Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — FY2025 Earnings Presentation
61 slides from Rational Aktiengesellschaft's earnings presentation, Mar 19, 2026
Slide 1: 50 years of combi ovens
50 years of combi ovens 50 years of global market leadership for professional cooking systems. Investor Relations Presentation Fiscal Year 2025 Landsberg am Lech, 19 March 2026 1 1
Slide 2: Our Products and Services
Our Products and Services 2
Slide 3: iCombi Pro
iCombi Pro The WOW Effect
Slide 4: iCombi Pro: Saves time, energy and money
iCombi Pro The intelligent combination of heat and moisture. Convection oven and steamer in one Saves time, energy and Integrated money. cooking intelligence Covers 95 % of all cooking Professional food applications. preparation Reliable results 4
Slide 5: iHexagon
iHexagon Beginning of a New Era
Slide 6: iHexagon: highest food quality in the shortest possible time
iHexagon Specialist for the highest food quality in the shortest possible time. Steam, convection iHexagon heat and microwave energy are intelligently Highest food coordinated quality in the shortest possible On all six racks. time. Up to 30 % Boosted Boosted time savings productivity flexibility 6
Slide 7: iVario Pro
| iVario Pro The Game Changer
Slide 8: iVario Pro for catering and restaurants
iVario Pro For catering and restaurants Like stoves or iVario Pro L iVario 2-S tilting pans – continuously evolved. iVario Pro XL iVario 2-XS Designed to replace conventional bratt pans, boiling kettles, deep-fryers and Designed to replace saucepans, frying pans, deep fryers, pressure cookers, press
Slide 9: ConnectedCooking
ConnectedCooking Digital platform for RATIONAL cooking systems
Slide 10: The digital backbone of RATIONAL cooking systems
ConnectedCooking The digital backbone of RATIONAL cooking systems Cloud solution with the highest Video level of data protection and One central security platform for More than connected 190.000 user cooking systems and 130.000 connected units Scalable from a Connects RATIONAL units, users, single k
Slide 11: First-class services
First-class services For greater customer benefit Expert Starter RATIONAL ChefLine® Advice Training Academy 11
Slide 12: RATIONAL Technical Service
RATIONAL Technical Service Always at the customer‘s service Original service Certified service Professional Digital Global service parts partners installation Service network 12
Slide 13: Products and services revenue breakdown
Products and services Revenue breakdown - Equipment revenue is supplemented by recurring non-equipment revenue Aftersales business Accessories, service parts, cleaners, and services 31% iCombi 59% Worldwide sales of combi ovens 10% iVario Worldwide sales of multifunctional cooking systems Based on s
Slide 14: Sustainability and resource efficiency
Sustainability and resource efficiency 14
Slide 15: An investment that pays off
An investment that pays off For environment, cash flow & future Comparison of space requirements in sample kitchen for 700 meals, 3 menus*: RATIONAL cooking systems: 30% Saved space Conventional technology: *Research project by Zurich University, using ABB Schweiz AG as an example 15
Slide 16: Study AXA AG: initial situation and objectives
Study AXA AG Initial situation, objectives & measurement in company restaurant Old kitchen Study objectives Combi ovens Saving potentials for energy & water Increase food quality consumption, peak power Improvement of work Identifying the benefits processes Consideration of modern cooking Production
Slide 17: Study AXA AG: results
Study AXA AG Study results New RATIONAL kitchen 47.9% 24.1% 20.2% >20% Less Less Lower Lower water energy connected load power peaks 17
Slide 18: Our customers
Our customers 18
Slide 19: For kitchens
For kitchens In which 20 or 70,000 meals are prepared 19
Slide 20: Our customers worldwide
Our customers worldwide Establishments with over 20 meals per service 40 % 40 % Restaurants with service Community Catering 7% Restaurants 13 % without service Retail Graphic refers to the number of sold appliances 20
Slide 21: Above-average customer satisfaction
Net Promoter Score 2024 Above-average customer satisfaction +60 RATIONAL AG Slight decrease of NPS since 2022 (+64) -80 -60 -40 -20 0 +20 +40 +60 +80 Best in Class +32 Manufacturing +32 B2B +37 Food & Drink Source: B2B International in 14 markets (2024) 21
Slide 22: High untapped market potential
High untapped market potential for both product groups Aiming to substitute traditional equipment in professional kitchens 75% 92% Traditional appliances Traditional appliances 12% 4% iCombi iVario 4,8+ million 1,6+ million 4% million addressable kitchens for 13% addressable kitchens for iVario Comp
Slide 23: Our History
4 Our History 23
Slide 24: Company founded 1973
"In this day and age, a company has a right to exist when it fulfills its task and that task is to offer benefit to the customer. The quality of this benefit 1973 determines success or failure." Company founded Siegfried Meister *1938 - †2017 24
Slide 25: Milestones
Milestones Invention of the first Invention of the RATIONAL combi ClimaPlus Combi oven CD 101 1976 1979 1996 1997 Implementation of the bottleneck-concentrated strategy Production of the 100,000th combi oven 25
Slide 26: Milestones
Milestones Launch of SelfCookingCenter & Introduction of VarioCookingCenter ConnectedCooking 2000 2004 2017 2018 FRIMA becomes RATIONAL IPO RATIONAL 26
Slide 27: Milestones
Milestones Introduction of a new product category – Launch of iHexagon and digital iCombi & iVario prodcuts 2020 2024 2026 Opening of a third Production of the production site in 1.5th million Suzhou, China combi oven 27
Slide 28: Everything for one goal: extremely satisfied customers
1973 Heute Everthing for one goal: Extremly satisfied customers 28
Slide 29: 50 Years RATIONAL
Anniversary 50 Years RATIONAL In 2023 we celebrated our anniversary with several internal and external activities. When it tastes great, we all speak the same language. Roll the film! 29
Slide 30: Global presence
RATIONAL Global presence 1.000 + chefs with culinary expertise and experience 120 + countries with local 3 32 presence Production sites Subsidiaries Successful since 4.000 + 600 1973 partners worldwide Patents 30
Slide 31: International success stories
International success stories 31
Slide 32: On the mountain
On the mountain Café 3440 on Pitztal Glacier 32
Slide 33: In the air
In the air gategroup. Airline catering. 33
Slide 34: On the water
On the water Scenic Eclipse. The World’s First Discovery Yachts. 34
Slide 35: Simply everywhere.
