Rational AG continues successful start to year in second quarter of 2025
- Sales revenues of 311 million euros in the second quarter – 606 million euros after six months
- Strong growth in North America and Europe
- EBIT margin of 26.1 percent in the second quarter – 25.3 percent after six months
- Growth outlook confirmed – EBIT margin expected in the lower section of the forecast range
Landsberg am Lech, 5 August 2025 “Despite exceptionally high levels of political and economic uncertainty, our business is performing as expected. The stability and great importance to society of out-of-home catering are once again a major advantage,” Rational CEO Dr Peter Stadelmann is pleased to report on the first half of 2025. On the morning of 5 August 2025, the company, whose head office is in Landsberg am Lech (Germany), published its business figures for the first six months of 2025.
Sales revenues of 311 million euros in the second quarter – 606 million euros after six months
At 310.9 million euros (2024: 294.8 million euros), Rational’s sales revenues in the second quarter of 2025 were 5 percent higher than in the prior-year quarter. “Sales revenues performed in line with our expectations. Overall, the second quarter of 2025 was the second best quarter in the company's history,” adds CFO Jörg Walter. For the first half of 2025, this resulted in growth at a rate of 4 percent to 606.2 million euros for the six-month period.
In North America, Rational was up 11 percent in the first half of 2025. In Europe (excluding Germany), sales revenues for the first half of 2025 increased by 9 percent, driven primarily by the region’s largest individual markets, the UK, France and Italy. In Rational’s home market of Germany, sales revenues were down 2 percent on the previous year. Sales revenues in Latin America once again marginally exceeded the high prior-year level (+1 percent), while they were down 16 percent on the first half of 2024 in Asia. “In Asia, we continue to feel the effect of comparing the current performance to the previous year’s strong business with major customers in China and Japan. This effect had already diminished in the second quarter and will taper off towards the end of the year,” explains Walter.
With an increase of 9 percent, the trend in sales revenues for the iVario product group was particularly encouraging. According to Rational, this was attributable especially to strong demand from North America and from the markets in the “Rest of the world”. After a 2 percent rise in the first quarter, the iCombi product group achieved growth of 5 percent in the second quarter of 2025, thus putting it 4 percent ahead of the previous year for the six-month period.
EBIT margin of 26.1 percent in the second quarter– 25.3 percent after six months
The key earnings figures of the current year are also positive. Cost of sales rose slightly less than sales revenues in the first half of 2025, up around 4 percent. This led to a slight improvement of 0.1 percentage points in the gross margin to 59.0 percent (2024: 58.9 percent). “An encouraging fact is that the improvement in the gross margin is based on a slightly better productivity in production, with procurement costs largely stable,” comments the CFO.
EBIT (earnings before financial result and taxes) stood at 153.4 million euros, slightly up on the previous year. “Sales, service and product development in particular have been selected for expansion to maintain our product leadership and to be close to our customers,” says Dr Peter Stadelmann. Rational’s total operating costs climbed by 8 percent. The EBIT margin was 25.3 percent in the first half of 2025, a decline of 0.3 percentage points from the previous year.
Number of employees rises to just under 2,800
Rational’s success is the result of the strong commitment and hard work of all employees, whom Rational refers to as “entrepreneurs in the company” (U.i.U.s). At the end of June 2025, the Rational Group employed 2,795 people worldwide, thereof 1,545 in Germany. The increase in staff numbers in the first half of 2025 (+59 compared to 31 December 2024) was mainly in the company’s sales organisations.
Growth outlook confirmed – EBIT margin expected in the lower section of the forecast range
In light of successful business performance in the first half of 2025, high untapped market potential, a strong product portfolio, maximum customer satisfaction and highly motivated employees, Stadelmann’s letter to shareholders expresses confidence about the future. “In the medium term, the commercial kitchen industry will benefit from infrastructure programmes running into billions in many countries. The results of the first half of the year have largely met our expectations. We therefore remain confident and confirm our forecast for fiscal year 2025,” he promises. The company anticipates sales revenue growth in the mid-single-digit percentage range.
Stadelmann is more cautious about earnings predictions, especially due to the US import tariffs and exchange rate performance. Rational currently expects the EBIT margin to be in the lower section of the existing forecast range, which is at around 26%. “This reflects the additional tariffs and exchange rate effects as at the end of July 2025,” he explains. “Despite the agreement between the US government and the European Union on 15% import tariffs for European exports to the USA, it is not yet possible to make a reliable estimate of the impact for the second half of the year,” says the CEO keeping the earnings outlook for fiscal year 2025 open. “We do not anticipate that the tariff developments will have a material influence on the competitive situation and leading market position of Rational cooking systems,” he concludes.
Contact:
Rational Aktiengesellschaft
Stefan Arnold / Head of Investor Relations
Tel. +49 (0)8191 327-2209
Fax +49 (0)8191 327-72 2209
E-mail: ir@rational-online.com
rational-online.com
Editorial note:
Rational is the global market and technology leader for innovative cooking systems in commercial food preparation. Its customer base ranges from restaurants and hotels through company canteens, hospitals, schools, universities, military facilities, prisons and retirement homes, down to fast food restaurants, party services, supermarkets, bakeries and snack outlets, butchers’ shops, service stations and delivery services, including ghost kitchens, as they are known.
According to company estimates, the global market potential for combi-steamers is 4.8 million customers, of whom around 75 percent are still using traditional cooking equipment. The iCombi, the iVario and the iHexagon, which are intelligent cooking systems, can replace all this equipment, enabling customers to improve the quality of their food and to save money. In addition, Rational offers a large range of services for customers, such as accessories, care products, spare parts, training and technical services.
The unique customer benefit philosophy delivers results such as market leadership, growth, profitability and stability, which manifest in the following key figures for the year 2024: global market share of 50 percent, sales revenues of 1,194 million euros, EBIT of 314 million euros, EBIT margin of 26 percent, equity ratio of 78 percent.
| Figures in millions of euros |
Q2 2025 |
Q2 2024 |
Percentage
change |
| Sales revenues |
310.9 |
294.8 |
+5 |
| Gross profit |
183.1 |
174.8 |
+5 |
| Gross margin in percent |
58.9 |
59.3 |
– |
| Earnings before financial result and taxes (EBIT) |
81.3 |
77.8 |
+4 |
| EBIT margin in percent |
26.1 |
26.4 |
– |
| Profit or loss after taxes |
63.4 |
61.0 |
+4 |
| Earnings per share in EUR |
5.57 |
5.36 |
+4 |
| Figures in millions of euros |
HY 2025 |
HY 2024 |
Percentage
change |
| Sales revenues |
606.2 |
581.2 |
+4 |
| Gross profit |
357.8 |
342.3 |
+5 |
| Gross margin in percent |
59.0 |
58.9 |
– |
| Earnings before financial result and taxes (EBIT) |
153.4 |
149.0 |
+3 |
| EBIT margin in percent |
25.3 |
25.6 |
– |
| Profit or loss after taxes |
120.3 |
117.1 |
+3 |
| Earnings per share in EUR |
10.58 |
10.30 |
+3 |
