Märkte & Kurse

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Original-Research: Rosenbauer International AG - from NuWays AG

24.02.2026 / 09:00 CET/CEST
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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 61
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr

Commercial momentum to continue in 2026; Chg. PT

Rosenbauer recently provided several updates on its commercial activities,
indicating continued stronger momentum in 2026. In detail:

The first fleet vehicle deployed in Rwanda marked further progress in the
company's regional expansion. So far, two smaller fleet vehicles (5,000 L
water tank; 500 L foam tank) were in active service in Tanzania and Burundi.
The new custom-designed large water tender (MT series, 10,000 L water tank,
1,000L foam tank, tailored equipment configuration) is an ideal flagship
product for 8 further countries in East Africa. In our view, further
regional expansion may contribute EUR 6-18m (eNuW) over three years starting
in 2026.

PANTHER momentum continues with new milestone. Rosenbauer announced the
order of its 3,000 PANTHER aircraft rescue vehicle, 35 years after launch.
The unit - together with six additional PANTHERs - was ordered by Athens
International Airport (eNuW: EUR 14-16m order value). This supports our view
that the strong PANTHER momentum seen in 2025 should continue in 2026.

Moreover, the company provided new updates regarding its software and
equipment business, launching a new RDS Connect Command feature for
cross-border communication and coordination as well as successfully testing
the temperature resistance of their RFC POLY Portex foam equipment at -20°C.
Both improvements aid in maintaining technological leadership in the Fire &
Safety equipment segment amid competitive pressure.

Looking towards FY 26, we remain positive on Rosenbauer. In our opinion,
these recent milestones underscore the company's commercial strength. Sales
are seen to grow by 14.8% yoy to EUR 1.67bn (eNuW), driven by double-digit
growth across segments and backed by a record order backlog of EUR 2.43bn as
of Q3 2025. Notably, this backlog secures revenues for the first half of FY
27 and is likely to expand further with anticipated demand for the flagship
vehicle PANTHER electric.

FY 26 EBITDA looks set to rise by 29% yoy to EUR 147m (eNuW), corresponding to
an EBITDA margin of 8.8% (eNuW: +1 p.p. yoy). The improvement is driven by
ongoing operational efficiencies, including EUR 10m in annual cost savings
(eNuW), normalizing supply chains and reduced negative contributions from
the restructured Preventive Fire Protection segment.

Operational improvements should further strengthen the balance sheet,
positioning Rosenbauer for additional debt reduction. With an equity ratio
of 24.4% already achieved in the 9M 2025 results and the full year figure
expected at 26% (eNuW), the company should easily fulfill its required
covenant threshold of 25% for FY 26 and FY 27.

Rosenbauer's record order backlog provides high revenue visibility, while
margin expansion and cost savings materially enhance cash conversion. With
supply chains stabilized and execution risks having declined, free cash flow
is becoming more predictable and increasingly reflective of the company's
earnings profile in the near- to mid-term. Against this backdrop, a blended
FCFY framework based on FY 26 and FY 27 better captures the improved quality
and visibility of cash flows than our previous DCF approach. Maintaining BUY
with a raised PT of EUR 61 (previously EUR 54).


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=3ecb0bd65eea0f259e1b24304c5e2d4e
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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2280412 24.02.2026 CET/CEST

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