Rosenbauer International (ROS) Q3 2024 earnings summary

Executive summary

• Revenues rose 20.3% year-over-year to €841.3 million in the first nine months of 2024, driven by higher vehicle deliveries and strong equipment and service business.

• EBITDA increased to €52.6 million and EBIT to €29.4 million, reflecting improved contribution margins and process measures.

• Net result for the period was €-2.8 million, improved from €-11.9 million year-over-year; adjusted net profit was €1.3 million.

• Order intake reached €1,233.4 million (+20.2%), with order backlog at €2,199.6 million, supporting future growth.

• Capital increase process is ongoing, aiming for completion by year-end 2024.

Financial highlights

• Revenues: €841.3 million (+20.3% year-over-year); EBITDA: €52.6 million; EBIT: €29.4 million (+18.2 million year-over-year).

• Gross profit margin improved to 16.7% from 15.2% year-over-year.

• Cash flow from operating activities improved to €-5.8 million from €-154.2 million.

• Net debt reduced to €467.8 million; gearing ratio improved to 261.2%.

• Investments increased to €13.6 million, supporting infrastructure and digitalization.

Outlook and guidance

• 2024 revenues expected to exceed €1.2 billion with an EBIT margin around 5%, assuming stable supply chains.

• 2025 outlook anticipates higher revenues and further EBIT margin improvement, supported by strong order backlog and price increases.

• Order intake anticipated to continue growing in 2025, with global demand for firefighting equipment expected to normalize.

• Full-year 2024 cash flow from operating activities projected to be clearly positive.

• Tighter public budgets and rising protectionism are being monitored as potential risks for 2027 and beyond.