Aebi Schmidt : Q1/2026 Earnings Call Presentation, May 14, 2026
AEBI
Published on 05/14/2026 at 07:10 am EDT
May 14, 2026
public
Barend Fruithof
Group CEO
Marco Portmann
Group CFO
Henning Schröder CEO Europe and Rest of World
Steffen Schewerda
CEO North America
Basis of presented financials
Financial results up until June 30, 2025, provided as basis for comparison to our first quarter 2026 performance, include results for Aebi Schmidt and The Shyft Group on a combined basis inclusive of the period prior to the merger on July 1, 2025. This also applies to Q1 2025 figures used as the basis for year-over-year comparisons throughout this presentation, which are presented on a combined basis as if the merger had closed on January 1, 2024. Historical information presented on a combined basis does not reflect any pro-forma adjustments or adjustments for costs related to integration activities, cost savings or synergies that have occurred or may be achieved if the merger occurred on January 1, 2024.
Combined full-year 2025 includes results for Aebi Schmidt and The Shyft Group on a combined basis inclusive of the periods prior to the merger on July 1, 2025. Full-year 2025 results reported in our Annual Report on Form 10-K for the year ended December 31, 2025, include Aebi Schmidt standalone results for first half of 2025 and newly merged total company results for the second half of 2025 on a U.S. GAAP basis.
Forward-looking statements
This presentation contains information, including our sales and earnings guidance, all other information provided with respect to our outlook for 2026 and future periods, and other statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the performance of our products and operations that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using words such as "believe," "expect," "intend," "potential," "future," "may," "will," "should," and similar expressions or by using future dates or targets in connection with any discussion of, among other things, the construction or operation of new or existing facilities, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings and attainment of merger synergies, potential capital and operational cash improvements, changes in supply and demand conditions and prices for our products, trade duties and other aspects of trade policy, statements regarding our future strategies, products and innovations, and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts but instead represent only Aebi Schmidt's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of Aebi Schmidt's control. It is possible that Aebi Schmidt's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements.
Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from Aebi Schmidt's historical experience and our present expectations or projections. More information about factors that potentially could affect our financial results is included in our filings with the SEC, which are available at https://www.sec.gov or our website. All forward-looking statements in this presentation are qualified by this paragraph. Investors should not place undue reliance on forward-looking statements as a prediction of actual results. We undertake no obligation to publicly update or revise any forward-looking statements in this presentation, whether as a result of new information, future events, or otherwise.
public
Barend Fruithof, Group CEO
Q1 2026 top 5 achievements
Q1 2026
End of Q1 2026 Order Backlog increase vs end of Q1 2025
Q1 2026
Q1 2026
increase vs Q1 2025 driven by +201% in EU and RoW
Q1 2026
increase vs Q1 2025
Like-for-like excludes $26.3m of Blue Arc sales in Q1 2025
Throughout this presentation, Q1 2025 figures used as the basis for year-over-year comparisons include results for Aebi Schmidt and The Shyft Group on a combined basis
Q1 2026 performance
Strategic
Participation in Work Truck Week marked the debut of new products and brand architecture, simplifying 20+ brands to eleven and eliciting
positive customer feedback
Ramp-up of facilities completed by the end of Q1 2026, with the Chicago Supercenter, Minneapolis, and Toronto upfits centers fully operational in Q2 2026
Strategic partnership with Yeti to bring airside operations into an autonomous future
Market
Order intake remains strong at $508m, an increase of 9% vs Q1 2025, further growing order backlog to $1.3b
Europe and RoW achieving very robust organic growth and capturing additional market share amid difficult market conditions
Europe and RoW growth driven by landmark €40m airport business deal and new Cleango product launch
North America winning $15m work truck body contract for a leading e-commerce player, ~$45m DOT orders from Municipal customers; more than $30m of airport awards
Net sales of $456m, in line with Q1 2025 with like-for-like1 growth of 7%
Significant 16% organic growth in Europe and RoW
North America with like-for-like1 Net Sales growth of 4%
Financials
