Aebi Schmidt : Q1/2026 Earnings Call Presentation, May 14, 2026

About this update from Aebi Schmidt Holding Ag

Q1 2026 Earnings Call May 14, 2026 public Today's presenters and agenda 1 Highlights 2 North America Barend Fruithof Group CEO Marco Portmann Group CFO 3 Europe and Rest of World (RoW) 4 Q1 2026 Financials 5 Outlook & Concluding Remarks Henning Schröder CEO Europe and Rest of World Steffen Schewerda CEO North America 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 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 presentation, 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. Combined full-year 2025 includes results for Aebi Schmidt and The Shyft Group on a combined basis inclusive of the periods prior to the merger on July 1, 2025. Full-year 2025 results reported in our Annual Report on Form 10-K for the year ended December 31, 2025, include Aebi Schmidt standalone results for first half of 2025 and newly merged total company results for the second half of 2025 on a U.S. GAAP basis. Forward-looking statements This presentation contains information, including our sales and earnings guidance, all other information provided with respect to our outlook for 2026 and future periods, and other statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the performance of our products and operations that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using words such as "believe," "expect," "intend," "potential," "future," "may," "will," "should," and similar expressions or by using future dates or targets in connection with any discussion of, among other things, the construction or operation of new or existing facilities, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings and attainment of merger synergies, potential capital and operational cash improvements, changes in supply and demand conditions and prices for our products, trade duties and other aspects of trade policy, statements regarding our future strategies, products and innovations, and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts but instead represent only Aebi Schmidt's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of Aebi Schmidt's control. It is possible that Aebi Schmidt's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from Aebi Schmidt's historical experience and our present expectations or projections. More information about factors that potentially could affect our financial results is included in our filings with the SEC, which are available at https://www.sec.gov or our website. All forward-looking statements in this presentation are qualified by this paragraph. Investors should not place undue reliance on forward-looking statements as a prediction of actual results. We undertake no obligation to publicly update or revise any forward-looking statements in this presentation, whether as a result of new information, future events, or otherwise. Highlights public Barend Fruithof, Group CEO Q1 2026 marked by strong order momentum, increased sales and profitability, especially in Europe and Rest of World Q1 2026 top 5 achievements From integration to execution - building the foundation for a $3B company +9% Q1 2026 Order Intake increase vs Q1 2025 2 +23% End of Q1 2026 Order Backlog increase vs end of Q1 2025 +7% Q1 2026 Net Sales increase vs Q1 2025 (like-for-like) 1 +6% Q1 2026 Adj. EBITDA increase vs Q1 2025 driven by +201% in EU and RoW +7% Q1 2026 Net Income increase vs Q1 2025 Like-for-like excludes $26.3m of Blue Arc sales in Q1 2025 Throughout this presentation, Q1 2025 figures used as the basis for year-over-year comparisons include results for Aebi Schmidt and The Shyft Group on a combined basis Q1 2026 operational and commercial performance positions Aebi Schmidt for strong 2026, on track to deliver full-year guidance Q1 2026 performance Strategic Participation in Work Truck Week marked the debut of new products and brand architecture , simplifying 20+ brands to eleven and eliciting positive customer feedback Ramp-up of facilities completed by the end of Q1 2026, with the Chicago Supercenter, Minneapolis, and Toronto upfits centers fully operational in Q2 2026 Strategic partnership with Yeti to bring airside operations into an autonomous future Market Order intake remains strong at $508m, an increase of 9% vs Q1 2025 , further growing order backlog to $1.3b Europe and RoW achieving very robust organic growth and capturing additional market share amid difficult market conditions Europe and RoW growth driven by landmark €40m airport business deal and new Cleango product launch North America winning $15m work truck body contract for a leading e-commerce player, ~$45m DOT orders from Municipal customers; more than $30m of airport awards Net sales of $456m , in line with Q1 2025 with like-for-like 1 growth of 7% Significant 16% organic growth in Europe and RoW North America with like-for-like 1 Net Sales growth of 4% Financials Adj. EBITDA of $33.1m reflects a 6% increase vs Q1 2025, driven by Europe and RoW with 201% increase vs Q1 2025 After Sales driving profitable growth in Europe and RoW supported by major snow events and increased technician capacity Adj. EBITDA margin increased to 7.3% in Q1 2026 representing a ~40 basis-points increase vs Q1 2025 Net Working Capital at $449m as of the end of Q1 2026, a $4m decrease vs the end of Q1 2025, despite production ramp-up Net Debt of $455m at the end