DALLAS, TX — Stonegate Capital Partners has initiated coverage on Aebi Schmidt Holding AG (NASDAQ: AEBI), emphasizing that the company's first-quarter 2026 sales performance was subdued due to revenue timing rather than a decline in demand. Reported sales for Q1 2026 were $456 million, roughly flat on a combined basis, but like-for-like sales increased 7% excluding the Blue Arc segment. The quarter followed Aebi Schmidt's normal seasonal pattern, with order intake rising 9% to $508 million and backlog reaching $1.26 billion, up 23% year-over-year. Management expects backlog conversion to become more visible in the second quarter and through the second half of 2026, particularly in North America walk-in vans.
Adjusted EBITDA increased 6% to $33.1 million, with margin expanding 40 basis points to 7.3%, driven by margin improvement in Europe while North America absorbed ramp costs ahead of expected conversion. The key takeaways from the announcement indicate that the Q1 softness is not indicative of demand erosion, as comparable sales rose 7%, orders increased 9%, and backlog reached $1.26 billion. North America remains the primary value driver following the Shyft divestiture, supported by walk-in van conversion, throughput gains, and aftermarket mix expansion. Execution is centered on converting backlog into EBITDA, working capital release, and leverage reduction toward management's year-end target of ≤2.0x.
For more details, the full announcement is available here. Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), offers a full spectrum of investment banking, equity research, and capital raising for public and private companies.
