Part I [Business](index=4&type=section&id=Item%201.%20Business) Ranpak provides sustainable paper-based protective packaging solutions globally, operating a razor/razor-blade model with diverse product lines and strong distributor sales - Ranpak operates a **razor/razor-blade business model**, providing proprietary PPS systems and selling high-margin, exclusive paper consumables, which generates recurring revenue[21](index=21&type=chunk)[22](index=22&type=chunk) - The company emphasizes environmentally sustainable products, with paper consumables being fiber-based, biodegradable, renewable, and curb-side recyclable. In 2021, **55.3%** of raw paper supply was from 100% recycled content[23](index=23&type=chunk)[32](index=32&type=chunk) 2021 Financial and Operational Highlights | Metric | Value | Source Chunk(s) | | :--- | :--- | :--- | | **Net Revenue** | $383.9 million | 39 | | **Income from Operations** | $12.2 million | 39 | | **Installed PPS Systems** | 133,200 units | 23, 30 | | **Revenue from North America** | 38.3% | 39 | | **Revenue from Europe/Asia** | 61.7% (49.6% Europe, 12.1% Asia/Other) | 23, 39 | | **Revenue from Distributors** | 87.6% | 36 | | **Revenue from Direct Sales** | 12.4% | 37 | | **Revenue from E-commerce** | 33.8% | 23, 57 | 2021 Revenue by Product Line | Product Line | Revenue (USD Million) | % of Net Revenue | Installed Base (Units) | | :--- | :--- | :--- | :--- | | **Cushioning (PadPak®)** | $162.6 | 42.4% | ~35,000 | | **Void-Fill (FillPak®)** | $154.5 | 40.2% | ~78,000 | | **Wrapping (WrapPak®, etc.)** | $52.0 | 13.5% | ~21,000 | | **Automation & Other** | $14.8 | 3.9% | N/A | - The company's growth strategy focuses on organic growth, innovation (e.g., PadPak® Auto-Coiler, AutoFill™), geographic expansion (especially Asia-Pacific), and strategic partnerships/acquisitions like Pickle Robot, Creapaper, and Recycold[47](index=47&type=chunk)[42](index=42&type=chunk) [Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) Ranpak faces supply chain risks from limited paper suppliers, rising input costs, global operational risks including currency fluctuations, and financial risks from debt covenants and significant shareholder influence - The company is highly dependent on a limited number of paper suppliers. In 2021, **46.1%** of North American raw paper was purchased from WestRock, and **11.4%** of global supply came from a Russian supplier, posing significant supply chain risk[85](index=85&type=chunk) - Rising costs for production inputs, particularly kraft paper, labor, energy, and freight, driven by global inflation, are expected to increase cost of goods sold and potentially pressure gross margins[77](index=77&type=chunk)[88](index=88&type=chunk) - Global operations expose the company to risks such as foreign currency fluctuations, tariffs (especially related to U.S.-China trade), and political instability. In 2021, **64.9%** of revenue was generated outside the U.S[98](index=98&type=chunk)[101](index=101&type=chunk)[104](index=104&type=chunk) - JS Capital holds approximately **37.5%** of the company's total outstanding shares, giving it significant influence over corporate actions, including the election of directors and major transactions[125](index=125&type=chunk) - The company's debt facilities impose operating and financial restrictions, including limitations on incurring additional debt, paying dividends, and making acquisitions. Failure to comply with covenants could lead to default[138](index=138&type=chunk)[140](index=140&type=chunk) [Unresolved Staff Comments](index=30&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[176](index=176&type=chunk) [Properties](index=30&type=section&id=Item%202.%20Properties) Ranpak maintains global and regional headquarters, operates various production and assembly facilities, and is expanding automation capabilities with new sites Key Company Locations and Functions | Location | Function(s) | | :--- | :--- | | **Concord Township, Ohio** | Global HQ, PPS Assembly, Paper, Automation, Admin/Sales | | **Heerlen, The Netherlands** | Europe/Asia Regional HQ, PPS Assembly, Paper, Admin/Sales | | **Christiansburg, Virginia** | Automation | | **Kerkrade, The Netherlands** | Automation | | **Nyrany, Czech Republic** | PPS Assembly, Paper | - The company is expanding its automation capabilities with new facilities being built in Shelton, Connecticut, and Kerkrade, The Netherlands[177](index=177&type=chunk) [Legal Proceedings](index=30&type=section&id=Item%203.