Greif Reports Fiscal Third Quarter 2026 Results (Form 8-K)

Greif Reports Fiscal Third Quarter 2026 Results

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

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

Fiscal Third Quarter 2026 Financial Highlights:

(all current period results are compared to the third quarter of 2025 and both periods reflect only continuing operations unless otherwise noted)

•Net income increased 156.7% to $78.8 million or $1.37 per diluted Class A share compared to net income of $30.7 million or $0.53 per diluted Class A share.

•Net income, excluding the impact of adjustments(1), increased 87.0% to $93.3 million or $1.61 per diluted Class A share compared to net income, excluding the impact of adjustments, of $49.9 million or $0.86 per diluted Class A share.

•Adjusted EBITDA(2) increased 24.7% to $183.4 million compared to Adjusted EBITDA of $147.1 million.

•Net cash provided by operating activities decreased by $69.3 million to a source of $77.8 million. Adjusted free cash flow(3) decreased by $86.7 million to a source of $57.7 million. Adjusted free cash flow in the prior year includes contribution from the Containerboard Business and is not directly comparable to current year results.

•Total debt of $1,030.4 million decreased by $1,686.6 million primarily due to repayment of debt from the sales of the Containerboard Business and the timberlands business. Net debt(4) decreased by $1,689.9 million to $741.9 million. Our leverage ratio(5) decreased to 1.1x from 3.1x.

Strategic Actions and Announcements

•Increased quarterly dividend by 10.7%, reflecting the continued strength of our free cash flow generation, the significant progress we have made in strengthening our balance sheet, and our confidence in Greif's long-term earnings power.

•Announcing intention to begin executing on share repurchases under new share repurchase plan approved as part of our existing share repurchase authorizations consistent with our disciplined capital allocation strategy.

•Achieved $90 million cumulative run-rate savings on cost optimization program - achieving the high-end of our commitment range for the fiscal year, and reaffirmed our expectation to achieve at least $120 million of cumulative run-rate savings by the end of fiscal year 2027.

•Completed growth-enabling strategic, bolt-on acquisition of Envaplast on June 2, 2026. The acquisition serves predominantly the Agrochemical end markets and has EBITDA margins and Free Cash Flow conversion well above Greif's M&A criteria.

Commentary from CEO Ole Rosgaard

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

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

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

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

(1) Adjustments that are excluded from net income and from earnings per diluted Class A share are acquisition and integration related costs, restructuring and other charges, non-cash asset impairment charges, non-cash pension settlement charges, (gain) loss on disposal of properties, plants and equipment, net, (gain) loss on disposal of businesses, net, and other costs.

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

(3) Adjusted free cash flow is defined as net cash provided by operating activities, less cash paid for purchases of properties, plants and equipment, plus cash paid for acquisition and integration related costs, plus cash paid for integration related Enterprise Resource Planning (ERP) systems and equipment, plus cash paid for taxes related to Containerboard Business divestment, plus cash paid for taxes related to Soterra Assets divestment, plus cash paid for other nonrecurring costs. The cash flows from Containerboard Business have not been segregated and are included within the adjusted free cash flow for comparative period.

(4) Net debt is defined as total debt less cash and cash equivalents.

(5) Leverage ratio for the periods indicated is defined as adjusted net debt divided by trailing twelve month EBITDA, each as calculated under the terms of the Company's Third Amended and Restated Credit Agreement dated as of February 27, 2026, filed separately as Exhibit 10.1 to the Company's Current Report on Form 8-K on March 5, 2026 (the "2026 Credit Agreement"). As calculated under the 2026 Credit Agreement, adjusted net debt was $668.0 million and $2,382.2 million as of June 30, 2026 and July 31, 2025 respectively, and trailing twelve month credit agreement EBITDA was $621.6 million and $771.5 million as of June 30, 2026 and July 31, 2025, respectively.

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

Basis of Presentation and Comparability

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

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

Fiscal Third Quarter 2026 Segment Results:

(all current period results are compared to the third quarter of 2025 and both periods reflect only continuing operations unless otherwise noted)

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

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

Customized Polymer Solutions

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

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

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

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

Durable Metal Solutions

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

Gross profit increased by $2.8 million to $90.9 million. The increase in gross profit was primarily due to the same factors that impacted net sales, partially offset by higher raw material costs and higher transportation costs.

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

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

Sustainable Fiber Solutions

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

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

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

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

Innovative Closure Solutions

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

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

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

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

Tax Summary

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

Dividend Summary

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

Company Outlook

(in millions)			Fiscal 2026 Outlook Reported at Q3
Adjusted EBITDA			$615 - $635
Adjusted free cash flow			$305 - $325

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

Conference Call

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

Investor Relations contact information

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

About Greif

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