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None( MENAFN - PR Newswire) CAPE TOWN, South Africa, Dec. 16, 2024 /PRNewswire/ -- Envision Energy, a world leader in renewable energy solutions, proudly announces a contract with the EDF Group, to supply three battery energy storage systems (BESS) for the Oasis 1 cluster of projects, amounting to 257 MW of capacity and 1028 MWh of storage. This marks the largest battery energy storage system (BESS) order in South Africa and positions Envision Energy as the first energy storage system supplier in the region to secure a GWh-scale order. These projects are integral to South Africa's inaugural Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP). EDF, in collaboration with co-sponsor Mulilo, and equity partners Pele Energy Group and Gibb-Crede, under the Oasis Consortium, successfully secured three projects: Oasis Aggeneis, Oasis Mookodi, and Oasis Nieuwehoop power plants, located in the Northern Cape Province. Each project includes a 5% ownership interest for local communities through a Community Trust. Financial Close was reached on 20 November 2024 and the projects are set to be operational by end of 2026. Envision Energy will equip these facilities with a full suite of AC and DC energy storage equipment, including station SCADA and EMS systems. The DC side will feature Envision's standard 20-foot, 5 MWh storage units powered by high-safety, high-performance 315Ah cells. Additionally, Envision will provide 15 years of comprehensive lifecycle operation and maintenance (O&M) services. Kane Xu, Senior Vice President and President of International Product Lines at Envision Energy, commented on the initiative: "Battery storage technology is a cornerstone of sustainable energy systems, and we are delighted to contribute our leading technology to this milestone project in South Africa. Once operational, it will effectively address the frequent load management of the current South African power grid, enhance grid stability, and reduce reliance on coal-fired power plants, supporting South Africa's transition to a more sustainable energy system." As the largest battery energy storage initiative in South Africa, these facilities will significantly enhance the country's power infrastructure. They are designed to alleviate grid congestion, increase renewable energy integration, and engage in the power market through energy arbitrage and ancillary services, aiding South Africa's low-carbon energy transition and goal of achieving carbon neutrality by 2050. "We look forward to constructing this project with our industrial partners Envision Energy and Huadong, chosen for their expertise with energy storage products, and ability to deliver a reliable and effective system," said Gregoire de Montgolfier, EDF Renewables Projects Director. EDF Group, the world's largest nuclear operator and a leading global power company, continues to expand its renewable energy portfolio with an aim to reach 60 GW of net renewable capacity by 2030. Envision Energy stands out as a premier provider of cutting-edge energy storage products renowned for their superior battery quality, intelligent design, and the ease and speed of their deployment. With full-stack technical capabilities and a commitment to in-house research and manufacturing, Envision boasts end-to-end control from manufacturing to deployment, including full lifecycle asset management to drive innovation in systematic grid-forming solutions, to ensure grid safety and stability. As of late 2023, Envision has grown its global footprint across the globe with over 200 BESS projects, delivering more than 15 GWh and securing upwards of 25 GWh in ongoing orders. In 2024, Envision Energy was recognized as a Tier 1 Global Energy Storage Manufacturer by Bloomberg NEF for the third consecutive quarter, positioning the company among the top leaders in the energy storage sector worldwide. MENAFN15122024003732001241ID1108995673 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

VALLEY FORGE, PA — Vanguard announced the creation of a new Advice & Wealth Management division aimed at advancing its investment solutions to better serve clients. Industry leader Joanna Rotenberg will step into the role of managing director in January 2025, becoming part of Vanguard’s senior leadership team. The new division will focus on enhancing digital capabilities, expanding wealth services, and maintaining Vanguard’s philosophy of delivering high-quality, diversified, and low-cost solutions to clients. “For nearly five decades, Vanguard has been a positive force in democratizing investing,” said Chief Executive Officer Salim Ramji. “With the addition of Joanna to our leadership team, our goal is to further democratize our advice and wealth management offerings for our clients through enhanced technologies and offers—with the same client zeal that Vanguard has long been known for.” Rotenberg brings extensive experience to Vanguard, having previously served as president of Personal Investing at Fidelity and holding senior leadership roles at BMO Financial Group and McKinsey & Company. “I have always admired Vanguard’s unique structure and client-focused mindset,” Rotenberg said. “I am humbled by the opportunity to lead the new Advice & Wealth Management group and expand Vanguard’s offerings to help more people achieve investment success.” Vanguard also announced additional leadership changes to refine its client focus: Matt Benchener will continue as head of Vanguard’s Personal Investor business. John James has been named head of Workplace & Advisor Solutions. Lauren Valente will become head of the Institutional Investor Group. Jon Couture , an experienced human resources leader, will join as managing director and chief human resources officer. “These changes will allow us to sharpen our client focus, advance our digital capabilities to scale our impact, and add to our strong leadership bench,” said Ramji. “We welcome Joanna and Jon and congratulate John and Lauren on their new responsibilities.” Through these organizational updates, Vanguard aims to further its efforts to deliver innovative and accessible investment solutions for clients worldwide. For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN .None

It's the most wonderful—and stressful—time of the year. While the holiday season can be joyful, gatherings with family, friends, and colleagues inevitably come with some awkward encounters. And if you're one of the millions of Americans who has been on a weight loss journey in 2024, you're likely to experience even more awkwardness this year. With the rising popularity of compounded semaglutide and medications such as Ozempic ®, Wegovy® , and Zepbound ®, people may come at you with all sorts of questions and comments. Have you lost weight? Have you been taking Ozempic/Wegovy/Mounjaro/Zepbound? Have you thought about trying Ozempic ? You looked great before! Why have you lost so much weight? Why aren't you eating more tonight? Hers shares a few psychologist-approved tips to help navigate these uncomfortable encounters and offer some potential responses to specific questions. There are many dreading their family's annual ugly sweater party because they'd rather not talk about their body. It can even be tempting to reach for the phone and text that aunt to tell her you've come down with a terrible illness and won't be able to make it this year. But before hitting "send" and missing out on quality time with loved ones, consider these tips to help avoid potential Ozempic shaming and manage your stress before and during the event. While you won't be able to anticipate every question that might come your way, here are a few that may come up—and some psychologist-approved responses to them. Regardless of your specific answer, keep in mind that it's perfectly OK to be concise, straightforward, and unapologetic in your answers. Your body is your business, and you get to decide how much to say about it. "Yes" and "no" are actually complete sentences. Question: Have you lost weight? Potential Responses: Your response will likely depend on whether you've lost weight and how comfortable you are with disclosing so. Potential responses include: Question: Have you taken Ozempic? Potential Responses: Similar to above, your response to this question will likely depend on whether you've taken Ozempic or another weight loss medication and how comfortable you are with disclosing so. Question: Have you thought about trying Ozempic? Potential Responses: This question may stem from curiosity, or it may stem from the desire to offer a helpful suggestion. Regardless of the intent, you can kindly let your family member, friend, or colleague know that what you do with your body is up to you. Question: You looked fine before, why did you lose so much weight? Potential Response: You might consider the first part of this question a compliment while offering a gentle reminder that what you do with your body is your choice. Question: Why aren't you eating more? Potential Response: You might feel like you need to defend your current eating habits if you are on a weight loss journey and are eating in a calorie deficit . Rather than respond in defense, try to keep your response short and simple, with something along the lines of the following. Question: Is that a second slice of pie? Are you sure you need a second helping? Potential Response: Similar to above, you might feel like you need to defend your current eating habits. Remember, what you eat and how you eat is your business. You can kindly indicate as such with this potential response. Question: How does Ozempic work? Did you experience side effects? Are you worried about long-term side effects or that you're going to gain the weight back? Potential Response: The person asking this question might be curious about weight loss medications in general, or they might be curious about your unique experience with side effects of medications like semaglutide . Answering these questions could lead you down a rabbit hole of answering even more questions, so try providing a response that's just enough to close the conversation. As you prepare for this season's holiday gatherings, remember that what you say and do when it comes to your weight loss journey is entirely up to you. It's your right to decline specific questions, specific topics, and even invitations themselves. If you do end up at a holiday gathering, use the above tips to help you anticipate and navigate uncomfortable conversations as comfortably as possible. Find more psychologist-approved tips to deal with Ozempic shaming this holiday season here . (And check out these tips to answer other uncomfortable questions —from your relationship to employment status.) This story was produced by Hers and reviewed and distributed by Stacker.

