Despite general economic weakness, Rational AG raises sales revenues by 6 percent to 1.26 billion euros

Despite general economic weakness, Rational AG raises sales revenues by 6 percent to 1.26 billion euros

• 6 percent sales revenue growth in 2025 – currency-adjusted sales revenue growth of 8 percent
• North America and Europe are the main growth drivers
• EBIT margin of 26.4 percent slightly up on previous year
• Dividend of 16.00 euros plus special dividend of 4.00 euros per share proposed
• Sales revenue growth in the mid- to high percentage range and EBIT margin of 25 to 26 percent expected for 2026

Landsberg am Lech, 19 March 2026 2025 was another successful year for Rational AG. With a year-on-year increase of 6 percent in sales revenues, the Landsberg-based company returned to its long-term growth path. “The systematic expansion of our global sales organisations in the past three years – which had stalled in the crisis years from 2020 to 2022 – was reflected in higher growth rates from the second quarter of 2025 onwards,” explains CEO Dr Peter Stadelmann. “It demonstrates our ability to grow even in an economically difficult environment,” he adds. Adjusted for adverse currency effects, the organic sales growth comes to as much as 8 percent compared to 2024. The company, which refers to itself as the global market leader for multifunctional, intelligent cooking systems, presented the Annual Report for 2025 on the morning of 19 March 2026.

Sales revenues increase to 1.26 billion euros

Following a strong finish, the fourth quarter of 2025 is another record quarter in the company’s accounts. Sales revenues totalled 341.3 million euros, an increase of 7 percent compared to the prior-year quarter (2024: 318.0 million euros). “Currency effects had the strongest impact on our operations in the fourth quarter; adjusted for exchange rate movements, the increase was as much as 11 percent,” says CFO Jörg Walter satisfied.

Full-year sales revenues in 2025 went up by 6 percent or 66 million euros compared to the previous year. As in the previous year, in particular the two largest regions, Europe (excluding Germany) and North America, were the main growth drivers, delivering increases in sales revenues of 9 and 8 percent respectively. In North America, Rational successfully bucked the trend of persistently weak market conditions. In Latin America, sales revenues expanded by 6 percent, while the company recorded growth of 4 percent in Germany. Asia was around 11 percent down overall on the previous year.

The iCombi product group’s sales revenues exceeded the prior-year figure by 5 percent. With an increase of 10 percent, the rise in sales revenues of the iVario product group was particularly encouraging. “We are pleased to congratulate our French colleagues on breaking through the mark of 10,000 cooking systems sold in one year. That is an important milestone,” says CEO Stadelmann delighted.

Additional tariffs countered with systematic cost management and lower procurement costs

The Landsberg-based company was also significantly affected by the US tariffs in 2025, since the cooking systems are manufactured exclusively in Germany and France and imported into the United States. “Accounting for 20 percent of our sales revenues, the United States is our largest individual market. We were largely able to offset the additional tariff costs of around 13 million euros with lower material and commodity costs as well as systematic cost management,” explains CFO Walter. Better than expected, we thus held the gross margin almost at the prior-year level, at 59.0 percent (2024: 59.2 percent).

“Through our efficiency programme, we held particularly expenses for administration and central functions at a stable level, while selectively increasing the costs for sales, customer service and product development,” the CFO explains further. The company intends to continue on this path in order to generate further growth and consolidate its market and technology leadership.

Operating costs rose by approximately 7 percent in total. EBIT (earnings before financial result and taxes) tracked sales revenue growth, rising 6 percent to 333 million euros. This resulted in a margin slightly above the previous year’s level at 26.4 percent (2024: 26.3 percent).

Dividend of 16.00 euros plus special dividend of 4.00 euros per share proposed

In view of the company’s positive business and earnings performance, the good liquidity position as well as good prospects for fiscal year 2026, the Executive Board and the Supervisory Board will propose to the General Meeting of Shareholders on 29 April 2026 a dividend of 16.00 euros plus a special dividend of 4.00 euros per share. Overall, that equates to a total distribution of 227.4 million euros. According to Rational, there will still be sufficient liquidity in the company, even after the distribution. “We want to let our shareholders have an appropriate share of the company’s success. Our financial stability as a company without bank debt allows us to do so even in economically challenging times,” remarks CFO Jörg Walter. The special dividend will take the distribution ratio to 90 percent of consolidated net profit, which is above the long-term average of 70 percent. The dividend yield is therefore 3.0 percent based on the closing share price on 31 December 2025.

More than 2,800 employees worldwide

“The foundation of Rational’s success is its qualified and highly motivated workforce. As at the balance sheet date (31 December 2025), we employed 2,838 people worldwide, whom we refer to as “entrepreneurs in the company” (U.i.U.s), including around 1,550 in Germany. Approximately 630 employees work in sales. We selectively increased the size of our sales force in 2025 and will continue to expand our sales team in future,” forecasts CEO Stadelmann.

50 years of combi ovens – 50 years of global market leadership for professional cooking systems

In 1976, the world’s first combi oven saw the light of day. The introduction of the Rational CD 101 50 years ago was the start of a revolution in professional kitchens, combining steam and convection in one appliance. “We have continuously enhanced the technology, always guided by customer benefit,” explains Peter Stadelmann. “We made it more intelligent with the launch of the SelfCookingCenter in 2004 and faster with the iHexagon – so the right cooking system is available for every customer,” he adds. In time for the 50-year anniversary, the company added another member to the iCombi family. As recently as last week, Rational reported the launch of the iCombi One, a simpler combi oven exclusively for the Chinese market. The company provides a deeper insight into the history of combi oven technology on its anniversary website, rat.ag/combi-oven-50.

Forecast 2026

“The trends relevant to our business performance continue. And we’ve done our homework to create the basis for further growth. We therefore expect growth rates in the mid- to high-single-digit percentage range in the medium and long term,” forecasts CEO Stadelmann. “Because of the positive business fundamentals, we also anticipate sales revenue growth in a similar range for fiscal year 2026,” he adds.

Rational is once again planning selective cost increases for customer-oriented functions in 2026. Due to the expected increase in tariff costs, negative currency effects and the offsetting positive effects of price rises, the Executive Board forecasts that cost increases will outpace sales revenue growth, resulting in a slightly lower EBIT margin. However, planning certainty has been severely curtailed by the developments of recent weeks. “The outbreak of the Iran war, which is having a strong impact on energy and commodity costs, and the fact that the US Supreme Court has questioned the legality of US tariffs are making cost forecasts difficult from today’s perspective,” cautions CFO Walter. “In the medium to long term, we consider EBIT margins in a range between 25 and 26 percent realistic, and we are planning on this basis for the year 2026 as well,” he concludes.

Contact:

Rational Aktiengesellschaft

Stefan Arnold / Head of Investor Relations
Tel. +49 (0)8191 327-2209
Fax +49 (0)8191 327-72 2209

E-mail: ir@rational-online.com
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 through company canteens, hospitals, schools, universities, military facilities, prisons and retirement homes, down to fast food restaurants, party services, supermarkets, bakeries and snack outlets, butchers’ shops, service stations and delivery services, including ghost kitchens, as they are known.

According to company estimates, the global market potential for combi ovens is 4.8 million customers, of whom around 75 percent are still using traditional cooking equipment. The iCombi, the iVario and the iHexagon, which are intelligent cooking systems, can replace all this equipment, enabling customers to improve the quality of their food and to save money. In addition, Rational offers a large range of services for customers, such as accessories, care products, spare parts, training and technical services.

The unique customer benefit philosophy delivers results such as market leadership, growth, profitability and stability, which manifest in the following key figures for the year 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.