Interim report
Page 1
Landsberg am Lech, 5 November 2026 Statement on the first nine months of 2026 50 Years of Combi Ovens. 50 years of global market leadership for professional cooking systems.
Page 2
2 RATIONAL AG Statement on the first nine months of 2026 Contents 03 Key Figures 04 RATIONAL AG remains on growth trajectory 07 Statement of Comprehensive Income 08 Balance Sheet 09 Cash Flow Statement 10 Statement of Changes in Equity 11 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.
Page 3
Key Figures RATIONAL AG remains on growth trajectory Statement of Comprehensive Income Balance Sheet Cash Flow Statement Statement of Changes in Equity Legal Notice Disclaimer 3 Key Figures in m EUR 3rd quarter 2026 3rd quarter 2025 Change absolute Change in % 9 months 2026 9 months 2025 Change absolute Change in % Sales revenues by region Germany 38.1 34.7 +3.4 +10 103.8 95.1 +8.7 +9 Europe (excl. Germany) 137.4 128.5 +8.9 +7 422.6 391.0 +31.6 +8 North America 81.4 76.2 +5.2 +7 235.4 224.0 +11.4 +5 Latin America 26.4 21.9 +4.5 +21 66.7 56.1 +10.6 +19 Asia 32.3 34.3 –2.0 –6 97.8 101.1 –3.3 –3 Rest of the world 16.5 16.4 +0.1 +1 47.5 51.0 –3.5 –7 Sales revenues generated abroad (in %) 89 89 +0 – 89 90 –1 – Sales revenues by product group iCombi 291.7 273.1 +18.6 +7 853.9 809.6 +44.3 +5 iVario 40.4 38.9 +1.5 +4 119.8 108.6 +11.2 +10 Sales revenues and earnings Sales revenues 332.2 312.0 +20.2 +6 973.7 918.2 +55.5 +6 Cost of sales 136.1 130.7 +5.5 +4 394.2 379.1 +15.1 +4 Gross profit 196.0 181.3 +14.7 +8 579.5 539.1 +40.4 +7 in % of sales revenues 59.0 58.1 +0.9 – 59.5 58.7 +0.8 – Sales and service expenses 72.6 68.5 +4.2 +6 220.1 208.7 +11.4 +5 Research and development expenses 19.9 18.5 +1.3 +7 60.1 56.1 +4.1 +7 General administration expenses 13.4 13.5 –0.1 –1 40.9 41.3 –0.4 –1 Earnings before financial result and taxes (EBIT) 91.3 80.9 +10.4 +13 261.2 234.3 +26.9 +12 in % of sales revenues 27.5 25.9 +1.6 – 26.8 25.5 +1.3 – Profit or loss a�er taxes 69.4 62.8 +6.5 +10 201.7 183.1 +18.6 +10 Earnings per share (in EUR) 6.10 5.53 +0.6 +10 17.74 16.10 +1.6 +10 Return on capital employed (ROCE, %) 37.3 35.9 +1.4 – Cash flow Cash flow from operating activities 90.7 107.2 –16.5 –15 221.7 186.6 +35.1 +19 Cash-effective investments 9.1 7.9 +1.2 +15 25.5 17.1 +8.4 +49 Free cash flow 1 81.7 99.3 –17.6 –18 196.2 169.6 +26.6 +16 Balance Sheet Total assets 1,183.2 1,107.9 +75.3 +7 Equity 915.2 870.7 +44.5 +5 Equity ratio (in %) 77.3 78.6 –1.3 – Number of employees as at 30 September 2,920 2,810 +110 +4 Key figures for RATIONAL shares2 Quarter-end closing price (in EUR) 569.00 649.00 –80.00 –12 Market capitalisation 6,470 7,379 –909 –12 1 Cash flow from operating activities less capital expenditures 2 Xetra (as at balance sheet date)
Page 4
4 RATIONAL AG Statement on the first nine months of 2026 RATIONAL AG remains on growth trajectory – EBIT guidance confirmed Sales revenues went up by 6% to 974 million euros in the first nine months of 2026 At 332.2 million euros (2025: 312.0 million euros), RATIONAL increased sales revenues in the third quarter of 2026 by 6% compared with the prior-year quarter. Currency effects played a minor role in the quarter just ended so that growth adjusted for exchange rate movements also amounted to around 6%. Sales revenues in the first nine months of 2026 also rose by 6% to 973.7 million euros (2025: 918.2 million euros). iVario business in particular grew in all key regions of the world. For the iCombi, sales revenue growth was within the forecast range, while in non -appliance business with spare parts, accessories, care products, and services, we consolidated the encouraging performance of the previous quarters. The sustained positive performance despite economic and macroeconomic uncertainties continues to underscore the high level of benefit our products and services provide to our customers. Adjusted for exchange rate movements, year -on- year growth amounted to around 7% in the nine -month period. While the first quarter had been affected by pull -forward effects and the second quarter by customs refunds in the United States, non -recurring factors were significantly less prevalent in the third quarter. In addition to a positive effect on costs as a result of the lower US tariffs gradually coming into effect while cost increases had not yet become fully effective, regional effects on sales revenues in the United States and Japan were particularly relevant (see below). Europe driving growth in the first nine months of 2026 The successful trend in the home market of Germany continued in the third quarter of 2026. Sales revenues increased by 10%, translating into sales revenue growth of 9% to 103.8 