GREIF, INC
For the period ended Mar 31, 2026. Filed Apr 29, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 29, 2026
GEF$72.51-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-31; filed 2026-01-30.
0001628280-26-004414
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0001628280-26-028403
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 130 previous paragraphs and 156 current paragraphs.
74 unchanged; 37 reworded; 41 added; 16 removed; 3 previous and 4 current paragraphs rearranged.
Tables are not compared: 6 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (41)
Current report
Second Quarter Results
Current report
Operating profit was $35.4 million for the second quarter of 2026 compared with $60.7 million for the second quarter of 2025. Net income was $16.3 million for the second quarter of 2026 compared with $25.1 million for the second quarter of 2025. The decrease of net income was primarily due to higher SG&A expenses, partially offset by lower interest expense and lower tax expense. Adjusted EBITDA was $156.8 million for the second quarter of 2026 compared with $145.9 million for the second quarter of 2025. The reasons for the changes in operating profit and Adjusted EBITDA for each segment are described below in “Segment Review.”
Current report
We continue to operate in a subdued industrial demand environment, with end market activity remaining at low levels and no observable near-term demand inflection. Recent geopolitical developments, including conflicts in the Middle East, have contributed to increased volatility in customer demand, which we anticipate will persist through the remainder of the fiscal year. Consistent with these conditions, we anticipate lower volumes across our metals, fiber and closures product categories with polymer volumes expected to remain flat. We also anticipate inflationary pressures on input costs, particularly for raw materials, energy and transportation, to continue in the near term due in part to supply chain disruptions related to geopolitical factors.
Current report
Net sales were $344.8 million for the second quarter of 2026 compared with $322.5 million for the second quarter of 2025. The $22.3 million increase was primarily due to $18.3 million positive foreign currency translation impacts and higher volumes.
Current report
Gross profit was $74.1 million for the second quarter of 2026 compared with $76.8 million for the second quarter of 2025. The $2.7 million decrease was primarily due to higher raw material costs and higher manufacturing costs, partially offset by the same factors that impacted net sales. Gross profit margin was 21.5 percent and 23.8 percent for the second quarter of 2026 and 2025, respectively.
Current report
Operating profit was $2.5 million for the second quarter of 2026 compared with $17.8 million for the second quarter of 2025. The $15.3 million decrease was primarily due to higher SG&A expenses and the same factors that impacted gross profit, partially offset by lower compensation expenses related to cost optimizations. Adjusted EBITDA was $45.8 million for the second quarter of 2026 compared with $43.4 million for the second quarter of 2025. The $2.4 million increase was primarily due to the same factors that impacted net sales and lower compensation expenses related to cost optimizations.
Current report
Net sales were $380.4 million for the second quarter of 2026 compared with $372.9 million for the second quarter of 2025. The $7.5 million increase was primarily due to $29.0 million positive foreign currency translation impacts, partially offset by $22.0 million attributable to lower volumes.
Current report
Gross profit was $89.3 million for the second quarter of 2026 compared with $83.8 million for the second quarter of 2025. The $5.5 million increase was primarily due to the same factors that impacted net sales. Gross profit margin was 23.5 percent and 22.5 percent for the second quarter of 2026 and 2025, respectively.
Current report
Operating profit was $39.0 million for the second quarter of 2026 compared with $41.1 million for the second quarter of 2025. The $2.1 million decrease was primarily due to higher SG&A expenses, partially offset by the same factors that impacted gross profit and lower compensation expenses related to cost optimizations. Adjusted EBITDA was $61.6 million for the second quarter of 2026 compared with $50.0 million for the second quarter of 2025. The $11.6 million increase was primarily due to the same factors that impacted gross profit and lower compensation expenses related to cost optimizations.
Current report
Net sales were $321.8 million for the second quarter of 2026 compared with $360.7 million for the second quarter of 2025. The $38.9 million decrease was primarily due to $35.2 million attributable to lower volumes and impacts from the Soterra Divestiture.
Current report
Gross profit was $71.3 million for the second quarter of 2026 compared with $78.1 million for the second quarter of 2025. The $6.8 million decrease was primarily due to the same factors that impacted net sales, partially offset by lower raw material, transportation and manufacturing costs. Gross profit margin was 22.2 percent and 21.7 percent for the second quarter of 2026 and 2025, respectively.
Current report
Operating loss was $10.2 million for the second quarter of 2026 compared with operating loss of $2.2 million for the second quarter of 2025. The $8.0 million increase in operating loss was primarily due to higher SG&A expenses and the same factors that impacted gross profit, partially offset by lower compensation expenses related to cost optimizations. Adjusted EBITDA was $40.8 million for the second quarter of 2026 compared with $46.3 million for the second quarter of 2025. The $5.5 million decrease was primarily due to the same factors that impacted gross profit, partially offset by lower compensation expenses related to cost optimizations.
Current report
Income tax expense for the second quarter of 2026 was $5.9 million compared with $20.0 million for the second quarter of 2025. The $14.1 million decrease was primarily due to lower pre-tax earnings, as described in discussions above, and the release of uncertain tax positions resulting from the completion of a tax audit and the expirations of applicable statutes of limitations in certain jurisdictions.
Current report
Year-to-Date Results
Current report
Net Sales
Current report
Net sales were $2,067.6 million for the first six months of 2026 compared with $2,095.1 million for the first six months of 2025. The $27.5 million decrease was primarily due to $101.1 million attributable to lower volumes and impacts from the Soterra Divestiture, partially offset by $81.3 million of positive foreign currency translation impacts. See “Segment Review” below for additional information on net sales by segment.
Current report
Gross Profit
Current report
Selling, General and Administrative Expenses
Current report
SG&A expenses were $337.8 million for the first six months of 2026 compared with $320.1 million for the first six months of 2025. SG&A expenses for the fist six months of 2026 included a special charitable contribution that was allocated among the reporting segments and resulted in higher SG&A expenses for each of the reporting segments. The $17.7 million increase was primarily related to this charitable contribution, partially offset by lower compensation expenses related to cost optimizations. SG&A expenses were 16.3 percent and 15.3 percent of net sales for first six months of 2026 and 2025, respectively.
