Original-Research: Rosenbauer International AG (von NuWays AG): BUY
13.02.2026 - 09:00:42
Original-Research: Rosenbauer International AG - from NuWays AG
13.02.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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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
Target price: EUR 54
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
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 EUR 1.45bn, eNuW: EUR 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, EUR 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 EUR 1.67bn (eNuW) in 2026, driven by
double-digit growth across segments, largely based on the record order
backlog of EUR 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 EUR 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 Ukraine
conflict. The restructured Preventitive Fire Protection should deliver lower
negative contributions than in 2025. Announced efficiency measures by the
new management should cut costs by EUR 10m (eNuW) from 2026 onwards.
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 October 2024, with two airport customers as early adopters in 2025.
With a higher number of orders probable for 2026, a small series production
may be viable to start from late 2026 onwards. Additionally, the company
expanded its customer service space through an expansion of its workshop
space in Luckenwalde to accommodate the rapidly growing number of vehicles
in action. A new logistics location in Ennshafen was also opened. Both of
these capacity expansions are to support business operations in 2026.
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 EUR 54 PT, based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=1e9b6298401348f71eb7867ab0c42682
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 Abschluss
bestimmter Börsengeschäfte.
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
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