GEF - Earnings call transcript Q1 2025

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Operator

Good day, and thank you for standing by. Welcome to the Greif First Quarter 2025 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Bill D’'Onofrio of Investor Relations and Corporate Development. Please go ahead.

Bill D’Onofrio

day, good and you, everyone. Thank First Welcome Earnings Call. XXXX to Greif's Conference Quarter

XXXX our announcement as then discuss Chief call within Ole our our Investor will update the new provide today, guidance. Executive recap overview strategic recent initiatives. on will an and During overview of an reporting additional our Day well Officer, segments. of a markets Officer, announced He optimization provide Rosgaard, key an before Financial Hilsheimer, current Afterward, quarter Larry results financial first as providing of our our Chief an will

basis. Slide accordance material questions discussing because Please X. turn please consider are Disclosure, we Regulation nonpublic ask information to topics important you In individual with with from Fair you prohibited regarding an on

forward-looking from those During plans, future will involving to related call, expectations discussed. materially Actual beliefs we results differ events. make statements could and today's

be will of directly we the most measures financial the found Additionally, the to be metrics certain reconciliation referencing can presentation. in GAAP and comparable non-GAAP that today's appendix

I'll on Slide now X. to Ole over the presentation turn

Ole Rosgaard

Thank everyone. pleased many so meet our I last you you, at hello, to of Investor was Day and Bill, December.

reminder, at financial of million we billion announced that our commitments $XXX new free EBITDA XXXX and flow. event, $X cash a As

the XXXX. of simple rate to $X as which Notably, billion XXXX impact over Our pricing items, bridge of of paper December is First, run positive in million beyond. and discrete very index known $XXX will EBITDA impact

which touch effort $XXX Second, Investor moment. begins optimization just the industrial And economy announced finally, in cost we recover. by are will volume will once million recovery, model as on business our which, discussed at a a enhanced accelerated Day, I to undertaking, be we

in in and these we a meeting out. X laid have confident levers, We exceeding the or commitments are high we conviction

our million $XXX how our model, return Day, optimization free to advantages capital on this invested Investor deep At through grow flow EBITDA and continuously allocation X. growth Greif essential new and target capitalizing earning industries business business with leveraging through Business to solutions we Slide our maximize plus lead demonstrated we are capital to with turn well improving our conversion. we and our packaging how We in and Please positioned towards combined competitive margin cost XX% plus program. XX% on of our cash X.X Systems responsible drive profitability long-term and designed the

can provide some growth, economics industrial the regardless we again, on and of results financial current volume macroeconomic XXXX, negative While we demonstrated near-term produce uncertainty in XXXX in solid that cycle.

of of I'd timely our Today, topic a strength context making the business headlines: to highlight like in the Tariffs.

channels supply our to local. know, you As are generally local

Additionally, global thanks business to view effectively into to key volatility. flexibility any we material our seamlessly to disruptions supply adaptability by partners as we critical swiftly strong fostering chain suppliers Greif, and model, our and partnerships, collaborative navigate our without embedded have impacts. At allowing us respond we restructured and

and supplier Our of team has P&L we tariff scale, changes, customer service operational impact scenarios legendary while relationships potential developed assessments chain delivering any ensure robust tariff our across sustainable, agility supply a plan exposure. profitable mitigate thorough action and to growth. effectively Regardless conducted global a driving continue multiple

of the on savings also Larry savings, Please primarily $XX of million two benefit provide basis I'm guidance. year. the will results fiscal by end and year to have the our this full to holiday run this million in on basis of million remainder turn identified pleased to run commitment year, SG&A These already only touch million XXXX. by way, and are X. $XX the Day you announced At we least savings which XXXX $X with rate in ago, Investor Today, fully which by a impact Larry run at to identified million months update season reaffirm of will achieve Slide the at on a least will of $XX expectation $XX to to between, end of an rate that incremental our related rate our

referenced is You within million That release. have our we our may achieved incremental announced to $X related $XX closures. press noticed also mill recently million

closure full we that However, include may still that in to the want not did yet timing offset XXXX are assessing in as benefit our run rate year we which of costs, and Larry so good the while for in accelerated a near-term continue favor making for bias moment. on touch that short progress expect also will term. planning We a to growth. action

continue the will to As realize full provide $XXX our updates. we million, to with road you we refine map

discuss long-term greater Let's us X new strategy. provided growth deployment visualize the and capital now our expands fits XXXX, also organizational piece back of portfolio our of step our opportunity our executed work growth resulting and each in we including Slide into realignment how the enterprise how turn our The SBUs the to X beyond to to to another translates decision. recent Greif, into core and that This meeting objectives. focuses on is aspirational what in SBUs

with us better we business, the new on suited has this long also Soterra, ownership. that it our while become is history such, a As have landholding clear to

such, for and As and entire service our our execution of mindsets. proceeds thank reduce world-class their their sincerely the intention colleagues for debt. years we Soterra dedicated sell announcing timber acres of to used portfolio approximately We today are the to XXX

committed during are We to fully business this and the period. transitionary supporting colleagues our

process. We on this will provide when updates available

XXXX, to to trends. see demand to In discuss product quarter Let's our and current of changing quarter trends X in every first now turn we continue Slide region.

soft in continue volume Polymers are up containers and business. by driven ag linings small and and slightly next [indiscernible] agnostic words, experiencing Fiber by recent up grades in months, basis. XX operating industrial the paper be to Metals lubricant legacy reminder particularly the other paints, that X.X% with with line and exposure was and saw the IBC low to continue to double-digit both the with key on growth. acquisitions. A demand in economy and rates in adhesives, EMEA. closures volumes presented product are food to of chemicals sectors, high due In the as markets. our was these volume we impacted However, petrochemicals the in industry. the both bulk products solutions with solution likewise of figures groups, investing same-store our a outperform Integrated past most strongest growth

to may industrial some earnings of our extended from above As seen It February, you [ see slightly suffer this have was earlier XX%. January in key those continue DMI this reports ] to customers bumps contraction. encouraging customers'

feel still we the However, in underlying those sectors is uncertain. demand

of the relationships and in customers, focus important our needs these appreciate important to cyclical for continuing our growing their flavors by and segments. agrochemical greatly nature we frequencies, it's us pharma, on with balance While out food

opposed are shifting view to on regional know we a a regional basis a solutions business our helpful Although as basis, is to our I towards discussing investors.

demonstrate of so monitoring, trend And started resilience, demand Lat APAC. continues followed highest we North America, downwards, to sentiment but outlier some most slightly to level remains the the to I continues by Am which will EMEA the brief are clear where comments. offer has bearish. something is be

first I to will Slide discuss our X. quarter turn on With results things to over Larry that,

Lawrence Hilsheimer

Thank you, Ole.

touch Officer, Kellermann, assess Fitchburg, close. At about on analysis quadrant as the URB the Massachusetts. long-term on Flex goals, announced our ] short term, closure comments Ole's capacity continued the Hostel, of URB Georgia our Day, EBITDA of Kim taking of briefly first our Investor of towards our AX actions support core, the facilities. be two fiscal to closures the Chief machine action operations. excellent we to like I'd machine on containerboard and prior as tons January, and earnings capacity quadrant necessary In well by to strategic million achieve to at Despite our in this in our day, continued costs talked XXX,XXX by The work planned containerboard either into and our end grow two plants transform due an In or level as the $X onetime shifting late lower colleagues or reduce our by to paperboard tons headwind invest another closure up strategic announcement. of tons. fix protect versus the facilities [ the not Operations timing will to did other Following will XX,XXX 'XX and our and in guidance the these mill divest fell

this of by expect positive our million redeployed being tons mill XXXX those closure of efficiency to $X be into network. EBITDA increased due We to remaining the

rate are cost Ole working not optimization we As and run that exact certain it we benefits, of the still through not the achievement the earlier. timing the in yet on touched included closure have of

QX. Adjusted of million While of quarter primarily over $XX management lower year line interest $XX non-recurrence was execution. prior than our in recent future, debt million for capital was acquisitions. was resilient an quarter the of in which the a benefit improvement for EBITDA the also onetime quarter. due $X.XX, from million, year the in due we as as expectations solid tax remained the building with our Adjusted year Working well for to the for and to this higher expense quarter of $X million have $XXX prior was EPS day-to-day higher

a However, our prior primarily of adjusted higher year use use to higher net due free cash $XX the than expense. flow million, interest slightly was of a

despite in cost segments to earlier. Slide Note an million. to our Gross are the demand of staged Integrated delta where EBITDA presented a QX results to on GBS increased in X down environment mix. I'll and profit year-over-year billing profit results Ole to were provide primarily X.X segment Solutions was also at turn now X, touched margins and prior divested performance management due that product due gross year level. gains X for business solutions integrated margins context contributor our Please $X.X effective additional some our that of year-over-year

improvement year-over-year profit EBITDA were of cost. the While by also gross SG&A EBITDA $X year-over-year, margins impacted higher overall drive million did positive

Right we that we As we long-term SG&A maximum areas resources invest XXXX, reallocate of short-term discussed anticipated at the as curve. of value creation. peak and inflation throughout are now, cost to we

and percentage EBITDA higher gross the earlier. We which $XXX only will mostly and have our start aggressively when listed optimization due initiative, pursuing our which in of in discussed costs, in XXXX, our of margin is divergence processes. opportunities between short-term SG&A completed are business million to SBUs place now is This one key structure profit new is and those streamlining we reorganization cost

discuss XXXX Please turn to XX Slide guidance. to

and downsides which months a year following year-over-year, As we upside will have XX incorporates fourth we presented only conclude a view of is fiscal only but XX, QX, all low-end only X-month which this September quarter. a of on In known reminder, guidance, visibility.

Given guidance to of compelling be that continues appropriate. inflections, demand we any lack low-end concluded the

known However, warranted the specific is upsides. we also low to raise end it feel for

per positive Friday lower in ton. It price increase as guidance containerboard than million ton $XX First, of [indiscernible] trending our full cost, an and $XX additional our our assumption price year better in announced OCC original polymers cost per well reflects factors metals the price additionally low-end assumed. $XX is business, of better which as which

in our related we flow-through skills balance during a mentioned in QX anticipated QX I As short-term of sheet. call, to high-priced headwind our the

job Our supply chain impact. did team that good of a neutralizing

our value with discipline two metals success over factors the quarter. has metals had the price the Those tailwind great volume quarter. drove Additionally, in team in cost

lower of Second, lower our transport costs, actualizing group. solid our by guidance in than assumed low-end $X original manufacturing million and to day-to-day continued management which due GBS are

are touched fiscal which impact of cost of 'XX. savings reflects the rate we $X to Lastly, including Ole will beneficial be initiatives run which million, portion earlier, on the

change I fiscal the discussed million the However, EBITDA closures 'XX. in no offset a $XXX results is new million of by that net for headwind $X earlier. low-end This from guidance recent

an low-end EBITDA cost some the flow further is incremental $X cash increase. guidance $XX contemplated which our in offsetting we million $XX of the million low being offsetting view. benefit $XX of million by flow end which capital of higher without This impact assumption increase free balances capital the the assume of inflation million low-end actions. have we to a price other to million Our small tailwind mitigating raised a ] guidance, year. full costs cash [ Separately, downside costs, guidance costs, additionally $XX also for for improving operating is paper is million Partially that reflects working free working $XXX

And only we quarters so in range will reassess the approach. our the which business point. have expectation ], point a conviction year guidance [ that the at usual at end we this is but sharing it's will returning our this data Excluding to for not performance,

XX. Slide With that, Ole to it on me turn let close over to

Ole Rosgaard

Larry. Thanks,

As demonstrated at our recent continue business. Investor and optimizing we our Day, fine-tuning

good from to positioning are great. We

We are leader our chosen market a in markets.

in Thank ourselves a very helping well situation and we we We to are in even strong very off. when the ideal returns to positioned have grow listen strategy. you are other words, execute an In records market track that the we just And way are time to for take disciplined growth taking in for slightest depressed market. we our the are today. in

Operator, please open the lines for questions.

Operator

for moment our coming Panjabi which will One Instructions] from question, be Ghansham of [Operator first Baird.

Ghansham Panjabi

to to want back go just because to below was way relates our with your to an specific it in the that basis look whether And context EBITDA increases, at your to price a came in your just profit want fiber. cetera. view first you line I bit plan quarter or expectation as whichever results quite on or it in of et it, operating

Lawrence Hilsheimer

the Yes. Thanks question. for

a our me to with Let go little slightly line expectations, in actually bit came better. that. It

matter. Here's the confusing that's issue the

we because as model price that SG&A less raw we've it's the I would impact. based which for to But protocol we allocating And your new SG&A is way a the on across having our really this all just businesses. And profit business have transitioned good patience is ask We versus that proxy. you tell value add, allocate material. our a is gross of

is margins of portion bigger our expanding in SG&A. what allocated business, it as gets So the a are fiber happens

talk do will And hole among forever. somebody might talk go argue if internal why allocate. a do a or rabbit controller to you'd it you about "Well, businesses, virtually I any allocations that?" CFO is you people you into and mean your say, how Well, down getting about you

it into former go it's for really and we operating done the you going So segments because see of geographies. protocol different in we've geographies didn't a it those basic all it. have across you model, how our had And

we that going to SG&A of a I of in last good this first around. thought it in we'd thought articulating your it going year. make We a We then done models. SG&A but for higher most allocation quarter we investments to bury [ enough. build to didn't up higher were good fiber we we're than the and example, again, you didn't some for So yes, of for have since fact you had ] IPACKCHEM SG&A that ask ] job costs [ what we'd explained patient, we it's turn explain was was us. have your picked Obviously,

so And us. We doing to on of one all that weren't our hope as we well relative as falls as customers/investors. you

Ghansham Panjabi

most explain of the on because other global the extreme in is relates would America, then businesses, strength And two difference guidance? it North comments as resilient maybe in terms that being is your that, a two what expectation Ole, your to the of to EMEA the the assumptions weakest, that macroeconomic end it market in then between of your related the certainly And terms to being volume at counterintuitive relative regions. exposure in the terms

Ole Rosgaard

even Day, growth end we all, GDP then Well, for thanks, of are as out in and at growth. recent Ghansham. plus markets markets. of we are And Investor XXXX all our first laid end segments targeting Well, those and with

And but of to recently we of markets. seen coming and have America out also significant really beverage, and on focusing status. here for markets. to you to both And growth addition where And you, in pharma, One food those agrochemical EMEA, continue fragrance is its it's medical and agrochemicals. remind flavor that's North it's those just the

again, second remind me your question, to As Ghansham? just

Ghansham Panjabi

fiscal year the Yes, 'XX. kind think the embedded of for as you about portfolio assumptions volume

Ole Rosgaard

Yes.

any in don't So caution these have some too polymer would the some quarter we improvements, we of have difference from we seen see our mentioned, seen, say but markets previous optimistic. being the just obviously, especially I in Generally, I sequential sequentially. markets,

seen haven't point yet. any I inflection So

Ghansham Panjabi

for green shoots. We'll keep looking

Ole Rosgaard

call say anything it's to green could too early this shoots Yes, that. but on you

future. the about optimistic cautiously I'm So

Operator

be Matt will Our from Roberts Raymond question James. of next coming

Matthew Roberts

to on want the that on XQ next I how the the you impacts there. any guard caught into that year? us SG&A margin of the frame have be might quarter? us Larry, my help missed internal on in own some don't expect in point Maybe and should there. Could progresses lingering through that just just going model And we to maybe expectation

Lawrence Hilsheimer

Yes. Thanks. Matt. It's a good question,

a color you SG&A is on on price some ] in stuff, IPACKCHEM Goodwill, items, So more [ which of like give intangibles. $X look kind year-over-year When of to million some and was related amortization sort this back element. at look, million, of allocations purchase to perspective little that we if $XX submersible just

You've of chain presided, doing up moving got we ended cost our another what out levels clear, element sold where of $XX and but group of just went SG&A at costs in that's new like people basis, us or a $X a some million functions factors. into this bit to full That structure, little of less functions into re-looking on out shift a when Kim of year enabling we we're like enabling million. manufacturing into supply of channels ended goods up Kellermann's the it's all

So right I'm just now. talking quarter about a

And so you've got those two items.

we obviously, And through through year, are us. go EBITDA improve we margins for we not increment. going the just year-over-year our the to As to get bought is generally, you're going have once that to which IPACKCHEM, when typical year, steadily

get leverages our You lift, cost fixed leverage kind things. which and volume those of

So remainder on that year-over-year and through of steady the comparison to matching increase margins year IPACKCHEM. the then

Matthew Roberts

this $X in how may in compare versus think I ask know than I XXXX. sale. the million process, give I if it's million additional early then additional what sold the you any secondly, of the believe in And asset on year any Soterra but was sold timberland XXXX? I that EBITDA color? last and Can color timberland on you was maybe could to in less

other the of are consider difference? differences about either this make a in asset when there any we should age what considerations of proceeds timber of So there thinking productivity that business that any or or terms

Ole Rosgaard

or time long on on, a time. different the look value mean, it's and And this difference. is so So you Ole XXXX ago. of at I we can't at here, And when timing Timberland tracks comment very

compare really You can't them.

both price can't and very and a we an unsolicited get offers we effects, comment we, value this in on confident can We interest for good we are highly either basis, know moment that receive but in it, our Timberland. for ongoing time. on And at

Matthew Roberts

if polymer a XX% Ole. on about kind I could different to getting increasing we recently -- talked That's that even angle fair, believe of But certainly mix organically. and maybe that. I

polymer to talk you due markets closures, will So to land of what some higher it level shaking the the that to [indiscernible] get is out? maybe gap Or be? the once Is end see remaining and gone will can what about be? fiber growth to mix that from largely polymers

