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Aebi Schmidt Group reports 9% growth in Order Intake, continued increase in Order Backlog of 23%, strong underlying growth and profitability, and confirms full-year 2026 guidance

Frauenfeld, Switzerland, May 14, 2026 – Aebi Schmidt Group (NASDAQ: AEBI) (“Aebi Schmidt”, the “Group”, or the “Company”), a world-class specialty vehicles leader, reports strong order momentum and increased adjusted EBITDA.

  • Strong order momentum, with Q1 2026 Order Intake up 9% vs Q1 20252 and Order Backlog expanding by 23% vs Q1 2025 to $1.3b
  • Net Sales of $456m in Q1 2026, in line with Q1 2025 and growing 7% excluding $26.3m Blue Arc sales in Q1 2025 
  • Adjusted EBITDA1 of $33.1m in Q1 2026, up 6% vs Q1 2025, representing 7.3% of Net Sales, a margin increase of ~40bps vs Q1 2025, driven by 201% increase in Europe and Rest of World (RoW)
  • Net Income of $0.7m in Q1 2026, an increase of 7% vs Q1 2025
  • Aebi Schmidt Group on track to deliver full year 2026 guidance expecting sales in $1.95 to $2.15b range, adjusted EBITDA in $175 to $195m range and leverage ≤ 2.0x


“Aebi Schmidt Group delivered a strong start to 2026, with meaningful order growth and improved profitability compared to last year2," said Barend Fruithof, Group CEO of Aebi Schmidt. "Our order intake is up 9% vs Q1 2025 and we are performing as expected."

First Quarter2 2026 Financial Results

  • Q1 2026 Order Intake increased 9% vs Q1 2025, with solid growth in North America, driven by Airport and Municipal, and a continued recovery in Walk-in-Vans orders
  • March 31, 2026 Order Backlog grew 23% to $1.3 billion vs March 31, 20252, providing visibility into expected significant growth in 2026
  • Net Sales of $456m, in line with Q1 2025 despite a challenging environment and growing 7% excluding $26.3m of Blue Arc sales in Q1 2025.
    • Europe and RoW Net Sales with substantial organic growth of 16% vs Q1 2025
  • Q1 2026 Net Income of $0.7m, increased $0.1m from $0.6m in Q1 2025
  • Adjusted EBITDA in Q1 2026 of $33.1m, a 6% increase vs Q1 2025 sustaining strong momentum toward our 2026 adjusted EBITDA guidance
    • North America adjusted EBITDA of $26.4m, a decrease of $2.6m or 9% vs prior year quarter2, driven by ramp-up expenses to convert strong Walk-in-Vans orders into revenue beginning in Q2 2026
    • Europe and RoW delivered a record first quarter, with adjusted EBITDA tripling to $6.8m vs prior year quarter, driven by improved pricing and volume in new business, as well as strong After Sales

 

“The Group experienced strong order momentum in the first quarter, driven by Airport and Municipal,” commented Marco Portmann, Group CFO. “We expect revenue conversion, especially in Walk-in-Vans, to accelerate beginning in the second quarter, with quarterly revenue increasing sequentially in 2026, and a significantly stronger second half of the year.”

  • Net Working Capital1 improved to $449m at the end of Q1 2026, down 1% or $4m vs the end of Q1 2025 despite the expected ramp up of Net Sales beginning in the second quarter
  • Net Debt of $455m at the end of Q1 2026, increasing $18m since the end of 2025, driven by investments in inventory, reflecting normal seasonal dynamics. Leverage1 at the end of March 2026 at 2.88x

 

“We continue to drive improvements in our Net Working Capital through more efficient processes and improved capital allocation,” said Marco Portmann. “The inventory increase in Q1 2026 vs year-end 2025 is part of our normal seasonality, and we continue to work toward our leverage target of 2.0x by year-end 2026.”

 

First Quarter 2026 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 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 release, 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.