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July 1, 2025 1July 1, 2025 1 Divesting Containerboard Sharpening Portfolio, Enhancing Capital Utilization, and Advancing Growth Priorities
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July 1, 2025 2 FORWARD-LOOKING STATEMENTS This presentation contains certain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 995. The words “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “aspiration,” “objective,” “project,” “believe,” “continue,” “on track” “target” or “commitment” 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. REGULATION G 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. 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 Safe Harbor
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July 1, 2025 3 Agreement to Sell Containerboard Business for $1.8 Billion Transaction Overview 1. See Appendix for reconciliation to the most directly comparable GAAP measure 2. CorrChoice sheet feeder locations include Cincinnati, OH; Concord, NC; Dallas, TX; Louisville, KY; Mason, MI; Massillon, OH; Palmyra, PA CONSIDERATION ▪ Greif has signed a definitive agreement to sell its Containerboard business in an all-cash transaction valued at $1.8 billion to Packaging Corporation of America, reflecting a multiple of 8.5x LTM Fiscal Q2-25 Adjusted EBITDA of $212 million1, subject to closing conditions including regulatory approvals ▪ Positions Greif to achieve pro-forma leverage ratio below 2.0x, enabling disciplined capital optionality for strategic growth TRANSACTION SCOPE ▪ Transaction includes Greif’s two Containerboard Mills, seven CorrChoice sheet feeder locations2, and single box plant location ▪ Divestiture excludes Greif’s URB (Uncoated Recycled Board) network, which is aligned to our strategy of maintaining a leadership position in higher margin packaging solutions TIMELINE AND NEXT STEPS ▪ Transaction is expected to close by the end of fiscal year 2025 ▪ Reaffirming 2027 financial targets of $1.0B Adjusted EBITDA and $500M Adjusted Free Cash Flow
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July 1, 2025 4 Divestiture Sharpens Portfolio, Enhances Capital Utilization, and Advances Growth Priorities Strategic Rationale 1 Further Positions Greif as a Packaging Leader Remaining material solutions all contain leadership positions 2 Allows Greif to Deliver More Durable Earnings Supports ongoing mix shift to higher growth and less cyclical end markets 3 Enhances Capital Utilization, Reducing Recurring Capital Needs Prioritizes capital deployment to material solutions that serve our targeted growth markets 4 Enables Debt Reduction, Unlocking Value-Creation Opportunities Allows for reinvestment into high-ROIC opportunities within our growth businesses
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July 1, 2025 5 Proactively Shifting our Product Mix Targeting High Growth End Markets ▪ Polymers ▪ Metals ▪ Fiber ▪ Integrated 2015 Pro-Forma for Containerboard Divestiture 202 4 Food & Beverage Pharma & Medical Flavors & Fragrances Agrochemicals Adjusted EBITDA by: Material Solution 2025+
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July 1, 2025 6 Balanced and Disciplined Capital Allocation Framework Enhances Capital Utilization Maintenance CAPEX & Debt Reduction M&A & Growth CAPEX Cash Dividends & Share Repurchases Return Cash to Shareholders 20% Maintain a Strong Foundation 30% Invest for Growth 50% 2025+ Pro-Forma Capital Allocation Impact Pro-forma leverage ratio Annual interest savings Annual maintenance CAPEX savings <2.0x $85M $25M
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July 1, 2025 7 Disciplined and Programmatic Approach to Growth Capital Driving Value Creation Through Strategic Growth Large/Small Polymers New/Recon IBCs Adj. EBITDA Margin Accretive Adj. Free Cash Flow Conversion Accretive 18%+ 50%+ Caps and Closures ▪ 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 End Markets Companies Valuation
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July 1, 2025 8 Adjusted EBITDA of $1B+ at 2.0-2.5x Leverage 2027 Financial Targets Intact Discrete Items Volume & Operating Leverage Optimization Initiatives ($ in Millions) FY 2024 Adjusted EBITDA Excluding Containerboard Business $90+/- $140+/- $100+/- $542 $1,000+ Growth Capital $130+/- 1. Discrete Items reflects net impact of Ipackchem acquisition and Delta US divestment, as well as flow-through of 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 driven by GBS 2.0 driving operational efficiencies and network & organizational optimization 4. Growth Capital assumes planned proceeds from divestment are allocated to high return growth opportunities FY 2027 Target Adjusted EBITDA
