RATIONAL (AO) | Buy | Perfectly positioned to address customers' most pressing needs

Research evidence excerpt

RATIONAL (AO) | Buy | Perfectly positioned to address customers' most pressing needs

ESG conference Feedback

Release date: 25 June 2026

Craig Abbott

Head of German Small & Mid Caps

+49 69 7569 6256

cabbott@keplercheuvreux.com

BuyRATIONAL

Germany | Capital goods Beta Profile: MCap: EUR7.4bn

Target Price: EUR830.00 Bloomberg: RAA GR Reuters: RAAG.DE

Current Price: EUR654.50 Free float 45%

Up/downside: 26.8% Avg. daily volume (EURm) 15.1

YTD abs performance -1.1% Market data: 24 June 2026

52-week high/low (EUR) 772.00/607.50

Perfectly positioned to address customers' most pressing needs

Key points

As part of our virtual Energy Efficiency Day, we had the pleasure of hosting a well-attended digital investor call with Rational's

CEO, Dr Peter Stadelmann.

The general message was quite upbeat. As high energy costs and shortage of qualified personnel remain major cost headwinds

for the gastronomy industry, Rational remains very well positioned to provide solutions for its customers to reduce their

operating costs and streamline their workflow management in the professional kitchen. The very short pay-back periods remain

the single strongest selling argument.

Rational still sees significant growth potential for the next decade and beyond, given the still large total addressable market

globally, plus its growing installed base, which drives after-market sales and replacements. The company is "very happy" with the

development of sales for its iHexagon product line.

Speaker

CEO Dr Peter Stadelmann

Temperature

A very well-attended digital presentation with around 42 investors participating.

Company’s pitch

Rational began the presentation by referring to a new study, "Kitchen Barometer 2026", which it recently published in co-