Rational Aktiengesellschaft Unsponsored ADR (RATIY) AI Stock Analysis

Company Guidance

Management reiterated full‑year 2026 guidance: they expect revenue to grow in the mid‑ to high‑single‑digit percent range (H1 revenue €642m, organic +8% / +6% after FX; Q2 €324m, +4%), supported by product and regional performance (iCombi +5% to €562m; iVario +14% to €79m; Germany +9%; Europe ex‑Germany +9% to €285m; North America €154m, +4% reported / +10% before FX; Asia -2%, China -25%); gross margin is expected slightly below prior year (H1 gross margin 59.8%; COGS rose ~4% in H1), operating expenses will increase particularly in direct sales while non‑sales costs are to be kept stable, and the group keeps its EBIT guidance with an expected full‑year EBIT margin toward the upper end of the 25–26% corridor (H1 EBIT €170m, 26.5% including a €14m U.S. tariff refund; ex‑refund 24.3%); tariff headwinds are expected at ~€28–29m for the year (H2 a little less; similar level budgeted for next year, possibly +€2–3m with U.S. volume), input cost pressures (steel, alloy surcharges, electronics, freight) should push COGS higher in H2, inventories were up ~10%, the Q2 order backlog was ~€10–15m higher than prior quarter‑ends, and planned service‑parts CapEx will add c. €1.5–2m depreciation when operational.