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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 EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

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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 month

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 weakne

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 Abschlu

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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