Aebi Schmidt : Q4 and FY/2025 Earnings Call Presentation, March 19, 2026

About this update from Aebi Schmidt Holding Ag

Q4 and FY 2025 Earnings Call March 19, 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 Q4 and FY 2025 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 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. 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 release, whether as a result of new information, future events, or otherwise. Highlights public Barend Fruithof, Group CEO Q4 2025 with exceptional order momentum, substantially higher profitability, and significantly improved leverage Q4 2025 top 5 achievements Leverage at the end of Q4 2025 vs 3.3x at the close of the merger end of Q2 2025 Expected Integration Synergies vs pre-merger target of $25m to $30m Q4 2025 Adj. EBITDA increase vs Q4 2024 End of Q4 2025 Order Backlog increase vs end of Q4 2024 Q4 2025 Order Intake increase vs Q4 2024 2.8x ≥$40m +31% +21% +46% From integration to execution - building the foundation for a $3B company 2025 was a historical year, with Aebi Schmidt Group becoming a global specialty vehicles leader Q4 2025 performance Strategic − Successful acquisition and integration of The Shyft Group , realizing an immediate significant step-up in profitability and expecting merger synergies of at least $40m (vs pre-merger target of $25m to $30m) − Cost synergies accelerated and executed, revenue and procurement synergies expected to materially contribute to H2/2026 Market − New US nationwide footprint positioned to generate outsized order momentum, supported through proven sales excellence − Order intake increased 22% vs Q3 2025 and 46% vs Q4 2024 , growing order backlog to record high of over $1.2b − Strong growth in both segments, with North America seeing first signs of WIV market recovery, and Europe and RoW with strong organic growth and market share improvements in a challenging market − Strong Net Sales of $528m , growing 12% vs Q3 2025 and 6% vs Q4 2024 despite pronounced weakness in acquired Shyft with 5% decrease vs Q4 2024 Financials − Substantial Adj. EBITDA improvement of 14% vs Q3 2025 and 31% vs Q4 2024 , driven by Europe and RoW with 234% increase vs Q4 2024 − Adj. EBITDA margin significantly expanded to 9.0% (~180 basis-points increase) in H2/2025 post-merger, compared to 7.2% in H1/2025 pre-merger, and 7.4% in H2/2024 − Net Working Capital at $423m as of year-end, a 2% increase vs year-end 2024, while supporting a 6% Net Sales increase − Strong positive Cash Flow in fourth quarter reducing Net Debt to $437m, delivering leverage of 2.8x with path to below or equal to 2.0x by end of 2026 Foundation built - 2025 achievements driving our 2026 growth path 2025 growth achievements M&A − Successful acquisition and integration of The Shyft Group , delivering immediate profitability gains from synergies and enhanced commercial reach − Frictionless integration of LWS (acquired in June 2025) into the Strobes and North America organization, and of Ladog (acquired November 2024) into the Europe and RoW organization; both LWS and Ladog provided outsized organic growth to the Group New Products − Launch of the compact MB7BT for year-round airport operations, enlarging total addressable airport market − In-house development and market introduction of the New ServicePRO XP truck body by Monroe Truck Equipment and Royal − Market introduction of the new generation of Aebi Combicut motor mowers blending proven strengths with innovative technology − Clear outlook for Blue Arc including a cost reduction plan to increase price competitiveness New Locations − Go-live of our Super Center in Chicago with Airport Maintenance, Municipal Upfit and Commercial upfit − Opening of two new upfit centers in Toronto and in Minnesota, with additional targeted expansions planned through 2026 − Growing Strobes beyond its current footprint with a focused expansion strategy New Strategic customers − Multi-million dollar landmark contract with Minnesota airport and largest China order for Aebi Schmidt International − Successful conversion, in Europe, of the largest dealers in our core geographies from direct competition to Ladog New brand architecture and design ensuring a unified market recognition Situation Upon Acquisition Future Brand Architecture & Design Reasons And Benefits Rollout carried out step by step, completion expected in spring 2027. Designed to reduce complexity, to sharpen the group's market presence and to consolidate product offering. Monroe and Schmidt will expand their offerings to cover the group's