Aebi Schmidt Holding AG

Aebi Schmidt Holding AG reported strong top-line growth in FY 2025, with sales reaching $1.53B, a 41% increase from $1.09B in 2024, primarily driven by the July 1, 2025 acquisition of The Shyft Group, Inc., contributing $378M in sales, alongside new business ($49.6M) and after-sales ($13.1M) growth. Gross profit rose 33% to $304.1M, yielding a gross margin of 19.9% (down from 21.0%), reflecting higher costs from integration and scale. Operating income increased 7% to $73.1M (4.8% margin), pressured by elevated SG&A ($180.6M, +45%) and amortization ($23.3M). Net income fell 68% to $9.7M due to higher interest ($41.8M), other expenses ($20.1M including transaction costs), partially offset by a lower tax expense ($1.5M). Basic EPS was $0.17, down from $0.76. Cash from operations was $9.0M, with net cash increase of $33.3M to $98.5M. The Shyft merger enhances North American presence in specialty vehicles, supporting long-term growth amid municipal, airport, and commercial demand, though integration risks and debt ($595M) warrant monitoring.

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