Slides
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public Q3 2025 Earnings Call November 13, 2025
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public November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group 2 Basis of presented financials and forward-looking statements Basis of presented financials ▪ Financial results up until June 30, 2025, provided as basis for comparison of our third quarter 2025 performance, include results for Aebi Schmidt and The Shyft Group on a combined basis inclusive of the period prior to the merger on July 1, 2025. Historical information presented on a combined basis does not reflect any pro-forma adjustments or adjustments for costs related to integration activities, cost savings or synergies that have occurred or may be achieved if the merger occurred on January 1, 2024. ▪ Combined full year 2025 Financial Outlook includes results for Aebi Schmidt and The Shyft Group on a combined basis inclusive of the periods prior to the merger on July 1, 2025. Full-year 2025 results to be reported in our Annual Report on Form 10-K for the year ending December 31, 2025, with an expected filing date in the first quarter of 2026, will include Aebi Schmidt standalone results for first half of 2025 and newly merged total company results for the second half of 2025 on a U.S. GAAP basis. Forward-looking statements This presentation contains information, including our sales and earnings guidance, all other information provided with respect t o our outlook for 2025 and future periods, and other statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the per formance of our products and operations that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using words such as "believe," "expect," "intend," "potential," "future," "may," "will," "should," and similar expressions or by using future dates or targets in connection with any discussion of, among other things, the construction or operation of new or existing facilities, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings and attainment of merger synergies, potentia l capital and operational cash improvements, changes in supply and demand conditions and prices for our products, trade duties and other aspects of trade policy, statements regarding our futur e strategies, products and innovations, and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts but instead represent only Aebi Schmidt's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of Aebi Schmidt's control. It is possible that Aebi Schmidt's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revi se any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from Aebi Schmidt's historical experience and our present expectations or projections. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from Aebi Schmidt's historical experience and our present expectations or projectio ns. More information about factors that potentially could affect our financial results is included in our filings with the SEC, which are available at www.sec.gov or our website. All forward-looking statements in this presentation are qualified by this paragraph. Investors should not place undue reliance on forward-looking statements as a prediction of actual results. We undertake no obligation to p ublicly update or revise any forward-looking statements in this release, whether as a result of new information, future events, or otherwise.
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public November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group 3 Today’s presenters and agenda Barend Fruithof Group CEO Steffen Schewerda CEO North America Marco Portmann Group CFO 1 Highlights 2 Focus point North America 3 Q3 2025 Financials 4 Outlook & Concluding Remarks
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public Highlights Barend Fruithof, Group CEO
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public A new, stronger Group with significant step-up in profitability 5November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group Q3 2025 Highlights Market Financials Operation & Integration − Very strong order momentum, third quarter order intake +33% Y-o-Y and +17% Q-o-Q − Improved sales execution at legacy Shyft, supporting significant uptick in order intake since September − Order backlog growing further, +8% Q-o-Q and +12% since year-end 2024, supporting 2026 growth ambitions − Group net sales of $471m, up 3% Y-o-Y, with significant growth expected in the fourth quarter − Europe / RoW ramping-up towards year-end as expected, with 15% sales growth Y-o-Y, and significantly improved profitability − North American third quarter sales flat Y-o-Y due to softness in walk-in-vans and truck bodies of legacy Shyft business − Legacy Shyft down 4% Y-o-Y, with full-year sales forecast significantly below pre-acquisition expectations − Adjusted EBITDA of $42.2m with a 9.0% adjusted EBITDA margin, up 25% Y-o-Y with 160 basis-point margin improvement − Double-digit margin achieved in September, expecting to uphold as new baseline in fourth quarter − Net Debt of $469m, +$22m vs June 2025, driven by transaction costs and Net Working Capital (NWC) to facilitate growth − Improved NWC efficiency expected by year-end, supporting strong Cash Flow in fourth quarter − Integration synergies materialization accelerated, supporting upper end of increased target of $40m − Ongoing assessment of combined production capacities, with potential for additional efficiency upsides − New Supercenter in Chicago online since early October, a one-stop shop, enlarging portfolio with improved fixed costs
