AEBI · Aebi Schmidt Holding AG

Aebi Schmidt Group delivered a solid Q1 2026 start with 9% order intake growth over Q1 2025, fueled by strength in North America's Airport and Municipal segments plus Walk-in-Vans recovery, expanding order backlog 23% to $1.3 billion for strong revenue visibility. Net sales held steady at $456 million despite a tough environment, growing 7% organically excluding $26.3 million Blue Arc sales from prior year, with Europe and Rest of World surging 16% on volume and pricing. Adjusted EBITDA rose 6% to $33.1 million (7.3% margin, up 40bps), driven by Europe/RoW tripling to $6.8 million on new business and after-sales, offsetting North America ramp-up costs in Walk-in-Vans. Net income improved 7% to $0.7 million. Balance sheet shows Net Working Capital at $449 million (down 1% YoY) and Net Debt $455 million (leverage 2.88x), with management targeting 2.0x by year-end via efficient processes. CEO Barend Fruithof highlighted strong order momentum; CFO Marco Portmann noted accelerating revenue conversion in H2, especially Walk-in-Vans. The company reaffirmed FY2026 guidance of $1.95-2.15 billion sales, $175-195 million adjusted EBITDA, and leverage ≤2.0x, signaling confidence amid merger integration with Shyft (Q1 2025 comparatives on combined basis). Q1 sets up sequential quarterly revenue growth.