Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational — 9M 2025 Earnings Presentation
36 slides from Rational Aktiengesellschaft's earnings presentation, Nov 6, 2025
Slide 1: 25 years of success on the stock exchange
25 years of success on the stock exchange. . Thanks to Innovation and stability. IR Presentation 9M 2025 Landsberg am Lech, 6 November 2025
Slide 2: iCombi Pro
iCombi Pro The combi-steamer with intelligent cooking paths Reliable desired result. High productivity. Optimal planning. Effective cleaning. 6 Nov 2025 | RATIONAL AG | 9M 2025 2
Slide 3: iVario Pro
iVario Pro The multifunctional cooking system with contact heat Reliable results. Intelligent heating technology. Intelligent heating zone management. 6 Nov 2025 | RATIONAL AG | 9M 2025 3
Slide 4: ConnectedCooking
ConnectedCooking Digital kitchen management by RATIONAL Distribute cooking programs | Update unit software | Document HACCP data Make everything easier. No matter where your cooking systems are. 6 Nov 2025 | RATIONAL AG | 9M 2025 4
Slide 5: A tried and tested team
A tried and tested team For 90% of all cooking processes in professional kitchens 6 Nov 2025 | RATIONAL AG | 9M 2025 5
Slide 6: First-class services
For greater customer benefit First-class services Expert Starter RATIONAL Connected ChefLine ® advice Training Academy Cooking 6 Nov 2025 | RATIONAL AG | 9M 2025 6
Slide 7: RATIONAL Technical Service
Always at the customer‘s service RATIONAL Technical Service Original Certified service Professional Global service service parts partners installation network 6 Nov 2025 | RATIONAL AG | 9M 2025 7
Slide 8: iHexagon
iHexagon Beginning of a New Era Steam, convection heat and microwave energy are intelligently coordinated. On all six racks. 6 Nov 2025 | RATIONAL AG | 9M 2025 8
Slide 9: Products and services
Products and services Revenue breakdown - Equipment revenue is supplemented by recurring non-equipment revenue Based on sales revenues FY 2024 Aftersales business Accessories, service parts, cleaners, and services 31% 59% iCombi Worldwide sales of combi-steamers 10% iVario Worldwide sales of multifu
Slide 10: RATIONAL
32 3 Production Culinary expertise Subsidiaries sites and experience of 1,000+ Successful since 1973 Local presence in 600 chefs 120 countries Patents RATIONAL More than 4,000 partners worldwide 6 Nov 2025 | RATIONAL AG | 9M 2025 10
Slide 11: Our customers worldwide
Our customers worldwide 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 6 Nov 2025 | RATIONAL AG | 9M 2025 11
Slide 12: 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: 6 Nov 2025 | RATIONAL AG | 9M 2025 12 Source: B2B Internationa
Slide 13: 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% iCombi 13% Competitors 2% iVario 2% Competitors 75% Traditional appliances 4.8 million addressable kitchens for iCombi 96% Traditional appliances 1.6 million addressable kit
Slide 14: Market leader RATIONAL
Market leader RATIONAL Around 50% global market share in both product groups There are ~20 million professional kitchens worldwide ~100 worldwide competitors for combi-steamer cooking systems: Ali Group, Unox, Electrolux, Hoshizaki, ITW, Alto-Shaam, MKN, Middleby …. ~50 worldwide competitors for iVa
Slide 15: RATIONAL employees are entrepreneurs within the company (U.i.U.)
RATIONAL employees are entrepreneurs within the company (U.i.U.) Performance. Responsibility. Decisions. 2,736 2,795 2,554 2,401 U.i.U. Compass 2024: 2,258 2,180 2,248 All in all, very satisfied or 90% satisfied with RATIONAL as employer Are proud to work at 88% RATIONAL Inflation premium for 1,000€
Slide 16: Sustainability as an integral part of our business model
Sustainability as an integral part of our business model Healthy nutrition. Efficiency. Occupational safety. Long-term partner “Many companies focus their activities on Safe Satisfied rapid growth and maximising short-term workspace customers profit, and structure their organisations accordingly. At
Slide 17: The RATIONAL strategy
The RATIONAL strategy Maximum customer benefit as our primary corporate aim Focus Specialisation "In this day and age, a company has a on large and in thermal right to exist when it fulfils its task and commercial food that task is to offer benefit to the Maximum customer. The quality of this benefi
Slide 18: Greater customer benefit
Higher Cost profits degression Greater customer benefit Higher productivity Greater Customer attraction benefit Increased demand Positive learning curve Growth 6 Nov 2025 | RATIONAL AG | 9M 2025 18
Slide 19: A good investment for customers and investors
RATIONAL - a good investment for customers and investors Close to our customers – close to a basic human need Customer benefit as a … leads to attractive sales … and economic strength. driver… opportunities … Market and technology leader Presence in > 120 countries 8-9% CAGR (12 years)* Very high re
