RATIONAL (RAA) Q1 2024 earnings summary

Executive summary

• Q1 2024 revenue rose 1% YoY to €286.4m; EBIT increased 7% to €71.1m and profit after tax rose 9% to €56.1m.

• Order intake remained high; orders on hand were ~€120m, stable with year-end, as demand was described as stable.

Financial highlights

• Gross profit rose 6% to €167.5m; cost of sales fell 5% to €118.9m.

• Operating costs increased 5% to €94.5m; sales and service expenses were €66.3m (+4%) and R&D expenses were €14.5m (+11%).

• EBT increased 10% to €73.8m; profit after tax was €56.1m versus €51.7m, EPS rose to €4.94 from €4.55, and total comprehensive income reached €55.7m (+7%).

Outlook and guidance

• FY 2024 organic revenue growth guidance was confirmed in the mid- to high-single-digit range.

• Lower material costs are expected to support gross profit; operating costs are expected to rise slightly faster than revenue, with EBIT margin near the prior-year level.