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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 1 November 4, 2026 1 Earnings Conference Call Fourth Quarter 2026
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 2 November 4, 2026 2 Safe Harbor 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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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 3 A Structurally Stronger Company 3 Build to Last Strategy Over the past 2 years we have… • Accelerate new-customer and share-of-wallet growth through our transformed commercial organization • Drive high-value organic growth through investments in Polymers and Closures targeting attractive end markets • Continue expanding margins through structural cost optimization • Maintain disciplined capital allocation, balancing bolt- on M&A and shareholder returns while keeping leverage below 2.0x • Fundamentally transformed our operating model and commercial organization • Optimized our portfolio, reducing leverage from ~3.5x to ~1.2x while lowering capital intensity • Expanded EBITDA margins from 12.7% to 14.3%, supported by $105M of structural cost optimization • Increased dividends by ~15% and repurchased ~$225M of shares • Delivered over 35% total shareholder return 1 In the year ahead we will… Consistent Earnings Expansion Driven by Proven Execution 1. Greif Class A Total Shareholder Return from 10/31/2024 through 9/30/2026
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 4November 4, 2026 4 Entering Fiscal 2027 From a Position of Strength 4 Build to Last Strategy Delivering Solid Financial Results While Executing On Our Strategy $225M FY 2026 Share Repurchases Exited CRB Strengthens Overall Fiber Network 69 World-Class Net Promoter Score +74.9% FY 2026 YoY Adj. EPS +11.7% FY 2026 YoY Adj. EBITDA 1.2x FY 2026 Ending Leverage Ratio
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 5 $50M $105M $150M End of FY25 (Actual) End of FY26 (Actual) End of FY27 (Increased Commitment) SG&A Rationalization Network Optimization Operating Efficiency Gains Run-Rate Cost Savings Structural Savings Are Driving Sustainable Margin Expansion Accelerating Our Cost Optimization Program Building a Leaner More Agile Organization
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 6November 4, 2026 6 Fourth Quarter 2026 Year-over-Year Volume Trends Customized Polymer Solutions ▪ IBC volumes (up high singles) partially offset lower volumes in large plastics (down low singles) and small plastics (down low doubles), reflecting continued variability by region and end market ▪ Small plastics volumes impacted by elevated customer destocking due to higher resin costs and unfavorable Ag season weather Durable Metal Solutions ▪ Volumes remain soft across all regions, reflecting continued weakness in industrial end market demand Sustainable Fiber Solutions ▪ Mills operated at ~95% rates, with volumes up low singles driven by solid converting demand from paper, film and construction cores Innovative Closure Solutions ▪ 3rd party and total volumes down mid singles, reflecting similar volume trends in Polymers and Metals Solutions Key Growth End Markets x% x% x% NA LATAM EMEA APAC Agrochemicals Food & Beverage Pharma & Medical Flavors & Fragrances Unchanged Unchanged Unchanged Unchanged Demand Trends Consistent with Expectations
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 7November 4, 2026 7 Total Company Financial Performance Fourth Quarter 2026 ($ in Millions except per share) Q4 25 Q4 26 Adjusted EBITDA 168.2 163.0 Adjusted EBITDA % 15.4% 14.3% Adjusted Class A Earnings Per Share 0.58 0.87 Adjusted Free Cash Flow 172.7 83.3 ▪ Adjusted EBITDA decreased 3.1% primarily due to $18.2M favorable timing of incentive accrual changes in Q4’25; excluding that item Adjusted EBITDA increased $13.0M / 8.7% ▪ Adjusted Earnings Per Share increased 50% due to lower interest from strengthened balance sheet, lower tax expense and the impact of stock repurchases ▪ Adjusted Free Cash Flow decreased $89M, primarily due to the inclusion of Containerboard cash flows in Q4’25, higher cash taxes and continued inventory surety of supply actions November 4, 2026 7
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 8November 4, 2026 8 ($ in Millions) Customized Polymers Durable Metals Sustainable Fiber Innovative Closures Q4 25 Q4 26 Q4 25 Q4 26 Q4 25 Q4 26 Q4 25 Q4 26 Sales 1 322.7 361.9 391.9 392.5 355.2 360.1 41.2 48.1 Gross Profit 70.2 71.4 83.6 84.7 85.1 84.1 10.3 14.4 Gross Profit % 21.8% 19.7% 21.3% 21.6% 24.0% 23.4% 25.0% 29.9% Segment Financial Performance Fourth Quarter 2026 • Polymers: Sales increased due to favorable pricing, partially offset by lower volumes, while gross profit percent declined due to product mix and the flow-through of higher resin costs • Metals: Gross profit dollars and percent increased due to favorable price/cost, partially offset by lower volumes • Fiber: Sales increased due to flow-through of April $60/ton price increase, while gross profit dollars and percent declined due to delayed September recognition of our June announced $60/ton price increase • Closures: Gross profit dollars and percent increased due to strong price, mix and cost optimization 1. Innovative Closure Solutions reflects total sales, which includes intersegment sales; other segments reflect net sales to third parties
