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1® ® 2024 Investor Day DECEMBER 11 C o n v e n e | N Y C
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2®® Welcome and Opening Remarks Bill D’Onofrio Corporate Development & Investor Relations 22 0 2 4 I N V E S T O R D A Y |
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3® Safe Harbor and Safety Briefing 2 0 2 4 I N V E S T O R D A Y | 2 0 2 4 I N V E S T O R D A Y | 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,” “continue,” “on track” or “target” or the negative thereof and similar expressions, among others, identify forward-looking statements. All forward looking statements are based on information currently available to management. Such forward-looking statements are subject to certain risks and uncertainties that could cause events and the Company’s actual results to differ materially from those expressed or implied. Please see the disclosure regarding forward-looking statements immediately preceding Part I of the Company’s Annual Report on the most recently filed Form 10-K. The company assumes no obligation to update any forward-looking statements. This presentation includes certain non-GAAP financial measures like Adjusted EBITDA and other measures that exclude special items such as restructuring and other unusual charges and gains that are volatile from period to period. Management of the Company uses the non- GAAP measures to evaluate ongoing operations and believes that these non-GAAP measures are useful to enable investors to perform meaningful comparisons of current and historical performance of the Company. These non-GAAP financial 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. Tables showing the reconciliation between GAAP and non-GAAP measures are available at the end of this presentation and on the Greif website at www.greif.com FORWARD-LOOKING STATEMENTS REGULATION G
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4® Welcome to Greif Investor Day 2024 Accelerating our Build to Last Strategy 2 0 2 4 I N V E S T O R D A Y |
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5®® Accelerating Our Build to Last Strategy Ole Rosgaard President & Chief Executive Officer 52 0 2 4 I N V E S T O R D A Y |
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6® Why Invest in Greif Delivering Ongoing Shareholder Value Creation 1 Global Leader in Essential Industries ▪ Highly scalable global franchise ▪ World-renowned brand and high product quality ▪ Postured to capture incremental product share 2 Positioned to Deliver Stronger Earnings Power ▪ Ongoing mix shift to higher growth and less cyclical businesses ▪ Clear strategy to drive Adj. EBITDA margin expansion to 18%+ ▪ Steady Adj. FCF generation driving towards 50%+ conversion 3 Proactively Allocating Capital to Value Accretive Opportunities ▪ Consistent return of cash to shareholders ▪ Growing in areas with significant addressable growth ▪ Disciplined M&A with a track record of synergy realization 2 0 2 4 I N V E S T O R D A Y |
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7® Today’s Agenda 2 0 2 4 I N V E S T O R D A Y | Kimberly Kellermann Bala Sathyanarayanan Tina Schoner Vivian Bouet Larry Hilsheimer Chief Operations Officer Chief Human Resources Officer Chief Supply Chain Officer Chief Information & Digital Officer Chief Financial Officer Enabling Operational Excellence with the Greif Business System(GBS) 2.0 Creating Value through Build to Last Strategy Delivering Continued Financial Strength Ole Rosgaard Paddy Mullaney Tim Bergwall President & Chief Executive Officer Chief Business Unit Officer Chief Commercial Officer Accelerating Our Build to Last Strategy Driving Growth Across Our Strategic Business Units Elevating Global Commercial Excellence 8:30 am 10:20 am 9:40 am Q&A Session & Break 11:30 am Q&A Session & Lunch
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8® Authentic Team of Servant Leaders with Deep Industry Experience 2 0 2 4 I N V E S T O R D A Y | Centuries of Combined Industry Experience of Manufacturing and Services Industry Transformation Ole Rosgaard President & Chief Executive Officer Joined: 2015 Larry Hilsheimer Chief Financial Officer 2014 Gary Martz General Counsel & Secretary 2002 Bala Sathyanarayanan Chief Human Resources Officer 2018 Tina Schoner Chief Supply Chain Officer 2022 Kim Kellermann Chief Operations Officer 2017 Tim Bergwall Chief Commercial Officer 2002 Paddy Mullaney Chief Business Unit Officer 2017 Vivian Bouet Chief Information & Digital Officer 2022 Bill D’Onofrio Corporate Development and IR 2014
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9® Engaged, Experienced and Diverse Board of Directors 2 0 2 4 I N V E S T O R D A Y | Board Skills ✓ Manufacturing / Supply Chain ✓ Leadership ✓ Governance / Board Service ✓ International ✓ Accounting / Finance ✓ Strategy / M&A ✓ Risk Management ✓ Government / Legal ✓ Technology ✓ Healthcare Board Attributes New to GEF Board within last 5 years 57 Years Average Age 6 Years Average Tenure 91% Independence 30% Gender Diversity Bruce Edwards Chairman of the Board; Former CEO, DHL Supply Chain, Inc. Deutsche Post AG Mark Emkes Retired Chairman, CEO and President of Bridgestone Americas – Former Commissioner Finance and Administration, State of Tennessee John McNamara Former President and Owner Corporate Visions Limited, LLC Robert Patterson Former Chairman, President and CEO, Avient Corporation Ole Rosgaard President and CEO, Greif Jillian Evanko President and CEO, Chart Industries, Inc. Frank Miller Partner at Baker & Hostetler LLP Karen Morrison President, OhioHealth Foundation and SVP, OhioHealth Kim Scott President and CEO, Vestis Corp. Andy Rose Former President and CEO of Worthington Enterprises
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10® Key Messages 2 0 2 4 I N V E S T O R D A Y | 2 0 2 4 I N V E S T O R D A Y | 1 Leading the packaging industry with a people-first and customer-driven approach 2 Capitalizing on an optimized business model to ignite the next phase of growth and profit expansion 3 Strengthening our competitive position to capture additional product share in target verticals 4 Fostering a culture of continuous improvement through our Build to Last strategy, enabled by GBS 2.0 5 Actively allocating capital to deliver growth, margin expansion, strong cash generation and ongoing value creation for shareholders ACCELERATING OUR BUILD TO LAST STRATEGY
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11® Greif at a Glance (NYSE: GEF) 2 0 2 4 I N V E S T O R D A Y | Diversified, Scaled and Comprehensive Global Packaging Solutions $694M / 12.7% Adj. EBITDA and Margin 147 Years in Operation 14k+ Colleagues 250+ Facilities 40 Countries Polymers Metals Fiber Integrated United States EMEA Rest of World Material Solutions Geographies Customized Polymer Solutions Durable Metal Solutions Sustainable Fiber Solutions Integrated Solutions Leading Globally Leading in Target Markets $5.4B Sales Financials throughout presented as fiscal year 2024 unless otherwise noted.