Current report
Financial Measures
Current report
Segment Review
Current report
Customized Polymer Solutions
Current report
Net sales were $649.9 million for the first six months of 2026 compared with $616.9 million for the first six months of 2025. The $33.0 million increase was primarily due to $29.8 million positive foreign currency translation impacts and higher volumes.
Current report
Gross profit was $131.9 million for the first six months of 2026 compared with $135.4 million for the first six months of 2025. The $3.5 million decrease was primarily due to higher transportation and manufacturing costs, partially offset by the same factors that impacted net sales. Gross profit margin was 20.3 percent and 21.9 percent for the first six months of 2026 and 2025, respectively.
Current report
Operating profit was $5.0 million for the first six months of 2026 compared with $18.9 million for the first six months of 2025. The $13.9 million decrease was primarily due to the same factors that impacted gross profit and higher SG&A expenses. Adjusted EBITDA was $81.3 million for the first six months of 2026 compared with $71.9 million for the first six months of 2025. The $9.4 million increase was primarily due to the same factors that lower compensation expenses related to cost optimizations, partially offset by the same factors that impacted gross profit.
Current report
Durable Metal Solutions
Current report
Net sales were $735.2 million for the first six months of 2026 compared with $728.8 million for the first six months of 2025. The $6.4 million increase was primarily due to $47.9 million positive foreign currency translation impacts, partially offset by $40.6 million attributable to lower volumes.
Current report
Gross profit was $160.0 million for the first six months of 2026 compared with $152.8 million for the first six months of 2025. The $7.2 million increase was primarily due to the same factors that impacted net sales. Gross profit margin was 21.8 percent and 21.0 percent for the first six months of 2026 and 2025, respectively.
Current report
Operating profit was $71.9 million for the first six months of 2026 compared with $71.6 million for the first six months of 2025. The $0.3 million increase was primarily due to the same factors that impacted gross profit, partially offset by higher restructuring and other charges. Adjusted EBITDA was $107.4 million for the first six months of 2026 compared with $86.8 million for the first six months of 2025. The $20.6 million increase was primarily due to the same factors that impacted gross profit and lower compensation expenses related to cost optimizations.
Current report
Sustainable Fiber Solutions
Current report
Net sales were $633.7 million for the first six months of 2026 compared with $704.7 million for the first six months of 2025. The $71.0 million decrease was primarily due to $60.2 million attributable to lower volumes and impacts from the Soterra Divestiture.
Current report
Gross profit was $136.5 million for the first six months of 2026 compared with $142.4 million for the first six months of 2025. The $5.9 million decrease was primarily due to the same factors that impacted net sales, partially offset by lower raw material, transportation and manufacturing costs. Gross profit margin was 21.5 percent and 20.2 percent for the first six months of 2026 and 2025, respectively.
Current report
Innovative Closure Solutions
Current report
Net sales were $48.8 million for the first six months of 2026 compared with $44.7 million for the first six months of 2025. The $4.1 million increase was primarily due to higher average selling prices.
Current report
Gross profit was $21.2 million for the first six months of 2026 compared with $17.3 million for the first six months of 2025. The $3.9 million increase was primarily due to the same factors that impacted net sales. The Innovative Closure Solutions reportable segment’s total sales, including intersegment sales, was $84.8 million and $78.5 million for the first six months of 2026 and 2025, respectively. Gross profit margin as a percentage of total sales was 25.0 percent and 22.0 percent for the first six months of 2026 and 2025, respectively.
Current report
Income tax expense
Current report
Income tax expense for the first six months of 2026 was $64.8 million compared with $26.8 million for the first six months of 2025, respectively. The $38.0 million increase was primarily attributable to a one-time discrete tax expense of $49.3 million recognized in the current fiscal year related to the Soterra Divestiture. This increase was partially offset by lower pre-tax earnings, as described in discussions above, as well as changes in the geographic mix of earnings and releases of uncertain tax positions resulting from the completion of a tax audit and the expiration of applicable statutes of limitations in certain jurisdictions.
Current report
During the first six months of 2026, we paid $2.8 million of debt extinguishment charges and debt issuance costs related to our debt refinancing.
Current report
Subsequent to the quarter, during April 2026, the Company purchased $2.8 million of shares of Class B Common Stock, or 31,720 shares, which completed the two open market repurchase agreements.
Current report
2026 Credit Agreements
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Removed paragraphs (16)
Previous report
First Quarter Results
Previous report
We continue to see softness in the industrial economy and have not identified any compelling customer demand inflection during the remainder of the year, although we do expect slightly higher demand for small plastics due to the seasonality of the businesses of our end use customers. We expect prices for steel and resin to be relatively stable for the remainder of the year, apart from any potential tariff impact. We also expect prices for old corrugated containers and other direct materials, as well as prices for transportation, labor and utilities, to remain relatively stable through the remainder of the year.
Previous report
Net sales were $305.1 million for the first quarter of 2026 compared with $294.4 million for the first quarter of 2025. The $10.7 million increase was primarily due to $13.3 million positive foreign currency translation impacts, partially offset by lower volumes.
Previous report
Gross profit was $57.8 million for the first quarter of 2026 compared with $58.6 million for the first quarter of 2025. The $0.8 million decrease was primarily due to higher manufacturing costs and higher depreciation expense, partially offset by the same factors that impacted net sales. Gross profit margin was 18.9 percent and 19.9 percent for the first quarter of 2026 and 2025, respectively.
Previous report
$28.5 million for the first quarter of 2025. The $7.0 million increase was primarily due to the same factors that impacted net sales and lower SG&A expenses, partially offset by higher manufacturing costs.
Previous report
Net sales were $354.8 million for the first quarter of 2026 compared with $355.9 million for the first quarter of 2025. The $1.1 million decrease was primarily due to $18.6 million attributable to lower volumes, lower average selling prices and partially offset by $22.8 million positive foreign currency translation impacts.
Previous report
Net sales were $311.9 million for the first quarter of 2026 compared with $344.0 million for the first quarter of 2025. The $32.1 million decrease was primarily due to $24.7 million attributable to lower volumes, and impacts from Soterra Divestiture.
Previous report
Gross profit was $65.2 million for the first quarter of 2026 compared with $64.3 million for the first quarter of 2025. The $0.9 million increase was primarily due to lower raw material costs and purchases, partially offset by the same factors that impacted net sales. Gross profit margin was 20.9 percent and 18.7 percent for the first quarter of 2026 and 2025, respectively.