million euros a�er nine months. In Europe (excluding Germany) we also continued our growth trend. Following an increase of 7% in the third quarter of 2026, accumulated nine-month growth was 8% and sales revenues of 422.6 million euros were generated. With few exceptions, all markets in t he Europe region contributed to this encouraging performance. In particular Spain, Scandinavia, Austria, Italy, Switzerland, Eastern Europe, and France provided substantial contributions to growth. North America was up by 7% in the third quarter. Sales revenues a�er nine months stood at 235.4 million euros, up 5% on the previous year. The United States was 4% higher than in the previous year, while Canada expanded by 12%. Adjusted for negative currency effects, our sales revenues increased by 7% in the United States and by 15% in Canada. The North America segment achieved currency -adjusted growth of 9%. Sales revenues in Asia were down by 6% year -on-year in the third quarter of 2026. Among other reasons, this was attributable to the persistent challenging conditions in China. In addition, low sales revenues were generated with a Japanese partner in the third quarter a�er a very good level in the first two quarters. A�er nine months, we generated sales revenues of 97.8 million euros in Asia, a decline of 3% from the previous year. Adjusted for currency effects, Asia was 1% up on the previous year, hence slightly higher. We achieved a 20% increase in sales revenues in Latin America, where we successfully generated further growth, especially in the largest markets, Brazil and Mexico. As a result, our growth rate of the first nine months of 2026 was steady at the high level of 19%. Adjusted for positive currency effects, we still recorded high growth of 13%. The rest of the world regions were 7% lower year -on-year a�er the first nine months of 2026. There were declines particularly in the markets of the Middle East due to the ongoing turmoil. iCombi up 5% a�er 9 months, iVario 10% higher Following an expansion of 7% in the third quarter of 2026, the iCombi product group’s sales revenues in the first nine months of 2026 amounted to 853.9 million euros (2025: 809.6 million euros), 5% up on the prior-year level. In the third quarter of 2026, we achieved an increase of 4% in the iVario product group compared with the prior-year quarter. A�er nine months , we generated sales revenues of 119.8 million euros. This is 10% more than in the prior -year period (2025: 108.6 million euros). All key regions contributed to the iVario product group’s growth. In North America, the iVario was down slightly on the prior-year level in the third quarter, a�er a very strong rate of increase of around 20% a�er six months.
Page 5
Key Figures RATIONAL AG remains on growth trajectory Statement of Comprehensive Income Balance Sheet Cash Flow Statement Statement of Changes in Equity Legal Notice Disclaimer 5 59.5% gross margin Cost of sales in the first nine months of 2026 amounted to 394.2 million euros (2025: 379.1 million euros). This increase, which is disproportionately small compared with the trend in sales revenues, is in particular due to the US tariff refund of around 14 million euros in the second quarter of 2026. This led to an increase in the gross margin to 59.5% (2025: 58.7%). Adjusted for the effects of the customs refund, the gross margin was 58.1% a�er nine months, around 60 basis points lower than in the comparative period of the previous year. The reasons include in particular negative currency effects as well as effects of rising costs of raw materials, electronics, chemicals, and energy. In the third quarter of 2026, the reduction in US tariffs to 15% had a favourable impact on cost expectations. As a consequence, provisions for US tariff costs could be reduced, resulting in a positive effect on the margin of just over one percentage point. 26.8% EBIT margin Due to these non -recurring factors, EBIT (earnings before interest and taxes) stood at 261.2 million euros a�er the first nine months of 2026, 11.5% higher than in the previous year (2025: 234.3 million euros ). As a result, the EBIT margin of 26.8% (2025: 25.5 % ) exceeded our expectations. Adjusted for the tariff refund, the EBIT margin was 25.4%, almost on a level with the previous year. In the first nine months of 2026, we selectively increased operating costs. In total, they went up by 5% to 321.1 million euros (2025: 306.1 million euros). Our focus was on the operating costs in sales and service, which we raised by 5% from 208.7 million euros to 220.1 million euros. Most of the increase in costs is attributable to rising personnel costs due to the recruitment of new staff in sales and customer -oriented functions, as well as higher expenses for customer events and trade fairs. Research and development expenses for en hancing our cooking systems amounted to 60.1 million euros a�er the first nine months of 2026, 7% up on the prior -year figure (2025: 56.1 million euros). Administration expenses of 40.9 million euros were virtually unchanged (2025: 41.3 million euros). Net currency gains of 1.7 million euros gave a slight boost to EBIT in the first nine months (2025: net currency losses of 0.5 million euros). Adjusted for all currency effects, the EBIT margin for the first nine months of 2026 would be 26.9%. 