On August 5, 2025, the Company entered into a definitive agreement to sell its Soterra land management business, including approximately 173,000 acres of timberland (the “Soterra Business”). The carrying value of $231.4 million was classified as held for sale as of September 30, 2025. The transaction closed on October 1, 2025 for a purchase price of approximately $462.0 million, subject to certain adjustments. The net cash proceeds from the sale of the Soterra Business were used for debt repayment. The Soterra Business was reported under the Company’s Sustainable Fiber Solutions segment through the end of fiscal 2025. The Soterra Business divestiture does not qualify as discontinued operations because it does not represent a strategic shift that has had a major impact on the Company’s operations or financial results, nor does it meet the qualitative considerations that would otherwise require separate discontinued operations presentation.

Effective as of August 31, 2025, the Company completed the Containerboard Divestiture for a purchase price of $1,804.7 million. The Company incurred transaction costs of $23.4 million to complete this divestment. The net cash proceeds from the sale of the Containerboard Business have been used for debt repayment. The Containerboard Business was previously reported under the Company’s Sustainable Fiber Solutions segment. The Containerboard Divestiture qualifies as discontinued operations because it represents a strategic shift that will have a major impact on the Company’s operations and financial results.

In accordance with ASC 205-20, Allocation of Interest to Discontinued Operations, the Company elected to allocate interest expense to discontinued operations for the Company’s debt that is not directly attributable to the Containerboard business. Interest expense was allocated based on a ratio of debt repayment expected from sale proceeds to total debt.


	11 Months		12 Months
	September 30,		October 31,
Year Ended (in millions, except per share amounts)	2025		2024
Net sales	$	975.7	$	1,093.2
Cost of products sold	770.9		921.5
Gross profit	204.8		171.7
Selling, general and administrative expenses	37.7		44.6





(Gain) loss on disposal of businesses, net	(1,096.8)		0.3
Operating profit	1,263.9		126.8
Interest expense, net	67.8		88.9



Income from discontinued operations before income tax expense and equity earnings of unconsolidated affiliates, net	1,196.1		37.9
Income tax expense	371.2		5.0

Net income from discontinued operations	824.9		32.9

Net income from discontinued operations attributable to Greif, Inc.	$	824.9	$	32.9

For net sales and costs of products sold, which had previously been eliminated in consolidation related to intercompany sales of recycled fiber to the Containerboard Business, $23.3 million and $34.6 million for the year ended September 30, 2025 (11-month), and October 31, 2024 are now reflected on a gross basis as a component of net sales and costs of sales from continuing operations for all periods presented, as the Company expects these sales to continue.


(in millions)	October 31, 2024
ASSETS

Trade accounts receivable, net of allowance	$	108.2
Inventories	71.4





Other current assets	19.7
Total current assets from discontinued operations	199.3
Goodwill	298.2
Other intangible assets, net of amortization	4.4


Operating lease right-of-use assets	65.7

Other long-term assets	0.9
Total long-term assets from discontinued operations	369.2

Land	16.7
Buildings	108.6
Machinery and equipment	646.5
Capital projects in progress	17.8
	789.6
Accumulated depreciation	(520.5)
Total properties, plants and equipment, net from discontinued operations	269.1
Total assets from discontinued operations classified as held for sale	$	837.6
LIABILITIES
Accounts payable	$	63.3
Accrued payroll and employee benefits	15.1



Current portion of operating lease liabilities	9.6

Other current liabilities	13.0
Total current liabilities from discontinued operations	101.0

Operating lease liabilities	55.8




Contingent liabilities and environmental reserves	2.6

Other long-term liabilities	1.4
Total long-term liabilities from discontinued operations	59.8
Total liabilities from discontinued operations classified as held for sale	$	160.8

During the third quarter of 2024, the Company completed its divestiture of a U.S. business in the Global Industrial Packaging segment, Delta Petroleum Company, Inc. (the “Delta Divestiture”), for net cash proceeds of $91.2 million. The Delta Divestiture did not qualify as discontinued operations because it did not represent a strategic shift that has had a major impact

on the Company’s operations or financial results, nor does it meet the qualitative considerations that would otherwise require separate discontinued operations presentation. The Delta Divestiture resulted in a $46.1 million gain on sale of business, including goodwill allocated to the sale of $26.1 million.

