Interim report
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Report on the first half year 2026 RATIONAL 50 Years of Combi Ovens . 50 years of global market leadership for professional cooking systems . Landsberg am Lech , 6 August 2026
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2 RATIONAL AG Report on the first half year 2026 Contents 03 Key Figures 04 Group Management Report 04 Economic Report 06 Outlook and Report on Opportunities and Risks 07 Statement of Comprehensive Income 08 Balance Sheet 09 Cash Flow Statement 10 Statement of Changes in Equity 11 Notes to the Consolidated Financial Statements 15 Statement of Responsibility 16 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.
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Key Figures Group Management Report Financial Statements Notes to the Consolidated Financial Statements Statement of Responsibility Legal Notice and Contact 3 Key Figures in m EUR 2nd quarter 2026 2nd quarter 2025 Change absolute Change in % 1st half year 2026 1st half year 2025 Change absolute Change in % Sales revenues by region Germany 32.1 30.1 2.0 +7 65.6 60.4 5.2 +9 Europe (excluding Germany) 145.9 133.7 12.2 +9 285.1 262.5 22.6 +9 North America 77.1 78.8 –1.7 –2 154.0 147.8 6.2 +4 Latin America 21.9 19.1 2.8 +15 40.4 34.1 6.2 +18 Asia 32.5 32.9 –0.4 –1 65.4 66.8 –1.3 –2 Rest of the world 14.5 16.3 –1.8 –11 31.0 34.6 –3.6 –10 Sales revenues generated abroad (in %) 90 90 +0 – 90 90 +0 – Sales revenues by product group iCombi 284.2 275.1 +9.2 +3 562.2 536.6 +25.5 +5 iVario 39.7 35.8 +3.9 +11 79.4 69.6 +9.8 +14 Sales revenues and earnings Sales revenues 323.9 310.9 +13.0 +4 641.5 606.2 +35.3 +6 Cost of sales 123.5 127.9 –4.4 –3 258.1 248.5 +9.6 +4 Gross profit 200.4 183.1 +17.3 +9 383.5 357.8 +25.7 +7 in % of sales revenues 61.9 58.9 +3.0 – 59.8 59.0 +0.8 – Sales and service expenses 72.6 68.9 +3.7 +5 147.5 140.2 +7.3 +5 Research and development expenses 19.9 18.8 +1.2 +6 40.3 37.6 +2.7 +7 General administration expenses 14.0 14.0 –0.0 –0 27.5 27.8 –0.3 –1 Earnings before financial result and taxes (EBIT) 94.0 81.3 +12.7 +16 169.9 153.4 +16.5 +11 in % of sales revenues 29.0 26.1 +2.9 – 26.5 25.3 +1.2 – Profit or loss after taxes 73.1 63.4 +9.7 +15 132.3 120.3 +12.1 +10 Earnings per share (in EUR) 6.43 5.57 +0.9 +15 11.64 10.58 +1.1 +10 Return on capital employed (ROCE, %) 37.8 36.6 +1.2 – Cash flow Cash flow from operating activities 103.1 77.7 +25.4 +33 131.0 79.4 +51.5 +65 Cash-effective investments 9.7 6.5 +3.2 +49 16.5 9.1 +7.3 +80 Free cash flow 1 93.4 71.2 +22.2 +31 114.5 70.3 +44.2 +63 Balance Sheet Total equity and liabilities 1,092.9 1,025.6 +67.3 +7 Equity 845.7 807.7 +38.0 +5 Equity ratio (in %) 77.4 78.8 –1.4 – Number of employees as at 30 June 2,912 2,795 117 +4 Key figures for RATIONAL shares2 Closing price (in EUR) 643.50 716.00 –72.50 –10 Market capitalisation 7,317 8,141 –824 –10 1 Cash flow from operating activities less capital expenditures 2 Xetra (as of balance sheet date)
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4 RATIONAL AG Report on the first half year 2026 Group Management Report Economic report Macroeconomic framework Global economic growth of 3.0% expected for 2026 The International Monetary Fund (IMF) projects global growth of 3.0% for 2026. It expects economic output to expand by 1.7% for advanced economies, while emerging market and developing economies are expected to grow by 3.8%. Overall, the global economy rem ains robust despite the continuing geopolitical and trade policy challenges as well as the various impacts of technological developments. (Source: IMF, World Economic Outlook Update, July 2026.) Modern cooking technology