Aebi Schmidt Group closed Q4 2025 with Adjusted EBITDA growing by 31% and Order Intake increasing by 46% vs Q4 2024, well positioned to accelerate order conversion and grow profitability in 2026

Core Viewpoint - Aebi Schmidt Group reports strong EBITDA growth and record order backlog, positioning the company for accelerated order conversion and profitability growth in 2026 [1][2]. Financial Performance - Q4 2025 Order Intake increased by 46% compared to Q4 2024, with a record Order Backlog exceeding $1.2 billion, indicating significant growth potential for 2026 [4][5]. - Q4 2025 Net Sales reached $528 million, a 6% increase from $500 million in Q4 2024; Full Year 2025 Net Sales totaled $1.907 billion, up 2% from the previous year [4][5]. - Adjusted EBITDA for Q4 2025 grew to $48.1 million, reflecting a 31% increase year-over-year, with an Adjusted EBITDA margin of 9.1%; Full Year 2025 Adjusted EBITDA was $156 million, a 13% increase from 2024 [4][5]. Operational Highlights - Net Working Capital decreased to $423 million at the end of Q4 2025, down 6% from Q3 2025, indicating improved capital efficiency [3][6]. - North America Net Sales decreased by 2% to $346 million in Q4 2025, primarily due to a decline in walk-in-vans and truck bodies, while Europe/RoW Net Sales increased by 25% to $183 million [5][6]. Future Outlook - The company anticipates a stronger seasonality in 2026, with a slow start in Q1 due to market softness, followed by backlog conversion and production ramp-up in Q2, leading to stronger performance in the second half of the year [7][8]. - Financial guidance for 2026 includes Net Sales projected between $1.95 billion and $2.15 billion, with Adjusted EBITDA expected to range from $175 million to $195 million, and leverage targeted to be below or equal to 2.0x by year-end 2026 [10][12].