Ranpak Holdings Corp.

As noted above, we believe that in order to better understand the performance of the Company, providing non-GAAP financial measures to users of our financial information is helpful. We believe presentation of these non-GAAP measures is useful because they are many of the key measures that allow management to evaluate more effectively our operating performance and compare the results of our operations from period to period and against peers without regard to financing methods or capital structure. Management does not consider these non-GAAP measures in isolation or as an alternative to similar financial measures determined in accordance with GAAP. The computations of EBITDA, AEBITDA and Constant Currency (Non-GAAP) % Change may not be comparable to other similarly titled measures of other companies. These non-GAAP financial measures should not be considered as alternatives to, or more meaningful than, measures of financial performance as determined in accordance with GAAP or as indicators of operating performance.

The following table and related notes reconcile certain non-GAAP measures to GAAP information presented in this Quarterly Report for the three months ended March 31, 2026 and 2025:

(see subsequent footnotes)

(1)Reconciliations of EBITDA and AEBITDA for each period presented are to net loss, the nearest GAAP equivalent.

(2)Adjustments are related to non-cash unusual or infrequent costs such as: effects of non-cash foreign currency remeasurement or adjustment; impairment of returned machines; costs associated with the evaluation of acquisitions; costs associated with executive severance; costs associated with restructuring actions such as plant rationalization or realignment, reorganization, and reductions in force; costs associated with the implementation of the global ERP system; and other items deemed by management to be unusual, infrequent, or non-recurring.

(3)Represents amortization of capitalized costs primarily related to the implementation of the global ERP system, which are included in SG&A.

(4)Third-party professional services and consulting fees related to post-implementation system remediation.

(5)In the first quarter of 2025, Other adjustments includes non-recurring warehouse and transitory costs incurred related to conversion services, non-recurring excess above market procurement costs, and other insignificant items.

(6)The Constant Currency (Non-GAAP) % Change excludes the impact of foreign currency translation effects when comparing to the prior year. In calculating the Constant Currency (Non-GAAP) % Change, the current year results are translated at the average exchange rate for the prior year period, which in this case was 1 Euro to 1.0521 USD. Refer to further discussion in “Non-GAAP Measures.”

Liquidity and Capital Resources

We evaluate liquidity in terms of cash flows from operations and other sources and the sufficiency of such cash flows to fund our operating, investing and financing activities. We believe that our $48.5 million in cash and cash equivalents as of March 31, 2026 and cash flow from operations, together with borrowing capacity under the revolving portion of our senior secured credit facilities, will provide us with sufficient resources to cover our current requirements.

Our main liquidity needs relate to capital expenditures and expenses for the production and maintenance of PPS systems placed at end-user facilities, working capital, including the purchase of paper raw materials, and payments of principal and interest on our outstanding debt. Our Automated Paper Solutions (“APS”) and Automated Solutions (“AS”) (collectively, “Automation”) product lines are for the sale of capital goods and we do not require significant capital expenditures for production equipment to support growth. We expect our capital expenditures to increase as we continue to grow our business, expand our manufacturing footprint, and upgrade our existing systems and facilities. We continue to evaluate our inventory requirements and adjust according to our volume forecasts. Our future capital requirements and the adequacy of available funds will depend on many factors, and if we are unable to obtain needed additional funds, we may have to reduce our operating costs or incur additional debt, which could impair our growth prospects and/or otherwise negatively impact our business. Further, volatility in the equity and credit markets from macroeconomic factors could make obtaining new equity or debt financing more difficult or expensive.

Debt Profile

The material terms of our debt, which principally consists of senior secured credit facilities of a $410.0 million USD-denominated first lien term facility (the “Term Facility”) and a $50.0 million revolving credit facility available in USD and Euros (“Revolving Facility” and together with the Term Facility, the “Facilities”), are summarized in Note 7 — Long-Term Debtto the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report.

Including finance lease liabilities and financing arrangements and excluding deferred financing costs, we had $411.4 million in debt, $6.6 million of which was classified as short-term, as of March 31, 2026, compared to $410.5 million in debt, $5.5 million of which was classified as short-term, as of December 31, 2025.

At March 31, 2026, we did not have amounts outstanding under the Revolving Facility, and we had no borrowings under such facility through April 30, 2026. The Revolving Facility includes borrowing capacity available for standby letters of credit of up to $50.0 million. Any issuance of letters of credit will reduce the amount available under the Revolving Facility. As of March 31, 2026, we had $5.8 million committed to outstanding letters of credit, leaving net availability of $44.2 million under the Revolving Facility.

The Facilities are secured by substantially all of the assets of the Company. No mandatory prepayments were required under our Facilities as of March 31, 2026, and the Company was in compliance with all debt covenants.

Cash Flows

The following table sets forth our summary cash flow information for the periods indicated:

Cash Flows Provided by (Used in) Operating Activities

Net cash provided by operating activities was $4.4 million in the three months ended March 31, 2026. Net cash used in operating activities was $1.3 million in the three months ended March 31, 2025. The changes in operating cash flows are largely due to lower net loss and foreign currency changes.

Cash Flows Used in Investing Activities

Net cash used in investing activities was $18.3 million and $7.5 million in the three months ended March 31, 2026 and 2025, respectively, and reflects cash used for production of converter equipment and purchases of machinery and equipment. Net cash used in investing activities in the three months ended March 31, 2026 also included $10.0 million in cash paid for the additional investment in Pickle.

Cash Flows Provided by (Used in) Financing Activities

Net cash provided by financing activities was $0.2 million in the three months ended March 31, 2026 and reflects proceeds from our financing arrangements, partially offset by principal payments on our term loans, tax payments for withholdings on stock-based awards, payments on financing arrangements, and payments on finance lease liabilities. Net cash used in financing activities was $2.8 million in the three months ended March 31, 2025 and reflects tax payments for withholdings on stock-based awards, principal payments on our term loans, payments on finance lease liabilities, and payments on financing arrangements.

Contractual Obligations and Other Commitments

We have cash obligations under our financing arrangements, which are primarily related to our Term Facility, and under our leases for facilities, automobiles and equipment, which are described in more detail in Note 7 — Long-Term Debt and Note 12 — Leases in the notes to our unaudited condensed consolidated financial statements. We have various contractual obligations and commercial commitments that are recorded as liabilities in our unaudited condensed consolidated financial statements.

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements as of March 31, 2026.

Critical Accounting Policies and Estimates

Our unaudited condensed consolidated financial statements have been prepared in conformity with GAAP, which often requires estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. There have been no material changes to our critical accounting policies and estimates as compared to those disclosed in our 2025 10-K.

Recently Issued and Adopted Accounting Pronouncements

For recently issued and adopted accounting pronouncements, see Note 2 — Basis of Presentation and Summary of Significant Accounting Policies to the unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report.