Aebi Schmidt (AEBI) Investor presentation summary

Business and market positioning

• Five business lines serve municipal, airport, goods transport, commercial truck and agriculture markets; positions include #1 in airport snow and ice clearing, walk-in vans and alpine markets.

• Specialty vehicles benefit from mission-critical, non-discretionary demand, high customer switching barriers, recurring aftermarket revenue and regulatory tailwinds.

• North America and Europe/ROW provide geographic diversification and local-for-local production; FY2025 sales were $1,356m and $551m, respectively.

Growth drivers and strategy

• Sales grew at a 20% CAGR from 2016 to 2025, supported by organic execution and acquisitions; the Shyft integration is expected to deliver over $40m in synergies by mid-2027.

• Growth priorities include backlog conversion, aftermarket expansion, vertical integration, footprint optimization, operational efficiency and further acquisitions.

• 2030 targets are over $3bn in revenue and a mid-teens adjusted EBITDA margin; strategic levers include market recovery, organic growth, M&A, synergies and pricing/mix.

• North America growth opportunities include cross-selling, improved backlog conversion and aftersales; Europe/ROW targets margin expansion toward double-digit adjusted EBITDA by 2030.

Financial performance and outlook

• Q3 2026 net sales were $493m and adjusted EBITDA was $44.2m, or 9.0% of sales; order backlog reached $1,313m at quarter-end.

• FY2026 guidance is $1.95bn–$2.00bn sales, up 4% at the midpoint vs. FY2025, and $170m–$180m adjusted EBITDA, up 12% at the midpoint.

• Year-end 2026 leverage guidance is below 2.5x; reported leverage was 2.66x at September 30, 2026, down from 3.24x at September 30, 2025.

• The business is seasonal, with Q1 typically the softest quarter and Q4 the strongest; 2025 comparison figures are on a combined basis including pre-merger periods.