Rational continues on growth trajectory and confirms profit forecast for 2026

Press release   Sales revenues of 332.2 million euros in the third quarter – 973.7 million euros after nine months Sales revenue growth of 6 percent in the third quarter and after nine months – currency-adjusted growth of 7 percent after nine months EBIT margin of 27.5 percent in the third quarter – 26.8 percent after nine months Sales revenue outlook at lower end of expected range – guidance for EBIT margin increased to 26 to 27 percent Landsberg am Lech, 5 November 2026 – “The sustained positive business performance shows that our solutions for professional kitchens provide a high level of benefit even in a challenging environment. We are particularly pleased to once again receive excellent customer feedback. For us, a net promoter score of 65 is both confirmation and motivation to consistently keep on developing our products, services and advice,” says Dr Peter Stadelmann, Chief Executive Officer of Rational AG. The company published its financials for the first nine months of 2026 on the morning of 5 November 2026. Sales revenue growth of 6 percent after nine months – FX-adjusted growth of 7 percent Rational generated sales revenues of 332.2 million euros in the third quarter of 2026, an increase of 6 percent compared with the prior-year quarter (312.0 million euros). Currency effects were only of minor significance. Sales revenues in the first nine months also rose by 6 percent to 973.7 million euros (2025: 918.2 million euros). Following the non-recurring effects in the first half of the year, the third quarter was significantly less impacted by extraordinary factors. Against this backdrop, growth of 6 percent is a solid achievement,” adds Dr Peter Stadelmann. Currency-adjusted growth was around 7 percent. Europe again makes significant contributions to growth Growth in the first nine months was driven by the European markets in particular. In Germany, sales revenues went up by 9 percent to 103.8 million euros. Europe excluding Germany expanded by 8 percent to 422.6 million euros. Substantial contributions came from, among others, Spain, Scandinavia, Austria, Italy, Switzerland, Eastern Europe, and France. In North America, sales revenues climbed by 5 percent to 235.4 million euros in the first nine months; currency-adjusted growth was 9 percent. Latin America continued its dynamic performance, with sales revenues rising by 19 percent. In Asia, sales revenues were 3 percent down on the previous year. Adjusted for currency effects, there was a slight increase of 1 percent. The challenging conditions in China continued to weigh on performance. iCombi grows by 5 percent, iVario by 10 percent The iCombi product group generated sales revenues of 853.9 million euros in the first nine months, 5 percent higher than the prior-year figure of 809.6 million euros. Third-quarter growth amounted to 7 percent. The iVario product group’s sales revenues were up by 10 percent after nine months, at 119.8 million euros (2025: 108.6 million euros). All key regions contributed to this growth. Non-appliance business with spare parts, accessories, care products, and services also continued to perform well. EBIT margin of 26.8 percent after nine months Cost of sales in the first nine months amounted to 394.2 million euros (2025: 379.1 million euros). The gross margin climbed to 59.5 percent (2025: 58.7 percent). This includes the reimbursement of US tariffs of 14 million euros recognised in the second quarter. Adjusted for this effect, the gross margin was 58.1 percent. Compared to the previous year, adverse factors included in particular negative currency effects as well as higher costs of raw materials, electronics, chemicals, and energy. EBIT went up by 11.5 percent in the first nine months, to 261.2 million euros (2025: 234.3 million euros). The EBIT margin reached 26.8 percent, compared to 25.5 percent in the prior-year period. It was at 27.5 percent in the third quarter. In addition to operating performance, the reduction in US tariffs to 15 percent had a positive impact. It meant that provisions for US tariffs could be reduced, resulting in a positive effect on the margin of just over one percentage point in the third quarter. Adjusted for the tariff refund, the EBIT margin for the first nine months was within the anticipated range at 25.4 percent. “Profit after nine months exceeds our expectations. The tariff refund of the second quarter and the subsequent implementation of lower US tariffs support the margin. At the same time, we are making selected investments in sales, service, and research and development to boost our long-term growth opportunities,” says CFO Jörg Walter. Number of employees rises to 2,920 At the end of September 2026, the Rational Group employed 2,920 people worldwide, including 1,584 in Germany. The increase in employee numbers was focused in particular on customer-oriented functions in the global sales organisations. EBIT forecast for 2026 confirmed – higher EBIT margin expected, with sales revenue growth at the lower end of the forecast range The results of the nine months have met expectations overall. Given the very strong prior-year fourth quarter, Rational expects sales revenue growth in the low single-digit percentage range for the last three months of 2026. For the full year, the company therefore now anticipates growth in the lower part of the existing range in the mid- to high single-digit percentage span. On the basis of the positive profit performance, including the non-recurring effect of the customs refund, Rational is increasing the EBIT margin guidance to between 26 and 27 percent in fiscal year 2026. The EBIT forecast therefore remains unchanged at 340 million euros to 360 million euros. “Our EBIT guidance is thus also in line with analysts’ estimates,” explains Jörg Walter. Contact: Rational Aktiengesellschaft Stefan Arnold / Head of Investor Relations
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rational-online.com Editorial note: Rational is the global market and technology leader for innovative cooking systems in commercial food preparation. Its customer base ranges from restaurants and hotels to company canteens, hospitals, schools, universities, military facilities, prisons and retirement homes, fast food restaurants, party catering, supermarkets, bakeries and snack outlets, butchers’ shops, service stations, and delivery services, including ghost kitchens. According to company estimates, the potential global market for combi ovens is around 4.8 million professional kitchens, around 75 percent of which still use traditional cooking equipment. All these appliances can be replaced with intelligent cooking systems – the iCombi, the iVario and the iHexagon. In this way customers can improve the quality of their food and save money. In addition, Rational offers a large variety of services for customers, such as accessories, care products, service parts, training, and technical services. The results of the unique customer benefit philosophy include market leadership, growth, profitability and stability, as reflected in the following key figures from 2025: global market share of 50 percent, sales revenues of 1,260 million euros, EBIT of 333 million euros, EBIT margin of 26 percent, equity ratio of 80 percent.

Figures in millions of euros	Q3 2026	Q3 2025	Percentage change
Sales revenues	332.2	312.0	+6
Gross profit	196.0	181.3	+8
Gross margin in percent	59.0	58.1	–
Earnings before financial result and taxes (EBIT)	91.3	80.9	+13
EBIT margin in percent	27.5	25.9	–
Profit or loss after taxes	69.4	62.8	+10
Earnings per share in EUR	6.10	5.53	+10

  

Figures in millions of euros	9M 2026	9M 2025	Percentage change
Sales revenues	973.7	918.2	+6
Gross profit	579.5	539.1	+7
Gross margin in percent	59.5	58.7	–
Earnings before financial result and taxes (EBIT)	261.2	234.3	+11
EBIT margin in percent	26.8	25.5	–
Profit or loss after taxes	201.7	183.1	+10
Earnings per share in EUR	17.74	16.10	+10