solutions are being leveraged to navigate the current market environment Current developments in the catering market highlight the growing emphasis on delivering a strong price -performance ratio while maintaining a high-quality guest experience. Market share is shifting in favour of concepts with clear positioning and high operating efficiency. (Source: Nation’s Restaurant News - Consumers are either trading down for discounts or trading up for experiences, 18 June 2026) For RATIONAL, this confirms the strategic importance of intelligent kitchen technology. RATIONAL solutions help customers to standardise processes, ensure product quality, and, as a result, optimise personnel and operating costs. Through that, RATIONAL is addressing key challenges in the industry and strengthening its customers’ competitiveness in a challenging market environment. Earnings situation Stable second quarter in 2026 after strong start to the year RATIONAL’s global sales revenues rose by 4% to 323.9 million euros in the second quarter of 2026 (2025: 310.9 million euros). Currency effects played only a minor role due to the recent movements in exchange rat es. Growth in the second quarter after adjustment for exchange rate movements therefore also amounted to around 4%. In the first quarter of 2026, organic sales revenue growth was still over 11% and sales revenues were 8% higher than in the prior-year quarter. This was supported by pull-forward effects in the first quarter, especially as a result of the price increase in the United States in February 2026. After the first six months of 2026, this resulted in sales revenues of 641.5 million euros and hence and increase of 6% compared with the prior -year quarter (2025: 606.2 million euros). Adjusted for exchange rate movements, sales revenues were approximately 8% higher than in the first half of 2025. EMEA and DACH segments as growth drivers – Asia still under pressure The largest segment, EMEA (Europa, Middle East, Africa), continued its positive growth trend and its sales revenues grew in the first half of 2026 by 7% to 272.0 million euros (2025: 255.3 million euros ). The main growth drivers were Scandinavia, Spain and France, while the Middle East was down slightly. The DACH (Germany, Austria, Switzerland) segment generated sales revenues of 94.3 million euros and was therefore an encouraging 13% more than in the previous year (2025: 83.1 million euros). Germany’s largest individual market grew by just under 9%, while Austria and Switzerland recorded solid double-digit growth rates. Performance in the North America segment was positive in the first half of 2026 despite a comparatively moderate rise in sales revenues of 1% to 151.1 million euros (2025: 149.9 million euros*). Currency-adjusted growth for the region was slightly above 10%. Asia North declined again with sales revenues for the segment down by 1%. Sales revenues amounted to 47.9 million euros (2025: 48.6 million euros ). This was driven by China’s performance. In addition to the unchanged challenging market conditions, performance was impacted by continued restructuring measures and the rollout of the iCombi One. In contrast, business performance in Japan continued to b e very vibrant. The Other segments (Latin America, Asia South) had sales revenues of 71.5 million euros in the first half of the year, 3% more than in the previous year (2025: 69.6 million euros *). Latin America continued its successful growth trend, while Asia South fell slightly short of the previous year. *In the previous year, Mexico was reclassified from the North America segment to Latin America in the Other segments. The prior-year figures were adjusted accordingly.
