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Aebi Schmidt Group closed Q4 2025 with Adjusted EBITDA growing by 31% and Order Intake increasing by 46% vs Q4 2024, well positioned to accelerate order conversion and grow profitability in 2026

Frauenfeld, Switzerland, March 19, 2026 – Aebi Schmidt Group (NASDAQ: AEBI) (“Aebi Schmidt”, the “Group”, or the “Company”), a world-class specialty vehicles leader, reports strong EBITDA growth and record order backlog, providing a solid foundation to the Group to accelerate order conversion and grow profitability in 2026.

  • 2025 closed with exceptional order momentum: Q4 2025 Order Intake increased 46% vs Q4 2024 and Order Backlog reached a multi-year record of over $1.2b, positioning the Group for significant growth in 2026, driven by new product launches, expanded North America locations and Europe dealer coverage 
  • Q4 2025 Net Sales increased to $528m, an increase of 6% vs Q4 2024; Full Year 2025 Net Sales of $1,907m, +2% vs Full Year 2024
  • Adjusted EBITDA grew to $48.1m in Q4 2025, representing a 9.1% Adjusted EBITDA margin, an increase of 31%, or ~170 bps, vs Q4 2024; Full Year 2025 Adjusted EBITDA of $156.0m, +13% vs Full Year 2024
  • Q4 2025 Net income rose to $8.8m, an increase of $2.7m vs Q4 2024
  • 2026 Financial Guidance includes Net Sales of $1.95b to $2.15b, Adjusted EBITDA of $175m to $195m, and leverage at year-end 2026 below or equal to 2.0x.

“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 historic year for Aebi Schmidt with the acquisition of Shyft and the listing on NASDAQ.”

Fourth Quarter and Full Year2 2025 Financial Results

  • Q4 2025 Order Intake increased 46% vs Q4 2024, with significant growth in North America, driven by Airport/Chassis, Municipal, and first signs of a recovery of walk-in-van orders
  • December 31, 2025, Order Backlog increased 7% to $1,212m since September 30, 2025, supporting expected strong growth in 2026. Order Backlog is expected to translate into Net Sales within 15 months 
  • Q4 2025 Net Sales of $528m, an increase of $28m, or 6%, from $500m in Q4 2024
    • 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
    • Europe/RoW Net Sales increased 25% to $183m vs Q4 2024, with strong growth against a challenging market environment
  • Q4 2025 Net income of $8.8m increased $2.7m from $6.1m in Q4 2024
  • Adjusted EBITDA increased to $48.1m, an increase of 31% in Q4 2025 vs Q4 2024 
    • North America Adjusted EBITDA in Q4 2025 decreased 4% vs Q4 2024 to $30.0m; representing an 8.7% Adjusted EBITDA margin, down 20 bps vs Q4 2024 driven by weakness in walk-in-van and truck body sales, partially offset by the realization of merger synergies and improved production efficiency
    • Europe/RoW Adjusted EBITDA in Q4 2025 increased significantly by 234% vs Q4 2024 to $18.1m; representing a 9.9% Adjusted EBITDA margin, driven by increased sales volume, strong gross margin performance and good cost control
  • Full Year 2025 Net Sales of $1,907m, a 2% increase vs Full Year 2024
  • Full Year 2025 Adjusted EBITDA rose 13% vs prior year and reached $156.0m, with 8.2% Adjusted EBITDA margin

 

“The Group experienced strong order momentum and profitability growth in the Fourth Quarter, as we have seen the impacts from the implementation of our sales excellence program at the acquired Shyft businesses, and initial signs of a recovery in walk-in-van orders,” commented Marco Portmann, Group CFO, and continued “We expect revenue conversion to ramp-up beginning in the second quarter, with a pronounced quarterly seasonality in 2026, and a notably stronger second half of the year.”

  • Net Working Capital decreased to $423m at the end of Q4 2025, down 6% vs the end of Q3 2025
  • Net Debt decreased by $32m, or 7%, to $437m as of December 31, 2025, vs as of September 30, 2025, reducing leverage significantly to 2.8x

 

“We continue to drive improvements in our Net Working Capital through more efficient processes and capital allocation,” said Marco Portmann. “We are pleased to end 2025 with a leverage ratio well below our stated target of 3.0x, as we work toward reaching our leverage target of below or equal to 2.0x by year-end 2026”

 

2026 Financial Outlook and Guidance

  • Net Sales of $1.95b to $2.15b, assuming a continued recovery in walk-in-van orders, and no material impact from adverse geopolitical developments or elevated inflation
  • Adjusted EBITDA of $175m to $195m, expecting continued materialization of merger synergies
  • Leverage1 below or equal to 2.0x by year-end 2026, assuming further structural improvements in working capital efficiency and prior to any impacts from acquisitions

 

In 2026, a stronger seasonality is expected, with a slow start in the First Quarter due to market softness and geopolitical uncertainty, followed by backlog conversion and production ramp-up in the Second Quarter. In the Second Half of 2026, market recovery, merger synergies, and seasonal demand are expected to drive stronger performance.

 

“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.

 

Fourth Quarter and Full Year 2025 Earnings Call

The Company will host an earnings conference call and webcast today at 8:30am Eastern Time. Investors and analysts can access the conference call and webcast, including conference call materials, at https://www.aebi-schmidt.com/investors, or directly through: 

 

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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.