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Original-Research: Rosenbauer International AG - from NuWays AG
17.11.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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: 17.11.2025
Target price: EUR 54.00
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
On Friday, Rosenbauer presented strong Q3 results. Here are the key
takeaways:
Q3 revenue of EUR 346m, up 12.8% yoy, exceeded expectations of EUR 338m (eNuW),
carried by all major product segments. Vehicle revenues rose by 15.7% yoy to
EUR 270.8m, Fire & Safety by 16.6% yoy to EUR 28.4m and Customer service by 7.7%
yoy to EUR 33m. Regionally, Americas improved by 30.5% yoy to EUR 105m, while
Europe slightly declined by 2.7% yoy, denoting EUR 157m in revenue. Strong
contributions from typically more volatile developing regions Middle East
(+16.4% yoy, EUR 39.8m) and Asia-Pacific (+78.9% yoy, EUR 43.3m) aided in
turning this Q3 from a typically seasonally weaker quarter into a strong
one.
Q3 EBITDA came in at EUR 35.3m, soaring by 51.6% yoy. At the same time Q3 EBIT
of EUR 26m was up 73.5% yoy despite a continued headwind from the Preventive
Fire Protection segment, which remains in restructuring with a EUR 6.2m EBIT
loss. Key drivers for the strong growth were efficiency gains thanks to
improved supply chains, no further headwinds from tariffs in the US (Q3
margin of 8.9% vs -2.5% in H1) and an improving mix effect (i.e. stronger
growth of higher margin regions APAC and MEA).
The order backlog at the end of Q3 reached a new all-time high of EUR 2.4bn,
up 10.5 % yoy, providing strong visibility well into 2026, even as order
intake came in 6.3% below last year's figure at EUR 458m. The temporary
softness was visible across all segments, except for Asia-Pacific.
Adjustments on the FY 25 guidance became necessary, as visibility increased
towards the end of the year. Rosenbauer delivered early on turning the
operating cash flow positive (positive territories were already reached in
Q3). Yet, roughly EUR 50m of sales were pushed into Q1 2026 to help smooth out
seasonality and ease extra costs from running above capacity in the final
quarter. FY25 revenue is now expected at EUR1.45bn, with the deferred EUR 50m
coming in at slightly better margins. Assuming no further one-offs, the EBIT
margin of 5.5% for FY 2025 was confirmed.
The working capital improved from EUR 512m in Q3 2024 to EUR 472m, due to
efficiency measures taken. Net debt denoted at EUR 305m (Q3 2024: EUR 467.8m)
and the equity ratio improved from 14% a year ago to 24.4% in Q3 2025
(thanks to the resolved capital increase), as the company continues to
solidify its financial position.
Our take: With a record order backlog, management focusing on efficient
deliveries and supply chains stabilizing, we expect further positive
top-line developments. Margin improvements are to follow with further
efficiency measures introduced (EUR 10m additional savings from FY26e). As
debt covenants are more easily met, managements freedom in decision making
continues to improve. With PFP restructuring efforts under way, we expect
its negative impact on EBIT margins to decrease in 2026. In sum, the company
is well on track to further cement the ongoing operational turnaround. BUY
with a EUR 54 PT, based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=e1656ee0fe729c57f190fa3e6cfceb5f
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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2230552 17.11.2025 CET/CEST
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