Slides
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Earnings Call 9M 2025 Landsberg am Lech, 6 November 2025 25 years of success on the stock exchange. Thanks to innovation and stability. .
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RATIONAL AG | 9M 2025 Earnings Call Agenda 03 Important 9M 2025 news 16 Outlook 2025 08 Figures. Facts. Data. Housekeeping All participants remain muted. Please send questions to ir@rational-online.com All questions will be answered after the presentation. A replay of the call will be distributed to the participants. Unauthorised distribution of the replay is prohibited. 6 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025 2 19 Appendix
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Limited effects in 2025 - Full year effect in 2026 Current situation of US tariffs 36 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025 What is affected and how? • Agreement US – EU: 15% import tariffs for EU c ompanies + tariffs on steel value of products • New tariffs apply to all shipments departing on vessels after 7 Aug 2025 • RATIONAL products tariffs ~17% • US Warehouse reach for around 4 months • Shipping time 2 months Production sites iCombi: Landsberg, Germany iVario: Wittenheim, France Suppliers: More than 95% European Outlook? • Financial impact in 2025 is limited • Full Year effect in 2026 • RATIONAL keeps observing the US development (competition, demand, economic situation...) What measures are in place? • Direct delivery to Canada • L ocal US sourcing (e.g. stands) • Group wide cost savings and efficiency program
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Tottenham Stadium Watch Video UK
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Mark Reynolds Regional Executive Chef | Levy „On an event day, we‘ll probably put about 4,500 to 5,000 products through the iHexagon. Before we used the iHexagon it took 20 to 25 minutes to produce what we do within the five and seven minutes now“ 6 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025 5
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„Using the iHexagon has definitely ticked a boxing for our sustainability targets. We did a rough calculation; we’re probably saving around 16,000 litres of oil over a season. Obviously, the energy use is a lot less and we have less wastage because we can cook more on demand than cooking so far in advance and holding.“ Ian Green Head Chef, Retail & Culinary Development, Tottenham 6 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025 For more information, please click here 6
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RATIONAL awarded the renowned GreenCanteen seal RATIONAL company restaurants are „Green“ 76 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025 "Sustainability is not a trend for us, but part of our corporate DNA. We are very pleased about the award, because it confirms that we are on the right track with our holistic approach – from menu planning to purchasing to preparation.“ Andreas Deyerler, Head of Restaurant & Event Service "Our technology helps to manage kitchens more sustainably – without compromising on quality or efficiency. The fact that our own company restaurant has been awarded the GreenCanteen seal shows how effective our solutions are in everyday life." Verena Demontis (F&B Administration & Projects)
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Figures. Facts. Data. 9M 2025
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FX-neutral growth rate at 7 % Strong sales performance in 9M 2025 613 466 586 762 833 876 918 9M 2019 9M 2020 9M 2021 9M 2022 9M 2023 9M 2024 9M 2025 -24% +26% +25% +5% +5% Sales revenues in m EUR | Year-on-year sales growth6 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025 9 +14%
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FX-adjusted growth of 8-9 % in Q2 and Q3 Growth rates increasing quarter-by-quarter Sales revenues in m EUR | Year-on-year sales growth106 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025 286 295 294 318 295 311 312 Q1 Q2 Q3 Q4 +3% 20252024 20252024 20252024 20252024 +5% +6%
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Americas and Europe spur growth Sales revenues by region Europe 356 391 9M 2024 HY 2025 +10% Sales revenues in m EUR | Year-on-year sales growth116 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025 Asia 114 101 9M 2024 9M 2025 -12% Germany 91 95 9M 2024 9M 2025 +5%North America 211 224 9M 2024 9M 2025 +6% Latin America 53 56 9M 2024 9M 2025 +5% Rest of the world 50 51 9M 2024 9M 2025 +2%
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iVario continues growing disproportionally high iCombi up by 5% and iVario by 15 % in Q3 2025 12 778 810 9M 2024 9M 2025 iCombi +4% iVario 98 109 9M 2024 9M 2025 +11% 126 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025 Sales revenues in m EUR | Year-on-year sales growth
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25.9% in Q3 2025 EBIT at 25.5% - within the expected range 13 160 64 134 163 202 227 234 9M 2019 9M 2020 9M 2021 9M 2022 9M 2023 9M 2024 9M 2025 -60% +108% +22% +12% +3% EBIT in m EUR EBIT margin6 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025 +24% 26.0% 13.8% 22.9% 22.3% 24.2% 25.5%25.9%
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Healthy sales revenues – increasing COGS due to tariffs High profitability in 9M 2025 + Sales growth in line with expectations Slightly increasing COGS due to additional US tariffs in m EUR 9M 2024 9M 2025 9M 2025 vs. 9M 2024 1) Change Margin Impact Sales revenues 875 918 +5% --- COGS -359 -379 +5% -20bps Gross Profit 516 539 +4% Gross Margin 58.9% 58.7% --- -20bps Sales and Service -197 -209 +6% -20 bps R&D -47 -56 +19% -70 bps Administration -41 -41 +1% +20 bps Operating Expenses -285 -306 +7% Other operating in./exp. +1 +1 --- 0 bps Currency Result -6 0 --- +60 bps EBIT 227 234 +3% EBIT Margin 25.9% 25.5% --- -40 bps Targeted increase in operational costs 146 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025 1) Sums of single values and totals might differ due to rounding effects
