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- **EBITDA Growth**: 24% YoY to $165 million, margin +260bps, driven by cost optimization and price/mix.
- **Share Buybacks**: $130M completed; $300M new authorization for 2% annual reduction.
- **Cost Savings**: $65M run-rate, targeting $80-90M by year-end.
- **Volume Outlook**: Q2 small plastics improving; 2026 guidance for flat to low-single-digit volumes.
- **Fiber Margin**: OCC headwinds to ease post-second half; free cash flow guidance reaffirmed at $315M.

**【CEO Summary Section】**
- Q1 2026 EBITDA increased 24% to $165 million, with margin improving 260 basis points to 12.3%, driven by cost optimization and price/mix gains.
- $130 million of $150 million share repurchase completed; new $300 million buyback authorization approved, targeting 2% annual share reduction.
- Run-rate cost optimization at $65 million, on track to achieve $80-90 million by year-end.
- Volumes down 5% due to industrial softness, but Q2 small plastics volumes improving sequentially.
- Capital allocation focused on organic growth, with $130 million in free cash flow and leverage at 1.2x.

**【CFO Financial Commentary】**
- Adjusted EBITDA up 4% YoY, with free cash flow guidance reaffirmed at $315 million (50% conversion ratio).
- Gross profit in Customized Polymers impacted by volume mix, but Durable Metals and Fiber margins expanded due to cost control.
- OCC prices expected flat in first half, with fiber margin headwinds to anniversary in second half.
- Share buyback cadence: $20 million remaining in Q1 program, with $300 million authorization to be executed in 2026+.

**【Q&A Key Highlights】**
- **Volumes & Housing**: Q1 volume decline due to industrial softness, but Q2 small plastics improving. Housing recovery could benefit chemicals, but no current impact.
- **OCC & Fiber**: OCC prices flat in first half; fiber margin headwinds to ease post-second half OCC pass-through.
- **SIOC Technology**: 3 new machines deployed in 2026, with first unit in France performing well; long-term growth driver.
- **Capital Allocation**: Preference for organic growth (e.g., Africa, India) over M&A, with disciplined buyback execution.

Greif, Inc. (GEF) Q1 2026 Earnings Call Transcript

- **Strategic Restructuring Complete**: $462M containerboard sale cuts debt to <1x, with 2026 free cash flow guidance $315M (50% conversion). 
- **Cost Optimization Accelerating**: 2026 savings target $120M+ via headcount reduction (8% roles), AI, and operational restructuring. 
- **Closures Segment Growth**: 30%+ margins, 8%+ organic growth target. 
- **Leverage & Buybacks**: <1x leverage, $150M buyback, and 2% annual repurchase plan. 
- **Key Risks**: Metals/Fiber volume softness, chemicals sector cyclicality, and U.S. Recycling Board (URB) downtime.

**【CEO Summary Section】**
- **Strategic Restructuring**: Sold containerboard business for $462M, reducing debt to <1x leverage. Relocated adhesives and recycled fiber into Fiber Solutions segment, renaming Integrated Solutions to Innovative Closure Solutions (ICS).
- **Cost Optimization**: Achieved $50M+ annualized savings through headcount reduction (8% of roles), AI-driven efficiency, and operational restructuring. Expanded 2026 cost savings target to $120M+.
- **Segment Performance**: 
  - Polymers: Small containers (+agrochemicals focus) offset IBC softness. Closures segment grew 30%+ margins.
  - Metals: 6.6% vol decline, managed for cash. Fiber: 7.7% vol decline due to U.S. Recycling Board (URB) downtime.
- **Free Cash Flow**: 50% conversion rate ($315M in 2026). $150M share buyback announced, with plans for 2% annual repurchases.

**【CFO Financial Commentary】**
- **Q4 Results**: Adjusted EBITDA $99M (+7.4% YoY). Free cash flow $102M (24.3% YoY growth). 
- **2026 Guidance**: Low-end EBITDA $630M (flat to -1% vs 2025). Free cash flow $315M. 
- **Key Drivers**: 
  - SG&A savings: $45M (vs $39M cost opt). 
  - Price/cost: $12M benefits in polymers. 
  - FX: $7M tailwind. 
- **Capital Allocation**: $155M CapEx, $40M restructuring, $50M working capital. 

