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

Classification of NuWays AG to Rosenbauer International AG

Q2 revenue up 10% with record high order backlog; chg

Q2 revenue of € 341m (H1: €605m, +13.1% yoy) was up 10.4% yoy driven by a notably higher number of vehicles delivered (thanks to improved supply chains) and increased sales prices but also a continued expansion in equipment, components, and service. All regions but Europe (-7.9% yoy to € 145m) showed growth/strong growth (vehicles excl. Europe +36% yoy to € 191m) carried by the strong order intake last year. Importantly the sales decline in Europe was only due to delayed deliveries in Austria and should bounce back in H2. The Preventive Fire Protection segment showed continued weakness with sales down some 50% (€ 5.5m).

Q2 EBIT came in at € -1.55m (H1: € 7.4m), down from € 14.1m in Q2 2024 (H1 2024: € 14.4m). The decline reflects one-off expenses in the Americas region and in Preventive Fire Protection, which outweighed the positive volume effects across the remaining regions, which showed good improvements. Adjusted Q2 EBIT would have been € 6.55m, a 2% margin (H1: € 15.5m).

Order backlog at the end of H1 reached a new all-time high of € 2.35bn up 17% yoy providing strong visibility well into 2026 despite timing-related volatility in order intake, which was down 9.2% yoy in Q2 (book-to-bill ratio remained above 1x). Yet, two out of five segments recorded higher orders vs last year. H1 order intake was down 5.2% yoy to 705m (book-to-bill ratio of 1.17x).

Management confirmed FY 2025 guidance for revenues of around € 1.5bn but lowered its EBIT margin expectation to approximately 5.5% (old: above 6%, eNuW old: 6.2%). This implies a significant H2 uplift in earnings, underpinned by higher planned deliveries, stabilization in regional operations, and absence of further major one-offs. Seasonal weighting towards Q4 remains a structural feature of the business. This guidance also assumes no further negative effects on US business as a result of tariff discussions. Thanks to its set-up, Rosenbauer can pass on most import tariffs. Further, 90% of the trucks delivered in the US are produced domestically. Management highlighted a net exposure of € 14m, marginal compared to ~ € 1.5bn sales.

Improved balance sheet. For once, Rosenbauer was able to further decrease its working capital needs (31.8% wc/sales, -9.3pp yoy), mainly thanks to lower inventory levels. Further, the successful capital increase has lowered net debt to € 314m, resulting in a notably healthier equity ratio of 23.6% (+10.1pp yoy).

Rosenbauer enters H2 2025 with a record order backlog, easing supply chains, and improved cost control. Demand remains intact, supported by fleet modernization needs and global investments in fire & safety infrastructure. Execution on higher-margin orders and continued efficiency gains are key to delivering on the targeted margin recovery. BUY with a € 54 PT (old: € 55) based on DCF.