Interim report
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Landsberg am Lech, 6 May 2025 Statement on the first quarter of 2025 Thanks to innovation and stability. 25 years of success on the stock exchange.
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02 RATIONAL AG Statement on the first quarter of 2025
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Due to rounding, numbers presented may not add up precisely to the totals provided. Key Figures 04 RATIONAL AG starts into fiscal year 2025 with successful first quarter 05 Sales revenues of 295 million euros 05 North America and Europe regions continue to expand 05 iVario grows by 10% – iCombi holds on to high prior-year figure 05 59.2% gross margin 06 24.4% EBIT margin 06 Operating cash flow influenced by reporting date effects 06 Number of employees increased further 07 Forecast confirmed 07 Statement of Comprehensive Income 08 Balance Sheet 09 Cash Flow Statement 10 Statement of Changes in Equity 11 Legal notice and contact 12 03
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Key Figures In m EUR 3 months 2025 3 months 2024 Change absolute Change in % Sales revenues by region Germany 30.3 29.7 +0.6 +2 Europe (excluding Germany) 128.8 120.1 +8.7 +7 North America 69.0 61.9 +7.1 +11 Latin America 15.0 14.9 +0.1 +1 Asia 33.9 42.3 –8.4 –20 Rest of the world 18.3 17.6 +0.7 +4 Sales revenues generated abroad (in %) 90 90 +0 – Sales revenues by product group iCombi 261.6 255.7 +5.9 +2 iVario 33.7 30.7 +3.0 +10 Sales revenues and earnings Sales revenues 295.3 286.4 +8.9 +3 Cost of sales 120.6 118.9 +1.7 +1 Gross profit 174.7 167.5 +7.2 +4 in % of sales revenues 59.2 58.5 +0.7 – Sales and service expenses 71.3 66.3 +5.0 +8 Research and development expenses 18.8 14.5 +4.3 +30 General administration expenses 13.8 13.7 +0.1 +1 Earnings before financial result and taxes (EBIT) 72.1 71.1 +1.0 +1 in % of sales revenues 24.4 24.8 –0.4 – Profit or loss after taxes 56.9 56.1 +0.8 +1 Earnings per share (in EUR) 5.00 4.94 +0.1 +1 Return on capital employed (ROCE, %) 32.3 36.9 –4.6 – Cash flow Cash flow from operating activities 1.7 26.8 –25.0 –94 Cash-effective investments 2.6 6.2 –3.7 –58 Free cash flow 1 –0.9 20.5 –21.4 –104 Balance Sheet2 Total equity and liabilities 1,119.0 1,026.9 +92.1 +9 Equity 914.1 816.5 +97.6 +12 Equity ratio in % 81.7 79.5 +2.2 – Number of employees as at 31 March 2,778 2,630 +148 +6 Key figures for RATIONAL shares 3 Quarter-end closing price (in EUR) 765.00 799.00 –34.0 –4 Market capitalisation 8,698 9,085 –387 –4 1 Cash flow from operating activities less capital expenditures 2 The previous year’s comparative figures have been restated retrospectively in accordance with IAS 8 (see “Consolidation methods and significant accounting poli- cies –Deferred taxes” in the 2024 Annual Report) 3 XETRA (as of balance sheet date) 04 RATIONAL AG Statement on the first quarter of 2025
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Sales revenues of 295 million euros At 295.3 million euros (2024: 286.4 million euros), RATION- AL’s sales revenues in the first quarter of 2025 were 3% high- er than in the prior-year quarter and therefore in line with our expectations. In addition to higher sales revenues generated with our cooking systems, the non-appliance business with cleaners, service parts and accessories also performed well. Exchange rate movements had no impact on sales revenue growth. North America and Europe regions continue to expand The North America region continued its successful expan- sion in the first quarter of 2025, growing by 11%. The higher sales volume of our cooking systems in the United States in particular contributed to this growth. Europe (excluding Ger - many), our region with the strongest sales revenues, was up 7% on the prior-year quarter. Sales revenues in the UK and Italy performed strongly, but demand in Southern and South- eastern Europe was likewise encouraging. In our home mar - ket of Germany, sales revenues rose by 2% year-on-year in the first three months. Sales revenues in Latin America were on the high prior-year level (+1%), while in Asia they were down 20% on the first quarter of 2024. In Asia, the prior-year quarter had still been positively impacted