RATIONAL (RAA) Pre-close call summary

Executive summary

• H1 2026 sales revenues reached EUR 642 million, up 6% overall and 8% organically after FX adjustments.

• Overseas regions (North America, South America, Europe) drove growth, while Asia, led by China, saw a 4% decline.

• iVario segment grew 14%, outpacing iCombi at 5% in H1.

Trading performance and revenue trends

• Q1 saw strong pre-buying, leading to lower Q2 growth; H1 as a whole is more representative.

• Price increase of 2.9% for cooking systems (excluding US) effective October, impacting over half of sales.

• Q3 expected to be slightly higher than Q2, with normal seasonality and some positive/negative indicators.

• U.S. school business declined due to reduced government funding, returning to normal levels after elevated prior years.

• Elevated order book at September end due to pre-ordering ahead of price increase; Q4 shipments may benefit.

Profitability and margins

• Gross margin at H1 end was 59.8%, or 57.6% adjusted for one-off tariff refunds, 1.4pp below prior year.

• EBIT margin at H1 was 26.5% (24.3% adjusted), about 100bp lower than H1 2025.

• Tariff refunds and lower warranty costs contributed positively, but higher tariffs and input costs offset gains.

• Tariff rates for cooking systems reduced from 25% to 15% from June, lowering expected tariff costs for 2026.

• Q4 expected to see lower tariff expenses, partially offsetting higher input costs.