Greif, Inc.

Good day and thank you for standing by. Welcome to the Grice fourth quarter 2026 earnings call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Bill D'Onofrio, Vice President of Investor Relations and Corporate Development. Please go ahead.

Good morning, and thank you for joining Grice's fiscal fourth quarter 2026 earnings conference call. Today, our CEO, Ole Rosgaard, will provide a strategy and market update, followed by our CFO, Larry Hilsheimer, with a review of our financial results and fiscal 2027 guidance. Please turn to slide two. In accordance with regulation fair disclosure, please ask questions regarding topics you consider important because we are prohibited from discussing material nonpublic information with you on an individual basis. During today's call, we will make forward-looking statements involving plans, expectations, and beliefs related to future events. Actual results could differ materially from those discussed. Additionally, we will be referencing certain non-GAAP financial measures and the reconciliation to the most directly comparable gap metrics that can be found in the appendix of today's presentation. I'll now turn the call over to Ole on slide three.

Ole Rosgaard Thank you, Bill, and good morning, everyone. Before we discuss the fourth quarter, I want to start with a bigger picture, how GRIFE has changed over the past two years and what that means for our shareholders. Two years ago, we set out to build a simpler, stronger, more profitable GRIFE. We introduced our solutions-based operating model, brought our global commercial teams together, and committed to taking 100 million of structural cost out of the business. Today, those actions are delivering. We have achieved 105 million in annual run rate cost savings and expanded adjusted EBITDA margins by approximately 160 basis points. We sharpened our portfolio through the Container Board and Timberlands divestitures. We reduced leverage from 3.5 times to 1.2 times at year end. And we have returned capital to shareholders, raising the dividend by nearly 15% over two years and repurchasing approximately 225 million of shares in fiscal 26. This is meaningful progress in a short time. Greif has greater earnings power, a stronger balance sheet, and more room to invest in growth. Our shareholders have participated in that progress, with total shareholder returns of more than 35% over the past two years. And we are not finished. Our priorities are straightforward. Win new customers. grow our share of business with existing customers, invest in high return opportunities in polymers and closures, and keep taking structural costs out of the business. We will remain disciplined with capital, including targeted acquisitions and shareholder returns, while keeping leverage below two times. These results belong to our thousands of colleagues around the world. They have driven this change while continuing to serve our customers. I want to thank them for their commitment and execution. Please turn to slide four. Now, look at what this means for our fiscal 2026. Adjusted EBITDA reached 625.7 million up nearly 12% from last year, despite another year of weak industrial demand. Adjusted earnings per Class A share rose to $4.04, an improvement of 75% from a year ago. Our year-end leverage ratio was 1.2 times. We repurchased 225 million of shares during the year. These are clear signs of stronger earnings and Financial Flexibility. We also announced our exit from coded recycle board through the closure of our sweet water mill. While it may be a difficult decision for those affected, it's the right one for the long-term health of our fiber business. It sharpens our portfolio and supports a more efficient network. The key point is this. We are producing better results through actions we control, we are not depending on an industrial recovery to improve grife. Please turn to slide five. Cost improvements is one of the clearest examples of that approach. At the end of fiscal 25, we had delivered 50 million of annual run rate savings. At the end of fiscal 26, that number reached 105 million. We met our original 100 million commitment a year early. We're now raising the targets to 150 million by the end of fiscal 27. That is 50% above our original commitments and another 45 million of annual one rate savings beyond what we have already delivered. The work is practical, improve operating efficiency, Simplify our network and reduce overhead. These savings are structural. They're designed to make life more competitive and support margin expansion through the cycle. We have earned confidence by delivering. Now we need to deliver the next 45 million. Please turn to slide six for our fourth quarter results. Turning to demand, the industrial backdrop remains difficult. We have not seen convincing signs of a broad recovery. In the fourth quarter, primary product volumes in polymers and metals each declined about 2.3% from a year ago. Closures declined 3.5%. Fiber was the exception, with volumes up 1.3%. Within polymers, intermediate bulk containers grew at a high single-digit rate. while smaller containers faced customer destocking, higher resin costs, and weaker agricultural demand. Metals continue to reflect soft industrial activity across regions. Fiber benefited from steady converting demands. Enclosures experienced lower volumes, but we remain confident in its long-term growth opportunities. We are being realistic about the markets. We do not control when demand recovers. We do control how well we serve our customers, how quickly we win new business, how efficiently we run our operations, and where we invest. That is where our teams are focused. We are strengthening our commercial execution, pursuing growth in attractive end markets, and continuing to improve our cost base. I will turn the call over to Larry to review the quarter, our financial performance, and our outlook.