Greif Inc. · NYSE:GEF
Greif — Investor Presentation (January 2022)
32 slides from Greif's investor presentation, Jan 20, 2022
Slide 1: Investor Presentation January 2022
® PACKAGING SUCCESS TOGETHER™ Investor Presentation January 2022
Slide 2: Safe harbor
Safe harbor 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,” “project,” “believe,”
Slide 3: Greif: the leading industrial packaging solutions provider
Greif: the leading industrial packa FY21 Net Sales by Segment Leading Positions UpstreamOps Uncoated recycled - Global Industrial Packaging SOS " Paper Packaging & Services _ Land Management Recovered fiber group FY21 Adj. EBITDAby Segment (+): j. Free Cash Fléw PACKAGING (2) Ranking denotes standin
Slide 4: Fiscal Year (FY) 2021 key highlights
Fiscal Year (FY) 2021 key highlights Delivered record financial performance Advanced key financial priorities | Accelerated ESG strategy and Positioned for an even and enhanced shareholder returns| improved colleague engagement stronger Fiscal 20222. ¥ Record Adj. EBITDA": $764.2M —_v Compliance lev
Slide 5: Volumes and sales quarter to date (FQ1 2022)
Volumes and sales quarter to date (FQ1 2022) Y Volumes through December 2021 indicate generally in line or stronger YoY performance. Versus prior year: > Global steel drum volume down low single-digits » Global IBC volume up mid-teens > Corrugated sheets up low single-digits > Tube and cores up low
Slide 6: Why invest in Greif?
Why invest in Greif? v Robust and diverse product portfolio with exposure to a variety of end markets globally » Leading producer of steel / plastic / fibre drums; rigid intermediate bulk containers; industrial closures; uncoated recycled boxboard ¥ Compelling customer value proposition due to demon
Slide 7: Why invest in Greif? Diverse product portfolio and end markets
Why invest in Greif? Robust and diverse product portfolio with exposure to a vai Global Industrial Packaging (GIP) End Markets VY GREIF += Petrol Prod, Lube Ois & Adds += Packaging Distributors Specaty Chemicals += Buk/Commodity Chemicals Pains, Coatings, Inks, Adhesives += Sold Food Prod, Pastes &
Slide 8: Why invest in Greif? Customer value proposition
Why invest in Greif? Compelling custo r value proposition due to demonstrated comi ment to customer service Customer Satisfaction index Scores Net Promoter Scores. ve | TY 3 a vet | a 5 ve | a «s Ss « ve: | «2 ve? | TT a a cc on I voc: | ,eractors MM Passives Ml Promoters GREIF 2233. SSESSS SE aa,
Slide 9: Why invest in Greif? Avenues for low risk growth
Why invest in Greif? Numerous avenues for incremental low risk growth and margin enhancemen\ + Rigid Intermediate Bulk Container (IBC) + Expanding reconditioning network and + Focused approach to expanding higher CAGR ('15 ~'21) = 12%, outpacing industry expertise through strategic partnership margi
Slide 10: Why invest in Greif? Consistent capital allocation
Why invest in Greif? Consistent capital allocation strategy focused on reinvestment, dividends and balance sheet strength 2022 Anticipated CapEx Leading Dividend Yield? Balance Sheet Strength Comptance Total tt ‘overage (68) rato es —— 40 Se Se 2600 a ,— 32500 va my —— QD ao — $2300 a .— $2200 26« c
Slide 11: Why invest in Greif? Track record of improving financial performance
Why invest in Greif? Strong track record of Net Sales Growth ($ in Billions) Adj. EBITDA’ ($ in Millions) proving financial performance $785- $55 $48 sas $39 JI i i | 1 j 2016 ©2016 »= 2017S 2018 ~= 2019 «2020» 2024 2015 = 201620172018 = 201920202024 2022 implied Class A / B Dividend (sish.) S251 $2
Slide 12: Strong track record of improving financial performance
Why invest in Greif? Strong track record of improving financial performance CAGR=17% >150% improvement in Class A adjusted earnings per share despite zero buybacks! MW WiWwW'WW’~w’”’5’,)'™’w GREIF ®: KAGING (Anco Sarge Pr Shar Patten opr a prs ite: fue sh tranc manson edt reer ohn ht sty eapae AP Ja
Slide 13: Sustained outperformance versus the S&P 500
Why invest in Greif? Sustained o' rformance (total return) versus the S&P 500 i 300 ustrials 50 ° — Greif Class A | @B P 500 / Industrials -SEC D0 © © © O OO AM A A MA Md 2 2 RK os sO O_O OO WO SO WS a Nf WJ We 2 GS PPP POPES OP EE ESOL SSI CELE LS CLS PEs ge Sig Or Pr AP s SPP Or ome cy BO BOY GP P
Slide 14: Committed to sustainability leadership
Why i invest in Grei mitted to sustainability leadership and embedding ESG deeper into the business 2021 2019 Second materiality 2017 Named to Newsweek's assessment 2009 2015 First materiality inaugural most responsible conducted, and new First Receive Silver assessment companies list; Tholu (IBC cl
Slide 15: Our valuation versus peers
Our valuation versus peers Greif is trading at a significa count to other packagers paper ci 9 2022E Enterprise Value / EBITDA PACKAGING Note Peer data sourced fitutsetas of Jan 12, 2022 PREIP 23:5: january 17, TOGETHER™ 2022 | PS