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public Increased synergy target of $40m confirmed and in accelerated execution 6November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group − Increased upper-end target of $40m synergies confirmed, and not tied to market conditions − Accelerated execution of substantial cost synergies, compensating for soft sales of legacy Shyft − Procurement/vertical integration synergies on track, expecting significant materialization in second half of 2026; first revenue synergies on the horizon as well Synergies ($m) 40 Pre-acquisition target Q2 2025 update Q3 2025 update 25 to 30 35 to 40
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public Europe/RoW gaining traction, expected to deliver strong Q4/2025 7November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group Europe/RoW Market Update Europe/RoW Financials ($m) Airport Municipal Agriculture ▪ Ongoing strong organic growth and improved margin generation ▪ Further expanding in the Rest of the World ▪ Strong market position maintained despite increased competition ▪ Development of next generation (e)Sweepers on track ▪ Gradual market recovery after weak last few quarters ▪ Positive momentum expected for 2026, supported by updated product offering Q1 2025 Q2 2025 Q3 2025 127 134 130 Order Intake ($m) Net Sales ($m) Adj. EBITDA ($m) Backlog ($m) Q1 2025 Q2 2025 Q3 2025 102 131 135 Q1 2025 Q2 2025 Q3 2025 2,2 5,3 7,9 Q1 2025 Q2 2025 Q3 2025 206 235 243 3.1% -3.2% Δ Q2 to Q3 2.9% 49.5%
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public North America Steffen Schewerda, CEO North America
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public North America with impressive market momentum and 2026 outlook 9November 13, 2025 North America Market Update Airport and Chassis Goods Transport Commercial Trucks Municipal ▪ Airport with ongoing strong order intake and solid backlog for 2026; realizing additional capacity to reduce lead times ▪ Close alignment with chassis customers helps counterbalance partial market softness ▪ Good order entry for walk-in-vans in third quarter, showing first signs of recovery, will provide tailwind for Q4 2025 ▪ Strong market share growth for walk-in-vans driven by share of wallet consolidation with key customers ▪ Strong performance in commercial fleet sector despite elevated dealer inventories and market uncertainties ▪ Increased focus on sales channels and regions with strong potential in close alignment with car manufacturers ▪ Very strong quoting activity and order intake continued, providing strong backlog for 2026 organic growth ▪ Expanding geographical footprint supports additional market share growth Q3 2025 Earnings Call | Aebi Schmidt Group
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public Delivering double-digit adjusted EBITDA margin immediately post-acquisition 10November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group North America Financials ($m) − Strong growth in order intake, fueled by Municipal and Airport, with recovery in walk-in-vans − Sales slightly up vs prior quarter, expecting high backlog to translate into strong growth in coming quarters − Profitability increased over-proportionally and immediately, delivering an adjusted EBITDA margin of 10.2% (+290 basis-points year-over-year) − Improvement driven by margin increases, efficiency gains, and supported by strong cost management and accelerated execution of synergies Q1 2025 Q2 2025 Q3 2025 338 310 388 Order Intake ($m) Net Sales ($m) Adj. EBITDA ($m) Backlog ($m) Q1 2025 Q2 2025 Q3 2025 352 322 336 Q1 2025 Q2 2025 Q3 2025 29.0 29.2 34.3 Q1 2025 Q2 2025 Q3 2025 819 833 885 6.3% 25.1% Δ Q2 to Q3 4.3% 17.5%
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public Aebi Schmidt’s sales excellence delivering substantial momentum for Shyft 11November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group Order Intake momentum ($m) 46 71 73 86 172 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Order Intake – Legacy Shyft only ($m) − Shyft’s strong production setup provides solid operational foundation but was lacking in sales execution − Aebi Schmidt’s proven sales approach implemented at legacy Shyft operations immediately following integration, with disciplined processes driving performance − Improved order momentum through third quarter and into October supports strong fourth quarter and early 2026, fully leveraging walk-in-van market recovery − Combination of strong production footprint and sales excellence significantly uplifts legacy Shyft business
