RATIONAL's First Half Sales Reached 641.5 Million Euros: European Demand Stands Out

Professional kitchen equipment manufacturer RATIONAL increased its sales revenue to 641.5 million euros in the first six months of 2026. Sales in the same period last year were 606.2 million euros, showing a nominal increase of 6%, while the organic growth adjusted for currency fluctuations was approximately 8%. In the second quarter alone, sales reached 323.9 million euros.

According to results highlighted by Catering Insight, European markets are one of the main driving forces behind the company's growth. However, the real significance of the financial statements from the perspective of StaffMag readers goes beyond the company's balance sheet: it shows where demand has strengthened in terms of regions and product groups for a major manufacturer selling equipment to professional kitchens, from restaurants to catering businesses.

What does 8% growth signify?

The 8% figure in the headline needs to be interpreted correctly.

RATIONAL's first half sales revenue increased by 6% in euro terms, reaching 641.5 million euros. The 8% figure refers to the organic growth calculated after excluding the effects of currency fluctuations. Second quarter sales also increased by 4% year-on-year, reaching 323.9 million euros.

This distinction is particularly important when evaluating the performance of equipment manufacturers selling in different geographies. While sales in local currencies may increase, fluctuations in exchange rates can either raise or lower the growth rate reflected in financial statements.

A similar picture was seen for RATIONAL in the first quarter of 2026. In the January-March period, sales increased by 8% to reach 317.6 million euros, while the currency-adjusted increase was 11%. The company had stated that demand in Europe and North America supported growth during that period.

Europe Became the Growth Engine of the First Half

According to RATIONAL's announcement, sales outside Germany in Europe increased by 9% in the first half of the year. Scandinavian countries, Austria, Spain, and France were the standout markets, while growth in the company's main market, Germany, also occurred at a rate of 9%.

In North America, the reported sales increase remained at 1% due to the weak dollar. When adjusted for currency effects, growth in the region exceeded 10%. In Asia, nominal sales declined by 2%, while the currency-adjusted result indicated a growth of 4%. The company reported that the nominal decline in the region was particularly influenced by the Chinese market, while Japan continued to show positive performance.

It would not be accurate to conclude that the entire professional kitchen equipment sector is growing based on the results of a single manufacturer. However, the continuous sales growth in Europe over two periods indicates that demand for professional cooking systems remains strong in the region, specifically for RATIONAL. The company had also reported a 9% increase in sales outside Germany for the entirety of 2025.

iVario Grew Faster than iCombi

A notable difference in product groups emerged on the iVario side.

Sales revenue from RATIONAL's iVario product group increased by 14% in the first six months, reaching 79.4 million euros. Sales of the iCombi product group rose by 5% to 562.2 million euros.

In the first quarter, iVario growth had reached as high as 18%. Therefore, while the growth rate normalized somewhat in the second quarter, the product group continued to perform above the company average.

These figures should not be interpreted directly as "this equipment should be invested in" from a business perspective. The manufacturer's sales growth does not prove that a restaurant or hotel will derive the same operational benefit from the same equipment.

When investing in new cooking equipment, factors such as capacity, existing menu, production volume, energy infrastructure, staff competence, maintenance-service access, and total cost of ownership must be evaluated separately.

The High Profit Margin is Driven by a One-Time Tariff Effect

RATIONAL's EBIT for the first half increased by approximately 11%, reaching 169.9 million euros. The EBIT margin rose from 25.3% in the same period last year to 26.5%. In the second quarter, the margin reached as high as 29%.

However, a significant portion of this improvement does not come from normal operational performance.

The company announced that it received a refund of approximately 14 million euros under the IEEPA tariffs in the second quarter in the United States. According to CFO Jörg Walter, without this effect, the first half EBIT margin would have been approximately 24.3%. RATIONAL also stated that excluding this specific effect, tariff and logistics costs would increase faster than sales.

This detail is important from the perspective of the professional equipment supply chain. While manufacturers' sales may increase, customs tariffs, logistics, and material costs may not support profitability in the same direction.

The Company Maintains Year-End Forecast

RATIONAL is maintaining its growth expectations for the second half of 2026 due to a high level of new orders and a recovery in demand observed towards the end of the second quarter. The company continues to forecast an EBIT margin in the range of 25-26% for the entire year.

Growth is also continuing on the employment side. By the end of June 2026, RATIONAL Group reached 2,913 employees worldwide, adding approximately 120 new employees in the last 12 months. The company states that it has particularly strengthened customer-facing sales functions, with employment in these positions increasing by 8%.

What Does This Mean for Businesses?

The most important signal from RATIONAL's results for restaurants and hotels is that investment decisions in the professional kitchen equipment market cannot be evaluated solely based on the purchase price of devices.

As demand for smart cooking systems increases, businesses need to consider not only the product price but also energy consumption, preparation time, production diversity that can be achieved with the same equipment, employee training, maintenance costs, and service access in their investment calculations.

Especially in kitchens operating with high personnel and energy costs, manufacturers' claims of automation and efficiency may seem attractive. However, the actual return on investment should be calculated based on the business's own portion volume, working hours, and existing equipment costs, rather than the manufacturer's general marketing data.

Stafflink's View

RATIONAL's growth in Europe is a company-specific indication that technology investment in professional kitchens has not completely halted despite economic uncertainty. However, the more important issue for the industry is not which device sold more, but what problem businesses are trying to solve when purchasing equipment.

In our view, the true value of next-generation cooking systems only emerges when they measurably improve labor time, energy usage, production standardization, or kitchen capacity.

The correct approach for businesses should not be to "acquire the latest equipment"; rather, it should be to identify the bottleneck in the current operation and evaluate the equipment investment against the financial implications of that bottleneck. While an increase in manufacturer sales provides insight into market direction, the investment decision should be determined by the kitchen's own data.