Ranpak Holdings Corp · NYSE:PACK
Ranpak — Q4 2025 Earnings Presentation
13 slides from Ranpak's earnings presentation, Mar 5, 2026
Slide 1: 4Q25 Earnings Presentation
4Q25 Earnings Presentation March 5, 2026
Slide 2: Disclaimers
Disclaimers The results of operations data contained in this presentation are based on our preliminary, unaudited results of operations for the quarter and year ended December 31, 2025. Such preliminary data should not be viewed as a comprehensive statement of our financial results for the quarter e
Slide 3: Ranpak Fourth Quarter Performance Commentary
Ranpak Fourth Quarter Performance Commentary Rapid growth in global Automation and North America enterprise accounts driving top-line Higher volumes in North America enterprise accounts in e-commerce and increases in global automation equipment sales drove an overall 6.6% increase in net sales vs pr
Slide 4: Revenue
Revenue System Installed Base Net Revenue Constant Currency (Non- North America GAAP) % Change(1) 2.2% Increase in System 2.2% (includes 2.2% non- • Enterprise e-Commerce accounts delivering Installed Base cash decrease from $ in millions warrants) strong top-line results • 5.5% volume growth and 22
Slide 5: Profitability
Profitability Adjusted EBITDA(1) Decrease of 10.3% at Constant AEBITDA down 5.1% vs 4Q24 on an actual basis Currency (Non-GAAP) % Change(2) and up 4.0% excluding the impact from warrants (includes 9.1% non-cash decrease $ in millions from warrants) (down 10.3% on a constant currency (non-GAAP) % cha
Slide 6: Full Year Net Revenue and Adjusted EBITDA
Full Year Net Revenue Adjusted EBITDA(1) Constant Currency (Non-GAAP) % Constant Currency (Non-GAAP) % $ in millions Change(1) 4.7% (includes 1.4% non- $ in millions Change(1) (8.5)% (includes 6.1% non- cash decrease from warrants) cash decrease from warrants) Note: Figures based on unaudited intern
Slide 7: 2026 Guidance
2026 Guidance Top line expectations include: • Healthier operating environment in North 2026 Guidance America • Slowly improving outlook in EMEA with low end of range reflecting uncertainty related to Middle East Net Revenue Growth: +5.1% - 12.7% or $415 - $445 million • Automation growth of ~30%-50
Slide 8: Liquidity and Capitalization
Liquidity and Capitalization • Ranpak completed 4Q25 with a solid liquidity position - cash balance of $63.0 million and no drawings on its Revolving Credit Facility • Net Leverage Ratio(1) of 4.4x as of December 31, 2025 • Bank Adj. EBITDA leverage ratio of 3.6x per Covenant Calculation • As of Dec
Slide 9: Unaudited GAAP Income Statement Data
Unaudited GAAP Income Statement Data $ in millions except per share values Three Months Ended December 31, 2025 2024 Net product revenue $ 93.7 $ 91.6 Machine lease revenue 18.2 13.4 Net revenue 111.9 105.0 Cost of product sales 68.3 54.8 Cost of leased machines 7.1 8.8 Gross profit 36.5 41.4 Sellin
Slide 10: Unaudited GAAP Income Statement Data
Unaudited GAAP Income Statement Data $ in millions except per share values Year Ended December 31, 2025 2024 2023 Net product revenue $ 332.7 $ 315.5 $ 284.8 Machine lease revenue 62.3 53.4 51.5 Net revenue 395.0 368.9 336.3 Cost of product sales 237.2 202.9 181.3 Cost of leased machines 27.1 26.2 3
Slide 11: Reconciliation of Non-GAAP metrics
Reconciliation of Non-GAAP metrics $ in millions Non-GAAP Measures Constant Three Months Ended December 31, Currency (Non-GAAP) 2025 2024 $ Change % Change % Change(6) Net loss $ (9.5) $ (8.0) $ (1.5) 18.8 17.5 Depreciation and amortization expense – COS 8.0 5.7 2.3 40.4 Depreciation and amortizatio
Slide 12: Reconciliation of Non-GAAP metrics
Reconciliation of Non-GAAP metrics $ in millions Non-GAAP Measures Constant Year Ended December 31, Currency (Non-GAAP) 2025 2024 $ Change % Change % Change(6) Net loss $ (38.3) $ (21.5) $ (16.8) 78.1 77.7 Depreciation and amortization expense – COS 30.7 30.2 0.5 1.7 Depreciation and amortization ex
Slide 13: Ranpak
Ranpak Deliver a Better World”