Aebi Schmidt (AEBI) Q4 2025 earnings summary

Executive summary

• Achieved record order intake, up 46% in Q4 2025 versus 2024, and record-high backlog, with strong cash flow reducing leverage to 2.8x at year-end.

• Acquisition and integration of Shyft Group and Nasdaq listing marked a historic year, delivering immediate profitability gains and exceeding synergy targets.

• Launched new products, opened new locations, and simplified brand architecture to enhance market presence and customer engagement.

Financial highlights

• Q4 2025 net sales grew 6% year-over-year to $528m/EUR 528 million; full-year sales reached $1.91b/EUR 1.9 billion, up 2%.

• Adjusted EBITDA increased 31% in Q4 year-over-year to $48.1m (9.1% margin); full-year Adjusted EBITDA up 13% to $156m (8.2% margin).

• Net working capital at $423m at year-end, down 6% sequentially; net debt reduced by $32m to $437m.

• Equity exceeds $800m, with an equity ratio over 40% post-merger.

Outlook and guidance

• 2026 net sales expected/guided between $1.95–$2.15b/EUR 1.95–2.15 billion; Adjusted EBITDA guidance $175–$195m; leverage targeted at or below 2.0x by year-end.

• Pronounced quarterly seasonality anticipated in 2026, with a slow Q1 and acceleration in Q2–Q4 as backlog converts to sales.

• Focus on disciplined execution, production efficiency, backlog conversion, and cash management to sustain momentum.