RATIONAL AG (RAAG) reported first-half 2026 revenue of EUR 642 million, reflecting 8% organic growth and a 6% increase on a reported basis after foreign exchange effects. EBIT climbed 11% year-over-year to EUR 170 million, lifting the EBIT margin to 26.5%, including a EUR 14 million tariff refund. Normalized EBIT margin stood at approximately 24% to 25%, with management guiding to 25% to 26% for the full year.
The company’s gross profit margin reached 58% over the last twelve months, supported by recurring after-sales services that now account for 31% of total revenue. Unit sales contributed 70%, with iCombi steamers representing about 60% of total sales and rising 5% in the period. iVario appliances, a smaller but faster-growing segment, increased 14%.
Geographically, Germany and broader Europe excluding Germany both grew 9%, while North America expanded by more than 10% excluding currency effects. Latin America surged 18%, but Asia declined, driven by weakness in China. Australia showed volatility due to ordering patterns from a license partner.
RATIONAL’s addressable market covers roughly 20 million professional kitchens globally, with combi steamers penetrating 25% of those kitchens. The company holds about 50% global market share in combi steamers, rising to approximately 70% in Western Europe. Its iVario appliances have achieved 8% penetration. The newer iHexagon platform, launched in 2024, reduces cooking times by about 30% by integrating hot air, steam, and microwave energy.
In China, RATIONAL introduced the iCombi One in March 2026, priced 30% to 35% below the premium iCombi Pro. The move targets lower-cost competitors such as Yasta and Nopen, which have gained traction by offering entry-level products at steep discounts. A key account with over 700 outlets has placed an order for the iCombi One. However, Yum China, a long-standing customer operating more than 12,000 RATIONAL units, has gradually shifted toward local suppliers, reducing RATIONAL’s role as a primary vendor.
Capital expenditures remain focused on capacity expansion, including a EUR 30 million service parts building due to open in early 2027 and a EUR 30 million office building in Landsberg slated to begin construction next year. The company maintained its 70% annual payout ratio, marking 26 consecutive years of dividend payments with a current yield of 2.5%.
