{
 "as_of": "2026-11-06",
 "cmr": "de-cm-kg/XETRA/RAA",
 "fence": "The page is the record's research on the issuer — no analyst, no rating, no view.",
 "markdown": "The page is the record's research on the issuer — no analyst, no rating, no view.\n\n# RATIONAL AG (Xetra: RAA) — research page\n\nAs of 2026-11-06 · de-cm-kg · record version 1\n\n## Identity and listing\n\nThe issuer is RATIONAL AG, listed on Xetra under ticker RAA, with ISIN DE0007010803 and LEI 529900K139N6UFJ1A758. Its security type is Corporate, its segment is MDAX, and its jurisdiction is Germany (Handelsregister HRB). The sector is not on the record, as the Xetra instruments file carries index membership and not a sector classification. Its listing status is listed, not halted.\n\n## The disclosure read\n\nThe record holds 10 filings in the window from 2025-11-06 to 2026-11-06, across 7 filing days. The filings comprise 4 corporate news, 3 directors' dealings, 2 major holder, and 1 newswire release. The median gap between filing days is 22.5 days. The latest filing is dated 2026-11-05 and is of type corporate news, 1 day before the record date of 2026-11-06. The Xetra exchange median across 419 issuers is 22.8 days for cadence, 6 filings, and 5.5 days for latency, and the issuer's cadence of 22.5 days is below that median. The sector peer comparison is not on the record for the DE market.\n\n## Auditor\n\nThe auditor is not on the record. The record carries the annual report link only, as a source link and not a read. The auditor location and any auditor changes are not on the record.\n\n## Events and halts\n\nThe listing, delisting, name change, domicile change and segment move lines are not on the record, as this register has no lifecycle type map yet. The halt flag is listed, not halted.\n\n## Orderability\n\nThe outcome is ACM-200 for each client category: Professionelle Kunden, Privatkunden, and Geeignete Gegenparteien, and it is determinable in each case. The rule version is acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1, and the chapter is as of 2026-11-04.\n\n## Coverage\n\nThe issuer's investor-relations page names 17 research houses: Baader Bank, Bankhaus Metzler, Barclays, Berenberg, Bernstein, BNP Paribas Exane, Deutsche Bank, DZ Bank, Goldman Sachs, Keplercheuvreux, LBBW, Morningstar, mwb Research, ODDO BHF, RBC, UBS, and Warburg Research.\n\n## Open research\n\nNo openly published research notes were found on the record.\n\n## Licensed\n\nLicensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.\n\n## As-of depth\n\nThe market's vintage is not sealed. No issuer years are sealed, the market's earliest sealed date is not on the record, and the live record start date is not on the record.\n\n## Sources\n\n8 source pages are named on this page; every value above carries its own source page and read date in the numbers.\n\n- https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (identity.exchange)\n- https://api.gleif.org/api/v1/lei-records/529900K139N6UFJ1A758 (identity.jurisdiction)\n- https://mapping.gleif.org/api/v2/isin-lei/latest/download (identity.lei)\n- https://mcp.de-cm-kg.ai/events/XETRA/RAA (the disclosure lines)\n- https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list (the halt flag)\n- https://mcp.de-cm-kg.ai/book/aio.json (the orderability chapter)\n- https://www.rational-online.com/en_us/company/investor-relations/share/ (coverage)\n- https://mcp.de-cm-kg.ai/record/XETRA/RAA (the record)\n",
 "market": "DE",
 "node": "de-cm-kg",
 "numbers": {
  "as_of_depth": {
   "issuer_years_sealed": [],
   "live_record_began": null,
   "node_history_from": null,
   "node_years_sealed": [],
   "note": "the DE vintage is not sealed; the record is the live record as of 2026-11-06",
   "record_version": 1,
   "sealed": false
  },
  "auditor": {
   "auditor": {
    "market": "DE",
    "reason": "Width 0 records the annual report link only (ORDER-015: source link, not a read)",
    "state": "not_on_record"
   },
   "auditor_firm_id": {
    "market": "DE",
    "state": "not_on_record"
   },
   "auditor_location": {
    "market": "DE",
    "state": "not_on_record"
   },
   "changes": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "cmr": "de-cm-kg/XETRA/RAA",
  "coverage": {
