.6				0.38
Excluding Adjustments	$	258.1			$	99.9			$	0.3			$	24.1			$	133.8			$	2.31		38.7	%
*includes fiscal year-end change costs, share-based compensation impact of disposals of businesses and special charitable contribution expenses

The income‑tax effects of the non‑GAAP reconciling adjustments are calculated using the applicable statutory tax rate for each relevant jurisdiction and may include both current and deferred components, determined in a manner consistent with the nature of each adjustment. Non‑GAAP reconciling adjustments are presented on a gross (pre‑tax) basis, and the related income‑tax effects of those adjustments are disclosed separately from other tax items (e.g., discrete tax benefits or expenses). When a tax item could be viewed as both a discrete tax item and related to a non‑GAAP reconciling adjustment, the Company classifies the item in a single category for the period and does not double‑count the impact.

GREIF INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION NET DEBT UNAUDITED
(in millions)	September 30, 2026				September 30, 2025
Total debt	$	1,096.3			$	1,202.5
Cash and cash equivalents		(295.4	)			(256.7	)
Net Debt	$	800.9			$	945.8

GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION LEVERAGE RATIO* UNAUDITED
Trailing Twelve Month Credit Agreement EBITDA (in millions)	Trailing Twelve Months Ended 9/30/2026				Trailing Twelve Months Ended 9/30/2025
Net income	$	275.6			$	889.0
Plus: Interest expense, net		36.5				136.6
Plus: Non-cash pension settlement charges		2.7				—
Plus: Debt extinguishment charges		2.5				—
Plus: Other (income) expense		10.3				8.0
Plus: Income tax (benefit) expense		106.6				441.9
Plus: Equity earnings of unconsolidated affiliates, net of tax		(1.9	)			0.3
Operating profit	$	432.3			$	1,475.8
Less: Equity earnings of unconsolidated affiliates, net of tax		(1.9	)			0.3
Plus: Depreciation, depletion and amortization expense		233.3				260.1
Plus: Acquisition and integration related costs		5.4				8.2
Plus: Restructuring and other charges		67.6				65.3
Plus: Non-cash asset impairment charges		42.6				38.2
Plus: (Gain) loss on disposal of properties, plants and equipment, net		(216.5	)			(9.3	)
Plus: (Gain) loss on disposal of businesses, net		4.5				(1,094.7	)
Plus: Other costs**		54.6				29.7
Plus: Other income (expense)		(10.3	)			(8.0	)
Credit Agreement EBITDA before adjustments	$	615.4			$	765.0
Credit Agreement adjustments to EBITDA(12)		2.0				(215.7	)
Credit Agreement EBITDA	$	617.4			$	549.3
Adjusted Net Debt (in millions)	For the Period Ended 9/30/2026				For the Period Ended 9/30/2025
Total debt	$	1,096.3			$	1,202.5
Cash and cash equivalents		(295.4	)			(256.7	)
Net debt	$	800.9			$	945.8
Credit Agreement adjustments to debt(13)		(69.2	)			(37.5	)
Adjusted net debt	$	731.7			$	908.3
Leverage Ratio(14)	1.2x				1.7x
*Represents total company consolidated results, which includes continuous operations and discontinued operations
**includes fiscal year-end change costs, share-based compensation impact of disposals of businesses and special charitable contribution expenses

⁽¹²⁾Adjustments to EBITDA are specified by the 2026 Credit Agreement and include certain equity earnings of unconsolidated affiliates, net of tax, certain acquisition savings, deferred financing costs, capitalized interest, income and expense in connection with asset dispositions, and other items.

⁽¹³⁾Adjustments to net debt are specified by the 2026 Credit Agreement and include the European accounts receivable program, letters of credit, and balances for swap contracts and other items.

⁽¹⁴⁾ Leverage ratio is defined as Credit Agreement adjusted net debt divided by Credit Agreement adjusted EBITDA.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Greif's fiscal 2026 earnings?

Greif reported fiscal 2026 net income from continuing operations of $261.5 million, or $4.54 per diluted Class A share, compared with $31.6 million, or $0.55, for fiscal 2025. Adjusted EBITDA increased 11.7% to $625.7 million.

What is Greif's fiscal 2027 guidance?

Greif's fiscal 2027 low-end guidance is $645 million in adjusted EBITDA and $290 million in adjusted free cash flow. The company bases these estimates on continuing demand trends, current price and cost factors, and other identifiable discrete items.

How did Greif make fiscal 2025 and fiscal 2026 results comparable?

Greif recast fiscal 2025 comparative information to the twelve months ended September 30, 2025 after changing its fiscal year-end from October 31 to September 30. That recast period is unaudited and is not included in the audited fiscal 2025 financial statements. Unless otherwise noted, results cover continuing operations.

What changed in Greif's segment reporting for fiscal 2026?

Effective October 1, 2025, Integrated Solutions became Innovative Closure Solutions, with some activities moved to other segments. Recycled-fiber trading and paperboard adhesives moved to Sustainable Fiber Solutions. Complementary steel-related packaging products and services, including paints, linings and filling, moved to Durable Metal Solutions.

What quarterly dividends did Greif pay in October 2026?

Greif paid quarterly dividends of $0.62 per Class A share and $0.93 per Class B share by October 1, 2026. The approximately $35.1 million total payment went to shareholders of record at the close of business on September 17, 2026.