Previous report
Operating profit was $2.7 million for the first quarter of 2026 compared with $1.4 million for the first quarter of 2025. The $1.3 million increase was primarily due to the same factors that impacted gross profit. Adjusted EBITDA was $4.6 million for the first quarter of 2026 compared with $4.0 million for the first quarter of 2025. The $0.6 million increase was primarily due to the same factors that impacted gross profit.
Previous report
Income tax expense for the first quarter of 2026 was $58.9 million compared with $6.8 million for the first quarter of 2025. The $52.1 million increase was primarily due to the gain from the Soterra Divestiture.
Previous report
2022 Credit Agreement
Previous report
We have a senior secured credit agreement (the “2022 Credit Agreement”) with a syndicate of financial institutions.
Previous report
We have an incremental term loan agreement (the “Incremental Term Loan A-4 Agreement”) with a syndicate of financial institutions. The Incremental Term Loan A-4 Agreement is an amendment to the 2022 Credit Agreement. The Incremental Term Loan A-4 Agreement provided for a loan in the aggregate principal amount of $300.0 million that was made available in a single draw on March 25, 2024 (the “Incremental Term Loan A-4”). Amounts repaid or prepaid in respect of the Incremental Term Loan A-4 may not be reborrowed. The Incremental Term Loan A-4 amortizes at 2.50% per annum in equal quarterly principal installments, with the remaining outstanding principal balance due on March 1, 2027. The terms and provisions of the Incremental Term Loan A-4 are identical in all material respects to the terms and provisions of the other term loans made under the 2022 Credit Agreement. Our obligations with respect to the Incremental Term Loan A-4 are secured and guaranteed with the other obligations under the 2022 Credit Agreement on apari passu basis. We used the proceeds from the Incremental Term Loan A-4 to repay funds drawn on the revolving credit facility under the 2022 Credit Agreement for the purchase of Ipackchem on March 26, 2024.
Previous report
2023 Credit Agreement
Previous report
We have a $300.0 million senior secured credit agreement (the “2023 Credit Agreement”) with a syndicate of financial institutions. The 2023 Credit Agreement is permitted incremental equivalent debt under the terms of the 2022 Credit Agreement. The 2023 Credit Agreement provides for a $300.0 million secured term loan facility on apari passu basis with the 2022 Credit Agreement, with quarterly principal installments that continue through January 31, 2028, with any outstanding principal balance being due and payable at maturity on May 17, 2028. We used the borrowings under the 2023 Credit Agreement to repay and refinance a portion of the outstanding borrowings under the 2022 Credit Agreement. Interest accruing under the 2023 Credit Agreement is based on SOFR plus a credit spread adjustment or a base rate that resets periodically plus, in each case, a calculated margin amount that is based on our leverage ratio.
Previous report
The 2023 Credit Agreement contains covenants, including financial covenants, substantially the same as the covenants in 2022 Credit Agreement, as described above, and a “most favored lender” provision related to the 2022 Credit Agreement. As of December 31, 2025, we were in compliance with the covenants and other agreements in the 2023 Credit Agreement.
Reworded paragraphs (37)
Previous wording
The discussion and analysis presented below relates to the material changes in financial condition and results of operations for the interim condensed consolidated balance sheet as of December 31, 2025 and the condensed consolidated balance sheet as of September 30, 2025, and for the interim condensed consolidated statements of income for the three months ended December 31, 2025 and 2024. This discussion and analysis should be read in conjunction with the interim condensed consolidated financial statements that appear elsewhere in this Form 10-Q and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Transition Report on Form 10-KT for the fiscal year ended September 30, 2025 (the “2025 Form 10-KT”). Readers are encouraged to review the entire 2025 Form 10-KT, as it includes information regarding Greif not discussed in this Form 10-Q. This information will assist in your understanding of the discussion of our current period financial results.
Current wording
The discussion and analysis presented below relates to the material changes in financial condition and results of operations for the interim condensed consolidated balance sheet as of March 31, 2026 and the condensed consolidated balance sheet as of September 30, 2025, and for the interim condensed consolidated statements of income for the three and six months ended March 31, 2026 and 2025. This discussion and analysis should be read in conjunction with the interim condensed consolidated financial statements that appear elsewhere in this Form 10-Q and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Transition Report on Form 10-KT for the fiscal year ended September 30, 2025 (the “2025 Form 10-KT”). Readers are encouraged to review the entire 2025 Form 10-KT, as it includes information regarding Greif not discussed in this Form 10-Q. This information will assist in your understanding of the discussion of our current period financial results.
Previous wording
Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those forecasted, projected or anticipated, whether expressed in or implied by the statements. 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 and our access to financing and could delay or otherwise disrupt our share repurchase plan, (iv) the continuing consolidation of our customer base and suppliers may intensify pricing pressure, (v) we operate in highly competitive industries, (vi) our business is sensitive to changes in industry demands and customer preferences, (vii) raw material shortages, price fluctuations, global supply chain disruptions and high inflation may adversely impact our results of operations, (viii) energy and transportation price fluctuations and shortages may adversely impact our manufacturing operations and costs, (ix) we may encounter difficulties or liabilities arising from acquisitions or divestitures, (x) we may incur additional rationalization costs and product dispositions and there is no guarantee that our efforts to reduce costs will be successful, (xi) several operations are conducted by joint ventures that we cannot operate solely for our benefit, (xii) certain of the agreements that govern our joint ventures provide our partners with put or call options, (xiii) our ability to attract, develop and retain talented and qualified employees, managers and executives is critical to our success, (xiv) our business may be adversely impacted by work stoppages and other labor relations matters, (xv) we may be subject to losses that might not be covered in whole or in part by existing insurance reserves or insurance coverage and general insurance premium and deductible increases, (xvi) our business depends on the uninterrupted operations of our facilities, systems and business functions, including our information technology and other business systems, (xvii) a cyber-attack, security breach of customer, employee, supplier or our information and data privacy risks and costs of compliance with new regulations may have a material adverse effect on our business, financial condition, results of operations and cash flows, (xviii) we have in the past been and in the future could be subject to changes in our tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, (xix) we have a significant amount of goodwill and long-lived assets which, if impaired in the future, would adversely impact our results …
Excerpt shortened here; the source contains the full paragraph.
