Greif Inc. · NYSE:GEF
Greif — Investor Presentation (May 2021)
38 slides from Greif's investor presentation, May 4, 2021
Slide 1: Investor Presentation May 2021
GREIF PACKAGING SUCCESS TOGETHER™ Investor Presentation May 2021
Slide 2: Safe harbor
Safe harbor FORWARD-LOOKING STATEMENTS + This presentation contains certain forwarc!-ooking information within the meaning of the Private Securities Litigation Reform Act of 1995. The words “may” “wil” “expect, “intend,” “estimate,” “anticipate,” ‘aspiration,’ “objective,” “project,” “believe,” “con
Slide 3: Greif: Packaging Success Together
GREIF """ PACKAGING SUCCESS TOGETHER™ vay 2001-P3
Slide 4: Leading industrial packaging solutions provider
7 ee ea a Leading industrial packaging solutions provider FY 2020 Performance ($M) Highlights and capabilities Differentiations Revenue $4,515.90 * Leading product positions in + Demonstrated commitment to multiple packaging substrates customer service and industry Adj, EBITDA $642.6 « Diverse geogr
Slide 5: Leading positions in multiple packaging substrates
xe Oe Leading positions in multiple packaging substrates Upstream Operations GREIF PACKAGING SUCCESS TOGETHER™ Indust I Packagi Fibre brutal Flexible IBCs Closures Tube & Core 4, ily w IBC = vay 2001-5
Slide 6: Greif: Packaging Success Together
GREIF """" PACKAGING SUCCESS TOGETHER™ 2i-P6
Slide 7: Greif's culture is the foundation for our business
D> Greif’s culture is the foundation for our business We can be usted todo whatis right. Grefs Ethical + Code of Conduct and Ethics guides our decisions and actions Communicate with respect, We encourage and embrace our diversity of candor, and trust Coreen) ——> “iercess ae et So not See our iversit
Slide 8: Greif's purpose, vision and three strategic priorities
Greif’s purpose, vision and three strategic priorities Purpose Vie In industrial packaging, be the best performing ision customer service company in the world @Enaaged Teams @ Differentiated CustomerService @Enhanced Performance + Bestin class health and safety + Deliver Superior customer * Value dr
Slide 9: Strategic priority: engaged teams
D> @Strategic priority: engaged teams ; i y Leto OCr er citi OCIS Gallup Overall Engagement Score j2i% | Higher profitability 2 momemyces asd Higher customer metrics to . 59% Less turnover 38 41% Lower absenteeism Safe and engaged colleagues drive improved oper: ing and financial performance GREIF °
Slide 10: Strategic priority: differentiated customer service Net Promoter Score
D> @Strategic priority: differentiated customer service 100 Net Promoter | 10 Score 0 | ia 8G? 70 - 1 =40 20 FYIS FYI6 FYI7 FYI8 FYI9 FY20 Q121 Goal Ey Fy &
Slide 11: Strategic priority: enhanced financial performance
D> @ Strategic priority: enhanced financial performance + Greif Business System (GBS) is utilized to drive continuous improvement, cost control, operating discipline and to capture incremental returns on investment throughout the business + Adapted GBS to virtual environment - IT enabled gemba walks
Slide 12: Strategic priority: enhanced financial performance
7™— Ee EE @ Strategic priority: enhanced financial performance eee sales closed / divested pe] 020 + _~$450M of revenue closed / divested in GIP between 2014 — 2020 as part of ongoing business improvement activities (Adj. EBITDA margin < 2%) — Divestitures save ~$12M of annual capex + Despite lost r
Slide 13: Strategic priority: generate sustainable Free Cash Flow
EEE ee @ Strategic priority: generate sustainable Free Cash Flow Adj. Free Cash Flow’ over time ($M) Eo om im ‘$50 i | a rvs FYi6 FviT Fy22 ‘Commitment Sharp focus on generating reliable and sustainable cash flow through cycles GREIF ssc success roseren- — ahustinniinanasoss “ oye Pi
