RATIONAL (RAA) Q2 2026 earnings summary

Executive summary

• Achieved solid growth and strong profitability in H1 2026, confirming full-year outlook despite geopolitical and economic uncertainties.

• Celebrated 50 years of global market leadership in professional cooking systems.

• Innovation leadership highlighted by the iHexagon launch and strong customer engagement at major industry events.

• Recognized with Best Managed Companies Award and named a leading quality stock by Handelsblatt.

• Continued focus on sustainability and resource efficiency in partnership initiatives.

Financial highlights

• H1 2026 revenues grew organically by 8% (6% after FX), reaching EUR 642 million, with Q2 revenue up 4% to EUR 324 million.

• EBIT increased by 11% year-over-year to EUR 170 million, with an EBIT margin of 26.5% (24.3% excluding EUR 14 million U.S. tariff refunds).

• Gross profit rose 7% to EUR 383 million, with a margin of 59.8%; operating expenses increased 5% to EUR 250 million.

• Equity increased by nearly EUR 40 million year-over-year, with a high equity ratio at 77%-80%.

• Free cash flow rose 63% to EUR 114.5 million in H1 2026.

Outlook and guidance

• Expecting mid- to high single-digit percentage revenue growth for 2026; EBIT margin guidance maintained at 25%-26%, now expected at the upper end due to tariff refunds.

• Gross margin anticipated slightly below prior year due to rising input and logistics costs.

• Operating costs projected to rise slightly faster than sales revenues.

• North America growth expected at 10%-15% for H2; Germany to maintain positive momentum.