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CERTAIN HISTORICAL FINANCIAL INFORMATION
PRESENTED UNDER NEW FISCAL QUARTER END

This presents certain historical financial information of Greif, Inc. (the “Company”) for each of the reporting periods presented below in order to present such information aligned with the Company’s new fiscal quarters and reportable segment structure, as well as the presentation of the Containerboard Business as discontinued operations for all such quarters, as described in Item 7.01 of the Current Report on Form 8-K under which this is furnished (the “Form 8-K”). The information set forth in Item 7.01 of the Form 8-K is incorporated herein by reference. Capitalized terms used in this but not otherwise defined herein shall have the meaning ascribed to such terms in Item 7.01 of the Form 8-K.


The following table presents net sales, gross profit and operating profit by reportable segments, along with the non-GAAP financial measures of Adjusted EBITDA by reportable segments, for each of the 2025 quarterly periods indicated, which align with the new fiscal quarter end dates and reportable segments of the Company beginning in fiscal year 2026, as well as the presentation of the Containerboard Business as discontinued operations for all such quarters, as updated (as applicable) from the original presentation in the 2025 Earnings Releases. See below for the GAAP to non-GAAP reconciliation of the reportable segment EBITDA and Adjusted EBITDA to reportable segment operating profit.

GREIF, INC. AND SUBSIDIARY COMPANIES
FINANCIAL HIGHLIGHTS BY REPORTABLE SEGMENT
UNAUDITED
 Three Months Ended
September 30,		Three Months Ended
June 30,		Three Months Ended
March 31,		Three Months Ended
December 31,
(in millions)2025202520252024
Net sales:
Customized Polymer Solutions$322.7 $337.9 $322.5 $294.4 
Durable Metal Solutions391.9 392.3 372.9 355.9 
Sustainable Fiber Solutions355.2 370.7 360.7 344.0 
Innovative Closure Solutions24.5 25.0 22.3 22.4 
Total net sales$1,094.3 $1,125.9 $1,078.4 $1,016.7 
Gross profit:
Customized Polymer Solutions$70.2 $70.9 $76.8 $58.6 
Durable Metal Solutions83.6 88.1 83.8 69.0 
Sustainable Fiber Solutions85.1 85.1 78.1 64.3 
Innovative Closure Solutions10.3 11.9 9.8 7.5 
Total gross profit$249.2 $256.0 $248.5 $199.4 
Operating profit (loss):
Customized Polymer Solutions$1.5 $8.4 $17.8 $1.1 
Durable Metal Solutions36.5 45.8 41.1 30.5 
Sustainable Fiber Solutions(5.6)5.0 (2.2)1.1 
Innovative Closure Solutions2.6 4.5 4.0 1.4 
Total operating profit$35.0 $63.7 $60.7 $34.1 
Adjusted EBITDA(1):
Customized Polymer Solutions$44.5 $37.1 $43.4 $28.5 
Durable Metal Solutions57.0 53.6 50.0 36.8 
Sustainable Fiber Solutions61.5 48.8 46.3 29.5 
Innovative Closure Solutions5.2 7.6 6.2 4.0 
Total Adjusted EBITDA$168.2 $147.1 $145.9 $98.8 

(1) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus other (income) expense, net, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring and other charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, (gain) loss on disposal of businesses, net, plus other costs.


The following table presents a reconciliation of reportable segment net income to reportable Adjusted EBITDA for each of the 2025 quarterly periods indicated, which align with the new fiscal quarter end dates and reportable segments of the Company beginning in fiscal year 2026, as well as the presentation of the Containerboard Business as discontinued operations for all such quarters, as updated (as applicable) from the original presentation in the 2025 Earnings Releases.

GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
CONSOLIDATED ADJUSTED EBITDA
UNAUDITED
Three Months Ended
September 30,		Three Months Ended
June 30,		Three Months Ended
March 31,		Three Months Ended
December 31,
(in millions)2025202520252024
Net (loss) income$(17.6)$36.9 $25.1 $11.3 
Plus: Interest expense, net14.2 15.8 15.5 15.9 
Plus: Income tax expense31.3 10.0 20.0 6.8 
Plus: Other expense, net5.5 1.4 0.2 0.9 
Plus: Equity earnings of unconsolidated affiliates, net of tax1.6 (0.4)(0.1)(0.8)
Operating profit$35.0 $63.7 $60.7 $34.1 
Less: Equity earnings of unconsolidated affiliates, net of tax1.6 (0.4)(0.1)(0.8)
Plus: Depreciation, depletion and amortization expense59.2 58.0 57.1 58.5 
Plus: Acquisition and integration related costs2.1 2.0 1.3 2.8 
Plus: Restructuring and other charges34.9 18.0 9.1 3.3 
Plus: Non-cash asset impairment charges13.5 7.2 17.2 0.3 
Plus: (Gain) loss on disposal of properties, plants and equipment, net(3.7)(3.5)0.1 (2.4)
Plus: Loss on disposal of businesses, net0.5 0.3 0.2 1.1 
Plus: Other costs*28.3 1.0 0.1 0.3 
Adjusted EBITDA$168.2 $147.1 $145.9 $98.8 
*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses


The following table presents a reconciliation of reportable segment operating profit to reportable Adjusted EBITDA for each of the 2025 periods indicated, which align with the new fiscal quarter end dates and reportable segments of the Company beginning in fiscal year 2026, as well as the presentation of the Containerboard Business as discontinued operations for all such quarters, as updated (as applicable) from the original presentation in the 2025 Earnings Releases.

GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
REPORTABLE SEGMENT ADJUSTED EBITDA(2)
UNAUDITED
 Three Months Ended
September 30,		Three Months Ended
June 30,		Three Months Ended
March 31,		Three Months Ended
December 31,
(in millions)2025202520252024
Customized Polymer Solutions
Operating profit$1.5 $8.4 $17.8 $1.1 
Plus: Depreciation and amortization expense24.1 24.0 22.9 23.0 
Plus: Acquisition and integration related costs2.1 2.0 1.3 2.8 
Plus: Restructuring and other charges6.3 2.6 0.6 1.1 
Plus: Non-cash asset impairment charges2.5 — 0.7 0.3 
Plus: (Gain) loss on disposal of properties, plants and equipment, net— (0.2)0.1 0.1 
Plus: Other costs*8.0 0.3 — 0.1 
Adjusted EBITDA$44.5 $37.1 $43.4 $28.5 
Durable Metal Solutions
Operating profit$36.5 $45.8 $41.1 $30.5 
Plus: Depreciation and amortization expense7.0 7.3 7.0 7.2 
Plus: Restructuring and other charges9.1 2.6 0.7 0.7 
Plus: Non-cash asset impairment charges— 0.1 2.1 — 
Plus: Gain on disposal of properties, plants and equipment, net
(3.8)(2.7)(1.1)(2.8)
Plus: Loss on disposal of businesses, net— 0.3 0.2 1.1 
Plus: Other costs*8.2 0.2 — 0.1 
Adjusted EBITDA$57.0 $53.6 $50.0 $36.8 
Sustainable Fiber Solutions
Operating (loss) profit$(5.6)$5.0 $(2.2)$1.1 
Plus: Depreciation, depletion and amortization expense27.0 25.0 25.7 26.6 
Plus: Restructuring and other charges17.6 11.9 7.6 1.4 
Plus: Non-cash asset impairment charges11.0 7.1 14.0 — 
Plus: (Gain) loss on disposal of properties, plants and equipment, net— (0.6)1.1 0.3 
Plus: Loss on disposal of businesses, net0.5 — — — 
Plus: Other costs*11.0 0.4 0.1 0.1 
Adjusted EBITDA$61.5 $48.8 $46.3 $29.5 
Innovative Closure Solutions
Operating profit$2.6 $4.5 $4.0 $1.4 
Less: Equity earnings of unconsolidated affiliates, net of tax1.6 (0.4)(0.1)(0.8)
Plus: Depreciation and amortization expense1.1 1.7 1.5 1.7 
Plus: Restructuring and other charges1.9 0.9 0.2 0.1 
Plus: Non-cash asset impairment charges— — 0.4 — 
Plus: Loss on disposal of properties, plants and equipment, net0.1 — — — 
Plus: Other costs*1.1 0.1 — — 
Adjusted EBITDA$5.2 $7.6 $6.2 $4.0 
*includes fiscal year-end change costs and share-based compensation impact of disposals of businesses
(2) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus other (income) expense, net, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring and other charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, plus (gain) loss on disposal of businesses, net, plus other costs. However, because the Company does not calculate net income by segment, this table calculates adjusted EBITDA by segment with reference to operating profit by segment, which, as demonstrated in the table of consolidated adjusted EBITDA, is another method to achieve the same result.