RATIONAL AG - Press release

 25 years on the stock exchange for Rational AG – the pearl of the SDAX has become the jewel of the German stock market

Landsberg am Lech, 3 March 2025 – Rational has been writing stock exchange history for 25 years now. When the shares were first traded, the share price was already 50 percent above the issue price of 23 euros. Rational was underestimated at first, while many technology stocks were intensely hyped. “Rational – as sexy as a Pichelsteiner stew” was the not-so-flattering headline in a major daily newspaper.

While only a quarter of the around 140 companies that went public in 2000 are still listed on the stock exchange today, some of them at substantial discounts, Rational’s valuation 25 years later is very different. “It doesn’t get better than this” or “the jewel of the German stock exchange” are some of the compliments given by banks and financial journalists, reports Stefan Arnold, Head of Investor Relations. After an around 38-fold increase in the share price, Rational is one of the best IPOs of the year 2000. At 867,50 euros, its share price is one of the highest of all German stocks. “We are not considering a share split, we regard the high price as a hallmark of quality,” explains CFO Jörg Walter. A price-earnings ratio of 40 signals confidence in the quality of the company. On average, DAX stocks have a ratio of less than 20. (All data as at 28 February 2025, Xetra)

It's not just the stock that shines – Rational itself also comes up with impressive key figures. Sales revenues have risen by 9 percent a year in the past 10 years. An EBIT margin of 26 percent means Rational’s profitability is comparable to that of companies in the software industry. Its global market share is almost 50 percent, and a net promoter score of 60 confirms excellent customer satisfaction. Around 90 percent of employees are proud to work at Rational. The Executive Board has identified the solid, sustainable business model as the foundation for success. “Our solutions cover the growing demand for innovative cooking systems and help customers to handle skills shortages and rising costs,” comments CEO Dr Peter Stadelmann.

“Only if products and solutions are good investments for customers, shares can be a good investment for the long term,” says CFO Jörg Walter. “Rational shares embody the philosophy that good financial indicators and a good share price are the result of outstanding customer benefit,” he adds. In 2009, Rational shares – referred to as the “pearl of the SDAX” at the time – were admitted to the MDAX. Today, Rational is an established member of the MDAX. Despite a workforce of just around 2,700, which is only about a fifth of the MDAX average, Rational has a market capitalisation of around 10 billion euros, more than some global corporations.

“For 16 years now, I’ve been hearing investors who are impressed about the company, but always consider the stock to be significantly overvalued,” explains Head of IR Arnold. There were, however, good entry opportunities from time to time. External shocks such as the dot-com bubble, the financial crisis or the coronavirus pandemic pulled all stocks down, and even Rational suffered declines of up to two thirds. Good financial performance and product innovations have always been drivers of successful share price trends. On average, investors of the first hour have enjoyed annual share price appreciation of around 15 percent – plus about 130 euros in dividends per share.

The future of Rational remains promising. CEO Dr Peter Stadelmann sees great potential for growth: “The proportion of global customers using our technology is still small, and new solutions such as the iHexagon, ConnectedCooking and the future combi-steamer in China offer great potential,” he comments optimistically. In the medium term, he expects growth rates in the upper single-digit percentage range.

“Investors who think long term are a good fit for us,” recaps Stadelmann. “And since I enjoy “Pichelsteiner stew” just as much as 25 years of Rational on the stock exchange, it is on the menu in our staff restaurants on this special day,” concludes Stadelmann with a wink.

Detailed information is available on the RATIONAL homepage under rat.ag/share-25.

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, quick service restaurants, party services, supermarkets, bakeries and takeaway outlets, down to butchers’ shops, service stations and delivery services, including ghost kitchens.

According to company estimates, the worldwide market potential for combi-steamers is 4.8 million customers, of whom around 75 percent are still using traditional cooking equipment. With intelligent cooking systems – the iCombi, the iVario and the iHexagon – all these appliances can be replaced. Customers will in this way improve the quality of their food and save hard cash. In addition, RATIONAL offers a large variety of services for its customers, such as accessories, care products, spare parts, training and technical services.

Outcomes of the unique customer benefit philosophy are market leadership, growth, profitability and stability, which manifest in the following indicators for 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 77 percent.