Greif Inc. · NYSE:GEF
Greif — Investor Presentation (March 2021)
40 slides from Greif's investor presentation, Mar 16, 2021
Slide 1: Investor Presentation
GREIF PACKAGING SUCCESS TOGETHER™ Investor Presentation March 16, 2021
Slide 2: Safe harbor
Safe harbor FORWARD-LOOKING STATEMENTS + Thispresenttion contains certain ferwarc-iaoking infom stion within the meaning af the Private Securities Litigation Reform Act af 1995, The words ‘vl "expect "intend," "estin ate," "anticipate," “aspiration, * "objective," project," elieve," tcantinue,”" “on
Slide 3: Greif: Packaging Success Together
GREIF ”"" PACKAGING SUCCESS TOGETHER™ arh 2001 F9
Slide 4: Leading industrial packaging solutions provider
De Leading industrial packaging solutions provider FY 2020 Performance ($M) Highlights and capabilities Differentiations Revenue 4,516.0 + Leading product positions in + Demonstrated commitment to multiple packaging substrates customer service and industry Adj. EBITDA! $642.6 — «Diverse geographic p
Slide 5: Leading positions in multiple packaging substrates
2 ee ee ee Leading positions in multiple packaging substrates Upstream Operations Industrial Packaging industrial Closures Ee Reoles Poperoard #85 tal FF L Coster Reoyoled Paperboard icRe} Recovered Aber Group
Slide 6: Fiscal Year (FY20) highlights
D> gen) neo ae > Fiscal Year (FY20) highlights Engaged Teams Customer Service Excellence Enhanced Performance Health and Safety Customer Satisfaction Index Adjusted Free Cash Flow + Recorded 24% fewer medical cases with + Achieved record trailing four quarter CSI + ~FY20 Adj. FCF = $346.2M, + ~$78M
Slide 7: Greif: Packaging Success Together
GREIF “""" PACKAGING SUCCESS TOGETHER™ GREIF PACKAGING SUCCESS TOGETHER™ tans 2001- Pt
Slide 8: Greif's culture is the foundation for our business
LL: Greif’s culture is the foundation for our business ‘Wecan be tustedte dewhat i right, Gre Ethical = Code of Conduct and Ethics guides our Aecisione and acon ‘We encourage and embrace our diversity of cure, language, looation and thought. Our Strong Through ___,_“fifeenoes dete but donot dvideus
Slide 9: Greif's purpose, vision and three strategic priorities
a ena Greif’s purpose, vision and three strategic priorities Purpose To safely package and protect our customers goods and materials to " serve the essential needs of communities around the world packaging, be the best performing Vision ‘customer service company in the world @Enaaged Teams @ Differe
Slide 10: Strategic priority: engaged teams
2 ee ee @Strategic priority: engaged teams Teams in the top quartile of those Gallup’ has ee Gallup Overall Engagem ent Score 42 417 21% Higher profitability ay Batiaaeringsector peroentle ranking 7% Higher productivity 10% Higher customer metrics 0% Fewer safety incidents 59% Less turnover any Lowe
Slide 11: Strategic priority: differentiated customer service
@ Strategic priority: differentiated customer service Customer Satisfaction Index (CSI) Net Promoter Score (NPS) Net Promoter Wave 10 Score oo eo n eo oo 0 0 Fvis FYB FYI FYB FYI9 FY20 @121. Goal GREIF sscxsoi success rocerner= Mah 2021 Patt
Slide 12: Strategic priority: enhanced financial performance
@ Strategic priority: enhanced financial performance + Greif Business System (GBS) is utilized to drive continuous Improvenent, cost control, operating discipline and to capture incremental returns on investment throughaut the business + Adapted GBS to virtual ervironment—IT enabled gemba walks; onl
Slide 13: Strategic priority: enhanced financial performance
2 ee ee @ Strategic priority: enhanced financial performance GIP sales closed! divest 2014 - 2020 + ~$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 rev
Slide 14: Strategic priority: generate sustainable Free Cash Flow
2 ee ee @ Strategic priority: generate sustainable Free Cash Flow Adj. Free Cash Flow’ overtime (SM) a ie | : Sharp focus on generating reliable and sustainable cash flow through cycles GRE|F vososconroamee SERGEANT
Slide 15: Strategic priority: pursuing sustainability through ESG
st in Greif? O Strategic priority pursuing sustainability through ESG po hectors Environment Social Enhancing/promating circular options 2 Improving safety Reducing scrap © Promoting diversity / inclusion Minimizing energy © Protecting human rights in the Reducing GHG emissions workplace Reducing wa
Slide 16: Strategic priority: key sustainability goals and recognition
2 ee ee @ Strategic priority: key sustainability goals a and recognition 25% 90% Newsweek EcoVadis Increase in proportion of Percent of waste diverted recognized Greifanitslit of || Awarded Gold Rating in ‘women inmanagement by || from|andfils from all legacy | | America's Most Responsible | | _sust
Slide 17: Why invest in Greif?
