RATIONAL (RAA) Q4 2025 earnings summary

Executive summary

• Achieved record sales of EUR 1.26 billion in 2025, up 6% year-over-year, with strong performance in Europe and North America, but a decline in Asia due to specific customer effects.

• EBIT reached an all-time high of EUR 333 million, up 6%, with a stable EBIT margin slightly above the previous year.

• Launched iCombi One tailored for China and expanded production capacity in Wittenheim and Suzhou.

• Celebrated 50 years of market leadership, surpassing 1.5 million combi ovens produced since 1976.

• Significant investments in R&D (+15%) and sales force expansion supported growth and innovation.

Financial highlights

• Sales grew 6% year-over-year to EUR 1.26 billion; currency-adjusted growth was 8%.

• EBIT increased 6% to EUR 333 million; EBIT margin stabilized above 25%.

• Gross margin at 59%, with tariffs offset by lower raw material and logistics costs.

• Cash and equivalents at EUR 540 million; equity ratio rose to 80%.

• Dividend of EUR 20.00 per share proposed, with a 90% payout ratio and 3.0% dividend yield.

Outlook and guidance

• Expect mid- to high single-digit sales growth in 2026, with EBIT margin guidance of 25%-26%.

• Gross margin anticipated to be slightly lower due to higher steel/electronics prices and full-year tariff impact.

• Continued investment in sales-related OpEx; non-sales OpEx to remain stable.

• No major price increases planned for 2026; organic growth to drive performance.

• Operating costs expected to rise slightly faster than sales.