Aebi Schmidt Holding (AEBI) investor relations material

Executive summary

• Achieved significant profitability gains and strong order momentum following the Shyft Group acquisition, with integration progressing well and synergy targets raised to $40 million.

• Q3 2025 order intake rose 33% year-over-year, with backlog up 6% since June 2025, supporting growth ambitions for 2026.

• Europe/Rest of World delivered 14.6% sales growth in Q3, while North America sales were flat but saw improved profitability and a recovery in walk-in van orders.

• Net income for Q3 2025 was $1.2 million, down from $7.4 million prior year, impacted by non-recurring transaction and restructuring costs.

• Integration synergies are materializing faster than expected, supporting the upper end of the $40 million synergy target.

Financial highlights

• Q3 2025 net sales reached $471.3 million, up 3.2% year-over-year, with Europe/RoW sales up 14.6% and North America flat.

• Adjusted EBITDA was $42.2 million (9.0% margin), up 25% year-over-year, with North America achieving a 10.2% margin.

• Order backlog increased to $1.13 billion, up 6% since June 2025.

• Net working capital improved by $35.7 million year-over-year to $451.5 million.

• Net debt rose to $469 million as of September 30, 2025, mainly due to acquisition and restructuring costs.

Outlook and guidance

• 2025 sales guidance reaffirmed at $1.85–$2.0 billion, with adjusted EBITDA expected in the upper half of the $145–$165 million range.

• Leverage targeted below 3.0x by year-end 2025 and below 2.0x by year-end 2026, with improved cash conversion and deleveraging as core priorities.

• Strategic vision targets $3 billion in revenue and mid-teens adjusted EBITDA margin longer-term.

• Strong order backlog and market momentum support ambitious growth targets for 2026.