RATIONAL (RAA) Investor update summary

Trading performance

• 9M 2026 revenue rose 6% to €974m, or 7% excluding FX; Q3 revenue increased 6% to €332m, with healthy underlying demand.

• Europe led growth: Germany +9% and Europe ex-Germany +8% after 9M, with every European country at or above prior-year sales.

• North America grew 5% reported and 9% excluding FX after 9M; Q3 FX-adjusted growth was ~7%, with lower school business tied to reduced public funding.

• Asia sales declined 3% after 9M and ~6% in Q3, mainly as China fell ~19%; Yum China’s share of China sales eased from 30%-40% historically to ~10%.

• Latin America grew broadly; Middle East sales remained slightly below prior year and were ~2% of total revenue after 9M.

Products and demand

• iCombi sales increased 5% after 9M; iVario sales rose 10% to €120m, with longer-term growth expected to run at roughly twice the iCombi rate.

• Cooking-system sales reached ~75,000 units, up ~5%; iCombi units rose 4% and iVario units 8%.

• Non-equipment revenue share remained ~31% in Q3 and across 9M; iHexagon feedback was positive, with worldwide availability targeted by April 2027.

• iHexagon is generating interest for uses including fryer replacement; some cannibalization of iCombi is possible, while some customers add it alongside iCombi Pro.

Profitability and costs

• 9M gross margin was 59.5%, or 58.1% excluding ~€14m of tariff refunds, slightly below prior year on higher material, freight, logistics and tariff costs.

• 9M EBIT rose 12% to ~€261m; EBIT margin was 26.8%, or ~25.4% excluding tariff refunds, within the 25%-26% sustainable mid-term assumption.

• Q3 included a €4m-€5m release of tariff provisions, mainly shifting benefit from H1 to Q3; no further releases were expected in Q4 or later.

• Cooking-system prices rose slightly less than 3% outside the U.S.; the Q4 benefit is expected at ~€3m, with a positive impact of ~€20m in 2027.

• Input-cost pressure, particularly for materials and components, is expected to become more visible in 2027; margin protection prioritizes efficiency, with pricing used where needed.