Current wording
Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those forecasted, projected or anticipated, whether expressed in or implied by the statements. Such risks and uncertainties that might cause a difference include, but are not limited to, the following: (i) historically, our business has been sensitive to changes in general economic or business conditions, (ii) our global operations subject us to political risks, instability and currency exchange that have affected and could continue to adversely affect our results of operations, including the impacts of ongoing conflicts such as with Iran, (iii) the current and future challenging global economy and disruption and volatility of the financial and credit markets may adversely affect our business and our access to financing and could delay or otherwise disrupt our share repurchase plan, (iv) the continuing consolidation of our customer base and suppliers may intensify pricing pressure, (v) we operate in highly competitive industries, (vi) our business is sensitive to changes in industry demands and customer preferences, (vii) raw material delays, shortages, price fluctuations, global supply chain disruptions and high inflation may adversely impact our results of operations, (viii) energy and transportation price fluctuations and shortages may adversely impact our manufacturing operations and costs, (ix) we may encounter difficulties or liabilities arising from acquisitions or divestitures, (x) we may incur additional rationalization costs and product dispositions and there is no guarantee that our efforts to reduce costs will be successful, (xi) several operations are conducted by joint ventures that we cannot operate solely for our benefit, (xii) certain of the agreements that govern our joint ventures provide our partners with put or call options, (xiii) our ability to attract, develop and retain talented and qualified employees, managers and executives is critical to our success, (xiv) our business may be adversely impacted by work stoppages and other labor relations matters, (xv) we may be subject to losses that might not be covered in whole or in part by existing insurance reserves or insurance coverage and general insurance premium and deductible increases, (xvi) our business depends on the uninterrupted operations of our facilities, systems and business functions, including our information technology and other business systems, (xvii) a cyber-attack, security breach of customer, employee, supplier or our information and data privacy risks and costs of compliance with new regulations may have a material adverse effect on our business, financial condition, results of operations and cash flows, (xviii) we have in the past been and in the future could be subject to changes in our tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, (xix) we have a significant amount of …
Excerpt shortened here; the source contains the full paragraph.
Previous wording
We are involved in the purchase and sale of recycled fiber and the production and sale of adhesives used in our paperboard products. Both of these products were previously reported under the Integrated Solutions reportable segment (now the Innovative Closure Solutions reportable segment), and effective October 1, 2025, these products are reported under the Sustainable Fiber Solutions reportable segment. We are also involved in the production and sale of complimentary packaging products and services such as paints, linings and filling that are related to our steel products. Both of these products and services were previously reported under the Integrated Solutions reportable segment (now the Innovative Closure Solutions reportable segment), and effective October 1, 2025, these products and services are reported under the Durable Metal Solutions reportable segment. These adjustments position each business within its respective place in the integrated value chain and reinforce a clear emphasis on closure systems within the Innovative Closure Solutions reportable segment.
Current wording
We are involved in the purchase and sale of recycled fiber and the production and sale of adhesives used in our paperboard products. Both of these products were previously reported under the Integrated Solutions reportable segment (now the Innovative Closure Solutions reportable segment), and effective October 1, 2025, these products are reported under the Sustainable Fiber Solutions reportable segment. We are also involved in the production and sale of complementary packaging products and services such as paints, linings and filling that are related to our steel products. Both of these products and services were previously reported under the Integrated Solutions reportable segment (now the Innovative Closure Solutions reportable segment), and effective October 1, 2025, these products and services are reported under the Durable Metal Solutions reportable segment. These adjustments position each business within its respective place in the integrated value chain and reinforce a clear emphasis on closure systems within the Innovative Closure Solutions reportable segment.
Previous wording
In the Durable Metal Solutions reportable segment, we produce and sell metal-based packaging products, including a wide variety of steel drums. We also produce and sell complimentary packaging products, such as paints and linings for industrial packaging products and related services. Our metal-based packaging products are sold on a global basis to customers in industries such as chemicals, petroleum, agriculture and paints and coatings, among others.
Current wording
In the Durable Metal Solutions reportable segment, we produce and sell metal-based packaging products, including a wide variety of steel drums. We also produce and sell complementary packaging products, such as paints and linings for industrial packaging products and related services. Our metal-based packaging products are sold on a global basis to customers in industries such as chemicals, petroleum, agriculture and paints and coatings, among others.
Previous wording
The following comparative information is presented for the three months ended December 31, 2025 and 2024. Historical revenues and earnings may or may not be representative of future operating results as a result of various economic and other factors.
Current wording
The following comparative information is presented for the three and six months ended March 31, 2026 and 2025. Historical revenues and earnings may or may not be representative of future operating results as a result of various economic and other factors.
Previous wording
The non-GAAP financial measure of Adjusted EBITDA is used throughout the following discussion of our results of operations, both for our consolidated and segment results. For our consolidated results, Adjusted EBITDA is defined as net income, plus interest expense, net, plus other (income) expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring and other charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus other costs. Since we do not calculate net income by reportable segment, Adjusted EBITDA by reportable segment is reconciled to operating profit by reportable segment. In that case, Adjusted EBITDA is defined as operating profit by reportable segment, less equity earnings of unconsolidated affiliates, net of tax, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring and other charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus other costs, for that reportable segment.
Current wording
The non-GAAP financial measure of Adjusted EBITDA is used throughout the following discussion of our results of operations, both for our consolidated and segment results. For our consolidated results, Adjusted EBITDA is defined as net income, plus interest expense, net, plus non-cash pension settlement charges, plus debt extinguishment charges, plus other (income) expense, net, plus income tax (benefit) expense, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring and other charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus other costs. Since we do not calculate net income by reportable segment, Adjusted EBITDA by reportable segment is reconciled to operating profit by reportable segment. In that case, Adjusted EBITDA is defined as operating profit by reportable segment, less equity earnings of unconsolidated affiliates, net of tax, plus depreciation, depletion and amortization expense, plus acquisition and integration related costs, plus restructuring and other charges, plus non-cash asset impairment charges, plus (gain) loss on disposal of properties, plants and equipment, net, plus (gain) loss on disposal of businesses, net, plus other costs, for that reportable segment.
Previous wording
Net sales were $994.8 million for the first quarter of 2026 compared with $1,016.7 million for the first quarter of 2025. The $21.9 million decrease was primarily due to $48.2 million attributable to lower volumes, partially offset by $37.2 million positive foreign currency translation impacts The remaining variance is attributed to the Soterra Divestiture. See the “Segment Review” below for additional information on net sales by segment.