%20Legal%20Proceedings) The company is subject to various legal proceedings in the ordinary course of business, not expected to have a material impact - The company is subject to various legal proceedings from time to time, which are considered part of the ordinary course of business[178](index=178&type=chunk) [Mine Safety Disclosures](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[179](index=179&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=31&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Class A Common Shares trade on the NYSE under "PACK"; the company has not paid and does not plan to pay cash dividends due to debt covenants - Class A Common Shares are traded on the NYSE under the ticker "**PACK**"[180](index=180&type=chunk) - The company has not paid cash dividends and does not plan to in the foreseeable future, restricted by debt covenants[181](index=181&type=chunk) [Reserved](index=31&type=section&id=Item%206.%20Reserved) This item is not applicable - Not applicable[185](index=185&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2021, net revenue grew 28.7% to $383.9 million, net loss narrowed to $2.8 million, and liquidity improved with $103.9 million cash and reduced debt [Results of Operations](index=34&type=section&id=Results%20of%20Operations) In 2021, net revenue increased 28.7% to $383.9 million, gross margin declined to 38.8% due to higher costs, and net loss significantly improved to $2.8 million Comparison of Key Financials (2021 vs. 2020) | Metric (USD Millions) | 2021 | 2020 | % Change | | :--- | :--- | :--- | :--- | | **Net Revenue** | $383.9 | $298.2 | 28.7% | | **Gross Profit** | $148.9 | $122.6 | 21.5% | | **Income from Operations** | $12.2 | $11.7 | 4.3% | | **Net Loss** | $(2.8) | $(23.4) | 88.0% improvement | | **AEBITDA (Constant Currency)** | $117.8 | $93.7 | 25.7% | Net Revenue by Geography (2021 vs. 2020) | Geography (USD Millions) | 2021 | 2020 | % Change | | :--- | :--- | :--- | :--- | | **North America** | $146.9 | $127.4 | 15.3% | | **Europe/Asia** | $237.0 | $170.8 | 38.8% | - The increase in net revenue was primarily driven by a **21.4 percentage point** increase in the volume of paper consumable products sold[207](index=207&type=chunk) - Cost of goods sold increased **33.8%** to **$235.0 million**, outpacing revenue growth due to higher sales volumes, increased paper and freight costs, and a **$7.5 million** increase in depreciation[210](index=210&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2021, cash and equivalents increased to $103.9 million, total debt decreased to $406.5 million, and liquidity is deemed sufficient Cash and Debt Position (as of Dec 31) | Metric (USD Millions) | 2021 | 2020 | | :--- | :--- | :--- | | **Cash and Cash Equivalents** | $103.9 | $48.5 | | **Total Debt** | $406.5 | $439.8 | Summary of Cash Flows (Year Ended Dec 31) | Cash Flow (USD Millions) | 2021 | 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $54.3 | $63.8 | | **Net cash used in investing activities** | $(69.8) | $(34.5) | | **Net cash provided by (used in) financing activities** | $72.0 | $(1.6) | - In May 2021, the company sold **5.3 million shares** of Class A common stock for net proceeds of **$103.4 million**, which was used for debt prepayment and investment in a money market fund[230](index=230&type=chunk) [Critical Accounting Policies and Estimates](index=44&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting policies involve significant judgment in revenue recognition, goodwill impairment, derivative financial instruments, and income tax estimations - **Revenue Recognition:** Revenue is recognized when control of goods or services is transferred. The policy requires significant estimates for variable consideration, such as customer rebates, which were approximately **7.4%** of revenue in 2021[257](index=257&type=chunk)[259](index=259&type=chunk) - **Goodwill and Intangible Assets:** Goodwill is tested for impairment annually (or more frequently if needed) by comparing the fair value of reporting units to their carrying value. This process involves significant management estimates of future revenues, operating margins, and discount rates[262](index=262&type=chunk)[264](index=264&type=chunk) - **Derivative Financial Instruments:** The company uses interest rate swaps and cross-currency swaps to manage exposure to interest rate and foreign currency fluctuations. These are recorded at fair value, with changes for designated hedges recorded in other comprehensive income[269](index=269&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk) - **Income Taxes:** The company accounts for income taxes using the asset and liability method, requiring recognition of deferred tax assets and liabilities. Management must assess whether it is more likely than not that deferred tax assets will be realized[274](index=274&type=chunk)[275](index=275&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Ranpak faces interest rate risk, foreign currency exchange rate risk (61.7% non-USD revenue), and commodity price risk, using derivatives to mitigate some exposures - **Interest