Ranpak Corp Half-Year Report 2024

Omar Asali, Chairman and Chief Executive Officer, commented, “We are pleased to build on our momentum to start the year and deliver a solid performance in the second quarter that included growth in volumes, sales, Adjusted EBITDA and an increase in our cash position. Sales for the quarter increased 5.5% year over year, or 5.9% on a constant currency basis, driven by an 8.8% volume increase fueled by a meaningful uptick in strategic account activity in North America and a 3.2% volume growth rate in the quarter in Europe and APAC. The input cost environment remained roughly inline with the first quarter and resulted in gross profit growth of 5.0% or 5.4% on a constant currency basis, implying a gross margin of 36.7%. The improved volume growth and gross profit drove a 7.4% increase in Adjusted EBITDA for the quarter continuing our steady progress on deleveraging, achieving a 4.2x net debt to LTM Adjusted EBITDA ratio on a constant currency basis as of the end of the second quarter. In addition to driving volume growth, deleveraging to 3.0x or below and generating cash remain our key priorities at Ranpak.”

Highlights

• Packaging System placement up 0.4% year over year to approximately 141.2 thousand machines at June 30, 2024
• Net revenue for the second quarter increased 5.5% year over year to $86.4 million and increased 5.9% year over year on a constant currency basis to $89.6 million
• Net income for the second quarter of $5.5 million compared to net loss of $2.1 million for the prior year period
• Constant Currency Adjusted EBITDA (“AEBITDA”) for the second quarter of $20.4 million up 7.4%, or $1.4 million, year over year