Greif : Q4 2021 Earnings Presentation

Fourth Quarter and Fiscal 2021

Earnings Conference Call - December 9, 2021

Safe Harbor

FORWARD-LOOKING STATEMENTS

• This presentation contains certain forward-looking statements 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 forecasted, projected, or anticipated, whether 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 undertakes no obligation to update or revise any forward- looking statements.

REGULATION G

• This presentation includes certain non-GAAP financial measures like EBITDA, Adjusted EBITDA and other measures that exclude adjustments 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. All non-GAAP data in the presentation are indicated by footnotes. 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

December 8,

2021 P.2

Fiscal Year (FY) 2021 key highlights

• Delivered record financial performance driven by strong volume growth and ongoing pricing activities
• • Record Adj. EBITDA1: $764.2M
  • Record Adj. Class A EPS1: $5.60/sh
• Advanced key financial priorities and enhanced shareholder returns
• • Compliance leverage ratio = 2.49x (high end of targeted range)
  • Increased dividend
• Accelerated ESG strategy and improved colleague engagement
• • Introduced new science aligned greenhouse gas emissions reduction target and achieved record waste to landfill diversion rate
  • Achieved top decile colleague engagement rating
• Positioned for an even stronger Fiscal 20222,3
• • Guidance reflects anticipated performance in line with FY22 commitments:

Adjusted EBITDA1

$764

$643

+19%

FY 2020

FY 2021

Adjusted Class A EPS1

$5.60

$3.22

+74%

• Adj. Class A EPS: $5.85 - $6.45
• Adj. Free Cash Flow: $400 - $460M

FY 2020

FY 2021

1. A summary of all adjustments that are included in Adjusted EBITDA and Adjusted Class A EPS is set forth in the appendix of this presentation.
2. No reconciliation of the fiscal 2022 Class A earnings per share before adjustments guidance or tax rate excluding the impact of adjustments guidance, both non-GAAP financial measures which exclude gains and losses on the disposal of businesses, timberland and properties, plants and equipment, non-cash pension settlement (income) charges, acquisition and integration related costs, incremental COVID-19 costs, net, restructuring and impairment charges, 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 the most directly comparable GAAP financial measure without unreasonable effortNote: A reconciliation of the differences between all non-GAAP financial measures used in this presentation with the most directly comparable GAAP financial measures is included in the appendix of this presentation.
3. A reconciliation of 2022 adjusted free cash flow guidance to forecasted net cash provided by operating activities, the most directly comparable GAAP financial measure is included in the appendix of this presentation.

Note: A reconciliation of the differences between all non-GAAP financial measures used in this presentation with the most directly comparable GAAP financial measures is included in the appendix of this presentation.

December 8,

2021 P.3

Elevating ESG even further to enhance performance

Environmental

• Announced science - aligned target to reduce scope 1 & 2 greenhouse gas emissions 28% by 2030 and determine scope 3 reduction feasibility by 2023
• >140 facilities achieved 90% or better diversion of waste from landfills

Social

• "Zero Harm" safety commitment
• Expanded DE&I initiatives - launched 4 colleague resource groups; unconscious bias and inclusive leadership training being deployed
• Achieved colleague engagement rating in the 90th percentile of manufacturers

Governance

• ESG data, measurement and tracking introduced into the Greif Business System & Enterprise Scorecard
• Quarterly ESG steering committee reviews

December 8,

2021 P.4

Global Industrial Packaging (GIP) review

Financial Performance ($M)

	Q4	Q4	FY	FY
	FY21	FY20	2021	2020
Net sales	$951.6	$652.3	$3,316.7	$2,571.8
Gross profit	$184.3	$130.8	$684.1	$522.8
Adjusted EBITDA1	$121.4	$74.1	$453.3	$324.3
Adjusted EBITDA %	12.8%	11.4%	13.7%	12.6%

FQ4 '21 key points

• Strong YoY volume performance in large plastic drums and Intermediate Bulk Containers (IBC)

• Ongoing inflation recovery through strategic pricing actions and contractual price adjustment mechanisms

• Little indication of customer stock building but some customers were challenged by raw material availability and supply chain disruptions

• FQ4 '21 results include a $3M Adj. EBITDA F/X tail wind

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

Note: A reconciliation of the differences between all non-GAAP financial measures used in this presentation with the most directly comparable GAAP financial measures is included in the appendix of this presentation.

December 8,

2021 P.5