Slide 1: Q3 2025 Earnings Call
Q3 2025 Earnings Call November 13, 2025 public
Slide 2: Basis of presented financials and forward-looking statements
Basis of presented financials and forward-looking statements Basis of presented financials ▪ 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 per
Slide 3: Today's presenters and agenda
Today’s presenters and agenda 1 Highlights 2 Focus point North America 3 Q3 2025 Financials Barend Fruithof Steffen Schewerda Marco Portmann Group CEO CEO North America Group CFO 4 Outlook & Concluding Remarks Q3 2025 Earnings Call | Aebi Schmidt Group public 3 November 13, 2025
Slide 4: Highlights
Highlights Barend Fruithof, Group CEO public
Slide 5: A new, stronger Group with significant step-up in profitability
A new, stronger Group with significant step-up in profitability Q3 2025 Highlights − Very strong order momentum, third quarter order intake +33% Y-o-Y and +17% Q-o-Q Market − Improved sales execution at legacy Shyft, supporting significant uptick in order intake since September − Order backlog growi
Slide 6: Increased synergy target of $40m confirmed and in accelerated execution
Increased synergy target of $40m confirmed and in accelerated execution Synergies ($m) 40 − Increased upper-end target of $40m synergies confirmed, 35 to 40 and not tied to market conditions 25 to 30 − Accelerated execution of substantial cost synergies, compensating for soft sales of legacy Shyft −
Slide 7: Europe/RoW gaining traction, expected to deliver strong Q4/2025
Europe/RoW gaining traction, expected to deliver strong Q4/2025 Europe/RoW Market Update Europe/RoW Financials ($m) Backlog ($m) Airport Δ Q2 to Q3 206 235 243 ▪ Ongoing strong organic growth and 3.1% improved margin generation ▪ Further expanding in the Rest of the World Q1 2025 Q2 2025 Q3 2025 Ord
Slide 8: North America
North America Steffen Schewerda, CEO North America public
Slide 9: North America with impressive market momentum and 2026 outlook
North America with impressive market momentum and 2026 outlook North America Market Update Airport and Chassis ▪ Airport with ongoing strong order intake and solid backlog for 2026; realizing additional capacity to reduce lead times ▪ Close alignment with chassis customers helps counterbalance parti
Slide 10: Delivering double-digit adjusted EBITDA margin immediately post-acquisition
Delivering double-digit adjusted EBITDA margin immediately post-acquisition North America Financials ($m) Backlog ($m) Δ Q2 to Q3 819 833 885 − Strong growth in order intake, fueled by Municipal and 6.3% Airport, with recovery in walk-in-vans Q1 2025 Q2 2025 Q3 2025 Order Intake ($m) 338 310 388 − S
Slide 11: Aebi Schmidt's sales excellence delivering substantial momentum for Shyft
Aebi Schmidt’s sales excellence delivering substantial momentum for Shyft Order Intake momentum ($m) Order Intake – Legacy Shyft only ($m) − Shyft’s strong production setup provides solid operational foundation but was lacking in sales 172 execution − Aebi Schmidt’s proven sales approach implemented
Slide 12: Financials
Financials Marco Portmann, Group CFO public
Slide 13: Substantial order momentum, with continued backlog growth
Substantial order momentum, with continued backlog growth Order Intake and backlog ($m) Order intake ($m) +33.4% − Order intake increased 33% Y-o-Y and 17% Q-o-Q, 466 518 with significant growth both in Europe/RoW and 389 432 444 121 127 134 130 North America 111 278 311 338 310 388 − Main drivers r
Slide 14: Net sales increased 3% Y-o-Y, driven by significant growth in Europe/RoW
Net sales increased 3% Y-o-Y, driven by significant growth in Europe/RoW Net Sales($m) Net Sales ($m) − Net sales increased by 3% despite challenging environment, driven by Europe/RoW with 15% growth +3.2% Y-o-Y, with flat North American sales 499.7 471.3 − Third quarter includes summer breaks in Eu
Slide 15: Significant and immediate step-up in profitability
Significant and immediate step-up in profitability Adjusted EBITDA ($m) Adjusted EBITDA ($m) − Adjusted EBITDA of $42.2m or 9.0% margin, up 25% +25.2% Y-o-Y with a 160 basis-point margin improvement 42.2 − Double-digit adjusted EBITDA margin achieved in 33.7 36.8 34.5 September 31.2 7.9 5.4 5.3 9.1