   "count": 17,
   "houses": [
    {
     "analyst": "Vitushan Vijayakumar",
     "house": "Baader Bank",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Alexander Neuberger",
     "house": "Bankhaus Metzler",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Timothy Lee",
     "house": "Barclays",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Fraser Donlon",
     "house": "Berenberg",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Philippe Lorrain",
     "house": "Bernstein",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Christoph Blieffert",
     "house": "BNP Paribas Exane",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Lars Vom-Cleff",
     "house": "Deutsche Bank",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Thorsten Reigber",
     "house": "DZ Bank",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Ope Otaniyi",
     "house": "Goldman Sachs",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Craig Abbott",
     "house": "Keplercheuvreux",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Stefan Maichl",
     "house": "LBBW",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Matthew Donen",
     "house": "Morningstar",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Abed Jarad",
     "house": "mwb Research",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Hela Zarrouk",
     "house": "ODDO BHF",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Sebastian Künne",
     "house": "RBC",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Olivier Calvet",
     "house": "UBS",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    },
    {
     "analyst": "Christian Cohrs",
     "house": "Warburg Research",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "state": "sourced"
    }
   ],
   "pages_checked": [
    {
     "page": "https://www.rational-online.com/en_us/company/investor-relations/share/",
     "result": "read: 17 of 36 named houses found on the page"
    }
   ],
   "read_by": "Perplexity sonar (search) · page read by this rail",
   "read_date": "2026-11-12",
   "since": "not stated on the page read",
   "state": "found"
  },
  "disclosure": {
   "against": {
    "exchange": {
     "issuers": 419,
     "median_cadence_gap_days": 22.8,
     "median_filings": 6,
     "median_latency_days": 5.5,
     "name": "Xetra"
    },
    "sector": {
     "market": "DE",
     "state": "not_on_record"
    }
   },
   "by_type": {
    "corporate_news": 4,
    "directors_dealings": 3,
    "major_holder": 2,
    "newswire_release": 1
   },
   "cadence_median_gap_days": 22.5,
   "filing_days": 7,
   "filings": 10,
   "latency_days": 1,
   "latest": [
    {
     "category": "corporate",
     "date": "2026-11-05",
     "source": "https://www.eqs-news.com/news/corporate/rational-continues-on-growth-trajectory-and-confirms-profit-forecast-for-2026/a1b5b386-668c-4a5c-9b19-f67e89c99fbf_en",
     "title": "Rational continues on growth trajectory and confirms profit forecast for 2026 | Corporate - EQS News",
     "type": "corporate_news"
    },
    {
     "category": "corporate",
     "date": "2026-11-05",
     "source": "https://www.eqs-news.com/de/news/corporate/rational-setzt-wachstumskurs-fort-und-bestaetigt-ergebnisprognose-fuer-2026/a1b5b386-668c-4a5c-9b19-f67e89c99fbf_de",
     "title": "Rational setzt Wachstumskurs fort und bestätigt ...",
     "type": "corporate_news"
    },
    {
     "category": "directors-dealings",
     "date": "2026-11-03",
     "source": "https://www.eqs-news.com/news/directors-dealings/rational-aktiengesellschaft-honua-natur-mensch-stiftung-dedication-gift-addition-of-350000-shares-in-rational-ag/d24ddffd-bc4d-47f7-88b4-7f8b4dacd4d3_en",
     "title": "RATIONAL Aktiengesellschaft: HONUA Natur & Mensch Stiftung, Dedication/gift (addition) of 350,000 shares in RATIONAL AG | Directors' Dealings - EQS News",
     "type": "directors_dealings"
    },
    {
     "category": "eigengeschaefte-von-fuehrungspersonen",
     "date": "2026-11-02",
     "source": "https://www.eqs-news.com/news/eigengeschaefte-von-fuehrungspersonen/rational-aktiengesellschaft-honua-natur-mensch-stiftung-widmung-schenkung-zugang-von-350-000-aktien-der-rational-ag/d24ddffd-bc4d-47f7-88b4-7f8b4dacd4d3_de",