COLLEGE PARK, Md. (AP) — Maryland turned the ball over 25 times, blew a 17-point lead and was outrebounded in the second half. Coach Brenda Frese still had plenty to be happy about. “I thought it was a phenomenal game from two really competitive teams,” Frese said. “Credit Michigan State. We knew they were going to play hard for 40 minutes.” No. 8 Maryland faced its biggest test in a while Sunday, and the Terrapins held off the No. 19 Spartans 72-66 . It wasn't a pretty game from an offensive standpoint, but the Terps were able to execute when they needed to at the end. Up by two in the final minute, Shyanne Sellers found Christina Dalce on a pick-and-roll for an easy layup with 36.3 seconds left — her only points of the game. Michigan State didn't score again, falling short in this matchup between two ranked Big Ten teams. This was nearly a clash of unbeatens, but the Spartans (11-2, 1-1 Big Ten) lost to Alabama in their last game before this one. Maryland (12-0, 2-0) has equaled the second-best start in team history. “It's one of the most competitive groups I've ever coached," Frese said. “It's not really about being undefeated. Of course we love it. I think it shows just the work that they're putting in. But for us, as long as we just continue to keep our head down and work hard through this process, I think that's where you're seeing the results pay off.” The Terrapins beat Duke last month, but this was their first ranked opponent since. It was a physical game in which rebounds were not for the faint of heart. “One thing I've loved about our team all year is our effort's always been in a great space,” said Michigan State coach Robyn Fralick, whose team had a 10-1 edge in offensive rebounds in the second half. Maryland let a big lead get away, but with the score tied at 57, Saylor Poffenbarger and Bri McDaniel made 3-pointers to put the Terps up by six. McDaniel had to leave the game earlier in the fourth after falling to the ground with a thud, but she was able to return. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP women’s college basketball: https://apnews.com/hub/ap-top-25-womens-college-basketball-poll and https://apnews.com/hub/womens-college-basketball

Webinar Details: 647-374-4685 (Toronto local) Please connect 5 minutes prior to the conference call to ensure time for any software download that may be required. About Avante Corp. Avante Corp Inc. is a Toronto based leading provider of security operatives and technology enabled security solutions to residential and commercial clients. Avante's mission is to deliver an elevated level of security globally, with white-glove mentality to high- net-worth families and corporations alike, through advanced solutions and methods of detecting conditions that require immediate response. The Company has developed a diversified security platform that leverages advanced technology solutions to provide a superior level of security services. With an experienced team and proven track record of solid growth, Avante is taking steps to establish a broad portfolio of security businesses and solutions for its customers through organic growth complemented by strategic acquisitions. Avante acquires, manages and builds industry leading businesses which provide specialized, mission-critical solutions that address the security risks of its clients. Avante is listed on the TSX Venture Exchange under the ticker " XX ”. For more information, please visit www.avantecorp.ca and consider joining our investor email list. Avante Corp. Emmanuel Mounouchos CEO, Chairman, and Founder (416) 923-6984 [email protected] Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .

Short Interest in Applied Therapeutics, Inc. (NASDAQ:APLT) Grows By 28.0%AP News Summary at 5:51 p.m. ESTRenuka Rayasam | (TNS) KFF Health News In April, just 12 weeks into her pregnancy, Kathleen Clark was standing at the receptionist window of her OB-GYN’s office when she was asked to pay $960, the total the office estimated she would owe after she delivered. Clark, 39, was shocked that she was asked to pay that amount during this second prenatal visit. Normally, patients receive the bill after insurance has paid its part, and for pregnant women that’s usually only when the pregnancy ends. It would be months before the office filed the claim with her health insurer. Clark said she felt stuck. The Cleveland, Tennessee, obstetrics practice was affiliated with a birthing center where she wanted to deliver. Plus, she and her husband had been wanting to have a baby for a long time. And Clark was emotional, because just weeks earlier her mother had died. “You’re standing there at the window, and there’s people all around, and you’re trying to be really nice,” recalled Clark, through tears. “So, I paid it.” On online baby message boards and other social media forums , pregnant women say they are being asked by their providers to pay out-of-pocket fees earlier than expected. The practice is legal, but patient advocacy groups call it unethical. Medical providers argue that asking for payment up front ensures they get compensated for their services. How frequently this happens is hard to track because it is considered a private transaction between the provider and the patient. Therefore, the payments are not recorded in insurance claims data and are not studied by researchers. Patients, medical billing experts, and patient advocates say the billing practice causes unexpected anxiety at a time of already heightened stress and financial pressure. Estimates can sometimes be higher than what a patient might ultimately owe and force people to fight for refunds if they miscarry or the amount paid was higher than the final bill. Up-front payments also create hurdles for women who may want to switch providers if they are unhappy with their care. In some cases, they may cause women to forgo prenatal care altogether, especially in places where few other maternity care options exist. It’s “holding their treatment hostage,” said Caitlin Donovan, a senior director at the Patient Advocate Foundation . Medical billing and women’s health experts believe OB-GYN offices adopted the practice to manage the high cost of maternity care and the way it is billed for in the U.S. When a pregnancy ends, OB-GYNs typically file a single insurance claim for routine prenatal care, labor, delivery, and, often, postpartum care. That practice of bundling all maternity care into one billing code began three decades ago, said Lisa Satterfield, senior director of health and payment policy at the American College of Obstetricians and Gynecologists . But such bundled billing has become outdated, she said. Previously, pregnant patients had been subject to copayments for each prenatal visit, which might lead them to skip crucial appointments to save money. But the Affordable Care Act now requires all commercial insurers to fully cover certain prenatal services. Plus, it’s become more common for pregnant women to switch providers, or have different providers handle prenatal care, labor, and delivery — especially in rural areas where patient transfers are common. Some providers say prepayments allow them to spread out one-time payments over the course of the pregnancy to ensure that they are compensated for the care they do provide, even if they don’t ultimately deliver the baby. “You have people who, unfortunately, are not getting paid for the work that they do,” said Pamela Boatner, who works as a midwife in a Georgia hospital. While she believes women should receive pregnancy care regardless of their ability to pay, she also understands that some providers want to make sure their bill isn’t ignored after the baby is delivered. New parents might be overloaded with hospital bills and