Slide 14: Strategic priority: advance sustainability leadership
SS ee a @ Strategic priority: advance sustainability leadership Select Targets PSE MMe 25% Increase in proportion of women in management by the end of FY25! Waste 90% _ Waste averted from landfis from al Gre production fecites by the end of FY25 Key Recognition = Recogized Greifon i ist of Americas
Slide 15: Strategic priority: advance sustainability leadership
7™— Ee EE @ Strategic priority: advance sustainability leadership Key climate focus areas + Achieve 28% reduction in Scope 1 and Scope 2 greenhouse gas emissions by 2030 from 2019 baseline + Analyze and assess Scope 3 green house gas admissions by 2023 to determine a net-zero ambition + Continue ini
Slide 16: Greif: Packaging Success Together
GREIF “°° PACKAGING SUCCESS TOGETHER™ GREIF PACKAGING SUCCESS TOGETHER™
Slide 17: Solid volumes across most of the business during FQ2 2021
EE EEE ee Solid volumes across most of the business during FQ2 2021 FQ2 ‘21 vs. FQ2 ‘20 volume snapshot (per day basis)* ‘Steel drums. Conugated sheets Tube /cores Volumes through April 25 indicate generally in line or stronger YoY performance than recorded in February and March GREIF <:s<0 succes r
Slide 18: Global trends support Greif's future growth
ED Ee ee Global trends support Greif’s future growth Trend Details Greif Actions + Emerging economies diving + Optimize capacity to serve increased demand infrastructure JA, Expanding influence of + Paper products and plastic-based + Expand IBC collection and reconditioning sustainabiltyand multi-us
Slide 19: Predictable and consistent capital deployment strategy
Predictable and consistent capital deployment strategy “Fund maintenance to sustain the “cash Paid $26M in dividends in Q1'21 ¥ Q1'21 compliance leverage ratio = machine" and organic growth 3.79x; on track to achieve targeted ‘opportunities that exceed required Remain committed to potentialy leverag
Slide 20: Notable progress made towards de-levering balance sheet
EE EEE ee Notable progress made towards de-levering balance sheet Total debt balance trend over time ($M) $3,000 tn eats e120 2320 atzt >$400M of debt has been repaid since the acquisition of Caraustar, despite the impact of COVID GREIF PACKAGING SUCCESS TOGETHER™ Nay 2001.20
Slide 21: Five compelling reasons to invest in Greif
zo Five compelling reasons to invest in Greif a Leading producer of ste! plastic / tbe drums; rigid / exe intermediate buk containers indus closures; uncoated recyeled boxboard © Creating stickier customer relationships through industry leading customer service and commitment to solving customer pro
Slide 22: Business segment overview
GREIF PACKAGING SUCCESS TOGETHER™ Business segment overview
Slide 23: Formed new Global Industrial Packaging (GIP) segment
a E Suscies ssorens orion | Formed new Global Industrial Packaging (GIP) segment K | Aw +s 56 me pate Plot te Ost Ati See ene sick An sma piste re Taacomeayennat race gure ‘Pe Cuige ne nS ae] SUE Asin Pate Se 1200p FBC —] seep FBG none 8 Chm Dat “cette sonw Rigid Industrial Packaging & Services and
Slide 24: GIP: broad product and services capability
GIP: broad product and services capability in ti [wc Earth Minded Filling ee GIP is the most comprehensive customer solutions provider in the industr 5 TOGETHER’ My 2001 P24
Slide 25: GIP: expanding into recycled plastics products
owner wiv irvnet Gre? susie avgment cverviw Ds Aependin GIP: expanding into recycled plastics products The Eco Balance product line utilizes post consumer regrind (PCR) as a raw material — — =e 0 Ee] We are investing in sustainable products to minimize our environmental impact GREIF PACKAGING SUCCES
