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

^

Original-Research: Rosenbauer International AG - from NuWays AG

13.04.2026 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

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

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

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 61

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Rosenbauer to continue efforts to increase efficiency, chg.

On Friday, Rosenbauer published its best annual result in company history.

Profitability increased on strengthened balance sheet metrics. In detail:

Rosenbauer continued to strengthen its bottom line with Q4 EBIT having

improved 44% yoy to EUR 51.1m, ahead of expectations (eNuW: EUR 46.6m). This

increase was driven by ongoing efficiency measures and a conscious

management decision to prioritize higher margins (+3.1 pp yoy) over sales,

shifting some delivery dates into Q1. Hence, Q4 sales rose only by 2.6% yoy

to EUR 478.3m. While this shift had been announced in Q3, it turned out larger

than expected, leading the company to miss our revenue expectations (eNuW: EUR

500.9m).

Profitability strengthened in FY 2025. Revenue grew by 9.4% yoy to EUR 1.43bn

on account of an improved product mix, raised importance of component sales

and customer service as well as stronger after-sales activities. While the

final result came in slightly below the guidance of EUR 1.45bn, the decision

prioritize margins over sales in Q4 makes up for this, in our view. With

this but also increased efficiencies from optimized internal processes

during the year, the FY EBIT-margin improved by 0.9pp to 5.9%, despite a

negative contribution of EUR 13.8m from the PFP segment (of which EUR 4.1m

constituted a goodwill impairment).

Net profit soared by 82.2% yoy to EUR 54.3m, due to higher profitability,

lower financing costs associated with the refinancing of its debt and lower

taxes, largely based on one-offs (tax losses carried forward).

Strengthened balance sheet. The equity ratio increased from 16.6% to 27.8%

through a capital increase of EUR 119m, higher profitability as well as

working capital releases. Hence, ND/EBITDA notably decreased from 4x to a

solid 2x. With this, financing costs are to decrease by additional 75bps.

Looking to FY26e, we slightly lower our revenue growth expectation of 12.3%

to EUR 1.61m (eNuW) reflecting the company's proven preference for margin

improvements over stronger revenue growth. The ambition to increase its

share of vehicles in the product mix and additional international expansion

ahead remain intact as growth drivers. The EBIT margin is expected to

improve to 6.7% (eNuW) leading to EBIT of EUR 107.5m, based on further

efficiency gains from process reviews and the roll-out of a new ERP system,

while accounting for potential cargo cost increases incurred in Q1 in the

Middle East. We hence regard management's sales guidance of EUR 1.6bn as

realistic while the margin guidance of >6% seems rather conservative, in our

view.

At the end of last year, the backlog reach new highs (FY25 book-to-bill at

1.1x) despite weaker intake from the Americas in light on uncertainties.

Nevertheless, visibility reaches well into 2027. If profitability continues

to improve as planned, the company could consider resuming regular dividend

payments by FY27, in our view.

Maintaining BUY at an unchanged PT of EUR 61, based on based on a blended FCFY

framework FY26/27e.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=6705ef0645454352919f464de38f9505

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

++++++++++

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.

++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=a3069658-3700-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2306824 13.04.2026 CET/CEST

°