Rosenbauer International AG (von NuWays AG): BUY

Original-Research: Rosenbauer International AG - from NuWays AG 20.05.2026 / 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 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.

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