Ranpak
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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.
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Q4 2025 earnings summary5 Mar, 2026

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.

Automation's contribution to 2026 revenue goals
Analyze the non-cash warrant impact on Q4 results
Impact of customer mix on AEBITDA margin profile
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Frequently asked questions

Ranpak Holdings Corp manufactures and supplies sustainable packaging materials and automated systems. The company specializes in paper-based protective packaging used in e-commerce and industrial shipping, aiming to replace plastic-based alternatives. The company is headquartered in Concord Township, Ohio, and its shares are listed on the NYSE.

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