full range of capabilities in their respective area, enabling greater reach and impact. Makes it easier to navigate the group's broad range of solutions , simplifies customer engagement and allows more efficient and cost-effective communication. Solutions and products from smaller or regionally focused brands will continue to be offered as a value propositions integrated in Monroe or Schmidt. Sends a clear signal that our brands are united by the same values. North America public Steffen Schewerda, CEO North America 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 partial market softness Goods Transport Continued strong order entry for walk-in-vans in Fourth Quarter; realized efficiency improvements to maintain lead times Strong market share growth for walk-in-vans driven by share of wallet consolidation with key customers Commercial Trucks Increased focus on sales channels and regions with strong potential in close alignment with car manufacturers Softening in the commercial fleet sector due to elevated dealer inventories, partially offset by strong fleet demand Municipal Very strong quoting activity and order intake continued, without sign of softness in the short or mid term Expanding geographical footprint supports added market share growth Delivering substantial order momentum, including walk-in-vans North America Financials ($m) Q4 2025 322 336 346 -2% Q1 2025 Adj. EBITDA ($m) 29.0 Q2 2025 Q3 2025 Q4 2025 29.2 34.3 30.0 -4% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2025 Backlog ($m) 819 833 885 1'031 Q4 2025 vs Q4 2024 25% Q1 2025 Order Intake ($m) Q2 2025 Q3 2025 Q3 2025 338 310 388 506 63% Q1 2025 Net Sales ($m) 352 Q2 2025 Continued order momentum in Order Intake and Order Backlog driven by Airport/Chassis and Municipal and signs of a recovery of walk-in-vans order Order momentum supported by immediate implementation of Sales Excellence programs in legacy Shyft 2% Net Sales decrease in Q4 2025 vs Q4 2024 driven by legacy Shyft weakness in walk-in-vans and truck bodies 4% decrease in profitability partially offset by a 60% increase in Q4 2025 vs Q4 2024 of legacy Shyft Adj. EBITDA driven by realization of merger synergies Order entry , order conversion and profitability are the top priorities in 2026 Strong 2025 foundation, driving positive year-over-year quarterly and sequential momentum through 2026 2026 North America measures Market − Continue to realize strong order momentum especially in Municipal, Walk-In Van and Airport − New Airport products, Badger and P-Series, successfully introduced, orders are in house, first units are delivered − Design project underway to lower the product cost base of the Blue Arc offering Net Sales conversion − Super Center Chicago fully operational - Commercial and Airport start in 2025, now delivering the first of 66 snow and ice trucks to a major DOT on the Municipal side − New upfit centers in Minneapolis and Toronto gaining traction, delivering commercial and municipal units − Good order momentum for Walk-in Van is being converted into revenue, supporting utilization of our Bristol plant Profitability − Deliver integration synergies by deepening vertical integration in Commercial and unlocking procurement efficiencies in H2/2026 − Aligning cost structure with top-line growth and plant efficiency − Warehouse consolidation in the Midwest ongoing to unlock cost, logistics and Net Working Capital efficiencies With 2025 as a launchpad, emphasis now turns to advancing performance excellence, accelerating backlog conversion, and strengthening cash generation Europe and Rest of the World (RoW) public Henning Schröder, CEO Europe and Rest of World 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 By strengthening our footprint and meeting local content requirements, we are better positioned to grow Municipal Strong order momentum in the sweeping sector, led by the compact class and supported by double-digit growth in core products Ladog advancing capacity expansion to support the enlarged dealer network and growing demand Mixed winter across Europe, with limited snowfall in north and south regions and heavier snowfall in central regions Agriculture Entering 2026 with strong order momentum; full-year growth in 2025 exceeded 2024 by 30% Rolling out the new generation of Aebi Combicut motor mowers Exceptional Q4 Profitability delivered by Europe and RoW Europe and RoW Financials ($m) 102 131 135 183 25% Q1 2025 Adj. EBITDA ($m) Q2 2025 Q3 2025 Q4 2025 18.1 2.2 5.3 7.9 234% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2025 Backlog ($m) 206 