RATIONAL (RAA) investor relations material

Business focus and product innovation

• Specializes in heating solutions for commercial kitchens, targeting four customer segments: catering, restaurants with service, retail, and quick service restaurants.

• Main product is the combi steamer, accounting for 60% of €1.3 billion in sales; iVario and the new iHexagon complement the lineup.

• iHexagon, launched in 2024, combines hot air, steam, and microwave for up to 30% faster cooking.

• Digital platform ConnectedCooking has over 190,000 users and 130,000 connected units, enabling AI-driven services.

• Offers extensive free after-sales services, including chef support and training, to enhance customer experience.

Market position and growth

• Holds about 50% global market share in combi steamers, with higher penetration in Western Europe.

• Only 25% of addressable kitchens use combi steamers; significant untapped potential remains.

• iVario market is less penetrated, with only 8% adoption, indicating further growth opportunities.

• Organic sales growth reached 8% in H1 2026, with strong performance in Germany and Europe, but challenges in China.

• Forecasts mid to high single-digit revenue growth for 2026, with EBIT margin expected between 25%-26%.

Competitive landscape and regional dynamics

• Faces increasing competition from local Chinese manufacturers, especially after Yum China shifted sourcing.

• Responded with locally produced iCombi One, priced 30%-35% below premium models, to address price-sensitive markets.

• Chinese competitors' products are comparable to entry models but lack advanced features; some are entering North America.

• No current focus on consumer market; products and marketing remain dedicated to mass catering.

• iCombi One has been well received, attracting new key accounts and expanding dealer network.