Ranpak (PACK) Q2 2026 earnings summary

Executive summary

• Net revenue for Q2 2026 rose 14.0% year-over-year to $105.2 million, or 12.2% on a constant currency basis, driven by strong automation and EMEA performance.

• Automation revenue surged 139.4% year-over-year on a constant currency basis, with North America automation sales up 211.8% and Europe/Asia up 109.3%.

• Adjusted EBITDA increased 15.8% year-over-year to $19.1 million, up 13.9% on a constant currency basis.

• Gross margin improved to 32.8% from 31.3% in the prior year, reflecting efficiency gains and margin enhancement initiatives.

• Net loss for Q2 2026 was $7.9 million, compared to $7.5 million in Q2 2025.

Financial highlights

• Net revenue for Q2 2026 was $105.2 million, up from $92.3 million in Q2 2025.

• Gross profit for Q2 2026 was $34.5 million, up 19.4% year-over-year; gross margin improved to 32.8%.

• Adjusted EBITDA margin increased to 18.2% from 17.9% year-over-year.

• Cash and cash equivalents at June 30, 2026, were $43.2 million; no borrowings on $50 million revolver.

• Net loss for the six months was $18.1 million, a slight improvement from $18.4 million in the prior year period.

Outlook and guidance

• Management expects to achieve full-year guidance and targets nearly $60 million in automation revenue for 2026.

• Automation expected to reach EBITDA breakeven by year-end and become EBITDA positive in 2027.

• Seasonality is expected to persist, with the highest revenue in Q4 due to e-commerce sector trends.

• Anticipates improved performance in the distribution channel and margin expansion in the second half, supported by price increases and operational efficiencies.

• Targeting $800 million in top-line revenue by 2030.