**【Q&A Highlights】**
- **Cost Optimization**: 2026 savings could exceed $120M if ground-up initiatives accelerate. 
- **M&A Strategy**: Tuck-in acquisitions in polymers and closures. IonKraft barrier tech investment. 
- **Segment Outlook**: 
  - Closures: 8%+ organic growth target. 
  - Polymers: Small containers resilience vs IBC cyclicality. 
  - Metals/Fiber: Vol downside risks, but margin discipline intact. 
- **Balance Sheet**: <1x leverage, no plans for >2x. 
- **Customer Trends**: NPS 72 reflects loyalty, but demand recovery uncertain. Chemicals sector capacity rationalization possible.

Greif, Inc. (GEF) Q4 2025 Earnings Call Transcript

- **$1.75B Divestiture Proceeds**: Containerboard and timberland sales reduce leverage to 1.2x, enabling capital deployment for growth.
- **Cost Optimization Success**: $20M run-rate savings (vs. $15-25M target) and 40% efficiency gain at Welcome plant highlight operational excellence.
- **Resilient Cash Flow**: Q3 free cash flow of $171M (400% YoY) and raised 2025 EBITDA guidance to $730M reflect strong execution.
- **Strategic Focus**: Emphasis on high-margin Polymers (Food & Bev, Pharma) and disciplined Metals pricing drive margin expansion.
- **2027 Vision**: On track for $1B EBITDA with $25M+ cost savings and M&A pipeline targeting 18%+ EBITDA margin businesses.

**【CEO Opening Remarks】**
- Announced the planned divestment of the containerboard business, expected to close by end-August, and timberland divestment in October, generating $1.75 billion in net cash proceeds.
- Highlighted $20 million in run-rate cost savings (vs. $15-25 million target), with $15 million from SG&A and $5 million from network optimization (e.g., Merced, CA closure).
- Showcased operational efficiency gains, such as a 40% improvement in line efficiency at the Welcome, NC tube and core plant, as an example of 'aggregation of marginal gains.'
- Emphasized portfolio focus on high-margin, resilient markets (e.g., Agrochemicals, Pharma, Food & Bev) and value-over-volume strategy in Metals.

**【CFO Financial Review】**
- Q3 2025 Results (excluding containerboard):
  - Adjusted EBITDA: $244 million (up $4 million YoY)
  - Free Cash Flow: $171 million (400% YoY increase)
  - Polymers: +150bps gross margin driven by cost improvements
  - Metals: +100bps gross margin due to value-over-volume discipline
  - Fiber: +360bps gross margin from price/cost dynamics
- Raised 11-month EBITDA guidance to $730 million (midpoint) and free cash flow to $310 million, citing SG&A savings and lower CapEx.

**【Q&A Highlights】**
- **Capital Allocation**: Prioritized dividend growth, debt paydown (targeting 1.2x leverage), and high-return organic projects (e.g., caps & closures). $120 million annual interest savings expected from divestiture proceeds.
- **M&A Strategy**: Seeking 18%+ EBITDA margin, 50%+ free cash flow businesses in target end markets (Food & Bev, Pharma). Pipeline includes tuck-ins and larger deals, with no immediate transformative acquisitions.
- **Operating Environment**: Metals demand remains soft (North America -10%, EMEA -5%), but Polymers growth (small containers +10%) offset IBC declines. Tariffs (<$10M impact) and macro uncertainty unlikely to materially affect results.
- **2026 Outlook**: Expects $730 million EBITDA (11-month) minus $168 million containerboard contribution, annualized to ~$600 million. Cost optimization ($25 million+ in 2026) and organic growth to drive 2027 $1 billion EBITDA target.

Greif, Inc. (GEF) Q3 2025 Earnings Conference Call Transcript

- **Revenue Growth & Margin Expansion**: Q2 EBITDA up 44% YoY to $214 million, margin +300bps to 15.4%, driven by polymer and fiber strength.
- **Cost Optimization Success**: $10 million run-rate savings toward $15-25 million annual target, with $10 million annual benefit from mill closures.
- **Guidance Uptick**: Full-year EBITDA raised to $725 million, reflecting price/cost improvements and disciplined cost management.
- **Sustainability & Culture**: 3rd consecutive 'Top 100 Workplaces' recognition, 94% colleague engagement, and 16th straight sustainability report.
- **Tariff Resilience**: Minimal direct impact, but indirect effects via macroeconomic factors offset by strong backlog visibility.

