0001628280-26-019616
SEC filingAebi 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.
Aebi Schmidt Holding AG delivered robust revenue growth in FY 2025, with sales of $1,526.6M, up 41% from $1,086.0M in 2024, fueled by the Shyft acquisition adding $378.0M. Gross profit increased 33% to $304.1M (19.9% margin vs. 21.0% prior), while operating income rose 7% to $73.1M (4.8% margin). Net income declined 68% to $9.7M attributable to the parent, impacted by $41.8M interest expense (+23%), $20.1M other expenses (transaction/integration costs), despite a tax benefit reduction to $1.5M. Basic EPS fell to $0.17 from $0.76. Balance sheet strengthened post-merger, with total assets at $2.01B (up from $1.09B), equity $815.0M. Operating cash flow was $9.0M, down from $68.8M.
Sales breakdown: New Business $1.305B (86%), After Sales $221.6M (14%). North America segment sales surged 64% to $975.1M (64% of total), driven by Shyft's commercial trucks, goods transport, and municipal lines. Europe & ROW grew 12% to $551.5M (36%), supported by airport, municipal, and agriculture demand. Geographically, U.S. contributed 61% ($934.1M), Switzerland 4%, others 35%. Growth factors included Shyft integration, new business wins ($49.6M), and after-sales uptick ($13.1M), amid urbanization, airport traffic, and trucking expansion.
Gross margin contracted to 19.9% from 21.0% due to $364.9M higher COGS (43% rise, Shyft $310.5M, new business costs). Operating expenses jumped 45% to $231.0M: R&D +35% to $26.5M, SG&A +45% to $180.6M (Shyft, finance/IT), amortization +66% to $23.3M. Operating margin dipped to 4.8% from 6.3%. Adjusted EBITDA was $132.8M (8.7% margin, up from 9.1%), reflecting synergies potential but integration pressures.
Operating cash flow $9.0M (down sharply), with adjustments including $44.2M D&A, $53.1M AR/contract assets improvement. Investing cash $5.8M (acquisitions $29.5M net offset by PP&E). Financing $16.3M (debt proceeds $612M, payments $573.2M, dividends $13.4M). Cash rose to $98.5M. Debt $595M (New Credit Facilities $520M post-refinancing), leverage compliant <3.25x. Total liabilities $1.19B, equity $815.0M (Shyft issuance boosted shares to 77M outstanding).
Management emphasizes growth via Shyft synergies, North America expansion in specialty vehicles (walk-ins, RV chassis, upfits). Key drivers: urbanization boosting municipal demand, airport traffic, trucking industry, Aebi's slope solutions. Risks include tariffs, supply chain disruptions, raw material volatility (steel/aluminum), integration challenges, debt covenants, material weaknesses in ICFR. Strategy focuses on EVs (Blue Arc), innovation, local sourcing to mitigate trade barriers.