222 million euros of cash flow from operating activities Cash flow from operating activities in the first nine months of 2026 amounted to 221.7 million euros (2025: 186.6 million euros). The main reasons were the significant rise in profit as well as positive effects from the change in working capital and lower tax payments. The cash flows from investing activities include investments in property, plant and equipment and in intangible assets. They amounted to 25.6 million euros in the first nine months of 2026 (2025: 17.1 million euros) and related especially to the new service parts centre at the Landsberg location. Cash flows from financing activities of –238.0 million euros (2025: –180.4 million euros ) reflects mainly the dividend distribution of 227.4 million euros to the shareholders of RATIONAL AG and payments for lease liabilities in accordance with IFRS 16. Number of employees increased further This year, we are again counting on our employees, our “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 September 2026, the RATIONAL Group employed 2,920 people worldwide, including 1,584 in Germany. In the first nine months or 2026, we created customer-oriented functions, especially in our global sales organisations. Price increases for cooking systems On 1 September 2026, we informed our trading partners and customers of an adjustment by just under 3% to the selling prices of our cooking systems. This is due to persistently higher material costs. It does not affect a�er -sales business with accessories, service parts, and cleaning and care products. The United States market is also excluded, as prices there had already been increased by 4.9% in February. The price increases will take effect in the cou rse of the fourth quarter, depending on the details of the respective contracts with our customers. EBIT forecast confirmed: sales revenues at lower end of expected range – margin range increased The results of the nine months of 2026 have met our expectations overall. At 973.7 million euros, sales revenues are in the lower part of the expected range. The EBIT margin was 26.8%, continuing the positive performance of the first six months in the third quarter. Given a very strong prior-year fourth quarter, we expect sales revenue growth only in the low single- digit percentage range for the last three months. We are therefore narrowing our sales revenue growth guidance for fiscal year 2026 to the lower part of the range. Based on the positive EBIT margin a�er nine months, including the non-recurring effect of customs refunds, we are raising our guidance for the EBIT margin for fiscal year 2026 to a range of 2 6 % t o 2 7 % . F o r E B I T i n fi s c a l y e a r 2 0 2 6 , o u r g u i d a n c e i s unchanged and we are assuming a figure of between 340 million euros and 360 million euros, which is also in line with analysts’ estimates.
Page 6
6 RATIONAL AG Statement on the first nine months of 2026 Statement of Comprehensive Income RATIONAL Group in thousands of euros 3rd quarter 2026 3rd quarter 2025 9 months 2026 9 months 2025 Sales revenues 332,164 311,992 973,697 918,227 Cost of sales –136,135 –130,653 –394,203 –379,113 Gross profit 196,029 181,339 579,495 539,114 Sales and service expenses –72,636 –68,462 –220,090 –208,657 Research and development expenses –19,854 –18,521 –60,147 –56,097 General administration expenses –13,383 –13,502 –40,890 –41,334 Other operating income 3,978 2,633 12,580 13,620 Other operating expenses –2,875 –2,624 –9,753 –12,392 Earnings before financial result and taxes (EBIT) 91,260 80,862 261,194 234,253 Interest income 2,623 2,338 7,423 8,009 Interest expenses –423 –329 –1,120 –1,033 Other financial result –548 –198 –531 –280 Gain or loss on the net monetary position in accordance with IAS 29 113 4 167 –45 Earnings before taxes (EBT) 93,025 82,677 267,134 240,904 Income taxes –23,661 –19,843 –65,449 –57,817 Profit or loss a�er taxes 69,364 62,834 201,685 183,087 Items that may be reclassified to profit and loss in the future: Differences from currency translation 172 43 165 1,058 Differences from IAS 29 Hyperinflation –98 83 –92 165 Items that will not be reclassified to profit and loss: Actuarial gains and losses from defined benefit obligations – –9 – –9 Other comprehensive income 74 117 72 1,214 Total comprehensive income 69,438 62,951 201,758 184,301 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 a�er taxes and the number of shares 6.10 5.53 17.74 16.10