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Key Figures Group Management Report Financial Statements Notes to the Consolidated Financial Statements Statement of Responsibility Legal Notice and Contact 5 iVario up 14% on previous year after six months iCombi grows by 5% Sales revenues in the iVario product group rose by 11% to 39.7 million euros in the second quarter of 2026 (2025: 35.8 million euros). After six months, iVario sales revenues amounted to 79.4 million euros, 14% up on the previous year (2025: 69.6 million euros). In the iCombi product group, second -quarter sales revenues came to 284.2 million euros , 3% more than in the previous year (2025: 275.1 million euros). This resulted in sales revenue growth of 5% in the first six months, to 562.2 million euros (2025: 536.6 million euros). 59.8% gross margin and 26.5% EBIT margin in the first half of the year – boosted by tariff refund Cost of sales climbed by 4% to 258.1 million euros (2025: 248.5 million euros ) in the first half of the year, a relatively modest increase ( previous year: €248.5 million). This is bringing the gross margin to 59.8% (2025: 59.0%). The reason for the unexpectedly high gross margin is the recognition of the reimbursement of US IEEPA tariffs totalling around 14 million euros in the second quarter of 2026. This is to be recorded in the cost of sales and therefore reduces the production costs significantly. EBIT (profit before financial result and taxes) was 169.9 million euros after the first six months of 2026 and so approximately 11% higher than in the first half of 2025 (153.4 million euros). The full impact of the tariff refund is visible here as well. In total, we ended the first half of 2026 with an EBIT margin of 26.5% (2025: 25.3%). Adjusted for exchange rate movements, the EBIT margin is 26.8%. Operating costs amounted to 215.3 million euros in the first six months (2025: 205.6 million euros). This equates to a cost increase of around 5% compared to the previous year. In the sales and service areas, operating costs were up 5%, from 140.2 million euros to 147.5 million euros . This rise is predominantly the result of the further increase in staff in the sales organisations. Research and development expenses amounted to 40.3 million euros in the first six months of 2026, up 7% on the previous year (2025: 37.6 million euros ). The increase in expenses is primarily attributable to additional recruitment and the enhancement of our cooking systems. As in the previous year, no development costs were capitalised. Administration expenses were reduced by 1% in the first six months, from 27.8 million euros to 27.5 million euros. These savings are mainly from the IT sector. Net currency gains in the first half of 2026 stood at 0.9 million euros, whereas the currency effect in the previous year was neutral. Net assets and financial position Cash flow from operating activities of 131 million euros In the first six months, we generated cash flow from operating activities of 131.0 million euros (2025: 79.4 million euros ). There were several reasons for this year-on-year increase. On the one hand, it is attributable to the high growth in earnings. In addition, the trade accounts payable built up in the period under review had a cash -positive effect, whereas they were reduced in the prior -year period. The same applies to lease liabilities. Trade accounts receivable also rose less than in the previous year. The cash flow from investing activities includes investments in property, plant and equipment and in intangible assets as well as changes in fixed -term deposits and rose in the first half of 2026 by 59% to 121.4 million euros (2025: 76.5 million euros). The main driver is the higher reduction in fixed -term deposits. This is offset by higher investments in the new building for service parts in Landsberg. The cash flow from financing activities stood at –234.2 million euros (2025: –177.1 million euros ) and primarily reflects the dividend payment of 227.4 million euros for fiscal year 2025. Safeguarding liquidity while ensuring an appropriate dividend policy A high level of liquidity and the resultant independence from capital markets and bank loans as well as preserving entrepreneurial freedom have always been vital for RATIONAL. Our equity ratio at the end of June 2026 was high, at 77%, and we had around 430 million euros in net financial assets. While maintaining commercial prudence, we let our shareholders have an adequate share of the company’s success and generally aim to make a dividend distribution of approximately 70% of Group earnings. For fiscal year 2025, a dividend of 16.00 euros and a s pecial dividend of 4.00 euros per share was distributed in May 2026. That equates to a payout ratio of 90% for 2025.
