RATIONAL (RAA) Q4 2024 earnings summary

Executive summary

• Achieved record sales of EUR 1.194 billion in 2024, up 6% year-over-year, with Q4 setting a new quarterly record at EUR 318 million (+9%).

• EBIT reached an all-time high of EUR 314 million, up 13% year-over-year, with an EBIT margin of 26.3%, returning to pre-pandemic levels.

• Launched the iHexagon, a new innovative cooking appliance, and expanded digital solutions like ConnectedCooking, receiving strong customer feedback and industry awards.

• Celebrated 25 years of stock exchange listing, highlighting innovation, stability, and record share price milestones.

• Continued global expansion and strategic investments in France, China, and a new distribution center in Germany, with a focus on sustainability.

Financial highlights

• Gross profit margin improved to 59.2%, up 2.5 percentage points, with gross profit at EUR 707 million, driven by lower costs and price increases.

• EBIT margin rose to 26.3%, with net income for FY 2024 at EUR 250.5 million, up 17% year-over-year.

• Operating costs rose 7%, with R&D costs increasing 25% (11% excluding capitalization effects).

• Equity ratio at 77% and liquidity ratio at 45%, with cash and equivalents totaling EUR 500 million.

• Dividend proposed at EUR 15 per share for 2024 (68% payout ratio), with a dividend yield of 1.8%.

Outlook and guidance

• 2025 sales growth expected in the mid-single-digit percentage range, driven by volume.

• EBIT margin guidance for 2025 is around 26%, with a plus/minus 1 percentage point range.

• Gross margin expected to be slightly lower in 2025 due to price reductions in cleaner products and rising operating costs.

• Continued investment in sales force, R&D, and production capacity, especially in China.