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 9 Priorities for Disciplined Capital Deployment Driving Returns & Investing for Growth Optimizing Shareholder Value Invest for Growth ▪ Fund high-return organic growth initiatives ▪ Pursue disciplined bolt-on acquisitions Return Cash to Shareholders ▪ Deliver consistent growing dividends ▪ Annual share repurchases of ~2% Maintain a Strong Foundation ▪ Manage leverage and liquidity ▪ Fund safety and maintenance CapEx Capital Allocation ▪ High-return organic growth in Polymers and Closures and operational efficiency improvements in Fiber and Metals $185M FY 2027 CAPEX Guidance ▪ Committed to maintaining leverage below 2.0x 1.2x FY 2026 Ending Leverage Ratio ▪ Total FY26 repurchases of $225M, representing ~6% of shares outstanding $225M FY 2026 Share Repurchases
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 10 Reflects Conservative View of FY 2027 FY 2027 Low-End Guidance ($ in Millions) $645M Adjusted EBITDA $290M Adjusted Free Cash Flow Volume Assumptions Customized Polymer Solutions Flat Durable Metal Solutions Down LSD Sustainable Fiber Solutions Flat Innovative Closure Solutions Flat Free Cash Flow Assumptions DD&A $235 Adj. capital expenditures $185 Cash interest expense $50 Cash tax expense $80 Cash restructuring, pension & other $40 Operating working capital $- FY 2026 Actual Adj EBITDA $60 Acquisition/ Closure $10 Volume ($5) Price/Raw Material Cost ($11) Transportation/ Manufacturing Cost Inflation SG&A FY 2027 Low-End Guidance Adj EBITDA $626 $645 ($15) FX ($20) +3% YoY +4% YoY
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 11 3.5x 1.2x FY24 FY26 Leverage Ratio -2.3x 1 Measurable Progress on our Build to Last Strategy Build to Last Strategy $560M $626M FY25 FY26 Adjusted EBITDA +11.7% 1. FY24 reflects the prior fiscal year-end (October 31, 2024) and includes the Containerboard and Timberlands businesses prior to their divestitures 12.7% 14.3% FY24 FY26 Adjusted EBITDA Margin +160bps 1 0.54 0.62 FY24 FY26 Quarterly Dividends Per Class A Share +14.8% 1
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 12 Packaging Leader to Essential Industries Durable Competitive Advantages Roadmap to Accelerate Profitable Growth ▪ 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 ~2% ▪ 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 ▪ Polymers: High growth segment with premium products & technologies ▪ Metals: Global leader driving consistent cash generation ▪ Fiber: Leading NA position with strong customer relationships ▪ 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 Driven by a Disciplined Capital Allocation Strategy 12November 4, 2026 Delivering Strong and Durable Total Shareholder Return Investment Thesis
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 13November 4, 2026 13 Appendix Fourth Quarter 2026 Earnings Conference Call
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 14 Tube & Core Fiber DrumsSmall Containers Large & Medium Containers New & Recon Intermediate Bulk Containers (IBCs) Recycled Materials & Adhesives CUSTOMIZED POLYMER SOLUTIONS DURABLE METAL SOLUTIONS SUSTAINABLE FIBER SOLUTIONS INNOVATIVE CLOSURE SOLUTIONS Partitions Specialty Drums Medium & Small Steel Large Steel Specialty Closures Metal Closures Polymer Closures Delivering Customer Value Across Four Solutions Optimized Greif Portfolio
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 15 Sales Breakdown by Segment $ in Millions 15November 4, 2026 Fourth Quarter 2026
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 16 Net Income to Combined 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. 16November 4, 2026
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 17 Segment Operating Profit to Combined 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. 17November 4, 2026
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 18 Segment Operating Profit to Combined Adjusted EBITDA Cont. 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. 18November 4, 2026
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 19 Adjusted Free Cash Flow 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. 19November 4, 2026
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 20 Net Income and Class A Earnings Per Share Excluding Adjustments 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. 20November 4, 2026
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 21 Net Income and Class A Earnings Per Share Excluding Adjustments Cont. 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. 21November 4, 2026
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 22 Leverage Ratio and Net Debt 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. 22November 4, 2026
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R51 G63 B72 #333F48 R0 G40 B85 #002855 R116 G255 B11 #74FF6F R201 G244 B255 #C9F4FF Primary Colors: Secondary Colors: R52 G119 B98 #337761 R255 G199 B44 #FFC72C R0 G113 B206 #0070CD R234 G118 B34 #F07623 November 4, 2026 23 Leverage Ratio and Net Debt Cont. 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. 23November 4, 2026