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Original-Research: Rosenbauer International AG - from NuWays AG
14.08.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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Classification of NuWays AG to Rosenbauer International AG
Company Name: Rosenbauer International AG
ISIN: AT0000922554
Reason for the research: Update
Recommendation: BUY
from: 14.08.2025
Target price: EUR 54.00
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Q2 revenue up 10% with record high order backlog; chg
Q2 revenue of EUR 341m (H1: EUR605m, +13.1% yoy) was up 10.4% yoy driven by a
notably higher number of vehicles delivered (thanks to improved supply
chains) and increased sales prices but also a continued expansion in
equipment, components, and service. All regions but Europe (-7.9% yoy to EUR
145m) showed growth/strong growth (vehicles excl. Europe +36% yoy to EUR 191m)
carried by the strong order intake last year. Importantly the sales decline
in Europe was only due to delayed deliveries in Austria and should bounce
back in H2. The Preventive Fire Protection segment showed continued weakness
with sales down some 50% (EUR 5.5m).
Q2 EBIT came in at EUR -1.55m (H1: EUR 7.4m), down from EUR 14.1m in Q2 2024 (H1
2024: EUR 14.4m). The decline reflects one-off expenses in the Americas region
and in Preventive Fire Protection, which outweighed the positive volume
effects across the remaining regions, which showed good improvements.
Adjusted Q2 EBIT would have been EUR 6.55m, a 2% margin (H1: EUR 15.5m).
Order backlog at the end of H1 reached a new all-time high of EUR 2.35bn up
17% yoy providing strong visibility well into 2026 despite timing-related
volatility in order intake, which was down 9.2% yoy in Q2 (book-to-bill
ratio remained above 1x). Yet, two out of five segments recorded higher
orders vs last year. H1 order intake was down 5.2% yoy to 705m (book-to-bill
ratio of 1.17x).
Management confirmed FY 2025 guidance for revenues of around EUR 1.5bn but
lowered its EBIT margin expectation to approximately 5.5% (old: above 6%,
eNuW old: 6.2%). This implies a significant H2 uplift in earnings,
underpinned by higher planned deliveries, stabilization in regional
operations, and absence of further major one-offs. Seasonal weighting
towards Q4 remains a structural feature of the business. This guidance also
assumes no further negative effects on US business as a result of tariff
discussions. Thanks to its set-up, Rosenbauer can pass on most import
tariffs. Further, 90% of the trucks delivered in the US are produced
domestically. Management highlighted a net exposure of EUR 14m, marginal
compared to ~ EUR 1.5bn sales.
Improved balance sheet. For once, Rosenbauer was able to further decrease
its working capital needs (31.8% wc/sales, -9.3pp yoy), mainly thanks to
lower inventory levels. Further, the successful capital increase has lowered
net debt to EUR 314m, resulting in a notably healthier equity ratio of 23.6%
(+10.1pp yoy).
Rosenbauer enters H2 2025 with a record order backlog, easing supply chains,
and improved cost control. Demand remains intact, supported by fleet
modernization needs and global investments in fire & safety infrastructure.
Execution on higher-margin orders and continued efficiency gains are key to
delivering on the targeted margin recovery. BUY with a EUR 54 PT (old: EUR 55)
based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=64556eced6cb3d3b50bec758611cdd31
For additional information visit our website:
https://www.nuways-ag.com/research-feed
Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2183806 14.08.2025 CET/CEST
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