DELAWARE, Ohio, April 28, 2026 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, today announced fiscal second quarter 2026 results.
On June 30, 2025, we entered into a definitive agreement to divest our containerboard business, including our CorrChoice sheet feeder system (the "Containerboard Business"), in an all-cash transaction for $1.8 billion to Packaging Corporation of America. The transaction closed as of August 31, 2025. As a result, the Containerboard Business was presented as discontinued operations beginning in the third quarter of 2025. Unless otherwise noted, the discussions and disclosure tables throughout this press release relate only to our continuing operations.
Effective October 1, 2025, our Integrated Solutions reportable segment was renamed Innovative Closure Solutions. Additionally, activities related to the purchase and sale of recycled fiber and the production and sale of adhesives used in paperboard products, which were previously reported within the Integrated Solutions reportable segment, are now reported within the Sustainable Fiber Solutions reportable segment. Likewise, activities related to production and sale of complimentary packaging products and services such as paints, linings and filling, that are used in or relate to our steel products and were previously reported within the Integrated Solutions reportable segment, are now reported within the Durable Metal Solutions reportable segment.
Fiscal Second Quarter 2026 Financial Highlights:
(all current period results are compared to the second quarter of 2025 and both periods reflect only continuing operations unless otherwise noted)
-- Net income(1) decreased 32.3% to $12.6 million or $0.22 per diluted Class
A share compared to net income of $18.6 million or $0.32 per diluted
Class A share.
-- Net income, excluding the impact of adjustments(2), increased 57.5% to
$62.7 million or $1.10 per diluted Class A share compared to net income,
excluding the impact of adjustments, of $39.8 million or $0.68 per
diluted Class A share.
-- Adjusted EBITDA(3) increased 7.5% to $156.8 million compared to Adjusted
EBITDA of $145.9 million.
-- Net cash provided by operating activities decreased by $5.8 million to a
source of $116.6 million. Adjusted free cash flow(4) increased by
$92.7 million to a source of $179.3 million. Adjusted free cash flow in
the prior year includes contribution from the Containerboard Business and
thus is not directly comparable to current year results.
-- Total debt of $1,005.9 million decreased by $1,769.3 million primarily
due to repayment of debt of approximately $1,864.0 million from the sales
of the Containerboard Business and the timberlands business. Net debt(5)
decreased by $1,802.7 million to $719.8 million. Our leverage ratio(6)
decreased to 1.1x from 3.3x.
Strategic Actions and Announcements
-- Achieved $75.0 million of run-rate cost optimization by the end of second
quarter of fiscal 2026, which increased from the $65.0 million reported
as of the end of the first quarter of fiscal 2026.
-- Completed previously announced $150.0 million share repurchase program on
April 15, 2026, repurchasing a final total of 1.8 million shares of Class
A and 0.4 million shares of Class B.
-- Refinanced long-term debt to 2031 through $500.0 million of Term Loans
and $800.0 million of available capacity on a revolving line of credit.
Debt secured at favorable rates given market volatility, with a
quarter-to-date weighted-average interest rate of 3.14%.
-- Completed 2026 Gallup Colleague Engagement Survey with over 98%
participation and an aggregate score of 91st percentile which is
world-class across manufacturing companies.
-- Issued 17th Annual Sustainability Report available for review at
https://www.greif.com/sustainability/. We encourage investors
to review this report, which includes key milestones achieved in 2025 as
well as an update on our progress towards our 2030 sustainability goals.
Commentary from CEO Ole Rosgaard
"Greif delivered a resilient second quarter in a continued soft industrial environment. Demand remains subdued, and our results reflect the reality of the markets we serve. That said, we executed well on the factors within our control.
Adjusted EBITDA increased 7.5% with margin expansion, and we generated strong adjusted free cash flow of $179 million reflecting disciplined operations and a structurally stronger cash generation profile.
We have also significantly strengthened our financial position. At 1.1x leverage, our balance sheet provides flexibility to invest in the business, return capital to shareholders, and navigate ongoing uncertainty from a position of strength.
Our strategy remains consistent. We are building for organic growth through operational execution, commercial discipline, and continuous improvement, while complementing that with targeted tuck-in M&A, where we will remain selective and focused on value.
We are not yet seeing a demand inflection, and geopolitical developments, including the ongoing conflict in the Middle East, continue to weigh on industrial activity. As a result, we are taking a more conservative outlook and managing the business accordingly, with a focus on cost control, cash generation, and disciplined execution.
The actions we have taken over the past year are strengthening Greif structurally. We are a more focused, more resilient, and more cash-generative company, better positioned to outperform through the cycle."
(1) Net income for the second quarter of 2026 includes
a special charitable contribution recorded in SG&A
expenses, which was allocated across the reporting
segments and excluded from Adjusted EBITDA as part
of other costs.
(2) Adjustments that are excluded from net income and
from earnings per diluted Class A share are acquisition
and integration related costs, restructuring and other
charges, non-cash asset impairment charges, non-cash
pension settlement charges, debt extinguishment charges,
(gain) loss on disposal of properties, plants and
equipment, net, (gain) loss on disposal of businesses,
net, and other costs.
(3) Adjusted EBITDA is defined as net income, plus interest
expense, net, plus non-cash pension settlement charges,
plus debt extinguishment charges, plus other (income)
expense, net, plus income tax (benefit) expense, plus
depreciation, depletion and amortization expense,
plus acquisition and integration related costs, plus
restructuring and other charges, plus non-cash asset
impairment charges, plus (gain) loss on disposal of
properties, plants and equipment, net, plus (gain)
loss on disposal of businesses, net, plus other costs.
(4) Adjusted free cash flow is defined as net cash provided
by operating activities, less cash paid for purchases
of properties, plants and equipment, plus cash paid
for acquisition and integration related costs, plus
cash paid for integration related Enterprise Resource
Planning (ERP) systems and equipment, plus cash paid
for taxes related to Containerboard Business divestment,
plus cash paid for taxes related to Soterra Assets
divestment, plus cash paid for other nonrecurring
costs. The cash flows from Containerboard Business
have not been segregated and are included within the
adjusted free cash flow for comparative period.
(5) Net debt is defined as total debt less cash and cash
equivalents.