The Company acquired Ipackchem Group SAS (“Ipackchem”) on March 26, 2024 (the “Ipackchem Acquisition”). Ipackchem is a global market leader in the production of high-performance plastic packaging, including premium barrier and non-barrier jerrycans and other small plastic containers. The total purchase price for this acquisition was $582.1 million. The Company incurred transaction costs of $8.9 million to complete this acquisition.


(in millions)	Amounts Recognized as of the Acquisition Date		Measurement Period Adjustments		Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred
Cash consideration	$	582.1	$	—	$	582.1

Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	$	14.5	$	—	$	14.5
Accounts receivable	50.9		—		50.9
Inventories	36.7		—		36.7
Other current assets	4.9		(0.6)		4.3
Intangibles	231.7		1.4		233.1
Operating lease right-of-use assets	15.1		2.4		17.5
Finance lease right-of-use assets	8.2		2.2		10.4
Other long-term assets	1.0		—		1.0
Properties, plants and equipment	91.5		(2.9)		88.6
Total assets acquired	454.5		2.5		457.0

Accounts payable	(17.2)		—		(17.2)

Short-term borrowings	(26.2)		—		(26.2)
Other current liabilities	(13.2)		0.1		(13.1)

Operating lease liabilities	(14.2)		(3.3)		(17.5)
Finance lease liabilities	(10.0)		(0.5)		(10.5)
Long-term deferred tax liability	(62.1)		(1.5)		(63.6)
Other long-term liabilities	(5.3)		(2.5)		(7.8)
Total liabilities assumed	(148.2)		(7.7)		(155.9)
Total identifiable net assets	$	306.3	(5.2)		301.1
Goodwill	$	275.8	$	5.2	$	281.0

The Company recognized goodwill related to this acquisition of $281.0 million. The goodwill recognized in this acquisition was attributable to the acquired assembled workforce, expected synergies and economies of scale, none of which qualify for recognition as a separate intangible asset. Ipackchem is reported within the Customized Polymer Solutions segment to which the goodwill was assigned. The goodwill is not deductible for tax purposes.

The cost approach was used to determine the fair value for land, building, improvements and equipment. The cost approach measures the value by estimating the cost to acquire, or construct, comparable assets and adjusts for age and condition. The Company assigned to land use rights, building and improvements a useful life ranging from 1 year to 21 years and equipment a useful life ranging from 1 year to 10 years. Acquired property, plant and equipment are being depreciated over their estimated remaining useful lives on a straight-line basis.

The fair value for acquired customer relationship intangibles was determined as of the acquisition date based on estimates and judgments regarding expectations for the future after-tax cash flows arising from the revenue from customer relationships that existed on the acquisition date over their estimated lives, including the probability of expected future contract renewals and revenue, less a contributory assets charge, all of which is discounted to present value. The fair value for acquired developed technology was determined as of the acquisition date based on estimates and judgments regarding expectations for the future after-tax cash flows arising from the revenue from developed technology that existed on the acquisition date over their estimated lives. The fair values of the trademark intangible assets were determined utilizing the relief from royalty method, which is a form of the income approach. Under this method, a royalty rate based on observed market royalties is applied to projected revenue supporting the trademarks and discounted to present value using an appropriate discount rate.

Acquired intangible assets are being amortized over the estimated useful lives on a straight-line basis. The following table summarizes the final purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired as of the acquisition date:

The following unaudited supplemental pro forma data presents consolidated information as if the Ipackchem Acquisition had been completed on November 1, 2022. These amounts were calculated after adjusting Ipackchem’s results to reflect interest expense incurred on the debt to finance the acquisition, additional depreciation and amortization that would have been charged assuming the fair value of property, plant and equipment and intangible assets had been applied from November 1, 2022, the adjusted income tax expense, and related transaction costs.


	Twelve Months Ended October 31,
(in millions, except per share amounts)	2024		2023
Pro forma net sales	$	4,443.8	$	4,396.2
Pro forma net income from continuing operations attributable to Greif, Inc.	256.1		276.0
Basic earnings per share from continuing operations attributable to Greif, Inc. common shareholders:
Class A common stock	$	4.44	$	4.78
Class B common stock	$	6.65	$	7.16
Diluted earnings per share from continuing operations attributable to Greif, Inc. common shareholders:
Class A common stock	$	4.42	$	4.73
Class B common stock	$	6.65	$	7.16

The pro forma data should not be considered indicative of the results that would have occurred if the acquisition and related financing had been consummated on the assumed completion dates, nor are they indicative of future results.