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12® Our Strategy is Driven by Our Purpose, Vision and Principles 2 0 2 4 I N V E S T O R D A Y | Purpose, Vision and Core Principles are Fundamental to Our Strategy OUR PURPOSE Creating packaging solutions for life’s essentials OUR VISION Being the best customer service company in the world OUR PRINCIPLES People Focused Zero Harm Servant Leadership Customer Driven Action Bias CREATING THRIVING COMMUNITIES DELIVERING LEGENDARY CUSTOMER SERVICE PROTECTING OUR FUTURE ENSURING FINANCIAL STRENGTH Build to Last Strategic Missions
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13® Recognized as a Sustainability and Workplace Leader 2 0 2 4 I N V E S T O R D A Y | Recognized as a Top Employer and Valued Contributor to the Communities Where We Live and Work 6x Honoree New Distinction 94th Percentile Engagement Results 2x Honoree 4x Honoree
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14® Serving a Broad and Engaged Customer Base 2 0 2 4 I N V E S T O R D A Y | Serving Customers With Product and Quality Excellence, Legendary Customer Service and Sophisticated Material Solutions 20,000+ 19.6% 3.2% 70 Total Customers Served in FY24 Revenue from Top 20 Customers Revenue from Top Customer World Class Net Promoter Score Select CustomersDiversified Customer Base Across a Range of Industries ▪ Long-standing customer relationships ▪ Substantial expertise in high-growth industries/verticals ▪ Significant potential for growth via cross-selling opportunities 20% Petrochemical & Lubes 15% Specialty Chemical 15% Food, Beverage, Flavors & Fragrance 10% Bulk Chemical 10% Paints, Linings and Adhesives 15% Other Consumer Uses 15% Other Industrial Uses
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15® Strong Foundation of Historical Financial Performance with Compelling Outlook $1,377 $2,066 $2,430 12.7% 14.1% 14.3% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% $1,000 $1,300 $1,600 $1,900 $2,200 $2,500 $2,800 FY16-18 FY19-21 FY22-24 Margin (%) Adjusted EBITDA ($m) Adjusted EBITDA and Margin Growth $589 $888 $1,178 42.8% 43.0% 48.4% 40.0% 45.0% 50.0% 55.0% 60.0% $200 $400 $600 $800 $1,000 $1,200 $1,400 FY16-18 FY19-21 FY22-24 FCF Conversion (%) Adjusted FCF ($m) Adjusted Free Cash Flow and Conversion Growth ® 2027 Financial Targets Long-term Strategic Targets 2 0 2 4 I N V E S T O R D A Y | 15 $1.0B+ Adj. EBITDA $500M+ Adj. Free Cash Flow >18% Adj. EBITDA Margin >50% Adj. FCF Conversion
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16® Continuing to Execute Our Transformation Journey 2 0 2 4 I N V E S T O R D A Y | A NEW ERA OF CUSTOMER FOCUS AND VALUE CREATION 2015 – 2021 ▪ Unified global operations into a single enterprise with centralized processes, standards and optimized local execution ▪ Attracted top professionals from Fortune 100 businesses into key positions ▪ Professionalized the Greif Business System (GBS into GBS 2.0) ▪ Developed best-in-class approach to programmatic M&A ▪ Delivered the best financial performance in the company’s 147-year history, in the period 2022 to 2024 ▪ Optimizing and shaping product portfolio to reduce impact of cyclical trends and focus on higher-margin offerings ▪ To support our growth, we are transitioning GIP and PPS into distinct SBUs, each focused on specific material solutions. This shift strengthens our foundation for doubling Greif’s size ▪ Enhancing go-to-market approach to deepen customer relationships and promote cross-sales ▪ Driving tech enabled modernization and digitization ▪ Re-shaped our portfolio exiting $1 billion sales of low value business ▪ Increased Adj. EBITDA by more than 200% ▪ Unified multiple ERP systems into one, boosting efficiency ▪ Strengthened leadership and culture ▪ Invested in commercial excellence ▪ Developed extreme customer service focus BUILDING FOR THE FUTURE, DELIVERING TODAY 2022 – 2024 DOUBLING DOWN ON GROWTH 2025+
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17® Last Investor Day Proactively Shifting our Product Mix 2 0 2 4 I N V E S T O R D A Y | Positioning for the Next Era of Growth and Profitability Expansion Targeting High Growth End Markets Food & Beverage Pharma & Medical Flavors & Fragrances Agrochemicals Adj. EBITDA by: Material Solution ▪ Polymers ▪ Metals ▪ Fiber ▪ Integrated 2015 2022 2025+2024
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18® Optimizing Cost Base to Accelerate Margin Expansion Strengthening Shareholder Value Creation through Disciplined Cost Management 2 0 2 4 I N V E S T O R D A Y | MULTIPLE LEVERS TO ENHANCE OPERATING LEVERAGE Network Optimization Operating Efficiency Gains SG&A Rationalization $100M Target Savings by 2027
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19® Optimized Business Model Accelerates Ongoing Value Creation for All Stakeholders 2 0 2 4 I N V E S T O R D A Y | Leaning into Our Future with an Optimized Operating Model Enhancing Our Customer Value Proposition ✓ Capitalizing on complete portfolio of packaging solutions ✓ Enhancing network and manufacturing for customer value ✓ Improving account planning and forging stronger strategic partnerships Paddy Mullaney Chief Business Unit Officer Optimizing and transforming plant network and operations Tim Bergwall Chief Commercial Officer Driving business growth and centralized sales Kimberly Kellermann Chief Operations Officer Advancing GBS 2.0, operational standardization and efficiencies Supporting Our Colleagues and the Business ✓ Focusing on high-growth, high-margin opportunities ✓ Enhancing accountability and collaboration across functions ✓ Increasing succession opportunities Delivering Growth and Profitability for Shareholders ✓ Achieving margin growth with price enhancements and operations ✓ Boosting portfolio by quickly merging and expanding acquisitions ✓ Creating value via strategic capital allocation Introducing Global Leaders in New Key Roles Material Solutions Focus Global Commercial Organization Tailored Solutions Mindset Robust Technology Deployment Scalable For Rapid Growth Driving Three Shared Leadership Outcomes 1 2 3
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20® Our Sustainable Competitive Advantages 2 0 2 4 I N V E S T O R D A Y | Committed to Fueling Our Customers’ Success REPLACE Extensive portfolio of solutions to meet our customers’ needs Commitment to sustainable and circular packaging solutions Robust scale and global network of facilities Deep subject matter expertise and tailored solutions World-class culture delivering legendary customer service, driving loyalty and premium margins
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21® OUR MARKET POSITION ▪ Leadership position in chosen geographies and end use markets, with a local presence in 40 countries supported by a global manufacturing network ▪ Leading with a customer service and product innovation value proposition ▪ Well-positioned to capture share in attractive margin end markets Consistent Competitive Positioning Enables Our Path to Success 2 0 2 4 I N V E S T O R D A Y | Customers Are Willing to Pay for Our Superior Customer Service and Innovation COMPETITVE LANDSCAPE ▪ Market for packaging solutions generally consolidated in large- form packaging solutions and more fragmented in small-form packaging solutions ▪ Competitive advantage derived from ability to maintain local presence while leveraging global scale Lowest Price Innovation & TechnologyLeader Customer Service Leader
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22® Well-Positioned for Total Addressable Market (TAM) Expansion Supported by Global Megatrends 2 0 2 4 I N V E S T O R D A Y | Opportunistically Investing in Other Products to Drive Incremental Growth Growth-Focused Material Solutions Greif Specific TAM Total Market TAM Small Plastic Containers $2B $5B . Intermediate Bulk Containers (IBCs) $5B $5B . Large / Medium Plastic Containers $3B $10B . Caps and Closures $8B $40B . Total $18B $60B . Capitalizing on Growth from Key Global Megatrends ▪ Population Growth ▪ Food Safety and Productivity ▪ Sustainable and Mult-Use Packaging ▪ Nearshoring of Supply Chains ▪ Industrial ExpansionAgrochemicals Food & Beverage Flavors & Fragrances Pharma & Medical Greif Target End Markets 5-Year Industry CAGR ~3% ~7% ~5% ~5%
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23® Programmatic and Disciplined M&A Strategy 2 0 2 4 I N V E S T O R D A Y | Programmatic Playbook Assures Capital Allocation Discipline and Value Creation ▪ Programmatic M&A sourcing, execution and integration playbook established and validated ▪ Greif as an acquirer of choice based on our strong culture ▪ Optimized business model is an M&A accelerator, resulting in expanded synergy potential Deep Acquisition Pipeline Executed on Since 2022 250 Opportunities Reviewed 5 Acquisitions Completed $150M Synergized Adj. EBITDA Acquired
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24® Operational Excellence is Core to Our Culture 2 0 2 4 I N V E S T O R D A Y | Utilizing GBS 2.0 to Drive Best-in-Class Execution Worldwide MARKET EXCELLENCE EXECUTION EXCELLENCE OPERATIONAL EXCELLENCE CAPITAL EXPENDITURE & ENGINEERING EXCELLENCE QUALITY MANAGEMENT ZERO HARM GBS 2.0 creates a competitive advantage ▪ Enhances our continuous improvement culture ▪ Optimizes global shared resources ▪ Defines and deploys global best practices ▪ Drives efficiency via global systematic automation ▪ Continuously aggregates marginal gains
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25® Circular Company with a Rich Sustainability History Embedded in Our DNA 2 0 2 4 I N V E S T O R D A Y | Delivering Innovative Sustainable Products to Help Our Customers Achieve their Sustainability Goals Customized Polymer Solutions ▪ Recyclable materials ▪ Most comprehensive suite of barrier protection alternatives ▪ Regionally operated collection networks drive circularity Durable Metal Solutions ▪ Recyclable materials ▪ High-performing, lighter steel packaging products reduce CO2 emissions Sustainable Fiber Solutions ▪ Recyclable materials ▪ Flexible machine capabilities can create alternative products with less materials ▪ Timberland properties enhance sustainability through carbon capture, carbon credits and solar Integrated Solutions ▪ Includes recyclable materials ▪ Local collection networks for caps/closures drive circularity ▪ 2x net recycler of OCC versus tons produced ▪ Eco-sensitive water-based paints and adhesives DEMONSTRATED SUSTAINABILITY LEADERSHIP WITH 15 YEARS OF SUSTAINABILITY TRACKING AND REPORTING
