Business Description

Overview Ranpak Holdings Corp. (“Ranpak,” the “Company,” “we,” or “us”) is a leading provider of Protective Packaging Solutions (“PPS”) products and end-of-line automation solutions for e-commerce and industrial supply chains. Since our inception in 1972, we have delivered a broad array of value-added solutions to global customers, while maintaining our commitment to environmental sustainability. All of our packaging solutions are 100% recyclable, renewable, and biodegradable. Our automation solutions reduce packing time and materials, resulting in significant cost savings for our customers. We continue to work to respond to customer needs and develop innovative products and a comprehensive suite of solutions that improve supply chain performance, reduce costs and environmental impact, and deliver value. In 2025, we generated net revenue of $395.0 million. Our revenues are geographically diverse, with approximately 47% of our 2025 net revenue generated in North America, approximately 45% generated in Europe, and approximately 8% generated in Asia and other locations. We have over 145,000 installed systems serving over 30,000 end-users as of December 31, 2025. We historically have benefited from net revenue that is recurring in nature with attractive profit margins from our installed base, resulting in strong payback periods and returns on invested capital per PPS system. Growth Opportunities We believe that our business benefits from multiple factors that will drive our future growth: • Growth of E-commerce . E-commerce is a significant growth driver in our business. Approximately 40% of our net revenue is derived from sales to e-commerce end-users. We continue to believe that global investment in e-commerce provides a significant opportunity for us as e-commerce continues to grow and outpaces growth in retail sales. • Demand for Automation and Machine Vision . Our Automation and Machine Vision product lines provide many high-volume businesses with significant improvements to end-of-line packaging speed, reduced labor, material and shipping costs, and the generation of valuable data and statistics on end-of-line performance. As businesses continue to focus on efficiency and automated solutions, we believe many will look for ways to improve production efficiencies and quality, driving further demand for our automated and machine vision product lines. • Expansion into Cold Chain. Sales to end-users in the food and beverage industry represented approximately 3% of our net revenue in 2025, but we believe businesses and consumers are increasingly demonstrating preferences for environmentally sustainable cold chain solutions to keep food and beverages cold during transit. We have expanded our offering to include fiber-based liners and sustainable plant-based cool packs to keep perishable goods cool while they are being delivered to consumers, such as the RecyCold® climaliner Plus™. Innovative solutions such as the RecyCold Climaliner plus represent a 100% paper-based recyclable liner replacement for expanded polystyrene foam or other less sustainable cold chain options, while still ensuring that products stay within their ideal temperature range for up to 72 hours. • Focus on Sustainability . We believe that preference for environmentally sustainable packaging solutions will be a key driver of growth moving forward, particularly to the extent plastics and other resin-based solutions come under increasing public scrutiny and regulatory pressure, and we believe consumers are continuing to demonstrate an increasing preference for environmentally sustainable solutions. For example, we believe there is a substantial opportunity to expand our consumable offering through environmentally friendly alternatives to traditional plastic mailers, such as naturemailer™, a fully curbside recyclable mailer that utilizes honeycomb paper insulation. • Continued Product Development and Innovation . We believe our ability to consistently innovate and add products to our portfolio through internal development and mergers and acquisitions (“M&A”) will provide us with additional growth opportunities. • Geographic Expansion . Historically, geographic expansion has fueled our growth, and we believe further geographic expansion and penetration of existing markets will continue to drive our future growth.…