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 € 2.43bn. Despite some order hesitation in North America related to tariff uncertainty, order intake rose by 8% yoy to € 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 € 322m (eNuW: € 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 € 55m sales, € 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 € 15.8m (eNuW: € 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 € 29.1m to € 586.2m in Q2, due to higher inventory and lower receivables from the delivery delays weighed on the operating CF (€ -19.12m in Q2 26), despite partial compensation from higher profitability. Management highlighted 104 additional vehicles (roughly € 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 €1.6bn (from ~ € 1.6bn) while maintaining EBIT margin > 6% expectations.

We slightly adjust our FY26e estimates but keep our BUY rating. Our PT increases from € 68 to € 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: rosenbauer-international-ag-2026-08-10-previewreview-en-3ccd1
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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