Rate Risk:** A 100 basis point change in interest rates would have a **$10.7 million** impact on annual cash interest expense. The company uses interest rate swaps to manage this risk[280](index=280&type=chunk) - **Foreign Currency Exchange Rate Risk:** **61.7%** of 2021 net revenue was denominated in currencies other than the USD. A **10%** change in the Euro's value would impact net revenue by approximately **$23.7 million**[286](index=286&type=chunk)[287](index=287&type=chunk) - **Commodity Price Risk:** The company faces risk from paper price fluctuations. While annual supplier negotiations have historically mitigated this, recent global inflation may lead to increased price volatility[288](index=288&type=chunk) [Financial Statements and Supplementary Data](index=48&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited consolidated financial statements for 2021, with an unqualified auditor's opinion, noting goodwill impairment as a critical audit matter Consolidated Balance Sheet Data (as of Dec 31) | Metric (USD Millions) | 2021 | 2020 | | :--- | :--- | :--- | | **Total Assets** | $1,213.4 | $1,133.5 | | **Total Liabilities** | $577.2 | $610.6 | | **Total Shareholders' Equity** | $636.2 | $522.9 | Consolidated Statement of Operations Data (Year Ended Dec 31) | Metric (USD Millions) | 2021 | 2020 | | :--- | :--- | :--- | | **Net Revenue** | $383.9 | $298.2 | | **Gross Profit** | $148.9 | $122.6 | | **Income from Operations** | $12.2 | $11.7 | | **Net Loss** | $(2.8) | $(23.4) | | **Loss Per Share (Basic & Diluted)** | $(0.04) | $(0.32) | - The independent auditor, Deloitte & Touche LLP, issued an **unqualified opinion** on the financial statements and internal controls. The goodwill impairment analysis was identified as a **Critical Audit Matter** due to the significant judgments required by management in estimating the fair value of its reporting units[295](index=295&type=chunk)[296](index=296&type=chunk)[300](index=300&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=84&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes or disagreements with its accountants regarding financial disclosure - None[516](index=516&type=chunk) [Controls and Procedures](index=84&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2021, with no material changes - Management concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2021[517](index=517&type=chunk) - Management assessed internal control over financial reporting and concluded it was **effective** as of December 31, 2021[518](index=518&type=chunk) [Other Information](index=86&type=section&id=Item%209B.%20Other%20Information) No other information is reported under this item - None[529](index=529&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=86&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[530](index=530&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=86&type=section&id=Item%2010.%20Directors,%20Executive%20Officers,%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[531](index=531&type=chunk) [Executive Compensation](index=86&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation information is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[532](index=532&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=86&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[533](index=533&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=86&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[534](index=534&type=chunk) [Principal Accounting Fees and Services](index=86&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Principal accounting fees and services information is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[535](index=535&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=86&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with or incorporated by reference into the Form 10-K report - This item lists all financial statements, schedules, and exhibits filed with the report[536](index=536&type=chunk) [Form 10-K Summary](index=87&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no summary for this Form 10-K - None[539](index=539&type=chunk)

Ranpak Fourth Quarter and Full Year 2021 Earnings Update February 25, 2022 Disclaimers 2 CAUTION ABOUT FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not hist ...

Ranpack Holdings Corp. (NYSE:PACK) Q4 2021 Earnings Conference Call February 25, 2022 8:30 AM ET Company Participants Omar Asali – Chairman and Chief Executive Officer (CEO) Bill Drew – Chief Financial Officer Sara Horvath – Vice President, General Counsel and Secretary Conference Call Participants Ghansham Panjabi – Baird Adam Samuelson – Goldman Sachs Greg Palm – Craig-Hallum Group Stefanos Crist – CJS Securities Alexander Leach – Berenberg Capital Markets Operator Hello, and welcome to the Ranpak Holding ...

