on the first quarter of 2026
50 Years of Combi Ovens.50 years
of global market leadership
for professional cooking systems.
Landsberg am Lech, 6 May 2026
Contents
- Key Figures
- RATIONAL AG ramps up growth in first quarter 2026 06 Statement of Comprehensive Income
- Balance Sheet
- Cash Flow Statement
- Statement of Changes in Equity
Notes:
In tables, due to rounding differences, the sum of the individual values shown may not correspond to the total sum shown.
Key Figures
RATIONAL AG
ramps up growth
Statement of Comprehensive Income
Balance Sheet
Cash Flow Statement
Statement of Changes in Equity
Legal notice Disclaimer
3
Key Figuresin m EUR | 1st quar- ter 2026 | 1st quar- ter 2025 | Change absolute | Change in % |
Sales revenues by region | ||||
Germany | 33.5 | 30.3 | +3.2 | +11 |
Europe (excluding Germany) | 139.3 | 128.8 | +10.5 | +8 |
North America | 76.9 | 69.0 | +7.9 | +11 |
Latin America | 18.5 | 15.0 | +3.5 | +23 |
Asia | 33.0 | 33.9 | -0.9 | -3 |
Rest of the world | 16.5 | 18.3 | -1.8 | -10 |
Sales revenues generated abroad (in %) | 89 | 90 | -1 | - |
Sales revenues by product group | ||||
iCombi | 277.9 | 261.6 | +16.3 | +6 |
iVario | 39.7 | 33.7 | +6.0 | +18 |
Sales revenues and earnings | ||||
Sales revenues | 317.6 | 295.3 | +22.3 | +8 |
Cost of sales | 134.6 | 120.6 | +14.0 | +12 |
Gross profit | 183.1 | 174.7 | +8.4 | +5 |
in % of sales revenues | 57.6 | 59.2 | -1.5 | - |
Sales and service expenses | 74.8 | 71.3 | +3.5 | +5 |
Research and development expenses | 20.4 | 18.8 | +1.6 | +8 |
General administration expenses | 13.5 | 13.8 | -0.3 | -2 |
Earnings before financial result and taxes (EBIT) | 75.9 | 72.1 | +3.9 | +5 |
in % of sales revenues | 23.9 | 24.4 | -0.5 | - |
Profit or loss aAer taxes | 59.2 | 56.9 | +2.4 | +4 |
Earnings per share (in EUR) | 5.21 | 5.00 | +0.2 | +4 |
Return on capital employed (ROCE, in %) | 31.1 | 32.3 | -1.2 | - |
Cash flow | ||||
Cash flow from operating activities | 27.9 | 1.7 | +26.1 | +1,521 |
Cash-effective investments | 6.8 | 2.6 | +4.2 | +158 |
Free cash flow 1 | 21.1 | -0.9 | +22.0 | +2,402 |
Balance Sheet | ||||
Total equity and liabilities | 1,232.6 | 1,119.0 | +113.6 | +10 |
Equity | 999.8 | 914.1 | +85.7 | +9 |
Equity ratio (in %) | 81.1 | 81.7 | -0.6 | -1 |
Number of employees as at 31 March | 2,887 | 2,778 | +109 | +4 |
Key figures for RATIONAL shares | ||||
Quarter-end closing price2 (in EUR) | 630.50 | 765.00 | -134.50 | -18 |
Market capitalisation2 3 | 7,168.8 | 8,698.1 | -1,529.3 | -18 |
|
4
RATIONAL AG
Statement on the first Quarter of 2026
RATIONAL AG ramps up growth in first quarter 2026Sales revenues rose by 8% to 318 million euros in the first three months of 2026
At 317.6 million euros (2025: 295.3 million euros), RATIONAL's sales revenues in the first quarter of 2026 were 8% higher than in the prior-year quarter. That equates to absolute growth of 22.3 million euros, driven by both our cooking systems and the non-appliance business with service parts, accessories, care products and services.
This positive trend - despite economic and macroeconomic uncertainties - underscores the high level of benefit our products and services provide to our customers. First-quarter growth aAer adjustment for exchange-rate movements amounted to 11%.
Europe and North America were the growth drivers in the first quarter of 2026
AAer a solid fiscal year 2025, the home market of Germany shines with a growth rate of 11% in the first quarter of 2026.
