Rosenbauer International AG (von NuWays AG): BUY 10.08.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Rosenbauer International AG - from NuWays AG



10.08.2026 / 09:00 CET/CEST
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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
     Target price:                EUR 71
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr



Q2 26: New record order backlog, profitability strengthened



On Friday, Rosenbauer released its H1 results. The company strengthened its
profitability and reached a new record order backlog but fell short of
top-line expectations in Q2 due to temporary delays. In detail:



New order backlog record at EUR 2.43bn. Despite some order hesitation in North
America related to tariff uncertainty, order intake rose by 8% yoy to EUR
374.9m, further strengthening the backlog and confirming continued strong
commercial momentum. The book-to-bill ratio stood at 1.16x in Q2 and 1.15x
for H1 26.



Revenue fell by 5.6% yoy to EUR 322m (eNuW: EUR 373m), partially through the
implementation of the new SAP S/4HANA, regular sales volatility in
Asia-Pacific and transportation and delivery route uncertainties in the
Middle East. In total, ROS was not able to realise some EUR 55m sales, EUR 39m
of which from closures of the Straitof Hormuz.



Profitability improved substantially on a higher gross profit margin of
19.7% (+ 4.8pp yoy) carried by better orders in the Americas and turnaround
progress in PFP. EBITDA was up 37.8% to EUR 15.8m (eNuW: EUR 18.8m), implying a
1.5pp increase in EBITDA margin to 4.9%. EBIT and EBT came in positive. On
the basis of a lower top-line, progress made in sustainably raising
profitability surpassed our expectations, highlighting Rosenbauer's
continued determination to improving its financial position.



Temporarily higher working capital (up by EUR 29.1m to EUR 586.2m in Q2, due to
higher inventory and lower receivables from the delivery delays weighed on
the operating CF (EUR -19.12m in Q2 26), despite partial compensation from
higher profitability. Management highlighted 104 additional vehicles
(roughly EUR 110m) on the books with ~60 to be delivered still in August.



Product innovation continued with a new large-capacity fire engine built on
a compact chassis for inner-city use. It carries 16,000l of water, above the
typical 8,000-10,000l, and features a more powerful pump delivering 1,500l
per minute through four lines, enabling it to handle many incidents that
would otherwise require two tanker-equipped fire engines. Rosenbauer and MAN
also presented the first all-electric aerial ladder under 16 tonnes, the
first model to meet Germany's weight limits and performance standards,
strengthening Rosenbauer's competitive edge in electrification.



Slightly reduced FY26 guidance. Due to increased geopolitical uncertainty
dampening the outlook, Rosenbauer cut FY26 revenue guidance to up to EUR1.6bn
(from ~ EUR 1.6bn) while maintaining EBIT margin > 6% expectations.



We slightly adjust our FY26e estimates but keep our BUY rating. Our PT
increases from EUR 68 to EUR 71 (FCFY27e) as we slightly lower our model's
hurdle rate (lower risk premium) accounting for the group's rising
visibility through the growing backlog and a generally improving balance
sheet.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=701770bdfac4d7b92d39b2da43cf8203
For additional information visit our website:
https://www.nuways-ag.com/research



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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2379658 10.08.2026 CET/CEST