GREIF Why invest in Greif? PACKAGING SUCCESS TOGETHER™ GREIF PACKAGING SUCCESS TOGETHER™ ‘March 2021 ~ P.17
Slide 18: Solid volumes across most of the business in February '21
Solid volumes across most of the business in February ‘21 February ‘21 vs. February ‘20 volume (per day basis) :. |_| o% Steal drums Intermediate Bulk Containers Corrugated sheets Tube cores BC) Solid YoY volume growth across most substrates despite impact of deep freeze in the U.S. GREIF PACKAGING
Slide 19: Global trends support Greif's future growth
De Global trends support Greif’s future growth Trend Details Greif Actions * + Emerging economies driving + Optimize capacity to serve increased demand Ly) Growth of emerging econorries greater consumption of goods and ——_from emerging economies infrastructure AN, anding influence of + Paper product
Slide 20: Predictable and consistent capital deployment strategy
Predictable and consistent capital deployment strategy Fund maintenance to sustain the "cash “Paid $26M in dividends in @1'21 Current compliance leverage ratio = machine" and organic growth 3.79%, ontrack to achieve targeted ‘opportunities that exceed required Remain committed to potentially leverag
Slide 21: Substantial increase in Free Cash Flow on the horizon
Substantial increase in Free Cash Flow on the horizon FY ‘22 Adj. FY ‘22 Adj. EBITDA’ Free Cash Flow? oP 9342-9378 PPS $437 $477 Land 6-89 Total Company $785 - $865 $410 - $450 GREIF PACKAGING SUCCESS TOGETHER™ Mar 2001 = P21
Slide 22: Notable progress made towards de-levering balance sheet
Notable progress made towards de-levering balance sheet Total debt balance trend over time ($M) $3,000 5 _ il [ asta aes 20 art >$400M of debt has been repaid since the acquisition of Caraustar, despite the impact of COVID GREIF PACKAGING SUCCESS TOGETHER™ March 2001 - P22
Slide 23: Land monetization provides an accelerant to de-levering
Land monetization provides an accelerant to de-levering + 69,200 acres of pine tin erlands in southwest Alabama * Situated in close proximity to a broad network of wood processing facilities * Greif to receive $149M in cach tax losses tom other transactions wil substantially mitigate gain on this sa
Slide 24: Why invest in Greif?