Current wording
Net sales were $1,072.8 million for the second quarter of 2026 compared with $1,078.4 million for the second quarter of 2025. The $5.6 million decrease was primarily due to $52.8 million attributable to lower volumes and impacts from the Soterra Divestiture, partially offset by $49.8 million positive foreign currency translation impacts. See “Segment Review” below for additional information on net sales by segment.
Previous wording
Gross profit was $202.6 million for the first quarter of 2026 compared with $199.4 million for the first quarter of 2025. The $3.2 million increase was primarily due to lower raw material costs, partially offset by the same factors that impacted net sales. See the “Segment Review” below for additional information on gross profit by segment. Gross profit margin was 20.4 percent and 19.6 percent for the first quarter of 2026 and 2025, respectively.
Current wording
Gross profit was $247.0 million for the second quarter of 2026 compared with $248.5 million for the second quarter of 2025. The $1.5 million decrease was primarily due to the same factors that impacted net sales, partially offset by lower raw material costs. See “Segment Review” below for additional information on gross profit by segment. Gross profit margin was 23.0 percent and 23.0 percent for the second quarter of 2026 and 2025, respectively.
Previous wording
Selling, general and administrative (“SG&A”) expenses were $146.1 million for the first quarter of 2026 compared with $160.2 million for the first quarter of 2025. The $14.1 million decrease was primarily due to lower compensation expenses and professional fees. SG&A expenses were 14.7 percent and 15.8 percent of net sales for the first quarter of 2026 and 2025, respectively.
Current wording
Selling, general and administrative (“SG&A”) expenses were $191.7 million for the second quarter of 2026 compared with $159.9 million for the second quarter of 2025. SG&A expenses for the second quarter of 2026 included a special charitable contribution that was allocated among the reporting segments and resulted in higher SG&A expenses for each of the reporting segments. The $31.8 million increase was primarily due to this special charitable contribution, partially offset by lower compensation expenses related to cost optimizations. SG&A expenses were 17.9 percent and 14.8 percent of net sales for the second quarter of 2026 and 2025, respectively.
Previous wording
Our Durable Metal Solutions segment produces and sells metal-based packaging products, including a wide variety of steel drums. In addition, this reportable segment produces and sells complimentary packaging products, such as paints and linings for industrial packaging products and related services.
Current wording
Our Durable Metal Solutions segment produces and sells metal-based packaging products, including a wide variety of steel drums. In addition, this reportable segment produces and sells complementary packaging products, such as paints and linings for industrial packaging products and related services.
Previous wording
Net sales were $23.0 million for the first quarter of 2026 compared with $22.4 million for the first quarter of 2025. The $0.6 million increase was primarily due to higher average selling prices and positive foreign currency translation impact, partially offset by lower volumes.
Current wording
Net sales were $25.8 million for the second quarter of 2026 compared with $22.3 million for the second quarter of 2025. The $3.5 million increase was primarily due to higher average selling prices and positive foreign currency translation impact, partially offset by lower volumes.
Previous wording
Gross profit was $8.9 million for the first quarter of 2026 compared with $7.5 million for the first quarter of 2025. The $1.4 million increase was primarily due to lower raw material purchases and the same factors that impacted net sales. The Innovative Closure Solutions reportable segment’s total sales including intersegment sales was $39.4 million and $39.9 million for the first quarter of 2026 and 2025, respectively. Gross profit margin as a percentage of total sales was 22.6 percent and 18.8 percent for the first quarter of 2026 and 2025, respectively.
Current wording
Gross profit was $12.3 million for the second quarter of 2026 compared with $9.8 million for the second quarter of 2025. The $2.5 million increase was primarily due to the same factors that impacted net sales. The Innovative Closure Solutions reportable segment’s total sales, including intersegment sales, was $45.4 million and $38.6 million for the second quarter of 2026 and 2025, respectively. Gross profit margin as a percentage of total sales was 27.1 percent and 25.4 percent for the second quarter of 2026 and 2025, respectively.
Previous wording
Operating profit was $32.9 million for the first quarter of 2026 compared with $30.5 million for the first quarter of 2025. The $2.4 million increase was primarily due to the same factors that impacted gross profit. Adjusted EBITDA was $45.8 million for the first quarter of 2026 compared with $36.8 million for the first quarter of 2025. The $9.0 million increase was primarily due to the same factors that impacted gross profit and lower SG&A expenses.
Current wording
Operating profit was $4.1 million for the second quarter of 2026 compared with $4.0 million for the second quarter of 2025. The $0.1 million increase was primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses. Adjusted EBITDA was $8.6 million for the second quarter of 2026 compared with $6.2 million for the second quarter of 2025. The $2.4 million increase was primarily due to the same factors that impacted gross profit.
Previous wording
On July 4, 2025, H.R. 1, commonly known as the One Big Beautiful Bill Act (“OBBBA”), was enacted into law. The OBBBA permanently extends several major provisions of the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation, domestic research cost expensing, enhanced business interest deductibility, and modifications to the international tax framework. We have evaluated the impact of the OBBBA as part of our fiscal year 2026 forecast, and the effects of the legislation are reflected in our income tax provision for the first quarter of 2026. We will continue to assess the application of the OBBBA and any related regulatory guidance as it becomes available.
Current wording
On July 4, 2025, H.R. 1, commonly known as the One Big Beautiful Bill Act (“OBBBA”), was enacted into law. The OBBBA permanently extends several major provisions of the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation, domestic research cost expensing, enhanced business interest deductibility, and modifications to the international tax framework. We have evaluated the impact of the OBBBA as part of our fiscal year 2026 forecast, and the effects of the legislation are reflected in our income tax provision for the second quarter of 2026. We will continue to assess the application of the OBBBA and any related regulatory guidance as it becomes available.
Previous wording
Gross profit was $70.7 million for the first quarter of 2026 compared with $69.0 million for the first quarter of 2025. The $1.7 million increase was primarily due to lower raw material purchases, partially offset by the same factors that impacted net sales. Gross profit margin was 19.9 percent and 19.4 percent for the first quarter of 2026 and 2025, respectively.
