RATIONAL at 16th Hamburg Investor Days Conference: growth holds, china shifts
On Thursday, August 27th, 2026, RATIONAL AG (RAAG) presented its business at the 16th Hamburg Investor Days Conference. The German kitchen-equipment manufacturer reported steady growth, despite challenges in China and rising costs. Sales in the first half of 2026 reached EUR 642 million, with 8% organic growth and 6% growth after accounting for foreign exchange effects.
EBIT increased to EUR 170 million, marking an 11% rise year-over-year and a 26.5% margin that included a EUR 14 million tariff refund. iVario, a contact-heat appliance, saw a 14% increase in sales, outpacing the iCombi steamer business. After-sales services contributed to 31% of the company's revenue, with cleaners for iCombi products, service parts, and accessories each accounting for about 10%.
RATIONAL intends to return excess cash to shareholders through dividends, rather than engaging in buybacks or acquisitions within its core business. The company expects mid- to high-single-digit revenue growth for the second half of the year, with slightly lower gross margins due to tariffs and expensive electronic components. CEO Peter Stadelmann emphasized RATIONAL's mission to support professionals in commercial kitchens, such as schools, hospitals, and canteens, with products like the combi steamer, iVario, and newer iHexagon.
Despite China's weakening economy and competition, RATIONAL anticipates continued growth in Europe, North America, and Latin America. To address the threat from cheaper Chinese manufacturers, RATIONAL launched the iCombi One in March 2026, priced lower than the premium iCombi Pro. The new model, designed for price-sensitive customers, has generated positive feedback and attracted new dealers.
RATIONAL remains watchful regarding the broader impact of Chinese manufacturers expanding into other regions.
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