235 243 181 Q4 2025 vs Q4 2024 2% Q1 2025 Order Intake ($m) 127 Q2 2025 Q3 2025 Q4 2025 134 130 126 4% Q1 2025 Net Sales ($m) Q2 2025 Q3 2025 Continued order momentum despite challenging market fueled by Airports , Municipal , and After Sales, despite generally challenging market A remarkable 25% Net Sales increase in Q4 2025 vs Q4 2024, driving a lower backlog compared to Q3 as orders were successfully delivered due to increased output Significant profitability improvement throughout 2025 and vs Q4 2024 supported by high sales volume, gross margin performance and tight OpEx control Improving order momentum remains a top priority for 2026 Strong 2025 performance, driving positive year-over-year quarterly and sequential improvement through 2026 2026 Europe and RoW measures Order − Leverage the expanded dealer network established in 2025 to accelerate the Europe-wide Ladog rollout − Build on strengthened Municipal and Agricultural market development following successful product launches − Capitalize on the centralized airport tender team to secure global large deals and increase win rates Sales Margin − Drive factory efficiency and reduce material costs by finalizing ongoing production relocations − Utilize the EU pricing engine to actively optimize margins in the spare parts business − Realize the full benefit of implemented price increases across new and aftermarket segments Cost control − Execute the annual plant efficiency program to offset rising labor and material costs − Capture the full benefits of the regional back-office consolidation across Scandinavia and DACH − Realize further cost savings by expanding and centralizing activities within the Eastern Europe corporate center − Convert disciplined OpEx management program into tangible cost savings Capitalizing on the solid progress achieved in 2025, we are now aiming to accelerate order intake while leveraging our diversification and scale to drive outperformance in 2026 Q4 and FY 2025 Financials public Marco Portmann, Group CFO Significantly higher order momentum captured following Shyft acquisition Order Intake and backlog ($m) FY 2024 FY 2025 Order backlog ($m) +20.5% 1,005 178 828 1,025 206 819 1,068 235 833 1,127 243 885 1,212 181 1,031 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2,061 518 1,688 460 632 126 518 130 444 134 310 466 127 338 432 121 311 +22.0% +46.3% Order intake ($m) 1,228 388 1,543 506 − Order intake increased 22% quarter-over-quarter and 46% year-over-year, with significant growth in North America − Main drivers remain Airport/Chassis and Municipal with WIV showing first signs of a structural recovery − In North America, legacy Shyft with exceptional increase of 106% year over year and 35% quarter over quarter − Order backlog increased 7% since September 2025, supporting expected strong growth in 2026 − Order backlog is expected to translate into sales within the next 15 months Europe/RoW North America Fourth quarter Net Sales increased 6% year over year, driven by significant growth in Europe and RoW Net Sales ($m) 135.4 353.0 351.9 1,379.6 1,355.7 322.2 336.0 345.6 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 131.5 101.9 551.5 492.5 182.8 146.7 471.3 453.7 453.8 1,907.2 1,872.1 499.7 528.4 +1.9% +5.7% Net Sales ($m) − Net sales increased by 12% quarter-over-quarter , with full-year net sales increasing 2%, despite weakness in acquired Shyft − Acquired Shyft net sales decreased 5% year-over-year, with legacy Aebi Schmidt achieving 13% net sales growth year-over-year , driven by EU / RoW − Continued strong organic growth expected through 2026 , materializing in second quarter and especially H2/2026 Europe/RoW North America 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% 34.5 5.3 29.2 Q2 2025 +1.7pp 7.6% Q2 2025 42.2 7.9 34.3 Q3 2025 9.0% Q3 2025 48.1 18.1 30.0 Q4 2025 9.1% Q4 2025 +13.4% 137.6 156.0 30.3 33.4 107.3 122.5 FY 2024 FY 2025 +0.8pp 8.2% 7.3% FY 2024 FY 2025 − Adjusted EBITDA of $48.1m or 9.1% 36.8 31.2 5.4 2.2 31.3 29.0 Q4 2024 Q1 2025 Adjusted EBITDA (%) 7.4% 6.9% Q4 2024 Q1 2025 margin, up 31% year-over-year with ~170 basis-point margin improvement − North America delivering a margin of 8.7% , flat year-over-year − 2% decrease in Net Sales was compensated by higher profitability, including synergies contribution − Europe and RoW improving to 9.9% adjusted EBITDA margin in Q4, a substantial increase of ~410 basis- points quarter-over-quarter and ~620 basis-point year-over-year Europe/RoW North America Group Adj. EBITDA (% of Net Sales)

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