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26® Why Invest in Greif Delivering Ongoing Shareholder Value Creation 2 0 2 4 I N V E S T O R D A Y | 1 Global Leader in Essential Industries ▪ Highly scalable global franchise ▪ World-renowned brand and high product quality ▪ Postured to capture incremental product share 2 Positioned to Deliver Stronger Earnings Power ▪ Ongoing mix shift to higher growth and less cyclical businesses ▪ Clear strategy to drive Adj. EBITDA margin expansion to 18%+ ▪ Steady Adj. FCF generation driving towards 50%+ conversion 3 Proactively Allocating Capital to Value Accretive Opportunities ▪ Consistent return of cash to shareholders ▪ Growing in areas with significant addressable growth ▪ Disciplined M&A with a track record of synergy realization
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27®® Driving Growth Across Our Strategic Business Units Paddy Mullaney Chief Business Unit Officer 272 0 2 4 I N V E S T O R D A Y |
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28® Key Messages 2 0 2 4 I N V E S T O R D A Y | 2 0 2 4 I N V E S T O R D A Y | 1 Enhancing our ability to serve our customers, enabled by deep understanding of market dynamics and customer needs 2 Leveraging Greif's entire geographic and product footprint, along with a solutions-oriented approach, to capture share in target verticals 3 Proactively shifting our mix to higher growth end markets and higher margin products 4 Pursuing disciplined capital allocation and strategic acquisitions to accelerate growth DRIVING GROWTH ACROSS OUR STRATEGIC BUSINESS UNITS
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29® Optimized Business Model Enables Margin Expansion and Efficiency Gains 2 0 2 4 I N V E S T O R D A Y | Customized Polymer Solutions Durable Metal Solutions Sustainable Fiber Solutions Integrated Solutions Tubes and Cores Partitions Fiber Drums Caps & ClosuresSmall Plastics Large & Medium Plastics New & Recon Intermediate Bulk Containers (IBCs) Large Steel Medium & Small Steel Paints, Linings and Adhesives Recycled Materials GroupSpecialty Drums Corrugated Products 2 0 2 4 I N V E S T O R D A Y | 29® OPERATIONS COMMERCIAL GLOBAL SUPPLY CHAIN FINANCE DIGITAL HUMAN RESOURCES
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30® FY24 Sales $1.1B $1.6B $2.4B $0.3B Facilities 80+ 65+ 70+ 30+ Countries Sold To 28 36 3 9 End Markets Food & Beverage | Agrochemicals Pharmaceuticals Flavors & Fragrances | Distribution Specialty Chemicals Bulk Chemicals | Specialty Chemicals Lubricants | Paints Food & Beverage Construction | Packaging | Film Manufacturing | Fiber Manufacturing Shipping | Food & Beverage Distribution | Land Management Serving all markets in other Material Solutions verticals Select Major Customers Broad Scale Across Our Global Network 2 0 2 4 I N V E S T O R D A Y | Customized Polymer Solutions Durable Metal Solutions Sustainable Fiber Solutions Integrated Solutions
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31® Optimized Business Model Puts Greif Even Closer to Customers 2 0 2 4 I N V E S T O R D A Y | Unparalleled Customer Service ▪ Global footprint with deep market insight and product solutions expertise ▪ Customer-centric innovation and reliability ▪ Proven supply chain resilience Streamlined Operating Model ▪ Contingency capability to mitigate risk ▪ Ability to manage demand peaks with globally scale procurement ▪ One Greif approach, maximizing our deep sector knowledge Entrepreneurial Culture ▪ Quick innovation and opportunity sourcing ▪ Faster speed of execution ▪ Leveraging global knowledge to execute at pace + +
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32® Optimized Solutions Focus Enhances Legendary Customer Service and Our Competitive Moat 2 0 2 4 I N V E S T O R D A Y | Differentiated Approach Has Led to Up / Cross Selling Opportunities and Customer Loyalty Global Leader in Pharmaceutical and Agrochemicals Relationship began with a single contract in 2019, since that time, customer has grown to become: CUSTOMER PROFILE Top 5 Global Polymers Customer >900bps Expanded Average Product Margin >$1 Million Metal Solutions Sales 70 Net Promoter Score ▪ Unmatched track record of supplier reliability, with deep trust and a partnership mindset towards packaging solutions ▪ Largest, most technically sophisticated and expanding portfolio of products offered on a global scale ▪ Solutions-based approach including regulatory and compliance expertise, flexible technology applications, tailored sustainable solutions GREIF DIFFERENTIATORS
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33® Benefiting from Multiple Secular Growth Drivers 2 0 2 4 I N V E S T O R D A Y | Delivering Innovative Solutions to Meet Growing Need for Packaging Solutions Population Growth Food Safety and Productivity Sustainable and Multi-use Packaging Nearshoring of Supply Chains Industrial Expansion
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34® Focused on Growing in Attractive End Markets 2 0 2 4 I N V E S T O R D A Y | Customer-Driven Approach Enables our Path to Success Delivering Faster Growth & Increased Profitability ▪ Conducting detailed market research to validate actionable growth opportunities ▪ Creating strong customer partnerships built on deep industry-specific expertise and tailored solutions ▪ Investing in products and operational capabilities to best meet the needs of target customers High Growth Target End Markets Greif Specific TAM 5-Year Industry CAGR Greif Targeted Growth Food & Beverage $2B ~3% ~5% Pharma & Medical $5B ~7% ~7% Flavors & Fragrances $3B ~5% ~5% Agrochemicals $8B ~5% ~7% Total $18B Food & Beverage Pharma & Medical Flavors & Fragrances Agrochemicals
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35® Driving Profitable Growth in High Growth Business 2 0 2 4 I N V E S T O R D A Y | Well-Positioned to Grow in Attractive End Markets Given Scale and Product Sophistication Well-Positioned to Capture Market Growth ▪ Target end markets benefit from solid CAGRs and positive secular trends ▪ Greif scale advantage enables rapid expansion into growth markets in a cost-effective manner ▪ Leveraging the expertise, capabilities and supply base of our global network speeds go-to-market timeline Why We Win ▪ Comprehensive product portfolio with a broad set of technical capabilities available provides unmatched scale and customer optionality ▪ Optimized sourcing networks globally drive reliability and purchasing power ▪ High customer intimacy and partnering to meet varied and complex customer needs enhances stickiness and raises switching costs SELECT PRODUCTS KEY END MARKETS Food & Beverage | Agrochemicals Pharmaceuticals | Flavors & Fragrances Specialty Chemicals FY2024 SALES: $1.1B CUSTOMIZED POLYMER SOLUTIONS
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36® Highly Technical Polymer Products in Action 2 0 2 4 I N V E S T O R D A Y |
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37® Well-Positioned to Capture Market Growth ▪ Strong customer stickiness ensures realization of steady long-term growth ▪ Agile plant-level fulfillment ability leads to optimized footprint which is not easily replicable ▪ Vertical integration into paints, linings, adhesives and closures drives up-selling opportunities ▪ Shared customer base with other growth products leads to cross-selling and enhanced customer stickiness Why We Win ▪ Deeply entrenched market position allows for cost optimization without fulfilment risk ▪ Extensive production network has high capital barriers to competition with top customer base ▪ Partnering with customers through long-term contracts enables low-risk network investments and raised customer switching costs ▪ Unmatched regulatory and compliance standards provide a differentiated offering Driving Operational Excellence in a Cash Generative Business 2 0 2 4 I N V E S T O R D A Y | Well-Positioned to Drive Margin and Adj. FCF Given Vertical Integration, Scale and Customer Stickiness SELECT PRODUCTS KEY END MARKETS Bulk Chemicals | Specialty Chemicals Lubricants Paints | Food & Beverage FY2024 SALES: $1.6B DURABLE METAL SOLUTIONS
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38® Well-Positioned to Capture Market Growth ▪ Broadest product applications in coverted products expands addressable end markets served ▪ Scale enables strong customer relationships in a consolidated market ▪ Specialized product capabilities allows us to pick our spots to compete for value Why We Win ▪ In CB, niche market position and best- in-class converting excellence are not easily replicable ▪ In URB, expansive scale and well- capitalized footprint with broad customer base is not easily replicable ▪ 2x net recycling capacity of recycled fiber group allows for choice raw material usage in our own value chain Driving Efficiencies in Highly Defensible Business 2 0 2 4 I N V E S T O R D A Y | Unique Ability to Drive Growth Given Vertical Integration through the Fiber Packaging Value Chain SELECT PRODUCTS KEY END MARKETS Construction| Packaging| Film Manufacturing Fiber Manufacturing Shipping| Food & Beverage Distribution | Land Management FY2024 SALES: $2.4B SUSTAINABLE FIBER SOLUTIONS
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39® Dallas Sheet Feeder Represents a Growing Competitive Advantage from our Containerboard Model 2 0 2 4 I N V E S T O R D A Y | Success in Dallas Project Demonstrates the Broader Growth Opportunities in Our Fiber Business State of the Art Converting Facility ▪ Expands specialty high-margin business and bulk corrugated capacity (triple wall, etc.) ▪ Increases geographic reach of sheetfeeder network into Southwestern United States ▪ Product capabilities aligned to capture share in e-comm, automotive and agriculture ▪ Highly automated nature of facility reduces fixed and variable costs to raise margin profile ▪ 125,000 incremental annual tons at full capacity
