Ranpak Holdings Corp reported its fourth-quarter 2025 financial results.

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 2025 financial results.

Omar Asali, Chairman and Chief Executive Officer, commented, "We are pleased to report volume growth in each region in the fourth quarter, resulting in positive volume growth for Ranpak in 9 of the past 10 quarters. We also achieved our largest quarterly revenue ever in Automation as that business continues its rapid growth trajectory and is set up well for further growth in 2026.

E-commerce activity in North America remained healthy as large enterprise customers had a robust holiday season and we continue to see customers making the switch from plastic to paper. We were pleased to grow further in the region even after a challenging comparison of double digit growth in the fourth quarter of 2024. Volumes were positive in EMEA and APAC as well, but the environment there was less robust leading to 3.1% overall volume growth and 2.2% net revenue growth on a constant currency basis, or an increase of 4.4% excluding the non-cash impact from warrants. The top-line increase was driven by continued momentum in Automation which grew nearly 40% on a constant currency basis excluding warrants.

The increased mix related to large e-commerce players and contribution from warrant expense resulted in a 10.3% decline in AEBITDA or 1.2% excluding the impact of warrants on a constant currency basis. As we saw throughout the year the weaker industrial sector relative to lower margin e-commerce weighed on the margin profile, but cost-reduction initiatives implemented during the second half of the year enabled us to minimize the impact to AEBITDA for the quarter.

Our fourth quarter performance drove us to achieve 4.8% volume and 4.7% net revenue growth on a constant currency basis for the year inclusive of a 1.4% provision for warrants. AEBITDA declined 8.5% on a constant currency basis or down 2.4% excluding the impact of warrants.

The environment within Protective Packaging has been challenging over the past number of years, but through it all we have invested in our portfolio and solutions to be able to deliver exceptional and differentiated offerings to our customers. The fruits of our investments took some time to show through, but I believe we will look back at 2025 as the year the pieces all started coming together and as the most pivotal in Ranpak's history. Through the signing of strategic agreements with Amazon and Walmart, and the momentum we have been able to build in Automation across the globe, I believe the foundation is set for us to be able to scale our business organically and we expect to double our top-line over the next five years while improving our AEBITDA margin profile."

Outlook for 2026

We are forecasting net revenue growth in the area of 5.1% – 12.7% and AEBITDA growth of 5.4% – 19.9% compared to actual net revenue and AEBITDA for fiscal 2025, which results in a range of $415 – $445 million in net revenue and $83.5 – $95 million for AEBITDA.

Our outlook reflects our expectation of rapid growth in Automation of approximately 30-50% as well as our deepening relationships with large enterprise accounts in North America. We expect a gradually improving operating environment in North America and an improving, though still moderate, backdrop in EMEA. The lower end of our guidance reflects elevated global uncertainty following recent developments in the Middle East. Our focus for 2026 is to drive volume growth in the distribution channel in Protective Packaging Solutions, advance some of the larger opportunities we are working on with our strategic partners, and scale Automation to profitability. We continue to have an intense focus on maximizing cash and deleveraging to achieve a leverage ratio of less than 3.0x net debt to AEBITDA.

Fourth Quarter 2025 Highlights

Net revenue increased 6.6% and increased 2.2% on a constant currency basis

Net loss of $9.5 million compared to net loss of $8.0 million for the prior year period

AEBITDA1 of $24.0 million for the three months ended December 31, 2025 is down 5.1% and down 10.3% on a constant currency basis

Packaging systems placement increased 2.2% year over year, to approximately 145.8 thousand machines as of December 31, 2025

Net revenue for the fourth quarter of 2025 was $111.9 million compared to $105.0 million in the fourth quarter of 2024, an increase of $6.9 million, or 6.6% year over year and includes a non-cash reduction of $1.3 million to void-fill and $1.0 million to automation net revenue from the provision for warrants. Net revenue was positively impacted by an increase in void-fill, wrapping, and automated equipment sales, partially offset by a decrease in cushioning. Cushioning decreased $1.6 million, or 4.5%, to $34.3 million from $35.9 million; void-fill increased $3.7 million, or 7.6%, to $52.3 million from $48.6 million; wrapping increased $1.2 million, or 11.7%, to $11.5 million from $10.3 million; and automated equipment sales increased $3.6 million, or 35.3%, to $13.8 million from $10.2 million for the fourth quarter of 2025 compared to the fourth quarter of 2024. 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 from favorable effects from foreign currency fluctuations of 4.4%, an increase in the volume of sales of our paper consumable products of approximately 3.1% and a 2.7% increase in automated equipment sales, partially offset by a decrease of 2.2% from the provision for warrants and a decrease of 1.4% from price/mix. On a constant currency basis, net revenue increased 2.2% in the fourth quarter 2025 compared to the fourth quarter of 2024.

Full Year 2025 Highlights

Net revenue increased 7.1% and increased 4.7% on a constant currency basis

Net loss of $38.3 million compared to net loss of $21.5 million for the prior year period

AEBITDA of $79.2 million for the year ended December 31, 2025 is down 5.5% and down 8.5% on a constant currency basis

Balance Sheet and Liquidity

Ranpak completed the fourth quarter of 2025 with a strong liquidity position, including a cash balance of $63.0 million and no borrowings on its $50.0 million Revolving Credit Facility, which matures in December 2029. As of December 31, 2025, the Company had $405.9 million outstanding under its USD-denominated first lien term facility, which matures in December 2031.

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