Page 7
Key Figures RATIONAL AG remains on growth trajectory 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 30 Sep 2026 31 Dec 2025 30 Sep 2025 Non-current assets 302,681 289,174 281,420 Intangible assets 13,738 15,966 15,569 Property, plant and equipment 247,118 234,616 222,801 Other financial assets 1,551 1,397 1,317 Deferred tax assets 38,439 36,337 40,760 Other assets 1,835 858 973 Current assets 880,476 893,905 826,468 Inventories 136,925 124,322 123,063 Trade accounts receivable 200,569 199,860 176,130 Other financial assets 370,511 359,724 331,099 Income tax receivables 3,255 2,941 2,984 Other assets 28,054 20,740 25,224 Cash and cash equivalents 141,162 186,318 167,969 Total assets 1,183,157 1,183,080 1,107,888 Equity and liabilities in thousands of euros 30 Sep 2026 31 Dec 2025 30 Sep 2025 Equity 915,150 940,793 870,653 Subscribed capital 11,370 11,370 11,370 Capital reserves 28,058 28,058 28,058 Retained earnings 880,468 906,183 835,422 Other components of equity –4,745 –4,817 –4,197 Non-current liabilities 47,301 42,766 42,424 Pension and similar obligations 6,455 6,461 6,039 Other provisions 14,426 13,547 14,617 Other financial liabilities 21,241 17,637 16,191 Deferred tax liabilities 2,080 2,751 3,203 Income tax liabilities 907 655 810 Other liabilities 2,191 1,714 1,564 Current liabilities 220,706 199,520 194,811 Other provisions 104,467 87,875 98,794 Trade accounts payable 37,130 32,360 35,291 Other financial liabilities 17,147 20,305 12,204 Income tax liabilities 25,712 25,929 15,579 Other liabilities 36,250 33,053 32,943 Liabilities 268,007 242,287 237,235 Total equity and liabilities 1,183,157 1,183,080 1,107,888
Page 8
8 RATIONAL AG Statement on the first nine months of 2026 Cash Flow Statement RATIONAL Group in thousands of euros 3rd quarter 2026 3rd quarter 2025 9 months 2026 9 months 2025 Earnings before taxes (EBT) 93,025 82,677 267,134 240,904 Depreciation and amortisation 9,441 9,584 28,150 28,668 Other 339 2,458 344 –526 Net interest –2,200 –2,006 –6,304 –6,976 Changes in Inventories –476 –7,363 –12,603 –15,469 Trade accounts receivable and other assets –8,694 19,726 –21,341 –5,190 Provisions 13,617 17,884 17,453 18,017 Trade accounts payable and other liabilities 9,810 5,879 17,362 –2,125 Income taxes paid –24,139 –21,656 –68,500 –70,682 Cash flow from operating activities 90,722 107,183 221,695 186,621 Capital expenditures in intangible assets and property, plant and equipment –9,062 –7,941 –25,560 –17,068 Proceeds from asset disposals 1 21 18 22 Change in fixed deposits –143,997 –58,989 –7,767 19,212 Change from other financial investments –62 – –5,168 – Interest received 1,407 2,620 8,193 10,064 Cash flow from investing activities –151,713 –64,289 –30,283 12,230 Dividends paid – – –227,400 –170,550 Payments for lease liabilities –3,360 –2,932 –9,447 –8,815 Interest paid –419 –329 –1,107 –1,033 Cash flow from financing activities –3,779 –3,261 –237,954 –180,398 Effects of exchange rate fluctuations in cash and cash equivalents –48 –398 1,386 –3,012 Change in cash and cash equivalents –64,818 39,235 –45,156 15,441 Cash and cash equivalents at the beginning of the quarter or year 205,980 128,734 186,318 152,528 Cash and cash equivalents as at 30 September 141,162 167,969 141,162 167,969
Page 9
Key Figures RATIONAL AG remains on growth trajectory 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 – – –170,550 – – – –170,550 Profit or loss a�er taxes – – 183,087 – – – 183,087 Other comprehensive income – – – 1,058 –9 165 1,214 Balance as at 30 Sep 2025 11,370 28,058 835,422 –2,852 –387 –958 870,653 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 a�er taxes – – 201,685 – – – 201,685 Other comprehensive income – – – 165 – –92 72 Balance as at 30 Sep 2026 11,370 28,058 880,468 –3,334 –438 –973 915,150
Page 10
10 RATIONAL AG Statement on the first nine months of 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 Tel. +49 8181 327 2792 E-mail: ir@rational-online.com This statement was published on 5 November 2026. Disclaimer This quarterly statement contains forward-looking statements that are based on assumptions and expectations at the time the report went to press ( 31 October 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 a�er they were published.