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Sep 30, 2025
Ranpak Q3 2025 Earnings Report
Ranpak Holdings Corp. reported its third quarter 2025 financial results, showing increased net revenue and adjusted EBITDA, driven by strong automation growth and North American e-commerce, despite a net loss.
Key Takeaways
Ranpak Holdings Corp. delivered a strong third quarter in 2025, with net revenue increasing 8.0% year-over-year to $99.6 million, primarily fueled by a 63.0% surge in automation net revenue and sustained growth in North American e-commerce. Adjusted EBITDA also rose by 8.1% to $21.4 million, reflecting top-line leverage and disciplined cost management. However, the company reported a net loss of $10.4 million, an increase from the prior year.
Net revenue for Q3 2025 increased by 8.0% year-over-year to $99.6 million, or 4.4% on a constant currency basis.
Adjusted EBITDA for the quarter grew 8.1% year-over-year to $21.4 million, or 3.5% on a constant currency basis.
The company reported a net loss of $10.4 million, compared to a net loss of $8.1 million in the prior year period.
Packaging system placements increased by 1.4% year-over-year, reaching approximately 145.6 thousand machines as of September 30, 2025.
Revenue by Segment
Forward Guidance
Ranpak anticipates its Automation business to achieve approximately $40-$45 million in net revenue for the full year 2025, setting the stage for a strong fourth quarter. The company is confident in its ability to sustain margin improvement and drive volume recovery in Europe/Asia.
Positive Outlook
- Automation business remains on track to achieve approximately $40–$45 million in net revenue for 2025.
- Expected strong fourth quarter performance for the Automation business.
- Anticipated sustained sequential margin improvement through year-end 2025.
- Continued strength in the North American Protective Packaging Systems (PPS) business.
- Confidence in sales leadership in Europe/Asia to drive volume recovery in the near term.
Challenges Ahead
- Macroeconomic uncertainty persists in Europe, potentially impacting volume recovery.
- The Walmart partnership involves a non-cash reduction for warrants, impacting reported revenue.
- Global contraction in PPS volumes, with Europe/Asia volumes declining 2.5%.
Revenue & Expenses
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Avg. Return Before/After Earnings
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