Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — Investor Day (November 2024)
52 slides from Rational Aktiengesellschaft's investor day presentation, Nov 28, 2024
Slide 1: 50 years of RATIONAL – Capital Markets Day 2024
50 years of RATIONAL 50 years of innovations 50 years of RATIONAL AG customer benefit Capital Markets Day 2024 Landsberg, 28 November 2024
Slide 2: Agenda
Agenda RATIONAL AG CMD 2024 Welcoming Business update iHexagon ShowCooking Factory Tour Strategy update Jörg Walter, CFO Alexander Jelitto, optional Peter Stadelmann, CEO Director Application iHexagon 1015am 10 a.m. 10 10am 45 a.m. 10 11am 05 a.m. 10 11am 35 a.m. 1210 am 00 noon 10 am 200 p.m. 215 p
Slide 3: iHexagon – Beginning of a New Era
iHexagon Beginning of a New Era Steam, convection heat, and microwave energy are intelligently coordinated. On all six racks. 28.11.2024 | RATIONAL AG | Capital Markets Day 3
Slide 4: Our Philosophy
Our Philosophy The RATIONAL company objective (mission statement) We offer people working in commercial kitchens the greatest possible benefits in thermal food preparation. 28.11.2024 | RATIONAL AG | Capital Markets Day 4
Slide 5: Wolfgang Mewes: Bottleneck Strategy (EKS)
Wolfgang Mewes: Bottleneck Strategy (EKS) The secret of Hidden Champions Source: 28.11.2024 | RATIONAL AG | Capital Markets Day 5 INTES Akademie für Familienunternehmen GmbH
Slide 6: Greater customer benefit
Higher Cost profits degression Greater customer benefit Higher productivity Greater Customer attraction benefit Increased demand Positive learning curve Growth 28.11.2024 | RATIONAL AG | Capital Markets Day 6
Slide 7: The Mewes bottleneck approach is based on 4 principles
The Mewes bottleneck approach is based on 4 principles • Concentration & Specialization • Maximizing benefits before maximizing profits • Intangible before tangible assets • Minimum principle 28.11.2024 | RATIONAL AG | Capital Markets Day 7
Slide 8: Commercial kitchen market worldwide
Commercial kitchen market worldwide Significant number of relevant kitchens for RATIONAL Global Global 19 million 19 million kitchens kitchens 4.8 million 1.6 million relevant relevant kitchens kitchens 28.11.2024 | RATIONAL AG | Capital Markets Day 8
Slide 9: High untapped market potential for both product groups
High untapped market potential for both product groups Aiming to substitute traditional equipment in professional kitchens 12% RATIONAL Combis 13% competitors 2% iVario 2% competitors 75% traditional appliances 4.8 million addressable kitchens for iCombi 96% traditional appliances 1.6 million addres
Slide 10: Our customer segments
Our customer segments Establishments with over 20 meals per service 40% 40% Restaurants with service Community Catering 7% 13% Restaurants * without service Retail Graphic refers to the number of sold appliances 28.11.2024 | RATIONAL AG | Capital Markets Day 10
Slide 11: Above-average customer satisfaction
Above-average customer satisfaction RATIONAL holds the very strong NPS score in the “Best in Class” segment Net Promoter Score 2024 RATIONAL AG +60 -80 -60 -40 -20 0 +20 +40 +60 +80 Best in Class Ø-NPS of companies surveyed in the areas: 28.11.2024 | RATIONAL AG | Capital Markets Day 11 Source: B2B
Slide 12: The RATIONAL strategy
The RATIONAL strategy Maximum customer benefit as our primary corporate aim Focus Specialisation on large and in thermal commercial food Maximum kitchens customer preparation benefit U.i.U. Principle Performing Taking responsibility 28.11.2024 | RATIONAL AG | Capital Markets Day 12
Slide 13: Good financial performance as a result
Good financial performance as a result Facts. Figures. Data. 28.11.2024 | RATIONAL AG | Capital Markets Day 13
Slide 14: Strong sales performance in 2023
Strong sales performance in 2023 Revenue increased by 10% to EUR 1.126 million in 2023 +10% +31% 1,126 +8% 1,022 -23% +20% 844 778 780 650 2018 2019 2020 2021 2022 2023 28.11.2024 | RATIONAL AG | Capital Markets Day 14 Sales revenues in m EUR | Year-on-year sales growth
Slide 15: Sales revenues by quarter
Sales revenues by quarter Q3 2024 – sales revenues remain on high level +6% +8% +1% +25% +1% +20% -1% 286 295 294 290 293 282 278 274 272 225 232 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 Q1 Q2 Q3 Q4 28.11.2024 | RATIONAL AG | Capital Markets Day 15 Sales revenues in m EUR | Year-on-yea
