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Ranpak (PACK) investor relations material
Ranpak Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Finished 2025 with volume growth across all geographies, strong automation momentum, and robust performance from North America enterprise accounts, especially in e-commerce.
Strengthened partnerships with major global e-commerce and retail leaders, including Amazon, Walmart, and Medline, and expanded automation in healthcare.
Achieved 9 out of the last 10 quarters of volume growth, with sequential gains in all regions and first volume growth in Europe for the year.
Automation segment posted record quarterly revenue, growing nearly 40% on a constant currency basis excluding warrants.
Ended Q4 2025 with $63.0 million in cash and no drawings on the revolving credit facility.
Financial highlights
Q4 2025 net revenue was $111.9 million, up 6.6% year-over-year; full-year net revenue rose 7.1% (4.7% constant currency) to $395.0 million.
Q4 gross profit was $36.5 million, with gross margin declining to 32.6% from 39.4% due to higher costs and product mix.
Q4 Adjusted EBITDA was $24.0 million (21.4% margin), down 5.1% year-over-year; full-year Adjusted EBITDA was $79.2 million (20.1% margin), down 5.5%.
Q4 net loss was $9.5 million; full-year net loss widened to $38.3 million from $21.5 million.
Non-cash warrant provisions reduced Q4 revenue and Adjusted EBITDA by $2.3 million and are expected to impact 2026 by $5–$7 million.
Outlook and guidance
2026 guidance: net revenue growth of 5.1%–12.7% to $415–$445 million; Adjusted EBITDA growth of 5.4%–19.9% to $83.5–$95 million.
Automation revenue projected to grow 30%–50%, potentially exceeding $60 million and turning positive on Adjusted EBITDA.
PPS volume growth expected in low-to-high single digits, with North America leading and Europe more uncertain due to geopolitical risks.
Free cash flow for 2026 estimated at ~$15M after CapEx, interest, taxes, and working capital needs.
Guidance incorporates a $5–$7 million non-cash reduction in net revenue and AEBITDA due to warrant impacts.
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