Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — Shareholder Meeting (April 2026)
35 slides from Rational Aktiengesellschaft's shareholder meeting presentation, Apr 29, 2026
Slide 1: 50 years of combi ovens
50 years of combi ovens. 50 years of global market leadership for professional cooking systems. 29th Annual General Meeting of RATIONAL AG on 29 April 2026 1
Slide 2: The first steps on a successful journey
50 years of combi ovens The first steps on a successful journey 1976 The first RATIONAL combi-steamer: CD 101 1976 Steam and hot air combined in a single appliance – a groundbreaking idea 1980 The first RATIONAL stand unit: CD 201 2026
Slide 3: Bottleneck-focused strategy (EKS)
50 years of combi ovens Bottleneck-focused strategy (EKS) 1976 Focus on combi-ovens Introduction and implementation of the bottleneck- 1983 focused strategy The cornerstone of RATIONAL’s success 2026
Slide 4: Continuous development and improvement
50 years of combi ovens Continuous development and improvement 1976 1980 1980 1981 1988 1991 1993 Combi oven Combi oven Combi Master Combi oven Combi oven KL 101 CD 5 CM 6 CD 101 CCC 61 1993 2026
Slide 5: 20 years for the first 100,000 combi ovens
50 years of combi ovens 20 years for the first 100,000 combi ovens 1976 Production of the 1996 100,000th combi-steamer 2026
Slide 6: Specialisation promotes technological leadership
50 years of combi ovens Specialisation promotes technological leadership 1976 Launch of the ClimaPlus Combi, the first combi-steamer 1997 with precise climate control in the cooking cabinet Presentation of the first SelfCookingCenter, which 2004 enables automated cooking. Launch of the SelfCookingCe
Slide 7: Expansion of the product range
50 years of combi ovens Expansion of the product range 1976 Introduction of the SelfCookingCenter 2014 5 Senses, which reacts to the cooked food with the help of sensors. 2016 Introduction of the SelfCookingCenter XS 2026
Slide 8: 43 years for 1 million combi ovens
50 years of combi ovens 43 years for 1 million combi ovens 1976 Production of the 2019 1 millionth combi oven 2026
Slide 9: Our latest combi oven
50 years of combi ovens Our latest combi oven 1976 Introducing the iCombi Pro and iCombi Classic 2020 International online launch of the new cooking systems due to the coronavirus. 2026
Slide 10: 50 years – for 1.5 million combi ovens
50 years of combi ovens 50 years – for 1.5 million combi ovens 1976 Production of the 1.5 millionth combi oven 2026
Slide 11: 1,500,000 combi ovens produced since 1976
1,500,000 combi ovens produced since 1976
Slide 12: Hauptversammlung GJ 2025 29.04.2026
| RATIONAL AG | Hauptversammlung GJ 2025 29.04.2026 12
Slide 13: iCombi One - tailor-made combi oven for Chinese cuisine
A new production site for combi ovens is built iCombi One - tailor-made combi oven for Chinese cuisine 1976 Introduction of the iCombi One in China 2026
Slide 14: Launch iCombi One
Launch iCombi One Perfect for Chinese cuisine – presented in a gripping show | RATIONAL AG | AGM 2026 | 29.04.2026 14
Slide 15: Hauptversammlung GJ 2025 29.04.2026
| RATIONAL AG | Hauptversammlung GJ 2025 29.04.2026 15
Slide 16: Hauptversammlung GJ 2025 29.04.2026
| RATIONAL AG | Hauptversammlung GJ 2025 29.04.2026 16
Slide 17: Hauptversammlung GJ 2025 29.04.2026
| RATIONAL AG | Hauptversammlung GJ 2025 29.04.2026 17
Slide 18: Hauptversammlung GJ 2025 29.04.2026
| RATIONAL AG | Hauptversammlung GJ 2025 29.04.2026 18
Slide 19: Start Movie
Start Movie | RATIONAL AG | Hauptversammlung GJ 2025 29.04.2026 19
Slide 20: Good results. Fiscal Year 2025
Good results. Numbers. Data. Facts. Fiscal Year 2025
Slide 21: General key figures
General key figures Reach of our products and services 120 ~630 Countries supplied by 22 Sales staff (more than its own companies or Sales companies 1,000 in total, partners worldwide including freelancers) of which use 75% traditional devices 190 + million 4.8 + Mio. Addressable professional Meals
Slide 22: Sales up 6% - +8% currency-neutral growth
