Ranpak sees FY25 revenue $387M – $409M, consensus $398.52M

On a constant currency basis, we are forecasting net revenue growth in the area of 5% – 11% and AEBITDA growth of 5% – 16% calculated by translating forecasted 2025 metrics at an exchange rate of 1 Euro to 1.0822 USD, which represents the average exchange rate for 2024 . This results in a range of $387 – $409 million in net revenue and $88 – $97 million for AEBITDA. This guidance reflects the expectation of a reported non-cash net revenue and AEBITDA reduction of between $3 million and $5 million in 2025 related to the recognition of Warrant expense against Amazon revenue. Our outlook reflects our expectation of increased contributions from strategic accounts in North America and a somewhat improving operating environment in the region as well as a continued somewhat challenging operating environment in Europe/Asia. We expect to grow volumes in the mid to high single digits after a robust volume growth year in 2024 and expect Automation to grow approximately 50%. Our focus for 2025 is to continue volume growth in PPS, scale Automation, and focus on cash generation to de-lever and get on the path to a leverage ratio of below 3.0x net debt to Adjusted EBITDA.