the costs of caring for a new child, and they may lack income if a parent isn’t working, Boatner said. In the U.S., having a baby can be expensive. People who obtain health insurance through large employers pay an average of nearly $3,000 out-of-pocket for pregnancy, childbirth, and postpartum care, according to the Peterson-KFF Health System Tracker . In addition, many people are opting for high-deductible health insurance plans, leaving them to shoulder a larger share of the costs. Of the 100 million U.S. people with health care debt, 12% attribute at least some of it to maternity care, according to a 2022 KFF poll . Families need time to save money for the high costs of pregnancy, childbirth, and child care, especially if they lack paid maternity leave, said Joy Burkhard , CEO of the Policy Center for Maternal Mental Health, a Los Angeles-based policy think tank. Asking them to prepay “is another gut punch,” she said. “What if you don’t have the money? Do you put it on credit cards and hope your credit card goes through?” Calculating the final costs of childbirth depends on multiple factors, such as the timing of the pregnancy , plan benefits, and health complications, said Erin Duffy , a health policy researcher at the University of Southern California’s Schaeffer Center for Health Policy and Economics. The final bill for the patient is unclear until a health plan decides how much of the claim it will cover, she said. But sometimes the option to wait for the insurer is taken away. During Jamie Daw’s first pregnancy in 2020, her OB-GYN accepted her refusal to pay in advance because Daw wanted to see the final bill. But in 2023, during her second pregnancy, a private midwifery practice in New York told her that since she had a high-deductible plan, it was mandatory to pay $2,000 spread out with monthly payments. Daw, a health policy researcher at Columbia University, delivered in September 2023 and got a refund check that November for $640 to cover the difference between the estimate and the final bill. “I study health insurance,” she said. “But, as most of us know, it’s so complicated when you’re really living it.” While the Affordable Care Act requires insurers to cover some prenatal services, it doesn’t prohibit providers from sending their final bill to patients early. It would be a challenge politically and practically for state and federal governments to attempt to regulate the timing of the payment request, said Sabrina Corlette , a co-director of the Center on Health Insurance Reforms at Georgetown University. Medical lobbying groups are powerful and contracts between insurers and medical providers are proprietary. Because of the legal gray area, Lacy Marshall , an insurance broker at Rapha Health and Life in Texas, advises clients to ask their insurer if they can refuse to prepay their deductible. Some insurance plans prohibit providers in their network from requiring payment up front. If the insurer says they can refuse to pay up front, Marshall said, she tells clients to get established with a practice before declining to pay, so that the provider can’t refuse treatment. Related Articles Health | Which health insurance plan may be right for you? Health | Mercy Health celebrates National Rural Health Day Health | Your cool black kitchenware could be slowly poisoning you, study says. Here’s what to do Health | Does fluoride cause cancer, IQ loss, and more? Fact-checking Robert F. Kennedy Jr.’s claims Health | US towns plunge into debates about fluoride in water Clark said she met her insurance deductible after paying for genetic testing, extra ultrasounds, and other services out of her health care flexible spending account. Then she called her OB-GYN’s office and asked for a refund. “I got my spine back,” said Clark, who had previously worked at a health insurer and a medical office. She got an initial check for about half the $960 she originally paid. In August, Clark was sent to the hospital after her blood pressure spiked. A high-risk pregnancy specialist — not her original OB-GYN practice — delivered her son, Peter, prematurely via emergency cesarean section at 30 weeks. It was only after she resolved most of the bills from the delivery that she received the rest of her refund from the other OB-GYN practice. This final check came in October, just days after Clark brought Peter home from the hospital, and after multiple calls to the office. She said it all added stress to an already stressful period. “Why am I having to pay the price as a patient?” she said. “I’m just trying to have a baby.” ©2024 KFF Health News. Distributed by Tribune Content Agency, LLC.

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Global Medical REIT Inc. ( NYSE:GMRE – Get Free Report ) shares reached a new 52-week low on Friday . The stock traded as low as $7.67 and last traded at $7.67, with a volume of 186429 shares trading hands. The stock had previously closed at $7.82. Analyst Ratings Changes A number of analysts have issued reports on GMRE shares. Berenberg Bank initiated coverage on shares of Global Medical REIT in a report on Friday, October 18th. They issued a “buy” rating and a $11.75 price target on the stock. Alliance Global Partners started coverage on Global Medical REIT in a research report on Thursday, September 19th. They issued a “buy” rating and a $12.00 target price on the stock. View Our Latest Stock Analysis on Global Medical REIT Global Medical REIT Trading Down 2.7 % Global Medical REIT ( NYSE:GMRE – Get Free Report ) last announced its earnings results on Wednesday, November 6th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.18). The business had revenue of $34.26 million for the quarter, compared to analysts’ expectations of $34.88 million. Global Medical REIT had a net margin of 3.23% and a return on equity of 0.86%. During the same quarter in the prior year, the company posted $0.23 earnings per share. As a group, sell-side analysts anticipate that Global Medical REIT Inc. will post 0.83 EPS for the current year. Global Medical REIT Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Friday, December 20th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 11.04%. The ex-dividend date of this dividend is Friday, December 20th. Global Medical REIT’s dividend payout ratio (DPR) is -4,200.00%. Institutional Inflows and Outflows Several institutional investors and hedge funds have recently bought and sold shares of the company. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Global Medical REIT in the 2nd quarter worth about $100,000. Quantinno Capital Management LP purchased a new stake in Global Medical REIT in the 3rd quarter worth about $138,000. Zacks Investment Management lifted its stake in Global Medical REIT by 12.9% in the third quarter. Zacks Investment Management now owns 14,803 shares of the company’s stock worth $147,000 after purchasing an additional 1,696 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Global Medical REIT during the third quarter valued at approximately $150,000. Finally, Versor Investments LP bought a new position in shares of Global Medical REIT during the third quarter valued at approximately $189,000. 57.52% of the stock is owned by hedge funds and other institutional investors. Global Medical REIT Company Profile ( Get Free Report ) Global Medical REIT Inc (GMRE) is a net-lease medical office real estate investment trust (REIT) that owns and acquires healthcare facilities and leases those facilities to physician groups and regional and national healthcare systems. See Also Receive News & Ratings for Global Medical REIT Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Global Medical REIT and related companies with MarketBeat.com's FREE daily email newsletter .

