Ranpak (US:PACK)2025-10-30 12:30Financial Performance - Net revenue increased by 80% compared to the prior year, or 44% on a constant currency basis[15] - Global sales of automation equipment increased by 630% compared to the prior year, or 562% on a constant currency basis[15] - Adjusted EBITDA increased by 81% (35% on a constant currency basis), including a 400 bps non-cash headwind for the provision of warrants in revenue ($08 million)[15] - Gross margin decreased by 28% year-over-year to 345% (344% on a constant currency basis) due to increased production costs and product mix[15] - Year-to-date net revenue increased by 56% on a constant currency basis[29] - Year-to-date Adjusted EBITDA decreased by 78% on a constant currency basis[29] Regional Performance - North America revenue increased by 109% due to increased volumes from e-commerce activity among large enterprise accounts[15] - EMEA/APAC revenue increased by 58% (decreased 06% on a constant currency basis) driven by increased automation equipment sales and stronger Euro to USD exchange rates[15] - Volumes in Europe/APAC were down by 25% due to a challenging environment and uncertainty from tariffs and de-stocking in APAC[17] Strategic Agreements - Agreement with Walmart is anticipated to be transformative to Automation and implies, based on expectations and current paper pricing, potential spend of $700 million over 10 years, to achieve full vesting[22] - Potential spend for maximum vesting with Amazon is $400 million excluding the cost of paper related to pre-existing NOAM business lines[32]