Rational Aktiengesellschaft · XETR:RAA
Rational Aktiengesellschaft — Rational Ag Lndsberg — FY 2025 Earnings Presentation
31 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. Earnings Call FY 2025 Landsberg am Lech, 19 March 2026 1
Slide 2: Milestones for more customer benefits
1973 Milestones for more Foundation customer benefits Siegfried Meister *1938 - †2017
Slide 3: Milestones
Milestones Introduction of the first Introduction of the RATIONAL CD 101 combi oven ClimaPlus Combi 1976 1979 1996 1997 Introduction of the bottleneck-focused strategy Production of the 100,000th combi oven | RATIONAL AG | Earnings Call FY 2025 19.03.2026 3
Slide 4: Milestones
Milestones Introduction to SelfCookingCenter & Introduction of VarioCookingCenter ConnectedCooking 2000 2004 2005 2017 2018 RATIONAL- FRIMA becomes IPO RATIONAL | RATIONAL AG | Earnings Call FY 2025 19.03.2026 4
Slide 5: Milestones
Milestones Introducing a new product category – iHexagon & digital Introduction of products iCombi & iVario 2019 2020 2023 2024 Opening of a third production site in Suzhou, China Production of the 1 millionth 50 years of RATIONAL combi oven | RATIONAL AG | Earnings Call FY 2025 19.03.2026 5
Slide 6: Milestones: Product launch in China iCombi One
Product launch in China iCombi One Opening of the new plant in Wittenheim 2025 2026 Production of the 1,5 millionth Combi oven | RATIONAL AG | Earnings Call FY 2025 19.03.2026 6
Slide 7: 1,500,000+ combi ovens produced since 1976
1,500,000 + combi ovens produced since 1976
Slide 8: Launch iCombi One
Launch iCombi One Perfect fit for chinese cuisine – demonstrated in a spectacular show | RATIONAL AG | Earnings Call FY 2025 19.03.2026 8
Slide 9: 133 employees honored for 10–40 years of service
RATIONAL U.i.U. culture 133 employees honored for 10 – 40 years of service | RATIONAL AG | Earnings Call FY 2025 19.03.2026 9
Slide 10: Positive corporate culture confirmed in LinkedIn
RATIONAL U.i.U. culture Positive corporate culture confirmed in LinkedIn - RATIONAL employees are "world champions" in LinkedIn activities in the mechanical engineering industry - This signals mutual trust and satisfaction - Increased brand awareness through authentic corporate communication by RATI
Slide 11: Important contribution through high water and energy savings
Sustainability Important contribution through high water and energy savings Old kitchen Goals of the kitchen renovation Combi ovens Save resources further optimise Reduce energy and water food quality consumption Improvement of work Additionally modernise processes Production & Production 2 less str
Slide 12: Impressive savings
Sustainability Impressive savings New RATIONAL kitchen Results of the AXA study 47.9% 24.1% 20.2% >20% Reduced water Lower energy Lower connected Reduced power consumption consumption load peaks | RATIONAL AG | Earnings Call FY 2025 19.03.2026 12
Slide 13: Artificial intelligence supports service partners and customers
ConnectedCooking Artificial intelligence supports service partners and customers Example: Digital service report Usage-based AI report with recommendations for predictive maintenance and optimised usage behavior. Maximum device availability Early detection of wear or malfunctions and proactive maint
Slide 14: New uncertainties due to US import tariffs and Iran war
New geopolitical risks New uncertainties due to US import tariffs and Iran war US tariffs Iran war - US Supreme Court declares IEEPA tariffs - Currently no interruption of supplier unlawful logistics - Examination of customs recovery in - Uncertain delivery routes to Dubai cooperation with customs b
Slide 15: Good results. Fiscal Year 2025
Good results. Numbers. Data. Facts. Fiscal Year 2025
Slide 16: 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 17: 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 | Earnings Call FY 2025 19.03.2026 17
Slide 18: Q4 2025 – Sales revenues reach another all-time high
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. | RATIONAL AG | Earnings Call FY 2025 19.
Slide 19: North America and Europe as growth drivers
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 20: 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. | RATIONAL AG | Earnings Call FY 2025 19.03.2026 20
Slide 21: 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 | RATIONAL AG | Earnings Ca
Slide 22: Healthy sales revenue performance and favourable COGS
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 23: 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 24: Long-term business model with low investment intensity
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 | RATIONAL AG | Earnings Call FY 2025 19.03.2026 24
Slide 25: The largest investment in the history of RATIONAL
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 26: 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
Slide 27: A combi oven especially for the Chinese market
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 19.03.2026 27
Slide 28: 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 1 2019 2020 2021 2022 2023 2024 2025 1The comparative figures for the previous year have
Slide 29: 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 30: RATIONAL AG Earnings Call FY 2025 19.03.2026
| RATIONAL AG | Earnings Call FY 2025 19.03.2026 30
Slide 31: 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