by the strong busi- ness in the region’s two largest markets, China and Japan. In China, we had benefited from a large additional one-time or - der from a chain customer in the previous year. Encouraging sales revenue trends in India and Korea were unable to offset these effects. We continue to consider the potential of the Asia region extremely promising. The decline in sales reve- nues in the first quarter is rather due to reporting date and prior-year factors. Sales revenues in the rest of the world climbed by 4% in the first quarter of 2025. iVario grows by 10% – iCombi holds on to high prior-year figure In the iCombi product group, sales revenues were up around 2% year-on-year in the first three months of 2025, at 261.6 million euros (2024: 255.7 million euros). In the iVario product group, we generated sales revenues of 33.7 million euros, an increase of 10% compared with the prior-year quarter (2024: 30.7 million euros). We record- ed strong rates of growth for the iVario in North and Latin America as well as in the “Rest of the world” markets. RATIONAL AG starts into fiscal year 2025 with successful first quarter 05 Key Figures 04 RATIONAL AG – successful start into the new fiscal year 05 Statement of Comprehensive Income 08 Balance Sheet 09 Cash Flow Statement 10 Statement of Changes in Equity 11 Legal Notice Disclaimer 12
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reduced by the same amount, while no development expens - es have been recognized as assets in 2025. In addition to this item, the rise was attributable to the selected recruitment of new staff and expenses for enhancing our cooking systems. As a result of our cost management initiatives, administra- tion expenses were virtually unchanged at 13.8 million euros (2024: 13.7 million euros). Net currency gains boosted EBIT by 0.6 million euros in the first quarter (2024: loss of 2.1 million euros). Adjusted for all exchange rate effects, the EBIT margin was 24.1%. Operating cash flow influenced by reporting date effects In the first three months, cash provided by operating activi- ties amounted to 1.7 million euros (2024: 26.8 million euros). Stable earnings before taxes were set against cash flow re- ducing effects. On the one hand, this related to earlier partial advance payments for income taxes incurred in the second quarter of the previous year. On the other, we recorded a stronger build-up of inventories and a higher reduction in trade accounts payable and other liabilities year-on-year. The cash flows from investing activities include investments in property, plant and equipment and in intangible assets. They amounted to 2.6 million euros in the first three months of 2025 (2024: 6.2 million euros) and related mostly to the expansion of the locations in Landsberg, Wittenheim and China. Cash outflows from financing activities of 3.3 million euros (2024: 2.9 million euros) reflect primarily payments for lease liabilities in accordance with IFRS 16. 59.2% gross margin While sales revenues increased by 3% year-on-year in the first quarter of 2025, cost of sales was up 1% in the same period, at 120.6 million euros; this was therefore only slightly higher than the prior-year figure (2024: 118.9 million euros). This led to an improvement of 0.7 percentage points in the gross margin to 59.2% (2024: 58.5%). The improvement in the gross margin is attributable to continued stable procure- ment costs as well as positive product mix effects and healthy demand from countries with a higher price level. 24.4% EBIT margin EBIT (earnings before financial result and taxes) for the first three months of 2025 was 72.1 million euros, 1% high- er than in the previous year (2024: 71.1 million euros). This gives an EBIT margin of 24.4%, as expected (2024: 24.8%). In the first quarter of 2025, we intentionally increased oper - ating costs by more than sales revenues. In total, they went up by 10% to 103.9 million euros (2024: 94.5 million euros). Our focus was on the operating costs in sales and service, which we raised by 8% from 66.3 million euros to 71.3 mil- lion euros. The increase in costs was driven especially by 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 stood at 18.8 million euros at the end of the first three months, 30% up of the prior-year fig- ure of 14.5 million euros. In the previous year, development expenses of 1.0 million euros had been capitalised and costs RATIONAL AG Statement on the first quarter of 202506
