RATIONAL (RAA) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue rose 6% to €973.7m, or ~7% excluding FX; Q3 revenue increased 6% to €332.2m.

• 9M EBIT increased 12% to €261.2m; reported margins benefited from non-recurring tariff-related items.

• FY26 revenue growth guidance narrowed to the lower end of the mid-to-high-single-digit range; EBIT guidance remained €340m–€360m and margin guidance rose to 26%–27%.

Financial highlights

• 9M gross profit increased 7% to €579.5m; operating costs rose 5% to €321.1m, including R&D up 7% and sales and service costs up 5%.

• Tariff refunds of ~€14m offset tariff, material and logistics cost pressures.

• 9M profit after taxes rose 10% to €201.7m and EPS increased 10% to €17.74.

• Around 75,000 units were sold in 9M, up around 5% YoY; iCombi units rose around 4% and iVario around 8%.

Outlook and guidance

• FY26 revenue growth is expected at the lower end of the mid-to-high-single-digit range; Q4 growth is forecast at 1%–5% against a strong comparison base.

• FY26 EBIT guidance remained €340m–€360m; margin guidance rose to 26%–27%, including tariff-related benefits.

• Excluding tariff-related effects, sustainable mid-term EBIT margin is estimated at 25%–26%; mid-term growth of ~8% remains achievable.

• A price increase of just under 3% for cooking systems takes effect in Q4, except in the US; pricing benefits are expected to partly offset higher FY27 material and component costs. No FY27 guidance was given.