Second Quarter Fiscal 2023 Earnings Conference Call
June 8, 2023
Safe Harbor
June 8, 2023
P.2
Pursuing our Purpose, Vision and Build to Last Strategy
OUR PURPOSE We create packaging solutions for life's essentials
OUR VISION Be the best performing customer service company in the world
OUR STRATEGY
MISSIONS
CREATING
DELIVERING
PROTECTING
ENSURING
LEGENDARY
THRIVING COMMUNITIES
OUR FUTURE
FINANCIAL STRENGTH
CUSTOMER SERVICE
HOW WE WORK Pursuing excellence leveraging the Greif Business System (GBS 2.0)
THE GREIF WAY
People Focused | Zero Harm | Servant Leadership | Customer Driven | Action Bias
PRINCIPLES
June 8, 2023
P.3
Second Quarter Fiscal Year (FY) 2023 Key Highlights
Strong execution and business model resilience in Q2 2023
Adj. EBITDA1 of $228.6M
Adj. Free Cash Flow1 of $185.5M
Adj. Class A EPS1 of $1.77/share
Driving our Build to Last strategy in a tough environment
Effective working capital management provided year-over-year cash flow source of $95M in the quarter
Finalized $145M acquisition of majority stake in Centurion Container
Completed2 $150M share repurchase plan initiated last June
Maintaining a solid balance sheet, exited the quarter with leverage ratio3 of 2.25x inclusive of recent acquisitions
A summary of all adjustments that are included in Adjusted EBITDA, Adjusted Class A EPS, and Adjusted Free Cash Flow is set forth in the appendix of this presentation.
The share repurchase program was completed by the end of May, subsequent to quarter-end but prior to the Q2'23 earnings call.
A summary calculation of leverage ratio as defined under the Credit Agreement is set forth in the appendix of this presentation.
June 8, 2023
P.4
Global Industrial Packaging (GIP) Review
FINANCIAL PERFORMANCE ($M)
Q2 FY22
Q2 FY23
Net sales
$971.7
$748.2
Gross profit
$185.3
$177.9
Adjusted EBITDA1
$130.9
$121.2
Adjusted EBITDA %
13.5%
16.2%
FQ2 '23 takeaway
Volumes at a low level in all substrates in a very challenging demand environment; APAC and EMEA volumes improving sequentially due to auto and conical markets, while NA market remains weak
Sequential margin expansion in Q2 driven by continued strong execution on cost-out actions and price / cost recovery from Q1 short-term squeeze in steel
Maintaining strict adherence to value-over-volume approach
(1) A summary of all adjustments that are included in Adjusted EBITDA is set forth in the appendix of this presentation.
June 8, 2023
P.5
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Disclaimer
Greif Inc. published this content on 07 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2023 20:24:36 UTC.
Greif, Inc. is engaged in industrial packaging products and services. The Company principally manufactures rigid industrial packaging products, such as steel, fiber and plastic drums, rigid intermediate bulk containers, jerrycans and other small plastics, closure systems for industrial packaging products, transit protection products, water bottles and remanufactured and reconditioned industrial containers, and services, such as container life cycle management, filling, logistics, warehousing and other packaging services. The Company produces and sells containerboard, corrugated sheets, corrugated containers and other corrugated products to customers in North America in industries, such as packaging, automotive, food and building products. The Company also produces and sells coated recycled paperboard and uncoated recycled paperboard, some of which are used to produce and sell industrial products (tubes and cores, construction products and protective packaging).
GREIF, INC. 
