EARNINGS PER SHARE

6 Months Ended

Mar. 31, 2026

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:


	Three Months Ended March 31,				Six Months Ended March 31,
(in millions)	2026		2025		2026		2025
Numerator for basic and diluted EPS
Net income from continuing operations attributable to Greif, Inc.	$	12.6	$	18.6	$	189.2	$	25.2
Net income (loss) from discontinued operations attributable to Greif, Inc.	—		21.3		(2.0)		36.7
Net income attributable to Greif, Inc.	12.6		39.9		187.2		61.9
Dividends declared	(31.9)		(31.4)		(63.6)		(62.4)
Undistributed earnings attributable to Greif, Inc.	$	(19.3)	$	8.5	$	123.6	$	(0.5)

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

In 2017, the Board of Directors authorized the Company to repurchase up to 4,000,000 shares of the Company’s Class A Common Stock or Class B Common Stock, or any combination of the foregoing (the “2017 Authorization”).

In the first quarter of 2026, the Company entered into two agreements for open market repurchases. One agreement provides for the repurchase of shares of Class A Common Stock up to an aggregate amount not to exceed $120.0 million in total repurchases, and the other agreement provides for the repurchase of shares of Class B Common Stock up to an aggregate amount not to exceed $30.0 million in total repurchases.

For the six months ended March 31, 2026, 1,813,600 shares of Class A Common Stock and 339,729 of Class B Common Stock have been repurchased under the 2017 Authorization. As of March 31, 2026, the remaining number of shares that could be repurchased under the 2017 Authorization was 351,507 shares.

Subsequent to the quarter, during April 2026, the Company purchased $2.8 million of shares of Class B Common Stock, or 31,720 shares, which completed the two open market repurchase agreements.

On December 9, 2025, the Board of Directors authorized the Company to repurchase shares of Class A Common Stock or Class B Common Stock, or any combination of the foregoing, up to an aggregate amount not to exceed $300.0 million in total purchases (the “2025 Authorization”). Repurchases of shares of Class A Common Stock or Class B Common Stock under the

2025 Authorization will not begin until after the completion of the repurchase of shares of Class A Common Stock or Class B Common Stock, as the case may be, under the 2017 Authorization.

The following table summarizes the shares of the Company’s Class A and Class B Common Stock as of the specified dates:


	Authorized Shares	Issued Shares	Outstanding Shares	Treasury Shares
March 31, 2026
Class A Common Stock	128,000,000	42,281,920	24,776,629	17,505,291
Class B Common Stock	69,120,000	34,560,000	21,391,398	13,168,602

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

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


	Three Months Ended March 31,		Six Months Ended March 31,
	2026	2025	2026	2025
Class A Common Stock:
Basic shares	24,723,479	26,078,625	25,211,171	25,964,448
Assumed conversion of restricted shares	—	—	406,281	—
Diluted shares	24,723,479	26,078,625	25,617,452	25,964,448
Class B Common Stock:
Basic and diluted shares	21,485,063	21,331,127	21,400,064	21,331,127