Rosenbauer International AG: Rosenbauer Group confirms successful turnaround in 2024

Leonding (pta006/11.04.2025/07:15 UTC+2)

• Higher number of vehicles delivered and growth in equipment, components and service increase revenue to €1,305.9 million
• EBIT improves by more than 70% year-on-year to € 64.9 million, EBT almost quadruples to € 26.3 million
• Order intake at a new high of € 1,705.2 million, order backlog of € 2,279.8 million significantly higher than Group annual sales
• Strong improvement in trade working capital, net debt down
• Capital increase completed in February 2025 significantly improves equity ratio to around 26%
• New syndicated loan replaces Multilateral Refinancing Agreement
• Based on the solid order backlog and the initiatives of the last two years, the Rosenbauer Executive Board expects sales of around € 1.5 billion for 2025, with an EBIT margin of over 6%

In 2024, the Rosenbauer Group increased its sales revenue by 22.7% to € 1,305.9 million (2023: € 1,064.5 million) in a weak economic environment. Vehicle sales increased by 24.6% due to more deliveries, and the Equipment, Customer Service and Components divisions also recorded strong growth. All sales regions – especially the Europe, Americas and Middle East & Africa areas – significantly increased their business volume in the year under review. The initiatives of the last two years to reduce manufacturing costs and optimize processes are having an effect and have led to a record level of operating profit (EBIT) of € 64.9 million (2023: € 37.5 million). Despite higher financing costs, EBT almost quadrupled to € 26.3 million (2023: € 7.0 million). Excluding negative special items of € 4.8 million, mainly from the implementation of the banking agreement, EBIT would have been € 69.7 million.

"The results of the 2024 fiscal year mark some absolute highs in the history of the Rosenbauer Group, and they clearly show that we have achieved the turnaround. Our order books are full and we have realized the first efficiency improvement potentials in production. The capital increase in February 2025 has boosted our equity ratio to 26% based on the annual financial statements and we have regained full maneuverability to master the current geopolitical challenges and take advantage of future growth opportunities. With Robau Beteiligungsverwaltung, we also have a strong, long-term investor who brings extensive industrial and financial know-how to the table," says Sebastian Wolf, CEO of Rosenbauer International AG.

"The progress made in trade working capital and net debt is also encouraging, but it does not change the fact that we remain focused on cash generation and the reduction of the leverage ratio. The successful implementation of the capital increase strengthened the capital market's confidence in Rosenbauer and enabled us to conclude a new refinancing of € 330 million with our core banks. With this syndicated loan with a basic term of three years and extension options, the Multilateral Refinancing Agreement concluded in March 2024 was quickly replaced. After a short time, we have thus returned to a trusting operational business relationship with our banks," says Markus Richter, CFO of Rosenbauer International AG.

Sales and earnings situation

The global market for firefighting vehicles has an annual volume of around 22,000 units with a total value of around € 6.6 billion. Based on Rosenbauer's own estimates, the market volume in some regions in 2024 is likely to have returned to historically accustomed levels after an increase in the previous year. At the same time, international supply chains have almost returned to their usual stability and delivery times for firefighting vehicles have consequently moved back towards the long-term average.

The Rosenbauer Group's gross profit in 2024 after deducting cost of sales amounted to € 222.0 million (2023: € 165.1 million), and the gross profit margin rose to 17.0% (2023: 15.5%). EBIT amounted to € 64.9 million (2023: € 37.5 million) as a result of the higher gross profit.

The increased interest rate level led to higher financing costs in the reporting year and resulting in a negative financial result of € -38.6 million (2023: € -30.5 million). Nevertheless, earnings before taxes (EBT) almost quadrupled to € 26.3 million (2023: € 7.0 million).

Reported tax income – due to the capitalization of loss carryforwards – amounted to € -3.5 million (2023: tax expense € 5.8 million), resulting in a clearly positive result for the period of € 29.8 million (2023: € 1.2 million).

Demand for firefighting technology from Rosenbauer continues to be very strong. Order intake in the past year reached a new record level of € 1,705.2 million (2023: € 1,450.3 million). Area Europe, Middle East & Africa and Americas recorded strong growth. Among other things, the German Bundeswehr has concluded a long-term framework agreement with Rosenbauer Deutschland for the delivery of up to 60 PANTHER ARFF vehicles. The first 35 PANTHER 8x8s are to be delivered by 2029. At € 2,279.8 million as of December 31, 2024 (2023: € 1,788.0 million), the order backlog was significantly higher than the Group's annual revenue and will ensure capacity utilization until 2026.

Financial position and net assets

The financial situation of the Rosenbauer Group continued to stabilize in 2024. Total assets increased year-on-year to € 1,257.0 million as of December 31, 2024 (2023: € 1,166.7 million). Equity increased to € 208.1 million (2023: € 183.1 million) as a result of the improved results, and the equity ratio was 16.6% as of December 31, 2024 (2023: 15.7%). In the course of the capital increase completed in February 2025, the equity ratio increased to 26% based on the annual financial statements.

Despite the significant increase in turnover, it was possible to reduce trade working capital by 10.2%. With a share of 32.5% of sales or € 424.5 million, the previous year's figure of 44.4% or € 472.7 million was greatly improved. In addition to shorter throughput times, increased inventory turnover and lower receivables, this is primarily due to significantly higher customer prepayments.

Net debt decreased to € 392.5 million (2023: € 428.2 million) due to lower trade working capital. As a result of the capital increase, debt fell to below € 300 million in March 2025. Cash flow from operating activities developed very positively in 2024 at € 82.0 million (2023: € -82.8 million).

Outlook

According to its World Economic Outlook from January of this year, the International Monetary Fund (IMF) expects global growth of 3.3% for 2025, which will be below the historical average. Inflation will continue to be a key issue. While global inflation is expected to slow to 2.7%, it will remain above average in some emerging markets and commodity-exporting countries.

The firefighting industry, whose order books are well filled, is a late cyclical. The main drivers of the sales growth of individual manufacturers are the improved supply chains, which enable faster production and delivery of the vehicles and equipment ordered. Overall, higher industry sales can be expected again in 2025. It is unclear what the impact of the tight budgets of the municipalities, the announced investments in security, infrastructure and climate protection and the new trade barriers will be.

After a record order intake in 2024, the Rosenbauer Group started the current fiscal year with a solid order backlog of € 2,279.8 million. Accordingly, the Group Board of Management expects a further increase in sales and earnings in 2025 and expects sales of around € 1.5 billion. The EBIT margin is expected to increase to over 6% based on the initiatives of the last two years.

(end)

Emitter:	Rosenbauer International AG Paschinger Straße 90 4060 Leonding Austria
Contact Person:	Mag. Tiemon Kiesenhofer
Phone:	+43 664 80 679 6538
E-Mail:	ir@rosenbauer.com
Website:	www.rosenbauer.com/
ISIN(s):	AT0000922554 (Share)
Stock Exchange(s):	Vienna Stock Exchange (Official Trade); Free Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate