The 27 mm depth is without guide rail, but with the guide rail it should be 23 mm, according to Festool's specifications.
Still leaves you the extra 5 mm. Make sure the tool is seated properly on the guide rail and every depth setting is set to max. Also make sure there is nothing obstructing the tool from going down to its full depth. Finally, make sure you have a 125 mm blade in it and not a 115 mm blade.