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Forecast confirmed The results of the first quarter have met our expectations. We therefore remain confident and confirm our forecast for fiscal year 2025. We expect sales revenue growth in the mid-sin- gle-digit percentage range and an EBIT margin of around 26%. Moreover, we anticipate a return to sales revenue sea- sonality, which is normal for us, with a rise in business vol- ume in the coming quarters and a strong finish to the year’s business. Our close focus on food, which is a basic need, makes our business model more resilient than those of most companies across all industries. If the trade dispute leads to a recession in the United States and other key markets, we could also be affected. The impact on the global economy of the tariffs imposed by the United States and of the countermeasures cannot be reliably estimated at present. If there is a global recession, meeting our targets would become difficult for us, too. The extent of these impacts on our own targets cannot be quantified as at today. Number of employees increased further This year, we are again counting on our employees, whom we refer to as “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 March 2025, the Ration- al Group employed 2,778 people worldwide, including over 1,500 in Germany. The increase in staff numbers in the first quarter (+42 U.i.U.s compared to 31 December 2024) affect - ed mainly our sales organisations. 07 RATIONAL AG – successful start into the new fiscal year 05 Statement of Comprehensive Income 08 Balance Sheet 09 Cash Flow Statement 10 Statement of Changes in Equity 11 Legal Notice Disclaimer 12 Key Figures 04
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in thousands of euros Period: 1 January – 31 March 3 months 2025 3 months 2024 Sales revenues 295,288 286,425 Cost of sales –120,582 –118,947 Gross profit 174,706 167, 478 Sales and service expenses –71,310 –66,323 Research and development expenses –18,806 –14,516 General administration expenses –13,809 –13,710 Other operating income 2,966 2,933 Other operating expenses –1,660 –4,721 Earnings before financial result and taxes (EBIT) 72,087 71,141 Interest income 3,190 3,119 Interest expenses –358 –363 Other financial result –58 –48 Gain or loss on the net monetary position in accordance with IAS 29 –31 –12 Earnings before taxes (EBT) 74,830 73,837 Income taxes –17,959 –17,721 Profit or loss after taxes 56,871 56,116 Items that may be reclassified to profit and loss in the future: Differences from currency translation 324 –345 Differences from IAS 29 Hyperinflation 42 –53 Items that will not be reclassified to profit and loss: Actuarial gains and losses from defined benefit obligations – 3 Other comprehensive income 366 –395 Total comprehensive income 57, 237 55,721 Average number of shares (undiluted/diluted) 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 5.00 4.94 Statement of Comprehensive Income RATIONAL Group RATIONAL AG Statement on the first quarter of 202508
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Assets in thousands of euros 31 March 2025 31 Dec 2024 31 March 2024 1 Non-current assets 286,507 292,093 287,338 Intangible assets 17,683 19,024 21,592 Property, plant and equipment 222,805 227,841 218,505 Other financial assets 1,486 1,475 1,701 Deferred tax assets 42,482 41,738 42,718 Other assets 2,051 2,015 2,822 Current assets 832,493 814,068 739,607 Inventories 113,800 107,593 108,551 Trade accounts receivable 186,128 181,103 178,995 Other financial assets 352,957 350,002 330,933 Income tax receivables 2,552 3,173 3,610 Other assets 28,370 19,669 23,585 Cash and cash equivalents 148,686 152,528 93,933 Total equity and liabilities 1, 1 19,000 1,10 6,161 1,026,945 Equity and liabilities in thousands of euros 31 March 2025 31 Dec 2024 31 March 2024 1 Equity 914 ,139 856,902 816,510 Subscribed capital 11,370 11,370 11,370 Capital reserves 28,058 28,058 28,058 Retained earnings 879,756 822,885 781,966 Other