RATIONAL (RAA) Investor Update summary

Trading and outlook

• 9M 2025 sales revenue €918m, up 5% year on year, with FX-neutral growth of 7%; Q3 revenue was €312m, up 6%.

• FX-adjusted growth was 8%-9% in Q2 and Q3; Q3 marked a second consecutive quarter of organic growth within the long-term 8%-9% CAGR range.

• 2025 sales growth guidance of ~5% was confirmed, supported by a promising order situation.

• Longer-term organic growth of 7%-9% seen as realistic; overseas markets expected to grow disproportionately, with mid-single-digit growth in Europe’s highly penetrated markets.

Margins and tariffs

• 9M EBIT rose 3% to €234m, with a 25.5% margin; 2025 margin guidance remained 25%-26%.

• Tariffs and currency effects reduced Q3 EBIT margin by ~120 bps and 9M margin by ~80 bps; headwinds expected to continue in Q4.

• 2025 U.S. import tariffs estimated at ~€11m, including €6m in 9M and ~€5m in Q4.

• 2026 U.S. tariffs estimated at €24m-€25m total, €13m above 2025, implying ~1 percentage point of margin drag versus 2025 before pricing or mitigation.

• Pricing decision remains pending; budgeting is assessing efficiency and cost-saving measures first, followed by any potential pricing action.

Regional performance

• North America grew 10% organically and 6% after FX in 9M; Q3 growth was 4% after FX against a strong prior-year comparison, with Q4 expected to be more normal.

• Europe grew 10%; major markets included strong results in the U.K. and Italy.

• Germany grew 18% in Q3, aided by a weak prior-year comparison and stronger after-sales activity; 9M growth was 5%.