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RATIONAL AG: Investor Relations & Financial Insights | seat11a

RATIONAL AG Investor Relations

Company Unpacked


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Siemensstr. 5

86899 Landsberg am Lech, Germany

phone +49 8191 327 2209

Their main product is the in 2020 newly launched iCombi Pro, a combi oven with intelligent cooking processes. In a combi oven heat is transferred via steam and hot air.


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At a Glance

Their main product is the in 2020 newly launched iCombi Pro, a combi oven with intelligent cooking processes. In a combi oven heat is transferred via steam and hot air. It replaces conventional cooking appliances such as grills or convection ovens. As a complementary product, we offer the iVario, which cooks with contact heat or in liquid and can replace other traditional cooking appliances such as deep fryers, kettles, or tilting pans. 


The software of the iCombi Pro and the iVario controls the cooking process until the desired result is achieved. Due to the cooking intelligence a kitchen can be run with unskilled personnel. This is gaining importance as there is less and less trained chefs available worldwide. With those to pieces of equipment, more than 90 % of all cooking processes can be performed and more than 70 % sales are realised.


Services – After Sales Business


In addition, RATIONAL offers plenty of services for customers, like accessories, care products, spare parts, training and technical services, which makes up for the rest of the sales revenues. ConnectedCooking is a cloud-based networking solution to network appliances, monitor, control, update, and transfer cooking profiles remotely. With ConnectedCooking Pro, they just started offering customers further fee-based digital applications for optimising their kitchen processes.


Customers – Market Potential


The customer base ranges from restaurants and hotels to company canteens, hospitals, schools, universities, military, prisons and retirement homes, as well as quick-service restaurants, party services, supermarkets, bakery and snack shops, butchers, petrol stations and delivery services including so-called ghost kitchens. Retail catering, take-away business and Ghost Kitchens are gaining market share in this crisis.


Despite the crisis, around four million kitchens worldwide are deemed addressable, of which the vast majority still use traditional cooking technology. This allows them to grow organically through deeper market penetration. We still see many continued megatrends like population growth, urbanisation, and rising prosperity in some emerging markets. 




An essential foundation of the company’s success is the focus on cooking and on professional kitchens. This enables them to offer customers ever better solutions.  The RATIONAL combi steamer is regarded as one of the most important appliances in the kitchen. 


Dominant Market Position – Good Financial KPIs


Results of high customer satisfaction are a market share of close to 50 %, repurchase rates of more than 90 % and a positive financial performance. Pre-corona RATIONAL achieved high single-digit growth rates and EBIT-margins beyond the 25 %. In addition, they have an extraordinary healthy balance sheet and comfortable liquidity situation.


Mid-term outlook positive 


The market position and solid financing, excellent employees and top leaders are giving us confidence to continue the growth path when the corona crisis is over.

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