Rosenbauer International AG: Strong Growth with Challenges Ahead

Rosenbauer International AG has reported a 10.4% year-on-year increase in Q2 revenue, hitting €341 million, bolstered by improved supply chains and higher sales prices. The company witnessed a particularly strong performance outside Europe, with vehicle sales rising 36% year-on-year to €191 million. Despite facing a 7.9% decline in European sales due to delayed deliveries in Austria, the company maintains a positive outlook for the second half of the year. The Preventive Fire Protection segment, however, remained weak with a 50% fall in sales.

The company's EBIT saw a substantial decline to € -1.55 million in Q2 mainly due to one-off expenses in the Americas. Nonetheless, Rosenbauer's order backlog reached an all-time high of €2.35 billion, offering strong visibility up to 2026. The management reaffirmed its guidance for 2025 revenues to approximate €1.5 billion, though it adjusted its EBIT margin expectation from over 6% to approximately 5.5%, expecting improved earnings in the latter half supported by increased deliveries and operational stabilization.

Rosenbauer’s balance sheet showed improvements, with reduced working capital needs and a healthier equity ratio. The company anticipates consistent demand driven by fleet modernization and infrastructural investments globally. The focus remains on executing higher-margin orders and achieving efficiency gains.