of Q1 2026, representing a leverage of 2.88x; reaffirming leverage target of 2.0x by year-end 2026 Like-for-like excludes $26.3m of Blue Arc sales in Q1 2025 North America public Steffen Schewerda, CEO North America Strong Order Intake across markets supports growth expectations, with integration progressing on commercial trucks North America Market Update Airport and Chassis More than $30m in awarded airport customer contracts for MB brands Yeti partnership advancing airport and winter fleet automation in North America, with exclusive US market rights Spartan RV continues to deepen customer relationships , including Supplier of the Year recognition from Newmar Goods Transport $15m three-year truck body award from a leading e-commerce player, starting with an initial order of several hundred units Operational efficiencies in Walk-in-Van as a key driver of profitability growth Strong order entry in Truck Bodies through focused alignment with customer base Commercial Trucks Launch of vertical integration service body program Year-over-year growth overcoming challenging market conditions Municipal Very strong quoting activity and order intake with year-over-year growth Multiple DOT awards for the Monroe and Swenson brands totaling ~ $45m Ramp up in Q1 2026 with expected output increase in Q2 2026 at our Supercenter in Joliet Growing order momentum setting the stage for strong Walk-in-Van conversion in Q2 North America Financials ($m) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Adj. EBITDA ($m) 29.0 -4.1% +3.6% 1 337 346 336 322 352 Q1 2026 29.2 34.3 30.0 26.4 -9.1% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2026 Backlog ($m) 819 833 885 1'031 1'056 +29.0% Q1 2025 Order Intake ($m) 338 Q2 2025 Q3 2025 Q4 2025 Net Sales ($m) 310 388 506 366 +8.0% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Continued momentum in Order Intake and Order Backlog driven by Airport/Chassis and Municipal and continued recovery of Walk-in-Van orders Walk-in-Van backlog conversion expected from Q2 2026 3.6% underlying Net Sales growth , excluding $26.3m of Blue Arc sales in Q1 2025 Profitability impacted by ramp-up expenses to convert significant Walk-in-Van orders into revenue 1) Excluding $26.3m of Blue Arc sales in Q1 2025 Europe and Rest of the World (RoW) public Henning Schröder, CEO Europe and Rest of World Continued growth driven by Airport and Municipal, with After Sales delivering strong profitability Europe and RoW Market Update Airport Expecting larger tenders in 2026, especially from major civil and military airports Landmark €40m strategic win with Aéroports de Paris, for up to 29 airport machines, including 20-year service contract Local APAC footprint strengthened , ensuring continued compliance with local content requirements, especially in China Municipal New product lines, including Ladog and recently launched 4m 2 sweeper product update (Cleango), driving continued order growth Strong order intake in Southern Europe, supported by robust demand in street cleaning After Sales Strong momentum in After Sales spare parts and service in Q1 2026 supported by major snow events in Central Europe Increasing technician capacity in key markets to address unlocked potential for service work Implementation of price benchmark engine to optimize spare parts pricing Strong momentum carried into Q1 2026, driven by solid volume execution and margin expansion, supporting the ongoing improvement trajectory Europe and RoW Financials ($m) Q3 2025 Q1 2026 102 131 135 183 118 +16.0% Q1 2025 Adj. EBITDA ($m) Q2 2025 Q4 2025 Q4 2025 Q1 2026 18.1 2.2 5.3 7.9 6.8 +201.4% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q4 2025 Backlog ($m) 206 235 243 181 201 -2.2% Q1 2025 Order Intake ($m) 127 Q2 2025 Q3 2025 Q3 2025 Q1 2026 134 130 126 143 +12.1% Q1 2025 Net Sales ($m) Q2 2025 Backlog stabilized in Q1 2026 following strong Q4 2025 net sales, returning to a more manageable level that supports expected lead times and delivery performance Order intake reflects strong underlying core demand growth , compared to Q1 2025 which included large deals Net sales performance remained robust, supported by efficient operations , strong production output , and improved material availability Profitability continued to improve, driven by improved pricing and volume in new business and strong contribution from After Sales; gross margin increased reinforcing a sustained margin expansion trend Q1 2026 Financials public Marco Portmann, Group CFO Solid order momentum underpinning consistent backlog growth despite market challenges Order intake and backlog ($m) Order intake ($m) +9.1% 466 127 338 444 134 310 518 130 388 632 126 506 508 143 366 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Order backlog ($m) +22.7% 1,025 206 1,068 235 1,127 243 1,212 181 1,258 201 819 833 885 1,031 1,056 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Order intake increased 9% year-over-year, with significant growth in Europe and RoW Main drivers remain Airport/Chassis and Municipal, as well as the continued recovery in Walk-in-Van orders in North America Order backlog increased an additional 4% since December 2025, supporting expected strong growth in 2026 Order backlog is generally expected to translate into sales within the next 15 months Europe/RoW North America Net Sales in line with Q1 2025 with like-for-like 1 growth of 7%, demonstrating resilience in