Slide 16: Net Debt driven by transaction costs; Deleveraging remains key priority
Net Debt driven by transaction costs; Deleveraging remains key priority Net Working Capital and Net Debt ($m) Net Working Capital ($m) − Net Working Capital (NWC) of $451m, improved by $36m year-over-year -7.3% − Ongoing high working capital required to facilitate 487 414 453 466 451 101 88 61 67 si
Slide 17: Outlook & Concluding Remarks
Outlook & Concluding Remarks Barend Fruithof, Group CEO public
Slide 18: First step taken to strategic vision of $3b+ revenue and mid-teens adjusted EBITDA
First step taken to strategic vision of $3b+ revenue and mid-teens adjusted EBITDA. Guidance on sales and adjusted EBITDA for FY2025 reaffirmed. Summary and Guidance Integration of Shyft progressing very well; confirming upper end of increased Pro-forma guidance1 ($m) ✓ synergy target of $40m. Ongoi
Slide 19: Thank you for your time and interest!
Thank you for your time and interest!
Slide 20: Appendix 1: Supplemental Financial Information
Appendix 1: Supplemental Financial Information public
Slide 21: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures To supplement its reporting of financial measures determined in accordance with generally accepted accounting principles in the United States ("GAAP"), Aebi Schmidt utilizes certain non-GAAP financial measures. Aebi Schmidt utilizes Adjusted EBITDA, Adju
Slide 22: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Aebi Schmidt Group – Combined Financial Summary (Non-GAAP / unaudited) Adjusted EBITDA ($k) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Sales $456,526 $499,659 $453,785 $453,706 $471,325 Net income/(loss) $7,445 $6,068 $626 ($7,895) $1,194 Add (subtract)
Slide 23: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Aebi Schmidt Group – Combined Financial Summary (Non-GAAP / unaudited) Net debt ($k) Sep 30, Dec 31, Mar 31, Jun 30, Sep 30, 2024 2024 2025 2025 2025 Current portion of long-term debt 26,436 23,494 24,482 27,310 25,063 Long-term debt, less current portio
Slide 24: Appendix 2: Company Information
Appendix 2: Company Information public
Slide 25: Aebi Schmidt Group is the trusted global partner in specialty vehicles
Aebi Schmidt Group is the trusted global partner delivering intelligent, cutting-edge solutions in targeted markets of the specialty vehicles industry Represented by our own sales and service organizations in 17 countries and through established partners in more than 90 further countries. Manufactur
Slide 26: Commanding leadership positions across all end markets and segments
Commanding leadership positions across all end markets and segments, which remain key targets for Aebi Schmidt's continued growth Market Airport & Chassis Commercial Trucks Goods Transport Municipal Agriculture Value Keeping Airport Runways Providing Custom Truck Manufacturing Walk-In Vans Enabling
Slide 27: Aebi Schmidt has grown organically and through successful acquisitions
Aebi Schmidt has grown organically and through successful acquisitions 1883 (founding year) 2007 2015 2018 2020 2021 2024 2025 M&A history +18.5% 1,925 Historical CAGR sales 1,016 1,086 develop- 896 ment 580 572 532 354 380 455 473 ($m) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Guidance
Slide 28: The Group has become the third largest player in the industry
The Group has become the third largest player in the industry with a very solid equity 1) 2) Equity >$800m Net Sales (>40%) 2023 FY ($m) The combined company has a strong balance sheet with an equity of over $800m, representing an equity ratio of over 40% as of the closing of the merger. Source: Com
Slide 29: Aebi Schmidt is well-positioned to accelerate growth toward becoming a $3b company
Aebi Schmidt is well-positioned to accelerate growth toward becoming a $3b company, leveraging its unique strengths Merger Execution Scale and Presence Customer Centricity Excellence ▪ Scaled-up global specialty vehicles leader ▪ Expanded portfolio, shared innovation, and ▪ Positioned to achieve ann