Ranpak Q1 Report 2023

First Quarter 2023 Highlights

• Packaging systems placement increased 3.8% year over year, to approximately 139,600 machines as of March 31, 2023
• Net revenue decreased 1.6% and increased 1.1% adjusting for constant currency
• Net loss of $12.4 million compared to net loss of $14.1 million
• Constant currency AEBITDA of $15.1 million for the three months ended March 31, 2023 is down 20.9%

Net revenue for the first quarter of 2023 was $81.2 million compared to net revenue of $82.5 million in the first quarter of 2022, a decrease of $1.3 million or 1.6% year over year. Net revenue was negatively impacted by decreases in void-fill and wrapping, partially offset by increases in cushioning and other products. In addition to currency headwinds, which contributed 2.7 points of pressure, revenue was negatively affected by increased business sponsoring costs; lower economic activity; and the impact inflationary pressures are having on consumer and corporate budgets. Cushioning increased $2.0 million, or 5.6%, to $37.6 million