Original-Research: Rosenbauer International AG (von NuWays AG): BUY
Source: EQS|
Classification of
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 € 51.1m, ahead of expectations (eNuW: € 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 € 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: € 500.9m). Profitability strengthened in FY 2025. Revenue grew by 9.4% yoy to € 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 € 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 € 13.8m from the PFP segment (of which € 4.1m constituted a goodwill impairment). Net profit soared by 82.2% yoy to € 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 € 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 € 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 € 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 At the end of last year, the backlog reach new highs (FY25 book-to-bill at 1.1x) despite weaker intake from the Maintaining BUY at an unchanged PT of € 61, based on based on a blended FCFY framework FY26/27e. You can download the research here: rosenbauer-international-ag-2026-04-13-update-en-da243 For additional information visit our website: https://www.nuways-ag.com/research-feed Contact for questions: Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 ++++++++++ Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++
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2306824 13.04.2026 CET/CEST
