Greif : Baird 2023 Industrial Conference Presentation

Ole Rosgaard

President and

Chief Executive Officer

Larry Hilsheimer

Executive Vice President and

Chief Financial Officer

Matt Leahy

Vice President Investor Relations

and Corporate Development

Greif Inc. Overview

Baird Industrials Conference - Chicago, IL

November 2023

Safe Harbor

November 2023	P.2

Greif: Over 145 years of packaging excellence

$5.4b

Sales1

Adjusted EBITDA1	Adjusted Free Cash Flow1
& Margin	& Conversion
$838.3m	15.5%	$579.5m	69.1%

245+ facilities
	13,000+
35+ countries

(1) Trailing twelve months ended Q3 2023. A summary of all adjustments that are included in Adjusted EBITDA and Adjusted Free Cash Flow are set forth in the appendix of this presentation.

November 2023

P.3

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

November 2023	P.4

Fiscal year 2023 guidance update

Reaffirming Fiscal Year 2023 Guidance of Adj. EBITDA Range of $790m - $820m1

• Performance in-line with expectations for the fiscal fourth quarter in both Paper Packaging & Services (PPS) and Global Industrial Packaging (GIP)
• GIP volumes remained soft in all regions and most end markets during the quarter, with no positive volume inflections through October; the GIP business also faced a less favorable price / cost dynamic in Q4 as falling steel costs and the continued volume softness pressured margins
• PPS business experienced continued converting and mill volume weakness, both down mid-single digits year-over-year through the fourth quarter despite improved containerboard volumes in October, in addition to sequentially lower published RISI pricing and rising OCC costs
• Greif to provide formal 2024 Guidance in December as part of Q4 earnings release & conference call

Greif will report fiscal fourth quarter 2023 financial results after the market closes on Wednesday, December 6, 2023. A conference call will be held on Thursday, December 7, 2023, at 8:30 a.m. ET.

1. Fiscal 2023 Adjusted EBITDA guidance on a GAAP basis is not provided in this presentation due to the potential for one or more of the following, the timing and magnitude of which we are unable to reliably forecast: restructuring-related activities; integration related costs; non-cash pension settlement charges; non-cash asset impairment charges due to unanticipated changes in the business; gains or losses on the disposal of businesses or properties, plants and equipment, net. No reconciliation of the fiscal 2023 Adjusted EBITDA guidance, a non-GAAP financial measure which excludes restructuring charges, integration costs, non-cash asset impairment charges, non-cash pension settlement charges, (gain) loss on the disposal of properties, plants, equipment and businesses, net, is included in this presentation 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 efforts.

November 2023	P.5

Planned IPACKCHEM Acquisition1 - Business Overview

Business Description

• IPACKCHEM is a manufacturer of premium HDPE and PET-based blow- molded jerrycans, bottles and other packaging solutions and containers
• Specializes in solutions for the Agriculture, Specialty Chemicals, Flavors & Fragrances, and Pharmaceutical & Medical Diagnostics
• Utilizes unique and proprietary Advanced In-Mold Fluorination (AIMF) in addition to Coextrusion (Coex) capabilities for barrier protection products
• 13 manufacturing facilities across 8 countries, including France, United Kingdom, United States, Brazil, South Africa, Hungary, India, and China
• Founded in 1987 and headquartered in Paris, France

Key Facts2

~$235m

FY23 Sales

~65%

Free Cash Flow Conversion

~$57m

Run-Rate EBITDA before Synergies

~24%

EBITDA Margin before Synergies

Geographic Footprint

Sales and Volume Mix Summary3

= Location

13

# of Facilities

Sales by End Market

7% 5%

28%

60%

Agriculture		Spec Chemicals
Flavors & Fragrances			Pharma & Medical

Agriculture Key Demand Drivers

• Supports production of food and feed, in addition to biofuels, textiles and industrial inputs
• Secular growth market supported by population growth, increasing food consumption, commercial farming growth in emerging markets

Other Segment Key Demand Drivers

• Flavors & Fragrances - increasing usage of personal care products & SKU proliferation in flavorings
• Pharmaceutical & Medical Diagnostics - demand for drug innovation and improved clinical efficacy & sterile applications
• Specialty Chemicals - polymer adoption across multiple recession resilient end segments and growing water treatment applications

Note: all financials translated based on 1.05/1.00 EUR to USD exchange rate as of October 18, 2023
1)	Planned acquisition of IPACKCHEM is expected to close by the end of the second quarter of Greif's 2024 fiscal year, subject to prior completion of the information-
consultation processes under French law and closing conditions, including regulatory clearances	November 2023	P.6
2)	Based on IPACKCHEM trailing twelve months ended September 30, 2023
3)	Based on IPACKCHEM fiscal year ended June 30, 2023

Greif as a global leader in specialty jerrycans

Growing our business through acquisition to provide the most comprehensive suite of products offerings globally in high-performance small plastics

31

Small Plastic Facilities

18

Countries

Legend

Greif

Lee Container

Reliance

IPACKCHEM

November 2023	P.7

Appendix - Non-GAAP Reconciliations

November 2023	P.8