(6) Leverage ratio for the periods indicated is defined
as adjusted net debt divided by trailing twelve month
EBITDA, each as calculated under the terms of the
Company's Third Amended and Restated Credit Agreement
dated as of February 27, 2026, filed separately as
Exhibit 10.1 to the Company's Current Report on Form
8-K on March 5, 2026 (the "2026 Credit Agreement").
As calculated under the 2026 Credit Agreement, adjusted
net debt was $667.6 million and $2,472.4 as of March
31, 2026 and April 30, 2025 respectively, and trailing
twelve month credit agreement EBITDA was $586.4 million
and $750.2 as of March 31, 2026 and April 30, 2025,
respectively.
Note: A reconciliation of the differences between all non-GAAP financial measures used in this release with the most directly comparable GAAP financial measures is included in the financial schedules that are a part of this release. These non-GAAP financial measures are intended to supplement, and should be read together with, our financial results. They should not be considered an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of this financial information should not place undue reliance on these non-GAAP financial measures.
Fiscal Second Quarter 2026 Segment Results:
(all current period results are compared to the second quarter of 2025 and both periods reflect only continuing operations unless otherwise noted)
Net sales are impacted mainly by the volume of products sold, selling prices and product mix, and the impact of changes in foreign currencies against the U.S. Dollar. The table below shows the percentage impact of each of these items on net sales for our primary products for the fiscal second quarter of 2026 as compared to the prior year quarter for the business segments indicated.
Customized Sustainable Innovative
Net Sales Polymer Durable Metal Fiber Closure
Impact Solutions Solutions Solutions Solutions
------------ --------------- ------------- -------------- ---------------
Currency
Translation 5.7% 7.8% 0.2% 7.5%
Volume 1.5% (5.9)% (10.0)% (2.4)%
Selling
Prices and
Product Mix (0.2)% 0.1% 1.6% 10.4%
---- ------- ---- ------ ----- ------ ---- --------
Total Impact 7.0% 2.0% (8.2)% 15.5%
---- -------- ---- ------ ----- ----- ---- --------
Customized Polymer Solutions
Net sales increased by $22.3 million to $344.8 million primarily due to $18.3 million of positive foreign currency translation impacts and higher volumes.
Gross profit decreased by $2.7 million to $74.1 million. The decrease in gross profit was primarily due to higher raw material costs and higher manufacturing costs, partially offset by the same factors that impacted net sales.
Operating profit decreased by $15.3 million to $2.5 million primarily due to higher SG&A expenses and the same factors that impacted gross profit, partially offset by lower compensation expenses related to cost optimizations.
Adjusted EBITDA increased by $2.4 million to $45.8 million primarily due to the same factors that impacted net sales and lower compensation expenses related to cost optimizations.
Durable Metal Solutions
Net sales increased by $7.5 million to $380.4 million primarily due to primarily due to $29.0 million positive foreign currency translation impacts, partially offset by $22.0 million attributable to lower volumes.
Gross profit increased by $5.5 million to $89.3 million. The increase in gross profit was primarily due to the same factors that impacted net sales.
Operating profit decreased by $2.1 million to $39.0 million primarily due to higher SG&A expenses, partially offset by the same factors that impacted gross profit and lower compensation expenses related to cost optimizations.
Adjusted EBITDA increased by $11.6 million to $61.6 million primarily due to the same factors that impacted gross profit and lower compensation expenses related to cost optimizations.
Sustainable Fiber Solutions
Net sales decreased by $38.9 million to $321.8 million primarily due to $35.2 million attributable to lower volumes, and impacts from the Soterra Divestiture.
Gross profit decreased by $6.8 million to $71.3 million. The decrease in gross profit was primarily due to the same factors that impacted net sales, partially offset by lower raw material, transportation and manufacturing costs.
Operating loss increased by $8.0 million to $10.2 million primarily due to higher SG&A expenses and the same factors that impacted gross profit, partially offset by lower compensation expenses related to cost optimizations.
Adjusted EBITDA decreased by $5.5 million to $40.8 million primarily due to the same factors that impacted gross profit, partially offset by lower compensation expenses related to cost optimizations.
Innovative Closure Solutions
Net sales increased by $3.5 million to $25.8 million primarily due to higher average selling prices and positive foreign currency translation impact, partially offset by lower volumes.
Gross profit increased by $2.5 million to $12.3 million. The increase in gross profit was primarily due to the same factors that impacted net sales.
Operating profit increased by $0.1 million to $4.1 million primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses.
Adjusted EBITDA increased by $2.4 million to $8.6 million primarily due to the same factors that impacted gross profit.
Tax Summary
During the second quarter, we recorded an income tax rate of 27.1 percent and a tax rate excluding the impact of adjustments of 25.5 percent. Income tax expense for interim periods is calculated using estimated annual effective tax rates applied to year to date earnings, which can result in quarter--to--quarter variability. For fiscal 2026, we expect our tax rate to range between 26.0 to 30.0 percent and our tax rate excluding adjustments to range between 28.0 to 32.0 percent.
Dividend Summary
On February 23, 2026, the Board of Directors declared quarterly cash dividends of $0.56 per share of Class A Common Stock and $0.84 per share of Class B Common Stock, resulting in a total dividend payment of approximately $31.9 million. Dividends were paid by April 1, 2026, to stockholders of record at the close of business on March 16, 2026.
Company Outlook
Our markets have now experienced a multi-year period of industrial contraction, and we have not identified any compelling demand inflection on the horizon. While we believe we are well positioned for an eventual recovery of the industrial economy, at this time we believe it is appropriate to continue to provide only low-end guidance based on the continuing demand trends reflected, both in the current year and in the past year, and current price/cost factors. As a result of current and anticipated consequences of the Middle East conflict, we have reduced our low-end annual Adjusted EBITDA guidance. Call-in details are provided below.
