^ 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 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.

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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 ++++++++++ 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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Quelle: dpa-Afx