Greif : Q2 2024 Earnings Presentation

Fiscal Second Quarter 2024 Earnings Conference Call

June 6, 2024

Safe Harbor

June 6, 2024	P.2

Build to Last: Purpose and Strategy in Action

OUR PURPOSE We create packaging solutions for life's essentials

OUR VISION

OUR

BUILD TO LAST

STRATEGIC

MISSIONS

HOW WE WORK

THE GREIF WAY PRINCIPLES

Be the best performing customer service company in the world

CREATING	DELIVERING	PROTECTING	ENSURING
THRIVING COMMUNITIES	LEGENDARY	OUR FUTURE	FINANCIAL STRENGTH
	CUSTOMER SERVICE

Pursuing excellence by leveraging the Greif Business System (GBS 2.0)

People Focused | Zero Harm | Servant Leadership | Customer Driven | Action Bias

June 6, 2024	P.3

Our Culture Has Created a Competitive Advantage

P u t t i n g

t h e s e r v i c e p r o f i t c h a i n

T O W O R K

Improved

Financial

Performance

Engaged

Colleagues

Service

Profit

Chain

Improved

Customer

Loyalty

Differentiated

Customer

Service

N e t P r o m o t e r S c o r e ( N P S ) 1

Manufacturing Average2

40	40	42	47	47	47	50	57		61	67	60	65	68
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
2018													2024

D r i v i n g a m o r e

e n g a g e d w o r k f o r c e

(Gallup, manufacturing percentile)

32nd71st77th85th

2018

2020

2022

2024

Since 2018, we have elevated our Gallup and NPS scores to be best in industry

1. Net Promoter Score ("NPS") is derived from a survey conducted by a third party that measures how likely a customer is to recommend Greif as a business partner. NPS scores are calculated by subtracting the percentage of detractors a business has from the percentage of its promoters.
2. Manufacturing average as of 2020 independent industry study of 684 manufacturing organization self-reported NPS scores

June 6, 2024

P.4

Packaging Sustainably Together

Raw Materials

• Down gauging
• Recycled content
• Alternative materials

End-of-Life-

Services

• Reconditioning
• Reuse
• Recycling

Production

• Initiatives to reduce energy, emissions, water and waste

Product & Services

• Low carbon products
• Greif Green Tool

Recent progress highlights our commitment to sustainable innovation

• Issued 15th Annual Sustainability Report in April, including progress update on 2030 goals
• Launched pilot project with IonKraft to develop 100% inert and fully recyclable packaging barrier technology
• Continued roll-out of Greif Green Tool, to help customers evaluate the carbon footprint of our packaging products
• Continued to maintain top-tier accreditations from leading sustainability institutes such as CDP, EcoVadis, and MSCI

Being a trusted sustainability partner for our customers has increased loyalty

June 6, 2024	P.5

Accelerating Our Growth Through Targeted M&A

Growing our business through acquisitions to provide the most comprehensive suite of	31
product offerings globally in high-performance jerrycans / small plastics
	FACILITIES

18

COUNTRIES

Greif

Lee Container

Reliance

Ipackchem

Growing in the compelling jerrycan / small plastics market

• $3.1B global addressable market growing at low single digits annually
• Favorable exposure to stable end markets in Ag Chem, Flavors & Fragrances, Food & Beverage and Pharma
• Higher spec / technology product offerings carry margin advantage

June 6, 2024	P.6

Effectively Navigating Dynamic and Changing Global Markets

Regional volume performance (year-over-year) and current market trends

Positive momentum for remainder of fiscal year as industrial activity increases and near-term demand trends advance

North	GIP (-5%)
America	PPS +2%

• GIP: Continued slow bulk/commodity chemical demand, but sequentially improved
• PPS: Improving corrugated demand from strong

bulk box / e-comm volumes; tube & core products improving sequentially but still below prior year levels

EMEA	+8%
▪ Continued improvement across our key
industrial end markets, boosted by year-over-		APAC
year improvements in bulk/commodity	(-11%)

chemicals and lubricant volumes

▪ Reversal of positive volume trend from Q1,

with late-Q1 stocking in anticipation of Chinese New Year and slower demand in China

~Flat LATAM.

• Mixed demand backdrop with strength in bulk/commodity chemicals and paints/coatings offset by softness in lubricants and ag chem

June 6, 2024	P.7

Fiscal Second Quarter 2024 Key Highlights

Continuing to make decisive progress on our Build to Last strategy

• Continued solid execution under the Greif Business System (GBS) 2.0 leading to sustained cost savings while monitoring the business for pockets of improved demand
• Completed acquisition of Ipackchem, solidifying our position as a global leader in high- performance small plastic containers
• Officially opening previously announced sheetfeeder in Dallas, Texas, expanding
  Greif's bulk corrugated business in the South and West

Solid results in Q2 2024 despite mixed demand backdrop globally as well as challenging price/cost environment in PPS

• Adj. EBITDA1 of $169.9M
• Adj. Free Cash Flow1 of $59.0M
• Adj. Class A EPS1 of $0.82/share

Updating guidance to a range with improved low-end

(1) A summary of all adjustments that are included in Adjusted EBITDA, Adjusted Class A earnings per share and Adjusted Free Cash Flow is set forth in the appendix of this presentation

June 6, 2024

P.8

Global Industrial Packaging (GIP) Review

F I N A N C I A L
P E R F O R M A N C E ( $ M )	Q2 FY23	Q2 FY24
Net sales	$748.2	$804.8
Gross profit	$177.9	$181.5
Adjusted EBITDA1	$121.2	$118.3
Adjusted EBITDA %	16.2%	14.7%

F Q 2 ' 2 4 T A K E A W A Y S

• End markets remain mixed globally, with continued demand improvement in EMEA
• Sequential margin expansion in Q2 driven by strong operational rigor and maintaining strict adherence to value-over-volume approach
• Expect modest recovery in remainder of fiscal year in most regions as industrial activity increases and demand trends improve

(1) A summary of all adjustments that are included in Adjusted EBITDA, is set forth in the appendix of this presentation

June 6, 2024

P.9

Paper Packaging & Services (PPS) Review

F I N A N C I A L
P E R F O R M A N C E ( $ M )	Q2 FY23	Q2 FY24
Net sales	$554.8	$560.8
Gross profit	$131.4	$86.0
Adjusted EBITDA1	$104.9	$49.0
Adjusted EBITDA %	18.9%	8.7%

F Q 2 ' 2 4 T A K E A W A Y S

• Improving Containerboard and URB operating rates
• Corrugated volumes slightly improved year-over-year; tube & core volumes slightly lower year-over-year but improved sequentially as end markets begin to recover
• Executing on announced price increases and margin enhancement initiatives to offset rising OCC and other inflationary costs

(1) A summary of all adjustments that are included in Adjusted EBITDA, is set forth in the appendix of this presentation

June 6, 2024

P.10