On Friday, Rosenbauer presented strong Q3 results. Here are the key takeaways:

Q3 revenue of € 346m, up 12.8% yoy, exceeded expectations of € 338m (eNuW), carried by all major product segments. Vehicle revenues rose by 15.7% yoy to € 270.8m, Fire & Safety by 16.6% yoy to € 28.4m and Customer service by 7.7% yoy to € 33m. Regionally, Americas improved by 30.5% yoy to € 105m, while Europe slightly declined by 2.7% yoy, denoting € 157m in revenue. Strong contributions from typically more volatile developing regions Middle East (+16.4% yoy, € 39.8m) and Asia-Pacific (+78.9% yoy, € 43.3m) aided in turning this Q3 from a typically seasonally weaker quarter into a strong one.

Q3 EBITDA came in at € 35.3m, soaring by 51.6% yoy. At the same time Q3 EBIT of € 26m was up 73.5% yoy despite a continued headwind from the Preventive Fire Protection segment, which remains in restructuring with a € 6.2m EBIT loss. Key drivers for the strong growth were efficiency gains thanks to improved supply chains, no further headwinds from tariffs in the US (Q3 margin of 8.9% vs -2.5% in H1) and an improving mix effect (i.e. stronger growth of higher margin regions APAC and MEA).

The order backlog at the end of Q3 reached a new all-time high of € 2.4bn, up 10.5 % yoy, providing strong visibility well into 2026, even as order intake came in 6.3% below last year’s figure at € 458m. The temporary softness was visible across all segments, except for Asia-Pacific.

Adjustments on the FY 25 guidance became necessary, as visibility increased towards the end of the year. Rosenbauer delivered early on turning the operating cash flow positive (positive territories were already reached in Q3). Yet, roughly € 50m of sales were pushed into Q1 2026 to help smooth out seasonality and ease extra costs from running above capacity in the final quarter. FY25 revenue is now expected at €1.45bn, with the deferred € 50m coming in at slightly better margins. Assuming no further one-offs, the EBIT margin of 5.5% for FY 2025 was confirmed.

The working capital improved from € 512m in Q3 2024 to € 472m, due to efficiency measures taken. Net debt denoted at € 305m (Q3 2024: € 467.8m) and the equity ratio improved from 14% a year ago to 24.4% in Q3 2025 (thanks to the resolved capital increase), as the company continues to solidify its financial position.

Our take: With a record order backlog, management focusing on efficient deliveries and supply chains stabilizing, we expect further positive top-line developments. Margin improvements are to follow with further efficiency measures introduced (€ 10m additional savings from FY26e). As debt covenants are more easily met, managements freedom in decision making continues to improve. With PFP restructuring efforts under way, we expect its negative impact on EBIT margins to decrease in 2026. In sum, the company is well on track to further cement the ongoing operational turnaround. BUY with a € 54 PT, based on DCF.