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July 1, 2025 9 July 1, 2025 9 Delivering Shareholder Value Creation Why Invest in Greif 2 Positioned to Deliver Stronger Earnings Power ▪ Ongoing mix shift to higher growth and less cyclical businesses ▪ Clear strategy to drive business towards long-term commitment Adjusted EBITDA margin of 18%+ ▪ Steady Adjusted Free Cash Flow generation driving business towards 50%+ long-term commitment 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 1 Packaging Leader to Essential Industries ▪ Highly scalable global franchise ▪ World-renowned brand and high product quality ▪ Positioned to capture incremental product share
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July 1, 2025 10July 1, 2025 10 Appendix Containerboard Divestment
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July 1, 2025 11July 1, 2025 11 Raising Low-End Guidance Given Strong Q2 Performance 2025 Guidance Provided in Q2 $725M (prev. $710 Low-End) Adjusted EBITDA $280M (prev. $245 Low-End) Adjusted Free Cash Flow 2025 Guidance ($ in Millions) Provided Q1’25 Provided Q2’25 Change Financial assumptions DD&A 251 251 - Adj. capital expenditures 165 165 - Cash interest expense 132 132 - Cash tax expense 123 112 11 Other cash expense (pension, restructuring, other) 15 19 (4) Operating working capital use 31 18 13 Other assumptions ($/ton) FY 2025 OCC assumption 85 77 8 K E Y G U I D A N C E A S S U M P T I O N S ($ in Millions)
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July 1, 2025 12 2025 Adjusted Free Cash Flow Guidance Non-GAAP measures are intended to supplement and should be read together with our financial results. They should not be consider ed an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users o f this financial information should not place undue reliance on these non -GAAP financial measures. GAAP to Non-GAAP Reconciliation 12 July 1, 2025 Note: Fiscal 2025 net income guidance, the most directly comparable GAAP financial measure to Adjusted EBITDA, is not provided in this release due to the potential for one or more of the following, the timing and magnitude of which we are unable to reliably forecast: gains or losses on the disposal of businesses or properties, plants and equipment, net; non-cash asset impairment charges due to unanticipated changes in the business; business transformation and restructuring related activities; acquisition and integration related costs; and ongoing initiatives under our Build to Last strategy. No reconciliation of the 2025 low-end guidance estimate of Adjusted EBITDA, a non- GAAP financial measure which excludes restructuring and other charges, acquisition and integration related costs, non-cash asset impairment charges, (gain) loss on the disposal of properties, plants, equipment and 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, the most directly comparable GAAP financial measure, without unreasonable efforts.
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July 1, 2025 13 Containerboard Operating Profit to Adjusted EBITDA GAAP to Non-GAAP Reconciliation Non-GAAP measures are intended to supplement and should be read together with our financial results. They should not be consider ed an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users o f this financial information should not place undue reliance on these non -GAAP financial measures. 13July 1, 2025
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July 1, 2025 14 Optimized Business Model Enables Margin Expansion and Efficiency Gains Tubes and Cores Partitions Fiber Drums Caps & ClosuresSmall Containers Large & Medium Containers New & Recon Intermediate Bulk Containers (IBCs) Large Steel Medium & Small Steel Paints, Linings and Adhesives Recycled Materials GroupSpecialty Drums OPERATIONS COMMERCIAL GLOBAL SUPPLY CHAIN FINANCE DIGITAL HUMAN RESOURCES Customized Polymer Solutions Durable Metal Solutions Sustainable Fiber Solutions Integrated Solutions