RATIONAL (RAA) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales reached EUR 318 million, up 11% organically and 8% after FX, marking a new Q1 record.

• EBIT increased 5% to EUR 76 million, with an EBIT margin of 23.9%, slightly down due to FX and tariffs.

• Growth was driven by strong performance in Americas and Europe, with North America up 11% (13% in the U.S.) and Europe up 8%.

• iVario product group grew 18% year-over-year, outpacing iCombi's 6% growth.

• Non-equipment business stable at 31% of sales; pricing actions to support margins from Q2.

Financial highlights

• Gross margin declined to 57.6% (down 155 bps YoY) due to higher cost of goods sold and tariffs.

• Operating expenses rose 5%, mainly in R&D and customer-related functions; admin expenses fell 2%.

• Net profit after taxes was EUR 59.2 million, up 4% YoY; EPS rose to EUR 5.21.

• Operating cash flow surged to EUR 27.9 million from EUR 1.7 million in Q1 2025.

• Equity reached EUR 1 billion for the first time, with an equity ratio of 81%.

Outlook and guidance

• Full-year 2026 forecast confirmed: mid- to high-single-digit sales revenue growth and EBIT margin between 25% and 26%.

• Gross margin expected to be slightly lower than last year, offset by tariff refunds.

• Operating costs projected to rise slightly faster than sales revenues.

• No change in seasonality pattern anticipated for 2026.