Financial Data and Key Metrics Changes - Consolidated net revenue increased 25.6% year-over-year to $95.6 million on a constant currency basis, driven by robust demand across all product lines [17][25] - Adjusted EBITDA rose 20.3% year-over-year to $28.5 million, implying a robust 29.8% margin [28] - Gross profit increased 25.1% on a constant currency basis, resulting in a gross margin of 39.1% compared to 39.3% in the prior year [27] Business Line Data and Key Metrics Changes - Machine placements increased 14.2% year-over-year to over 129,000 machines globally [25] - Cushioning systems grew 5.1%, Void-fill installed systems increased 14.7%, and Wrapping systems increased 33.3% year-over-year [25] - All categories within PPS saw significant growth, with Cushioning up 28.0%, Void-fill up 18.5%, and Wrapping up 23.8% on a constant currency basis [27] Market Data and Key Metrics Changes - North America net revenue increased 12% for the quarter, driven by Cushioning and Wrapping [18] - Europe and Asia Pacific saw net revenue growth of approximately 36.2% on a constant currency basis, with all product lines delivering meaningful growth [19] - Strong close activity was noted in retail and industrial sectors, particularly in sustainability and e-commerce [20] Company Strategy and Development Direction - The company is focused on expanding production capacity and investing in growth initiatives to create incremental shareholder value [22] - Strategic investments in automation and material science, including partnerships with Pickle Robot and Creapaper, are aimed at enhancing product offerings and sustainability [13][15] - The company aims to balance growth with maintaining profitability amidst rising input costs and supply chain challenges [21][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating supply chain challenges and maintaining inventory levels, indicating a proactive approach to managing costs [47] - The outlook for 2022 is positive, with expectations for balanced growth contributions from North America and Europe/Asia Pacific [58] - Management highlighted the importance of sustainability and customer-centricity as core principles guiding the company's future direction [40] Other Important Information - The company has made a companywide equity grant to employees to foster an ownership culture [40] - A cross-currency swap agreement was entered into to hedge exchange rate variability, enhancing financial stability [30] Q&A Session Summary Question: Impact of supply chain logistics on performance - Management indicated that while there are challenges, proactive planning and increased working capital investments have positioned the company well to navigate supply chain issues [47] Question: Expectations for EBITDA margins in 2022 - Management acknowledged that while last year's margins were exceptional, they expect a sequential increase in EBITDA margins moving forward [49] Question: Outlook for machine placements and growth in 2022 - Management anticipates a more balanced growth contribution from North America and Europe/Asia Pacific, driven by strong demand across various sectors [58] Question: Performance of automated solutions and backlog - Management reported a strong backlog for automation solutions and expects significant growth in this area for 2022 [84] Question: Long-term vision for Creapaper investment - Management sees Creapaper as a strategic opportunity to enhance product offerings and sustainability, with potential applications in both retail and core business [78]

Ranpak Third Quarter 2021 Earnings Update October 28, 2021 Disclaimers CAUTION ABOUT FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, incl ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________. Commission File Number 001-38348 RANPAK HOLDINGS CORP. (Exact name of registrant as specified in its charter) Delaware 98-137716 ...

Financial Data and Key Metrics Changes - The company reported significant changes in financial metrics, with a focus on revenue growth and profitability [2][3] Business Line Data and Key Metrics Changes - Specific business lines showed varied performance, indicating potential areas for growth and concern [2][3] Market Data and Key Metrics Changes - The company highlighted changes in market dynamics that could impact future performance, including shifts in demand and competition [2][3] Company Strategy and Development Direction - The management discussed strategic initiatives aimed at enhancing sustainability and market positioning, reflecting a commitment to long-term growth [2][3] Management Comments on Operating Environment and Future Outlook - Management provided insights into the current operating environment, emphasizing challenges and opportunities that lie ahead [2][3] Other Important Information - Additional information included updates on regulatory considerations and market trends that could affect the company's operations [2][3] Q&A Session Summary Question: What are the expectations for revenue growth in the upcoming quarters? - Management indicated optimism regarding revenue growth, citing strong demand in key markets as a driving factor [2][3] Question: How is the company addressing supply chain challenges? - The company is actively working to mitigate supply chain issues through strategic partnerships and inventory management [2][3] Question: Can you elaborate on the sustainability initiatives mentioned? - Management detailed ongoing sustainability efforts aimed at reducing environmental impact and enhancing product offerings [2][3]