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40® Well-Positioned to Capture Market Growth ▪ Integrated products provide us a deeper understanding of where untapped market opportunities exist ▪ Integrated with other Material Solutions drives cross and up-selling opportunities and expands customer intimacy ▪ Global leadership in industrial caps & closures provides us significant scale advantages Why We Win ▪ Expanding in-house accessory product capabilities reduces combined product costs ▪ Advanced product technology enhances customized nature of global product offerings ▪ Customer partnerships and innovation leads to scalable new offerings and difficult to replicate product standards ▪ Track & Trace offerings help customers reach sustainability goals while providing us useful market intel Driving Cross-Selling Opportunities in Integrated Platform 2 0 2 4 I N V E S T O R D A Y | Leveraging Technology & Integration across all Material Solutions to Drive Profitable Growth SELECT PRODUCTS KEY END MARKETS Serving all markets in other Material Solutions verticals FY2024 SALES: $0.3B INTEGRATED SOLUTIONS
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41® Path to Success: Milestones and Goals 2 0 2 4 I N V E S T O R D A Y | Optimized Organizational Structure Enables Success in High Growth, High Margin End Markets Implementing GBS 2.0 & Driving Operational Efficiencies Pursuing Growth in Targeted Verticals Shifting Product Mix Over Time LONG-TERM STRATEGIC TARGETS >18% Adj. EBITDA Margin >50% Adj. FCF Conversion
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42® Key Takeaways 2 0 2 4 I N V E S T O R D A Y | 2 0 2 4 I N V E S T O R D A Y | 1 2 3 4 Enhancing our ability to serve our customers, enabled by deep understanding of market dynamics and customer needs Leveraging Greif’s entire geographic and product footprint, along with solutions-oriented approach, to capture share in target verticals Proactively shifting our mix to higher growth end markets and higher margin products Pursuing disciplined capital allocation and strategic acquisitions to accelerate growth
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43®® Elevating Global Commercial Excellence Tim Bergwall Chief Commercial Officer 432 0 2 4 I N V E S T O R D A Y |
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44® Key Messages 2 0 2 4 I N V E S T O R D A Y | 2 0 2 4 I N V E S T O R D A Y | ENABLING GLOBAL COMMERCIAL EXCELLENCE 1 Building ongoing industry leadership through extensive product portfolio, geographic reach, supply confidence and deep technical expertise 2 Evolving our commercial organization to drive targeted growth through a One Greif approach to go-to-market activities 3 Creating exceptional customer experiences that provide convenience, ease of doing business and order tracking and transparency 4 Measuring our customer performance to validate and enhance the experience
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45® Commercial Excellence Journey 2 0 2 4 I N V E S T O R D A Y | Optimized Go-to-Market Approach Will Drive Revenue Growth and >18% EBITDA Margins Over Time W H E R E W E W E R E 2015 – 2022 ▪ Established a centralized CCO role to focus on the most attractive growth options ▪ Reorganized sales teams for enhanced coverage on target end markets ▪ Resources deployed for centralized price capabilities, margin management and account planning ▪ Multi-channel sales (Direct, Distribution network enhancement) ▪ Leveraging global best practices to upskill our commercial team ▪ Creating tailored & enhanced solutions for target growth markets ▪ Delivering accelerated growth in target markets through cross-sales ▪ Functioned like independent SBUs in multiple regional silos ▪ Different commercial/go-to-market approaches (varied by silo) ▪ Sub-optimal customer coordination for multi-site, multi-product customers R E C E N T A C C O M P L I S H M E N T S 2023 – 2024 F U T U R E F O C U S A R E A S 2025+ Key Benefits of Optimized Business Model Deeper End Market Knowledge & Insights Enhanced Commercial Capabilities “One Greif” Approach Aligns Investment to Growth Targets
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46® Driving Sales Effectiveness Performance Management G-Link, Account Planning, Pipeline Management & Coaching Incentives Alignment Annual Sales Club and Awards, Margin-Based Incentive Plans Account Management Dedicated Sales Teams, Product Managers, Technical SalesLead andtarget account management Sales perform ance m anagem entproducts Incentives recognition Marketing, Communications Digital Marketing, Seismic Targeting the Most Attractive Growth Opportunities Strategic Marketing Targeting Workshops Centralized Pricing Desk GPX Refining the valueproposition Value-based pricing Focusonmost attractive marketsand segments DRIVING PROFITABLE GROWTH Marketing, Communications Digital Marketing, Seismic Targeting the Most Attractive Growth Opportunities Strategic Marketing Targeting Workshops Centralized Pricing Desk GPX Focusonmost attractive marketsand segments Value-based pricing Refining the valueproposition Driving Sales Effectiveness Incentives Alignment Annual Sales Club and Awards, Margin-Based Incentive Plans Account Management Dedicated Sales Teams, Product Managers, Technical SalesLead andtarget account management Performance Management G-Link, Account Planning, Pipeline Management & Coaching Sales perform ance m anagem entproducts Incentives recognition Commercial Operating System 2 0 2 4 I N V E S T O R D A Y |
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47® Listening to the Voice of Our Customers “Our customers need us to drive sustainability improvements” “We need to drive cost reductions in our packaging and distribution” 3 “Our supply chains are complex and are exposed to volatile environments and potential supply disruptions” “We need back up supply and contingency plans as we shift production to alternate sites” 2 “My products are hazardous and valuable, so security of shipments are needed” “Our packaging specifications are different around the world. How do we create standardization and incorporate best practices?” 1 Greif provides a trusted “Gold Standard” on quality, adherence to regulatory requirements and specifications and testing protocols to verify Greif operates multiple plants with back-up capabilities Greif conducts centralized planning to leverage the entire network to ensure continuity Greif offers sustainable packaging products for lightweighting, recycled content, freight optimization and reuseable / returnable packaging 2 0 2 4 I N V E S T O R D A Y |
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48® Strategic Go-to-Market Approach 2 0 2 4 I N V E S T O R D A Y | Bringing Increased Focus and Rigor to Our Commercial Activities Most Comprehensive Portfolio Broadest Coverage & Supply Continuity Consultative Approach
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49® Global Product Leader in Agrochemical Production Global Market TAM: $8B ▪ Typical customer in this end market uses Eight Greif products Leading with the Most Comprehensive Portfolio 2 0 2 4 I N V E S T O R D A Y | ▪ Containers that prevent chemicals from leaching out and prevent substances from permeating ▪ Global players combat different packaging regulations in different regions ▪ Packaging that has recycled content and that is recyclable ▪ Most comprehensive portfolio of barrier options ▪ Containers that use recycled material and are recyclable ▪ Strategically located network of plants ▪ Common capabilities and product expertise & coordination anywhere in the world CUSTOMER CUSTOMER CHALLENGES GREIF VALUE PROPOSITION Most Comprehensive Portfolio
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50® Our Broad Footprint Enables Companies to Drive Best Packaging Practices All Over The World 2 0 2 4 I N V E S T O R D A Y | LEGEND Customer Locations Greif Supply Location ▪ Requires consistent quality and adherence to regulatory standards ▪ Needs reliable back-up supply ▪ Shifting to packaging standardization ▪ Seeking collaboration on sustainability CUSTOMER CHALLENGE Central Global Account Management GLOBAL BEVERAGE PRODUCER ▪ Clean rooms to ensure sanitization and cleanliness ▪ Molds and capabilities for back-up supply ▪ Ability to drive rapid change management globally ▪ Partnering directly on sustainability goals GREIF VALUE PROPOSITION Broadest Coverage & Supply Continuity
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51® Global specialty chemical supplier of ingredients and formulations ▪ Greif & Tri-Sure’s advanced products and expertise support complex chemical supply chains Consultative Approach to Provide Packaging Solutions 2 0 2 4 I N V E S T O R D A Y | Competitors export drums are collapsing due to high-speed and hot filling process ▪ Customer’s product is hot filled ▪ To boost productivity, they promptly apply the closures ▪ As the product cools, a vacuum forms, causing drum walls to pull in and potentially collapse when stacked Implemented a new packaging solution to solve the problem ▪ Introduced NexDrum, an extruded tube with injection molded components ▪ Provides enhanced strength with less materials ▪ The drum uses Tri-Sure’s vented closure to release pressure after filling CUSTOMER CUSTOMER CHALLENGE GREIF VALUE PROPOSITION Consultative Approach
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52® 2 0 2 4 I N V E S T O R D A Y | Our Legendary Customer Service Combined with Digital and AI is a Commercial Accelerator Key Initiatives ▪ Enhancing service and elevating the customer experience through Greif+ digital platform ▪ Providing essential, real-time visibility into order status 24/7 ▪ Personalized catalogs of all products ▪ Putting resources at customers’ fingertips: certification letters, specification sheets, invoices, order tips and suggestions, etc. ▪ Providing digital access to advance shipping notices and shipment tracking Rollout Timeline Q3’24 Initial Rollout 50%+ Customer Adoption to Date 90%+ Customer Return Rate Delivering World-class Service through
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53® Introducing 2 0 2 4 I N V E S T O R D A Y |
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54® Pursuing Unmatched Customer Service With A Growing Net Promoter Score Since 2018, We Have Elevated Our Net Promoter Score to be World Class Our Net Promoter Score provides solid evidence of our growing competitive advantage of customer service excellence Over 4,200 customers interviewed in Wave 14 2 0 2 4 I N V E S T O R D A Y | Wave 1 Wave 2 Wave 3 Wave 4 Wave 5 Wave 6 Wave 7 Wave 8 Wave 9 Wave 10 Wave 11 Wave 12 Wave 13 Wave 14 2018 2024 World Class1 40 42 47 47 47 57 61 67 60 65 68 40 50 70 1Greif estimate of world class, supported by a 2023 independent industry study of manufacturing organization self-reported NPS scores.
