Slide 1: First Quarter 2026 Earnings Conference Call
First Quarter 2026 Earnings Conference Call January 28, 2026 1
Slide 2: Safe Harbor and Presentation Note
Safe Harbor and Presentation Note FORWARD-LOOKING STATEMENTS This presentation contains certain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. The words “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “aspiration,” “objective,” “p
Slide 3: Entering 2026 from a Position of Strength
Executing Build to Last Strategy Entering 2026 from a Position of Strength +24% 1.2x Q1-26 YoY Q1-26 Adj. EBITDA Leverage Ratio Delivering While Solid +260bps $130M Executing On Financial Q1-26 YoY Q1-26 Our Results Adj. EBITDA Margin Share Repurchases Strategy Reaffirm $65M Run-Rate Cost FY26 Guida
Slide 4: Continuation of FY25 Exit-Rate Demand Patterns
First Quarter 2026 Year-over-Year Volume Trends Continuation of FY25 Exit-Rate Demand Patterns Customized Polymer Solutions (0.9%) EMEA Softness ▪ IBC up low-singles, with small containers down low-singles and large x% containers down mid-singles from industrial end market softness NA Softness APACx
Slide 5: Total Company Financial Performance
First Quarter 2026 Total Company Financial Performance ($ in Millions except per share) Q1 25 Q1 26 Adjusted EBITDA 98.8 122.5 Adjusted EBITDA % 9.7% 12.3% Adjusted Class A Earnings Per Share 0.20 0.48 Adjusted Free Cash Flow (23.3) (41.0) • Adjusted EBITDA increased 24% and EBITDA margin improved 2
Slide 6: Segment Financial Performance
First Quarter 2026 Segment Financial Performance Customized Durable Sustainable Innovative • Polymers: Gross profit slightly down on ($ in Millions) Polymers Metals Fiber Closures approximately flat volumes due primarily to product Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 Q1 25 Q1 26 mix despite cost opt
Slide 7: Reaffirming Low-End 2026 Guidance
2026 Guidance Reaffirming Low-End 2026 Guidance ($ in Millions) Adjusted EBITDA Guidance Assumptions $630M Volume Assumptions Customized Polymer Solutions Up LSD Durable Metal Solutions Flat to Down LSD Sustainable Fiber Solutions Flat to Down LSD Innovative Closure Solutions Up LSD Adjusted Free Ca
Slide 8: Deploying Greif's Strong and Durable Cash Flow to Optimize Shareholder Value
Capital Allocation Deploying Greif’s Strong and Durable Cash Flow to Optimize Shareholder Value Priorities for Disciplined Executing on Share Capital Deployment Repurchases Maintain a Strong Foundation ▪ Manage leverage and liquidity $130M Completed under $150M share repurchase plan1 announced in Q4
Slide 9: Delivering Sustainable Shareholder Value
Why Invest in Greif 1 Packaging Leader to Essential Industries ▪ Highly scalable global franchise Delivering Sustainable ▪ World-renowned brand and high product quality ▪ Positioned to capture incremental product share Shareholder Value 2 Delivering Stronger Earnings Power ▪ Portfolio optimization h
Slide 10: Appendix
First Quarter 2026 Earnings Conference Call Appendix January 28, 2026 10
Slide 11: Delivering Customer Value Across Four Solutions
Optimized Greif Portfolio Delivering Customer Value Across Four Solutions CUSTOMIZED POLYMER DURABLE METAL SUSTAINABLE FIBER INNOVATIVE CLOSURE SOLUTIONS SOLUTIONS SOLUTIONS SOLUTIONS Small Polymer Large Steel Fiber Drums Containers Closures Tube & Core Large & Medium & Metal Medium Small Steel Clos
Slide 12: Sales Breakdown by Segment
Sales Breakdown by Segment excludes the impact of discontinued operations January 28, 2026 12
Slide 13: Net Income to Combined Adjusted EBITDA
GAAP to Non-GAAP Reconciliation Net Income to Combined Adjusted EBITDA 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
Slide 14: Segment Operating Profit to Combined Adjusted EBITDA
GAAP to Non-GAAP Reconciliation Segment Operating Profit to Combined Adjusted EBITDA 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 repo
Slide 15: Segment Operating Profit to Combined Adjusted EBITDA Cont.
GAAP to Non-GAAP Reconciliation Segment Operating Profit to Combined Adjusted EBITDA Cont. 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, ou
Slide 16: Adjusted Free Cash Flow
GAAP to Non-GAAP Reconciliation Adjusted Free Cash Flow 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. Accor
Slide 17: Net Income and Class A Earnings Per Share Excluding Adjustments
GAAP to Non-GAAP Reconciliation Net Income and Class A Earnings Per Share Excluding Adjustments 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 t
Slide 18: Leverage Ratio and Net Debt
GAAP to Non-GAAP Reconciliation Leverage Ratio and Net Debt 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. A