Adj. EBITDA of $33.1m reflects a 6% increase vs Q1 2025, driven by Europe and RoW with 201% increase vs Q1 2025
After Sales driving profitable growth in Europe and RoW supported by major snow events and increased technician capacity
Adj. EBITDA margin increased to 7.3% in Q1 2026 representing a ~40 basis-points increase vs Q1 2025
Net Working Capital at $449m as of the end of Q1 2026, a $4m decrease vs the end of Q1 2025, despite production ramp-up
Net Debt of $455m at the end of Q1 2026, representing a leverage of 2.88x; reaffirming leverage target of 2.0x by year-end 2026
Like-for-like excludes $26.3m of Blue Arc sales in Q1 2025
public
Steffen Schewerda, CEO North America
North America Market Update
More than $30m in awarded airport customer contracts for MB brands
Yeti partnership advancing airport and winter fleet automation in North America, with exclusive US market rights
Spartan RV continues to deepen customer relationships, including Supplier of the Year recognition from Newmar
$15m three-year truck body award from a leading e-commerce player, starting with an initial order of several hundred units
Operational efficiencies in Walk-in-Van as a key driver of profitability growth
Strong order entry in Truck Bodies through focused alignment with customer base
Launch of vertical integration service body program
Year-over-year growth overcoming challenging market conditions
Very strong quoting activity and order intake with year-over-year growth
Multiple DOT awards for the Monroe and Swenson brands totaling ~$45m
Ramp up in Q1 2026 with expected output increase in Q2 2026 at our Supercenter in Joliet
North America Financials ($m)
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Adj. EBITDA ($m)
29.0
-4.1%
+3.6%1
337
346
336
322
352
Q1 2026
29.2
34.3
30.0
26.4
-9.1%
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q1 2026
Backlog ($m)
819
833
885
1'031
1'056
+29.0%
Q1 2025
Order Intake ($m)
338
Q2 2025
Q3 2025
Q4 2025
Net Sales ($m)
310
388
506
366
+8.0%
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Continued momentum in Order Intake and Order Backlog driven by Airport/Chassis and Municipal and continued recovery of Walk-in-Van orders
Walk-in-Van backlog conversion expected from Q2 2026
3.6% underlying Net Sales growth, excluding $26.3m
of Blue Arc sales in Q1 2025
Profitability impacted by ramp-up expenses to convert significant Walk-in-Van orders into revenue
1) Excluding $26.3m of Blue Arc sales in Q1 2025
public
Henning Schröder, CEO Europe and Rest of World
Europe and RoW Market Update
Airport
Expecting larger tenders in 2026, especially from major civil and military airports
Landmark €40m strategic win with Aéroports de Paris, for up to 29 airport machines, including 20-year service contract
Local APAC footprint strengthened, ensuring continued compliance with local content requirements, especially in China
Municipal
New product lines, including Ladog and recently launched 4m2 sweeper product update (Cleango), driving continued order growth
Strong order intake in Southern Europe, supported by robust demand in street cleaning
After Sales
Strong momentum in After Sales spare parts and service in Q1 2026 supported by major snow events in Central Europe
Increasing technician capacity in key markets to address unlocked potential for service work
Implementation of price benchmark engine to optimize spare parts pricing
Europe and RoW Financials ($m)
Q3 2025
Q1 2026
102
131
135
183
118
+16.0%
Q1 2025
Adj. EBITDA ($m)
Q2 2025
Q4 2025
Q4 2025
Q1 2026
18.1
2.2
5.3
7.9
6.8
+201.4%
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Q4 2025
Backlog ($m)
206
235
243
181
201
-2.2%
Q1 2025
Order Intake ($m) 127
Q2 2025
Q3 2025
Q3 2025
Q1 2026
134
130
126
143
+12.1%
Q1 2025
Net Sales ($m)
Q2 2025
Backlog stabilized in Q1 2026 following strong Q4 2025 net sales, returning to a more manageable level that supports expected lead times and delivery performance
Order intake reflects strong underlying core demand growth, compared to Q1 2025 which included large deals
Net sales performance remained robust, supported by efficient operations, strong production output, and improved material availability
Profitability continued to improve, driven by improved pricing and volume in new business and strong contribution from After Sales; gross margin increased reinforcing a sustained margin expansion trend
public
Marco Portmann, Group CFO
Order intake and backlog ($m)
Order intake ($m)
+9.1%
466
127
338
444
134
310
518
130
388
632
126
506
508
143
366
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Order backlog ($m)
+22.7%
1,025
206
1,068
235
1,127
243
1,212
181
1,258
201
819
833
885
1,031
1,056
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Order intake increased 9% year-over-year, with significant growth in Europe and RoW
Main drivers remain Airport/Chassis and Municipal, as well as the continued recovery in Walk-in-Van orders in North America
Order backlog increased an additional 4% since December 2025, supporting expected strong growth in 2026
