- Very strong order momentum, with third quarter order intake up 33% year-over-year
- Order backlog increased by another 6% since June 2025, supporting 2026 growth ambitions
- Group net sales of $471m, up 3% year-over-year, with expected significant growth in fourth quarter
- Adjusted EBITDA1 of $42.2m or 9.0% adjusted EBITDA margin, up 25% year-over-year with a 160 basis-point margin improvement
- Synergies materialization accelerated, supporting upper end of increased target of $40m
“The entire new Aebi Schmidt Group has been focusing on executing the integration and realizing the expected synergies from the acquisition of the Shyft Group, and we are very happy to see a significant step-up in profitability in the first quarter after closing the transaction”, said Barend Fruithof, Group CEO. “We also see the significant potential from our sales excellence methodology uplifting the Shyft business, with our governance and operating model fully implemented in the combined Group.”
Third quarter 2025 Financial Results2
● Order intake increased 33.4% year-over-year and 16.6% quarter-over-quarter, with significant growth both in Europe and Rest of World (RoW), and North America, driven by Airport/Chassis and Municipal
- Legacy Shyft increased 79.3% year-over-year driven by a recovery of walk-in-van demand and amplified by implementation of Aebi Schmidt sales excellence methodology
● Strong order backlog increased another 5.6% to $1,127 million since June 2025, supporting significant growth ambitions. Order backlog is expected to translate into revenue within the next 15 months
● Sales of $471.3 million, an increase of $14.8 million or 3.2% year-over-year, from $456.5 million
- Europe/RoW sales increased 14.6% to $135.4 million, with strong growth against a challenging market environment
- North American sales flat at $336.0 million, despite legacy Shyft with 3.9% lower sales year-over-year due to softness in walk-in-vans and truck bodies
● Positive net income of $1.2 million achieved (prior year: $7.4 million), driven by improved profitability, compensating significant, non-recurring transaction costs and related restructuring expenses.
- Expecting a continued, significantly improved net income beginning with the fourth quarter
● Adjusted EBITDA1 of $42.2 million, an increase of $8.5 million or 25.2% year-over-year, from $33.7 million
- Europe/RoW adjusted EBITDA of $7.9 million with an adjusted EBITDA margin of 5.8%, a significant improvement quarter-over-quarter by 50% or 180 basis-point margin compared to a sales increase quarter-over-quarter of 2.9%. Adjusted EBITDA below prior year of $9.1 million, which was supported by one-off high-margin sales
- North America adjusted EBITDA of $34.3 million, achieving a 290 basis-point margin increase to a double-digit EBITDA margin of 10.2%, despite flat sales year-over-year, supported by strong cost management and accelerated materialization of acquisition related synergies
“As expected, we saw a significant improvement in Europe and Rest of the World in all aspects, despite the typical summer-breaks in Europe in the third quarter”, continued Fruithof, “with North America already achieving a double-digit adjusted EBITDA margin in the quarter, despite soft sales of the legacy Shyft business. This sets a new baseline for further improvement, backed by a very strong order backlog in excess of $1.1 billion.”
● Net Working Capital at $451.5 million, improving $35.7 million or 7.3% year-over-year, from $487.2 million
- Ongoing high working capital required to facilitate significant growth; actions to improve working capital efficiency and implement structural improvements expected to materialize by year-end
● Net Debt1 of $468.6 million, an increase of $22.3 million or 5.0% since June 2025, prior to the close of the acquisition of the Shyft Group
- Increase driven by significant non-recurring transaction expenses, restructuring expenses, and ongoing high working capital needs
- Expecting strong positive cash flow in the fourth quarter with expected leverage below 3.0x by year-end 2025, and below 2.0x by year-end 2026
“We continue to address our Working Capital efficiency and have identified various opportunities in both segments, particularly in our collections and inventory management. We are focused on delivering the planned reduction by year-end, while, at the same time, supporting the expected significant sales growth. We believe that this will significantly improve our cash flow generation in the fourth quarter and expect a leverage below 3.0x by year-end 2025”, commented Marco Portmann, Group CFO, and continued, “And deleveraging will remain a core target for 2026, expecting a significant improved cash conversion and a deleveraging to below 2.0x by year-end 2026, enabling opportunities for further growth investments and acquisitions.”
2025 Financial Outlook3
Notwithstanding significant changes in the operating environment, we reaffirm our outlook as follows:
● Sales of $1.85 to $2.0 billion; expecting sales at mid-point of guidance range
● Adjusted EBITDA1 of $145 to $165 million; expecting adjusted EBITDA at upper half of guidance range
Fruithof concluded, “Aebi Schmidt Group’s strategic vision is to establish itself as a premier leader in the specialty vehicles market, targeting revenues of $3 billion and achieving a mid-teens Adjusted EBITDA margin. With our third quarter results, the first following the integration of the Shyft Group, we have already taken big steps in that direction. We are very proud of our teams, and what we have delivered in such a short time. We will continue to execute the integration of the former Shyft Group, delivering synergies, and grow our market share.”
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[1] See Non-GAAP Financial Measures for additional information regarding non-GAAP financial metrics
[2] Financial results up until June 30, 2025, provided as basis for comparison of our third quarter 2025 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. 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.
[3] Combined full year 2025 Financial Outlook 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 to be reported in our Annual Report on Form 10-K for the year ending December 31, 2025, with an expected filing date in the first quarter of 2026, will 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.
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Third Quarter 2025 Earnings Call
The Company will host an earnings conference call and webcast at 8:30am Eastern Time the same day. Investors and analysts can access the conference call and webcast, including conference call materials, at
https://www.aebi-schmidt.com/investors, or directly through
https://edge.media-server.com/mmc/p/juczpzaa for the webcast, and
https://register-conf.media-server.com/register/BI89a6a65917e34760b58bc2a169433d21 for the
live conference call with the ability to ask questions during the Q&A.