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55® Key Takeaways 2 0 2 4 I N V E S T O R D A Y | 2 0 2 4 I N V E S T O R D A Y | 1 2 3 4 Building ongoing industry leadership through extensive product portfolio, geographic reach, supply confidence and deep technical expertise Evolving our commercial organization to drive targeted growth through a One Greif approach to go-to-market activities Creating exceptional customer experiences that provide convenience, ease of doing business and order tracking and transparency Measuring our customer performance to validate and enhance the experience
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56®® Q&A Session
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57®® Break
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58® GBS 2.0 in Action 2 0 2 4 I N V E S T O R D A Y |
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59®® Enabling Operational Excellence with GBS 2.0 Kimberly Kellermann Chief Operations Officer 592 0 2 4 I N V E S T O R D A Y |
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60® Key Messages 2 0 2 4 I N V E S T O R D A Y | 2 0 2 4 I N V E S T O R D A Y | 1 Enhancing growth trajectory with GBS 2.0 acceleration 2 Leveraging a broad set of operational capabilities to ensure we reliably supply our customers 3 Building on our strong foundation with Lean Six Sigma program, driving significant value through the aggregation of marginal gains 4 Progressing on our operational excellence journey with clearly identified opportunities for improvement and substantial runway ahead ENABLING OPERATIONAL EXCELLENCE WITH GBS 2.0
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61® Our Operating Model: Greif Business System (GBS 2.0) Leveraging GBS 2.0 to Drive Enhanced Operational and Commercial Excellence across the Organization 2 0 2 4 I N V E S T O R D A Y | Execution Excellence Operational Excellence Market Excellence Capex & Engineering Excellence Quality Management Zero Harm
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62® Our Operational Origin Story 2 0 2 4 I N V E S T O R D A Y | Accelerated Growth While Fueling Margin Expansion with GBS 2.0 WHERE WE WERE 2021 GBS 1.0 ▪ Continuing to build on our strong safety culture ▪ Increased ability to scale initiatives globally ▪ Fully leveraging our framework and global scale with specific emphasis on value creation ▪ Scalability allowing us to enhance performance company-wide ▪ Enhanced focus on people, mindset and culture as an enabler of tool and process improvements ▪ Continuing to elevate operational excellence to fully leverage our global scale and expertise, will facilitate ability to double the size of the Company with a single way of operating ▪ Combining top-down (Six Sigma) and bottom- up (Gemba) approaches to identify value creation opportunities in every corner of our operations ▪ Driving innovation through continued investments in plant modernization and automation ▪ Implemented operational excellence playbook ▪ Identified opportunity to increase consistency in implementing best practices ▪ Purposeful and intentional in establishing a baseline to fuel growth RECENT ACCOMPLISHMENTS 2022 – 2024 GBS 2.0 Launch DOUBLING DOWN ON GROWTH 2025 & Beyond GBS 2.0 Acceleration
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63® Creating a Sustainable Balance in Our New Ways of Working Amplifying Our Build to Last Strategy with Our Focus on People, Mindset and Culture 2 0 2 4 I N V E S T O R D A Y | Implementing Key Tools and Processes ▪ Driving top-down efficiencies through robust Lean Six Sigma program ▪ Enhancing bottoms-up efficiencies through a tailored Gemba approach Ongoing Focus on People, Mindset and Culture ▪ Creating a community of problem solvers ▪ Investing in the knowledge, skills and capabilities at all levels Driving Differentiation through Equal Emphasis on People, Mindset and Culture 63
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64® Optimizing Value through Lean Six Sigma Yellow Belt White Belt Green Belt Black Belt536 287 166 12 >1,000 Total Participants ~300 Total Certifications 26 Countries Represented Broadly Recognized as LEAN Innovators by Customers, Industry Peers and Third-Party Examiners Key Success Factors ✓ Strong buy-in and active engagement from executive leadership team ✓ Focus on building the capability in our people at all levels ✓ Scalable and accessible “on demand” Executing Proven Playbook to Enable Success ▪ Launched program in early 2023 ▪ Differentiated implementation approach recognizes that the greatest value lies in people development ▪ Relentless focus on enhancing the sources of value creation ▪ Leveraging successes of early adopters to refine our approach to scale 2 0 2 4 I N V E S T O R D A Y |
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65® Implementing Gemba Driving Continuous Improvement on the Shop Floor Early Innings in Our Gemba Journey ▪ Deployed in North America; in process of global roll-out with expected completion in FY25 ▪ Executing enterprise approach to drive consistent implementation and best practices across our manufacturing plants ▪ Identified best performing plants to serve as the model for future rollouts driving significant value creation Key Benefits ✓ Fosters communication between colleagues and leaders about what they need to do their jobs most effectively ✓ Shifts problem solving and operational excellence to operators ✓ Shifts problem solving and operational performance to the source – at the shop floor ✓ Unlocks insights from the people closest to the work 2 0 2 4 I N V E S T O R D A Y | IDENTIFYING OPPORTUNITIES FROM THE BOTTOM UP Note: Gemba (現場) is a Japanese term that means "the real place" or "the place where things happen". In business, it refers to the place where value is created, such as the factory floor, production area, or sales site.
