GEF - Quick Take - Live from the Truist Securities Industrials & Services Conference

研报英文原文证据摘录

GEF - Quick Take - Live from the Truist Securities Industrials & Services Conference

Truist Securities

Equity Research Report June 16, 2026

INDUSTRIALS: Packaging Greif, Inc. (GEF)

GEF - Quick Take - Live from the Truist Securities Industrials & Michael Roxland

212-326-4839 Services Conference

Michael.Roxland@truist.com

Niccolo Piccini Greif’s President & CEO Ole Rosgaard and VP of IR & Corporate Development Bill

212-303-4140 D'Onofrio hosted meetings at the Truist Securities Industrials & Services Conference.

Nico.Piccini@truist.com Overall, conditions appear to be largely unchanged since reporting F2Q26 in late April. That

said, management highlighted confidence in its revised 2026 EBITDA low-end target of

$610M, which does not include GEF’s recently announced price increase of $60/ton for all

grades of URB products effective July 6 and a minimum 6.5% increase on all tube and core

Current Price (Jun. 15, $69.36 and protective packaging products effective July 13. In fairness, that pricing should largely 2026)

impact F2027 results given GEF’s September fiscal year end and contract lags on the 70%

Stock Rating HOLD of business tied to RISI. Recall GEF’s F2026 guidance does include the $60/ton of URB

Unchanged pricing implemented in April, with management noting a $9mn benefit net of higher OCC

pricing at F2Q. That said, OCC pricing has increased $18/ton since F2Q reporting.

Price Target $78.00

Unchanged Overall, volumes remain challenged across the segments, largely in-line with expectations.

That said, we believe the reopening of the Strait of Hormuz could provide a marginal benefit

to F2026 and more so in F2027, particularly in Durable Metal Solutions given it is a notable

supplier to the Sadara chemical facility in Jubail, Saudi Arabia, which halted production