^ Original-Research: Rosenbauer International AG - from NuWays AG

24.02.2026 / 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 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 ++++++++++ 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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Quelle: dpa-Afx