DELAWARE, Ohio, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Greif, Inc. GEF GEF.B)), a world leader in industrial packaging products and services, today announced fourth quarter and fiscal 2024 results. Fiscal Fourth Quarter 2024 Financial Highlights: (all results compared to the fourth quarter 2023 unless otherwise noted) Net income decreased 6.5% to $63.4 million or $1.08 per diluted Class A share compared to net income of $67.8 million or $1.16 per diluted Class A share. Net income, excluding the impact of adjustments (1) , decreased 46.4% to $49.6 million or $0.85 per diluted Class A share compared to net income, excluding the impact of adjustments, of $92.6 million or $1.59 per diluted Class A share. Adjusted EBITDA (2) decreased 2.0% to $197.6 million compared to Adjusted EBITDA of $201.6 million. Net cash provided by operating activities decreased by $16.3 million to $187.2 million. Adjusted free cash flow (3) increased by $8.5 million to $144.7 million. Fiscal Year Results Include: (all results compared to the fiscal year 2023 unless otherwise noted): Net income decreased 27.0% to $262.1 million or $4.52 per diluted Class A share compared to net income of $359.2 million or $6.15 per diluted Class A share. Net income, excluding the impact of adjustments, decreased 35.3% to $233.6 million or $4.03 per diluted Class A share compared to net income, excluding the impact of adjustments, of $361.2 million or $6.19 per diluted Class A share. Adjusted EBITDA decreased 15.6% to $694.2 million compared to Adjusted EBITDA of $822.2 million. Net cash provided by operating activities decreased by $293.5 million to $356.0 million. Adjusted free cash flow decreased by $291.4 million to $189.8 million. Total debt increased by $525.5 million to $2,740.6 million. Net debt (4) increased by $508.7 million to $2,542.9 million. The Company's leverage ratio (5) increased to 3.53x from 2.2x in the prior year quarter, and decreased from 3.64x sequentially. Strategic Actions and Announcements Hosting Investor Day on December 11, 2024, at Convene: 75 Rockefeller Plaza in New York City. Completed previously announced business model optimization project to fully leverage our core competitive advantages and facilitate accelerated growth. This operating model change will result in the following four new reportable segments beginning in the first quarter of 2025: Customized Polymer Solutions; Durable Metal Solutions; Sustainable Fiber Solutions; and Integrated Solutions. Related to our new segments, on Thursday, December 5, 2024, we will be releasing online the previous eight quarters of segment financial highlights to assist our investor community in modeling our new reportable segments. This information will be made available at our investor relations site https://investor.greif.com/ . Announcing targeted cost optimization effort to eliminate $100 million of structural costs from the business through a combination of SG&A rationalization, network optimization, and operating efficiency gains. More information on this effort will be provided at our upcoming Investor Day. Commentary from CEO Ole Rosgaard "I am pleased to report a solid fourth quarter and full year 2024 result, particularly in light of the continuation of this extended period of industrial contraction. While managing the business for the present, we also made significant strides under our Build to Last strategy towards the future, and our executive team and I look forward to sharing more information at our Investor Day next week. Our investors can expect an interactive and engaging half day session, and we highly encourage your in-person attendance as we look forward to 2025 and beyond." Build to Last Mission Progress Recently completed our fourteenth wave NPS (6) survey, receiving feedback from nearly five thousand customers globally for a net score of 69, recognized as a world-class score within the manufacturing industry. At our upcoming Investor Day, we plan to further discuss the powerful correlation between NPS, an indicator of our Legendary Customer Service, and financial performance. We thank our customers for their continued feedback, which is critical in helping us achieve our vision to be the best performing customer service company in the world, and we are proud to continue to earn positive feedback from our customers throughout a difficult global operating environment. (1) Adjustments that are excluded from net income before adjustments and from earnings per diluted Class A share before adjustments are acquisition and integration related costs, restructuring charges, non-cash asset impairment charges, non-cash pension settlement charges, (gain) loss on disposal of properties, plants and equipment, net, (gain) loss on disposal of businesses, net, and other costs. (2) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus other costs. (3) 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 Tama, Iowa mill divestment, plus cash paid for fiscal year-end change costs. (4) Net debt is defined as total debt less cash and cash equivalents. (5) 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 Second Amended and Restated Credit Agreement dated as of March 1, 2022, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2022 (the "2022 Credit Agreement"). As calculated under the 2022 Credit Agreement, adjusted net debt was $2,452.3 million, $2,608.5 million, and $1,856.8 million as of October 31, 2024, July 31, 2024 and October 31, 2023, respectively, and trailing twelve month credit agreement EBITDA was $695.0 million, $717.2 million, and $845.9 million as of October 31, 2024, July 31, 2024 and October 31, 2023, respectively. (6) Net Promoter Score ("NPS") is derived from a survey conducted by a third party that measures how likely a customer is to recommend Greif as a business partner. NPS scores are calculated by subtracting the percentage of detractors a business has from the percentage of its promoters. 