**【CEO Opening Remarks】**
- Reported Q2 progress under the 'Build to Last' strategy, including $10 million in run-rate cost savings toward a $15-25 million annual target.
- Highlighted strong performance in Polymer Solutions (1.5% YoY growth in target end markets like agrochemicals and pharma) and Fiber Solutions (13.3% EBITDA margin vs. 8.5% prior year).
- Emphasized sustainability leadership, with 3rd consecutive 'Top 100 Most Loved Workplaces' recognition and 94% colleague engagement rate.
- Announced closure of L.A. paperboard mill to streamline operations and improve long-term fiber performance.

**【CFO Financial Commentary】**
- Q2 2025 results: Adjusted EBITDA of $214 million (+44% YoY), margin up 300bps to 15.4%, free cash flow of $110 million, and EPS of $1.19.
- Raised full-year guidance: EBITDA to $725 million (from $710M) and free cash flow to $280 million, driven by price/cost improvements in fiber and polymer segments.
- Polymer Solutions EBITDA up $19 million YoY, Fiber Solutions up $30 million, offset by $5 million Metals decline due to industrial softness.
- Soterra divestiture proceeds to reduce debt, with $100 million cost optimization program on track.

**【Q&A Highlights】**
- **Tariffs & Demand**: Minimal direct impact on volumes, but indirect effects via higher interest rates and weaker housing/auto markets. Backlogs in fiber at 2-year highs suggest resilience.
- **SG&A Management**: Targeting <10% of revenue long-term, with current elevation due to incentives, Ipackchem integration, and FX effects.
- **URB Pricing**: Seeking $50-70/ton increase to normalize fiber margins near 20%, with $10 million annual benefit from mill closures.
- **Volume Risk**: Guidance includes bearish volume assumptions, but improving price/cost dynamics offset downside.
- **Metal Strategy**: Focused on operating leverage in Metals, with value-over-volume pricing maintaining margins despite volume decline.

Greif, Inc. (GEF) Q2 2025 Earnings Call Transcript

- **2027 EBITDA Target**: $1 billion commitment reinforced with $100M cost optimization and volume recovery.
- **Q1 2025 Financials**: EBITDA up 5% to $145M, guided to $710M low-end (+$35M) with price-cost tailwinds.
- **Strategic Resilience**: Tariff mitigation, SG&A peak in 2025, and timberland sale to deleverage.
- **Market Outlook**: EMEA resilience, North America bearish, cautious optimism on industrial recovery.

**【CEO Summary Section】**
- Announced 2027 financial commitments: $1 billion EBITDA and $500 million free cash flow, driven by $100 million cost optimization and volume recovery.
- Highlighted strategic resilience against tariffs, with embedded supply chain flexibility and strong supplier partnerships.
- Reported Q1 2025 trends: Polymers up 2.7% (EMEA IBC demand), Integrated Solutions with low double-digit growth, Fiber volumes stable, Metals impacted by industrial softness.
- Regional performance: EMEA most resilient, North America bearish.

**【CFO Financial Commentary】**
- Q1 2025 Adjusted EBITDA: $145 million (vs. $138 million prior year), Adjusted EPS: $0.39 (down due to tax benefit non-recurrence).
- Raised 2025 low-end EBITDA guidance to $710 million (+$35 million) due to $27 million price-cost spread, $8 million transport savings, and $3 million cost optimization benefits.
- Free cash flow guidance increased to $245 million, with $20 million from working capital improvements.
- Noted $3 million EBITDA headwind from mill closures, offset by $8 million 2027 run-rate savings.

**【Q&A Key Points】**
- Fiber segment: Gross profit up, but EBITDA impacted by SG&A allocation to high-margin products.
- SG&A costs: Peak of realignment curve ($11 million YoY increase), expected to decline post-2025.
- Timberland sale: Proceeds to reduce debt; not linked to polymer growth strategy.
- Market trends: No volume inflection, cautious optimism on PMI recovery.
- Competitive landscape: Focus on value over volume, maintaining market share through quality differentiation.

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