Original-Research: Rosenbauer International AG (von NuWays AG): BUY
Source: EQS|
Classification of
Outlook 2026: Fired up for 14.8% sales and 29% EBITDA growth We expect Rosenbauer to deliver double-digit top-line growth on account of its record order backlog, accompanied by operational improvements and strengthening of its financial position. In detail: Rosenbauer looks fired up for a successful FY26. Partial guidance (operating CF > 0) was delivered in Q3 25. Further guidance targets seem well in reach for Q4 25 (revenue guidance adapted in Q3 25 of € 1.45bn, eNuW: € 1.45bn; EBIT margin guidance of 5.5%, eNuW: 5.5%). Crossing the debt covenant ratio of 22.5% equity ratio should be easily achieved with Q3 25 equity ratio standing at 24.4%. Critically, € 50m in sales were pushed to Q1 and are expected to come in at slightly higher margins. With a top-line secured well into FY27 and a record order backlog, the focus should shift in 2026 towards the bottom-line and managing the delicate balance between debt repayments against necessary growth investments. Sales look set to grow by 14.8% to € 1.67bn (eNuW) in 2026, driven by double-digit growth across segments, largely based on the record order backlog of € 2.43bn highlighted in Q3 2025. Estimated flat-ish at 77% of product mix and growing at 14% yoy (eNuW), vehicles remain critically important. Fire & Safety equipment as well as Customer Service provide excellent cross-selling opportunities. Smallest segment Preventive Fire Protection should make a strong comeback with the fastest segment growth at 30% yoy (eNuW), following significant restructuring in 2025. EBITDA is to rise by 29% yoy to € 147m (eNuW) in 2026, implying an approx. 1 p.p. improvement in the EBITDA margin to 8.8% (eNuW). Key drivers include continued operational improvements, shorter lead times following the normalization of supply chains after the COVID-19 pandemic and the Rosenbauer looks set to benefit from 2025 action. Rosenbauer presented its flagship electric vehicle “PANTHER electric” at the Salzburgring in May as well as on its demo-tour at several airports in the US to hundreds of clients, sales partners and representatives of airport locations, gaining significant attention. Mind you, first pre-series orders have been accepted since Further progress on solidifying the financial position ahead. Supported by the record order backlog underpinning revenue visibility in 2026 and improved profitability highly likely, Rosenbauer should be ideally positioned to further strengthen its balance sheet in 2026. With an equity ratio of 24.4% achieved in its 9m 2025-results, one further easily achieved debt reduction should push it over the required covenant of 25% equity ratio for 2026 and 2027. Confirming BUY with a € 54 PT, based on DCF. You can download the research here: rosenbauer-international-ag-2026-02-13-update-en-b1a4c 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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2275962 13.02.2026 CET/CEST