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66® Creating Substantial Value with Upgrade to GBS 2.0 Driving Enhanced Performance & Continuous Improvement Mindset with GBS 2.0 2 0 2 4 I N V E S T O R D A Y | Execution Excellence Operational Excellence Market Excellence Capex & Engineering Excellence Quality Management Zero Harm Driving Efficiency and Throughput Gains Improving Our Acquisitions Improving Customer Satisfaction
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67® Driving Efficiency and Throughput Gains through Productivity Improvement Initiatives Enabling Employees on the Frontline to Drive Improvements at the Total Company Level Example Marginal Gain Potential ▪ Same productivity initiative applied to the remaining 35 plants could drive more than $10M of Adj. EBITDA value creation 2 0 2 4 I N V E S T O R D A Y | Background & Unique Greif Solution ▪ Holistic framework for assessing plants ▪ Identified 3 steel plants as initial targets for productivity improvement initiatives ▪ Generated Adj. EBITDA margin improvement of 400+ bps at each plant by utilizing the GBS 2.0 toolkit ▪ 35 additional plants identified for potential productivity improvement ✓ Value-stream mapping ✓ Gemba ✓ Lean Six Sigma projects ✓ Strategic sourcing – 7-step process GBS 2.0 Tools Used Scale Potential ▪ Approach can be applied across all material solutions (250+ facilities)
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68® Improving Our Acquisitions through a scalable integration playbook Leveraging GBS 2.0 & Integration Playbook to Accelerate Synergy Capture and Improve Performance Background & Unique Greif Solution ▪ Acquired Lee Container in December 2022 ▪ Leveraged integration playbook to drive performance improvements, including in part: ▪ Cross-selling and market presence assessment ▪ Normalized inventory level assessment ▪ Comprehensive safety overhaul Example Marginal Gain Potential ▪ $5M cross-selling opportunities identified ▪ >25% reduction in baseline working capital needs ▪ >50% reduction in medical case rate 2 0 2 4 I N V E S T O R D A Y | ✓ Zero Harm ✓ CBSQ ✓ Labor optimization ✓ Inventory receiving ✓ Raw material optimization ✓ Aligned payment terms GBS 2.0 Tools Used Scale Potential ▪ Playbook is replicable across acquisitions in any material solution
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69® Leveraging GBS 2.0 Tools to Drive Improved Customer Satisfaction Leveraging Operational Capabilities and Lean Six Sigma to Solve Unique Customer Problems 2 0 2 4 I N V E S T O R D A Y | Background & Unique Greif Solution ▪ Industry-leading customer was a “detractor” on NPS based on customer satisfaction surveys ▪ Partnered with customer to deploy Six Sigma project ▪ Implemented end-to-end product solutions, improving quality and customer service ▪ Increased transparency to improve tracking and communication of complaints GBS 2.0 Tools Used ✓ Value-stream mapping ✓ Gemba ✓ Lean Six Sigma projects ✓ 5-Whys Example Marginal Gain Potential ▪ Improvement from NPS detractor to NPS promoter driving loyalty and customer stickiness ▪ 10+% increase in customer volume opportunity Scale Potential ▪ Repeatable playbook to operationalize NPS detractor improvement plan
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70® Continuing to Progress on Our GBS 2.0 Journey 2 0 2 4 I N V E S T O R D A Y | Strong Progress to Date with Substantial Runway Ahead Execution Excellence Operational Excellence Market Excellence ▪ Focusing on targeted go-to-market strategies ▪ Leveraging sales effectiveness tools, processes and governance ▪ Driving digital enablement and enhanced customer experience ▪ Aligning Lean Six Sigma projects to highest impact areas ▪ Enabling Lean problem solving at the shop floor ▪ Deploying best demonstrated practices, rapidly and globally ▪ Scaling proven best practices efficiently and rapidly across global operations ▪ Streamlining workflows and eliminating blockages to enhance efficiency ▪ Tracking clear KPIs and metrics to monitor progress and outcomes, ensuring accountability and transparency Key Opportunities Ahead
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71® Key Takeaways 2 0 2 4 I N V E S T O R D A Y | 2 0 2 4 I N V E S T O R D A Y | 1 2 3 4 Enhancing growth trajectory with GBS 2.0 acceleration Leveraging a broad set of operational capabilities to ensure we reliably supply our customers Building on our strong foundation with Lean Six Sigma program, driving significant value through the aggregation of marginal gains Progressing on our operational excellence journey with clearly identified opportunities for improvement and substantial runway ahead
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72®® Creating Value through Build to Last Strategy Bala Sathyanarayanan Chief Human Resources Officer 722 0 2 4 I N V E S T O R D A Y |
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73® Our Philanthropic Efforts Reflect our Deep Commitment to our Thriving Communities 2 0 2 4 I N V E S T O R D A Y |
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74® 2 0 2 4 I N V E S T O R D A Y | ▪ Deeply engaged in local communities ▪ Trusted, collaborative local customer relationships ▪ Bringing differentiated global capabilities to local markets Enabled by Investments in Global Talent and Culture Driving Growth in Our Local Markets Creating Thriving Communities Delivering Legendary Customer Service Accelerating our Build to Last strategy by providing local service with global reach Bringing deep expertise and legendary customer service to our local markets through our optimized organizational capabilities Creating significant value from sourcing and supply chain initiatives and digital capabilities Optimized Business Model Creates Unparalleled Value
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75® A Conversation with Our Global Leaders Bala Sathyanarayanan Chief Human Resources Officer Tina Schoner Chief Supply Chain Officer Vivian Bouet Chief Information & Digital Officer Moderator Panelists 2 0 2 4 I N V E S T O R D A Y | Please review the Appendix for supplementary material referenced in the roundtable discussion.
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76® Building Global Centers of Excellence 2 0 2 4 I N V E S T O R D A Y | Supply Chain and Digital Organization Enable Best-in-Class Customer Service Supply Chain and Digital Capabilities Enhance Operations ▪ New operations experts building best-in-class functions with significant size and scale ▪ Leveraging strong supply chain and digital capabilities to better serve customers Supply Chain Organization ▪ Building world-class supply chain function to optimize buying power in support of customer and shareholder value creation ▪ Significant opportunity to capitalize on size and scale, with $3.5B+ of managed costs per year Digital / IT Organization ▪ Developing future-ready digital platforms with the ability to connect processes, people and data to create unparalleled value ▪ Raising the bar for both the customer and colleague experience
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77® Key Takeaways 2 0 2 4 I N V E S T O R D A Y | 2 0 2 4 I N V E S T O R D A Y | 1 2 3 Accelerating our Build to Last strategy by providing local service with global reach Bringing deep expertise and legendary customer service to our local markets through our optimized organizational capabilities Creating significant value from sourcing and supply chain initiatives and digital capabilities
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78®® Delivering Continued Financial Strength Larry Hilsheimer Chief Financial Officer 782 0 2 4 I N V E S T O R D A Y |
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79® Key Messages 2 0 2 4 I N V E S T O R D A Y | 2 0 2 4 I N V E S T O R D A Y | 1 Resilient business model driving long-term profitable growth 2 Path to continued margin expansion through differentiated customer service and operational excellence 3 Robust and expanding adj. free cash flow supporting strategic and financial optionality 4 Disciplined and strategic approach to capital allocation with proven ability to deliver strong shareholder returns DELIVERING CONTINUED FINANCIAL STRENGTH
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80® Further Building on a Strong Foundation of Historical Financial Performance 2 0 2 4 I N V E S T O R D A Y | $1,377 $2,066 $2,430 12.7% 14.1% 14.3% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% $1,000 $1,300 $1,600 $1,900 $2,200 $2,500 $2,800 FY16-18 FY19-21 FY22-24 Margin (%) Adjusted EBITDA ($m) Adjusted EBITDA and Margin Growth $589 $888 $1,178 42.8% 43.0% 48.4% 40.0% 45.0% 50.0% 55.0% 60.0% $200 $400 $600 $800 $1,000 $1,200 $1,400 FY16-18 FY19-21 FY22-24 FCF Conversion (%) Adjusted FCF ($m) Adjusted Free Cash Flow and Conversion Growth $10,836 $14,666 $17,016 FY16-18 FY19-21 FY22-24 Net Sales ($m) Net Sales Growth ® 80
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81® Creating Value and Delivering Legendary Customer Service for All of Our Key Stakeholders Proven Ability to Provide Differentiated Performance to Our Stakeholders 2 0 2 4 I N V E S T O R D A Y | Gallup Engagement Score 32 85 2018 2022 2024 COLLEAGUE ENGAGEMENT DRIVING FINANICAL PERFORMANCE 40 70 2018 2022 2024 CUSTOMER SERVICE DRIVING FINANICAL PERFORMANCE Net Promoter Score 50 75 100 Adj. EBITDA Margin Geographic NPS2 and Adj. EBITDA Margin Net Promoter Score Plant Engagement1 and Adj. EBITDA Margin 3.0 3.5 4.0 4.5 5.0 Adj. EBITDA Margin Gallup Engagement Score 1,2Table displays representative sample of Greif manufacturing facilities (1) or countries of operation (2), equivalent to approximately 87% of total company Adj. EBITDA – outliers beyond 1.5 standard deviations of the mean regression removed.