Europe, our region with the strongest sales revenues, exceeded prior-year sales revenues by 8%, thus continuing its latest success story into the first quarter of 2026. With few exceptions, all markets of the Europe region contributed to this encouraging performance. In particular Scandinavia, Spain, Switzerland, Austria and some Eastern European markets made significant contributions to growth, each increasing by double-digit rates.
The North America region was up 11% year-on-year, thus again demonstrating very dynamic expansion. The main driver was the United States with a 13% increase. The weakness of the US dollar weighed heavily on sales revenue growth in North America. Adjusted for exchange rate movements, the region's growth rate was 23% in the first quarter of 2026, a figure that underscores the region's strong operational contribution. The Latin America region generated significant sales revenue growth of 23% year-on-year.
Sales revenues in Asia declined slightly by 3%, mainly due to the contraction in China and negative currency effects. The positive trends in Japan and India could not fully offset these developments. Adjusted for exchange rate movements, Asia was up 6%.
Sales revenues in the rest of the world were 9% down on the previous year. Performance in the Middle East was largely stable despite the Iran conflict. The drop in sales revenues is primarily attributable to Australia, where lower sales revenues were recorded in the first quarter of 2026 aAer a very strong fourth quarter of 2025.
iVario up 18% in the first quarter, iCombi by 6%
With growth of 6% in the first quarter of 2026, sales revenues of the iCombi product group amounted to 277.9 million euros (2025: 261.5 million euros).
As we had expected, business in the iVario product group again expanded significantly faster than sales revenues as a whole. In the first quarter of 2026, we were up 18%, or 6 million euros, on the prior-year quarter. The iVario grew particularly strongly in Europe, North America and Asia.
Gross margin of 57.6%
Cost of sales rose faster than sales revenues in the first three months of 2026 to 134.6 million euros (2025: 120.6 million euros). As a result, the gross margin decreased to 57.6% (2025: 59.2%). Adverse factors included in particular negative currency effects and higher tariffs.
EBIT margin of 23.9%
EBIT (earnings before financial result and taxes) for the first three months of 2026 was 75.9 million euros, 5% higher than in the previous year (2025: 72.1 million euros). As expected, the EBIT margin was slightly below the prior-year level at 23.9% (2025: 24.4%).
Operating costs increased more slowly than sales revenues in the first quarter of 2026, up 5% to 108.7 million euros (2025:
103.9 million euros).
Key Figures
RATIONAL AG
ramps up growth
Statement of Comprehensive Income
Balance Sheet
Cash Flow Statement
Statement of Changes in Equity
Legal Notice Disclaimer
5
Our focus was on the operating costs in sales and service, which we raised by 5% from 71.3 million euros to 74.8 million euros. The key component here is still the expansion of sales-related jobs. Conversely, we were able to reduce administrative costs slightly by 2% year-on-year to 13.5 million euros. Research and development expenses for the enhancement of our cooking systems and services stood at 20.4 million euros aAer the first three months of 2026, 8% higher than the prior-year figure (2025: 18.8 million euros).
Net currency gains of 1.2 million euros boosted EBIT in the first three months (2025: 0.6 million euros). Adjusted for all currency effects, the EBIT margin would be 24.6% aAer the first three months of 2026.
27.9 million euros in operating cash flow
Cash provided by operating activities amounted to 27.9 million euros (2025: 1.7 million euros) in the first three months of 2026. In addition to somewhat higher profit before tax, cash flows were primarily boosted by an increase in trade accounts payable and in provisions for tariffs. Moreover, a tax payment made retrospectively for 2023 in the prior-year period, which was not incurred for the period under review, had a positive effect year-on-year.
The cash flow from investing activities include investments in property, plant and equipment and in intangible assets. They amounted to 6.8 million euros in the first three months of 2026 (2025: 2.6 million euros) and related mostly to the construction of the new service parts logistics centre in Landsberg am Lech.
Cash outflow from financing activities of 3.3 million euros (2025: 3.3 million euros) reflect payments for lease liabilities in accordance with IFRS 16.
Number of employees increased further
This year, we are again counting on our employees, whom we refer to as "entrepreneurs in the company" (U.i.U.s). Their consistent commitment to serving our customers is what has made us successful. At the end of March 2026, the Rational Group employed 2,887 people worldwide, including 1,569 in Germany. We continued to create customer-oriented jobs, especially in our worldwide sales organisations, in the first three months of 2026.
