Preliminary figures for fiscal year 2023 exceed forecast for sales revenues and profit

Rational AG: Preliminary figures for fiscal year 2023 exceed forecast for sales revenues and profit

Rational AG / keyword(s): Preliminary figures
Landsberg am Lech, 11 January 2024

• Sales revenues slightly exceed expectations with 1.125 billion euros
• 10 percent sales revenue growth
• EBIT increased disproportionately by 17 percent to around 277 million euros
• EBIT margin significantly better than expected at around 24.5 percent

Landsberg am Lech, 11 January 2024     This morning, Rational AG presented the preliminary figures for fiscal year 2023. According to preliminary calculations, the Rational Group generated sales revenues of around 293 million euros in the fourth quarter of 2023 (2022: 290 million euros), achieving a new quarterly high and hence significantly more than was still expected after the third quarter of 2023. According to statements made by the company, this was attributable to strong year-end business and an additional order from a chain customer in Asia, most of which was delivered in the fourth quarter of 2023.

That resulted in a new record in consolidated sales revenues of 1.125 billion euros for the fiscal year 2023, an increase of 10 percent over the previous year (2022: 1.022 billion euros). Consolidated sales revenues and the growth rate for the Landsberg-based professional kitchen supplier are thus slightly above the forecast made in the 2022 Annual Report.

In addition to growth in sales volumes in the iCombi product group and the successful after-sales business, it was above all price adjustments that contributed to the extremely positive business performance. The successful reduction in the high level of orders on hand additionally helped the positive sales revenue performance.

Performance of the markets varied from region to region. The overseas markets stood out in particular with disproportionately high growth rates of around 20 percent. Asia benefited from recovery in China, an additional order from a chain customer and robust business in the other Asian markets, and grew by almost 25 percent. The American markets grew by just under 20 percent. The United States, Mexico and Brazil, in particular, performed very well. While Europe (excluding Germany) grew by around 5 percent, the high prior-year sales revenues were not quite achieved in Germany.

The two RATIONAL AG product groups presented a mixed picture. The iCombi product group performed very well, thanks to the restored availability of parts and the resulting reduction of orders on hand, and grew by around 12 percent. The iVario product group had already grown by 57 percent in 2022 for the same reason. Sales revenues dropped from this high level in 2023 by around 8 percent.

After the high cost increases in the previous year, input costs recovered in 2023. Lower logistics and commodity costs, especially for stainless steel and cleaning products, had a positive effect on margin development.

The strong sales revenue growth, together with costs rising more slowly, led to a record EBIT at around 277 million euros (2022: 237.5 million euros). The EBIT margin is expected to be around 24.5 percent, thus exceeding the upper threshold of the forecast range.

The company will provide detailed information on the fiscal year 2023, including the proposed dividend and the forecast for the fiscal year 2024 when it publishes its 2023 Annual Report on 27 March 2024.

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
www.rational-online.com

Editorial note:

The Rational Group is the global market and technology leader for thermal preparation of food in professional kitchens. The company, founded in 1973, employs more than 2,500 people, around 1,450 of whom are in Germany. Rational was floated in the Prime Standard of the German stock market in 2000 and is currently represented in the MDAX.

The company’s principal objective is to offer maximum customer benefit at all times. Rational is committed to the principle of sustainability, which is expressed in its corporate policies on environmental protection, leadership, job security and social responsibility. Numerous international awards bear witness to the high quality of the work done by Rational’s employees year for year.