Slide 16: New record level after 9M 2024: 875 m EUR
New record level after 9M 2024: 875 m EUR and 5% growth Americas keep driving growth North America Germany Asia +30% +8% 195 211 +22% +3% -2% -1% 150 111 114 93 92 91 91 9M 2022 9M 2023 9M 2024 9M 2022 9M 2023 9M 2024 9M 2022 9M 2023 9M 2024 Europe +7% +4% 342 356 318 Latin America Rest of the World
Slide 17: iVario back to growth
iVario back to growth iCombi surpasses previous year’s high sales level iCombi iVario +4% +18% +20% 778 746 634 526 +63% -11% +12% 60 98 87 98 9M 2021 9M 2022 9M 2023 9M 2024 9M 2021 9M 2022 9M 2023 9M 2024 28.11.2024 | RATIONAL AG | Capital Markets Day 17 Sales revenues in m EUR | Year-on-year sale
Slide 18: EBIT grows faster than sales revenues
EBIT grows faster than sales revenues EBIT margin back on pre-crisis level earlier than expected +12% +24% 227 +22% 202 -60% +108% 160 163 134 26.0% 25.9% 22.9% 22.3% 24.2% 13.8% 64 9M 2019 9M 2020 9M 2021 9M 2022 9M 2023 9M 2024 28.11.2024 | RATIONAL AG | Capital Markets Day 18 EBIT in m EUR EBIT m
Slide 19: Development of R&D costs
Development of R&D costs Investments into the future of RATIONAL +18% +8% -1% +10% -1% 53 45 45 42 42 38 2018 2019 2020 2021 2022 2023 28.11.2024 | RATIONAL AG | Capital Markets Day 19 R&D costs in m EUR | Year-on-year cost growth
Slide 20: Development of R&D spendings
Development of R&D spendings Investments into the future of RATIONAL +12% +10% +14% 7 +10% -1% 3 8 53 1 1 1 45 45 42 42 38 2018 2019 2020 2021 2022 2023 R&D costs in m EUR | Year-on-year cost growth 28.11.2024 | RATIONAL AG | Capital Markets Day 20 Year-on-year cost and capitalisation growth in % Ca
Slide 21: Investments
Investments Low Capex-intensity of our business model unchanged 40 37 35 34 33 31 30 31 30 29 25 26 2019 2020 2021 2022 2023 2024e Depreciation/amortisation Investments in m EUR 28.11.2024 | RATIONAL AG | Capital Markets Day 21 *The years 2019 and following include depreciation resulting from IFRS 1
Slide 22: Continuous investments for our customer
Continuous investments for our customer Bigger footprint worldwide 28.11.2024 | RATIONAL AG | Capital Markets Day 22
Slide 23: Wittenheim, France
Continuous investments for our customer Bigger footprint worldwide Wittenheim, France 28.11.2024 | RATIONAL AG | Capital Markets Day 23
Slide 24: The new home of the iVario – how it started
The new home of the iVario This is how it started Project Kick-off Autumn 2018 The planned production capacity is around 25,000 iVario units p.a. 28.11.2024 | RATIONAL AG | Capital Markets Day 24
Slide 25: The new home of the iVario – construction progress
The new home of the iVario This is how it was going 100,000 m2 is the size of the plot. The total investment is expected to be around 35 million euros Construction Progress started in April 2021 28.11.2024 | RATIONAL AG | Capital Markets Day 25
Slide 26: The new home of the iVario – now
The new home of the iVario This is what is looks like now Opening of the new plant Move in spring 2024 included › innovative customer centre › Offices for around 100 employees › Modern company restaurant Move of assembly expected for autumn 2025 28.11.2024 | RATIONAL AG | Capital Markets Day 26
Slide 27: Landsberg am Lech, Germany
Continuous investments for our customer Bigger footprint worldwide Landsberg am Lech, Germany 28.11.2024 | RATIONAL AG | Capital Markets Day 27
Slide 28: The new Service Parts Distribution Centre
The new Service Parts Distribution Centre The biggest investment in RATIONAL history Project End Project Kick-off Winter 2026 Spring 2023 Source: Google Maps 28.11.2024 | RATIONAL AG | Capital Markets Day 28
Slide 29: The new Service Parts Distribution Centre
The new Service Parts Distribution Centre The biggest investment in RATIONAL history Project End Winter 2026 Project Kick-off Spring 2023 28.11.2024 | RATIONAL AG | Capital Markets Day 29
Slide 30: Suzhou, China
Continuous investments for our customers International presence Suzhou, China 28.11.2024 | RATIONAL AG | Capital Markets Day 30
Slide 31: International presence
Continuous investments for our customers International presence 28.11.2024 | RATIONAL AG | Capital Markets Day 31
Slide 32: Tokio, Japan
Continuous investments for our customers International presence Tokio, Japan 28.11.2024 | RATIONAL AG | Capital Markets Day 32
Slide 33: International presence