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. Segment Results (all results compared to the fourth quarter of 2023 unless otherwise noted) Net sales are impacted mainly by the volume of primary products (7) sold, selling prices, 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 fourth quarter of 2024 as compared to the prior year quarter for the business segments with manufacturing operations. Net sales from completed acquisitions of Reliance Products Ltd. ("Reliance") and Ipackchem Group SAS ("Ipackchem") primary products are not included in the table below, but will be included in their respective segments starting in the fiscal first quarter of 2025 for Reliance and fiscal third quarter of 2025 for Ipackchem. Net Sales Impact - Primary Products Global Industrial Packaging Paper Packaging & Services Currency Translation — % — % Volume 3.7 % 0.7 % Selling Prices and Product Mix 0.4 % 5.0 % Total Impact of Primary Products 4.1 % 5.7 % Global Industrial Packaging Net sales increased by $65.9 million to $786.9 million primarily due to contributions from recent acquisitions and higher volumes. Gross profit increased by $12.6 million to $167.0 million due to the same factors that impacted net sales, partially offset by higher raw material, labor and manufacturing costs. Operating profit decreased by $0.1 million to $75.0 million primarily due to higher SG&A expenses from recent acquisitions, offset by the same factors that impacted gross profit. Adjusted EBITDA increased by $4.0 million to $109.4 million primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses from recent acquisitions. Paper Packaging & Services Net sales increased by $42.9 million to $624.5 million primarily due to higher average selling prices as a result of higher published containerboard and boxboard prices. Gross profit decreased by $0.1 million to $118.7 million primarily due to higher raw material and labor costs, offset by the same factors that impacted net sales. Operating profit increased by $13.4 million to $48.7 million primarily due to lower non-cash impairment charges and restructuring charges related to optimizing and rationalizing operations in the prior year, partially offset by the same factors that impacted gross profit and higher SG&A expenses related to higher health, medical, incentive and pension expenses. Adjusted EBITDA decreased by $8.4 million to $85.3 million primarily due to the same factors that impacted gross profit and higher SG&A expenses related to higher health, medical, incentive and pension expenses. Tax Summary During the fourth quarter, we recorded an income tax rate of 21.8 percent and a tax rate excluding the impact of adjustments of 39.6 percent. Note that the application of accounting for income taxes often causes fluctuations in our quarterly effective tax rates. For the full year, we recorded an income tax rate of 10.6 percent and a tax rate excluding the impact of adjustments of 12.8 percent. Dividend Summary On December 3, 2024, the Board of Directors declared quarterly cash dividends of $0.54 per share of Class A Common Stock and $0.80 per share of Class B Common Stock. Dividends are payable on January 1, 2025, to stockholders of record at the close of business on December 16, 2024. (7) Primary products are manufactured steel, plastic and fibre drums; new and reconditioned intermediate bulk containers; jerrycans and other small plastics; linerboard, containerboard, corrugated sheets and corrugated containers; and boxboard and tube and core products. 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, despite slightly improved year over year volumes. While we believe we are well positioned for an eventual recovery of the industrial economy, at this time we believe it is appropriate to provide only low-end guidance based on the continuation of demand trends reflected in the past year, current price/cost factors in Paper Packaging and Services, and other identifiable discrete items which we will discuss during our fourth quarter earnings release call. Call-in details are provided below. (in millions, except per share amounts) Fiscal 2025 Low-End Guidance Estimate Adjusted EBITDA $675 Adjusted free cash flow $225 Note: Fiscal 2025 net income guidance, the most directly comparable GAAP financial measure to Adjusted EBITDA, is not provided in this release due to the potential for one or more of the following, the timing and magnitude of which we are unable to reliably forecast: gains or losses on the disposal of businesses or properties, plants and equipment, net; non-cash asset impairment charges due to unanticipated changes in the business; restructuring-related activities; acquisition and integration related costs; and ongoing initiatives under our Build to Last strategy. No reconciliation of the 2025 low-end guidance estimate of Adjusted EBITDA, a non-GAAP financial measure which excludes restructuring charges, acquisition and integration related costs, non-cash asset impairment charges, and (gain) loss on the disposal of properties, plants and equipment, (gain) loss on the disposal of businesses, net, and other costs, is included in this release because, due to the high variability and difficulty in making accurate forecasts and projections of some of the excluded information, together with some of the excluded information not being ascertainable or accessible, we are unable to quantify certain amounts that would be required to be included in net income, the most directly comparable GAAP financial measure, without unreasonable efforts. A reconciliation of 2025 low-end guidance estimate of adjusted free cash flow to fiscal 2025 forecasted net cash provided by operating activities, the most directly comparable GAAP financial measure, is included in this release. Conference Call The Company will host a conference call to discuss the fourth quarter and fiscal 2024 results on December 5, 2024, at 8:30 a.m. Eastern Time (ET). Participants may access the call using the following online registration link: https://register.vevent.com/register/BId6a2105d615e45438d7c615c6b1ce4d5 . 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 December 5, 2024. A digital replay of the conference call will be available two hours following the call on the Company's web site at http://inv estor .greif.com . Investor Relations contact information Bill D'Onofrio, Vice President, Corporate Development & Investor Relations, 614-499-7233. Bill.Donofrio@greif.com About Greif Greif is a global leader in industrial packaging products and services and is pursuing its vision: to be the best performing customer service company in the world. The Company produces steel, plastic and fibre drums, intermediate bulk containers, reconditioned containers, jerrycans and other small plastics, containerboard, uncoated recycled paperboard, coated recycled paperboard, tubes and cores and a diverse mix of specialty products. The Company also manufactures packaging accessories and provides other services for a wide range of industries. In addition, the Company manages timber properties in the southeastern United States. The Company is strategically positioned in over 35 countries to serve global as well as regional customers. Additional information is on the Company's website at www.greif.com . 