Current wording
Gross profit was $449.6 million for the first six months of 2026 compared with $447.9 million for the first six months of 2025. The $1.7 million increase was primarily due to lower raw material costs, partially offset by the same factors that impacted net sales. See “Segment Review” below for additional information on gross profit by segment. Gross profit margin was 21.7 percent and 21.4 percent for first six months of 2026 and 2025, respectively.
Previous wording
Operating profit was $256.6 million for the first quarter of 2026 compared with $34.1 million for the first quarter of 2025. Net income was $182.9 million for the first quarter of 2026 compared with $11.3 million for the first quarter of 2025. The increase of net income was primarily due to the Soterra Divestiture during the first quarter of 2026. Adjusted EBITDA was $122.5 million for the first quarter of 2026 compared with $98.8 million for the first quarter of 2025. The reasons for the changes in operating profit, net income, and Adjusted EBITDA for each segment are described below in the “Segment Review.”
Current wording
Operating profit was $292.0 million for the first six months of 2026 compared with $94.8 million for the first six months of 2025. Net income was $199.2 million for the first six months of 2026 compared with $36.4 million for the first six months of 2025. The increase of net income was primarily due to the Soterra Divestiture during the first quarter of 2026. Adjusted EBITDA was $279.3 million for the first six months of 2026 compared with $244.7 million for the first six months of 2025. The reasons for the changes in operating profit and Adjusted EBITDA for each segment are described below in “Segment Review.”
Previous wording
Operating profit was $218.5 million for the first quarter of 2026 compared with $1.1 million for the first quarter of 2025. The $217.4 million increase was primarily due to a $216.2 million gain from the Soterra Divestiture during the first quarter of 2026. Adjusted EBITDA was $36.6 million for the first quarter of 2026 compared with $29.5 million for the first quarter of 2025. The $7.1 million increase was primarily due to lower SG&A expenses and the same factors that impacted gross profit.
Current wording
Operating profit was $208.3 million for the first six months of 2026 compared with operating loss of $1.1 million for the first six months of 2025. The $209.4 million increase was primarily due to a $216.2 million gain from the Soterra Divestiture during the first quarter of 2026, partially offset by the same factors that impacted gross profit. Adjusted EBITDA was $77.4 million for the first six months of 2026 compared with $75.8 million for the first six months of 2025. The $1.6 million increase was primarily due to lower compensation expenses related to cost optimizations, partially offset by the same factors that impacted gross profit, excluding impacts from depreciation and amortization.
Previous wording
Operating profit was $2.5 million for the first quarter of 2026 compared with $1.1 million for the first quarter of 2025. The $1.4 million increase was primarily due to lower integration costs from prior acquisitions and lower SG&A expenses, partially offset by the same factors that impacted gross profit. Adjusted EBITDA was $35.5 million for the first quarter of 2026 compared with
Current wording
Operating profit was $6.8 million for the first six months of 2026 compared with $5.4 million for the first six months of 2025. The $1.4 million increase was primarily due to the same factors that impacted gross profit, partially offset by higher SG&A expenses. Adjusted EBITDA was $13.2 million for the first six months of 2026 compared with $10.2 million for the first six months of 2025. The $3.0 million increase was primarily due to the same factors that impacted gross profit.
Previous wording
The cash flows related to the Containerboard Business have not been segregated and are included in our Condensed Consolidated Statements of Cash Flows for the three months ended December 31, 2025 and 2024. The absence of the cash flows from the Containerboard business in future periods is not expected to materially impact our liquidity or capital resources.
Current wording
The cash flows related to the Containerboard Business have not been segregated and are included in our Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2026 and 2025. The absence of the cash flows from the Containerboard business in future periods is not expected to materially impact our liquidity or capital resources.
Previous wording
During the first three months of 2026 and 2025, cash (used in) provided by change in accounts receivable was $56.8 million and $76.2 million, respectively. The unfavorable change in accounts receivable levels was primarily due to timing of collections.
Current wording
During the first six months of 2026 and 2025, cash (used in) provided by change in accounts receivable was $(52.7) million and $(14.6) million, respectively. The unfavorable change in accounts receivable levels was primarily due to timing of collections.
Previous wording
During the first three months of 2026 and 2025, cash (used in) provided by change in inventories was $(10.7) million and $(9.0) million, respectively. The unfavorable change in inventories was primarily due to decrease in net sales.
Current wording
During the first six months of 2026 and 2025, cash (used in) provided by change in inventories was $(2.6) million and $(7.5) million, respectively. The favorable change in inventories was primarily due to decrease in net sales.
Previous wording
During the first three months of 2026 and 2025, cash (used in) provided by change in accounts payable was $(32.5) million and $(60.0) million, respectively. The favorable change in accounts payable levels was primarily due to decrease in purchases due to decrease in net sales and timing of payments.
Current wording
During the first six months of 2026 and 2025, cash (used in) provided by change in accounts payable was $89.0 million and $(1.3) million, respectively. The favorable change in accounts payable levels was primarily due to timing of payments.
Previous wording
During the first three months of 2026 and 2025, we invested $33.0 million and $42.7 million (of which $4.6 million relates to the Containerboard Business), respectively, of cash in capital expenditures.
Current wording
During the first six months of 2026 and 2025, we invested $89.8 million and $81.3 million (of which $11.4 million related to the Containerboard Business), respectively, of cash in capital expenditures.
Previous wording
During the first three months of 2026, we received $460.9 million of cash from sale of properties, plants and equipment and other assets, primarily from the Soterra Divestiture.
Current wording
During the first six months of 2026, we received $463.4 million of cash from sale of properties, plants and equipment and other assets, primarily from the Soterra Divestiture.
Previous wording
During the first three months of 2026 and 2025, we paid cash dividends to our stockholders in the amount of $32.5 million and $31.2 million, respectively.
Current wording
During the first six months of 2026 and 2025, we paid cash dividends to our stockholders in the amount of $64.3 million and $62.4 million, respectively.
Previous wording
During the first three months of 2026 and 2025, we (paid down) borrowed $(259.9) million and $50.9 million of debt, net of payments, respectively. The 2026 repayment was primarily from proceeds from the Soterra Divestiture.
Current wording
During the first six months of 2026 and 2025, we (paid down) borrowed $(195.6) million and $33.1 million of debt, net of issuances and payments, respectively. The 2026 repayment was primarily from proceeds from the Soterra Divestiture.