Slide 20: Good financial performance as a result
Good financial performance as a result Facts. Figures. Data. 6 Nov 2025 | RATIONAL AG | 9M 2025 20
Slide 21: Strong sales performance in 9M 2025
Strong sales performance in 9M 2025 FX-neutral growth rate at 7 % +5% +5% +14% +25% 918 876 833 -24% 762 +26% 613 586 466 9M 2019 9M 2020 9M 2021 9M 2022 9M 2023 9M 2024 9M 2025 6 Nov 2025 | RATIONAL AG | 9M 2025 21 Sales revenues in m EUR | Year-on-year sales growth
Slide 22: Growth rates increasing quarter-by-quarter
Growth rates increasing quarter-by-quarter FX-adjusted growth of 8-9 % in Q2 and Q3 +6% +5% +3% 311 312 318 286 295 295 294 2024 2025 2024 2025 2024 2025 2024 2025 Q1 Q2 Q3 Q4 6 Nov 2025 | RATIONAL AG | 9M 2025 22 Sales revenues in m EUR | Year-on-year sales growth
Slide 23: Sales revenues by region
Sales revenues by region Americas and Europe spur growth Germany Asia +5% North America -12% +6% 91 95 114 101 211 224 9M 2024 9M 2025 9M 2024 9M 2025 Europe +10% 9M 2024 9M 2025 391 356 Rest of the world +2% Latin America 50 51 +5% 9M 2024 9M 2025 53 56 9M 2024 9M 2025 9M 2024 9M 2025 6 Nov 2025 |
Slide 24: iVario continues growing disproportionally high
iVario continues growing disproportionally high iCombi up by 5% and iVario by 15 % in Q3 2025 iCombi +4% iVario 810 778 +11% 98 109 9M 2024 9M 2025 9M 2024 9M 2025 6 Nov 2025 | RATIONAL AG | 9M 2025 24 Sales revenues in m EUR | Year-on-year sales growth
Slide 25: EBIT at 25.5% - within the expected range
EBIT at 25.5% - within the expected range 25.9% in Q3 2025 26.0% 25.9% 25.5% 24.2% 22.9% 22.3% +12% +3% 13.8% +24% 234 227 -60% +22% 202 +108% 160 163 134 64 9M 2019 9M 2020 9M 2021 9M 2022 9M 2023 9M 2024 9M 2025 6 Nov 2025 | RATIONAL AG | 9M 2025 25 EBIT in m EUR EBIT margin
Slide 26: High profitability in 9M 2025
High profitability in 9M 2025 Healthy sales revenues – increasing COGS due to tariffs 9M 9M 9M 2025 vs. 9M 2024 1) in m EUR 2024 2025 Change Margin Impact Sales revenues 875 918 +5% --- COGS -359 -379 +5% -20bps + Sales growth in line with expectations Gross Profit 516 539 +4% Gross Margin 58.9% 58.
Slide 27: Solid balance sheet provides security and flexibility
Solid balance sheet provides security and flexibility High equity ratio and liquidity in m EUR 30.09.20241 31.12.2024 30.09.2025 Key balance sheet KPIs Non-current assets 288 292 281 +7% Growth in total assets Inventories 110 108 123 compared to 9M 2024 Trade receivables 177 181 176 45% Liquidity ra
Slide 28: Investments
Investments Future-oriented investments thanks to solid financial position 40 37 37 35 33 32 31 30 31 29 25 26 2019 2020 2021 2022 2023 2024 6 Nov 2025 | RATIONAL AG | 9M 2025 28 Depreciation/amortisation (incl. IFRS16) Investments in m EUR
Slide 29: Dividend 2024
Dividend 2024 Dividend of 15.00 euros per share proposed 22.03 18.82 16.33 15.00 € Dividend per share proposed 15.09 15.00 10.88 2.50 13.50 11.00 68 % Total payout ratio 7.04 2.50 7.50 5.70 4.80 1,8 % Dividend yield2 2019 2020 2021 2022 2023 2024 1 Dividend per share Special dividend per share Earni
Slide 30: 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 31: Investor relations contact and financial calendar
Investor relations contact Financial calendar Company information Calendar 2025 RATIONAL AG 27.03.2025 Financial Figures Fiscal Year 2024 (Munich/virtual) Siegfried-Meister-Straße 1 06.05.2025 Financial Figures Q1 2025 (virtual) 86899 Landsberg am Lech 14.05.2025 General Shareholders‘ Meeting 2024 (
Slide 32: Appendix
Appendix 33 Appendix 34 Statement of Comprehensive Income 35 Cash Flow Statement 37 Disclaimer 6 Nov 2025 | RATIONAL AG | 9M 2025 32
Slide 33: Statement of Comprehensive Income RATIONAL Group
Statement of Comprehensive Income RATIONAL Group 1 January to 30 September | in thousands of euros Q3 2024 Q3 2025 YoY % 9M 2024 9M 2025 YoY % Sales revenues 294.236 311.992 +6% 875.482 918.227 +5% Cost of Sales -120.568 -130.653 +8% -359.492 -379.113 +5% Gross profit 173.668 181.339 +4% 515.990 539
Slide 34: Cashflow statement RATIONAL Group (1/2)
Cashflow statement RATIONAL Group (1/2) 1 January to 30 September | in thousands of euros Q3 2024 Q3 2025 YoY 9M 2024 9M 2025 YoY Earnings before taxes 81.022 82.677 1.655 235.120 240.904 5.784 Depreciation and amortisation 9.624 9.584 -40 27.328 28.668 1.340 Other -2.231 2.458 4.689 -259 -526 -267
Slide 35: Cashflow statement RATIONAL Group (2/2)
Cashflow statement RATIONAL Group (2/2) 1 January to 30 September | in thousands of euros Q3 2024 Q3 2025 YoY 9M 2024 9M 2025 YoY Capital expenditures in intangible assets and PP&E -5.149 -7.941 -2.792 -22.086 -17.068 5.018 Proceed from asset disposals 11 21 10 77 22 -55 Change in fixed deposits -83
Slide 36: 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