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 could adversely affect our results of operations, (iii) the current and future challenging global economy and disruption and volatility of the financial and credit markets may adversely affect our business, (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 shortages, price fluctuations, global supply chain disruptions and increased 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 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 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 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 October 31, Twelve Months Ended October 31, (in millions, except per share amounts) 2024 2023 2024 2023 Net sales $ 1,417.1 $ 1,308.4 $ 5,448.1 $ 5,218.6 Cost of products sold 1,128.4 1,032.7 4,377.3 4,072.5 Gross profit 288.7 275.7 1,070.8 1,146.1 Selling, general and administrative expenses 157.5 136.8 634.5 549.1 Acquisition and integration related costs 2.4 3.5 18.5 19.0 Restructuring charges 3.8 5.2 5.4 18.7 Non-cash asset impairment charges 0.7 16.9 2.6 20.3 (Gain) loss on disposal of properties, plants and equipment, net (2.4 ) 0.8 (8.8 ) (2.5 ) (Gain) loss on disposal of businesses, net 0.1 0.1 (46.0 ) (64.0 ) Operating profit 126.6 112.4 464.6 605.5 Interest expense, net 39.2 24.8 134.9 96.3 Non-cash pension settlement charges — 3.5 — 3.5 Other (income) expense, net 0.6 1.4 10.1 11.0 Income before income tax expense and equity earnings of unconsolidated affiliates, net 86.8 82.7 319.6 494.7 Income tax (benefit) expense 18.9 9.9 33.9 117.8 Equity earnings of unconsolidated affiliates, net of tax (0.9 ) (0.5 ) (3.0 ) (2.2 ) Net income 68.8 73.3 288.7 379.1 Net income attributable to noncontrolling interests (5.4 ) (5.5 ) (26.6 ) (19.9 ) Net income attributable to Greif, Inc. $ 63.4 $ 67.8 $ 262.1 $ 359.2 Basic earnings per share attributable to Greif, Inc. common shareholders: Class A common stock $ 1.09 $ 1.19 $ 4.54 $ 6.22 Class B common stock $ 1.64 $ 1.78 $ 6.80 $ 9.32 Diluted earnings per share attributable to Greif, Inc. common shareholders: Class A common stock $ 1.08 $ 1.16 $ 4.52 $ 6.15 Class B common stock $ 1.64 $ 1.78 $ 6.80 $ 9.32 Shares used to calculate basic earnings per share attributable to Greif, Inc. common shareholders: Class A common stock 25.8 25.5 25.8 25.6 Class B common stock 21.3 21.3 21.3 21.5 Shares used to calculate diluted earnings per share attributable to Greif, Inc. common shareholders: Class A common stock 26.3 26.0 26.0 26.0 Class B common stock 21.3 21.3 21.3 21.5 GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED (in millions) October 31, 2024 October 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 197.7 $ 180.9 Trade accounts receivable 757.1 659.4 Inventories 396.8 338.6 Other current assets 197.1 190.2 1,548.7 1,369.1 LONG-TERM ASSETS Goodwill 1,953.7 1,693.0 Intangible assets 937.1 792.2 Operating lease assets 284.5 290.3 Other long-term assets 270.3 253.6 3,445.6 3,029.1 PROPERTIES, PLANTS AND EQUIPMENT, NET 1,652.1 1,562.6 $ 6,646.4 $ 5,960.8 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 530.4 $ 497.8 Short-term borrowings 18.6 5.4 Current portion of long-term debt 95.8 88.3 Current portion of operating lease liabilities 56.5 53.8 Other current liabilities 310.6 294.0 1,011.9 939.3 LONG-TERM LIABILITIES Long-term debt 2,626.2 2,121.4 Operating lease liabilities 230.2 240.2 Other long-term liabilities 537.4 548.3 3,393.8 2,909.9 REDEEMABLE NONCONTROLLING INTERESTS 129.9 125.3 EQUITY Total Greif, Inc. equity 2,075.7 1,947.9 Noncontrolling interests 35.1 38.4 2,110.8 1,986.3 $ 6,646.4 $ 5,960.8 GREIF, INC. AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 68.8 73.3 $ 288.7 $ 379.1 Depreciation, depletion and amortization 67.9 61.2 261.3 230.6 Asset impairments 0.7 16.9 2.6 20.3 Pension settlement charges — 3.5 — 3.5 Deferred income tax expense (benefit) (23.2 ) (27.8 ) (76.8 ) (28.7 ) Gain on disposal of businesses, net 0.1 — (46.0 ) (64.0 ) Other non-cash adjustments to net income 8.9 15.7 50.9 50.4 Operating working capital changes 52.4 57.7 (49.9 ) 151.5 Increase (decrease) in cash from changes in other assets and liabilities 11.6 3.0 (74.8 ) (93.2 ) Net cash (used in) provided by operating activities 187.2 203.5 356.0 649.5 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions of companies, net of cash acquired (1.2 ) (94.9 ) (568.8 ) (542.4 ) Purchases of properties, plants and equipment (45.1 ) (77.2 ) (186.5 ) (213.6 ) Proceeds from the sale of properties, plants and equipment and businesses, net of impacts from the purchase of acquisitions 93.4 0.6 103.9 113.9 Payments for deferred purchase price of acquisitions — (0.4 ) (1.7 ) (22.1 ) Other (1.6 ) (1.6 ) (5.2 ) (6.0 ) Net cash (used in) provided by investing activities 45.5 (173.5 ) (658.3 ) (670.2 ) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on long-term debt, net (171.8 ) 47.6 489.4 290.7 Dividends paid to Greif, Inc. shareholders (31.2 ) (29.8 ) (121.0 ) (116.5 ) Payments for share repurchases — — — (63.9 ) Tax withholding payments for stock-based awards — — (10.6 ) (13.7 ) Other (14.4 ) (10.1 ) (33.5 ) (26.9 ) Net cash (used in) provided by for financing activities (217.4 ) 7.7 324.3 69.7 Effects of exchange rates on cash (11.8 ) (14.5 ) (5.2 ) (15.2 ) Net increase (decrease) in cash and cash equivalents 3.5 23.2 16.8 33.8 Cash and cash equivalents, beginning of period 194.2 157.7 180.9 147.1 Cash and cash equivalents, end of period $ 197.7 $ 180.9 $ 197.7 $ 180.9 GREIF, INC. AND SUBSIDIARY COMPANIES FINANCIAL HIGHLIGHTS BY SEGMENT UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 Net sales: Global Industrial Packaging $ 786.9 $ 721.0 $ 3,124.3 $ 2,936.8 Paper Packaging & Services 624.5 581.6 2,303.5 2,260.5 Land Management 5.7 5.8 20.3 21.3 Total net sales $ 1,417.1 $ 1,308.4 $ 5,448.1 $ 5,218.6 Gross profit: Global Industrial Packaging $ 167.0 $ 154.4 $ 669.4 $ 634.4 Paper Packaging & Services 118.7 118.8 391.6 502.5 Land Management 3.0 2.5 9.8 9.2 Total gross profit $ 288.7 $ 275.7 $ 1,070.8 $ 1,146.1 Operating profit: Global Industrial Packaging $ 75.0 $ 75.1 $ 341.1 $ 334.3 Paper Packaging & Services 48.7 35.3 115.6 264.1 Land Management 2.9 2.0 7.9 7.1 Total operating profit $ 126.6 $ 112.4 $ 464.6 $ 605.5 EBITDA (8) : Global