Original-Research: Rosenbauer International AG (von NuWays AG): BUY

Original-Research: Rosenbauer International AG - from NuWays AG



20.05.2026 / 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 68
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr



Kicking off FY26 with double-digit growth



Rosenbauer published its Q1 figures, marked by double-digit improvements in
top-line and bottom-line slightly ahead our estimates. In detail:



Stellar order intake, despite developments in Middle East. Order intake of EUR
343m was down 4% yoy, but still well above the quarter's sales figure
(book-to-bill ratio of 1.13x), pushing the backlog to EUR 2.35bn. The order
intake's key driver was Europe (+23% to EUR 211m), which compensated for
flatish Americas and temporarily weaker (Iran war driven) demand from Middle
East and Africa (-45% to EUR 44.9m).



Double-digit revenue growth. Sales rose 15.3% yoy, ahead of our 12.8%
estimate, to EUR 304m. This was largely carried by improved vehicle deliveries
(vehicle sales up 16.8% yoy). Thanks to the resulting positive operating
leverage, improved vehicle margins as well as generally high utilization
rates across the group, EBIT jumped by 60% yoy to EUR 14.4m, a 4.7% margin.
With significantly less financing expenses, EBT reached EUR 10.4m, almost a 5x
yoy.



Asia and Europe leading growth. Sales in Asia and Europe rose 48% yoy and
24% yoy respectively, yet held back by largely flat sales figures in the
Americas and the Middle East. The latter is impacted by challenges in
regards to deliveries. Importantly, once logistics are solved,
deliveries/sales in that region should catch up. Worth highlighting, PFP saw
a notable turnaround with revenues up 86% yoy, yet at low levels of EUR 6.8m.



Continued progress on balance sheet strengthening: Driven by increased
profitability, the equity ratio rose by 1.8pp to 27%. This was despite a
working capital related increase in net debt to EUR 301m. In our view, the
working capital ratio of 34.8% at the end of the quarter should somewhat
normalize during the remainder of the year (eNuW: 31% at year-end).



Positive commercial momentum maintained in Q1. Rosenbauer expanded its
presence in East Africa by entering the Rwandan market, while its exclusive
Dutch partner, Kenbri Fire Fighting, secured a major contract win to deliver
26 new PANTHER 6×6 vehicles (eNuW: EUR 60-70 contract value) as part of the
renewal of the fire truck fleet at Dutch airports.



Excellent performance looks set to continue, given strong demand across all
regions, reflected by the well-filled order books and largely stabilized
supply chains (except for temporary delays in Middle East). Uncertainties
related to public investment budgets and trade policy frameworks continue to
persist but seem well-managed by the company.



FY26 guidance guidance confirmed and well achievable, in our view.
Management expects to reach sales of EUR 1.6bn (eNuW: EUR 1.61bn) with an EBIT
margin of >6% (eNuW: 6.7%). Mind you, Q1 is usually the weakest quarter of
the year.



We confirm our BUY recommendation with a new EUR 68 PT (old: EUR 61) as we move
from a blended FCFY FY26/27e to FCFY FY27e (supported by order book depth).



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=b6faacd394c32f5bc6c40950ea6d80c4
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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2330294 20.05.2026 CET/CEST