Ole Rosgaard

Well, about yes. and of before, shaping and The be are Day take anchor mentioned the give 'XX I chem, more end and GDP so -- down have explained last it, the linked why Solutions. end and [ both those But as mentioned sale because talk so we That's our customized segments will us on to we our that, not we segments ag, Polymer the markets will and pay food leverage business. our proceeds used we future. Polymer will ] our they firepower serviced land sale portfolio much and our Those focus continue for basically. solutions. the But debt, down like growth and as polymer to land plus to and And that year, I is in segments. on with that's Investor identified are segment pharma basically we of

Lawrence Hilsheimer

just different. of And really what properties little prior while have suburbs, in things not ago, land X are indicative is they a earlier, of but city, team our is Matt, all a is That the supplement different. and at bit land Ole everything sale like what been the happening so said, good of I'll pieces than It's long was downtown pieces in Yes. management. it's do. lot different said out

So things like carbon [indiscernible], solar farms.

don't the have of going things time? offers. but we've we than said, actually anything. with is worth a the broad been We the last those higher Does of value Ole of guarantee timberland. inbound Most before, But that like more of are at of know. acres mean every one doesn't they to increasing saw All than just gotten be what calls time, that our lot values

The don't And is other us as we of part tax is months of a do have basis. months, time X always X it about of primary value. we to the a low that haircut. will just focus to time, what it's this. Whether XX And do But that we're took have said know. that's transaction. before, X the last months, going tax maximize we We've the perspective months

Operator

be question And coming Shrestha Stifel. our from of Aadit next will

Aadit Shrestha

to [ and just $XX of help bridge back rate could going cost run built also $XX the How million guidance. understand is so metals? actually spread? million not much to $XX Just clearly polymer of fiber price that I ], sort us the guide, actually And that the going saving you that's versus into maybe the million it

some So upside. that creates sort of

you've think correct? million captured I that of $X Is that.

Lawrence Hilsheimer

Yes, correct. that's

to So it you're the going $XX million. bridge, just of from about million the price/cost guide, $XXX is element

year million a million roughly million. our have XXX gets half We $X year, pick for $XX is full year $XX $XX to $XX. of be the million going cost OCC assumption $XX a you on $X another would million down tons averaged up containerboard, That million, million

that that's million of $XX So million. $XX

in in small substrates, both split polymers levels. price a and the is benefit little integrated increase other bit actually and The at products relatively across remaining steel

Aadit Shrestha

it full And should on [indiscernible]? think year, the we in half how about about volume, for and we the we volume right, get sort XQ year-over-year going into of second that and based cadence to how terms for think should the so of

Lawrence Hilsheimer

look build Yes, at all, mean, IPACKCHEM I in we to to because think I it, got last it acquired the April. first you of way

April. for So March part that impacts months, X.X things and February, of next the

But don't have to mean that say, that's we've the say a we had I going we here. I for new in pickup past when I'd got and the If in our that's don't whole the on years. a volumes. high-level stuff. to guide of think what path what same we've is fall in happen clear two range. would would slight built we'd picture best you I QX. know I to is [indiscernible] have, is we have what utilize constraint slight off look in come. -- mean, then guidance, QX, a that's that's your Generally, the should You say use just so going at We the QX, did,

Operator

Michael question will coming be next from Roxland Truist. of Our

Unknown Analyst

This is [indiscernible] on Mike. for

First specific off, [indiscernible] ], demand you're some were as elaborate trends can include you now think seeing maybe early subsegments on demand that specifically boxboard closure your read for boxboard, Soterra maybe and in of some an trends of announcement board. [ right commentary I in the you declining. And then on

Ole Rosgaard

Nico, it's Ole here.

boxboard, total see a then ad see is paper. flat demand. look a of protection And paper for market we cars bound the year-on-year. year-on-year. big is core really like tube themselves the softest especially we the up products, actually actually you they're So but Until inflection, business, when have spiral at we biggest the driver URB don't product the And

paper to that selling we're mills. So

there, we business see inflection then a will demand well. off that when So take as

Unknown Analyst

your actions. answer all covering the invest in of divest correction mean, the if [indiscernible] How you Day. -- the buckets, guess into that can much you I [indiscernible]? then kind are to there mills that and strategic And houses quadrant I more fall grow, And or at Investor close framework of

