Ranpak provides Q2 volume decline details and H2 2023 outlook; July volume up mid-single digits

Ranpak Holdings Corp.

Q2 paper consumable volume declined 8.7% consolidated (NA -6.3%, EMEA/APAC -10.5%).
July 2023 volume estimated up mid-single digits YoY (preliminary).
H2 2023 volume outlook: mid-single to low-double digit increase YoY, NA stronger.
H2 2023 NA gross margins expected to improve sequentially; EMEA/APAC ~40%.
2023 CapEx expected $45-50M, stepping down in 2024 to prioritize deleveraging.

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