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6 RATIONAL AG Report on the first half year 2026 Number of employees rises to 2,913 worldwide We believe there is great untapped market potential for our products and services. They will require guidance in many cases and, to tap into this potential, we therefore need customer - focused employees in sales who make customers aware of our technology, p rovide user training and give support when queries or problems arise. At the end of the first six months, RATIONAL had 2,91 3 employees in the Group, of whom 1,581 were based in Germany. We added approximately 120 new employees in the past 12 months. In particular, the increase in customer-oriented sales functions by around 8% compared to June 2025 underscores the strengthening of the sales organisations. As a socially responsible company, RATIONAL strives to be an attractive employer. In addition to the appreciation and trust we show our entrepreneurs in the company (U.i.U.s), this also includes fair remuneration. In 2026, salaries therefore increased by a round 3.8% on average with effect from 1 July 2026. Outlook and Report on Opportunities and Risks Outlook The first half of 2026 was financially successful, and we realised most of our sales revenue and earnings targets. We are generally confident about the second half of the year. However, the impact of US trade tariff policy and the additional cost burdens f rom geopolitical tensions, especially due to higher logistics and commodity costs, remain significant uncertainty factors. For full-year 2026, we confirm our forecast of growth in the mid to high single -digit percentage range. Based on data currently available, we likewise expect the EBIT margin to be in the existing forecast range of 25% to 26%. The forecast includes both the tariff refund of around 14 million euros and the expected negative impacts from the currently applicable import tariffs, higher logistics costs, and rising commodity prices, which means that earnings within the forecast range are expected. Report on risks and opportunities RATIONAL uses a global risk management system which ensures that risks are identified at an early stage and provides support for the appropriate corrective measures to be taken. The existing risks from competition and substitution, legal risks from local l aws and regulations, and currency risk will remain unchanged as uncertainty factors for our business performance. No additions have been made to the statement of risks and opportunities given in the last consolidated financial statements. Landsberg am Lech, 6 August 2026 RATIONAL AG The Executive Board
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Key Figures Group Management Report Financial Statements Notes to the Consolidated Financial Statements Statement of Responsibility Legal Notice and Contact 7 Statement of Comprehensive Income RATIONAL Group in thousands of euros 2nd quarter 2026 2nd quarter 2025 1st half of 2026 1st half of 2025 Sales revenues 323,903 310,947 641,533 606,235 Cost of sales –123,518 –127,878 –258,068 –248,460 Gross profit 200,385 183,069 383,465 357,775 Sales and service expenses –72,621 –68,885 –147,454 –140,195 Research and development expenses –19,921 –18,770 –40,294 –37,576 General administration expenses –13,997 –14,023 –27,507 –27,832 Other operating income 3,714 8,021 8,602 10,987 Other operating expenses –3,567 –8,108 –6,878 –9,768 Earnings before financial result and taxes (EBIT) 93,992 81,304 169,935 153,391 Interest income 2,341 2,481 4,800 5,671 Interest expenses –357 –346 –696 –704 Other financial result 122 –24 16 –82 Gain or loss on the net monetary position in accordance with IAS 29 51 –18 54 –49 Earnings before taxes (EBT) 96,148 83,397 174,109 158,227 Income taxes –23,076 –20,015 –41,787 –37,974 Profit or loss after taxes 73,072 63,382 132,321 120,253 Items that may be reclassified to profit and loss in the future: Differences from currency translation 258 691 –7 1,015 Differences from IAS 29 Hyperinflation –11 40 5 82 Other comprehensive income 246 731 –2 1,097 Total comprehensive income 73,319 64,113 132,320 121,350 Average number of shares (undiluted/diluted) 11,370,000 11,370,000 11,370,000 11,370,000 Earnings per share (undiluted/diluted) in euros, based on profit or loss after taxes and the number of shares 6.43 5.57 11.64 10.58