Order backlog is generally expected to translate into sales within the next 15 months
Net Sales ($m)
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
337
346
336
322
352
118
135
131
102
183
456
471
454
454
528
+6.6%1
+0.4%
Net Sales ($m)
Net Sales in line with Q1 2025 against a challenging
environment, with like-for-like1 growth of 7%
Outstanding performance from Europe and RoW with 16% organic growth year-over-year
North America with 3.6% like-for-like1 growth
Expecting significant improvements in Net Sales materializing in the second quarter and especially in the second half of 2026, supported by converting Walkin-Van orders and backlog into sales
Europe/RoW North America
1) Excluding $26.3m of Blue Arc sales in Q1 2025
Adjusted EBITDA ($m)
18.1
33.1
6.8
2.2
29.2
34.3
29.0
30.0
26.4
Adjusted EBITDA of $33.1m or 7.3% margin, up 6.0% year-over-year with a 40 basis-point margin improvement
Strong Europe and RoW Net Sales growth translated into tripling of adj. EBITDA to $6.8m for a record first quarter performance
North American adj. EBITDA of $26.4m, a decrease of $2.6m or 9% vs prior year, driven by ramp-up expenses to facilitate strong Walk-in-Van orders into revenue beginning in Q2 2026, combined with temporary production inefficiencies and ramp-up expenses related to new locations, with expected positive contributions to adj. EBITDA as of Q3 2026
Adjusted EBITDA ($m)
+6.0%
31.2
34.5
5.3
42.2
7.9
48.1
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Adjusted EBITDA (%)
+6%
9.0%
9.1%
7.6%
6.9%
7.3%
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Europe/RoW
Net Working Capital and Net Debt ($m)
+8.4%
Q1 2026
419
446
469
437
455
3.28
3.24
2.80
2.88
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Net Debt1 ($m)
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
379
423
76
346
384
406
449
69
451
67
466
61
453
88
-1.0%
Net Working Capital ($m)
365
Net Working Capital (NWC) of $449m, improved by
$4m year-over-year
Working capital investments, especially in inventory, required to facilitate expected growth in Q2 2026 offset by structural improvements and efficiency gains
Net Debt1 of $455m, increasing $18m since December 2025, with stable leverage at 2.88x
Net Debt increase driven by investments in NWC, reflecting the usual seasonal pattern
On track for delivering at or below 2.0x leverage by year-end 2026
Net AR-AP
1) Net Debt as defined in our Credit Facility Agreement, excluding long-term subordinated shareholder loans at 2.5% fixed interest rate
public
Barend Fruithof, Group CEO
Financial outlook 2026
Commentary
Net Sales ($m)
~55%
$1.95 to $2.15b
~45%
H1/2026
H2/2026
FY 2026
Adj. EBITDA ($m)
~60%
$175 to $195m
~40%
H1/2026
H2/2026
FY 2026
Strong Q1 performance
Exceptional performance in Europe and RoW
Solid order momentum and net sales growth in
North America driven by Walk-in-Van recovery
Demonstrated resiliency despite geopolitical and
commercial market headwinds
On track to deliver full-year guidance
Carrying momentum into Q2 supported by operational ramp-up and synergies realization
Strong order intake and backlog supporting net
sales conversion through Q2 and H2
Deleveraging toward ~2.0x by year-end 2026
North America
Europe and Rest of World
Accelerate backlog conversion and revenue realization
Walk-in-Van orders to drive revenue growth starting Q2 2026
Significant increase in Chicago Supercenter output by Q2 2026
Ramp-up Minneapolis and Toronto operations by late Q2 2026
Capture merger synergies and procurement savings
Merger cost synergies continue to support profitability
New in-house delivery of Service Pro XP body established, will positively contribute by Q3 2026
Optimize footprint and improve operational efficiency
Consolidate warehouse and logistics operations to improve utilization and manufacturing efficiency
Optimize capacity across all locations to translate high backlog into revenue, such as municipal production in Charlotte (MI)
Strengthen the After Sales organization
Expand and reorganize After Sales operations to increase service, parts, and lifecycle revenues
Strong focus on strategic, large last-mile delivery and service fleets, to deliver growth in After Sales
Implement factory efficiency programs
Former Arctic Machine production in the Nordics fully moved to and integrated into our Poland factory
Accelerate After Sales excellence initiatives
Dedicated After Sales organization, onboarding additional technicians, gaining After Sales share month-by-month
Improve margins through pricing
Drive margin expansion through two-step price increases across New Business and After Sales
Expand electric municipal vehicle solutions
Full electrification of Street Sweeper product range (eFlexigo,
eCleango and eSwingo) expected to be finalized by mid-2026
Footprint in China strengthened, with adopted airport product solutions to meet local requirements
Disclaimer
Aebi Schmidt Holding AG published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 11:09 UTC.