Slide 1: First Quarter Fiscal 2023 Earnings Conference Call
First Quarter Fiscal 2023 Earnings Conference Call March 2, 2023
Slide 2: Safe Harbor
Safe Harbor December March 2, 8, 2023 2022 P.2
Slide 3: First Quarter Fiscal Year (FY) 2023 Key Highlights
First Quarter Fiscal Year (FY) 2023 Key Highlights • As predicted, a challenging Q1 2023 ‒ Adj. EBITDA1 of $164.5M ‒ Adj. Free Cash Flow1 use of $7.6M ‒ Adj. Class A EPS1 of $1.06/share • Focus on driving Free Cash Flow generation and leveraging our Balance Sheet strength to grow ‒ Q1 net working ca
Slide 4: Centurion Container – Focus on Growth and Sustainability
Centurion Container – Focus on Growth and Sustainability Signed definitive agreement to increase current 9% ownership stake to 80% in $145 million (1) all-cash transaction Second largest provider of reconditioned and rebottled IBCs and plastic drums in North America, $106M $24M | 23% offering nation
Slide 5: Global Industrial Packaging (GIP) Review
Global Industrial Packaging (GIP) Review FINANCIAL PERFORMANCE ($M) Q1 FY22 Q1 FY23 Net sales $949.1 $705.8 Gross profit $177.1 $125.3 Adjusted EBITDA1 $114.2 $71.8 Adjusted EBITDA % 12.0% 10.2% FQ1 ‘23 takeaway ▪ Softer than expected demand across all substrates throughout quarter, compared to a st
Slide 6: Paper Packaging & Services (PPS) Review
Paper Packaging & Services (PPS) Review FINANCIAL PERFORMANCE ($M) Q1 FY22 Q1 FY23 Net sales $610.0 $560.2 Gross profit $110.8 $124.2 Adjusted EBITDA1 $80.5 $90.7 Adjusted EBITDA % 13.2% 16.2% FQ1 ‘23 takeaway ▪ Results pressured from lower mill volumes throughout Q1, with total of 94k tons of downt
Slide 7: Fiscal Q1'23 vs. Fiscal Q1'22: Financial Comparison
Fiscal Q1’23 vs. Fiscal Q1’22: Financial Comparison Financial Performance ($M, $/sh) Q1 Q1 FY22 FY23 Net sales $1,564.3 $1,271.0 Gross profit $289.7 $251.6 SG&A $151.6 $139.4 Adjusted EBITDA1 $196.8 $164.5 Adj. Capital expenditures $42.8 $48.0 Adj. Free Cash Flow1 $(18.8) $(7.6) Adj. Class A Earning
Slide 8: FY 2023 Low-End Guidance and Financial Assumptions
FY 2023 Low-End Guidance and Financial Assumptions (1) FY 2023 Low-End FY 2023 Low-End Financial outlook ($M) Reported Q1’23 Reported Q4’22 Change Adj. EBITDA1 $740M $820M ($80M) Adj. Free Cash Flow2 $370M $410M ($40M) Financial assumptions ($M) DD&A $230M $225M $5M Adj. Capital expenditures ($195M)
Slide 9: Long-term Capital Deployment Objectives
Long-term Capital Deployment Objectives Maintain target leverage ratio excl. M&A Diversify and enhance shareholder return Invest back into business for growth Regular and increasing dividend Total Compliance $0.75 debt leverage GEF B Compliance ($B) ratio $2.5 4.0x $0.50 Maintenance $2.4 3.5x GEF A
Slide 10: Thank you.
First Quarter Fiscal 2023 Earnings Conference Call Thank you. December March 2, 8, 2023 2022 P.10
Slide 11: Appendix
First Quarter Fiscal 2023 Earnings Conference Call Appendix March 2, 2023 P.11
Slide 12: Greif Investor Day: Key Messages
Greif Investor Day: Key Messages March 2, 2023 P.12
Slide 13: Greif Investor Day: Portfolio Approach Creates Stability
Greif Investor Day: Portfolio Approach Creates Stability March 2, 2023 P.13
Slide 14: Fiscal Q1'23 Sales Breakdown for Primary Products
Fiscal Q1’23 Sales Breakdown for Primary Products March 2, 2023 P.14
Slide 15: Non – GAAP Financial Measures
Non – GAAP Financial Measures Non-GAAP 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 fina
Slide 16: GAAP to Non-GAAP Reconciliation: Net Income to Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Reconciliation of Net Income to Adjusted EBITDA March 2, 2023 P.16
Slide 17: GAAP to Non-GAAP Reconciliation: Segment Operating Profit to Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Reconciliation of Segment Operating Profit to Adjusted EBITDA March 2, 2023 P.17
Slide 18: GAAP to Non-GAAP Reconciliation: Net Income and Class A EPS Excluding Adjustments
GAAP to Non-GAAP Reconciliation: Reconciliation of Net Income and Class A Earnings Per Share Excluding Adjustments March 2, 2023 P.18
Slide 19: GAAP to Non-GAAP Reconciliation: Adjusted Free Cash Flow
GAAP to Non-GAAP Reconciliation: Reconciliation of Adjusted Free Cash Flow March 2, 2023 P.19
Slide 20: GAAP to Non-GAAP Reconciliation: Net Debt
GAAP to Non-GAAP Reconciliation: Reconciliation of Net Debt March 2, 2023 P.20
Slide 21: GAAP to Non-GAAP Reconciliation: Compliance Leverage Ratio
GAAP to Non-GAAP Reconciliation: Reconciliation of Compliance Leverage Ratio March 2, 2023 P.21
Slide 22: GAAP to Non-GAAP Reconciliation: 2023 Low-End Adjusted Free Cash Flow Guidance Estimate
GAAP to Non-GAAP Reconciliation: Reconciliation of 2023 Low-End Adjusted Free Cash Flow Guidance Estimate March 2, 2023 P.22
Slide 23: GAAP to Non-GAAP Reconciliation: Historical Segment Operating Profit to Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Reconciliation of Historical Segment Operating Profit to Adjusted EBITDA March 2, 2023 P.23
Slide 24: GAAP to Non-GAAP Reconciliation: Historical Segment Operating Profit to Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Reconciliation of Historical Segment Operating Profit to Adjusted EBITDA March 2, 2023 P.24
Slide 25: GAAP to Non-GAAP Reconciliation: Historical Segment Operating Profit to Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Reconciliation of Historical Segment Operating Profit to Adjusted EBITDA March 2, 2023 P.25