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8 RATIONAL AG Report on the first half year 2026 Balance Sheet RATIONAL Group Assets in thousands of euros 30 June 2026 31 Dec 2025 30 June 2025 Non-current assets 294,425 289,174 281,577 Intangible assets 14,494 15,966 16,720 Property, plant and equipment 240,130 234,616 221,812 Other financial assets 1,517 1,397 1,356 Deferred tax assets 37,279 36,337 40,748 Other assets 1,004 858 941 Current assets 798,473 893,905 744,059 Inventories 136,449 124,322 115,700 Trade accounts receivable 200,254 199,860 190,874 Other financial assets 226,179 359,724 273,803 Income tax receivables 2,777 2,941 2,667 Other assets 26,835 20,740 32,281 Cash and cash equivalents 205,980 186,318 128,734 Total assets 1,092,898 1,183,080 1,025,636 Equity and liabilities in thousands of euros 30 June 2026 31 Dec 2025 30 June 2025 Equity 845,712 940,793 807,702 Subscribed capital 11,370 11,370 11,370 Capital reserves 28,058 28,058 28,058 Retained earnings 811,104 906,183 772,588 Other components of equity –4,819 –4,817 –4,314 Non-current liabilities 43,629 42,766 43,321 Pension and similar obligations 6,417 6,461 6,061 Other provisions 14,011 13,547 14,049 Other financial liabilities 17,812 17,637 17,236 Deferred tax liabilities 2,573 2,751 3,853 Income tax liabilities 764 655 733 Other liabilities 2,052 1,714 1,389 Current liabilities 203,557 199,520 174,613 Other provisions 91,299 87,875 81,455 Trade accounts payable 37,303 32,360 31,561 Other financial liabilities 17,302 20,305 13,226 Income tax liabilities 24,202 25,929 16,483 Other liabilities 33,451 33,053 31,888 Liabilities 247,186 242,287 217,934 Total equity and liabilities 1,092,898 1,183,080 1,025,636
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Key Figures Group Management Report Financial Statements Notes to the Consolidated Financial Statements Statement of Responsibility Legal Notice and Contact 9 Cash Flow Statement RATIONAL Group in thousands of euros 2nd quarter 2026 2nd quarter 2025 1st half of 2026 1st half of 2025 Earnings before taxes (EBT) 96,148 83,397 174,109 158,227 Depreciation and amortisation 9,339 9,471 18,710 19,083 Other –343 –757 6 –2,985 Net interest –1,984 –2,135 –4,103 –4,967 Changes in Inventories –2,402 –1,900 –12,127 –8,107 Trade accounts receivable and other assets 7,450 –9,728 –12,647 –24,916 Provisions 17,630 19,286 3,836 133 Trade accounts payable and other liabilities –28 –1,049 7,552 –8,004 Income taxes paid –22,696 –18,862 –44,361 –49,026 Cash flow from operating activities 103,115 77,723 130,974 79,438 Capital expenditures in intangible assets and property, plant and equipment –9,692 –6,534 –16,498 –9,127 Proceeds from asset disposals 0 0 16 1 Change in fixed deposits 128,223 79,702 136,230 78,201 Change from other financial investments –55 – –5,105 – Interest received 4,379 4,703 6,787 7,444 Cash flow from investing activities 122,855 77,871 121,430 76,519 Dividends paid –227,400 –170,550 –227,400 –170,550 Payments for lease liabilities –3,103 –2,952 –6,087 –5,883 Interest paid –353 –346 –688 –704 Cash flow from financing activities –230,857 –173,848 –234,175 –177,137 Effects of exchange rate fluctuations in cash and cash equivalents 518 –1,698 1,434 –2,614 Change in cash and cash equivalents –4,369 –19,952 19,662 –23,794 Cash and cash equivalents at the beginning of the quarter or year 210,349 148,686 186,318 152,528 Cash and cash equivalents as at 30 June 205,980 128,734 205,980 128,734
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10 RATIONAL AG Report on the first half year 2026 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 – – –170,550 – – – –170,550 Profit or loss after taxes – – 120,253 – – – 120,253 Other comprehensive income – – – 1,015 – 82 1,097 Balance as at 30 June 2025 11,370 28,058 772,588 –2,895 –378 –1,041 807,702 Balance as at 1 Jan 2026 11,370 28,058 906,183 –3,498 –438 –881 940,793 Dividend – – –227,400 – – – –227,400 Profit or loss after taxes – – 132,321 – – – 132,321 Other comprehensive income – – – –7 – 5 –2 Balance as at 30 June 2026 11,370 28,058 811,104 –3,506 –438 –876 845,712
