Aebi Schmidt (AEBI) investor relations material

Executive summary

• Q3 net sales rose 4.6% YoY to $493.1m and Adjusted EBITDA increased 4.9% to $44.2m; net income reached $10.8m versus $1.2m.

• Order intake increased 2.0% to $528m and backlog reached a record $1.3b, up 16.4% YoY, led by Airport, Municipal and Walk-In Van demand.

Financial highlights

• Q3 operating income rose 36% to $23.8m; diluted EPS was $0.14 versus $0.02.

• Gross margin was 19.2%, down 80 bps YoY; Adjusted EBITDA margin held at 9.0%.

• 9M net sales were $1,445.1m, up 45% largely reflecting $397.2m of Shyft sales; 9M Adjusted EBITDA was $119.5m, up 11%, with an 8.3% margin versus 8.5%.

• 9M net income was $21.9m versus $0.9m; 9M diluted EPS was $0.28 versus $0.02.

Outlook and guidance

• FY2026 guidance was narrowed to net sales of $1.95b-$2.00b from $1.95b-$2.15b and Adjusted EBITDA of $170m-$180m from $175m-$195m.

• Year-end leverage guidance is below 2.5x, revised from 2.0x or slightly above; assumptions include stable macro and political conditions and no further inflation or supply-chain escalation.

• Pricing measures are expected to support gross-margin recovery through 2027; seasonally strong Q4 cash flow is expected to support year-end deleveraging.

• 2030 targets include net sales above $3b and Adjusted EBITDA margin above 13%, supported by organic growth, market recovery and M&A.