Aebi Schmidt Holding Ag · NASDAQ:AEBI
Aebi Schmidt — Q4 and FY 2025 Earnings Presentation
36 slides from Aebi Schmidt's earnings presentation, Mar 19, 2026
Slide 1: Q4 and FY 2025 Earnings Call
Q4 and FY 2025 Earnings Call March 19, 2026 public
Slide 2: Today's presenters and agenda
Today’s presenters and agenda 1 Highlights 2 North America Barend Fruithof Marco Portmann Group CEO Group CFO 3 Europe and Rest of World (RoW) 4 Q4 and FY 2025 Financials 5 Outlook & Concluding Remarks Henning Schröder Steffen Schewerda CEO Europe and CEO North America Rest of World Q4 and FY 2025 E
Slide 3: Safe Harbor: Basis of presented financials and forward-looking statements
Safe Harbor: 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 fourth quarter and full year 2025 performance, include results for Aebi Schmidt and The Shyft Group on a combine
Slide 4: Highlights
Highlights Barend Fruithof, Group CEO public
Slide 5: Q4 2025 with exceptional order momentum, substantially higher profitability, and significantly improved leverage
Q4 2025 with exceptional order momentum, substantially higher profitability, and significantly improved leverage Q4 2025 top 5 achievements From integration to execution — building the foundation for a $3B company +46% +21% +31% ≥$40m 2.8x Q4 2025 Order End of Q4 2025 Q4 2025 Adj. Expected Leverage
Slide 6: 2025 was a historical year, with Aebi Schmidt Group becoming a global specialty vehicles leader
2025 was a historical year, with Aebi Schmidt Group becoming a global specialty vehicles leader Q4 2025 performance − Successful acquisition and integration of The Shyft Group, realizing an immediate significant step-up in profitability and expecting Strategic merger synergies of at least $40m (vs p
Slide 7: Foundation built - 2025 achievements driving our 2026 growth path
Foundation built - 2025 achievements driving our 2026 growth path 2025 growth achievements − Successful acquisition and integration of The Shyft Group, delivering immediate profitability gains from synergies and enhanced commercial reach M&A − Frictionless integration of LWS (acquired in June 2025)
Slide 8: New brand architecture and design ensuring a unified market recognition
New brand architecture and design ensuring a unified market recognition Situation Upon Acquisition Future Brand Architecture & Design Reasons And Benefits ▪ Designed to reduce complexity, to sharpen the group's market presence and to consolidate product offering. ▪ Monroe and Schmidt will expand the
Slide 9: North America
North America Steffen Schewerda, CEO North America public
Slide 10: North America with impressive market performance and 2026 outlook
North America with impressive market performance and 2026 outlook North America Market Update Airport and Chassis ▪ Airport with ongoing strong order intake and solid backlog for 2026; new products are gaining traction in the market ▪ Close alignment with chassis customers helps counterbalance parti
Slide 11: Delivering substantial order momentum, including walk-in-vans
Delivering substantial order momentum, including walk-in-vans North America Financials ($m) Backlog ($m) Q4 2025 vs 1’031 Q4 2024 819 833 885 ▪ Continued order momentum in Order Intake and Order Backlog driven by Airport/Chassis and Municipal and 25% signs of a recovery of walk-in-vans order Q1 2025
Slide 12: Strong 2025 foundation, driving positive year-over-year quarterly and sequential momentum through 2026
Strong 2025 foundation, driving positive year-over-year quarterly and sequential momentum through 2026 2026 North America measures − Continue to realize strong order momentum especially in Municipal, Walk-In Van and Airport Market − New Airport products, Badger and P-Series, successfully introduced,
Slide 13: Europe and Rest of the World (RoW)
Europe and Rest of the World (RoW) Henning Schröder, CEO Europe and Rest of World public
Slide 14: Europe and RoW gaining traction in Airport, Sweepers compact class and Agriculture
Europe and RoW gaining traction in Airport, Sweepers compact class and Agriculture Europe and RoW Market Update Airport ▪ Entering a period of larger tenders expected in 2026, especially from major airports ▪ Market growth supported by rising defense budgets and increased military-related demand ▪ B
Slide 15: Exceptional Q4 Profitability delivered by Europe and RoW
Exceptional Q4 Profitability delivered by Europe and RoW Europe and RoW Financials ($m) Backlog ($m) Q4 2025 vs 235 243 Q4 2024 206 181 2% ▪ Continued order momentum despite challenging Q1 2025 Q2 2025 Q3 2025 Q4 2025 market fueled by Airports, Municipal, and After Sales, despite generally challengi
Slide 16: Strong 2025 performance, driving positive year-over-year quarterly and sequential improvement through 2026