Previous wording
During the first three months of 2026, we paid $128.1 million for share repurchases.
Current wording
During the first six months of 2026, we paid $147.2 million for share repurchases.
Previous wording
In the first quarter of 2026, we entered into two agreements for open market repurchases that would nearly complete the repurchase of shares under the 2017 Authorization. One agreement provides for the repurchase of shares of Class A Common Stock up to an aggregate amount not to exceed $120.0 million in total repurchases, and the other agreement provides for the repurchase of shares of Class B Common Stock up to an aggregate amount not to exceed $30.0 million in total repurchases.
Current wording
In the first quarter of 2026, we entered into two agreements for open market repurchases. One agreement provides for the repurchase of shares of Class A Common Stock up to an aggregate amount not to exceed $120.0 million in total repurchases, and the other agreement provides for the repurchase of shares of Class B Common Stock up to an aggregate amount not to exceed $30.0 million in total repurchases.
Previous wording
For the three months ended December 31, 2025, 1,813,600 shares of Class A Common Stock and 110,088 of Class B Common Stock have been repurchased under the 2017 Authorization. As of December 31, 2025, the remaining number of shares that could be repurchased under the 2017 Authorization was 581,148.
Current wording
For the six months ended March 31, 2026, 1,813,600 shares of Class A Common Stock and 339,729 of Class B Common Stock have been repurchased under the 2017 Authorization. As of March 31, 2026, the remaining number of shares that could be repurchased under the 2017 Authorization was 351,507.
Previous wording
The 2022 Credit Agreement provides for (a) an $800.0 million secured revolving credit facility, consisting of a $725.0 million multicurrency facility and a $75.0 million U.S. dollar facility, maturing on March 1, 2027, (b) a $1,100.0 million secured term loan A-1 facility with quarterly principal installments that continue through January 31, 2027, with any outstanding principal balance of such term loan A-1 facility being due and payable on maturity on March 1, 2027, (c) a $515.0 million secured term loan A-2 facility with quarterly principal installments that continue through January 31, 2027, with any outstanding principal balance of such term loan A-2 being due and payable on maturity on March 1, 2027, and (d) as further described below, a $300.0 million incremental secured term loan A-4 facility with quarterly principal installments that continue through January
Current wording
On February 27, 2026, we entered into a third amended and restated senior secured credit agreement with a syndicate of financial institutions (the “New Credit Agreement”). The New Credit Agreement provides for (a) an $800.0 million secured revolving credit facility, consisting of a $725.0 million multicurrency facility and a $75.0 million U.S. dollar facility, maturing on February 27, 2031, and (b) a $100.0 million secured term loan A-1 facility with quarterly principal installments that continue through December 31, 2030, with any outstanding principal balance of such term loan A-1 facility being due and payable on maturity on February 27, 2031. Also on February 27, 2026, we entered into an amended and restated senior secured credit agreement with CoBank, ACB and other farm credit lending institutions (the “New FCS Credit Agreement”). The New FCS Credit Agreement is permitted incremental equivalent debt under the terms of the New Credit Agreement and provides a $400.0 million secured term loan A-2 facility with quarterly principal installments that continue through January 31, 2031, with any outstanding principal balance of such term loan A-2 being due and payable on maturity on February 27, 2031.The New Credit Agreement and the New FCS Credit Agreement are collectively referred to as the “2026 Credit Agreements.” Subject to the terms of the 2026 Credits Agreements, we have the option to borrow additional funds under the 2026 Credit Agreements with the agreement of the lenders.
Previous wording
Interest accruing under the 2022 Credit Agreement is based on Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment or a base rate that resets periodically plus, in each case, a calculated margin amount that is based on our leverage ratio. As of December 31, 2025, we had $610.4 million of available borrowing capacity under the $800.0 million secured revolving credit facility.
Current wording
Interest accruing under the 2026 Credit Agreements is based on the Secured Overnight Financing Rate (“SOFR”), Euro Interbank Offered Rate (“EURIBOR”) or a base rate that resets periodically plus, in each case, a calculated margin amount that is based on our leverage ratio. As of March 31, 2026, we had $582.5 million of available borrowing capacity under the $800.0 million secured revolving credit facility.
Previous wording
The repayment of all borrowings under the 2022 Credit Agreement is secured by a security interest in certain of our personal property and certain of the personal property of certain of our U.S. subsidiaries, including equipment and inventory and certain intangible assets, as well as a pledge of the capital stock of substantially all of our U.S. subsidiaries, and is secured, in part, by the capital stock of the non-U.S. borrowers. However, in the event that we receive and maintain an investment grade rating from either Moody’s Investors Services, Inc. or Standard & Poor’s Financial Services LLC, we may request the release of such collateral.
Current wording
The repayment of all borrowings under the 2026 Credit Agreements is guaranteed by certain of our U.S. subsidiaries and is secured by a security interest in certain of our personal property and certain of the personal property of certain of our U.S. subsidiaries, including equipment and inventory and certain intangible assets, as well as a pledge of the capital stock of substantially all of our U.S. subsidiaries, and is secured, in part, by the capital stock of the non-U.S. borrowers. However, in the event that we receive and maintain an investment grade rating from either Moody’s Investors Services, Inc. or Standard & Poor’s Financial Services LLC, we may request the release of such collateral.
Previous wording
The 2022 Credit Agreement contains certain covenants, which include financial covenants that require us to maintain a certain leverage ratio and an interest coverage ratio. The leverage ratio generally requires that at the end of any fiscal quarter we will not permit the ratio of (a) our total consolidated indebtedness (less the aggregate amount of our unrestricted cash and cash equivalents), to (b) our consolidated net income plus depreciation, depletion and amortization, interest expense (including capitalized interest), income taxes, and minus certain extraordinary gains and non-recurring gains (or plus certain extraordinary losses and non-recurring losses), and plus or minus certain other items for the preceding twelve months (as used in this paragraph only “EBITDA”) to be greater than 4.50 to 1.00 through the quarter ending January 31, 2025, and thereafter 4.00 to 1.00; provided that such leverage ratio is subject to (i) a covenant step-up (as defined in the 2022 Credit Agreement) increase adjustment of 0.50 upon the consummation of, and the following three fiscal quarters after, certain specified acquisitions and (ii) a collateral release decrease adjustment of 0.25x during any collateral release period (as defined in the 2022 Credit Agreement). The interest coverage ratio generally requires that at the end of any fiscal quarter we will not permit the ratio of (a) our consolidated EBITDA, to (b) our consolidated interest expense to the extent paid or payable, to be less than 3.00 to 1.00, during the applicable preceding twelve-month period. As of December 31, 2025, we were in compliance with the covenants and other agreements in the 2022 Credit Agreement.
