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DIVESTITURES | 6 Months Ended
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Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
DIVESTITURES | DIVESTITURES Divestitures Soterra Divestiture On August 5, 2025, the Company entered into a definitive agreement to sell its Soterra land management assets, consisting primarily of approximately 173,000 acres of timberland (the “Soterra Assets”). The carrying value of $231.4 million was classified as held for sale as of September 30, 2025. The transaction closed on October 1, 2025 for a purchase price of $462.0 million (the “Soterra Divestiture”). Net cash proceeds from the sale were used for debt repayment. The Soterra Divestiture does not qualify as discontinued operations, as it does not represent a strategic shift that has had a major impact on the Company’s operations or financial results. The transaction was accounted for as an asset sale and resulted in a $216.2 million gain on sale of properties, plants and equipment, net. Containerboard Business Divestiture Effective as of August 31, 2025, the Company completed the Containerboard Divestiture for a purchase price of $1,804.7 million. The Company incurred transaction costs of $23.4 million to complete this divestment. The net cash proceeds from the sale of the Containerboard Business have been used for debt repayment. The Containerboard Business was previously reported under the Company’s Sustainable Fiber Solutions segment. The Containerboard Divestiture qualifies as discontinued operations because it represents a strategic shift that will have a major impact on the Company’s operations and financial results. In accordance with ASC 205-20, Allocation of Interest to Discontinued Operations, the Company elected to allocate interest expense to discontinued operations for the Company’s debt that is not directly attributable to the Containerboard business. Interest expense was allocated based on a ratio of debt repayment expected from sale proceeds to total debt. The following table presents results of operations of the Containerboard Business from discontinued operations:
| Three Months Ended March 31, |  | Six Months Ended March 31,
(in millions) | 2026 |  | 2025 |  | 2026 |  | 2025
Net sales | $ | — |  |  | $ | 280.7 |  |  | $ | — |  |  | $ | 562.3 |
Cost of products sold | — |  |  | 223.5 |  |  | — |  |  | 450.7 |
Gross profit | — |  |  | 57.2 |  |  | — |  |  | 111.6 |
Selling, general and administrative expenses | — |  |  | 10.9 |  |  | — |  |  | 21.7 |
Loss on disposal of properties, plants and equipment, net | — |  |  | — |  |  | — |  |  | 0.2 |
Loss on disposal of businesses, net | — |  |  | — |  |  | 2.6 |  |  | — |
Operating (loss) profit | — |  |  | 46.3 |  |  | (2.6) |  |  | 89.7 |
Interest expense, net | — |  |  | 19.2 |  |  | — |  |  | 41.4 |
Income (loss) from discontinued operations before income tax expense and equity earnings of unconsolidated affiliates, net | — |  |  | 27.1 |  |  | (2.6) |  |  | 48.3 |
Income tax (benefit) expense | — |  |  | 5.8 |  |  | (0.6) |  |  | 11.6 |
Net income (loss) from discontinued operations | — |  |  | 21.3 |  |  | (2.0) |  |  | 36.7 |
Net income (loss) from discontinued operations attributable to Greif, Inc. | $ | — |  |  | $ | 21.3 |  |  | $ | (2.0) |  |  | $ | 36.7 |
For net sales and costs of products sold, which had previously been eliminated in consolidation related to intercompany sales of recycled fiber to the Containerboard Business, $6.6 million and $14.3 million for the three and six months ended March 31, 2025 are now reflected on a gross basis as a component of net sales and costs of sales from continuing operations for all periods presented. The following table presents depreciation, amortization, and capital expenditures of the Containerboard Business from discontinued operations:
|  |  | Three Months Ended March 31, |  |  |  | Six Months Ended March 31,
(in millions) |  |  | 2025 |  |  |  | 2025
Depreciation and amortization |  |  | $ | 9.3 |  |  |  |  | $ | 18.3 |
Capital expenditures |  |  | 5.5 |  |  |  |  | 11.1 |
The Company had no other material noncash operating and investing activities related to the discontinued operations.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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