Slide 16: ESG Highlights
PACKAGING SUCCESS TOGETHER™ EIF | ESG Highlight
Slide 17: Elevating ESG even further to enhance performance
Elevating ESG even further to enhance performance wy Environmental AX Governance to i w Building upon our track record of success as a Further enhancing our culture of safety and Strong oversight established and “top-down” strong steward of the environment anda leader engagement alignment in place i
Slide 18: Deploying sustainable packaging solutions
Deploying sustainable packaging solutions iW Down-gauged Products yg cee. LS Products that utilize less raw materials in their development, .e., down-gauging, light-weighting (NexDrum, jerry cans, etc.) GREIF '3c-- Products made from recycled raw materials, Le., EcoBalance, Fibre drums, corrugated s
Slide 19: Business Segment Highlights
FE Business Segment Highlights PACKAGING SUCCESS TOGETHER™
Slide 20: Global Industrial Packaging (GIP) Segment Overview
Global Industrial Packaging (GIP) Segment Overview FY21 Net Sales by Product steel Bi Laige ed Piasic 1) smattPiastic Fibre tec 182 Loop FIBC “@ 4 Loop FIBC omer FY21 Net Sales by Geography O BH Uniea states TH Europe, Midate East and Aca Asia Pacific and Other Americas. Highlights & Capabilities +
Slide 21: Paper Packaging & Services (PPS) Segment Overview
Paper Packaging & Services (PPS) Segment Overview FY21 Net Sales by Product FY21 Net Sales by Geography O GREIF isc: Bis Hl corrugated sneets Box Board Products (1) Tubes / Cores Hl oter Bi United states Asia Pacific and Other Americas Highlights & Capabilities + Niche position in containerboard and
Slide 22: Appendix
EIF | sppenan PACKAGING SUCCESS TOGETHER™
Slide 23: Announced divestiture of Flexible Products & Services
Announced divestiture of Flexible Products & Services 2022 Announced divestiture on January + Entered into an agreement to sell Greif’s 50% ownership stake in FPS to Gulf Refined Packa subject to certain conditions and post closing adjustments ig for $123 million, - Intemal review concluded FPS coul
Slide 24: Grounded in purpose, vision and three strategic priorities
Grounded in purpose, vision and three strategic priorities Purpose . industrial pack Vision customer service company in the world Engaged Teams Differentiated Customer Service Enhanced Performance + Best in class health and safety + Deliver Superior customer + Value driven growth ; experience - Stra
Slide 25: Key assumptions and sensitivity
Key assumptions and sensitivity Fomor «dC aamomenmastte | Coma ssa TO = Nae a eee cnet yracin EES Se) Ge | Ge oO Russia Ruble ‘$(4M) - (6M) CRB production ~200K tons per year Se “Banton Sa OC aS Bah pound) CEED=CE™) FY 2022 OCC assumption ‘$163iton (vs. FY21 average: $116!ton) Polish Zloty ‘$(1M) -
Slide 26: Risk adjusted framework in place to screen future growth
Risk adjusted framework in place to screen future growth Description sreboe aa facility ‘geography + Product and process adjacency m + New plant in new geosraphy + Product expansion / new platform cco + Risk factor Hurdle rate Lower hurdle Higher hurdle + Proximity to Core + Operational Footprint +
Slide 27: Reconciliation Tables
IF Reconciliation : Tables PACKAGING SUCCESS TOGETHER™
Slide 28: GAAP to Non-GAAP Reconciliation: Operating Profit to Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Segment and Consolidated Financials: Operating Profit to Adjusted EBITDA PACKAGING s0ccess te TOGeTHER™
Slide 29: GAAP to Non-GAAP Reconciliation: Adjusted Free Cash Flow
GAAP to Non-GAAP Reconciliation: ‘Adjusted Free Cash Flow Gn msvons) 1 ‘Net eash provided by operating activities CT rT cash pad for purchases of properties, plants and equipment 358) 001) 58) 4.1558) IBN) OT) Free Cash Flow 705 2009 2062-1128 m7 amas ‘cash paid for acquisition elated costs 03 02 07
Slide 30: Projected 2022 Adjusted Free Cash Flow Guidance
GAAP to Non-GAAP Reconciliation: Projected 2022 Adjusted Free Cash Flow Guidance (ermiions) ‘Scenario t ‘Seenanio® ‘Net cash provided by operating activities 360 e120 ‘Cash pai for purchases of properties, plants and equipment (180.0) (1700) Free Cash Flow 360 4420 ‘Cash pad for acquisiton-elated co
Slide 31: Historical Net Income and Class A EPS Excluding Adjustments
GAAP to Non-GAAP Reconciliation: Historical Net Income and Class A Earnings Per Share Excluding Adjustments ar mers ms one GREIF :: PACKAGING . ooerHeR™ "23 | pat
Slide 32: Credit Agreement Leverage Ratio
Credit Agreement Leverage Ratio “rating Twelve Month Credit Agreement EBITDA (a millions) ‘TEM 7312020 _TTM torW2020 TIM ows4/2021 TIM ousOrO TrM O731/2021 TIM 10312001 etineome ue 1194 2573 313 4593 hus intrest expense, net 122 1103 07 018 27 Pus Income tax expense 512 530 438 750 25 ‘Ps Depreciati