Ranpak Holdings reported higher third-quarter revenue and adjusted EBITDA, while its net loss narrowed from a year earlier. Growth was led by its Automation business, which continued to expand rapidly; Protective Packaging had mixed results across regions.
- Overall results: Revenue rose 2.3% year over year to $101.9 million, or 3.4% excluding currency movements. Adjusted EBITDA increased 5.1%, or $1.1 million, to $22.5 million; on a constant-currency basis, it was up 6.1%. Ranpak’s net loss was $7.2 million, compared with $10.4 million in the third quarter of 2025.
- Automation: Revenue grew 26.9% year over year on a constant-currency basis and excluding warrants. Year-to-date revenue in the business was up 79.4% on the same basis. Ranpak expects Automation to generate about $60 million in revenue this year and said it is scaling the business toward a level at which it can absorb its overhead and become profitable.
- Protective Packaging in North America: The distribution channel returned to growth as the company moved past difficult comparisons from the first half and new products gained traction. Regional volume rose 1.8% year over year.
- Protective Packaging in Europe and Asia: Volume fell 4.9% year over year, amid customer destocking and more cautious market conditions. Ranpak expects the region to return to growth in the fourth quarter.
- Margins and operating conditions: Gross margin reached 35.6%, up 1.1 percentage points from a year earlier and 2.8 points sequentially, with the sequential improvement driven by North America. The company cited rising energy prices and macroeconomic uncertainty as challenges for Protective Packaging.
The results show Automation contributing meaningful growth, while performance in Protective Packaging varied by region. Ranpak’s reported net loss narrowed, and gross margin improved, though the company did not report an overall profit for the quarter.