EQS-News: Rational AG accelerates pace of growth in the third quarter of 2025

Press release

Rational AG accelerates pace of growth in the third quarter of 2025

• Sales revenues of 312 million euros in the third quarter – 918 million euros after nine months
• Organic growth of 8 to 9 percent for the second consecutive quarter
• EBIT margin of 25.9 percent in the third quarter – 25.5 percent after nine months
• Growth outlook confirmed – EBIT margin of between 25 and 26 percent expected

Landsberg am Lech, 6 November 2025  “RATIONAL always puts customer benefit at the centre of all its actions. This is why we have paid a lot of attention on expanding customer-oriented functions in sales and customer service in the past 12 months to enable us to win even more customers and give all customers even better assistance,” says Rational-CEO Dr. Peter Stadelmann. “Among the results already noticeable are increased customer contacts, greater attendance at our CookingLive seminars and encouraging sales volume and revenue trends in the past two quarters,” he adds, visibly delighted.

Sales revenues of 312 million euros in the third quarter – 918 million euros after nine months

A glance at the nine-month report published this morning shows that operations are going well for the company headquartered in Landsberg am Lech (Germany). At 312.0 million euros (2024: 294,2 million euros), sales revenues in the third quarter of 2025 were, as forecast, broadly on a level with the second quarter of 2025, exceeding the prior-year quarter by 6 percent. “Sales revenues performed in line with our expectations. Adjusted for currency effects, our growth rates were around 8 to 9 percent in the past two quarters. This means that they were on in the range of our long-term growth rates and give us reason for optimism,” comments CFO Jörg Walter satisfied. For the first nine months of 2025, this resulted in sales revenues of 918.2 million euros, equivalent to sales revenue growth of 5 percent. Adjusted for exchange rate movements, the rate of increase was between 6 and 7 percent in this period.

A large contribution to growth in the first nine months of 2025 came again from North America, where the rate of increase was 6 percent due to a strong prior-year period and the weak US dollar. In Europe (excluding Germany), the pace of growth accelerated once more on the back of a strong third quarter. Sales revenues were up by just over 10 percent after the first nine months of 2025. In particular strong performance in smaller markets, such as Austria, Scandinavia or the Benelux countries, was responsible for this continued improvement. In its home market of Germany, Rational cleared the shortfall that had built up after six months (down 2 percent) by generating a significant 30 percent increase in sales revenues in the third quarter, thus ending the nine-month period of 2025 up 5 percent on the previous year. Sales revenues in Latin America were significantly higher in the third quarter of 2025, up 11 percent on the prior-year quarter, taking the figure for the nine-month period to 5 percent above the comparative period. In Asia, sales revenues were slightly up on the previous two quarters, therefore almost reaching the prior-year level, which was still slightly raised as a result of an additional order. After nine months, sales revenues in Asia were around 12 percent down on the previous year.

The iVario product group recorded a growth rate of 11 percent in the first nine month. The strongest growth rates were recorded in North America and in “Rest of the world” markets. The iCombi product group expanded by 4 percent compared to the previous year.

EBIT margin of 25.9 percent in the third quarter – 25.5 percent after nine months

The key earnings figures for the current year were once again at a good level in the first nine months of 2025, as expected. Cost of sales increased slightly faster than sales revenues. Especially the effects of tariffs in the United States were clearly noticeable in the third quarter. As a result, the gross margin dropped to 58.1 percent, leading to a slightly lower gross margin of 58.7 percent (2024: 58.9 percent) for the first nine months of 2025.

Rational’s operating costs climbed by 7 percent in total.  “Sales, service and product development in particular have been selected for continued expansion to maintain our product leadership and to be even closer to our customers,” says Dr Peter Stadelmann. EBIT (earnings before financial result and taxes) stood at 234.3 million euros, slightly up on the previous year, while the EBIT margin of 25.5 percent was 0.4 percentage points lower than in the previous year.

Number of employees rises to over 2,800

Rational’s success is the result of the strong commitment and hard work of all employees, whom Rational refers to as “entrepreneurs in the company” (U.i.U.). At the end of September 2025, the Rational Group employed 2,810 people worldwide, including around 1,540 in Germany. The increase in staff numbers since the third quarter of the previous year (+120 compared to 30 September 2024) affected mainly the company’s sales and service organisations. Around two thirds of the new jobs created are in customer-oriented functions in marketing, sales and customer service. The company plans to continue this trend.

Growth and margin guidance confirmed – sales revenue growth in the mid-single-digit percentage range and EBIT margin of between 25 and 26 percent expected

In view of the successful business performance, Stadelmann is confident about the future. “Millions of kitchens aren’t even using our solutions yet, in many cases because they are not familiar with them at all. With an even larger number of customer-oriented colleagues, we are working to change that. This is why we are confident about the future, even in times of major changes, and expect in the medium term to continue on our successful growth path of previous years,” he promises. The company anticipates sales revenue growth in the mid-single-digit percentage range for fiscal year 2025.

Rational is also confirming the earnings guidance narrowed in the six-month report. “We expect an EBIT margin of between 25 and 26 percent. This reflects the good business prospects, the margin level as at the end of September 2025 and the anticipated effects of additional tariffs and weak foreign currencies in the fourth quarter,” explains CFO Jörg Walter.

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 2024: global market share of 50 percent, sales revenues of 1,194 million euros, EBIT of 314 million euros, EBIT margin of 26 percent, equity ratio of 78 percent.