Rosenbauer International (ROS) Q2 2024 earnings summary

Executive summary

• Revenues rose 16.1% year-over-year to €534.6 million, driven by higher vehicle deliveries and growth in equipment and services.

• EBITDA nearly doubled to €29.3 million, the highest half-year figure in company history; EBIT improved to €14.4 million.

• Net profit for the period was -€5.2 million, improving from -€11.6 million in H1 2023, with positive EBT and net profit in Q2 for the first time since 2021.

• Record order intake of €744.2 million increased the order backlog to over €2 billion, providing a strong sales pipeline.

• Robau Beteiligungsverwaltung plans to become majority shareholder via a €119 million capital increase and share purchase, pending regulatory approval.

Financial highlights

• Revenues rose to €534.6 million in H1 2024 from €460.5 million in H1 2023 (+16.1%).

• EBITDA increased to €29.3 million (H1 2023: €15.1 million); EBIT rose to €14.4 million (H1 2023: €0.7 million).

• Net profit for the period was -€5.2 million, a €6.4 million improvement year-over-year; EPS: €-1.0 (vs. €-1.8 in H1 2023).

• Cash flow from operating activities improved to -€50.0 million from -€139.7 million in H1 2023.

• Net debt increased to €501.5 million (from €466.1 million), mainly due to higher trade working capital.

Outlook and guidance

• Executive Board expects 2024 revenues of around €1.2 billion and an EBIT margin of about 5%, assuming stable supply chains.

• Further revenue and EBIT margin improvements are anticipated in 2025 due to process enhancements.

• Positive cash flow from operating activities anticipated for full year 2024.

• Planned €119 million capital increase by year-end to strengthen equity base.

• Robau's majority stake and capital increase are expected to provide financial security and support global growth strategy.