EARNINGS PER SHARE

11 Months Ended

Sep. 30, 2025

The Company has two classes of common stock and, as such, applies the “two-class method” of computing earnings per share (“EPS”) as prescribed in ASC 260, “Earnings Per Share.” In accordance with this guidance, earnings are allocated in the same fashion as dividends would be distributed. Under the Company’s certificate of incorporation, any distribution of dividends in any year must be made in proportion of one cent a share for Class A Common Stock to one and one-half cents a share for Class B Common Stock, which results in a 40% to 60% split to Class A and B shareholders, respectively. In accordance with this, earnings are allocated first to Class A and Class B Common Stock to the extent that dividends are actually paid, and the remainder is allocated assuming all of the earnings for the period have been distributed in the form of dividends.

The Company calculates EPS as follows:

Basic Class A EPS

40% * Average Class A Shares Outstanding

Undistributed Net Income

Class A Dividends Per Share

40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding

Average Class A Shares Outstanding

Diluted Class A EPS

40% * Average Class A Shares Outstanding

Undistributed Net Income

Class A Dividends Per Share

40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding

Average Diluted Class A Shares Outstanding

Basic Class B EPS

60% * Average Class B Shares Outstanding

Undistributed Net Income

Class B Dividends Per Share

40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding

Average Class B Shares Outstanding

* Diluted Class B EPS calculation is identical to Basic Class B calculation

The following table provides EPS information for each period, respectively:


	11 Months		12 Months		12 Months
	September 30,		October 31,		October 31,
Year Ended (in millions, except per share data)	2025		2024		2023
Numerator
Numerator for basic and diluted EPS
Net income from continuing operations attributable to Greif, Inc.	$	15.1	$	235.9	$	280.6
Net income from discontinued operations attributable to Greif, Inc.	824.9		32.9		78.6
Net income attributable to Greif, Inc.	840.0		268.8		359.2
Dividends declared	(126.4)		(121.0)		(116.5)
Undistributed net income attributable to Greif, Inc.	$	713.6	$	147.8	$	242.7
Denominator
Denominator for basic EPS –
Class A common stock	26.1		25.8		25.6
Class B common stock	21.3		21.3		21.5
Denominator for diluted EPS –
Class A common stock	26.3		26.0		26.0
Class B common stock	21.3		21.3		21.5
EPS Basic
Class A common stock (continued operations) - basic	$	0.27	$	4.09	$	4.86
Class A common stock (discontinued operations) - basic	$	14.20	$	0.57	$	1.36
Earnings per Class A common stock - basic	$	14.47	$	4.66	$	6.22
Class B common stock (continued operations) - basic	$	0.38	$	6.13	$	7.28
Class B common stock (discontinued operations) - basic	$	21.31	$	0.85	$	2.04
Earnings per Class B common stock - basic	$	21.69	$	6.98	$	9.32
EPS Diluted
Class A common stock (continued operations) - diluted	$	0.28	$	4.08	$	4.81
Class A common stock (discontinued operations) - diluted	$	14.06	$	0.56	$	1.34
Earnings per Class A common stock - diluted	$	14.34	$	4.64	$	6.15
Class B common stock (continued operations) - diluted	$	0.38	$	6.13	$	7.28
Class B common stock (discontinued operations) - diluted	$	21.31	$	0.85	$	2.04
Earnings per Class B common stock - diluted	$	21.69	$	6.98	$	9.32

The Class A Common Stock has no voting rights unless four quarterly cumulative dividends upon the Class A Common Stock are in arrears. The Class B Common Stock has full voting rights. There is no cumulative voting for the election of directors.

Common Stock Repurchases

The Board of Directors has authorized the Company to repurchase shares of the Company’s Class A Common Stock or Class B Common Stock or any combination of the foregoing. As of September 30, 2025, the remaining number of shares that may be repurchased under this authorization were 2,504,836. There were no shares repurchased during 2025 (11-month).

On November 11, 2025, the Company entered into agreements to execute an open market repurchase plan for approximately $150.0 million utilizing this available authorization beginning in the first quarter of fiscal 2026.

The following table summarizes the Company’s Class A and Class B common and treasury shares at the specified dates:


	Authorized Shares	Issued Shares	Outstanding Shares	Treasury Shares
September 30, 2025:
Class A common stock	128,000,000	42,281,920	26,169,944	16,111,976
Class B common stock	69,120,000	34,560,000	21,331,127	13,228,873
October 31, 2024:
Class A common stock	128,000,000	42,281,920	25,850,270	16,431,650
Class B common stock	69,120,000	34,560,000	21,331,127	13,228,873

The following is a reconciliation of the shares used to calculate basic and diluted earnings per share:


	11 Months	12 Months	12 Months
	September 30,	October 31,	October 31,
Year Ended	2025	2024	2023
Class A Common Stock:
Basic shares	26,076,015	25,751,386	25,592,928
Assumed conversion of stock options and unvested shares	268,937	226,015	406,303
Diluted shares	26,344,952	25,977,401	25,999,231
Class B Common Stock:
Basic and diluted shares	21,331,127	21,331,127	21,472,531