• Net revenue for the fourth quarter increased 16% year over year to $105.0 million and increased 17% year over year on a constant currency basis

• Net loss for the fourth quarter of $8.0 million compared to net loss of $9.3 million for the prior year period

• Adjusted EBITDA (“AEBITDA”) for the fourth quarter of $25.3 million up 8%, or $1.8 million, year over year, up 8% on a constant currency basis

• Packaging System placement up 1% year over year to approximately 142.7 thousand machines at December 31, 2024

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 fourth quarter 2024 financial results.

Omar Asali, Chairman and Chief Executive Officer, commented, “We are pleased to finish 2024 on a really positive note with the fourth quarter delivering double digit volume and top-line growth. Volume growth of 12% and 16% net revenue growth across the organization was driven by North American e-commerce activity which experienced a strong holiday season overall as well as the impact of plastic to paper shift among strategic accounts. This translated into 8% growth in AEBITDA on a constant currency basis in the quarter due to the mix impact of more e-commerce business relative to industrial products. Our strong fourth quarter performance propelled us to achieve 10% volume and net revenue growth for the year and 14% growth in AEBITDA on a constant currency basis. The strategic account activity foundation we had been building and discussing for the past couple of years drove strong results in 2024 in a challenging environment and provides Ranpak with an excellent springboard going into 2025.

We were pleased to announce in January 2025 that we signed a warrant transaction with Amazon. We believe this agreement provides economic alignment for continued growth which we believe aligns us well to continue to grow organically with our largest customer. In our opinion, this agreement is a testament to the innovation and execution the Ranpak team has delivered and value we can bring to the world’s most discerning organizations. Ranpak is a differentiated value-added partner in protective packaging and Automation and the world is taking notice.”

Constant Currency

We operate globally, and a substantial portion of our net revenue and operations is denominated in foreign currencies, primarily the Euro.

We are changing our presentation of supplemental non-GAAP constant currency metrics, beginning with our 2024 results, to no longer utilize an exchange rate of 1 Euro to 1.15 U.S. Dollar (“USD”) when calculating and discussing these metrics. In calculating the Constant Currency (Non-GAAP) % Change, the fiscal year and fourth quarter 2024 results are translated at an exchange rate of 1 Euro to 1.0818 USD and 1 Euro to 1.0766 USD, respectively, which represents the average exchange rates for the comparable periods in 2023, when comparing current results to the prior year. We believe that our Constant Currency (Non-GAAP) % Change presentation provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

Refer to the section below entitled “Non-GAAP Measures” and the related reconciliations and comparisons of U.S. GAAP statement of operations data to non-GAAP measures below.

For ease of reference as we transition to this new presentation, below is a presentation of (i) net revenue and net income as presented in accordance with US GAAP, (ii) net revenue and AEBITDA, in each case presented on an adjusted basis, with the fiscal year and fourth quarter 2024 translated at an exchange rate of 1 Euro to 1.0818 USD and 1 Euro to 1.0766 USD, respectively, which represents the average exchange rates for the comparable periods in 2023 and (iii) net revenue and AEBITDA, in each case presented on an adjusted basis, with the fiscal year and fourth quarter 2024 translated at an exchange rate of 1 Euro to $1.15 USD. Amounts in the table are presented in millions (USD).

Outlook for 2025

On a constant currency basis, we are forecasting net revenue growth in the area of 5% – 11% and AEBITDA growth of 5% – 16% calculated by translating forecasted 2025 metrics at an exchange rate of 1 Euro to 1.0822 USD, which represents the average exchange rate for 2024). This results in a range of $387 – $409 million in net revenue and $88 – $97 million for AEBITDA. This guidance reflects the expectation of a reported non-cash net revenue and AEBITDA reduction of between $3 million and $5 million in 2025 related to the recognition of Warrant expense against Amazon revenue.

Our outlook reflects our expectation of increased contributions from strategic accounts in North America and a somewhat improving operating environment in the region as well as a continued somewhat challenging operating environment in Europe/Asia. We expect to grow volumes in the mid to high single digits after a robust volume growth year in 2024 and expect Automation to grow approximately 50%. Our focus for 2025 is to continue volume growth in PPS, scale Automation, and focus on cash generation to de-lever and get on the path to a leverage ratio of below 3.0x net debt to Adjusted EBITDA.