Why invest in Greif? Five compelling reasons to invest in Greif 0) Leading producer of steel / plastic / fibre drums; rigid / flexible intermediate bulk containers; indust a 0 Creatingstickier customer relationships through industry leading customer service and commitment to solving customer pro! 3)
Slide 25: Business segment overview
GREIF PACKAGING SUCCESS TOGETHER™ Business segment overview
Slide 26: Formed new Global Industrial Packaging (GIP) segment
Formed new Global Industrial Packaging (GIP) segment FY20 sales by geography FY20 sales by primary product FY20 sales by end market soe stage nat spa Lita SS e este SS ce “EMEA «Ada Pacifo =e 15182 op FIBC “Fantasy, We & esteshes ada ep aeEE) soo FEC Loe ckaging & Services and Flexible Products & Se
Slide 27: GIP: broad product and services capability
hn GIP: broad product and services capability GIP is the most comprehensive customer solutions provider in the industry GREIF cxssins success rosernen= tes 2mc1~ P27
Slide 28: Expanding into recycled plastics products
Busi expanding into recycled plastics products The Eco Balance product line utilizes post consumer regrind (PCR) as a raw material fe © eee = ° © = — = tr = ® = io Nt ier a e cee 4 = =) We are investing in sustainable products to minimize our environmental impact March 2021 —F.28 GREIF PACKAGING SUC
Slide 29: Paper Packaging & Services (PPS) overview
> Paper Packaging & Services (PPS) soe ne ren overview [#20 Tubetcore sales by end market | Non Arse “= Coraged sheet Sard Pde CN). “abe Pes “fim * Pape rate A Board 1 Ceparnton i: Ghee arpa Boor "Ma, Fi Srapohng CorrChoice: services a range of integrated {and ndepandent customers serving broad Epac
Slide 30: PPS: broad portfolio offering a variety of paper products
PPS: broad portfolio offering a variety of paper products Containerboard Uncoated Recycled Coated Recycled Paper Paperboard Converting e> ~ ‘Corrugated A ata Tube & Core GREIF PACKAGING SUCCESS TOGETHER’ — ° ~ = Mant 2021 - P30
Slide 31: PPS: expanded, integrated and national paper network
PPS: expanded, integrated and national paper network — Recovered Fiber Group Containerboard Corrugated Uncoated Boxboard Tubes & Cores Coated Boxboard
Slide 32: PPS: expanding into paper specialty products
PPS: expanding into paper specialty products Litho-Lamination Triple Wall Bulk Packaging Paper Coatings + Superior coated graphics for retal + Boxes, bins, and sheets for + High performance, functional, and and shel-ready packaging agricultural and industrial applications decorative colar coatings +
Slide 33: PPS: Caraustar integration proceeding on plan
PPS: Caraustar integration proceeding on plan Caraustar run-rate synergy detail Realized synergies and FY22 estimate ea fe a minimum of $701 ji 16 months of acq GREIF cxssin success rocernen= tah 2001-933
Slide 34: Appendix and required reconciliation tables
GREIF PACKAGING SUCCESS TOGETHER™ Appendix and required reconciliation tables
Slide 35: Solid balance sheet with anticipated interest savings
> isssas aie ar > Myc? > Sse cui Solid balance sheet with anticipated interest savings $1,200 Anticipate significant interest expense savings in H2 2021 from locked in refinancing of below 2.5% = 7.375% Senior Notes - 2028 an A-L=Term Loan A-3| Note Senior Notes 2021 will be replaced ByifL@3 2021 GR
Slide 36: Reconciliation of Operating Profit to Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Reconciliation of Operating Profit to Adjusted EBITDA swt GREIF -sccsons sucess rocerner- see
Slide 37: GAAP to Non-GAAP Reconciliation: Adjusted Free Cash Flow
LD en nL GAAP to Non-GAAP Reconciliation: Adjusted Free Cash Flow $Millions ‘webs MaathsEaded ‘Octters (exitoa) ‘et cach proved y opening activities 3 8s § MIO S MED § BIDS IBS S| aHT (esheets of proper, lot poe Free Gch For SMSF ms Sa Fins Ss wn7 Es Casha seqisionsetat coos : - - ca BT 110 (ashpter
Slide 38: GAAP to Non-GAAP reconciliation: Net debt
LD en en Le GAAP to Non-GAAP reconciliation: Net debt ($1) ox mins) Sosa 32021 assy 3.2020 Teal Dest z 24S 28081 Cosh and exh equivalent: ao. 0s) NeeDebe z 24380 5 2nT3, GREIF PACKAGING SUCCESS TOGETHER™
Slide 39: Credit Agreement Adj. EBITDA & Leverage Ratio
LD en Lr Credit Agreement Adj. EBITDA & Leverage Ratio tin Yeh Ct geen BD tema ult Peiecmeen a Foc ope pn i pen a3 Pas Pace he as Pos Sense pir 7
Slide 40: Fiscal 2022 financial commitments assumptions
a Fiscal 2022 financial commitments assumptions + Net sales wil be approximately $5.08 in F'Y22 reflecting a 2018 Ike economy with the impacts of bath the COVID-19 pandemic and the industrial recession in place pre-C OVID fully behind us + Raw material costs increase slightly against current indices