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82® Demonstrating Consistency in Delivering on Financial Guidance 2 0 2 4 I N V E S T O R D A Y | FULL-YEAR GUIDANCE RANGE PRIOR TARGETS OUTLINED AT INVESTOR DAY 2022 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 TARGET ADJ. FREE CASH FLOW CONVERSION GOAL >50% 48.5% Conversion ’22-’24 ANNUAL ADJ. EBITDA GROWTH Mid-Single Digits 5.9% ’22-’24 versus ’19-’21 ADJ. EBITDA MARGIN EXPANSION 100 to 150 bps +20bps ’22-’24 versus ’19-’21 2022 ADJ. FREE CASH FLOW COMMITMENT $410 – 450 $506 FY 2022 Actual OVERACHIEVED HIGH-END OF INVESTOR DAY 2019 COMMITMENTS FY 2017 2022 ADJ. EBITDA COMMITMENT $785 – 865 $918 FY 2022 Actual ®
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83® Positioning for the Next Wave of Growth 2 0 2 4 I N V E S T O R D A Y | Implementing GBS 2.0 & Driving Operational Efficiencies Pursuing Growth in Targeted Verticals Shifting Product Mix Over Time End Market 5-Year Industry CAGR Greif Targeted Growth ~3% ~5% ~7% ~7% ~5% ~5% ~5% ~7% Agrochemicals Food & Beverage Flavors & Fragrances Pharma & Medical Driving Efficiency & Throughput Gains Improving Our Acquisitions Improving Customer Satisfaction POLYMERS METALS FIBER INTEGRATED FY 2025+
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84® 2 0 2 4 I N V E S T O R D A Y | Confidence in Achieving 2027 Adj. EBITDA of $1 Billion+ Key Drivers 1. Discrete Items reflect incremental impact of recent Ipackchem acquisition, Delta US divestment, & Dallas sheetfeeder, as well as flow-through of FY24 realized paper pricing & OCC change 2. Volume & Operating Leverage reflects normalization of demand trends to a baseline of FY22, inclusive of accompanying operating leverage uplift; as well as organic volume growth in less cyclical growing end markets 3. Optimization Initiatives over the next three years driven by GBS 2.0 driving operational efficiencies and network & organizational optimization Discrete Items Volume & Operating Leverage Optimization Initiatives $704 $150+/- $1,000+($ in Millions) Three key building blocks will enable significant organic EBITDA expansion in the next three years $150+/- $100+/- FY 2024 Adj. EBITDA1 FY 2027 Adj. EBITDA 1,Reflects fiscal year 2024 Adjusted EBITDA as adjusted to exclude the impact of other (income) expense in accordance with planned change in accounting methodology beginning Q1 fiscal year 2025. Historical periods reflecting this change have been furnished in an 8-K filed with the SEC on December 5, 2024.
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85® Maintenance CAPEX & Debt Reduction M&A & Growth CAPEX Cash Dividends & Share Repurchases Balanced and Disciplined Capital Allocation Framework 2022-2024 Capital Allocation $1.4B $1.0B $0.5B ▪ Pursue additional high-quality acquisitions at attractive valuations ▪ Fund high-return organic growth initiatives ▪ Invest to build future scale and cost advantages through GBS 2.0, Supply Chain & Technology ▪ Continue to increase cash dividends ▪ Continue to execute opportunistic share repurchases Return Cash to Shareholders20% Maintain a Strong Foundation30% ▪ Fund critical maintenance and safety capex to protect the business and ensure continuity of cash generation ▪ Manage the balance sheet and debt levels appropriately through the cycle Invest for Growth50% 2 0 2 4 I N V E S T O R D A Y | 2025+
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86® Disciplined and Programmatic Approach to M&A 2 0 2 4 I N V E S T O R D A Y | Pursuing Strategic, High-Quality Targets to Drive Long-Term Value Creation through M&A End Markets Companies Valuation Adj. EBITDA Margin Accretive Adj. Free Cash Flow Conversion Accretive Large/Small Polymers New/Recon IBCs ▪ Large and growing end markets ▪ Integration with existing portfolio ▪ Customer or capability overlap ▪ Leading product positions ▪ Attractive stand-alone economics ▪ Strong cultural alignment ▪ High-quality businesses (ROIC) ▪ GBS 2.0 or synergy opportunities ▪ Visible reinvestment runway Caps and Closures 18%+ 50%+
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87® Confidence in Achieving Our 2027 Financial Targets and Long-term Strategic Targets 2 0 2 4 I N V E S T O R D A Y | $1.0B+ Adjusted EBITDA $500M+ Adj. Free Cash Flow >18% Adjusted EBITDA Margin >50% Adj. FCF Conversion 2027 Financial Targets Long-term Strategic Targets No reconciliation of the 2027 financial targets of Adjusted EBITDA or Adjusted Free Cash Flow, non-GAAP financial measures which exclude restructuring charges, acquisition and integration related costs, non-cash asset impairment charges, and (gain) loss on the disposal of properties, plants and equipment, (gain) loss on the disposal of businesses, net, and other costs, is included in this release because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required to be included in net income and cash flows from operations, the most directly comparable GAAP financial measure, without unreasonable efforts.
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88® Key Takeaways 2 0 2 4 I N V E S T O R D A Y | 2 0 2 4 I N V E S T O R D A Y | 1 2 3 4 Resilient business model driving long-term profitable growth Path to continued margin expansion through differentiated customer service and operational excellence Robust and expanding adj. free cash flow supporting strategic and financial optionality Disciplined and strategic approach to capital allocation with proven ability to deliver strong shareholder returns
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89® Delivering Ongoing Shareholder Value Creation 2 0 2 4 I N V E S T O R D A Y | Invest with Us 1 Global Leader in Essential Industries ▪ Highly scalable global franchise ▪ World-renowned brand and high product quality ▪ Postured to capture incremental product share 2 Positioned to Deliver Stronger Earnings Power ▪ Ongoing mix shift to higher growth and less cyclical businesses ▪ Clear strategy to drive Adj. EBITDA margin expansion to 18%+ ▪ Steady Adj. FCF generation driving towards 50%+ conversion 3 Proactively Allocating Capital to Value Accretive Opportunities ▪ Consistent return of cash to shareholders ▪ Growing in areas with significant addressable growth ▪ Disciplined M&A with a track record of synergy realization
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90®® Q&A Session
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91®® Appendix
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92® GAAP to Non-GAAP Reconciliation RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA 2 0 2 4 I N V E S T O R D A Y |
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93® GAAP to Non-GAAP Reconciliation RECONCILIATION OF ADJUSTED FREE CASH FLOW 2 0 2 4 I N V E S T O R D A Y |
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94® GAAP to Non-GAAP Reconciliation RECONCILIATION OF COMPLIANCE LEVERAGE RATIO 2 0 2 4 I N V E S T O R D A Y |
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95® GAAP to Non-GAAP Reconciliation RECONCILIATION OF COMPLIANCE LEVERAGE RATIO 2 0 2 4 I N V E S T O R D A Y |
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96® Creating a World Class Supply Chain 2 0 2 4 I N V E S T O R D A Y | Leveraging our Size & Scale ▪ Accelerated centralized systems deployment to consolidate >$3.5B in annual spending (10K active suppliers) ▪ Instituted integrated business planning for top-tier forecasting of demand (60K active SKUs) ▪ Organized talent into four sub-disciplines of supply chain management (sourcing, logistics, planning, purchasing) ▪ Instituted process discipline to standardize logistics planning (100M+ miles annually) & inventory management (1M orders annually) ▪ Viewed as a scalable, leverageable competitive advantage ▪ Leveraging new operating structure to provide enhanced visibility, optimize working capital and capture incremental synergies ▪ Deploying global logistics control tower to optimize inbound-to-outbound transport ▪ Applying disciplined purchasing management practices to consolidate tail spend with preferred suppliers ▪ Further digitizing and automating transactional processes to reduce supply chain management overhead RECENT ACCOMPLISHMENTS 2023 – 2024 Instituted enterprise-wide operating model to accelerate value capture Operating as One Greif Elevating our Performance THREE KEY DRIVERS OF OUR SUPPLY CHAIN STRATEGY 1 2 3 DOUBLING DOWN ON GROWTH 2025 & Beyond Leveraging our competitive advantages to drive value capture
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97® Empowering Colleagues and Customers with Effortless, Innovative Digital Solutions & Experiences 2 0 2 4 I N V E S T O R D A Y | ▪ Market differentiator ▪ Profitable growth ▪ Improved margins Better Customer Experience Driving Improved Effectiveness and Efficiency Better Colleague Experience Modernized: Personalized, Intelligent and Automated
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98®® Speaker Bios
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99® 2 0 2 4 I N V E S T O R D A Y |® Ole Rosgaard President & Chief Executive Officer Since 2015, Ole has been committed to shaping Greif’s culture and driving its growth. With extensive experience spanning private, private equity, and public multinational companies, he brings deep operational expertise and a focus on sustainable growth strategies. Having lived permanently in five different countries and worked across five continents, Ole has developed profound insights into diverse cultures, business practices, and global market dynamics. Before joining Greif, Ole was Group Managing Director for one of the world’s largest roofing manufacturers, where he gained significant experience in successfully turning around and growing several underperforming businesses. Prior to that, he served as Managing Director for a leading global window company group, further sharpening his leadership and strategic capabilities. A passionate lifelong learner, Ole’s leadership approach is also shaped by his military training and his participation in executive programs at renowned institutions like Harvard Business School and top European organizations.
