Greif : Presentation (Greif Q2 2026 Earnings Presentation vF)

Published: 2026-04-28 16:23:33 ET GEF

Published on 04/28/2026 at 04:23 pm EDT

Second Quarter 2026

April 29 , 2026 1

Build to Last Strategy

Executing On Our Strategy

Run-Rate Cost Optimization Achieved

Q2-26

Leverage Ratio

91st

2026 Gallup Engagement Percentile

Q2-26 YoY Adj. EBITDA

Q2-26 YoY

Adj. EBITDA Margin

Q2-26 YoY

April 29 , 2026

Adj. Free Cash Flow

While Delivering Solid Financial Results

Second Quarter 2026 Year-over-Year Volume Trends

Customized Polymer Solutions

1.5%

EMEA

Softness

Small containers (up mid singles) and IBC (up low singles) as less cyclical end markets continue to perform

Large containers down mid-singles due to underlying industrial softness

plus direct demand impact from the Middle East conflict

NA Softness

APAC

Softness

Durable Metal Solutions

(5.9%)

LATAM

Softness

Softness across regions driven by underlying industrial softness plus

direct demand impact from the Middle East conflict

Sustainable Fiber Solutions

(10.0%)

Mills operating at ~90% rates; excluding Mill closures in the prior year volumes down mid-singles from lower fiber drum demand driven by industrial softness and soft but improving tube & core demand

Key Growth End Markets

Flavors & Fragrances

Pharma & Medical

Food & Beverage

Agrochemicals

Innovative Closure Solutions

(2.4%)

Target end markets continue to demonstrate relative resilience, particularly in Ag

3rd party volumes down low-singles (total volumes flat) from industrial softness noted in polymer and metal above

April 29 , 2026

Second Quarter 2026

(t in Millions except per share) Q2 25 Q2 26

Adjusted EBITDA

145.9

156.8

Adjusted EBITDA %

13.5%

14.6%

Adjusted Class A Earnings Per Share

0.68

1.10

Adjusted Free Cash Flow

86.6

179.3

Adjusted EBITDA higher on cost optimization and effective variable price/cost mitigation of continued volume softness, including direct impacts of the Middle East conflict

Adjusted Earnings Per Share improved 62% year-over-year driven by higher EBITDA, lower interest costs, and a more favorable quarterly effective tax rate

Adjusted Free Cash Flow improved by 107% year-over-year driven by strong working capital management and lower cash interest due to historically low leverage

April 29 , 2026 5

Second Quarter 2026

(t in Millions)

Sales1

Customized Polymers

Q2 25 Q2 26

322.5 344.8

Durable Metals

Sustainable Fiber

Innovative Closures

Q2 25

Q2 26

Q2 25

Q2 26

Q2 25

Q2 26

372.9

380.4

360.7

321.8

38.6

45.4

Gross Profit

76.8

74.1

83.8

89.3

78.1

71.3

9.8

12.3

Gross Profit %

23.8%

21.5%

22.5%

23.5%

21.7%

22.2%

25.4%

27.1%

Polymers: Gross profit dollars and percent down on positive volumes due primarily to product sales mix

Metals: Gross profit dollars and percent up due to

cost optimization and variable cost management

Fiber: Sales lower due to demand softness offsetting positive pricing; margin improved on price/cost and variable cost discipline

Closures: Gross profit dollars and percent up due to price/mix and cost optimization

1. Innovative Closure Solutions reflects total sales, which includes intersegment sales; other segments reflect net sales to third parties

April 29 , 2026 6

Revised Low-End Guidance

($ in Millions)

Adjusted EBITDA

+8.9% YoY

Adjusted Free Cash Flow

50+% Free Cash Flow Conversion

Guidance Assumptions

Volume Assumptions Previous Guidance Current Guidance

Customized Polymer Solutions Durable Metal Solutions Sustainable Fiber Solutions Innovative Closure Solutions

Free Cash Flow Assumptions

DD&A

Adj. capital expenditures Cash interest expense Cash tax expense

April 29 , 2026

Cash restructuring and pension Operating working capital source

Up LSD

Flat to Down LSD Flat to Down LSD Up LSD

Flat

Down MSD Down MSD Down MSD

$225

$155

$40

$120

$50

$230

$155

$40

$80

$50

$30

Capital Allocation

Priorities for Disciplined

Capital Deployment

Maintain a Strong Foundation

Driving Returns & Balance Sheet Strength

Manage leverage and liquidity

Fund safety and maintenance CapEx

Return Cash to Shareholders

Deliver consistent growing dividends

Annual share repurchases of up to 2%

Invest for Growth

Fund high-return organic growth initiatives

Pursue disciplined tuck-in acquisitions

Repurchase

Refinanced Debt

$150M share repurchase plan completed1

$300M additional open authorization

for future repurchase plans

Term Loans extended through 2031

$500M Term Loans +

$800M Revolver Capacity

3.14% WAIR as of Q2'26

April 29 , 2026

Completed in early April

Investment Thesis

Packaging Leader to Essential Industries

Durable Competitive Advantages

Roadmap to Accelerate Profitable Growth

Driven by a Disciplined Capital Allocation Strategy

Polymers: High growth segment with premium products & technologies

Metals: Global leader driving consistent cash generation

Fiber: Leading NA position in a consolidated market

Closures: Leader in innovation with outsized growth opportunity

Robust scale of 220+ facilities in 35+ countries supported by centralized Greif Business System

Differentiated quality and solutions-based commercial approach backed by advanced technologies and innovation

Legendary customer service model that drives customer stickiness supported by high colleague engagement

Prioritizing organic investment in Polymer and Closure products serving higher growth end-markets

Leveraging cost optimization & operational efficiency to drive EBITDA margin toward 18%+

Investing to generate accretive ROIC in quality value opportunities utilizing a risk adjusted framework

Maintaining a strong balance sheet with leverage <2x

Fund high-return organic growth

investments

Pursue disciplined bolt-on acquisitions

Growing dividends delivered consistently

Annual share repurchases of up to 2% of equity value

April 29 , 2026 9

Second Quarter 2026 Earnings Conference Call

April 29 , 2026 10

Optimized Greif Portfolio

CUSTOMIZED POLYMER SOLUTIONS

DURABLE METAL SOLUTIONS

SUSTAINABLE FIBER SOLUTIONS

INNOVATIVE CLOSURE SOLUTIONS

Small Containers

Large Steel

Fiber Drums

Polymer Closures

Large & Medium Containers

New & Recon Intermediate Bulk Containers (IBCs)

Medium & Small Steel

Specialty Drums

Tube & Core

Partitions

April 29 , 2026

Recycled Materials & Adhesives

Metal Closures

Specialty Closures

Sales Breakdown by Segment

April 29 , 2026 12

excludes the impact of discontinued operations

January 28, 2026