Forecast confirmed
The results of the first three months of 2026 meet our expectations. We therefore remain confident and confirm our forecast for fiscal year 2026. We expect sales revenue growth in the mid- to high-single-digit percentage range and an EBIT margin of between 25% and 26%.
6
RATIONAL AG
Statement on the first Quarter of 2026
Statement of Comprehensive IncomeRATIONAL Group
Period: 1 January to 31 March | ||
1st quarter | 1st quarter | |
in thousands of euros | 2026 | 2025 |
Sales revenues | 317,631 | 295,288 |
Cost of sales | -134,550 | -120,582 |
Gross profit | 183,081 | 174,706 |
Sales and service expenses | -74,833 | -71,310 |
Research and development expenses | -20,372 | -18,806 |
General administration expenses | -13,511 | -13,809 |
Other operating income | 4,889 | 2,966 |
Other operating expenses | -3,311 | -1,660 |
Earnings before financial result and taxes (EBIT) | 75,942 | 72,087 |
Interest income | 2,459 | 3,190 |
Interest expenses | -339 | -358 |
Other financial result | -105 | -58 |
Gain or loss on the net monetary position in accordance with IAS 29 | 3 | -31 |
Earnings before taxes (EBT) | 77,960 | 74,830 |
Income taxes | -18,711 | -17,959 |
Profit or loss a?er taxes | 59,249 | 56,871 |
Items that may be reclassified to profit and loss in the future: | ||
Differences from currency translation | -265 | 324 |
Differences from IAS 29 Hyperinflation | 17 | 42 |
Other comprehensive income | -248 | 366 |
Total comprehensive income | 59,001 | 57,237 |
Average number of shares (undiluted/diluted) | 11,370,000 | 11,370,000 |
Earnings per share (undiluted/diluted) in euros, based on profit or loss a?er taxes and the number of shares | 5.21 | 5.00 |
Key Figures
RATIONAL AG
ramps up growth
Statement of Comprehensive Income
Balance Sheet
Cash Flow Statement
Statement of Changes in Equity
Legal Notice Disclaimer
7
Balance SheetRATIONAL Group | |||
Assets in thousands of euros | 31 March 2026 | 31 Dec 2025 | 31 March 2025 |
Non-current assets | 290,540 | 289,174 | 286,507 |
Intangible assets | 15,200 | 15,966 | 17,683 |
Property, plant and equipment | 235,429 | 234,616 | 222,805 |
Other financial assets | 1,456 | 1,397 | 1,486 |
Deferred tax assets | 37,515 | 36,337 | 42,482 |
Other assets | 941 | 858 | 2,051 |
Current assets | 942,034 | 893,905 | 832,493 |
Inventories | 134,047 | 124,322 | 113,800 |
Trade accounts receivable | 209,437 | 199,860 | 186,128 |
Other financial assets | 356,669 | 359,724 | 352,957 |
Income tax receivables | 2,908 | 2,941 | 2,552 |
Other assets | 28,624 | 20,740 | 28,370 |
Cash and cash equivalents | 210,349 | 186,318 | 148,686 |
Total assets | 1,232,574 | 1,183,080 | 1,119,000 |
Equity and liabilities in thousands of euros | 31 March 2026 | 31 Dec 2025 | 31 March 2025 |
Equity | 999,794 | 940,793 | 914,139 |
Subscribed capital | 11,370 | 11,370 | 11,370 |
Capital reserves | 28,058 | 28,058 | 28,058 |
Retained earnings | 965,432 | 906,183 | 879,756 |
Other components of equity | -5,066 | -4,817 | -5,045 |
Non-current liabilities | 43,053 | 42,766 | 44,348 |
Pension and similar obligations | 6,546 | 6,461 | 6,014 |
Other provisions | 13,803 | 13,547 | 13,772 |
Other financial liabilities | 17,644 | 17,637 | 18,457 |
Deferred tax liabilities | 2,365 | 2,751 | 3,153 |
Income tax liabilities | 786 | 655 | 1,646 |
Other liabilities | 1,910 | 1,714 | 1,306 |
Current liabilities | 189,727 | 199,520 | 160,513 |
Other provisions | 73,745 | 87,875 | 62,494 |
Trade accounts payable | 40,068 | 32,360 | 32,864 |
Other financial liabilities | 14,582 | 20,305 | 14,757 |
Income tax liabilities | 24,375 | 25,929 | 16,735 |
Other liabilities | 36,957 | 33,053 | 33,663 |
Liabilities | 232,780 | 242,287 | 204,861 |