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100® 2 0 2 4 I N V E S T O R D A Y |® Larry Hilsheimer Chief Financial Officer Larry Hilsheimer joined Greif in May 2014 as Chief Financial Officer. Previously, he served as Executive Vice President and Chief Financial Officer of Scotts Miracle-Gro, Executive Vice President and Chief Financial Officer and President and Chief Operating Officer ofmultiple business units of Nationwide Mutual Insurance Company and Vice Chairman and Regional Managing Partner for Deloitte & Touche USA, LLP. Larry serves on the Board of Directors of IBP (NYSE), Battelle for Kids and Root Insurance Company and the National Veterans Memorial and Museum. He previously served on the Finance and Audit Committees of the Board of The Ohio State University. He also sits on the Dean’s Advisory Council at Fisher College of Business and has served as a Board member for The Ohio State University Alumni Association and numerous other charitable and civic boards. Larry holds a bachelor’s degree in accounting from the Fisher College of Business at The Ohio State University and a law degree from Capital University Law School.
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101® 2 0 2 4 I N V E S T O R D A Y |® Paddy Mullaney Chief Business Unit Officer Paddy Mullaney is Senior Vice President & Chief Business Unit Officer at Greif, overseeing global operations for Customized Polymer Solutions, Durable Metal Solutions, Sustainable Fiber Solutions and Integrated Solutions. With over 30 years of experience in the packaging industry, Paddy has a proven track record of leading high-performance teams and driving growth. He joined Greif in 2017, where he initially led the growth and development of the Rigid Industrial Packaging businesses in the EMEA region. In 2021, he was promoted to Group President of Global Industrial Packaging, continuing to drive Global business growth, and in 2024, he assumed his current role as Senior Vice President & Chief Business Unit Officer. Before joining Greif, Paddy was CEO of Clondalkin Group, a global flexible and paper-based packaging businesses in the consumer & pharmaceutical packaging sectors. Prior to that, Paddy held C-Level positions within Clondalkin Group. He has a deep understanding of international markets, a strong commitment to driving customer satisfaction and delivering shareholder value. Paddy actively contributes to the industry, having served as Vice-Chair of Flexible Packaging Europe. He dedicates his free timeto coaching and mentoring young rugby players. Paddy holds bachelor's and master's degrees in Engineering from University College Galway, Ireland, and an MBA from the University of Bradford, United Kingdom.
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102® 2 0 2 4 I N V E S T O R D A Y |® Tim Bergwall Chief Commercial Officer Tim Bergwall is the Senior Vice President and Chief Commercial Officer at Greif, where he leads global sales, marketing, and sustainability activities. Before assuming this role, Tim served as Group President of Paper Packaging & Services and Soterra Land Management LLC since 2014. With over 35 years of experience in the paper packaging industry, Tim has held leadership positions in both large, integratedcompanies like Union Camp Corporation and smaller independent firms, consistently driving strategic growth for each organization. Tim remains deeply engaged in the industry as current Chairman of the Fibre Box Association, the leading trade association for the corrugated packaging sector, and as Chairman of Boxboard Products in Greensboro, NC. His leadership extends to his role as past Chairmanof the International Corrugated Packaging Foundation, which collaborates with over 20 universities nationwide to enhance packaging and engineering education through curriculum development, equipment donations, and funding. Additionally, Tim serves as a board member of theColumbus Zoo and Aquarium. Tim holds a bachelor’s degree from Miami University and has pursued further education through graduate programs at Kellogg School of Management, Harvard Business School, and The London Business School.
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103® 2 0 2 4 I N V E S T O R D A Y |® Kim Kellermann Chief Operations Officer Kimberly Kellermann leads Greif’s Global Operations Group, including leading the Enterprise Automation Strategy; driving continuous improvement; integrating Capital Planning and execution; quality and regulatory compliance and the company’s safety program of Zero Harm to enhance our safety culture and approach worldwide. Kim has extensive experience in operational leadership, operational excellence and driving product and service quality through financial investment and correct capital planning. She has significant experience in Engineering Management and global large-scale rollouts of behavioral change programs. She has championed several industry initiatives and more recently helped launch a career development program aimed at improving the representation of women in manufacturing leadership and technical roles. Prior to Greif, she had a 17-year career with Boehringer Ingelheim, one of the world's leading research-driven pharmaceutical companies, where she gained significant experience in leading global teams and delivering international strategy as well as integrating businesses on an international scale as Vice President of Operations and Head of Network Competitiveness. Kellermann holds an MBA in International Business from The Ohio State University as well as a bachelor’s degree in Industrial& Systems Engineering from the same leading University.
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104® 2 0 2 4 I N V E S T O R D A Y |® Bala Sathyanarayanan Chief Human Resources Officer Bala V Sathyanarayanan serves as the Executive Vice President & Chief Human Resources Officer. He is focused on delivering a world-class, diverse, and engaged workforce that can execute on Greif’s vision of, be the best performing customer service company in the world. Before Greif, Bala served as Executive Vice President for Human Resources at Xerox Corporation. Bala also led the human resource function for the Americas Enterprise Business at Hewlett-Packard and has had leadership roles at Avaya Inc., Coca Cola Inc, and United Technologies Inc. Bala was named to the list of Outstanding 50 Asian Americans in Business by the Asian American Business Development Center (AABDC) and named Executive of the Year by Columbus CEO Magazine. Bala earned a Bachelor of Science degree in Electronics and Communications Engineering and Master of Business Administration (MBA) degree in General Management from the University of Madras in Chennai, India. He also holds a Master’s in Human Resources Management from Rutgers University and graduated from the Advanced Management Program at Harvard Business School.
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105® 2 0 2 4 I N V E S T O R D A Y |® Tina Schoner Chief Supply Chain Officer Tina Schoner has served as Chief Supply Chain Officer for Greif Inc. since January 2022. In this role, Tina has primary responsibility for the development and execution of global supply chain strategies for direct and indirect materials & services spend. Tina leads supply chain operational excellence in the areas of purchasing, materials planning, transportation & logistics, supplier performance and strategic sourcing. Prior to her current role, Tina was the SVP & Chief Procurement Officer for Oshkosh Corporation, a manufacturer of specialty vehicles and worksite access equipment with brands including, McNeilus, Pierce, JLG and Oshkosh Defense. Prior to that, Tina was the Executive Director, Global Supply Chain Operations for United Technologies Corporation (Raytheon Technologies), where she was responsible for thestrategy development and execution of the $25B supply chain supporting four divisions within the commercial building and aerospace markets including Pratt & Whitney, Otis, Carrier and United Technologies Aerospace Systems. Additionally, Tina’s more than 35 years of supply chain experience included positions of increasing responsibility at Rockwell Collins, Inc., Penford Products (Ingredion) and ConAgra. Tina also served active duty in the United States Marine Corps. Tina believes in the mission of elevating people by eliminating barriers to employment, and therefore, serves as a board director for Goodwill North Central Wisconsin. She is an active member of the Association of Supply Chain Management and is Chair of the Supply Chain Council for Manufacturer’s Alliance and a sponsor for Women in Manufacturing. She holds a Bachelor of Science in Applied Business from Mount Mercy University and an Executive MBA from the University of Iowa.
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106® 2 0 2 4 I N V E S T O R D A Y |® Vivian Bouet Chief Information & Digital Officer Vivian Bouet is Greif’s Chief Information & Digital Officer (CIDO), joining us on December 5, 2022. Vivian brings over 28 years of experience in business and technology transformation and most recently served as the Chief Information Officer at CPS Energy, the nation’s largest municipally owned energy company with over $12B in assets under management. She was responsible for overseeing the technology roadmap, enterprise architecture, digital experience, business solutions development, and innovation functions. She also provided leadership in corporate strategic planning, change management, and enterprise program management. In her role as CIDO, as part of the Executive Leadership Team, Vivian will help shape the company’s broader strategic direction, engaging customers and vendors through technology and digital solutions. Significant emphasis will be placed on anticipating change and identifying opportunities for innovation to ensure Greif maintains a leadership position within an increasingly competitive industry landscape while championing continued colleague growth and development.