Slide 26: Paper Packaging & Services (PPS) segment overview
a E Suscies ssorens orion | Paper Packaging & Services (PPS) segment overview 20720 Tubelcore sales by end market a, Norm Ameren suns Comat shea tert Boon 1eSrtneton TRocnow Pesce iv) Tine! exes ay Fai steppe + Corrchoice: services a range of ntegrated and independent customers serving broad Spectru
Slide 27: PPS: broad portfolio offering a variety of paper products
PPS: broad portfolio offering a variety of paper products Pits rand 5 F - rf Ny =~ yy Conver Tube & Core
Slide 28: PPS: expanded, integrated and national paper network
PPS: expanded, integrated and national paper network =< Containerboard Corrugated ~1M tons Network of sheet feeders Uncoated Boxboard Tubes & Cores ~T00K tons converting plants Recovered Fiber Group Coated Boxboard ~200K tons — Mat
Slide 29: PPS: expanding into paper specialty products
=D PPS: expanding into paper specialty products aa Triple Wall Bulk Packaging Paper Coatings * Superior coated graphics for retail + Boxes, bins, and sheets for + High performance, functional, and and shelf-ready packaging agricultural and industrial applications decorative color coatings + Industry
Slide 30: PPS: Caraustar integration proceeding on plan
PPS: Caraustar integration proceeding on plan Caraustar run-rate synergy detail Realized synergies and FY22 estimate “ “ ” o c Assumption Realized —Realized_——_Expected Anticipate a minimum of $70M in synergies within 36 months of acquisition GREIF PACKAGING SUCCESS TOGETHER’ ay 20
Slide 31: Appendix and required reconciliation tables
GREIF PACKAGING SUCCESS TOGETHER™ Appendix and required reconciliation tables
Slide 32: Substantial increase in Free Cash Flow on the horizon
DD oD EEE Substantial increase in Free Cash Flow on the horizon FY ‘22 Adj. FY ‘22 Adj. EBITDAt Free Cash Flow? oP 42-979 PPS $437 - $477 Land $6 -$9 [TesiCompen sree sete wna | GREIF cvssne success roseren- Moy 2001 P22
Slide 33: Solid balance sheet with anticipated interest savings
ends Solid balance sheet with anticipated interest savings Debt schedule as of 1/31/2021 ($M) $1,200 $1,000 $800 $0 2021 2022 2023 2004 2025 2028 2007 GREIF PACKAGING SUCCESS TOGETHER™ May 2001 P83
Slide 34: GAAP to Non-GAAP Reconciliation: Operating Profit to Adjusted EBITDA
ends GAAP to Non-GAAP Reconciliation: Reconciliation of Operating Profit to Adjusted EBITDA, SMitlions. GREIF PACKAGING SUCCESS TOGETHER™ Moy 2001 P34
Slide 35: GAAP to Non-GAAP Reconciliation: Adjusted Free Cash Flow
DD oD EEE GAAP to Non-GAAP Reconciliation: Adjusted Free Cash Flow SMitlions. em én ik 9019 8. Sm § OLDS MSD SAGO MOSS ST (3s) goon ss) (una) ass) asin Sms $209 $ a2 Fine $37 Sas Ces noisioneltel costs : : 07 237 70 (Copa desman com 5 5 5 5 sl 3 Cec id einen COVID-1 coe, nt : : : ds (Cokpaid fr aqas
Slide 36: GAAP to Non-GAAP reconciliation: Net debt
DD oD EEE GAAP to Non-GAAP reconciliation: Net debt ($M) nmin) Josey 3,321 Sarey 3.220 “Teal Dose z 23Bs § 28081 (Cash and ech equivalets aos os) NetDebe z 2380 Err) GREIF PACKAGING SUCCESS TOGETHER™ Moy 2021 P28
Slide 37: Credit Agreement Adj. EBITDA & Leverage Ratio
DD oD EEE Credit Agreement Adj. | EBITDA & Leverage Ratio GREIF <:s<0 succes roseren- Anam aRamaTa say 04 -P37
Slide 38: Fiscal 2022 financial commitments assumptions
DD oD EEE Fiscal 2022 financial commitments assumptions + Net sales wil be approximately $5,0B in FY22 reflecting a 2018 lke economy with the impacts of both the COVID-19 pandemic and the industrial recession in place pre-COVID fully behind us + Raw material costs increase slightly against current i