Ranpak Holdings Corp.PACK
Ranpak Holdings Corp. Segments Disclosure
Segment Information
Our business is organized on a geographic basis. We have separate functional leaders that are responsible for the day-to-day operations of our PPS and Automation product lines for North America, Europe, and Asia. We have identified two operating segments, North America and Europe/Asia, based on geographical region. North America and Europe/Asia are also our reportable segments. The combination of these segments represent our total consolidated operations.
The North America segment and Europe/Asia segments both generate revenue from our PPS and Automation products and share similar types of customers, production, and distribution. The segments may, at times, be impacted differently by fluctuations in paper costs within the regions from which our paper supply is sourced. No production assets are shared between our reportable segments. The North America segment includes our corporate costs, which are primarily costs for global service functions. Allocation of costs and intercompany sales between our reportable segments are insignificant for the periods presented.
Our Chief Operating Decision Maker, or “CODM,” is our Chairman and Chief Executive officer, and the CODM is responsible for making decisions related to budgeting, the allocation of resources, and evaluating performance.
We define our measure of segment profit or loss as earnings before interest, taxes, depreciation and amortization, or “EBITDA.” EBITDA is the key measure used by our CODM to understand and evaluate our operating performance and trends. Adjusting for non-cash items, such as amortization and depreciation expense, is helpful to our CODM in evaluating the performance of the business as we continue to focus on improving our leverage ratio and cash generation. Performance
metrics related to working capital, such as days sales outstanding and inventory turnover, are provided to our CODM in monitoring the cash management of the business but no asset balances are reported to or regularly reviewed by our CODM.
The following table presents segment operating results by reportable segment:
| Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| North America | Europe/Asia | Total | North America | Europe/Asia | Total | North America | Europe/Asia | Total | |||||||||||||||||||||||||||||||||||||||||||||
| Net product revenue | $ | 157.0 | $ | 175.7 | $ | 332.7 | $ | 138.3 | $ | 177.2 | $ | 315.5 | $ | 113.9 | $ | 170.9 | $ | 284.8 | |||||||||||||||||||||||||||||||||||
| Machine lease revenue | 29.0 | 33.3 | 62.3 | 24.9 | 28.5 | 53.4 | 23.4 | 28.1 | 51.5 | ||||||||||||||||||||||||||||||||||||||||||||
| Net revenue | 186.0 | 209.0 | 395.0 | 163.2 | 205.7 | 368.9 | 137.3 | 199.0 | 336.3 | ||||||||||||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of sales excluding depreciation and amortization | 124.3 | 109.3 | 97.2 | 101.7 | 72.3 | 104.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Compensation expense(1) | 49.3 | 55.3 | 50.3 | 52.7 | 41.8 | 47.5 | |||||||||||||||||||||||||||||||||||||||||||||||
| Professional fees | 10.8 | 3.2 | 9.0 | 3.9 | 10.7 | 3.8 | |||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | 5.8 | 1.8 | 4.7 | 1.6 | (8.6) | (1.6) | |||||||||||||||||||||||||||||||||||||||||||||||
| Other operating expense, net | 3.1 | 1.4 | 4.8 | 0.8 | 4.4 | 0.8 | |||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency loss (gain) | 6.8 | (12.1) | 0.7 | (2.3) | 0.6 | (0.9) | |||||||||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net(2) | (26.3) | 20.5 | (28.9) | 8.0 | (18.8) | 18.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Other segment items(3) | (5.7) | (6.0) | (3.3) | (2.2) | (1.1) | (0.7) | |||||||||||||||||||||||||||||||||||||||||||||||
| Segment profit | $ | 17.9 | $ | 35.6 | $ | 53.5 | $ | 28.7 | $ | 41.5 | $ | 70.2 | $ | 36.0 | $ | 26.6 | $ | 62.6 | |||||||||||||||||||||||||||||||||||
| Reconciliation of segment profit to loss before income tax benefit: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization expense – COS | 30.7 | 30.2 | 35.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization expense | 36.0 | 35.1 | 33.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 34.3 | 28.6 | 24.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss before income tax benefit | $ | (47.5) | $ | (23.7) | $ | (31.3) | |||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes compensation expense for manufacturing and non-manufacturing employees. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Includes intersegment royalty charges from North America to Europe/Asia for use of trademarks of $20.4 million, $24.0 million, and $18.8 million for the years ended December 31, 2025, 2024, and 2023, respectively, which eliminates between the segments on a consolidated basis. In 2025, North America also includes non-operating income comprised primarily of a $5.8 million gain on investment in Pickle. In 2024, North America also includes non-operating income comprised primarily of a $5.4 million gain on sale of patents, partially offset by a $0.4 million loss on investment in Pickle, and in Europe/Asia, includes non-operating income comprised primarily of a $16.1 million gain on the settlement of litigation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) Includes labor and overhead allocation to cost of sales, refurbishment costs, information technology maintenance costs, freight, travel, and other insignificant items for the periods presented. 2024 also includes a loss on debt extinguishment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents our long-lived assets by segment:
| December 31, 2025 | December 31, 2024 | ||||||||||
| North America | $ | 73.7 | $ | 80.1 | |||||||
| Europe/Asia | 89.0 | 78.4 | |||||||||
| Total long-lived assets | $ | 162.7 | $ | 158.5 | |||||||
The following table presents our capital expenditures by segment:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| North America | $ | 13.4 | $ | 12.9 | $ | 32.9 | |||||||||||
| Europe/Asia | 16.9 | 20.2 | 22.4 | ||||||||||||||
| Capital expenditures for property, plant, and equipment | $ | 30.3 | $ | 33.1 | $ | 55.3 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Mar 31, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 4, 2021 | |
| 2019 | Mar 17, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.