Sales revenue development Sales up 6% - +8% currency-neutral growth +6% +6% +10% 1,260 +31% 1,194 1,126 -23% 1,022 +20% 844 780 650 2019 2020 2021 2022 2023 2024 2025 Sales revenues in million euros | Revenue growth compared to the previous year. | RATIONAL AG | AGM 2026 | 29.04.2026 22
Slide 23: North America and Europe as growth drivers
Sales revenues by region North America and Europe as growth drivers North America +8% Germany +4% Asia 281 304 -11% 124 129 153 135 2024 2025 2024 2025 2024 2025 Europe +9% 536 491 Latin America +6% Rest of the World 79 85 +6% 66 70 2024 2025 2024 2025 2024 2025 Sales revenues in million euros | Rev
Slide 24: Solid growth in both product groups
Sales revenues by product group Solid growth in both product groups iCombi iVario +5% 1,108 1,056 +10% 137 151 2024 2025 2024 2025 Sales revenues in million euros | Revenue growth compared to the previous year. 24 | RATIONAL AG | AGM 2026 | 29.04.2026 24
Slide 25: Stable EBIT margin despite challenging conditions
EBIT Stable EBIT margin despite challenging conditions 26.5% 24.6% 26.3% 26.4% 20.5% 23.2% +13% +6% 16.5% +17% 333 +48% 314 -52% 277 +50% 238 223 160 107 2019 2020 2021 2022 2023 2024 2025 Sales revenues in million euros | Revenue growth compared to the previous year. EBIT margin | RATIONAL AG | AGM
Slide 26: Low investment intensity in the long term – targeted large-scale projects
Investments Low investment intensity in the long term – targeted large-scale projects 40 37 35 34 31 32 26 2019 2020 2021 2022 2023 2024 2025 Investments in million euros | RATIONAL AG | AGM 2026 | 29.04.2026 26
Slide 27: The largest investment in the history of RATIONAL
The new service parts distribution center The largest investment in the history of RATIONAL Opening Project Kick-off Spring 2027 Spring 2023 − Automated high-bay and shuttle warehouse − 7,579 m² built-up area − Planning according to the latest sustainability standards − Investment volume of around E
Slide 28: Wittenheim, France
The home of the iVario Wittenheim, France Opening of the new plant Spring 2024 Relocation of production October 2025 − 100,000 m² land area − 10,000 m² production area − Current capacity 25,000 iVario − Investment volume around 30 million euros
Slide 29: High equity ratio and liquidity
Balance sheet High equity ratio and liquidity in m EUR 31.12.2024 31.12.2025 Balance sheet at a glance: Non-current assets 292 289 – 7% growth in total assets Inventories 108 124 – 46% Liquidity ratio Trade receivables 181 200 – 48 DSO (days) Other assets 373 383 Liquid funds 152 186 – 22% Working C
Slide 30: Dividend 2025 of EUR 20.00 proposed
Dividend Dividend 2025 of EUR 20.00 proposed 22.03 22.33 18.82 4.00 20.00 € Dividend per share 16.33 15.09 16.00 15.00 10.88 2.50 13.50 90% Total payout ratio 7.04 11.00 2.50 7.50 5.70 3.0% Dividend yield2 4.80 2019 2020 2021 2022 2023 2024 2025 1 Dividend per share Special dividend per share Earnin
Slide 31: US tariff discussion and currency effects put stock under pressure
The RATIONAL share US tariff discussion and currency effects put stock under pressure 40% +23 % 30% +21 % 20% +20 % +18 % 10% 0% -10% -20 % -20 % -20% -30% -40% Jul 25 Jun 25 Aug 25 Nov 25 Apr 25 May 25 Dec 25 Apr 26 Jan 25 Feb 25 Sep 25 Jan 26 Mar 25 Oct 25 Feb 26 Mar 26 RATIONAL MDAX DAX Based on
Slide 32: Geopolitical uncertainties
Geopolitical uncertainties Limited influence on RATIONAL External framework conditions Impact on RATIONAL - Trade policy uncertainties in the - Ability to deliver ensured at all times USA - Currently no interruption of supply or - Geopolitical tensions in the logistics chains Middle East - Sales rev
Slide 33: Confident for 2026
Sales revenue and earnings forecast for 2026 Confident for 2026 Sales revenue Gross profit EBIT margin growth margin in the mid to high at a slightly lower between single-digit level than in the 25% and 26%. percentage range. previous year. | RATIONAL AG | AGM 2026 | 29.04.2026 33
Slide 34: RATIONAL
RATIONAL
Slide 35: 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