Simply everywhere. 35
Slide 36: Recipe for success
Recipe for success 36
Slide 37: The RATIONAL strategy
The RATIONAL strategy Maximum customer benefit as our primary corporate aim Our utmost objective We want to offer maximum benefits to those Focus Specialisation preparing hot food in large and commercial on large and in thermal kitchens, as well as the best solutions for their daily kitchen routines
Slide 38: Greater customer benefit
Higher profits Cost degression Greater customer benefit Higher productivity Greater Customer attraction benefit Increased demand Positive learning curve Growth 38
Slide 39: With employees
2,838 2,736 2,554 2,401 2,258 2,248 2,113 2,180 2018 2019 2020 2021 2022 2023 2024 2025 With employees U.i.U. Compass 2024: Who are committed and inspired All in all very satisfied or 90% satisfied with RATIONAL as employer Are proud to work at 88% RATIONAL 39
Slide 40: With courage
With courage To reinvent customer benefit 40
Slide 41: With 1,000 chefs
With 1,000 chefs At work every day 4 Köche, 4 Reisen 41
Slide 42: With new talents
With new talents Committed apprentices and students 42
Slide 43: With responsibility
With responsibility For people and the environment 43
Slide 44: Executive Board
Markus Paschmann Jörg Walter CSMO CFO Dr. Martin Hermann Dr. Peter Stadelmann CTO CEO 44
Slide 45: Business situation and outlook
Business situation and outlook 45
Slide 46: Sales revenue development
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. 46
Slide 47: Sales revenues by quarter
Sales revenues by quarter Q4 2025 – Sales revenues reach another all-time high +7% +5% +6% +3% 341 311 312 318 286 295 295 294 2024 2025 2024 2025 2024 2025 2024 2025 Q1 Q2 Q3 Q4 Sales revenues in million euros | Revenue growth compared to the previous year. 47
Slide 48: Sales revenues by region
Sales revenues by region North America and Europe as growth drivers North America +8% Germany Asia 281 304 -11% +4% 129 153 135 124 2024 2025 2024 2025 2024 2025 Europe +9% 536 491 Rest of the World Latin America +6% +6% 79 85 66 70 2024 2025 2024 2025 2024 2025 Sales revenues in million euros | Rev
Slide 49: Sales revenues by product group
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. 49
Slide 50: EBIT margin slightly exceeds expectations
EBIT EBIT margin slightly exceeds expectations 26.5% 24.6% 26.3% 26.4% 23.2% 20.5% 16.5% +6% +13% +17% 333 +48% 314 -52% 277 +52% 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 50
Slide 51: High profitability in FY 2025
High profitability in FY 2025 Healthy sales revenue performance and favourable COGS 2024 vs. 2025 2024 2025 in m EUR Change Margin Impact Sales revenues 1,194 1,260 +6% --- 0% + Sales revenues growth in COGS -487 -516 -20 bps line with expectations Gross Profit 707 743 +5% -20 bps Gross Margin 59.2%
Slide 52: 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 ratio1 Trade receivables 181 200 – 48 DSO (days) Other assets 373 383 Liquid funds 152 186 – 22% Working
Slide 53: Investments
Investments Long-term business model with low investment intensity 40 37 35 34 31 32 26 2019 2020 2021 2022 2023 2024 2025 Investments in m EUR 53
Slide 54: The new service parts distribution center
The new service parts distribution center The largest investment in the history of RATIONAL Opening Spring 2027 Kick-off project Spring 2023 − Automated high-bay and shuttle warehouse − 7,579 m² built area and − Planning according to the latest sustainability standards − Investment volume of around
Slide 55: 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 m EUR 55
Slide 56: Road to China
Road to China A combi oven especially for the Chinese market Market launch Start of renovation March 2026 July 2023 Opening of the new plant March 2024 56
Slide 57: 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 1The comparative figures for the previous year have
Slide 58: Sales revenue and earnings forecast for 2026
Sales revenue and earnings forecast for 2026 Cautiously optimistic – despite economic challenges Sales revenue growth Gross profit margin Operating costs EBIT margin In the mid to high single- on a slightly lower level than are rising slightly faster than between 25% and 26%. digit percentage range.
Slide 59: The RATIONAL investment story
The RATIONAL investment story RATIONAL – Opportunities and strengths profile Opportunities Strengths › Rising energy, rent and › Technologically leading cooking personnel costs systems, market leading networking solutions › Increasing shortage of › High brand awareness and skilled workers customer l
Slide 60: Investor relations contact and financial calendar
Investor relations contact Financial calendar Company information Calendar 2026 RATIONAL AG 19.03.2026 Financial Figures Fiscal Year 2025 (Munich/virtual) Siegfried-Meister-Straße 1 29.04.2026 General Shareholder‘ Meeting 2025 (Augsburg) 86899 Landsberg am Lech 06.05.2026 Financial Figures Q1 2026 (
Slide 61: 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