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 AGISIN:AT0000922554 Reason for the research:UpdateRecommendation:BUYTarget price:EUR 61Target price on sight of:12 monthsLast 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 € 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: € 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 € 1.67bn (eNuW), driven by double-digit growth across segments and backed by a record order backlog of € 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 € 147m (eNuW), corresponding to an EBITDA margin of 8.8% (eNuW: +1 p.p. yoy). The improvement is driven by ongoing operational efficiencies, including € 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 € 61 (previously € 54).
You can download the research here: rosenbauer-international-ag-2026-02-24-update-en-32b00
For additional information visit our website: https://www.nuways-ag.com/research-feed
Contact for questions:
NuWays AG – Equity Research
Email: [email protected]
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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