Fiscal 2026 Low-End Guidance Estimate Reported at
(in millions) Q2
Adjusted EBITDA $610
Adjusted free cash flow $315
Note: Our fiscal 2026 low-end guidance estimates of Adjusted EBITDA and Adjusted free cash flow and our estimated tax rate and tax rate excluding the impact of adjustments contain forward-looking statements and actual results may differ materially as a result of known and unknown uncertainties and risks, including those set forth below under the heading "Forward-Looking Statements." In addition, these forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliations to their most directly comparable GAAP financial measures, forecasted net income in the case of Adjusted EBITDA and forecasted net cash provided by operating activities in the case of Adjusted free cash flow, due to the inherent difficulty in projecting and quantifying the various adjusting items necessary for such reconciliations, such as gains or losses on the disposal of businesses or properties, plants and equipment, non-cash asset impairment charges due to unanticipated changes in the business, restructuring related activities, acquisition and integration related costs, debt extinguishment costs, stock-based compensation expense, amortization and depreciation expense, merger and acquisition activity, and other costs that have not yet occurred, are out of our control, or cannot be reasonably predicted. Accordingly, reconciliations of our guidance for Adjusted EBITDA and Adjusted free cash flow are not available without unreasonable effort.
Conference Call
The Company will host a conference call to discuss second quarter 2026 results on April 29, 2026, at 8:30 a.m. Eastern Time $(ET)$. Participants may access the call using the following online registration link: https://register-conf.media-server.com/register/BI6b3185f6af284f9db540033cb9fee2dd. Registrants will receive a confirmation email containing dial in details and a unique conference call code for entry. Phone lines will open at 8:00 a.m. ET on April 29, 2026. A digital replay of the conference call will be available two hours following the call on the Company's web site at http://investor.greif.com.
Investor Relations contact information
Bill D'Onofrio, Vice President, Corporate Development & Investor Relations, 614-499-7233. Bill.Donofrio@greif.com.
About Greif
Founded in 1877, Greif is a global leader in performance packaging located in 35 countries. The company delivers trusted, innovative, and tailored solutions that support some of the world's most demanding and fastest-growing industries. With a commitment to legendary customer service, operational excellence, and global sustainability, Greif packages life's essentials -- and creates lasting value for its colleagues, customers, and other stakeholders. Learn more about the company's Customized Polymer, Sustainable Fiber, Durable Metal, and Innovative Closure Solutions at www.greif.com and follow Greif on Instagram and LinkedIn.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "may," "will," "expect," "intend," "estimate," "anticipate," "aspiration," "objective," "project," "believe," "continue," "on track" or "target" or the negative thereof and similar expressions, among others, identify forward-looking statements. All forward-looking statements are based on assumptions, expectations and other information currently available to management. Although the Company believes that the expectations reflected in forward-looking statements have a reasonable basis, the Company can give no assurance that these expectations will prove to be correct. Such forward-looking statements are subject to certain risks and uncertainties that could cause the Company's actual results to differ materially from those forecasted, projected or anticipated, whether expressed or implied.
Such risks and uncertainties that might cause a difference include, but are not limited to, the following: (i) historically, our business has been sensitive to changes in general economic or business conditions, (ii) our global operations subject us to political risks, instability and currency exchange that have affected and could continue to adversely affect our results of operations, including the impacts of ongoing conflicts such as with Iran, (iii) the current and future challenging global economy and disruption and volatility of the financial and credit markets may adversely affect our business and our access to financing and could delay or otherwise disrupt our share repurchase plan, (iv) the continuing consolidation of our customer base and suppliers may intensify pricing pressure, (v) we operate in highly competitive industries, (vi) our business is sensitive to changes in industry demands and customer preferences, (vii) raw material delays, shortages, price fluctuations, global supply chain disruptions and high inflation may adversely impact our results of operations, (viii) energy and transportation price fluctuations and shortages may adversely impact our manufacturing operations and costs, (ix) we may encounter difficulties or liabilities arising from acquisitions or divestitures, (x) we may incur additional rationalization costs and product dispositions and there is no guarantee that our efforts to reduce costs will be successful, (xi) several operations are conducted by joint ventures that we cannot operate solely for our benefit, (xii) certain of the agreements that govern our joint ventures provide our partners with put or call options, (xiii) our ability to attract, develop and retain talented and qualified employees, managers and executives is critical to our success, (xiv) our business may be adversely impacted by work stoppages and other labor relations matters, (xv) we may be subject to losses that might not be covered in whole or in part by existing insurance reserves or insurance coverage and general insurance premium and deductible increases, (xvi) our business depends on the uninterrupted operations of our facilities, systems and business functions, including our information technology ("IT") and other business systems, (xvii) a cyber-attack, security breach of customer, employee, supplier or company information and data privacy risks and costs of compliance with new regulations may have a material adverse effect on our business, financial condition, results of operations and cash flows, (xviii) we have in the past been and in the future could be subject to changes in our tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, (xix) we have a significant amount of goodwill and long-lived assets which, if impaired in the future, would adversely impact our results of operations, (xx) changing climate, global climate change regulations and greenhouse gas effects may adversely affect our operations and financial performance, (xxi) we may be unable to achieve our greenhouse gas emission reduction target by 2030, (xxii) legislation/regulation related to environmental and health and safety matters could negatively impact our operations and financial performance, (xxiii) product liability claims and other legal proceedings could adversely affect our operations and financial performance, and (xxiv) we may incur fines or penalties, damage to our reputation or other adverse consequences if our employees, agents or business partners violate, or are alleged to have violated, anti-bribery, competition or other laws.
The risks described above are not all-inclusive, and given these and other possible risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. For a detailed discussion of the most significant risks and uncertainties that could cause our actual results to differ materially from those forecasted, projected or anticipated, see "Risk Factors" in Part I, Item 1A of our most recently filed Form 10-K and our other filings with the Securities and Exchange Commission.