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Key Figures Group Management Report Financial Statements Notes to the Consolidated Financial Statements Statement of Responsibility Legal Notice and Contact 11 Notes to the Consolidated Financial Statements Basis of preparation The consolidated half -year report has been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted in the EU. The IAS 34 rules on condensed financial statements were applied. The consolidated semi-annual report should be read in conjunction with the consolidated financial statements as at the end of fiscal year 2025. Except for the changes described above, the consolidation methods and accounting policies used in the last consolidated financial statements have been applied. As at the start of the fiscal year, the following amended standards entered into force: - Amendments to IFRS 9 and IFRS 7 “Classification and Measurement of Financial Instruments” - Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity” - Annual Improvements to IFRS Accounting Standards – Volume 11 The amendments had no material effect on these interim consolidated financial statements. The requirements of the new accounting standard IFRS 18 are currently being reviewed, and several preparatory measures have already been implemented. According to currently available knowledge, and based on previous analyses, applying IFRS 18 will have the following effects: - RATIONAL is a company without specified main business activities under IFRS 18. - The new standard IFRS 18 will lead to changes to the structure of the statement of comprehensive income with the categories “operating”, “investing”, “financing” and “incomes taxes”, newly aggregated or disaggregated items in the primary financial statemen ts and other additional disclosures in the notes from fiscal year 2027 onwards. - For foreign exchange differences from intragroup loans and similar transactions, View I will be applied in accordance with the IFRS IC’s proposal, and reporting will be in the operating category. - The differences between the EBIT reported to date and the Operating profit in accordance with IFRS 18 are assessed as immaterial. For the first half of 2026, the Operating profit under IFRS 18 would be around 312 thousand euros or 0.2 % lower than the reported EBIT. - Whether there are also management -defined performance measures (MPMs) besides earning figures defined by the IFRS is currently being analysed. This consolidated half -year report was neither audited in accordance with section 317 of the German Commercial Code (HGB) nor reviewed by an auditor. Scope of consolidation On 30 June 2026, the scope of consolidation of RATIONAL AG included the parent company RATIONAL AG as well as eight German (31 December of 2025: eight) and 24 foreign (31 December of 2025: 24) subsidiaries. There were no changes in the scope of consolidation compared with 31 December 2025. Notes to the consolidated statement of comprehensive income The rise in sales revenues by 35,298 thousand euros , or 6%, compared to the first half of 2025 is mainly attributable to successful business performance in the sales regions, Germany, Europe and Latin America, although growth in sales revenues was negatively impacted by currency effects. Cost of sales includes income totalling 13,886 thousand euros (2025: 0 thousand euros) from the reimbursement of US tariffs. RATIONAL has already received these refunds in full. Adjusted for this effect, cost of sales went up by 9%, faster than sales revenue growth, in particular due to higher procurement costs. Sales and service expenses went up 5% compared with the previous year, driven by the intentional increase in staff in sales and sales-related functions as well as by higher expenses for sales events and outbound shipping. The rise in research and development expenses was attributable to an in tentional increase in staff and higher IT costs. Administration expenses were slightly lower than in the previous year due to higher overhead allocations to other functional areas. Currency movements in the first half of 2026 led to net currency gains of 891 thousand euros (2025: net losses of 38 thousand euros). Other operating income includes exchange gains of 7,064 thousand euros (2025: 9,259 thousand euros ), while other operating expenses include exchange losses of 6,173 thousand euros (2025: 9,297 thousand euros ). In total, profit before tax was 15,882 thousand euros, or 10%, higher than in the first half of 2025.