Continuous investments for our customers International presence 28.11.2024 | RATIONAL AG | Capital Markets Day 33
Slide 34: Bangalore, India
Continuous investments for our customers International presence Bangalore, India 28.11.2024 | RATIONAL AG | Capital Markets Day 34
Slide 35: International presence
Continuous investments for our customers International presence 28.11.2024 | RATIONAL AG | Capital Markets Day 35
Slide 36: Warsaw, Poland
Continuous investments for our customers International presence Warsaw, Poland 28.11.2024 | RATIONAL AG | Capital Markets Day 36
Slide 37: International presence
Continuous investments for our customers International presence 28.11.2024 | RATIONAL AG | Capital Markets Day 37
Slide 38: Cornellá (Barcelona), Spain
Continuous investments for our customers International presence Cornellá (Barcelona), Spain 28.11.2024 | RATIONAL AG | Capital Markets Day 38
Slide 39: International presence
Continuous investments for our customers International presence 28.11.2024 | RATIONAL AG | Capital Markets Day 39
Slide 40: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity in m EUR 30.09.2023 31.12.2023 30.09.2024 Key balance sheet KPIs Non-current assets 251 265 266 +11% Growth in total assets Inventories 114 107 109 Trade receivables 165 172 177 Other assets 258 285 349 43% Liquidi
Slide 41: iHexagon – Start of a New Era
iHexagon Start of a New Era. STRICTLY CONFIDENTIAL
Slide 42: Voice of the Market
Voice of the Market Market needs & trends that motivated our development Operational bottlenecks Lack of skilled labor Trends New concepts Need for speed and flexibility Digital solutions 28.11.2024 | RATIONAL AG | Capital Markets Day 42
Slide 43: The iHexagon ensures the highest quality with the shortest cooking times
The iHexagon ensures the highest quality with the shortest cooking times. 28.11.2024 | RATIONAL AG | Capital Markets Day 43
Slide 44: iClimateBoost. The key to Success.
The key to Success. iClimateBoost. 28.11.2024 | RATIONAL AG | Capital Markets Day 44 STRICTLY CONFIDENTIAL
Slide 45: iClimateBoost
The key to Success. iClimateBoost The intelligent climate management of the iHexagon The iClimateBoost is the intelligent climate management to combine the six independent variables: steam, hot air, microwave, fan wheel, time and the food itself. › Intelligent combination of steam, hot air and micro
Slide 46: iCooking Suite
Cooking intelligence on a new level. iCooking Suite The perfect result. Every time. The built-in cooking expertise: › The desired result at the touch of a button › Use the microwave sensibly and at the right intensity › Adapts the cooking process to the food and keeps an eye on the desired result ›
Slide 47: iProductionManager
More possibilities. iProductionManager Cooking at the same time. Everything ready in time. Save yourself the traffic jam at the hot bar, put your business in the fast lane with the iHexagon: › Prepare different products at the same time › Adjusts cooking times to the load quantity and door openings
Slide 48: iCareSystem AutoDose
iCareSystem AutoDose Simple! Safe! Clean! Automatic cleaning and descaling with iCareSystem AutoDose › Integrated chemical storage system › Intelligent cleaning recommendation and solid cleaning agent for convenient and safe operation › Easy handling › Autonomous cleaning of the cooking system › Ult
Slide 49: More flexibility. More possibilities.
More flexibility. More possibilities. The right fit for your application. Production. Consistent results on every tray. Grab & Go. Variety of the highest quality, produced quickly, sold quickly. For more business. Fresh Food. Produce quickly for buffets or hot counters as required. 28.11.2024 | RATI
Slide 50: Boost your Business. The Benefits
Boost your Business. The Benefits Food Quality without Compromise. Best Food quality in the shortest cooking times. Productivity. Boosted. Microwave plus additional heating power. More load at the same time. On all 6 levels. Time Savings. Boosted. Up to 30 % faster than the iCombi Pro. The boost for
Slide 51: Disclaimer
Disclaimer This presentation serves the single purpose of introducing the RATIONAL Group and providing a brief overview. The information contained is not intended to be exhaustive and does not provide a basis for corporate decisions or serve as investment advice. We assume no warranty, guarantee or
Slide 52: RATIONAL
RATIONAL