• Net revenue for the second quarter increased 14.0% year over year to $105.2 million and increased 12.2% year over year on a constant currency basis
• Net loss for the second quarter of $7.9 million compared to net loss of $7.5 million for the prior year period
• Adjusted EBITDA (“AEBITDA”)(1) for the second quarter of $19.1 million, an increase of 15.8%, or $2.6 million, year over year, and up 13.9% on a constant currency basis
• Protective Packaging Solutions (“PPS”) system placement down 2.3% year over year to approximately 141.7 thousand machines at June 30, 2026

CONCORD TOWNSHIP, Ohio: Ranpak Holdings Corp. (NYSE: PACK) (“Ranpak” or “the Company”), a leading provider of environmentally sustainable, systems-based, product protection and end-of-line automation solutions for e-commerce and industrial supply chains, today reported its second quarter 2026 financial results.

Omar Asali, Chairman and Chief Executive Officer, commented, “I am pleased with the overall second quarter results and the continued excellent growth in Automation as net revenue in the quarter for our automation product line increased 139.4% year over year on a constant currency basis and excluding warrants. We remain on track to have a strong year in Automation expecting to achieve nearly $60 million in revenue. The momentum there is strong and we believe our value proposition is resonating with the marketplace as more and more companies are adopting our box customization and automated dunnage insertion solutions. PPS also experienced growth as volumes increased 2.4% year over year, driven by EMEA which exceeded expectations in a dynamic environment.

Together, these factors contributed to net revenue growth of 14.0% or 12.2% on a constant currency basis, inclusive of a $1.7 million provision for warrants. AEBITDA increased $2.6 million or 15.8% to $19.1 million and was up 13.9% on a constant currency basis. Excluding the impact of warrants, AEBITDA increased 15.8% on a constant currency basis.

Evolving global conflicts continue to create volatility and uncertainty in the near term, but we believe our innovation in PPS, Automation, and sustainable Cold Chain solutions position us well for the next number of years and expands our portfolio to address major areas of the market we have not played in thus far. Our relationships with our large enterprise customers are strong and continue to evolve. We are very focused on partnering with them at scale to provide value added and differentiated solutions and reducing our exposure to products we view to be more commoditized with less of a growth trajectory. We continue to expect to achieve our guidance for the year and are positioning ourselves to achieve our longer term revenue targets through the capacity we are building in the second half of 2026. We remain disciplined on cost and are focused on delivering top‑line growth while strengthening our margin profile.”

Second Quarter 2026 Highlights

• Net revenue increased 14.0% year over year and increased 12.2% on a constant currency basis, including a $1.7 million, or 0.4%, non-cash reduction for warrants, compared to a $1.2 million reduction in the prior period
• Net loss of $7.9 million compared to a net loss of $7.5 million for the prior year period
• AEBITDA of $19.1 million is up 15.8% year over year and up 13.9% on a constant currency basis, including a $1.7 million non-cash reduction for warrants
• PPS system placement decreased 2.3% year over year, to approximately 141.7 thousand machines as of June 30, 2026

Net revenue for the second quarter of 2026 was $105.2 million compared to $92.3 million for the second quarter of 2025, an increase of $12.9 million or 14.0% (12.2% on a constant currency basis) and includes a non-cash reduction of $1.0 million to void-fill and $0.7 million to automation net revenue from the provision for warrants in the current period. Net revenue for the second quarter of 2025 includes a non-cash reduction of $1.2 million to void-fill from the provision for warrants. Net revenue was positively impacted by increases in automation equipment sales, void-fill, and wrapping, partially offset by a decrease in cushioning. Automation net revenue increased $9.5 million, or 133.8% to $16.6 million from $7.1 million; void-fill increased $3.7 million, or 9.0%, to $44.8 million from $41.1 million; wrapping increased $1.4 million, or 19.2%, to $8.7 million from $7.3 million; and cushioning decreased $1.7 million, or 4.6%, to $35.1 million from $36.8 million for the second quarter of 2026 compared to the second quarter of 2025.

The increase in net revenue for the second quarter of 2026 compared to the second quarter of 2025 is quantified by a 10.0% increase in automation equipment sales, a 2.4% increase in the volume of sales of our paper consumable products, a 1.8% increase from foreign currency fluctuations, and a 0.2% increase in the price or mix of our paper consumable products, partially offset by a 0.4% impact from an increase in the non-cash provision for warrants.

The following table presents the non-cash impact that the Company’s outstanding warrants had on the Company’s results of operations during the second quarter of 2026 and 2025, respectively:

Balance Sheet and Liquidity

Ranpak completed the second quarter of 2026 with a strong liquidity position, including a cash balance of $43.2 million, no borrowings on its $50.0 million revolving credit facility, which matures in December 2029, and $2.8 million committed to outstanding letters of credit, leaving net availability of $47.2 million under the revolving credit facility. As of June 30, 2026, the Company had $403.9 million outstanding under its U.S. dollar-denominated first lien term facility, which matures in December 2031.

The following table presents Ranpak’s installed base of PPS systems by product line as of June 30, 2026 and 2025:

Conference Call Information

The Company will host a conference call and webcast at 8:30 a.m. (ET) on Thursday, July 30, 2026. The conference call and earnings presentation will be webcast live at the following link: https://events.q4inc.com/attendee/993330977. Investors who cannot access the webcast may listen to the conference call live via telephone by dialing (833) 461-5787 and use the Conference ID: 993330977.

A replay will be archived on the company’s website following completion of the call.

Cautionary Notice Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are not historical facts are forward-looking statements. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this news release include, for example, statements about our expectations around the future performance of the business, including our forward-looking guidance.

The forward-looking statements contained in this news release are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (i) our inability to secure a sufficient supply of paper to meet our production requirements; (ii) the impact of rising prices on production inputs, including labor, energy, and freight on our results of operations; (iii) the impact of the price of kraft paper on our results of operations; (iv) our reliance on third party suppliers; (v) geopolitical conflicts and other social and political unrest or potential tariffs on the import of goods; (vi) the high degree of competition and continued consolidation in the markets in which we operate; (vii) consumer sensitivity to increases in the prices of our products, changes in consumer preferences with respect to paper products generally or customer inventory rebalancing; (viii) economic, competitive and market conditions generally, including macroeconomic uncertainty, the impact of inflation, and variability in energy, freight, labor and other input costs; (ix) the loss of certain customers; (x) our failure to develop new products that meet our sales or margin expectations or the failure of those products to achieve market acceptance; (xi) our ability to achieve our environmental, social and governance (“ESG”) goals and maintain the sustainable nature of our product portfolio and fulfill our obligations under new disclosure regimes relating to ESG matters and evolving ESG standards; (xii) our future operating results fluctuating, failing to match performance or to meet expectations; (xiii) our ability to fulfill our public company obligations; and (xiv) other risks and uncertainties indicated from time to time in filings made with the SEC.

Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. We are not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.

Ranpak Holdings Corp. Unaudited Condensed Consolidated Balance Sheets (in millions, except share data)
	June 30, 2026				December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	43.2			$	63.0
Accounts receivable, net		49.4				47.7
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