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12 RATIONAL AG Report on the first half year 2026 Sales revenues by region in thousands of euros 1st half of 2026 % of total 1st half of 2025 % of total Germany 65,640 10 60,411 10 Europe (excl. Germany) 285,138 44 262,489 43 North America 153,982 24 147,783 24 Latin America 40,353 6 34,119 6 Asia 65,431 10 66,773 11 Rest of the world* 30,989 5 34,660 6 Total 641,533 100 606,235 100 * Australia, New Zealand, Middle East, Africa The regional breakdown of sales revenues by customer location is shown in the above table. The product group iCombi achieved sales revenues of 562,155 thousand euros in the period under review (2025: 536,618 thousand euros ), and the product group iVario had sales revenues of 79,378 thousand euros (2025: 69,617 thousand euros). 69% (2025: 69%) of sales revenues was attributable to appliance sales. The remaining 31% (2025: 31%) was generated from the sale of accessories, spare parts and care products and from the provision of services. Further information on sales revenues is reported in the section on segment reporting. Income taxes In the consolidated interim financial statements, income tax expense is calculated in accordance with IAS 34 on the basis of the expected weighted average annual tax rate for fiscal year 2026. Notes to the balance sheet Property, plant and equipment went up by 5,514 thousand euros compared with 31 December 2025, due to assets under construction in connection with the construction of a new building for service parts at the production site in Landsberg am Lech. Inventories have risen by 12,127 thousand euros compared with 31 December 2025 due to a seasonal build-up of inventories and the newly opened warehouse in Dubai. Other current financial assets were down by 133,545 thousand euros compared with 31 December 2025, mainly because of a reduction in fixed-term deposits to finance the dividend payout. The rise in other current assets by 6,095 thousand euros is due to an increase in value added tax refund claims by 2,872 thousand euros and in advance payments by 2,064 thousand euros. The change in cash and cash equivalents is explained in the notes to the consolidated cash flow statement. Other current provisions were slightly higher than the level on 31 December 2025. This is due in particular to higher provisions for tariff costs in the United States. Provisions for trade bonuses had an offsetting effect, since almost all the provisions from the previous year were used in the course of the first half of the year. Trade accounts payable were 4,943 thousand euros higher than the level on 31 December 2025 due to the reporting date and growth. Lower contractual obligations from settled prior -year trade bonus agreements caused a reduction of 3,003 thousand euros in other current financial liabilities. Notes to the cash flow statement The cash flow from operating activities in the first half of 2026 was 51,536 thousand euros higher than in the previous year. This was due to higher profit before tax and a smaller increase in net working capital compared to the prior-year period. In addition, corporate income and municipal trade tax payments for previous years were included in fiscal year 2025. A significant reduction in fixed -term deposits with original maturities of more than three months resulted in a cash inflow from investing activities. On the other hand, there are investments in property, plant and equipment due to the construction of a new building for service parts. The cash outflow from financing activities arose mainly from the dividend payment of 227,400 thousand euros (2025: 170,550 thousand euros).
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Key Figures Group Management Report Financial Statements Notes to the Consolidated Financial Statements Statement of Responsibility Legal Notice and Contact 13 Other notes to the financial statements Financial instruments The following table shows the carrying amounts and the fair values that have to be disclosed additionally under IFRS 7 for financial instruments. If no fair value is stated in the table for a financial instrument, the specified carrying amount of the financial instrument is a reasonable approximation of its fair value. For lease liabilities, no fair value is specified in accordance with IFRS 7.29 d). During the reporting period there were no reclassifications between the fair value hierarchy levels in accordance with IFRS 13. If circumstances occur which necessitate a different classification, the financial instruments will be reclassified at the end of the reporting period. Categories in accordance with IFRS 9 in thousands of euros Fair value hierarchy Carrying amount 30 June 2026 Fair value 30 June 