Total equity and liabilities | 1,232,574 | 1,183,080 | 1,119,000 |
8
RATIONAL AG
Statement on the first Quarter of 2026
Cash Flow StatementRATIONAL Group | ||
Period: 1 January to 31 March | 1st quarter | 1st quarter |
in thousands of euros | 2026 | 2025 |
Earnings before taxes (EBT) | 77,960 | 74,830 |
Depreciation and amortisation | 9,371 | 9,612 |
Other | 348 | -2,228 |
Net interest | -2,120 | -2,832 |
Changes in | ||
Inventories | -9,726 | -6,207 |
Trade accounts receivable and other assets | -20,097 | -15,188 |
Provisions | -13,794 | -19,153 |
Trade accounts payable and other liabilities | 7,580 | -6,955 |
Income taxes paid | -21,665 | -30,164 |
Cash flow from operating activities | 27,858 | 1,715 |
Capital expenditures in intangible assets and property, plant and equipment | -6,806 | -2,593 |
Proceeds from asset disposals | 16 | 1 |
Change in fixed deposits | 8,007 | -1,501 |
Change in other financial investments | -5,050 | - |
Interest received | 2,408 | 2,741 |
Cash flow from investing activities | -1,425 | -1,352 |
Payments for lease liabilities | -2,984 | -2,931 |
Interest paid | -335 | -358 |
Cash flow from financing activities | -3,319 | -3,289 |
Effects of exchange rate fluctuations in cash and cash equivalents | 916 | -916 |
Change in cash and cash equivalents | 24,031 | -3,842 |
Cash and cash equivalents as at 1 January | 186,318 | 152,528 |
Cash and cash equivalents as at 31 March | 210,349 | 148,686 |
Key Figures
RATIONAL AG
ramps up growth
Statement of Comprehensive Income
Balance Sheet
Cash Flow Statement
Statement of Changes in Equity
Legal Notice Disclaimer
9
Statement of Changes in EquityRATIONAL Group
in thousands of euros
Subscribed
capital
Capital reserves
Retained
earnings Other components of equity Total
Differences from currency translation | Actuarial gains and losses | Other changes (e.g. acc. to IAS 29) | |||||
Balance as at 1 Jan 2025 | 11,370 | 28,058 | 822,885 | -3,910 | -378 | -1,123 | 856,902 |
Dividend | - | - | - | - | - | - | - |
Profit or loss aAer taxes | - | - | 56,871 | - | - | - | 56,871 |
Other comprehensive income | - | - | - | 324 | - | 42 | 366 |
Balance as at 31 March 2025 | 11,370 | 28,058 | 879,756 | -3,586 | -378 | -1,081 | 914,139 |
Balance as at 1 Jan 2026 | 11,370 | 28,058 | 906,183 | -3,498 | -438 | -881 | 940,793 |
Dividend | - | - | - | - | - | - | - |
Profit or loss aAer taxes | - | - | 59,249 | - | - | - | 59,249 |
Other comprehensive income | - | - | - | -265 | - | 17 | -248 |
Balance as at 31 March 2026 | 11,370 | 28,058 | 965,432 | -3,763 | -438 | -864 | 999,794 |
Legal notice and contact RATIONAL Aktiengesellschaft Siegfried-Meister-Strasse 1 86899 Landsberg am Lech
Dr Peter Stadelmann
Chief Executive Officer Phone +49 8191 327 3309
Stefan Arnold
Head of Investor Relations Phone +49 8191 327 2209
Laura Deininger
Manager Investor Relations Phone +49 8191 327 2792
E-mail: ir@rational-online.com
Disclaimer
This quarterly statement contains forward-looking statements that are based on assumptions and expectations at the time the report went to press (30 April 2026). They are subject to risks and uncertainties and the actual results may differ significantly from those in the forward-looking statements. Many of these risks and uncertainties are determined by factors that are outside the influence of RATIONAL AG and cannot be assessed reliably at present. They include future market conditions and economic trends, the actions of other market players, and legal and political decisions. RATIONAL AG is also not obligated to publish revisions to these forward-looking statements in order to reflect events or circumstances that have occurred aAer they were published.
This statement was published on 6 May 2026.