Industrial Packaging $ 108.0 $ 96.2 $ 454.8 $ 415.7 Paper Packaging & Services 83.3 70.4 253.9 398.8 Land Management 3.5 2.6 10.1 9.3 Total EBITDA $ 194.8 $ 169.2 $ 718.8 $ 823.8 Adjusted EBITDA (9) : Global Industrial Packaging $ 109.4 $ 105.4 $ 423.6 $ 425.4 Paper Packaging & Services 85.3 93.7 261.5 387.9 Land Management 2.9 2.5 9.1 8.9 Total Adjusted EBITDA $ 197.6 $ 201.6 $ 694.2 $ 822.2 (8) EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization. However, because the Company does not calculate net income by segment, this table calculates EBITDA by segment with reference to operating profit by segment, which, as demonstrated in the table of Consolidated EBITDA, is another method to achieve the same result. See the reconciliations in the table of Segment EBITDA. (9) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus gain (loss) on disposal of properties, plants and equipment, (gain) loss on disposal of businesses, net, plus other costs. GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION CONSOLIDATED ADJUSTED EBITDA UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 Net income $ 68.8 $ 73.3 $ 288.7 $ 379.1 Plus: Interest expense, net 39.2 24.8 134.9 96.3 Plus: Income tax (benefit) expense 18.9 9.9 33.9 117.8 Plus: Depreciation, depletion and amortization expense 67.9 61.2 261.3 230.6 EBITDA $ 194.8 $ 169.2 $ 718.8 $ 823.8 Net income $ 68.8 $ 73.3 $ 288.7 $ 379.1 Plus: Interest expense, net 39.2 24.8 134.9 96.3 Plus: Non-cash pension settlement charges — 3.5 — 3.5 Plus: Other (income) expense, net 0.6 1.4 10.1 11.0 Plus: Income tax (benefit) expense 18.9 9.9 33.9 117.8 Plus: Equity earnings of unconsolidated affiliates, net of tax (0.9 ) (0.5 ) (3.0 ) (2.2 ) Operating profit 126.6 112.4 464.6 605.5 Less: Non-cash pension settlement charges — 3.5 — 3.5 Less: Other (income) expense, net 0.6 1.4 10.1 11.0 Less: Equity earnings of unconsolidated affiliates, net of tax (0.9 ) (0.5 ) (3.0 ) (2.2 ) Plus: Depreciation, depletion and amortization expense 67.9 61.2 261.3 230.6 EBITDA $ 194.8 $ 169.2 $ 718.8 $ 823.8 Plus: Acquisition and integration related costs 2.4 3.5 18.5 19.0 Plus: Restructuring charges $ 3.8 $ 5.2 $ 5.4 $ 18.7 Plus: Non-cash asset impairment charges 0.7 16.9 2.6 20.3 Plus: (Gain) loss on disposal of properties, plants and equipment, net (2.4 ) 0.8 (8.8 ) (2.5 ) Plus: (Gain) loss on disposal of businesses, net 0.1 0.1 (46.0 ) (64.0 ) Plus: Non-cash pension settlement charges — 3.5 — 3.5 Plus: Other costs* (1.8 ) 2.4 3.7 3.4 Adjusted EBITDA $ 197.6 $ 201.6 $ 694.2 $ 822.2 *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION SEGMENT ADJUSTED EBITDA (10) UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 Global Industrial Packaging Operating profit $ 75.0 $ 75.1 $ 341.1 $ 334.3 Less: Non-cash pension settlement charges — 3.5 — 3.5 Less: Other (income) expense, net 0.9 1.7 11.6 12.6 Less: Equity earnings of unconsolidated affiliates, net of tax (0.9 ) (0.5 ) (3.0 ) (2.2 ) Plus: Depreciation and amortization expense 33.0 25.8 122.3 95.3 EBITDA $ 108.0 $ 96.2 $ 454.8 $ 415.7 Plus: Acquisition and integration related costs 1.1 3.4 17.2 12.2 Plus: Restructuring charges 3.0 — (2.8 ) 4.2 Plus: Non-cash asset impairment charges 0.8 0.4 1.3 1.9 Plus: (Gain) loss on disposal of properties, plants and equipment, net (2.6 ) 0.2 (2.9 ) (4.4 ) Plus: (Gain) loss on disposal of businesses, net 0.1 0.5 (46.0 ) (9.4 ) Plus: Non-cash pension settlement charges — 3.5 — 3.5 Plus: Other costs* (1.0 ) 1.2 2.0 1.7 Adjusted EBITDA $ 109.4 $ 105.4 $ 423.6 $ 425.4 Paper Packaging & Services Operating profit $ 48.7 $ 35.3 $ 115.6 $ 264.1 Less: Other (income) expense, net (0.3 ) (0.3 ) (1.5 ) (1.6 ) Plus: Depreciation and amortization expense 34.3 34.8 136.8 133.1 EBITDA $ 83.3 $ 70.4 $ 253.9 $ 398.8 Plus: Acquisition and integration related costs 1.3 0.1 1.3 6.8 Plus: Restructuring charges 0.8 5.2 8.2 14.5 Plus: Non-cash asset impairment charges (0.1 ) 16.5 1.3 18.4 Plus: (Gain) loss on disposal of properties, plants and equipment, net 0.8 0.7 (4.9 ) 2.3 Plus: (Gain) loss on disposal of businesses, net — (0.4 ) — (54.6 ) Plus: Other costs* (0.8 ) 1.2 1.7 1.7 Adjusted EBITDA $ 85.3 $ 93.7 $ 261.5 $ 387.9 Land Management Operating profit $ 2.9 $ 2.0 $ 7.9 $ 7.1 Plus: Depreciation, depletion and amortization expense 0.6 0.6 2.2 2.2 EBITDA $ 3.5 $ 2.6 $ 10.1 $ 9.3 Plus: (Gain) loss on disposal of properties, plants and equipment, net (0.6 ) (0.1 ) (1.0 ) (0.4 ) Adjusted EBITDA $ 2.9 $ 2.5 $ 9.1 $ 8.9 Consolidated EBITDA $ 194.8 $ 169.2 $ 718.8 $ 823.8 Consolidated Adjusted EBITDA $ 197.6 $ 201.6 $ 694.2 $ 822.2 *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses (10) Adjusted EBITDA is defined as net income, plus interest expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring charges, plus non-cash asset impairment charges, plus non-cash pension settlement charges, plus (gain) loss on disposal of properties, plants and equipment, 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 ADJUSTED FREE CASH FLOW (11) UNAUDITED Three Months Ended October 31, Twelve Months Ended October 31, (in millions) 2024 2023 2024 2023 Net cash provided by operating activities $ 187.2 $ 203.5 $ 356.0 $ 649.5 Cash paid for purchases of properties, plants and equipment (45.1 ) (77.2 ) (186.5 ) (213.6 ) Free Cash Flow $ 142.1 $ 126.3 $ 169.5 $ 435.9 Cash paid for acquisition and integration related costs 2.4 3.5 18.5 19.0 Cash paid for integration related ERP systems and equipment (12) 0.2 1.0 1.3 4.6 Cash paid for taxes related to Tama, Iowa mill divestment — 5.4 — 21.7 Cash paid for fiscal year-end change costs — — 0.5 — Adjusted Free Cash Flow $ 144.7 $ 136.2 $ 189.8 $ 481.2 (11) 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, net, plus cash paid for integration related ERP systems and equipment, plus cash paid for taxes related to Tama, Iowa mill divestment, plus cash paid for fiscal year-end change costs. (12) 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. GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION NET INCOME, CLASS A EARNINGS PER SHARE, AND TAX RATE BEFORE ADJUSTMENTS UNAUDITED (in millions, except for per share amounts) Income before Income Tax Expense and Equity Earnings of Unconsolidated Affiliates, net Income Tax (Benefit) Expense Equity Earnings Noncontrolling Interest Net Income Attributable to Greif, Inc. Diluted Class A Earnings Per Share Tax Rate Three Months Ended October 31, 2024 $ 86.8 $ 18.9 $ (0.9 ) $ 5.4 $ 63.4 $ 1.08 21.8 % Acquisition and integration