Slide 1: Fourth Quarter 2025 Earnings Conference Call
Fourth Quarter 2025 Earnings Conference Call November 6, 2025 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: Executing Build to Last Strategy: Sharper Focus | Stronger Greif
Executing Build to Last Strategy Sharper Focus | Stronger Greif $1.8B 72 Containerboard Divestment World-Class NPS1 + Sharpening $462M <1.0x Executing Our Portfolio Land Management Q4-25 Proforma Build to Last Divestment Leverage Ratio2 = $2.3B 50% FY26 Guidance Gross Adj. FCF Conversion Proceeds 1.
Slide 4: Accelerating Our Cost Optimization Program
Building a Leaner More Agile Organization Accelerating Our Cost Optimization Program Run-Rate Increasing Savings Cost Savings Commitment to $120M Network Optimization $120M • Significant SG&A rationalization in Q4-25 SG&A Rationalization $80 – 90M • $15M cumulative savings from network optimization
Slide 5: Fine-Tuning our Optimized Business Model
Enhanced Structure Entering FY26 Fine-Tuning our Optimized Business Model 1 Customized Polymer Durable Metal Sustainable Fiber Innovative Closure Solutions Solutions Solutions Solutions Fiber Drums Small Polymer Large Steel Containers Closures Tube & Core Large & Medium & Metal Medium Small Steel Cl
Slide 6: Momentum Building in Target Markets
Fourth Quarter 2025 Year-over-Year Volume Trends Momentum Building in Target Markets Reflects continuing operations on a two-months basis Customized Polymer Solutions (0.2%) EMEA Softness ▪ Volume strongest in small containers up low-singles, with IBC and large x% drum volume down mid-singles NA Fla
Slide 7: Total Company Financial Performance
Two-Month Fourth Quarter 2025 Total Company Financial Performance from continuing operations ($ in Millions except per share) Q4 24 Q4 25 Adjusted EBITDA 92.1 98.9 Adjusted EBITDA % 12.7% 14.1% Adjusted Class A Earnings Per Share 0.59 0.01 Adjusted Free Cash Flow 98.6 122.6 • Adjusted EBITDA increas
Slide 8: Segment Financial Performance
Two-Month Fourth Quarter 2025 Segment Financial Performance from continuing operations • Polymers: Sales and margin continue to improve on price, mix and volume from target end markets of Customized Durable Sustainable Integrated Food/Bev, F&F, Pharma & Medical and AgChem ($ in Millions) Polymers Me
Slide 9: Low-End 2026 Guidance
2026 Guidance Low-End 2026 Guidance ($ in Millions) Adjusted EBITDA Adjusted Free Cash Flow Guidance Assumptions $630M $315M Volume Assumptions Customized Polymer Solutions Up LSD $7 $0 $0 ($10) Durable Metal Solutions Flat to Down LSD $30 $630 $45 Sustainable Fiber Solutions Flat to Down LSD $558 I
Slide 10: 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 Initiating Share Capital Deployment Repurchases Maintain a Strong Foundation ▪ Manage leverage and liquidity $150M ▪ Fund safety and maintenance CapEx Return Cash to Shareholder
Slide 11: Delivering Shareholder Value Creation
Why Invest in Greif 1 Packaging Leader to Essential Industries ▪ Highly scalable global franchise Delivering Shareholder ▪ World-renowned brand and high product quality ▪ Positioned to capture incremental product share Value Creation 2 Positioned to Deliver Stronger Earnings Power ▪ Ongoing mix shif
Slide 12: Appendix
Fourth Quarter 2025 Earnings Conference Call Appendix November 6, 2025 12
Slide 13: Disciplined and Programmatic Approach to Growth Capital
Driving Value Creation Through Strategic Growth Disciplined and Programmatic Approach to Growth Capital End Markets Companies Valuation ▪ Large and growing end markets ▪ Leading product positions ▪ High-quality businesses (ROIC) ▪ Integration with existing portfolio ▪ Attractive stand-alone economic
Slide 14: Sales Breakdown by Segment
Sales Breakdown by Segment excludes the impact of discontinued operations November 6, 2025 14
Slide 15: 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 16: 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 17: 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 18: 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 19: 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 20: Compliance Leverage Ratio and Net Debt
GAAP to Non-GAAP Reconciliation Compliance 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