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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
RATIONAL (RAA) investor relations material
RATIONAL Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Sales revenues reached €918.2 million for the first nine months of 2025, up 5% year-over-year, with growth in all major regions except Asia.
EBIT for the nine-month period was €234.3 million, a 3% increase, with an EBIT margin of 25.5%, returning to pre-pandemic levels.
Net profit after taxes for 9M 2025 was €183.1 million, up 2% year-over-year.
Company remains resilient despite global economic volatility and industry pressures, with robust demand for its products.
Celebrated 25 years of stock exchange success and recognized for sustainability initiatives.
Financial highlights
Q3 sales grew 6% year-over-year (almost 9% excluding FX), marking the best third quarter ever.
Gross margin for 9M 2025 was 58.7%, slightly down from 58.9% last year, mainly due to higher COGS and US tariffs.
Operating expenses rose 7% to €306 million, with R&D costs up 19%.
Cash flow from operating activities for 9M 2025 was €186.6 million.
Net profit after taxes rose 2% year-over-year to €183.1 million.
Outlook and guidance
Guidance for 2025 confirmed, expecting mid-single-digit sales growth and EBIT margin between 25% and 26%.
Limited impact from U.S. tariffs expected in 2025, with a full-year effect in 2026; estimated €11 million negative impact in 2025 and €24 million in 2026 if no price increases are implemented.
Operating costs anticipated to rise slightly faster than sales revenues.
Growth expected to continue in 2026 and beyond, driven by increased sales force and market demand.
Cautiously optimistic outlook despite challenging economic environment.
Expected 2026 full-year tariff impact
Reasons for Asia's 9M 2025 sales decline
Drivers of 19% R&D expense increase
Explain Asia's 12% sales decline
Impact of tax payments on cash flow
Strategic intent of 19% R&D expense increase
US pricing strategy sustainability for 2026
Rationale for China production's local market focus
Key R&D areas driving future growth beyond sales
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CMD 202518 Nov, 2025
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Frequently asked questions
RATIONAL Aktiengesellschaft specializes in the development and manufacturing of cooking appliances for professional kitchens. The company’s product portfolio includes combi steamers and other multifunctional cooking systems designed to prepare a wide variety of dishes efficiently and consistently. RATIONAL serves industries such as hospitality, catering, and foodservice. The company is headquartered in Landsberg am Lech, Germany, and its shares are listed on the FSE (Frankfurt Stock Exchange).
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