Ranpak (PACK) Q3 2026 earnings summary

Executive summary

• Q3 net revenue rose 2.3% to $101.9M, or 3.4% at constant currency; adjusted EBITDA increased 5.1% to $22.5M, or 6.1% at constant currency.

• Net loss narrowed to $7.2M from $10.4M; gross margin improved 110 bps YoY to 35.6%.

• Automation growth and cost actions offset softer Europe/Asia PPS volumes; prior FY guidance remained in place, with 2027 growth expected from automation and cold chain.

Financial highlights

• Q3 revenue was $101.9M vs. $99.6M; gross profit was $36.3M vs. $34.4M, and operating loss was $5.7M vs. $6.2M.

• Q3 SG&A declined $3.9M to $25.7M, mainly on lower professional fees and stock-based compensation; reported SG&A fell 13.2% YoY.

• Net loss narrowed to $7.2M from $10.4M; diluted loss per share was $0.08 vs. $0.12.

• 9M revenue increased 8.9% to $308.3M, or 6.6% at constant currency; adjusted EBITDA rose 9.6% to $60.5M, or 6.0% at constant currency.

• 9M operating cash flow was $24.8M vs. $3.6M.

Outlook and guidance

• Prior FY guidance remained on track; priorities include growth, margin improvement, cost discipline and deleveraging despite higher volatility.

• Automation revenue target remains $60M for 2026, with adjusted EBITDA break-even expected in 2026 and a positive contribution in 2027.

• Q4 is typically the strongest sales quarter; management expected a seasonal revenue step-up and a decent peak season.

• Automation and cold chain are expected to drive much of 2027 growth; cold-chain capacity is on track to come online early in 2027, with meaningful contribution from Q2 onward.

• Net leverage target is 2.5x–3.0x within 24 months; cash was expected to improve in Q4 through seasonality and working-capital release.