- Exceptional order momentum with Order Intake in Q4 2025 increasing 46% vs Q4 2024, Order Backlog further grew to a multi-year record high of over $1.2b, providing a solid basis for 2026 growth
- Strong Net Sales of $528m in Q4 2025, up 6% vs Q4 2024. Net Sales in Full Year2 2025 increased 2% vs Full Year 2024
- 2025 Adjusted EBITDA1expected to be slightly above midpoint of our Guidance of $145m to $165m
- 2026 Financial Guidance includes Net Sales of $1.95b to $2.15b and Adjusted EBITDA of $175m to $195m
- Board to nominate Barend Fruithof, Group CEO, for election as Chairman of the Board of Directors
- Fourth Quarter and Full Year 2025 earnings will be announced on March 19, 2026
“Aebi Schmidt Group delivered a strong finish to 2025, with exceptional order momentum and a multi-year record Order Backlog,” said Barend Fruithof, Group CEO. “2025 was a transformative year with the Shyft acquisition and the listing on NASDAQ, and we are optimistic about 2026. The Board updates announced today further strengthen and align our Group, as we enter the next phase toward our mid-term growth ambition.”
Fourth Quarter and Full Year2 2025 Preliminary Unaudited3 Financial Results
● Order Intake in Q4 2025 increased 46% vs Q4 2024, with significant growth in North America, driven by Airport/Chassis and Municipal, and signs of a recovery of walk-in-van orders
● Strong Order Backlog increased 7% to $1,212m since September 2025, supporting expected strong growth in 2026. Order Backlog is expected to translate into revenue within the next 15 months
● Net Sales of $528m in Q4 2025, an increase of $29m or 6% from $500m in Q4 2024
◦ Europe/RoW Net Sales increased 25% to $183m vs Q4 2024, with strong growth against a challenging market environment
◦ North America Net Sales decreased 2% to $346m from $353m in Q4 2024, driven by a 5% decrease vs Q4 2024 of legacy Shyft due to weakness in walk-in-vans and truck bodies, which was partially offset by a 2% increase vs Q4 2024 of legacy Aebi Schmidt North America
● Full Year Net Sales of $1,907m with Full-Year Adjusted EBITDA expected to be slightly above midpoint of our Guidance of $145m to $165m
“The Group exhibited a very strong order momentum in the Fourth Quarter, as we have seen the execution of our sales excellence program at the acquired Shyft businesses, with initial signs of a recovery of walk-in-van orders,” commented Marco Portmann, Group CFO, and continued “We expect revenue conversion to ramp-up beginning in the second quarter, reflecting normal production timing, resulting in a pronounced quarterly seasonality in 2026 with a notably stronger second half of the year.”
Because Aebi Schmidt has not finalized its financial statements for the Fourth Quarter or Full Year 2025, the financial results presented in this release are preliminary and unaudited and are thus subject to change3. The Fourth Quarter and Full Year 2025 Financial Results will be released prior to market open on March 19, 2026, and the Earnings Call will be held the same day.
2026 Financial Outlook and Guidance
- Net Sales of $1.95b to $2.15b, assuming a continued recovery in walk-in-van orders
- Adjusted EBITDA of $175m to $195m, expecting continued materialization of merger synergies
- Leverage1 below 2.0x by year-end 2026, assuming further structural improvements in working capital efficiency and prior to any impacts from acquisitions
“Based on our strong order momentum and Order Backlog, we expect significant organic growth and improved profitability, particularly in the second half of 2026, driven by the ramp-up in walk-in-vans and municipal production footprint and efficiency, as well as the further materialization of revenue and procurement synergies,” said Barend Fruithof.
Board Update
The Board today announced that it will nominate Barend Fruithof, Aebi Schmidt’s Group CEO and a current member of the Board, for election as Chairman of the Board of Directors at the 2026 Annual General Meeting of Shareholders (the “2026 AGM”). Jim Sharman, Aebi Schmidt’s current Chairman of the Board of Directors, will not stand for re-election as Chairman of the Board of Directors or a member of the Board.
Peter Spuhler, a current member of the Board, will also not stand for re-election at the 2026 AGM. Peter Spuhler, who has been a long-standing Board member and previously served as Chairman of the Board of Directors until Shyft’s acquisition, commented, “Aebi Schmidt now has a strong foundation and trajectory, and it is the right time to hand over the full responsibility to the team. The succession plan reflects thoughtful governance and a commitment to continuity. We have outstanding leadership, clear strategic priorities, and disciplined capital allocation. I remain committed long-term to the Group as the major shareholder, as we are fully aligned on the Company’s path going forward.” Peter Spuhler has been the architect of today’s Aebi Schmidt, with his leadership and vision proving critical to build the Group to what it is today. In honor of his accomplishments, the Board will name Peter Spuhler Honorary Chairman of the Board of Directors at the 2026 AGM.
Additionally, Paul Mascarenas, current member of the Board, will not stand for re-election at the 2026 AGM. All other current members of the Board are expected to stand for re-election, with Terri Pizzuto expected to become Vice Chairman, and Andreas Rickenbacher expected to become Lead Independent Director. With these changes, as planned, the Board will reduce in size to eight members following the 2026 AGM.
Commenting on the Board update, Jim Sharman stated, “It was a pleasure to serve as Chairman of the new, combined Aebi Schmidt Group, leading the stronger company through this important integration period. After serving Shyft and then Aebi Schmidt for nearly a decade in total, I am very happy to hand over the reins to Barend, whose strategic leadership and guidance has positioned the Company for long-term success. I’d also like to thank Paul for his essential contributions, particularly in the area of new product development.
Barend Fruithof, added “I am honored to be nominated as Chairman of Aebi Schmidt Group. The integration of the former Shyft Group was only the first step on our path to becoming a $3b specialty vehicles leader. I would like to extend my thanks to Jim and Paul for their leadership during this critical period, and especially to Peter, for his guidance and expertise over many years of building Aebi Schmidt to what it is today.”
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[1] See Non-GAAP Financial Measures for additional information regarding non-GAAP financial measures.
[2] Financial results up until June 30, 2025, provided as basis for comparison of our Fourth Quarter and Full Year 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] Financial results presented in this release for the fourth quarter and the year ended December 31, 2025, are preliminary and unaudited and are thus inherently uncertain and subject to change as we complete our financial results. Aebi Schmidt is in the process of completing its customary year-end close and review procedures as of and for the year ended December 31, 2025, and there can be no assurance that final results for these periods will not differ from these estimates. During the preparation of Aebi Schmidt’s consolidated financial statements and related notes as of and for the year ended December 31, 2025, Aebi Schmidt may identify items that could cause final reported results to be materially different from the preliminary estimates presented herein.