All forward-looking statements made in this news release are expressly qualified in their entirety by reference to such risk factors. Except to the limited extent required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
UNAUDITED
Three months ended Six months ended March
March 31, 31,
-------------------- ----------------------
(in millions, except
per share amounts) 2026 2025 2026 2025
------- -------
Net sales $1,072.8 $1,078.4 $2,067.6 $2,095.1
Cost of products sold 825.8 829.9 1,618.0 1,647.2
------- ------- ------- -------
Gross profit 247.0 248.5 449.6 447.9
Selling, general and
administrative
expenses 191.7 159.9 337.8 320.1
Acquisition and
integration related
costs 1.4 1.3 2.1 4.1
Restructuring and other
charges 15.7 9.1 29.9 12.4
Non-cash asset
impairment charges 4.5 17.2 4.7 17.5
(Gain) loss on disposal
of properties, plants
and equipment, net (1.7) 0.1 (217.4) (2.3)
(Gain) loss on disposal
of businesses, net -- 0.2 0.5 1.3
------- ------- ------- -------
Operating profit 35.4 60.7 292.0 94.8
Interest expense, net 10.0 15.5 19.7 31.4
Non-cash pension
settlement charges 0.7 -- 1.6 --
Debt extinguishment
charges 2.5 -- 2.5 --
Other (income) expense,
net 0.4 0.2 4.8 1.1
------- ------- ------- -------
Income from
continuing
operations before
income tax (benefit)
expense and equity
earnings of
unconsolidated
affiliates, net 21.8 45.0 263.4 62.3
Income tax (benefit)
expense 5.9 20.0 64.8 26.8
Equity earnings of
unconsolidated
affiliates, net of tax (0.4) (0.1) (0.6) (0.9)
------- ------- ------- -------
Net income from
continuing
operations 16.3 25.1 199.2 36.4
Net income (loss) from
discontinued
operations, net of tax -- 21.3 (2.0) 36.7
------- ------- ------- -------
Net income 16.3 46.4 197.2 73.1
Net income attributable
to noncontrolling
interests (3.7) (6.5) (10.0) (11.2)
------- ------- ------- -------
Net income
attributable to
Greif, Inc. $ 12.6 $ 39.9 $ 187.2 $ 61.9
======= ======= ======= =======
Basic earnings per share attributable to Greif, Inc.
common shareholders:
Class A common stock
(continued operations)
- basic $ 0.22 $ 0.32 $ 3.31 $ 0.44
Class A common stock
(discontinued
operations) - basic $ -- $ 0.37 $ (0.03) $ 0.63
------- ------- ------- -------
Earnings per Class A
common stock -
basic $ 0.22 $ 0.69 $ 3.28 $ 1.07
------- ------- ------- -------
Class B common stock
(continued operations)
- basic $ 0.33 $ 0.48 $ 4.95 $ 0.65
Class B common stock
(discontinued
operations) - basic $ -- $ 0.55 $ (0.05) $ 0.95
------- ------- ------- -------
Earnings per Class B
common stock -
basic $ 0.33 $ 1.03 $ 4.90 $ 1.60
------- ------- ------- -------
Diluted earnings per share attributable to Greif,
Inc. common shareholders:
Class A common stock
(continued operations)
- diluted $ 0.22 $ 0.32 $ 3.27 $ 0.44
Class A common stock
(discontinued
operations) - diluted $ -- $ 0.37 $ (0.03) $ 0.63
------- ------- ------- -------
Earnings per Class A
common stock -
diluted $ 0.22 $ 0.69 $ 3.24 $ 1.07
------- ------- ------- -------
Class B common stock
(continued operations)
- diluted $ 0.33 $ 0.48 $ 4.95 $ 0.65
Class B common stock
(discontinued
operations) - diluted $ -- $ 0.55 $ (0.05) $ 0.95
------- ------- ------- -------
Earnings per Class B
common stock -
diluted $ 0.33 $ 1.03 $ 4.90 $ 1.60
------- ------- ------- -------
Shares used to calculate basic earnings per share
attributable to Greif, Inc. common shareholders:
Class A common stock 24.7 26.1 25.2 26
Class B common stock 21.5 21.3 21.4 21.3
Shares used to calculate diluted earnings per share
attributable to Greif, Inc. common shareholders:
Class A common stock 24.7 26.1 25.6 26.0
Class B common stock 21.5 21.3 21.4 21.3
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
(in millions) March 31, 2026 September 30, 2025
----------------------------- ---------------- ----------------------
ASSETS
Current assets
Cash and cash equivalents $ 286.1 $ 256.7
Trade accounts receivable 707.1 655.3
Inventories 340.0 336.8
Current assets held for
sale 18.4 21.8
Other current assets 212.2 159.8
------------ --- ---------------
1,563.8 1,430.4
Long-term assets
Goodwill 1,693.2 1,696.5
Intangible assets 794.0 840.9
Operating lease
right-of-use assets 173.8 186.5
Noncurrent assets held for
sale -- 233.5
Other long-term assets 243.8 243.8
------------ --- ---------------
2,904.8 3,201.2
------------ --- ---------------
Properties, plants and
equipment 1,128.0 1,135.2
------------ --- ---------------
$ 5,596.6 $ 5,766.8
============ === ===============
LIABILITIES AND EQUITY
Current liabilities
Accounts payable $ 500.9 $ 429.6
Short-term borrowings 292.2 287.7
Current portion of
long-term debt 12.5 --
Current portion of
operating lease
liabilities 40.3 43.9
Current liabilities held
for sale -- 2.1
Other current liabilities 380.2 366.3
------------ --- ---------------
1,226.1 1,129.6
Long-term liabilities
Long-term debt 701.2 914.8
Operating lease liabilities 134.4 143.9
Other long-term liabilities 461.0 533.8
------------ --- ---------------
1,296.6 1,592.5
Redeemable noncontrolling
interests 92.7 92.3
Equity
---------------- --------------------
Total Greif, Inc. equity 2,942.2 2,914.9
------------ --- ---------------
Noncontrolling interests 39.0 37.5
------------ --- ---------------
Total equity 2,981.2 2,952.4
------------ --- ---------------
$ 5,596.6 $ 5,766.8
============ === ===============
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS*
UNAUDITED
Three months ended Six months ended
March 31, March 31,
------------------- -------------------
(in millions) 2026 2025 2026 2025
----- -----
CASH FLOWS FROM
OPERATING
ACTIVITIES:
Net income $ 16.3 $ 46.4 $ 197.2 $ 73.1
Depreciation,
depletion and
amortization 57.2 66.4 117.5 133.9
Asset
impairments 4.5 17.2 4.7 17.5
Pension
settlement
charges 0.7 -- 1.6 --
Deferred income
tax expense
(benefit) (0.9) (0.6) (50.8) (86.1)
Gain on disposal
of businesses,
net -- 0.2 3.1 1.3
Gain (loss) on
disposals of
properties,
plants and
equipment, net (1.7) 0.1 (217.4) (2.3)
Other non-cash
adjustments to
net income 55.5 14.3 67.0 25.7
Debt
extinguishment
charges 0.7 -- 0.7 --
Operating
working capital
changes 20.1 (30.6) 33.7 (23.4)
Increase
(decrease) in
cash from
changes in
other assets
and
liabilities (35.8) 9.0 (65.1) (0.7)
----- ----- ------ -----
Net cash
provided by
(used in)
operating
activities 116.6 122.4 92.2 139.0
----- ----- ------ -----
CASH FLOWS FROM
INVESTING
ACTIVITIES:
Acquisitions of
companies, net
of cash
acquired (5.3) -- (5.3) (1.2)
Purchases of
properties,
plants and
equipment (56.8) (38.6) (89.8) (81.3)
Proceeds from
the sale of
properties,
plant and
equipment and
businesses 2.5 2.4 463.4 5.5
Payments for
deferred
purchase price
of
acquisitions -- -- (0.6) (1.2)
Proceeds from
hedging
derivatives -- -- -- 22.5
Other (0.3) (0.7) (0.3) (3.6)
----- ----- ------ -----
Net cash
provided by
(used in)
investing
activities (59.9) (36.9) 367.4 (59.3)
----- ----- ------ -----
CASH FLOWS FROM
FINANCING
ACTIVITIES:
Proceeds
(payments) on
long-term debt,
net 64.3 (17.8) (195.6) 33.1
Dividends paid
to Greif, Inc.
