Ranpak Full-Year Report 2023

Ranpak completed the fourth quarter of 2023 with a strong liquidity position, including a cash balance of $62.0 million and no borrowings on its $45 million Revolving Credit Facility, which matures in June 2025. As of December 31, 2023, the Company had $250.0 million of USD-denominated term loans and €134.0 million of euro-denominated term loans outstanding under its First Lien Term Loan facilities, resulting in an Adjusted EBITDA net leverage ratio of 4.6x based on results on a constant currency basis through the fourth quarter of 2023. The First Lien Term Loan facilities mature in June 2026.

Highlights

• Net revenue increased 3.0% and increased 1.4% adjusting for constant currency
• Packaging systems placement increased 1.5% year over year, to approximately 141,200 machines as of December 31, 2023
• Net loss of $27.1 million compared to net loss of $41.4 million
• Constant currency AEBITDA of $76.5 million for the year ended December 31, 2023 is up 14.5%