Austrian firefighting equipment manufacturer nearly triples EBIT in the first half of 2026, while delivery delays and higher working capital weigh on cash flow
LEONDING, Austria – Rosenbauer International continued its growth trajectory in the first half of 2026, supported by strong demand for firefighting and emergency response equipment and a sharp improvement in profitability.
Group revenue increased by 3.5% year on year to €625.9 million, compared with €604.7 million in the first six months of 2025. EBITDA rose from €28.2 million to €38.8 million, while EBIT almost tripled to €20.4 million from €7.4 million. Earnings before tax improved to €11.1 million after a loss of €10.5 million in the prior-year period.
The improvement was driven by higher vehicle deliveries, stronger business in preventive fire protection and better contribution margins on delivered vehicles. Rosenbauer reported a gross profit margin of 20.6%.
Demand remained robust. New orders reached €717.8 million in the first half, up from €705.2 million a year earlier, while the order backlog increased to €2.43 billion at the end of June, compared with €2.35 billion in 2025.
Europe remained Rosenbauer’s largest market, accounting for 48.3% of group revenue. The Americas contributed 31.9%, Asia-Pacific 9.0% and Middle East & Africa 8.8%. Preventive fire protection accounted for a further 2.0%.
Order intake increased particularly in Europe and the Middle East & Africa region. In the United States, however, discussions over tariffs and counter-tariffs weighed on ordering activity among dealers.
Delivery delays pressure cash flow
Despite the stronger earnings performance, Rosenbauer faced operational challenges during the reporting period.
Geopolitical tensions in the Middle East disrupted transport and supply routes, with uncertainty surrounding the Strait of Hormuz delaying individual projects. At the same time, the introduction of SAP S/4HANA at the company’s main Austrian operations in April caused temporary disruptions to production planning and vehicle deliveries.
The delays had a significant impact on working capital. Trade working capital increased from €477.4 million to €586.2 million, tying up roughly €109 million more in operations than a year earlier. Operating cash flow consequently deteriorated to minus €60.5 million from minus €23.8 million.
Net debt stood at €328.5 million at the end of June, compared with €314.3 million a year earlier. Rosenbauer nevertheless expects operating cash flow to turn positive for the full year.
The company has increased staffing capacity to address delivery backlogs. The global workforce rose by 371 employees to 5,039 at the end of June. Management expects delivery performance to improve progressively as operations following the SAP migration stabilise.
Financing extended to 2029
Rosenbauer also strengthened its financial position in early August by extending and increasing its syndicated loan facility.
The financing volume was raised from €330 million to €339 million, while maturity was extended from March 2028 to August 2029. The agreement also includes two one-year extension options. The group’s equity ratio improved from 23.6% to 26.3%.
The refinancing provides additional flexibility at a time when elevated inventories and delayed deliveries are tying up significant capital.
For the full 2026 financial year, Rosenbauer continues to forecast further revenue and earnings growth. Group sales are expected to reach up to €1.6 billion, while the EBIT margin is projected to exceed 6%.
The €2.4 billion order backlog provides strong visibility for the coming quarters. The key challenge will be converting that demand into completed deliveries and cash flow while managing geopolitical uncertainty, supply-chain risks and the remaining operational effects of the SAP implementation.