shareholders (31.8) (31.2) (64.3) (62.4)
Payments for
debt
extinguishment
and issuance
costs (2.8) -- (2.8) --
Payments for
share
repurchases (19.1) -- (147.2) --
Tax withholding
payments for
stock-based
awards (9.8) (7.4) (9.8) (7.4)
Other (1.4) (4.6) (10.6) (18.0)
----- ----- ------ -----
Net cash
provided by
(used in)
financing
activities (0.6) (61.0) (430.3) (54.7)
Effects of
exchange rates
on cash (13.5) 34.0 0.1 1.9
----- ----- ------ -----
Net increase
(decrease) in
cash and cash
equivalents 42.6 58.5 29.4 26.9
Cash and cash
equivalents,
beginning of
period 243.5 184.8 256.7 216.4
----- ----- ------ -----
Cash and cash
equivalents,
end of period $286.1 $243.3 $ 286.1 $243.3
===== ===== ====== =====
(*Cash flows from Containerboard Business are included
in the comparative period)
GREIF, INC. AND SUBSIDIARY COMPANIES
FINANCIAL HIGHLIGHTS BY SEGMENT
UNAUDITED
Three months ended Six months ended
March 31, March 31,
-------------------- ---------------------
(in millions) 2026 2025 2026 2025
------- -------
Net sales:
Customized
Polymer
Solutions $ 344.8 $ 322.5 $ 649.9 $ 616.9
Durable Metal
Solutions 380.4 372.9 735.2 728.8
Sustainable
Fiber
Solutions 321.8 360.7 633.7 704.7
Innovative
Closure
Solutions((7)
() 25.8 22.3 48.8 44.7
------- ------- ------- -------
Total net
sales $1,072.8 $1,078.4 $2,067.6 $2,095.1
======= ======= ======= =======
Gross profit:
Customized
Polymer
Solutions $ 74.1 $ 76.8 $ 131.9 $ 135.4
Durable Metal
Solutions 89.3 83.8 160.0 152.8
Sustainable
Fiber
Solutions 71.3 78.1 136.5 142.4
Innovative
Closure
Solutions 12.3 9.8 21.2 17.3
------- ------- ------- -------
Total gross
profit $ 247.0 $ 248.5 $ 449.6 $ 447.9
======= ======= ======= =======
Operating profit:
Customized
Polymer
Solutions $ 2.5 $ 17.8 $ 5.0 $ 18.9
Durable Metal
Solutions 39.0 41.1 71.9 71.6
Sustainable
Fiber
Solutions (10.2) (2.2) 208.3 (1.1)
Innovative
Closure
Solutions 4.1 4.0 6.8 5.4
------- ------- ------- -------
Total
operating
profit $ 35.4 $ 60.7 $ 292.0 $ 94.8
======= ======= ======= =======
Adjusted
EBITDA((8) () :
Customized
Polymer
Solutions $ 45.8 $ 43.4 $ 81.3 $ 71.9
Durable Metal
Solutions 61.6 50.0 107.4 86.8
Sustainable
Fiber
Solutions 40.8 46.3 77.4 75.8
Innovative
Closure
Solutions 8.6 6.2 13.2 10.2
------- ------- ------- -------
Total
Adjusted
EBITDA $ 156.8 $ 145.9 $ 279.3 $ 244.7
======= ======= ======= =======
(7) The Innovative Closure Solutions reportable segment's
total sales, including intersegment sales, was $45.4
million and $38.6 million for the second quarter of
2026 and 2025, respectively. Gross profit margin as
a percentage of total sales was 27.1 percent and 25.4
percent for the second quarter of 2026 and 2025, respectively.
(8) Adjusted EBITDA is defined as net income, plus
interest expense, net, plus other (income) expense,
net, plus non-cash pension settlement charges, plus
debt extinguishment charges, plus income tax (benefit)
expense, plus depreciation, depletion and amortization
expense, plus acquisition and integration related
costs, plus restructuring and other charges, plus
non-cash asset impairment charges, plus (gain) loss
on disposal of properties, plants and equipment, net,
plus (gain) loss on disposal of businesses, net, plus
other costs.
GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
SEGMENT ADJUSTED EBITDA((9) ()
UNAUDITED
Three months ended March 31, 2026
------------------------------------------------------------------------------
Customized Sustainable Innovative
Polymer Durable Metal Fiber Closure
(in millions) Solutions Solutions Solutions Solutions Consolidated
------------------ ------------ ------------- --------------- -------------- ----------------
Operating profit
(loss) 2.5 39.0 (10.2) 4.1 35.4
Less: Equity
earnings of
unconsolidated
affiliates, net
of tax -- -- -- (0.4) (0.4)
Plus:
Depreciation
and
amortization
expense 25.0 7.6 23.3 1.3 57.2
Plus:
Acquisition and
integration
related costs 0.7 -- -- 0.7 1.4
Plus:
Restructuring
and other
charges 3.9 4.6 7.1 0.1 15.7
Plus: Non-cash
asset
impairment
charges -- -- 4.5 -- 4.5
Plus: (Gain)
loss on
disposal of
properties,
plants and
equipment, net 0.4 (2.4) 0.3 -- (1.7)
Plus: Other
costs* 13.3 12.8 15.8 2.0 43.9
--- ------- ---- --- ------ --- ---- ---- ------ ----
Adjusted EBITDA $ 45.8 $ 61.6 $ 40.8 $ 8.6 $ 156.8
Three months ended March 31, 2025
Customized Sustainable Innovative
Polymer Durable Metal Fiber Closure
(in millions) Solutions Solutions Solutions Solutions Consolidated
------------------ ------------ ------------- --------------- -------------- ----------------
Operating profit
(loss) 17.8 41.1 (2.2) 4.0 60.7
Less: Equity
earnings of
unconsolidated
affiliates, net
of tax -- -- -- (0.1) (0.1)
Plus:
Depreciation,
depletion and
amortization
expense 22.9 7.0 25.7 1.5 57.1
Plus:
Acquisition and
integration
related costs 1.3 -- -- -- 1.3
Plus:
Restructuring
and other
charges 0.6 0.7 7.6 0.2 9.1
Plus: Non-cash
asset
impairment
charges 0.7 2.1 14.0 0.4 17.2
Plus: (Gain)
loss on
disposal of
properties,
plants and
equipment, net 0.1 (1.1) 1.1 -- 0.1
Plus: (Gain)
loss on
disposal of
businesses,
net -- 0.2 -- -- 0.2
Plus: Other
costs* -- -- 0.1 -- 0.1
--- ------- ---- --- ------ --- ---- ---- ------ ----
Adjusted EBITDA $ 43.4 $ 50.0 $ 46.3 $ 6.2 $ 145.9
(*includes fiscal year-end change costs, share-based
compensation impact of disposals of businesses and
special charitable contribution expenses)
Six months ended March 31, 2026
--------------------------------------------------------------------------
Customized Durable Sustainable
Polymer Metal Fiber Integrated
(in millions) Solutions Solutions Solutions Solutions Consolidated
------------------ ------------ ----------- --------------- -------------- --------------
Operating profit 5.0 71.9 208.3 6.8 292.0
Less: Equity
earnings of
unconsolidated
affiliates, net
of tax -- -- -- (0.6) (0.6)
Plus:
Depreciation
and
amortization
expense 52.9 15.2 46.7 2.7 117.5
Plus:
Acquisition and
integration
related costs 1.4 -- -- 0.7 2.1
Plus:
Restructuring
and other
charges 6.2 8.4 15.1 0.2 29.9
Plus: Non-cash
asset
impairment
charges -- -- 4.7 -- 4.7
Plus: (Gain)
loss on
disposal of
properties,
plants and
equipment, net 0.4 (2.5) (215.3) -- (217.4)
Plus: (Gain)
loss on
disposal of
businesses,
net 0.5 -- -- -- 0.5
Plus: Other
costs* 14.9 14.4 17.9 2.2 49.4
--- ------- ----- --- ------ --- ----- --- -------- ----
Adjusted EBITDA $ 81.3 $107.4 $ 77.4 $ 13.2 279.3
Six months ended March 31, 2025
--------------------------------------------------------------------------
Customized Durable Sustainable
Polymer Metal Fiber Integrated
(in millions) Solutions Solutions Solutions Solutions Consolidated
------------------ ------------ ----------- --------------- -------------- --------------
Operating profit
(loss) 18.9 71.6 (1.1) 5.4 94.8
Less: Equity
earnings of
unconsolidated
affiliates, net
of tax -- -- -- (0.9) (0.9)
Plus:
Depreciation,
depletion and
amortization
expense 45.9 14.2 52.3 3.2 115.6
Plus:
Acquisition and
integration
related costs 4.1 -- -- -- 4.1
Plus:
Restructuring
and other
charges 1.7 1.4 9.0 0.3 12.4
Plus: Non-cash
asset
impairment
charges 1.0 2.1 14.0 0.4 17.5
Plus: (Gain)
loss on
disposal of
properties,
plants and
equipment, net 0.2 (3.9) 1.4 -- (2.3)
Plus: (Gain)
loss on
disposal of
businesses,
net -- 1.3 -- -- 1.3
Plus: Other
costs* 0.1 0.1 0.2 -- 0.4
--- ------- ----- --- ------ --- ----- --- -------- ----
Adjusted EBITDA $ 71.9 $ 86.8 $ 75.8 $ 10.2 244.7
(*includes fiscal year-end change costs, share-based
compensation impact of disposals of businesses and
special charitable contribution expenses)
(9)Adjusted EBITDA is defined as net income, plus
interest expense, net, plus non-cash pension settlement
charges, plus debt extinguishment charges, plus other
(income) expense, net, plus income tax (benefit) expense,
plus depreciation, depletion and amortization expense,
plus acquisition and integration related costs, plus
restructuring and other charges, plus non-cash asset
impairment charges, plus (gain) loss on disposal of
properties, plants and equipment, net, plus (gain)
loss on disposal of businesses, net, plus other costs.
However, because the Company does not calculate net
income by segment, this table calculates Adjusted
EBITDA by segment with reference to operating profit
by segment, which, as demonstrated in the table of
consolidated Adjusted EBITDA, is another method to
achieve the same result.
GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
CONSOLIDATED ADJUSTED EBITDA
UNAUDITED
Three months ended Six months ended
March 31, March 31,
------------------- -------------------
(in millions) 2026 2025 2026 2025
----- -----
Net income $ 16.3 $ 25.1 $ 199.2 $ 36.4
Plus: Interest
expense, net 10.0 15.5 19.7 31.4
Plus: Non-cash
pension
settlement
charges 0.7 -- 1.6 --
Plus: Debt
extinguishment
charges 2.5 -- 2.5 --
Plus: Other
(income)
expense, net 0.4 0.2 4.8 1.1
Plus: Income tax
(benefit)
expense 5.9 20.0 64.8 26.8
Plus: Equity
earnings of
unconsolidated
affiliates, net
of tax (0.4) (0.1) (0.6) (0.9)
----- ----- ------ -----
Operating profit $ 35.4 $ 60.7 $ 292.0 $ 94.8
Less: Equity
earnings of
unconsolidated
affiliates, net
of tax (0.4) (0.1) (0.6) (0.9)
Plus:
Depreciation,
depletion and
amortization
expense 57.2 57.1 117.5 115.6
Plus:
Acquisition and
integration
related costs 1.4 1.3 2.1 4.1
Plus:
Restructuring
and other
charges 15.7 9.1 29.9 12.4
Plus: Non-cash
asset
impairment
charges 4.5 17.2 4.7 17.5
Plus: (Gain)
loss on
disposal of
properties,
plants and
equipment, net (1.7) 0.1 (217.4) (2.3)
Plus: (Gain)
loss on
disposal of
businesses,
net -- 0.2 0.5 1.3
Plus: Other
costs* 43.9 0.1 49.4 0.4
----- ----- ------ -----
Adjusted EBITDA $156.8 $145.9 $ 279.3 $244.7
(*includes fiscal year-end change costs, share-based
compensation impact of disposals of businesses and
special charitable contribution expenses)
GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
ADJUSTED FREE CASH FLOW((10) ()
UNAUDITED
Three months ended Six months ended
March 31, March 31,
------------------
(in millions) 2026 2025 2026 2025
----- ----- -----
Net cash provided
by (used in)
operating
activities $116.6 $122.4 $ 92.2 $139.0
Cash paid for
purchases of
properties,
plants and
equipment (56.8) (38.6) (89.8) (81.3)
----- ----- ----- -----
Free cash flow $ 59.8 $ 83.8 $ 2.4 $ 57.7
Cash paid for
acquisition and
integration
related costs 1.4 1.2 2.1 2.9
Cash paid for
integration
related ERP
systems and
equipment(1(1)
() 3.7 1.5 5.7 2.5
Cash paid for
taxes related
to
Containerboard
Business
divestment -- -- 13.7 --
Cash paid for
taxes related
to Soterra
Assets
divestment 100.0 -- 100.0 --
Cash paid for
other
nonrecurring
costs(1(2) () 14.4 0.1 14.4 0.1
----- ----- ----- -----
Adjusted free cash
flow $179.3 $ 86.6 $138.3 $ 63.2
===== ===== ===== =====
(10) Adjusted free cash flow is defined as net cash
provided by operating activities, less cash paid for
purchases of properties, plants and equipment, plus
cash paid for acquisition and integration related
costs, plus cash paid for integration related ERP
systems and equipment, plus cash paid for taxes related
to Containerboard Business divestment, plus cash paid
for taxes related to Soterra Assets divestment, plus
cash paid for other nonrecurring costs. The cash flows
from Containerboard Business are included within adjusted
free cash flow for the comparative period.
(11) Cash paid for integration related ERP systems
and equipment is defined as cash paid for ERP systems
and equipment required to bring the acquired facilities
to Greif's standards.
(12) Cash paid for other nonrecurring costs is defined
as cash paid for fiscal year-end change costs, cost
optimization and debt issuance costs.
GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
NET INCOME, CLASS A EARNINGS PER SHARE AND TAX RATE
EXCLUDING ADJUSTMENTS
UNAUDITED
Income before
Income Tax
(Benefit) Expense Net Income
and Equity (Loss) Diluted
(in millions, Earnings of Income Tax Attributable Class A
except for per Unconsolidated (Benefit) Equity Non-Controlling to Greif, Earnings Per
share amounts) Affiliates, net Expense Earnings Interest Inc. Share Tax Rate
----------------- ------------------ ------------ ------------ ----------------- -------------- ------------ --------
Three months ended
March 31, 2026 $ 21.8 $ 5.9 $ (0.4) $ 3.7 $ 12.6 $ 0.22 27.1%
Acquisition and
integration
related costs 1.4 0.4 -- -- 1.0 0.02
Restructuring
and other
charges 15.7 3.8 -- 0.2 11.7 0.21
Non-cash asset
impairment
charges 4.5 1.1 -- -- 3.4 0.06
(Gain) loss on
disposal of
properties,
plants and
equipment, net (1.7) (0.3) -- -- (1.4) (0.02)
Non-cash pension
settlement
charges 0.7 0.2 -- -- 0.5 0.01
Debt
extinguishment
charges 2.5 0.6 -- -- 1.9 0.03
Other costs* 43.9 10.9 -- -- 33.0 0.57
------ ------ ----- ---- ---- ------ --------- ------ ----- ----- ----
Excluding
adjustments $ 88.8 $ 22.6 $ (0.4) $ 3.9 $ 62.7 $ 1.10 25.5%
====== ====== ===== ==== ==== ====== ========= ====== ===== ===== ==== ====
Three months ended
March 31, 2025 $ 45.0 $ 20.0 $ (0.1) $ 6.5 $ 18.6 $ 0.32 44.4%
Acquisition and
integration
related costs 1.3 0.3 -- -- 1.0 0.02
Restructuring
and other
charges 9.1 2.2 -- -- 6.9 0.12
Non-cash asset
impairment
charges 17.2 4.2 -- -- 13.0 0.22
(Gain) loss on
disposal of
properties,
plants and
equipment, net 0.1 0.1 -- -- -- --
(Gain) loss on
disposal of
businesses,
net 0.2 -- -- -- 0.2 --
Other costs* 0.1 -- -- -- 0.1 --
------ ------ ----- ---- ---- ------ --------- ------ ----- ----- ----
Excluding
adjustments $ 73.0 $ 26.8 $ (0.1) $ 6.5 $ 39.8 $ 0.68 36.7%
====== ====== ===== ==== ==== ====== ========= ====== ===== ===== ==== ====
Six months ended
March 31, 2026 $ 263.4 $ 64.8 $ (0.6) $ 10.0 $ 189.2 $ 3.27 24.6%
Acquisition and
integration
related costs 2.1 0.5 -- -- 1.6 0.03
Restructuring
and other
charges 29.9 7.2 -- 0.2 22.5 0.38
Non-cash asset
impairment
charges 4.7 1.2 -- -- 3.5 0.06
(Gain) loss on
disposal of
properties,
plants and
equipment, net (217.4) (49.4) -- -- (168.0) (2.88)
(Gain) loss on
disposal of
businesses,
net 0.5 0.2 -- -- 0.3 0.01
Non-cash pension
settlement
charges 1.6 0.4 -- -- 1.2 0.02
Debt
extinguishment
charges 2.5 0.6 -- -- 1.9 0.03
Other costs* 49.4 12.2 -- -- 37.2 0.64
------ ------ ----- ---- ---- ------ --------- ------ ----- ----- ----
Excluding
adjustments $ 136.7 $ 37.7 $ (0.6) $ 10.2 $ 89.4 $ 1.56 27.6%
====== ====== ===== ==== ==== ====== ========= ====== ===== ===== ==== ====
Six months ended
March 31, 2025 $ 62.3 $ 26.8 $ (0.9) $ 11.2 $ 25.2 $ 0.44 43.0%
Acquisition and
integration
related costs 4.1 1.0 -- -- 3.1 0.05
Restructuring
and other
charges 12.4 3.0 -- -- 9.4 0.16
Non-cash asset
impairment
charges 17.5 4.3 -- -- 13.2 0.23
(Gain) loss on
disposal of
properties,
plants and
equipment, net (2.3) (0.5) -- -- (1.8) (0.02)
(Gain) loss on
disposal of
businesses,
net 1.3 0.3 -- -- 1.0 0.02
Other costs* 0.4 0.1 -- -- 0.3 --
------ ------ ----- ---- ---- ------ --------- ------ ----- ----- ----
Excluding
adjustments $ 95.7 $ 35.0 $ (0.9) $ 11.2 $ 50.4 $ 0.88 36.6%
====== ====== ===== ==== ==== ====== ========= ====== ===== ===== ==== ====
(*includes fiscal year-end change costs, share-based
compensation impact of disposals of businesses and
special charitable contribution expenses)
The income--tax effects of the non--GAAP reconciling adjustments are calculated using the applicable statutory tax rate for each relevant jurisdiction and may include both current and deferred components, determined in a manner consistent with the nature of each adjustment. Non--GAAP reconciling adjustments are presented on a gross (pre--tax) basis, and the related income--tax effects of those adjustments are disclosed separately from other tax items (e.g., discrete tax benefits or expenses). When a tax item could be viewed as both a discrete tax item and related to a non--GAAP reconciling adjustment, the Company classifies the item in a single category for the period and does not double--count the impact.
GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
NET DEBT
UNAUDITED
(in millions) March 31, 2026 April 30, 2025
-------------------------- ---------------- ------------------
Total debt $ 1,005.9 $ 2,775.2
Cash and cash equivalents (286.1) (252.7)
----------- -----------
Net debt $ 719.8 $ 2,522.5
GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
LEVERAGE RATIO
UNAUDITED
Trailing twelve
month Credit
Agreement EBITDA Trailing Twelve Months Trailing Twelve Months
(in millions) Ended 3/31/2026 Ended 4/30/2025(1(3) ()
------------------ ------------------------ ---------------------------
Net income $ 1,013.1 $ 238.1
Plus: Interest
expense, net 83.5 153.1
Plus: Non-cash
pension
settlement
charge 1.6 --
Plus: Debt
extinguishment
charges 2.5 --
Plus: Other
(income)
expense 11.7 1.6
Plus: Income tax
(benefit)
expense 467.7 86.0
Plus: Equity
earnings of
unconsolidated
affiliates, net
of tax 0.6 (2.7)
---- ------------- --- ------ ------------ ----
Operating profit $ 1,580.7 $ 476.1
Less: Equity
earnings of
unconsolidated
affiliates, net
of tax 0.6 (2.7)
Plus:
Depreciation,
depletion and
amortization
expense 243.7 268.0
Plus:
Acquisition and
integration
related costs 6.2 8.6
Plus:
Restructuring
and other
charges 82.8 23.8
Plus: Non-cash
asset
impairment
charges 25.4 25.3
Plus: (Gain)
loss on
disposal of
properties,
plants and
equipment, net (224.6) (6.9)
Plus: (Gain)
loss on
disposal of
businesses,
net (1,092.9) (44.6)
Plus: Other
costs* 78.7 3.7
---- ------------- --- ------ ------------ -----
Adjusted EBITDA $ 699.4 $ 756.7
Credit Agreement
adjustments to
EBITDA(1(4) () (113.0) (6.5)
---- ------------- ------ ------------ ----
Credit Agreement
EBITDA $ 586.4 $ 750.2
Adjusted net debt For the Period Ended For the Period Ended
(in millions) 3/31/2026 4/30/2025
------------------ ------------------------ ---------------------------
Total debt $ 1,005.9 $ 2,775.2
Cash and cash
equivalents (286.1) (252.7)
---- ------------- ------ ------------ ----
Net debt $ 719.8 $ 2,522.5
Credit Agreement
adjustments to
debt(1(5) () (52.2) (50.1)
---- ------------- ------ ------------ ----
Adjusted net debt $ 667.6 $ 2,472.4
Leverage ratio(1(6)
() 1.1x 3.3x
(*includes fiscal year-end change costs, share-based
compensation impact of disposals of businesses and
special charitable contribution expenses)
(13) Represents trailing twelve months amounts as
filed in the prior year quarter ended April 30, 2025.
(14) Adjustments to EBITDA are specified by the 2026
Credit Agreement and include certain equity earnings
of unconsolidated affiliates, net of tax, certain
acquisition savings, deferred financing costs, capitalized
interest, income and expense in connection with asset
dispositions, and other items.
(15) Adjustments to net debt are specified by the
2026 Credit Agreement and include the European accounts
receivable program, letters of credit, and balances
for swap contracts and other items.
(16) Leverage ratio is defined as Credit Agreement
adjusted net debt divided by Credit Agreement adjusted
EBITDA.
(END) Dow Jones Newswires
April 28, 2026 16:01 ET (20:01 GMT)
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