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Here are 1-2 brief analogies for Ranpak (PACK):

• Sealed Air for paper-based protective packaging. (Ranpak offers sustainable, paper-based alternatives to plastic protective packaging like bubble wrap and foam, for which Sealed Air is well-known.)
• The Tesla of internal package protection. (Ranpak innovates in the often-overlooked space of protecting items inside shipping boxes, focusing on sustainable and automated paper-based solutions, akin to Tesla's disruptive approach to traditional industries with green technology.)

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• Paper Void Fill Systems: These systems dispense crumpled paper into packages to fill empty spaces and prevent product movement during shipping.
• Paper Cushioning Systems: These machines convert paper into robust pads and coils to protect fragile items and provide blocking and bracing within packages.
• Paper Wrapping Systems: These solutions create environmentally friendly paper wraps, often with a honeycomb structure, for surface protection and presentation wrapping.
• Automated Packaging Solutions: These integrated systems automate various steps of the packaging process, including void filling, cushioning, and on-demand box creation, for high-volume operations.
• Sustainable Thermal Packaging: These offerings provide insulated liners and coolants made from eco-friendly materials to maintain temperature control for sensitive goods during transit.

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Ranpak (symbol: PACK) sells primarily to other companies (B2B).

Ranpak's major customers are **distributors** who, in turn, sell Ranpak's paper-based packaging solutions to a wide variety of end-user companies. According to Ranpak's 2023 Annual Report on Form 10-K, approximately 85% of their net revenues were attributable to sales made through distributors.

While Ranpak's 10-K filing indicates that their largest distributor accounted for approximately 11% of their net revenues in 2023, and their next four largest distributors each accounted for between 2% and 4%, Ranpak **does not publicly disclose the specific names of these major distributors**. Therefore, we cannot list their names or symbols.

Through these distributors, Ranpak's sustainable packaging solutions ultimately serve end-user companies across diverse industries, including:

• E-commerce
• Industrial
• Automotive
• Electronics
• Medical
• Agriculture

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Omar Asali Chairman & CEO

Omar Asali has served as Ranpak's Chief Executive Officer and Chairman of the Board since June 2019. He founded One Madison Group, LLC in 2019, and since 2024, has been a Co-Founder and Partner of the reconstituted One Madison Group. Previously, Mr. Asali was the President and Chief Executive Officer of HRG Group, where he oversaw day-to-day operations, M&A activities, and overall business strategy. He also served as Vice Chairman of Spectrum Brands and a board member of FGL and Front Street Re Cayman Ltd., which are HRG subsidiaries. Prior to HRG, he was a Managing Director and Head of Global Strategy at Harbinger Capital. Before that, he co-headed Goldman Sachs Hedge Fund Strategies, managing approximately $25 billion of capital. He also worked in Goldman Sachs' Investment Banking Division, and previously at Capital Guidance, a boutique private equity firm. Ranpak was acquired by a group led by One Madison Group, founded by Mr. Asali, in 2019, which exemplifies a pattern of managing companies backed by private equity firms.

William Drew Executive Vice President, Chief Financial Officer

William Drew was appointed Senior Vice President & Chief Financial Officer in August 2020, after serving as Interim CFO since May 2020. Before this role, he held positions at Ranpak as Chief of Staff and Head of Business Development. Mr. Drew was a Managing Director at One Madison Group, where he played a role in the acquisition of Ranpak. His prior experience also includes serving as Vice President, Investments at HRG Group, where he focused on M&A and capital markets transactions, and as an investment analyst at Harbinger Capital Partners. His history with One Madison Group and HRG Group suggests a pattern of managing companies associated with private equity firms.

Michael Gliedman Executive Vice President, Chief Technology Officer

Michael Gliedman has served as Ranpak's Chief Technology Officer since March 2020 and has been a member of its Board since June 2019. He is responsible for all technology aspects of the company, as well as Digital and Corporate Marketing. In November 2017, Mr. Gliedman founded Blue Strat Advisors, a technology strategy and digital transformation consulting firm, where he serves as Managing Director. His career also includes a significant tenure as Senior Vice President and Chief Information Officer for the National Basketball Association (NBA) from 1999 to 2017. Before joining the NBA, he was Senior Vice President, Application Development at Viacom, and a Principal in the Media & Entertainment practice at Booz Allen & Hamilton.

Sara Horvath Executive Vice President, Chief Legal & HR Officer

Sara Horvath holds the position of Executive Vice President, Chief Legal & HR Officer at Ranpak. Her previous experience includes working at Whirlpool Corporation and Sidley Austin LLP.

Bryan Boatner Managing Director, Global Automation

Bryan Boatner is the Managing Director, Global Automation at Ranpak. His professional background includes experience at Dexterity, Berkshire Grey, Anyline, and Cognex Corporation.