     "title": "RATIONAL Aktiengesellschaft: HONUA Natur & Mensch Stiftung, Widmung/Schenkung (Zugang) von 350.000 Aktien der RATIONAL AG | Directors' Dealings - EQS News",
     "type": "directors_dealings"
    },
    {
     "category": "directors-dealings",
     "date": "2026-11-02",
     "source": "https://www.eqs-news.com/news/directors-dealings/rational-aktiengesellschaft-honua-natur-mensch-stiftung-dedication-gift-addition-of-350000-shares-in-rational-ag/d24ddffd-bc4d-47f7-88b4-7f8b4dacd4d3_en",
     "title": "RATIONAL Aktiengesellschaft: HONUA Natur & Mensch Stiftung, Dedication/gift (addition) of 350,000 shares in RATIONAL AG | Directors' Dealings - EQS News",
     "type": "directors_dealings"
    }
   ],
   "latest_filing_date": "2026-11-05",
   "read": "the node's event lines (list_events_since), as get_filings serves them",
   "source": "https://mcp.de-cm-kg.ai/events/XETRA/RAA",
   "window": {
    "from": "2025-11-06",
    "to": "2026-11-06"
   }
  },
  "identity": {
   "exchange": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "Xetra"
   },
   "isin": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "confirmed",
    "value": "DE0007010803"
   },
   "jurisdiction": {
    "read_by": "GLEIF LEI record (LEI per the LEI column) (registeredAs)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://api.gleif.org/api/v1/lei-records/529900K139N6UFJ1A758",
    "state": "sourced",
    "value": "Germany (Handelsregister HRB)"
   },
   "lei": {
    "read_by": "GLEIF ISIN-to-LEI mapping file (daily), LEI by exact ISIN",
    "read_date": "2026-11-09",
    "read_date_basis": "the field",
    "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download (ISIN DE0007010803)",
    "state": "sourced",
    "value": "529900K139N6UFJ1A758"
   },
   "name": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "RATIONAL AG"
   },
   "sector": {
    "market": "DE",
    "reason": "the Xetra instruments file carries index membership, not a sector classification",
    "state": "not_on_record"
   },
   "security_type": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "Corporate"
   },
   "segment": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "MDAX"
   },
   "ticker": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "RAA"
   },
   "website": {
    "market": "DE",
    "state": "not_on_record"
   }
  },
  "licensed": {
   "columns": [
    "licensor",
    "entitlement",
    "title",
    "date",
    "source"
   ],
   "rows": [],
   "rule": "A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded."
  },
  "lifecycle": {
   "delisting": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "domicile_change": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "listing": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "name_change": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "segment_move": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "market": "DE",
  "node": "de-cm-kg",
  "numbers_hash": "sha256:d7a17a6f48c99c2b6d2a569fa8ebf772848a31faea8ef1e4902ddbfb586f7eb1",
  "open_research": {
   "read_date": "2026-11-12",
   "rows": [],
   "state": "none_found"
  },
  "orderability": {
   "chapter_as_of": "2026-11-04",
   "client_categories": [
    "Professionelle Kunden",
    "Privatkunden",
    "Geeignete Gegenparteien"
   ],
   "outcomes": {
    "Geeignete Gegenparteien": {
     "determinable": true,
     "signal": "ACM-200"
    },
    "Privatkunden": {
     "determinable": true,
     "signal": "ACM-200"
    },
    "Professionelle Kunden": {
     "determinable": true,
     "signal": "ACM-200"
    }
   },
   "read": {
    "basis": "one live read per instrument class, halt state and client category on this market; this issuer's group",
    "chapter": "https://mcp.de-cm-kg.ai/book/aio.json",
    "door": "https://mcp.de-cm-kg.ai/mcp",
    "tool": "get_orderability"
   },
   "rule_version": "acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1",
   "section": "de.aio.v13"
  },
  "record": {
   "as_of": "2026-11-06",
   "url": "https://mcp.de-cm-kg.ai/record/XETRA/RAA",
   "version": 1
  },
  "schema": "research-numbers v0.1 (USR-01, 2026-11-11)",
  "status": {
   "read_date": "2026-11-09",
   "source": "https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list",
   "value": "listed, not halted"
  }
 },
