Ranpak Holdings Corp.

over to Sarah Horvath, General Counsel.

Please go ahead. Thank you and good morning, everyone. Before we begin, I'd like to remind you that we will discuss forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those forward-looking statements as a result of various factors, including those discussed in our press release and the risk factors identified in our Form 10-K and our other filings filed with the SEC. Some of the statements and responses to your questions in this conference call may include forward-looking statements that are subject to future events and uncertainties that could cause our actual results to differ materially from these statements. RAMPAC assumes no obligation and does not intend to update any such forward-looking statements. You should not place undue reliance on these forward-looking statements, all of which speak to the company only as of today. The earnings release we issued this morning and the presentation for today's call are posted on the investor relations section of our website. A copy of the release has been included in a form 8K that we submitted to the SEC before this call. We will also make a replay of this conference call available via webcast on the company website. For financial information that is presented on a non-GAAP basis, we have included reconciliations to the comparable GAAP information. Please refer to the table and slide presentation accompanying today's earnings release. Lastly, we'll be filing our 10-Q with the SEC for the period ending March 31st, 2025. The 10-Q will be available through the SEC or on the investor relations section of our website. With me today, I have Omar Asili, our chairman and CEO, and Bill Drew, our CFO. Omar will summarize our first quarter results. and Bill will provide additional detail on the financial results before we open up the call for questions. With that, I'll turn the call over to Omar.

Thank you, Sarah, and good morning, everyone. Thank you for joining us today. Today, I'll start by discussing the first quarter, which at this point feels a lot less relevant given everything that has transpired over the past six weeks. I will also discuss the impacts global trade discussions are having on our business, and what we are doing to adapt to the current environment. Generally speaking, the diversity of our business geographically and across end users, as well as strong momentum with enterprise accounts, gives me a great deal of comfort that we're in a solid position to weather the likely disruptions and slower near-term outlook as the trade discussions ripple throughout global economies. Regarding our results, Our volume momentum continued as we began 2025 with our seventh quarter in a row of volume growth. Consolidated net revenue increased 8.8% on a constant currency basis for the quarter, including a 0.9% non-cash headwind from the Amazon warrants. Driven by 12% volume growth as e-commerce activity drove outsized growth in North America. Our North America business continued its strong growth and was the key driver of top-line performance, with sales up 33% and volumes up more than 40% over Q1 of 2024. Similar to the fourth quarter, we saw broad-based top-line strength in Q1, as enterprise accounts contributed excellent growth consistent with what we saw in 2024, and end users in our distribution channel experienced increased demand as well. Our team continues to execute well with the wrap-up of these larger accounts, and we believe that has well positioned us to continue to grow with these critical customers in 2025. We're deepening relationships with the biggest players in e-commerce and retail, setting us up well for further growth in 2025 in North America. Of course, our future growth potential here is subject to those macro factors that I just mentioned. Europe and Asia Pacific started off the first two months of the year up slightly in terms of volume, but experienced a weaker than expected March, which led to a challenge top line and volume contribution for the quarter. As the quarter went on, the environment in Europe deteriorated with activity slowing meaningfully in March. April saw stabilization as volumes were up versus the prior year, but overall activity in Europe does feel worse compared to where we started the year. Automation started the year up slightly on a constant currency basis versus 2024 as some projects move from Q1 to Q2 due to customer delays. But overall, we feel very good about our ability to grow this business meaningfully and in line with our previously shared expectations of 50% growth. Our differentiated solutions and expected strong payback profile for high-volume customers makes for a strong value proposition. On a constant currency basis, adjusted EBITDA declined 7.8% for the quarter, including an uncash impact of the Amazon warrants, which contributed a 4.2% headwind to our reported figures. Excluding the impact of the Amazon warrants, adjusted EBITDA declined 3.6% year-over-year. Overall profitability was negatively impacted by increased input costs year-over-year and lower sales volume in Europe and Asia-Pacific. as well as negative mixed impact of outsized contribution of enterprise accounts in North America and temporary production inefficiencies. The input cost environment continues to vary by geography. In the U.S., pricing has moved up given the greater demand in the market for craft paper, which became increasingly tight in the fourth quarter and led to some mill disruptions that lasted into Q1. Challenges with longer lead times at the mills led to short-term inefficiencies in areas like freight and logistics, and as a result, we invested in more inventory in the first quarter to protect against further disruption. We have taken price in the second quarter in order to offset some of this increase and improve our margin profile and utilize longer lead times to enhance our planning and runtime, which will benefit margin beginning in Q2 as well. In Europe, The energy markets remain volatile, but pricing for Dutch Nat gas is down roughly 40% from its February peak. Our paper pricing for the first two quarters is consistent with Q4 2024, but it's up slightly year over year. We are seeing some mills look to raise pricing for the back half of 25, but we are taking steps to mitigate the impact through greater raw material purchases in the second quarter. Overall, though, in Europe and in Asia Pacific, we believe we are well positioned to maintain our attractive margin profile we clawed back post-COVID. We'll take you through the tariff impact, what we're seeing, and steps we are taking to improve our financial profile in this environment after Bill's remarks. To summarize, given the operating environment uncertainty, we are tightly managing our business in the near term while maintaining focus on the long-term health and potential of our companies. Our focus is on driving volumes and winning share, reducing our structural costs, and maximizing cash. We have moved quickly to address areas of inefficiency and to reduce costs to better align our cost structure with the current outlook. With that, here's Bill with more info on the quarter.