a challenging environment Net Sales ($m) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 337 346 336 322 352 118 135 131 102 183 456 471 454 454 528 +6.6% 1 +0.4% Net Sales ($m) Net Sales in line with Q1 2025 against a challenging environment, with like-for-like 1 growth of 7% Outstanding performance from Europe and RoW with 16% organic growth year-over-year North America with 3.6% like-for-like 1 growth Expecting significant improvements in Net Sales materializing in the second quarter and especially in the second half of 2026, supported by converting Walkin-Van orders and backlog into sales Europe/RoW North America 1) Excluding $26.3m of Blue Arc sales in Q1 2025 Solid profitability growth, maintaining strong momentum toward 2026 target with an expected stronger second half of the year Adjusted EBITDA ($m) 18.1 33.1 6.8 2.2 29.2 34.3 29.0 30.0 26.4 Adjusted EBITDA of $33.1m or 7.3% margin, up 6.0% year-over-year with a 40 basis-point margin improvement Strong Europe and RoW Net Sales growth translated into tripling of adj. EBITDA to $6.8m for a record first quarter performance North American adj. EBITDA of $26.4m, a decrease of $2.6m or 9% vs prior year, driven by ramp-up expenses to facilitate strong Walk-in-Van orders into revenue beginning in Q2 2026, combined with temporary production inefficiencies and ramp-up expenses related to new locations, with expected positive contributions to adj. EBITDA as of Q3 2026 Adjusted EBITDA ($m) +6.0% 31.2 34.5 5.3 42.2 7.9 48.1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Adjusted EBITDA (%) +6% 9.0% 9.1% 7.6% 6.9% 7.3% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Europe/RoW North America Group Adj. EBITDA (% of Net Sales) Solid working capital improvement, balancing growth investments with underlying efficiency gains; leverage stable at 2.88x Net Working Capital and Net Debt ($m) +8.4% Q1 2026 419 446 469 437 455 3.28 3.24 2.80 2.88 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Debt 1 ($m) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 379 423 76 346 384 406 449 69 451 67 466 61 453 88 -1.0% Net Working Capital ($m) 365 Net Working Capital (NWC) of $449m, improved by $4m year-over-year Working capital investments, especially in inventory, required to facilitate expected growth in Q2 2026 offset by structural improvements and efficiency gains Net Debt 1 of $455m, increasing $18m since December 2025, with stable leverage at 2.88x Net Debt increase driven by investments in NWC, reflecting the usual seasonal pattern On track for delivering at or below 2.0x leverage by year-end 2026 Net AR-AP Inventory Net Debt Leverage 1) Net Debt as defined in our Credit Facility Agreement, excluding long-term subordinated shareholder loans at 2.5% fixed interest rate Outlook & Concluding Remarks public Barend Fruithof, Group CEO Q1 performance aligned with the expected stronger second half of the year versus the first half, reinforcing our 2026 outlook and full-year trajectory Financial outlook 2026 Commentary Net Sales ($m) ~55% $1.95 to $2.15b ~45% H1/2026 H2/2026 FY 2026 Adj. EBITDA ($m) ~60% $175 to $195m ~40% H1/2026 H2/2026 FY 2026 Strong Q1 performance Exceptional performance in Europe and RoW Solid order momentum and net sales growth in North America driven by Walk-in-Van recovery Demonstrated resiliency despite geopolitical and commercial market headwinds On track to deliver full-year guidance Carrying momentum into Q2 supported by operational ramp-up and synergies realization Strong order intake and backlog supporting net sales conversion through Q2 and H2 Deleveraging toward ~2.0x by year-end 2026 Execution Priorities Supporting Full-Year Guidance North America Europe and Rest of World Accelerate backlog conversion and revenue realization Walk-in-Van orders to drive revenue growth starting Q2 2026 Significant increase in Chicago Supercenter output by Q2 2026 Ramp-up Minneapolis and Toronto operations by late Q2 2026 Capture merger synergies and procurement savings Merger cost synergies continue to support profitability New in-house delivery of Service Pro XP body established, will positively contribute by Q3 2026 Optimize footprint and improve operational efficiency Consolidate warehouse and logistics operations to improve utilization and manufacturing efficiency Optimize capacity across all locations to translate high backlog into revenue, such as municipal production in Charlotte (MI) Strengthen the After Sales organization Expand and reorganize After Sales operations to increase service, parts, and lifecycle revenues Strong focus on strategic, large last-mile delivery and service fleets, to deliver growth in After Sales Implement factory efficiency programs Former Arctic Machine production in the Nordics fully moved to and integrated into our Poland factory Accelerate After Sales excellence initiatives Dedicated After Sales organization, onboarding additional technicians, gaining After Sales share month-by-month Improve margins through pricing Drive margin expansion through two-step price increases across New Business and After Sales Expand electric municipal vehicle solutions Full electrification of Street Sweeper product range (eFlexigo, eCleango and eSwingo) expected to be finalized by mid-2026 Footprint in China strengthened, with adopted airport product solutions to meet local requirements

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