related costs 2.4 0.5 — — 1.9 0.03 Restructuring charges 3.8 0.9 — — 2.9 0.05 Non-cash asset impairment charges 0.7 0.2 — — 0.5 0.01 (Gain) loss on disposal of properties, plants and equipment, net (2.4 ) (0.5 ) — — (1.9 ) (0.03 ) (Gain) loss on disposal of businesses, net 0.1 16.0 — — (15.9 ) (0.27 ) Other costs* (1.8 ) (0.5 ) — — (1.3 ) (0.02 ) Excluding Adjustments $ 89.6 $ 35.5 $ (0.9 ) $ 5.4 $ 49.6 $ 0.85 39.6 % Three Months Ended October 31, 2023 $ 82.7 $ 9.9 $ (0.5 ) $ 5.5 $ 67.8 $ 1.16 12.0 % Acquisition and integration related costs 3.5 0.8 — — 2.7 0.04 Restructuring charges 5.2 1.2 — — 4.0 0.08 Non-cash asset impairment charges 16.9 4.1 — — 12.8 0.22 (Gain) loss on disposal of properties, plants and equipment, net 0.8 0.3 — — 0.5 0.01 (Gain) loss on disposal of businesses, net 0.1 0.3 — — (0.2 ) (0.01 ) Non-cash pension settlement charges 3.5 0.2 — — 3.3 0.06 Other costs* 2.4 0.7 — — 1.7 0.03 Excluding Adjustments $ 115.1 $ 17.5 $ (0.5 ) $ 5.5 $ 92.6 $ 1.59 15.2 % Twelve Months Ended October 31, 2024 $ 319.6 $ 33.9 $ (3.0 ) $ 26.6 $ 262.1 $ 4.52 10.6 % Acquisition and integration related costs 18.5 4.5 — — 14.0 0.24 Restructuring charges 5.4 1.2 — — 4.2 0.07 Non-cash asset impairment charges 2.6 0.7 — — 1.9 0.03 (Gain) loss on disposal of properties, plants and equipment, net (8.8 ) (2.1 ) — — (6.7 ) (0.11 ) (Gain) loss on disposal of businesses, net (46.0 ) (1.3 ) — — (44.7 ) (0.77 ) Other costs* 3.7 0.9 — — 2.8 0.05 Excluding Adjustments $ 295.0 $ 37.8 $ (3.0 ) $ 26.6 $ 233.6 $ 4.03 12.8 % Twelve Months Ended October 31, 2023 $ 494.7 $ 117.8 $ (2.2 ) $ 19.9 $ 359.2 $ 6.15 23.8 % Acquisition and integration related costs 19.0 4.6 — — 14.4 0.24 Restructuring charges 18.7 4.4 — 0.1 14.2 0.25 Non-cash asset impairment charges 20.3 4.9 — — 15.4 0.26 (Gain) loss on disposal of properties, plants and equipment, net (2.5 ) (0.3 ) — — (2.2 ) (0.04 ) (Gain) loss on disposal of businesses, net (64.0 ) (18.4 ) — — (45.6 ) (0.78 ) Non-cash pension settlement charges 3.5 0.2 — — 3.3 0.06 Other costs* 3.4 0.9 — — 2.5 0.05 Excluding Adjustments $ 493.1 $ 114.1 $ (2.2 ) $ 20.0 $ 361.2 $ 6.19 23.1 % *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses The impact of income tax (benefit) expense and noncontrolling interest on each adjustment is calculated based on tax rates and ownership percentages specific to each applicable entity. GREIF INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION NET DEBT UNAUDITED (in millions) October 31, 2024 July 31, 2024 October 31, 2023 Total Debt $ 2,740.6 $ 2,909.5 $ 2,215.1 Cash and cash equivalents (197.7 ) (194.2 ) (180.9 ) Net Debt $ 2,542.9 $ 2,715.3 $ 2,034.2 GREIF, INC. AND SUBSIDIARY COMPANIES GAAP TO NON-GAAP RECONCILIATION LEVERAGE RATIO UNAUDITED Trailing Twelve Month Credit Agreement EBITDA (in millions) Trailing Twelve Months Ended 10/31/2024 Trailing Twelve Months Ended 7/31/2024 Trailing Twelve Months Ended 10/31/2023 Net income $ 288.7 $ 293.2 $ 379.1 Plus: Interest expense, net 134.9 120.5 96.3 Plus: Income tax expense 33.9 24.9 117.8 Plus: Depreciation, depletion and amortization expense 261.3 254.6 230.6 EBITDA $ 718.8 $ 693.2 $ 823.8 Plus: Acquisition and integration related costs 18.5 19.6 19.0 Plus: Restructuring charges 5.4 6.8 18.7 Plus: Non-cash asset impairment charges 2.6 18.8 20.3 Plus: (Gain) loss on disposal of properties, plants and equipment, net (8.8 ) (5.6 ) (2.5 ) Plus: (Gain) loss on disposal of businesses, net (46.0 ) (46.0 ) (64.0 ) Plus: Non-cash pension settlement charges — 3.5 3.5 Plus: Other costs* 3.7 5.5 3.4 Adjusted EBITDA $ 694.2 $ 695.8 $ 822.2 Credit Agreement adjustments to EBITDA (13) 0.8 21.4 23.7 Credit Agreement EBITDA $ 695.0 $ 717.2 $ 845.9 Adjusted Net Debt (in millions) For the Period Ended 10/31/2024 Trailing Twelve Months Ended 7/31/2024 For the Period Ended 10/31/2023 Total debt $ 2,740.6 $ 2,909.5 $ 2,215.1 Cash and cash equivalents (197.7 ) (194.2 ) (180.9 ) Net debt $ 2,542.9 $ 2,715.3 $ 2,034.2 Credit Agreement adjustments to debt (14) (90.6 ) (106.8 ) (177.4 ) Adjusted net debt $ 2,452.3 $ 2,608.5 $ 1,856.8 Leverage Ratio (15) 3.53x 3.64x 2.2x *includes fiscal year-end change costs and share-based compensation impact of disposals of businesses (13) Adjustments to EBITDA are specified by the 2022 Credit Agreement and include certain timberland gains, 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. (14) Adjustments to net debt are specified by the 2022 Credit Agreement and include the European accounts receivable program, letters of credit, and balances for swap contracts. (15) Leverage ratio is defined as Credit Agreement adjusted net debt divided by Credit Agreement adjusted EBITDA. The following table presents net sales by reportable segments and geographic operating segments, depreciation, depletion and amortization expenses by reportable segments, and capital expenditures by reportable segments for fiscal years 2024 and 2023. The following information is unaudited: Twelve Months Ended October 31, 2024 Twelve Months Ended October 31, 2023 (in millions) United States Europe, Middle East and Africa Asia Pacific and Other Americas United States Europe, Middle East and Africa Asia Pacific and Other Americas Global Industrial Packaging $ 1,124.0 $ 1,388.0 $ 612.3 $ 1,093.0 $ 1,310.9 $ 532.9 Paper Packaging & Services 2,261.4 — 42.1 2,218.0 — 42.5 Land Management 20.3 — — 21.3 — — Total net sales $ 3,405.7 $ 1,388.0 $ 654.4 $ 3,332.3 $ 1,310.9 $ 575.4 Twelve Months Ended October 31, (in millions) 2024 2023 Depreciation, depletion and amortization expense: Global Industrial Packaging $ 122.3 $ 95.3 Paper Packaging & Services 136.8 133.1 Land Management 2.2 2.2 Total depreciation, depletion and amortization expense $ 261.3 $ 230.6 Capital expenditures: Global Industrial Packaging $ 70.8 $ 83.9 Paper Packaging & Services 88.9 120.6 Land Management 0.2 1.1 Total segment 159.9 205.6 Corporate and other 9.1 12.6 Total capital expenditures $ 169.0 $ 218.2 GREIF, INC. AND SUBSIDIARY COMPANIES PROJECTED 2025 GUIDANCE RECONCILIATION ADJUSTED FREE CASH FLOW UNAUDITED Fiscal 2025 Low-End Guidance Estimate (in millions) Net cash provided by operating activities $ 371.0 Cash paid for purchases of properties, plants and equipment (166.0 ) Free cash flow $ 205.0 Cash paid for acquisition and integration related costs 17.0 Cash paid for integration related ERP systems and equipment 1.0 Cash paid for fiscal year-end change costs 2.0 Adjusted free cash flow $ 225.0 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.