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

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 68
Target price on sight of:	12 months
Last rating change:
Analyst:	Christian Sandherr

Kicking off FY26 with double-digit growth Rosenbauer published its Q1 figures, marked by double-digit improvements in top-line and bottom-line slightly ahead our estimates. In detail: Stellar order intake, despite developments in Middle East. Order intake of € 343m was down 4% yoy, but still well above the quarter's sales figure (book-to-bill ratio of 1.13x), pushing the backlog to € 2.35bn. The order intake's key driver was Europe (+23% to € 211m), which compensated for flatish Americas and temporarily weaker (Iran war driven) demand from Middle East and Africa (-45% to € 44.9m). Double-digit revenue growth. Sales rose 15.3% yoy, ahead of our 12.8% estimate, to € 304m. This was largely carried by improved vehicle deliveries (vehicle sales up 16.8% yoy). Thanks to the resulting positive operating leverage, improved vehicle margins as well as generally high utilization rates across the group, EBIT jumped by 60% yoy to € 14.4m, a 4.7% margin. With significantly less financing expenses, EBT reached € 10.4m, almost a 5x yoy. Asia and Europe leading growth. Sales in Asia and Europe rose 48% yoy and 24% yoy respectively, yet held back by largely flat sales figures in the Americas and the Middle East. The latter is impacted by challenges in regards to deliveries. Importantly, once logistics are solved, deliveries/sales in that region should catch up. Worth highlighting, PFP saw a notable turnaround with revenues up 86% yoy, yet at low levels of € 6.8m. Continued progress on balance sheet strengthening: Driven by increased profitability, the equity ratio rose by 1.8pp to 27%. This was despite a working capital related increase in net debt to € 301m. In our view, the working capital ratio of 34.8% at the end of the quarter should somewhat normalize during the remainder of the year (eNuW: 31% at year-end). Positive commercial momentum maintained in Q1. Rosenbauer expanded its presence in East Africa by entering the Rwandan market, while its exclusive Dutch partner, Kenbri Fire Fighting, secured a major contract win to deliver 26 new PANTHER 6×6 vehicles (eNuW: € 60-70 contract value) as part of the renewal of the fire truck fleet at Dutch airports. Excellent performance looks set to continue, given strong demand across all regions, reflected by the well-filled order books and largely stabilized supply chains (except for temporary delays in Middle East). Uncertainties related to public investment budgets and trade policy frameworks continue to persist but seem well-managed by the company. FY26 guidance guidance confirmed and well achievable, in our view. Management expects to reach sales of € 1.6bn (eNuW: € 1.61bn) with an EBIT margin of >6% (eNuW: 6.7%). Mind you, Q1 is usually the weakest quarter of the year. We confirm our BUY recommendation with a new € 68 PT (old: € 61) as we move from a blended FCFY FY26/27e to FCFY FY27e (supported by order book depth). You can download the research here: rosenbauer-international-ag-2026-05-20-update-en-c8960 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 ++++++++++ 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. ++++++++++