RATIONAL : Q1 report 2026

About this update from Rational Aktiengesellschaft

Statement 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 10 Legal notice and contact 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 Figures in 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 price 2 (in EUR) 630.50 765.00 -134.50 -18 Market capitalisation 2 3 7,168.8 8,698.1 -1,529.3 -18 Cash flow from operating activities less capital expenditures Xetra As at balance sheet date 4 RATIONAL AG Statement on the first Quarter of 2026 RATIONAL AG ramps up growth in first quarter 2026 Sales 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 Income RATIONAL 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 Sheet RATIONAL 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 Statement RATIONAL 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 Equity RATIONAL 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: [email protected] 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.

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