Fourth Quarter 2024 Highlights

• Net revenue increased 16% and increased 17% on a constant currency basis

• Net loss of $8.0 million compared to net loss of $9.3 million for the prior year period

• AEBITDA1 of $25.3 million for the three months ended December 31, 2024 is up 8% and up 8% on a constant currency basis

• Packaging systems placement increased 1% year over year, to approximately 142.7 thousand machines as of December 31, 2024

Net revenue for the fourth quarter of 2024 was $105.0 million compared to $90.4 million in the fourth quarter of 2023, an increase of $14.6 million or 16% year over year. Net revenue was positively impacted by an increase in void-fill, wrapping, and other net revenue, partially offset by a decrease in cushioning. Other net revenue includes automated box sizing equipment and non-paper revenue from packaging systems installed in the field, such as systems accessories. Cushioning decreased $5.0 million, or 14%, to $30.9 million from $35.9 million; void-fill increased $13.9 million, or 36%, to $52.3 million from $38.4 million; wrapping increased $1.4 million, or 14%, to $11.6 million from $10.2 million; and other net revenue increased $4.3 million, or 73%, to $10.2 million from $5.9 million for the fourth quarter of 2024 compared to the fourth quarter of 2023. The increase in void-fill was primarily due to increased volume from e-commerce activity in North America. The increase in net revenue is quantified by an increase in the volume of sales of our paper consumable products of approximately 12% and a 5% increase in sales of automated box sizing equipment, with an insignificant impact from price/mix. On a constant currency basis, net revenue increased 17% in the fourth quarter 2024 compared to the fourth quarter of 2023.

Full Year 2024 Highlights

• Net revenue increased 10% and increased 10% on a constant currency basis

• Net loss of $18.7 million compared to net loss of $27.1 million for the prior year period

• AEBITDA of $83.8 million for the year ended December 31, 2024 is up 14% and up 14% on a constant currency basis

Balance Sheet and Liquidity

Ranpak completed the fourth quarter of 2024 with a strong liquidity position, including a cash balance of $76.1 million and no borrowings on its $50.0 million Revolving Credit Facility, which matures in December 2029. As of December 31, 2024, the Company had $410.0 million outstanding under its USD-denominated first lien term facility, which matures in December 2031.

The following table presents Ranpak’s installed base of protective packaging systems by product line as of December 31, 2024 and 2023:

Conference Call Information

The Company will host a conference call and webcast at 8:30 a.m. (ET) on Thursday, March 6, 2025. The conference call and earnings presentation will be webcast live at the following link: https://events.q4inc.com/attendee/449556914. Investors who cannot access the webcast may listen to the conference call live via telephone by dialing (800) 715-9871 and use the Conference ID: 5813434.

A telephonic replay of the webcast also will be available starting at 11:30 a.m. (ET) on Thursday, March 6, 2025 and ending at 11:59 p.m. (ET) on Thursday, March 13, 2025. To listen to the replay, please dial (800) 770-2030 and use the passcode: 5813434.

Note 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 evolving ESG standards; (xii) our ability to fulfill our obligations under new disclosure regimes relating to ESG matters, such as the European Sustainability Disclosure Standards recently adopted by the European Union (“EU”) under the EU’s Corporate Sustainability Reporting Directive (“CSRD”); (xiii) our future operating results fluctuating, failing to match performance or to meet expectations; (xiv) our ability to fulfill our public company obligations; and (xv) 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 Statements of Operations
and Comprehensive Income (Loss)
(in millions, except share and per share data)
	Three Months Ended December 31,
		2024				2023
Net product revenue	$	91.6			$	77.6
Machine lease revenue		13.4				12.8
Net revenue		105.0				90.4
Cost of product sales		54.8				47.3
Cost of leased machines		8.8				9.0
Gross profit		41.4				34.1
Selling, general and administrative expenses		27.9				27.4
Depreciation and amortization expense		10.2				9.6
Other operating expense, net		1.9				1.7
Loss from operations		1.4				(4.6	)
Interest expense		7.8				5.9
Foreign currency gain		(0.5	)			(0.5	)
Loss on extinguishment of debt		4.8				—
Other non-operating expense, net		0.1				0.6
Loss before income tax benefit		(10.8	)			(10.6	)
Income tax benefit		(2.8	)			(1.3	)
Net loss	$	(8.0	)		$	(9.3	)
Basic and diluted loss per share	$	(0.10	)		$	(0.11	)
Weighted average number of shares outstanding – Class A and C – basic and diluted		83,251,073				82,601,968
Other comprehensive income (loss), before tax
Foreign currency translation adjustments		(5.6	)		$	3.0
Interest rate swap adjustments		—				(2.6	)
Total other comprehensive income (loss), before tax		(5.6	)			0.4
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