Ranpak Automation Breaks Even in Q4 After $40M Sales, Guides 30%-50% Growth
Ranpak’s automation unit generated $40 million in 2025, dragged Adjusted EBITDA by $6 million but hit break-even in Q4 and grew 40% constant-currency. North American net revenue climbed 5.8% in Q4 and 14% for 2025, lifting full-year net revenue 5% on a constant-currency basis.
1. Automation Performance
Ranpak’s automation division recorded $40 million in sales for 2025, which weighed on Adjusted EBITDA by $6 million for the year. In Q4, automation reached break-even on an Adjusted EBITDA basis and achieved 40% constant-currency growth, exiting the year with its strongest backlog ever.
2. Regional Revenue Trends
North American net revenue rose 5.8% in Q4 and 14% for the full year, driven by large e-commerce customers and holiday season demand. Europe and Asia Pacific combined revenue declined 1.4% in Q4 and 2.7% for 2025 on a constant-currency basis, as higher rebate activity and pricing investments offset packaging volume gains.
3. Profitability and Cost Discipline
Gross profit fell 16% constant-currency in Q4 (10.6% excluding non-cash warrants) and 9% for the year (5.3% ex-warrants). Adjusted EBITDA declined 10.3% in Q4 (1.2% ex-warrants) and 8.5% for 2025 (2.4% ex-warrants), while SG&A expenses decreased 2% and capex was cut to $30.3 million.
4. 2026 Growth Guidance
Ranpak forecasts constant-currency net revenue growth of 5%–12.7% ($415 – $445 million) and Adjusted EBITDA growth of 5.4%–19.9% ($83.5 – $95 million). Automation is expected to grow 30%–50%, surpassing $60 million in sales, with capex around $37.5 million and free cash flow of roughly $15 million, targeting net leverage of 2.5x–3.0x.