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

Q4 2025 top 5 achievements

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

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

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 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 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

North America Financials ($m)

• 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

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

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

Europe and RoW Financials ($m)

• 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

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

Order Intake and backlog ($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

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

Adjusted EBITDA ($m)