Aebi Schmidt (AEBI) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw strong order momentum, with order intake up 9% and backlog up 23% year-over-year, driven by robust demand in Europe and Rest of World and supported by major contract wins and strategic partnerships.

• Net sales reached $456 million, up 7% like-for-like, with adjusted EBITDA rising 6% to $33.1 million and margin improving to 7.3%.

• Integration of The Shyft Group progressed, with combined figures used for year-over-year comparisons and operational ramp-ups supporting growth.

• Major contract wins included a €40 million European airport deal, a $50 million truck body contract, and a $30 million American airport award.

• Strategic partnerships and facility expansions, including with Yeti Move for autonomous airport vehicles, are expected to drive future growth.

Financial highlights

• Net sales reached $456 million, up 7% like-for-like versus Q1 2025, with adjusted EBITDA at $33.1 million (7.3% margin), and net income up 7% to $0.7 million.

• Net working capital stood at $449 million, with net debt at $455 million and leverage stable at 2.88x.

• Gross profit increased 64% to $87.4 million year-over-year.

• Operating expenses grew 85% to $72.0 million, mainly from Shyft integration and higher SG&A.

• Basic and diluted EPS were $0.01, down from $0.05 year-over-year.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: sales of $1.95–$2.15 billion, adjusted EBITDA of $175–$195 million, and leverage at or below 2.0x by year-end.

• Revenue expected to be 45% in H1 and 55% in H2, with a 22% increase between halves and North America expected to accelerate from Q2 2026.

• Liquidity is sufficient for at least 12 months, supporting ongoing operations and investments.