Lawrence Hilsheimer

of We're impacts at jobs. our that Yes, right Nico, looking all footprint. and human we couldn't beings that on Obviously, now. comment

of cost time. in going is everything have not as this But talk I'm part review optimization. at under on So a we to this what's point about list

Operator

of coming Wells Fargo. Carlson will from be Richard question Next

Unknown Analyst

to wonder just the also metals. to an some wanted then secondly, that ask you I if the And to full specifically can a there, have I competitive indication revisit sale. and that capital that and I wanted and you pipeline about is Timberland landscape, polymers redeploy

any seeing you're in if signs of stress of competitors. smaller your wondering Just some

Lawrence Hilsheimer

Ole because the these portfolio. our somebody we're else to proceeds debt. for down it's calls. address pay part. We selling at going the a the We're first the We I'll said think that before. asset better us had it decision use and to it's than incoming Timberland

a M&A said always spend also mean our things. pipeline at before, But Ole you're and we're As means is either. lot things robust. going has of doesn't it lot looking It of analyzing that a tomorrow to

debt. now right priority paying first down was Our I is that

Ole Rosgaard

is us we player to those walk away, and we service to Richard, a it's high a tend with the that value lot to well customers very And And this with regard parameters to not to spent provide, if we get lot quality and competition -- that and always I on we for let you of have on more don't pipeline timing come our time be macroeconomic product volume. we back over solid. fair when decide And these our in our we're that, the very, the with all hungry up status volume, that to because the we that. targets tends to continue going and a service some competition, work in compared on volume, a local for who us and market. can't focus warm like that, of times price but basically, And served what we on do things. want

a we to we big So do my no, lost we don't probably see that as an is And that haven't. market answer share we and ask, issue. have

confident words, our proposition. other in ability in position maintain market our differentiated to So our value we're to due

Operator

will be Daniel question next coming Company. & Our of from Harriman Sidoti

Daniel Harriman

the Investor the of following about of out a the from excited towards confidence with have current Kind we guide. I level low about then greatest your markets little ability from in I'd Day. announcements markets, continue to leverage up environment, end just through go difficult an increase end your operate be you're all on maybe your focus to now And hear feel hoping the And the thoughts XXXX. of you where most and with question and flip about you to and side, end was concerns? as which kind where how could ratio. talk the over have and most execute about in a are, you in you the geographies the curious shift bit then in earlier the of net

Ole Rosgaard

hand question first the take Larry. then to you I'll over and

most excited providing are we about [ the in about and global when the one the that big one we very Lee Reliance went just we So end special became agrochemical basically ] acquired a in way is customers. talk and agrochemical. the market, That's to markets. into IPACKCHEM leader The solutions

well ] some We fair Another we as -- have obviously, of large provide us on, but market pharma amount do we we customers the us some that excites that one excites pharma is get food beverage, in that customers. where end end to is takes solutions market grown well. some but a time space. as global solutions to to. We that which provide takes as The run But very [ have rate into well. have and where the

Lawrence Hilsheimer

showed optimization whenever just looking at bridge to were the whole-heartedly before, great But that a weren't, billion relative ways are $XXX to our just said, in level supportive land that who on Investor have And this thrilled of because increase. selling include I cost of we've as even lower us discomfort take into Daniel, happens, for and at if the I first right leverage of to volume if was net And thing mean, even a forward help That operating impact with at not business even part at that although most all, our we price million from recovered to those there. going And recession significantly. that. normal wonderful of we're levels we down I been we're recent quite us. it's proceeds Obviously, are we so very debt said Day EBITDA well out our industrial hard it's Board us ratio our and ratio, difficult efforts. didn't environment our all we moving $X doesn't our obviously, mean this colleagues lift

got EBITDA we've driving lots of that are here So factors up.

leverage to So ratio improves. that rapidly debt industrial down come is as the very going economy

Operator

Thank you. to would I'm call remarks. closing like no now this at And further the time. showing questions Ole for to turn Rosgaard back I

Ole Rosgaard

to and And continued our will $XXX investors for and you. investment in pursuit you. your operational your and flow. exceptional million like Greif. our commitments remain our Thank free today of our create our excellence are for analysts We're accelerating of XXXX committed would cash continuing in and that our performance to focused thank on I Thank for growth customer-centric We and EBITDA results billion and confident delivering towards stakeholders. all interest our $X value relentless time

Operator

call. for today's participating. conference Thank And you this concludes

You may disconnect. all

Greif (GEF) 27 Feb 252025 Q1 Earnings call transcript