 "numbers_hash": "sha256:d7a17a6f48c99c2b6d2a569fa8ebf772848a31faea8ef1e4902ddbfb586f7eb1",
 "path": "/de/XETRA/RAA",
 "schema": "research-page v0.1 (USR-02, 2026-11-11)",
 "sections": [
  {
   "id": "identity",
   "text": "The issuer is RATIONAL AG, listed on Xetra under ticker RAA, with ISIN DE0007010803 and LEI 529900K139N6UFJ1A758. Its security type is Corporate, its segment is MDAX, and its jurisdiction is Germany (Handelsregister HRB). The sector is not on the record, as the Xetra instruments file carries index membership and not a sector classification. Its listing status is listed, not halted.",
   "title": "Identity and listing"
  },
  {
   "id": "disclosure",
   "text": "The record holds 10 filings in the window from 2025-11-06 to 2026-11-06, across 7 filing days. The filings comprise 4 corporate news, 3 directors' dealings, 2 major holder, and 1 newswire release. The median gap between filing days is 22.5 days. The latest filing is dated 2026-11-05 and is of type corporate news, 1 day before the record date of 2026-11-06. The Xetra exchange median across 419 issuers is 22.8 days for cadence, 6 filings, and 5.5 days for latency, and the issuer's cadence of 22.5 days is below that median. The sector peer comparison is not on the record for the DE market.",
   "title": "The disclosure read"
  },
  {
   "id": "auditor",
   "text": "The auditor is not on the record. The record carries the annual report link only, as a source link and not a read. The auditor location and any auditor changes are not on the record.",
   "title": "Auditor"
  },
  {
   "id": "events",
   "text": "The listing, delisting, name change, domicile change and segment move lines are not on the record, as this register has no lifecycle type map yet. The halt flag is listed, not halted.",
   "title": "Events and halts"
  },
  {
   "id": "orderability",
   "text": "The outcome is ACM-200 for each client category: Professionelle Kunden, Privatkunden, and Geeignete Gegenparteien, and it is determinable in each case. The rule version is acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1, and the chapter is as of 2026-11-04.",
   "title": "Orderability"
  },
  {
   "id": "coverage",
   "text": "The issuer's investor-relations page names 17 research houses: Baader Bank, Bankhaus Metzler, Barclays, Berenberg, Bernstein, BNP Paribas Exane, Deutsche Bank, DZ Bank, Goldman Sachs, Keplercheuvreux, LBBW, Morningstar, mwb Research, ODDO BHF, RBC, UBS, and Warburg Research.",
   "title": "Coverage"
  },
  {
   "id": "open_research",
   "text": "No openly published research notes were found on the record.",
   "title": "Open research"
  },
  {
   "id": "licensed",
   "text": "Licensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.",
   "title": "Licensed"
  },
  {
   "id": "depth",
   "text": "The market's vintage is not sealed. No issuer years are sealed, the market's earliest sealed date is not on the record, and the live record start date is not on the record.",
   "title": "As-of depth"
  },
  {
   "id": "sources",
   "text": "8 source pages are named on this page; every value above carries its own source page and read date in the numbers.",
   "title": "Sources"
  }
 ],
 "sources": [
  {
   "for": "identity.exchange",
   "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares"
  },
  {
   "for": "identity.jurisdiction",
   "source": "https://api.gleif.org/api/v1/lei-records/529900K139N6UFJ1A758"
  },
  {
   "for": "identity.lei",
   "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download"
  },
  {
   "for": "the disclosure lines",
   "source": "https://mcp.de-cm-kg.ai/events/XETRA/RAA"
  },
  {
   "for": "the halt flag",
   "source": "https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list"
  },
  {
   "for": "the orderability chapter",
   "source": "https://mcp.de-cm-kg.ai/book/aio.json"
  },
  {
   "for": "coverage",
   "source": "https://www.rational-online.com/en_us/company/investor-relations/share/"
  },
  {
   "for": "the record",
   "source": "https://mcp.de-cm-kg.ai/record/XETRA/RAA"
  }
 ],
 "title": "RATIONAL AG (RAA) — research page",
 "writer": {
  "by": "Claude through the platform account, Haiku class; one pass; checked against the numbers",
  "engine": "claude-haiku-5-5"
 }
}