components of equity –5,045 –5,411 –4,884 Non-current liabilities 44,348 45,123 41,636 Pension and similar obligations 6,014 5,970 5,131 Other provisions 13,772 13,429 12,389 Other financial liabilities 18,457 20,385 18,831 Deferred tax liabilities 3,153 2,632 4,498 Income tax liabilities 1,646 1,638 – Other liabilities 1,306 1,069 787 Current liabilities 160,513 20 4 ,136 168,799 Other provisions 62,494 82,033 60,063 Trade accounts payable 32,864 33,230 35,095 Other financial liabilities 14,757 25,954 13,875 Income tax liabilities 16,735 29,345 27,381 Other liabilities 33,663 33,574 32,385 Liabilities 204,861 249,259 210,435 Total equity and liabilities 1, 1 19,000 1,10 6,161 1,026,945 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 the 2024 Annual Report) Balance Sheet RATIONAL Group 09 Cash Flow Statement 10 Statement of Changes in Equity 11 Legal Notice Disclaimer 12 Key Figures 04 RATIONAL AG – successful start into the new fiscal year 05 Statement of Comprehensive Income 08 Balance Sheet 09
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in thousands of euros Period: 1 January – 31 March 3 months 2025 3 months 2024 Earnings before taxes (EBT) 74,830 73,837 Depreciation and amortisation 9,612 8,456 Other –2,228 2,375 Net interest –2,832 –2,756 Changes in Inventories –6,207 –2,683 Trade accounts receivable and other assets –15,188 –16,199 Provisions –19,153 –16,852 Trade accounts payable and other liabilities –6,955 11 Income taxes paid –30,164 –19,438 Cash flow from operating activities 1,715 26,751 Capital expenditures in intangible assets and property, plant and equipment –2,593 –6,245 Proceeds from asset disposals 1 31 Change in fixed deposits –1,501 –63,755 Interest received 2,741 1,860 Cash flow from investing activities –1, 352 – 68 ,10 9 Repayment of liabilities to banks – – Payments for lease liabilities –2,931 –2,602 Interest paid –358 –318 Cash flow from financing activities –3,289 –2,920 Effects of exchange rate fluctuations in cash and cash equivalents –916 249 Change in cash and cash equivalents –3,842 –44,029 Cash and cash equivalents as at 1 January 152,528 137,962 Cash and cash equivalents as at 31 March 148,686 93,933 Cash Flow Statement RATIONAL Group RATIONAL AG Statement on the first quarter of 202510
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in thousands of euros Subscribed capital Capital re - serves Retained earnings 1 Other components of equity Total Differences from cur- rency translation Actuarial gains and losses Other changes (e.g. acc. to IAS 29) Balance as at 1 Jan 2024 11, 370 28,058 725,850 –3,991 116 –614 760,789 Dividend – – – – – – – Profit or loss after taxes – – 56,116 – – – 56,116 Other comprehensive income – – – –345 3 –53 –395 Balance as at 31 March 2024 11, 370 28,058 781,966 –4,336 119 –667 816,510 Balance as at 1 January 2025 11, 370 28,058 822,885 –3,910 –378 –1,123 856,902 Dividend – – – – – – – Profit or loss after taxes – – 56,871 – – – 56,871 Other comprehensive income – – – 324 – 42 366 Balance as at 31 March 2025 11, 370 28,058 879,756 –3,586 –378 –1,081 914 ,139 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 the 2024 Annual Report) Statement of Changes in Equity RATIONAL Group 11 Legal Notice Disclaimer 12 Key Figures 04 RATIONAL AG – successful start into the new fiscal year 05 Statement of Comprehensive Income 08 Balance Sheet 09 Cash Flow Statement 10 Statement of Changes in Equity 11
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Publisher and contact RATIONAL Aktiengesellschaft Siegfried-Meister-Strasse 1 86899 Landsberg am Lech Dr Peter Stadelmann Chief Executive Officer Phone +49 8191 327 3309 Fax +49 8191 327-272 E-mail ir@rational-online.com Stefan Arnold Head of Investor Relations Phone +49 8191 327-2209 Fax +49 8181 327-722209 E-mail ir@rational-online.com Disclaimer This quarterly statement contains forward-looking statements that are based on assumptions and expec - tations at the time the report went to press (2 May 2025). 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 mar - ket 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 in order to reflect events or circumstances that have occurred after they were published. This statement was published on 6 May 2025.