Current wording
The 2026 Credit Agreements contains certain covenants, which include financial covenants that require us to maintain a certain leverage ratio and an interest coverage ratio. The leverage ratio generally requires that at the end of any fiscal quarter we will not permit the ratio of (a) our total consolidated indebtedness (less the aggregate amount of our unrestricted cash and cash equivalents), to (b) our consolidated net income plus depreciation, depletion and amortization, interest expense (including capitalized interest), income taxes, and minus certain extraordinary gains and non-recurring gains (or plus certain extraordinary losses and non-recurring losses), and plus or minus certain other items for the preceding twelve months (as used in this paragraph only “EBITDA”) to be greater than 4.00 to 1.00; provided that such leverage ratio is subject to (i) a covenant step-up
Previous wording
We have a $200.0 million U.S. Receivables Financing Facility Agreement (the “U.S. RFA”) that matures on May 15, 2026. As of December 31, 2025, there was a $174.4 million ($179.7 million as of September 30, 2025) outstanding balance under the U.S. RFA. The U.S. RFA also contains events of default and covenants that are substantially the same as the covenants under the 2022 Credit Agreement. As of December 31, 2025, we were in compliance with these covenants. Proceeds of the U.S. RFA are available for working capital and general corporate purposes.
Current wording
We have a $200.0 million U.S. Receivables Financing Facility Agreement (the “U.S. RFA”) that matures on May 15, 2026. As of March 31, 2026, there was a $181.4 million ($179.7 million as of September 30, 2025) outstanding balance under the U.S. RFA. The U.S. RFA also contains events of default and covenants that are substantially the same as the covenants under the 2026 Credit Agreements. As of March 31, 2026, we were in compliance with these covenants. Proceeds of the U.S. RFA are available for working capital and general corporate purposes.
Previous wording
We have a €100.0 million ($117.7 million as of December 31, 2025) European Receivables Financing Agreement (the “European RFA”) that matures on April 21, 2026. As of December 31, 2025, $93.6 million ($95.3 million as of September 30, 2025) was outstanding under the European RFA. As of December 31, 2025, we were in compliance with covenants contained in the European RFA. Proceeds of the European RFA are available for working capital and general corporate purposes.
Current wording
We have a €100.0 million ($115.1 million as of March 31, 2026) European Receivables Financing Agreement (the “European RFA”) that matures on April 20, 2027. As of March 31, 2026, $97.8 million ($95.3 million as of September 30, 2025) was outstanding under the European RFA. As of March 31, 2026, we were in compliance with covenants contained in the European RFA. Proceeds of the European RFA are available for working capital and general corporate purposes.
Previous wording
As of December 31, 2025, we had various interest rate swaps with a total notional amount of $275.0 million ($562.5 million as of September 30, 2025) amortizing down over the term, in which we receive variable interest rate payments based on SOFR and in return are obligated to pay interest at a weighted average fixed interest rate of 1.16%. These derivatives are designated as cash flow hedges for accounting purposes and will mature between March 1, 2027 and July 16, 2029.
Current wording
As of March 31, 2026, we had various interest rate swaps with a total notional amount of $320.0 million ($562.5 million as of September 30, 2025) amortizing down over the term, in which we receive variable interest rate payments based on SOFR and in return are obligated to pay interest at a weighted average fixed interest rate of 1.71%. These derivatives are designated as cash flow hedges for accounting purposes and will mature between March 1, 2027 and July 16, 2029.
Previous wording
As of December 31, 2025, and September 30, 2025, we had outstanding foreign currency forward contracts in the notional amount of $118.2 million, and $165.0 million, respectively.
Current wording
As of March 31, 2026, we had outstanding foreign currency forward contracts in the notional amount of $112.8 million ($165.0 million as of September 30, 2025).
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
The following table sets forth the net sales, operating profit and Adjusted EBITDA for each of our business segments for the six months ended March 31, 2026 and 2025:
Current report — wording carried from elsewhere
The following table sets forth Adjusted EBITDA, reconciled to net income and operating profit, for our consolidated results for the six months ended March 31, 2026 and 2025:
Current report — wording carried from elsewhere
The following table sets forth Adjusted EBITDA for our business segments, reconciled to the operating profit for each segment, for the six months ended March 31, 2026 and 2025:
Current report — wording carried from elsewhere
(as defined in the 2026 Credit Agreements) increase adjustment of 0.50 upon the consummation of, and the following three fiscal quarters after, certain specified acquisitions and (ii) a collateral release decrease adjustment of 0.25x during any collateral release period (as defined in the 2026 Credit Agreements). The interest coverage ratio generally requires that at the end of any fiscal quarter we will not permit the ratio of (a) our consolidated EBITDA, to (b) our consolidated interest expense to the extent paid or payable, to be less than 3.00 to 1.00, during the applicable preceding twelve-month period. As of March 31, 2026, we were in compliance with the covenants and other agreements in the 2026 Credit Agreements.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Previous report — wording carried elsewhere
31, 2027, with any outstanding principal balance of such term loan A-4 being due and payable on maturity on March 1, 2027. Subject to the terms of the 2022 Credit Agreement, the Company has an option to borrow additional funds under the 2022 Credit Agreement with the agreement of the lenders.
Previous report — wording carried elsewhere
The repayment of all borrowings under the 2023 Credit Agreement is secured by a security interest in certain of our personal property and certain of the personal property of certain of our U.S. subsidiaries, including equipment and inventory and certain intangible assets, as well as a pledge of the capital stock of substantially all of our U.S. subsidiaries. However, in the event that we receive and maintain an investment grade rating from either Moody’s Investors Services, Inc. or Standard & Poor’s Financial Services LLC, we may request the release of such collateral. Our obligations under the 2023 Credit Agreement are secured on apari passu basis with the obligations arising under the 2022 Credit Agreement.