2026 Carrying amount 30 June 2025 Fair value 30 June 2025 Financial assets measured at amortised cost 623,389 590,496 Other financial assets (non-current) Level 2 1,517 1,493 1,356 1,255 Trade accounts receivable 200,254 – 190,874 – Other financial assets (current) 215,639 – 269,532 – Cash and cash equivalents 205,980 – 128,734 – Financial assets measured at fair value through profit or loss 10,540 4,271 Derivatives not in a hedging relationship1 Level 2 435 435 4,271 4,271 Fund units1 Level 1 10,105 10,105 – – Financial liabilities measured at amortised cost 42,742 34,500 Trade accounts payable 37,303 – 31,561 – Other financial liabilities (current) 5,438 – 2,939 – Financial liabilities measured at fair value through profit or loss 2,045 671 Derivatives not in a hedging relationship2 Level 2 2,045 2,045 671 671 Financial liabilities that cannot be allocated to any IFRS 9 category 27,631 26,852 Lease liabilities (non-current)3 17,812 – 17,236 – Lease liabilities (current)2 9,819 – 9,616 – 1 Included in balance sheet item “Other financial assets“ (current) 2 Included in balance sheet item “Other financial liabilities” (current) 3 Included in balance sheet item “Other financial liabilities” (non-current)
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14 RATIONAL AG Report on the first half year 2026 Operating Segments Internal control and reporting to the Executive Board, which has been identified as the chief operating decision maker, is based on the geographical regions. The operating segments DACH (Germany, Austria, Switzerland), EMEA, North America (United States, Canada) and Asia North (China, Japan, South Korea) are reported. The other segments consist of the non - reportable segments of Latin America and Asia South, which do not meet the quan titative thresholds. As from this fiscal year, Mexico is no longer allocated to the North America segment but to the Latin America segment. The previous year’s figures were adjusted accordingly. 1st half year 2026 in thousands of euros DACH EMEA North America Asia North Other segments Total of Segments Corporate departments Reconciliation Group Segment sales revenues 94,251 272,036 151,117 47,946 71,509 636,859 1,642 3,032 641,533 Segment profit or loss/EBIT 23,129 78,192 39,073 9,387 17,947 167,728 – 2,207 169,935 Financial result 4,174 Earnings before taxes 174,109 Segment assets 19,266 125,411 116,405 36,638 65,127 362,847 47,892 –74,036 336,703 1st half year 2025 in thousands of euros DACH EMEA North America Asia North Other segments Total of Segments Corporate departments Reconciliation Group Segment sales revenues 83,052 255,327 149,940 48,629 69,561 606,509 1,541 –1,815 606,235 Segment profit or loss/EBIT 19,210 71,585 39,955 8,528 18,791 158,069 – –4,678 153,391 Financial result 4,836 Earnings before taxes 158,227 Segment assets 17,496 113,023 99,675 40,935 51,256 322,385 43,734 –59,545 306,574 The reconciliation results from currency translation, consolidation effects and items that are not allocated to the segments. Significant events after the reporting date No events have occurred since 30 June 2026 that would significantly alter the assessment of RATIONAL AG’s and the Group’s net assets, financial position and profit or loss.
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Key Figures Group Management Report Financial Statements Notes to the Consolidated Financial Statements Statement of Responsibility Legal Notice and Contact 15 Statement of Responsibility To the best of our knowledge, and in accordance with the applicable reporting principles for interim reporting, these consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the consolidated group, and the interim consolidated management report includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group in the remainder of the fiscal year. Landsberg am Lech, 6 August 2026 RATIONAL AG The Executive Board Dr Peter Stadelmann Dr. Martin Hermann CEO CTO Markus Paschmann Jörg Walter CSMO CFO
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16 RATIONAL AG Report on the first half year 2026 Legal notice and contact RATIONAL Aktiengesellschaft Siegfried-Meister-Strasse 1 86899 Landsberg am Lech Dr Peter Stadelmann CEO Phone +49 8191 327 3309 Stefan Arnold Head of Investor Relations Phone +49 8191 327 2209 Laura Deininger Manager Investor Relations Phone +49 8181 327 2792 E-mail: ir@rational-online.com This report was published on 6 August 2026. Disclaimer This half -yearly financial report contains forward -looking statements that are based on assumptions and expectations at the time the report went to press ( 31 July 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 to reflect events or circumstances that have occurred after they were published.