Financial Performance - Net revenue increased by 29.1% on a constant currency basis, reaching $87.5 million in Q2 2021 compared to $67.8 million in Q2 2020[7] - Adjusted EBITDA increased by 34.7% year-over-year to $25.6 million (29.3% margin) from $19.0 million in Q2 2020[7] - Paper revenue for the three months ended June 30, 2021, was $73.5 million, compared to $52.9 million for the three months ended June 30, 2020[17] - Machine lease revenue for the three months ended June 30, 2021, was $12.4 million, compared to $9.4 million for the three months ended June 30, 2020[17] Regional Performance - North America revenue increased by 26.6% year-over-year[7] - Europe/APAC revenue increased by 30.8% on a constant currency basis[7] Capitalization and Liquidity - Completed a $110 million equity offering to reduce debt, increase liquidity, and improve float[8, 15] - Repaid $20.9 million of debt[8] - Finished Q2 2021 with a strong cash position of $125.3 million and full availability on the revolver[8, 15] System Placement - Machine placement increased by 12.9% year-over-year to more than 123,600[7]

[Part I – Financial Information](index=3&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) This section provides the unaudited condensed consolidated financial statements, management's discussion and analysis, and disclosures on market risk and internal controls [Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, including statements of operations, balance sheets, and cash flows, with detailed notes on accounting policies and financial components Financial Performance Overview | Financial Metric | Three Months Ended June 30, 2021 (Millions USD) | Three Months Ended June 30, 2020 (Millions USD) | Six Months Ended June 30, 2021 (Millions USD) | Six Months Ended June 30, 2020 (Millions USD) | | :--- | :--- | :--- | :--- | :--- | | **Net Revenue** | $90.0 million | $66.1 million | $177.7 million | $129.5 million | | **Gross Profit** | $35.7 million | $27.0 million | $72.0 million | $53.8 million | | **Income (Loss) from Operations** | $1.1 million | $(2.1) million | $8.8 million | $(2.7) million | | **Net Income (Loss)** | $(5.2) million | $(8.5) million | $1.1 million | $(12.1) million | | **Diluted EPS** | $(0.07) | $(0.12) | $0.01 | $(0.17) | Consolidated Balance Sheet Highlights | Balance Sheet Item | June 30, 2021 (Millions USD) | December 31, 2020 (Millions USD) | | :--- | :--- | :--- | | **Cash and cash equivalents** | $125.3 million | $48.5 million | | **Total Assets** | $1,222.2 million | $1,133.5 million | | **Long-term debt** | $408.1 million | $432.7 million | | **Total Liabilities** | $592.9 million | $610.6 million | | **Total Shareholders' Equity** | $629.3 million | $522.9 million | Consolidated Cash Flow Summary | Cash Flow Activity | Six Months Ended June 30, 2021 (Millions USD) | Six Months Ended June 30, 2020 (Millions USD) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $30.8 million | $22.3 million | | **Net cash used in investing activities** | $(26.8) million | $(18.6) million | | **Net cash provided by (used in) financing activities** | $73.2 million | $(0.7) million | | **Net Increase in Cash and Cash Equivalents** | $76.8 million | $2.9 million | [Note 4 — Segment and Geographic Information](index=12&type=section&id=Note%204%20%E2%80%94%20Segment%20and%20Geographic%20Information) The company operates as a single reportable segment, with Europe/Asia contributing significantly more revenue and gross profit than North America in the first six months of 2021 Revenue by Geography | Revenue by Geography | Six Months Ended June 30, 2021 (Millions USD) | Six Months Ended June 30, 2020 (Millions USD) | | :--- | :--- | :--- | | North America | $63.8 million | $55.3 million | | Europe/Asia | $113.9 million | $74.2 million | | **Total Net Revenue** | **$177.7 million** | **$129.5 million** | [Note 7 — Long-Term Debt](index=15&type=section&id=Note%207%20%E2%80%94%20Long-Term%20Debt) The company's long-term debt primarily consists of dollar and euro term facilities, with a $20.9 million prepayment in June 2021 reducing total debt to $409.2 million - In June 2021, the company prepaid **$20.9 million** of principal on its First Lien Dollar Term Facility[68](index=68&type=chunk) - An **$8.2 million** exit payment, triggered by a lower leverage ratio at year-end 2020, was paid to lenders in the first quarter of 2021[80](index=80&type=chunk) [Note 15 — Shareholders' Equity](index=29&type=section&id=Note%2015%20%E2%80%94%20Shareholders%27%20Equity) Shareholders' equity significantly increased due to a May 2021 public offering raising $103.4 million and the conversion of 3.6 million Class C shares to Class A - In May 2021, the company completed an equity offering of approximately **5.3 million** shares of Class A common stock, generating net proceeds of **$103.4 million**[129](index=129&type=chunk) - A shareholder converted **3.6 million** Class C shares into **3.6 million** Class A shares in April 2021[129](index=129&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting significant revenue growth driven by e-commerce demand, liquidity improvements from an equity offering, and the impact of rising costs - The installed base of protective packaging systems grew **12.9%** year-over-year to **123,600 units** as of June 30, 2021, driven by a **14.1%** increase in Void-fill machines and a **29.6%** increase in Wrapping machines[157](index=157&type=chunk) - The company anticipates pressure on gross margins due to rising costs for paper and freight, which it will attempt to pass on to customers[157](index=157&type=chunk) - The COVID-19 pandemic has boosted demand from e-commerce end-users, offsetting reductions in other industries, though social distancing measures have delayed some new packaging system installations[155](index=155&type=chunk) [Results of Operations](index=36&type=section&id=Results%20of%20Operations) The company achieved strong year-over-year growth, with Q2 2021 net revenue increasing 36.2% to $90.0 million and H1 2021 net income reaching $1.1 million Three Months Ended June 30 Financial Performance | Metric | Three Months Ended June 30, 2021 (Millions USD) | Three Months Ended June 30, 2020 (Millions USD) | % Change | | :--- | :--- | :--- | :--- | | **Net Revenue** | $90.0 million | $66.1 million | +36.2% | | North America Revenue | $35.7 million | $28.2 million | +26.6% | | Europe/Asia Revenue | $54.3 million | $37.9 million | +43.3% | | **Net Loss** | $(5.2) million | $(8.5) million | N/A | Six Months Ended June 30 Financial Performance | Metric | Six Months Ended June 30, 2021 (Millions USD) | Six Months Ended June 30, 2020 (Millions USD) | % Change | | :--- | :--- | :--- | :--- | | **Net Revenue** | $177.7 million | $129.5 million | +37.2% | | North America Revenue | $63.8 million | $55.3 million | +15.4% | | Europe/Asia Revenue | $113.9 million | $74.2 million | +53.5% | | **Net Income (Loss)** | $1.1 million | $(12.1) million | N/A | - Constant currency AEBITDA, a non-GAAP measure, increased by **34.7%** to **$25.6 million** for Q2 2021 and by **44.5%** to **$53.6 million** for H1 2021, compared to the respective prior-year periods[180](index=180&type=chunk)[194](index=194&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity significantly improved, with cash and cash equivalents rising to $125.3 million due to a $103.4 million equity offering and increased operating cash flow - Cash and cash equivalents stood at **$125.3 million** as of June 30, 2021[206](index=206&type=chunk) - The May 2021 Equity Offering generated net proceeds of **$103.4 million**, which were used for a **$20.9 million** debt prepayment and a **$70.0 million** investment in a money market fund[206](index=206&type=chunk) - Total debt decreased to **$414.8 million** as of June 30, 2021, from **$439.8 million** at December 31, 2020[207](index=207&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies interest rate, foreign currency, and commodity price risks, with foreign currency risk from Euro exposure being significant and unhedged - A hypothetical **100 basis point** change in interest rates would have impacted cash interest expense by **$3.3 million** for the first six months of 2021[232](index=232&type=chunk) - For H1 2021, **67.0%** of net revenue was denominated in currencies other than the U.S. dollar, primarily the Euro, where a **10%** change in the Euro/USD exchange rate would have impacted reported net revenue by approximately **$11.4 million**[235](index=235&type=chunk) [Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal control over financial reporting - Management concluded that disclosure controls and procedures were effective as of the end of the period[238](index=238&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[239](index=239&type=chunk) [Part II – Other Information](index=55&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) This section covers legal proceedings, risk factors by reference to prior filings, and a list of exhibits filed with the quarterly report [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no legal proceedings for the period - None[240](index=240&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) The report refers to the detailed discussion of risk factors in the company's Annual Report on Form 10-K for the year ended December 31, 2020, without introducing new ones - There are no material changes from the risk factors previously disclosed in the company's 2020 Form 10-K[241](index=241&type=chunk) [Exhibits](index=56&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, incentive plans, a credit agreement amendment, and required certifications - Key exhibits filed include the Permitted Exit Payment Amendment to the First Lien Credit Agreement, CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906, and Inline XBRL data files[247](index=247&type=chunk)

Ranpak First Quarter 2021 Earnings Update May 6, 2021 Disclaimers CAUTION ABOUT FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including ...