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High equity ratio and liquidity Solid balance sheet provides security and flexibility in m EUR 30.09.20241 31.12.2024 30.09.2025 Non-current assets 288 292 281 Inventories 110 108 123 Trade receivables 177 181 176 Other assets 349 373 359 Liquid funds 114 153 168 To talassets 1,039 1,106 1,108 Equity 787 857 871 Non-current liabilities 42 45 42 Current provisions 94 82 99 Current liabilities 116 122 96 Equity & liabilities (total) 1,039 1,106 1,108 79% Equity ratio Key balance sheet KPIs +7% Growth in total assets compared to 9M 2024 45% Liquidity ratio2 48 Days Group DSO 21% Working capital/ sales ratio 3 156 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025 1 The previous year’s comparative figures have been restated retrospectively in accordance with IAS 8 (see “Consolidation methods and significant accounting policies – Deferred taxes”) in our annual report. 2bank deposits and short-term investments 3Working Capital: Total inventories and trade receivables less trade accounts payable and advance payments received in relation to sales revenues (rolling last 4 quarters)
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Cautiously optimistic – despite challenging economical environment Sales revenue and profit outlook for 2025 166 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025 Operating costs rise slightly faster than sales revenues. Sales growth in the mid single-digit percentage range. Gross profit margin slightly lowerthan previous year. EBIT margin at around 26%. After Q1 After HY in the mid single-digit percentage range. slightly lowerthan previous year. rise slightly faster than sales revenues. at around 26% - rather in the lower part of guided range. After 9M (unchanged) in the mid single-digit percentage range. slightly lowerthan previous year. rise slightly faster than sales revenues. at around 26% - rather in the lower part of guided range.
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Appendix 186 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025 17 18 22 19 Appendix Cash Flow Statement Disclaimer Statement of Comprehensive Income
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Statement of Comprehensive Income RATIONAL Group 19 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% 515.990 539.114 +4% Sales and service expenses -64.707 -68.462 +6% -197.003 -208.657 +6% Research and development expenses -16.574 -18.521 +12% -47.251 -56.097 +19% General administration expenses -14.059 -13.502 -4% -41.031 -41.334 +1% Other operating income/expenses -744 9 -4.131 1.228 Earnings before financial result and taxes (EBIT) 77.584 80.862 +4% 226.574 234.253 +3% Interest income/expenses 3.325 1.811 8.445 6.696 Other 113 4 101 -45 Earnings before taxes (EBT) 81.022 82.677 +2% 235.120 240.904 +2% Income Taxes -19.446 -19.843 -56.429 -57.817 Profit or loss after taxes 61.576 62.834 +2% 178.691 183.087 +2% Other comprehensive income 760 117 708 1.214 T otal comprehensive income 62.336 62.951 +1% 179.399 184.301 +3% 6 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025
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Cashflow statement RATIONAL Group (1/2) 20 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 Net interest -2.870 -2.006 864 -8.246 -6.976 1.270 Changes in Inventories 568 -7.363 -7.931 -90 -15.469 -15.379 Trade accounts receivable and other assets 487 19.726 19.239 -18.515 -5.190 13.325 Provisions 15.580 17.884 2.304 17.978 18.017 39 Trade accounts payable and other liabilities -3.382 5.879 9.261 44 -2.125 -2.169 Income taxes paid -14.986 -21.656 -6.670 -46.703 -70.682 -23.979 Cash flow from operating activities 83.812 107.183 23.371 206.657 186.621 -20.036 6 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025
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Cashflow statement RATIONAL Group (2/2) 21 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 -83.932 -58.989 24.943 -53.721 19.212 72.933 Interest received 1.328 2.620 1.292 8.994 10.064 1.070 Cash flow from investing activities -87.742 -64.289 23.453 -66.736 12.230 78.966 Dividends paid - - - -153.495 -170.550 -17.055 Repayment of liabilities to banks - - - - - - Change in other liabilities to banks - - - - - - Payments for lease liabilities -2.852 -2.932 -80 -8.295 -8.815 -520 Interest paid -335 -329 6 -1.009 -1.033 -24 Cash flow from financial activities -3.187 -3.261 -74 -162.799 -180.398 -17.599 Effects of exchange rate fluctuations in cash and cash equivalents -647 -398 249 -692 -3.012 -2.320 Change in cash and cash equivalents -7.764 39.235 46.999 -23.570 15.441 39.011 6 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025
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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 liability for the completeness of the information, statements, estimates and projections given in this presentation, in particular with regard to the future development of the companies of the RATIONAL Group. This presentation contains assessments of the future based on the assumptions and estimates of the Executive Board of RATIONAL AG. Even though the Executive Board is convinced that these assumptions and plans are correct, the actual development and future results may significantly deviate from these assumptions and estimates. RATIONAL AG does not assume warranty or liability for future developments and future results corresponding to the assumptions and estimates made in this presentation. Individual values and totals may differ due to rounding. © RATIONAL 2025 Disclaimer RATIONAL Investor Relations Stefan Arnold (Head of IR) ir@rational-online.com +49 8191 327 2209 226 Nov. 2025 | RATIONAL AG | Earnings Call 9M 2025