Ranpak Holdings reported second-quarter 2026 results with net revenue of $105.2 million, up 14.0% year over year (12.2% constant currency), and adjusted EBITDA of $19.1 million, up 15.8% year over year. The company recorded a net loss of $7.9 million for the quarter and reported gross profit of $34.5 million with a gross margin of 32.8%. Ranpak highlighted strong Automation revenue growth and continued demand for void-fill and wrapping products.

Financial Highlights

  • Revenue: Net revenue of $105.2 million for Q2 2026, up 14.0% year over year (12.2% on a constant currency basis).
  • Gross profit and margin: Gross profit of $34.5 million; gross margin of 32.8% for the quarter.
  • Operating income (loss): Loss from operations of $2.4 million for the quarter.
  • Net income (loss): Net loss of $7.9 million for Q2 2026, compared with a net loss of $7.5 million in Q2 2025.
  • Adjusted EBITDA: AEBITDA of $19.1 million, an increase of 15.8% year over year (13.9% on a constant currency basis).

Business Highlights

  • Automation momentum: Automation net revenue increased to $16.6 million from $7.1 million year over year, reflecting strong growth in automation equipment sales and demand for box customization and automated dunnage insertion solutions.
  • Product mix trends: Void-fill volumes increased and net revenue for void-fill rose to $44.8 million; wrapping revenue increased to $8.7 million while cushioning revenue declined modestly to $35.1 million.
  • PPS installed base: Protective Packaging Solutions system placement was approximately 141.7 thousand machines as of June 30, 2026, a 2.3% decrease year over year, with EMEA volumes noted as exceeding expectations.
  • Liquidity and capital structure: Cash balance of $43.2 million and no borrowings on a $50.0 million revolving credit facility (maturing December 2029); $403.9 million outstanding under the first lien term facility (maturing December 2031).
  • Strategic positioning: Company emphasized expansion into Automation and Cold Chain solutions, capacity build in H2 2026, and focus on higher-value, differentiated offerings versus commoditized products.

Original SEC Filing:

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