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1. Financial Health and Ongoing Losses: Ranpak has demonstrated ongoing net losses, reporting a net loss of $10.4 million in Q3 2025, which widened from $8.1 million in the prior year period. The company has a 3-year revenue growth rate of -3.1% and negative profitability margins, with a net margin of -9.8% and an operating margin of -5.39%. Additionally, its Altman Z-Score of 0.65 places it in a distress zone, suggesting potential financial instability. Ranpak is also heavily leveraged at 4.6x Net Leverage (LTM) and is expected to remain unprofitable for at least three more years, restricting financial flexibility for investment and growth.
2. Adverse Changes in Input Costs and Supply Chain Disruptions: The company's primary input is kraft paper, and increases in global or regional market demand for paper-based products could drive up costs. Ranpak is exposed to fluctuations in the cost of raw materials, energy sources, and transportation, which directly impact paper costs. Due to the highly competitive nature of its business, Ranpak may be unable to pass these increased input costs on to customers, which could negatively impact profit margins and financial condition. Furthermore, reliance on a single supplier for a significant portion of its paper needs presents a risk of supply disruption.
3. Competitive Landscape and Cyclical Industry Exposure: Ranpak operates in a highly competitive packaging industry and faces competition from new technologies and products that could make its offerings less competitive. Significant price increases, especially if not matched by competitors, could lead to lower net revenue and a reduction in market share. As a player in the cyclical packaging industry, Ranpak is susceptible to economic fluctuations that can impact demand for its products. Changes in consumer preferences, such as a shift away from environmentally sustainable solutions, could also adversely affect demand for Ranpak's products.

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Ranpak (PACK) operates in two primary addressable markets: sustainable paper-based protective packaging and packaging automation.

• The global addressable market for sustainable packaging is projected to reach $530 billion. Ranpak's paper-based protective packaging solutions, including cushioning (PadPak®), void fill (FillPak®), wrapping (WrapPak®, Geami®), and cold chain applications, are positioned within this market as eco-friendly alternatives to plastic packaging.

• The global packaging automation market is projected to grow from $80.67 billion in 2025 to $158.60 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 7.8%. Other estimates place the global market size at $78.27 billion in 2025, reaching $134.65 billion by 2032 with a CAGR of 8.06%, or $80.71 billion in 2025, reaching $145.13 billion by 2033 with a CAGR of 7.61%. Ranpak offers a range of automation solutions, including customizable systems and automated void-fill systems, which enhance efficiency and reduce labor costs in packaging processes.

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Ranpak (symbol: PACK) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expansion of Automation Solutions: Ranpak's automation business is consistently highlighted as a significant growth engine. The company anticipates automation revenue to grow over 50% in 2025, building on more than 40% growth in 2024. Strategic partnerships with major retailers like Walmart and Medline are expected to be transformational for Ranpak Automation, with potential spend of up to $700 million across all products over the next decade, including over $100 million for automation equipment and services. These partnerships, especially with enterprise customers in North America, are accelerating the deployment of automated packaging systems, such as Decision Tower and right-sizing solutions, which streamline high-volume distribution channels and optimize packaging processes.
2. Increasing Demand for Sustainable Packaging (Plastic to Paper Conversion): Ranpak is well-positioned to benefit from the global mega-trend of shifting from plastic to paper-based protective packaging solutions. This transition is driven by consumer preferences and regulatory pressures favoring environmentally sustainable, recyclable, and biodegradable materials. The company's fiber-based products offer an essential, sustainable alternative to traditional plastic and mixed-material solutions, driving robust demand from business clients.
3. Growth with Enterprise E-commerce Customers: Ranpak is experiencing strong volume growth and deepening relationships with large enterprise customers, particularly within the e-commerce sector, especially in North America. This focus on strategic accounts in North America has been a key driver of strong results and provides a significant springboard for further volume growth in 2025. The increase in void-fill sales, for example, is primarily attributed to increased volume from e-commerce activity in North America.
4. New Product Introductions and Portfolio Expansion: Ranpak continues to expand its product portfolio, with new introductions such as the FillPak® Mini for space-constrained pack stations. Additionally, new cushioning product lines, specifically the Guardian line, are expected to provide a large opportunity to meaningfully grow the cushioning business in North America and Europe with favorable margin mix.

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Share Repurchases

• In July 2022, Ranpak's Board of Directors authorized a common equity share repurchase plan of up to $50.0 million over three years.
• In July 2025, the Board authorized an extension of its general share repurchase program, allowing for up to an additional $50.0 million to repurchase Class A common stock over the next 36 months.

Share Issuance

• In January 2025, Ranpak entered into a warrant agreement with Amazon, which granted Amazon warrants to purchase up to 18,716,456 shares with a grant-date fair value of $60.5 million.
• In August 2025, Ranpak issued warrants to Walmart to purchase up to 22.5 million shares at an exercise price of $6.83 per share, with 2,250,000 shares vesting as of October 15, 2025.

Inbound Investments

• In January 2025, Amazon agreed to a strategic partnership to spend $400 million over an eight-year deal, which includes acquiring up to 18.7 million Ranpak shares.
• In August 2025, Ranpak announced a multi-year agreement with Walmart, involving a potential spend of up to $700 million over 10 years, with over $100 million dedicated to automation equipment and services.

Outbound Investments

• Ranpak made an additional strategic investment in Pickle, with a carrying value of $22.1 million, which included a $5.8 million remeasurement gain.
• In February 2025, Ranpak partnered with Rabot, a provider of AI-driven machine vision for packaging, through a strategic multi-year commercial agreement to integrate AI technology into its packaging solutions.

Capital Expenditures

• Ranpak's capital expenditures were $45 million in 2022, $52 million in 2023, and $33 million in 2024.
• Expected capital expenditures for 2026 are approximately $35 million.
• The primary focus of capital expenditures includes investments in automation innovation and the integration of artificial intelligence into equipment offerings to enhance efficiency and productivity.