AEBI Filings — Aebi Schmidt Holding AG - FilingSpy
AEBI
Aebi Schmidt Holding AG
A global maker of specialty vehicles and equipment that keep streets, airports, and farms running, Aebi Schmidt builds snowplows, sweepers, walk-in vans, and RV chassis under brands like Aebi, Schmidt, Monroe, Utilimaster, and Spartan, used by municipalities, airports, contractors, and agricultural businesses. The company came together in 2007 from the merger of Aebi (a Swiss maker of farm and slope machines founded in 1883) and Schmidt (a German snow-removal pioneer born out of a 1920s car repair shop), and its name simply joins the two founders' surnames. In 2025 it added The Shyft Group to expand its North American specialty vehicle lineup, and it is developing electric vehicles under its Blue Arc brand.
Net income swung to a $10.5M profit as operating income nearly doubled, even as interest costs continued to weigh on the bottom line.
The Shyft acquisition doubled the company's size, but the story this quarter is that finally began to catch up. rose 79% to $496.4M and operating income nearly doubled to $27.0M, as the acquired business contributed $210.9M in sales and integration costs eased from prior quarters. The company is now generating consistent , but $11.4M in quarterly continues to absorb most of the gain.
Key takeaways
rose 79% to $496.4M, driven by $210.9M in sales from the Shyft business acquired in July 2025, plus in new business and after-sales.
nearly doubled to $27.0M from $13.9M a year ago, as the 79% increase outpaced a 78% rise in cost of products sold and integration-related costs declined.
swung to a $10.5M profit from a $2.3M loss a year ago, as the $13.1M increase in was partly offset by a 75% rise in to $11.4M on post-merger debt.
contracted 0.9 points to 19.6%, as the cost of products sold rose 78%, slightly trailing the 79% increase but still reflecting the lower-margin mix of the acquired Shyft operations.
North America sales more than doubled to $363.0M on the Shyft contribution, while Europe & Rest of World grew 8% to $133.4M on higher new product and after-sales.
improved to a $7.1M inflow from a $5.3M inflow a year ago, as higher and favorable movements more than offset a $53.4M increase in .
What changed
The Q1 FY2026 watch item on trajectory is partially resolved: interest expense held steady at $11.4M, unchanged from Q1 and down from the Q3 2025 peak of $14.2M, but still absorbing the majority of .
improved 0.4 points sequentially to 19.6% from 19.2% in Q1 FY2026, suggesting the mix pressure from the Shyft acquisition may be stabilizing, though it remains 0.9 points below the prior-year quarter.
widened 2.1 points sequentially to 5.4% from 3.4% in Q1 FY2026, as SG&A and integration costs grew more slowly than , indicating the company is beginning to extract from the combined business.
What to watch
Whether the sequential improvement in to 19.6% continues in Q3, or whether tariff-driven component cost pressures flagged in the 10-K reverse the trend.
The trajectory of relative to , now that the full debt load has been carried for four quarters and the stands at 3.75x.
Whether organic growth in North America — excluding the Shyft contribution — has stabilized, once comparable figures are reported.
Section summaries
Management's Discussion and Analysis
Sales nearly doubled to $952M in H1 2026, driven by the Shyft acquisition, while Adjusted EBITDA rose 77% to $75M.
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Total sales rose 81% to $952.0M for H1 2026, primarily from $397.2M in Shyft-related sales, plus in new business and after sales.
North America sales surged 136% to $693.6M, almost entirely from the Shyft acquisition, while Europe & ROW grew 11% to $258.4M on higher new product and after sales.
The five material weaknesses in internal controls flagged in every prior filing remain unremediated, with no update on progress in this quarter's report.
Progress on remediating the five material weaknesses in internal controls, which remain open with no disclosed timeline for resolution.
increased 68% to $184.7M, but declined as cost of products sold grew 84%, outpacing the 81% sales increase.
rose 77% to $75.2M, though dipped slightly to 7.9% from 8.1%, reflecting integration costs and higher SG&A.
Net cash used in operations improved by $10.6M to an outflow of $10.6M, aided by higher and favorable changes, partially offset by a $53.4M increase in .
Total debt stood at $617.7M as of June 30, 2026, with the company in compliance with all covenants, including a not exceeding 3.75x.
Quantitative and Qualitative Disclosures About Market Risk
Aebi Schmidt is exposed to market risks in the ordinary course of business, which primarily relate to fluctuations in foreign currency exchange and commodity prices. Since December 31, 2025, there have been no material changes in our foreign currency exposures, which is incorpor…
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Aebi Schmidt is exposed to market risks in the ordinary course of business, which primarily relate to fluctuations in foreign currency exchange and commodity prices. Since December 31, 2025, there have been no material changes in our foreign currency exposures, which is incorporated herein by reference, commodity prices, or interest rates. For a discussion
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Index
of our exposure to market risk, refer to “Quantitative and Qualitative Disclosures about Market Risk” in the Form 10-K, which is incorporated herein by reference.
As of the date of this Quarterly Report, Aebi Schmidt is party, both as plaintiff or defendant, to a number of lawsuits and claims arising out of the normal conduct of its businesses. Aebi Schmidt’s management does not currently expect its financial position, future operating re…
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As of the date of this Quarterly Report, Aebi Schmidt is party, both as plaintiff or defendant, to a number of lawsuits and claims arising out of the normal conduct of its businesses. Aebi Schmidt’s management does not currently expect its financial position, future operating results or cash flows to be materially affected by the final outcome of these legal proceedings.
We have included in Part I, Item 1A of the Form 10-K for the year ended December 31, 2025, a description of certain risks and uncertainties that could affect our business, future performance or financial condition (the “Risk Factors”). There have been no material changes from th…
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We have included in Part I, Item 1A of the Form 10-K for the year ended December 31, 2025, a description of certain risks and uncertainties that could affect our business, future performance or financial condition (the “Risk Factors”). There have been no material changes from the disclosure provided in the Form 10-K for the year ended December 31, 2025 with respect to the Risk Factors. Investors should consider the Risk Factors prior to making an investment decision with respect to our stock.