Strong 2025 performance, driving positive year-over-year quarterly and sequential improvement through 2026 2026 Europe and RoW measures − Leverage the expanded dealer network established in 2025 to accelerate the Europe-wide Ladog rollout Order − Build on strengthened Municipal and Agricultural mark
Slide 17: Q4 and FY 2025 Financials
Q4 and FY 2025 Financials Marco Portmann, Group CFO public
Slide 18: Significantly higher order momentum captured following Shyft acquisition
Significantly higher order momentum captured following Shyft acquisition Order Intake and backlog ($m) Order intake ($m) − Order intake increased 22% quarter- +46.3% +22.0% over-quarter and 46% year-over-year, with significant growth in North 632 2,061 America 466 444 518 1,688 432 126 518 127 130 4
Slide 19: Fourth quarter Net Sales increased 6% year over year, driven by significant growth in Europe and RoW
Fourth quarter Net Sales increased 6% year over year, driven by significant growth in Europe and RoW Net Sales($m) Net Sales ($m) +5.7% +1.9% − Net sales increased by 12% quarter- 528.4 1,872.1 1,907.2 over-quarter, with full-year net sales 499.7 471.3 increasing 2%, despite weakness in 453.8 453.7
Slide 20: Substantially improved profitability, driven by integration of Shyft in North America and Europe and RoW
Substantially improved profitability, driven by integration of Shyft in North America and outstanding performance of Europe and RoW Adjusted EBITDA ($m) Adjusted EBITDA ($m) +30.8% +13.4% − Adjusted EBITDA of $48.1m or 9.1% 48.1 156.0 margin, up 31% year-over-year with 36.8 42.2 137.6 31.2 34.5 33.4
Slide 21: Strong fourth quarter cash flow, deleveraging nearly half a turn to year-end
Strong fourth quarter cash flow, deleveraging nearly half a turn to year-end Net Working Capital and Net Debt ($m) Net Working Capital ($m) +2% 414 453 466 451 423 − Net Working Capital of $423m, 88 61 67 76 decreasing $29m since September 2025 72 − Driven by $38m lower inventory, 342 365 406 384 34
Slide 22: Outlook & Concluding Remarks
Outlook & Concluding Remarks Barend Fruithof, Group CEO public
Slide 23: 2025 Full Year Achievements
2025 Full Year Achievements FY 2025 highlights Outperforming on Successful Aebi – +22% +13% Set-up for growth synergies Shyft Integration ≥$40m expected New firm operative FY 2025 Order FY 2025 Adj. Successful go-live of synergies vs pre- since day 1 Intake increase vs EBITDA new products and merger
Slide 24: A significantly amplified quarterly seasonality is expected in 2026
A significantly amplified quarterly seasonality is expected in 2026, given the market and geopolitical conditions Slow Start in Q1 Market and synergies improving in Q3 ▪ Strong Walk-in-Van orders and ▪ Realization of merger procurement backlog converting into revenue synergies beyond the quarter ▪ E
Slide 25: 2026 focus is to sustain the positive momentum achieved in 2025, reflected in guidance
2026 focus is to sustain the positive momentum achieved in 2025, reflected in market guidance of Net Sales, Adj. EBITDA and leverage outlook for 2026 Guidance and 2026 Priorities Maintain strong order momentum with sales excellence uplifting legacy Guidance ($m) ✓ Shyft, nation wide presence in US a
Slide 26: Thank you for your time and interest!
Thank you for your time and interest!
Slide 27: Appendix 1: Supplemental Financial Information
Appendix 1: Supplemental Financial Information public
Slide 28: 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 29: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Aebi Schmidt Group - Combined Financial Summary (Non-GAAP, unaudited) - (in thousands) Financial results up until June 30, 2025, include results for Aebi Schmidt and The Shyft Group on a combined basis inclusive of the period prior to the merger on July
Slide 30: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Aebi Schmidt Group - Combined Financial Summary (Non-GAAP, unaudited) - (in thousands) Financial results up until June 30, 2025, include results for Aebi Schmidt and The Shyft Group on a combined basis inclusive of the period prior to the merger on July
Slide 31: Appendix 2: Company Information
Appendix 2: Company Information public
Slide 32: Aebi Schmidt Group is the trusted global partner in targeted markets of the specialty vehicles industry
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 33: 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 34: 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 35: The Group has become an industry leader with a very strong balance sheet
The Group has become an industry leader with a very strong balance sheet 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: Company information, Fa
Slide 36: 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
Aebi Schmidt Holding — Q4 and FY 2025 Earnings Presentation on 6ix