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public Financials Marco Portmann, Group CFO
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public Substantial order momentum, with continued backlog growth 13November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group − Order intake increased 33% Y-o-Y and 17% Q-o-Q, with significant growth both in Europe/RoW and North America − Main drivers remain Airport/Chassis and Municipal, despite long lead times in both segments − In North America, legacy Shyft increased 79% Y-o-Y and 53% Q-o-Q, driven by recovery in walk-in-vans − Order backlog increased 6% since June 2025, supporting expected strong growth in 2026 − Order backlog is expected to translate into sales within the next 15 months Order Intake and backlog ($m) 111 278 Q3 2024 121 311 Q4 2024 127 338 Q1 2025 134 310 Q2 2025 130 388 Q3 2025 389 432 466 444 518 +33.4% Order intake ($m) Order backlog ($m) 211 833 Q3 2024 178 828 Q4 2024 206 819 Q1 2025 235 833 Q2 2025 243 885 Q3 2025 1,043 1,005 1,025 1,068 1,127 +8.1% Europe/RoW North America
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public Net sales increased 3% Y-o-Y, driven by significant growth in Europe/RoW 14November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group − Net sales increased by 3% despite challenging environment, driven by Europe/RoW with 15% growth Y-o-Y, with flat North American sales − Third quarter includes summer breaks in Europe, and is typically seasonally weaker − North America driven by legacy Shyft with 4% decrease Y-o-Y due to softness in walk-in-vans and truck bodies − September sales of over $180m, expecting to continue at this level for significant growth in the fourth quarter − Order intake in third quarter and October provides uplift going forward Net Sales($m) Net Sales ($m) 118.1 338.4 Q3 2024 146.7 353.0 Q4 2024 101.9 351.9 Q1 2025 131.5 322.2 Q2 2025 135.4 336.0 Q3 2025 456.5 499.7 453.8 453.7 471.3 +3.2% Europe/RoW North America
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public Significant and immediate step-up in profitability 15November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group − Adjusted EBITDA of $42.2m or 9.0% margin, up 25% Y-o-Y with a 160 basis-point margin improvement − Double-digit adjusted EBITDA margin achieved in September − Europe/RoW improving to 5.8% adjusted EBITDA margin, a first stepping-stone and significant increase from prior quarters − Q3 2024 profitability supported by one-off sales, lifting adjusted EBITDA margin to 7.4% − North America delivering a double-digit margin of 10.2%, up 290 basis-points Y-o-Y − Profitability uplift despite partially lagging sales, supported by strong cost management Adjusted EBITDA ($m) Adjusted EBITDA ($m) 9.1 24.6 Q3 2024 5.4 31.3 Q4 2024 2.2 29.0 Q1 2025 5.3 29.2 Q2 2025 7.9 34.3 Q3 2025 33.7 36.8 31.2 34.5 42.2 +25.2% Europe/RoW North America Adjusted EBITDA (%) 7.4% 7.4% 6.9% 7.6% 9.0% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +21.3% Group Adj. EBITDA Margin
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public Net Debt driven by transaction costs; Deleveraging remains key priority 16November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group − Net Working Capital (NWC) of $451m, improved by $36m year-over-year − Ongoing high working capital required to facilitate significant growth − Actions to improve efficiency expected to materialize by year-end − Net Debt1 of $469m, increasing $22m since June 2025, prior to close of acquisition of the Shyft Group − Increase driven by significant non-recurring transaction expenses, restructuring expenses, and ongoing high NWC needs − Expecting strong positive Cash Flow in fourth quarter with expected leverage below 3.0x by year- end 2025, and below 2.0x by year-end 2026 Net Working Capital and Net Debt ($m) Net Working Capital ($m) 101 386 Q3 2024 72 342 Q4 2024 88 365 Q1 2025 61 406 Q2 2025 67 384 Q3 2025 487 414 453 466 451 -7.3% Net AR-AP Inventory 3.28 3.24 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 441 362 419 446 469 +6.1% Net Debt Leverage Net Debt1 ($m) 1) Net Debt as defined in our Credit Facility Agreement, excluding long-term subordinated shareholder loans at 2.5% fixed interest rate
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public Outlook & Concluding Remarks Barend Fruithof, Group CEO
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public First step taken to strategic vision of $3b+ revenue and mid-teens adjusted EBITDA. Guidance on sales and adjusted EBITDA for FY2025 reaffirmed. 18November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group Summary and Guidance Pro-forma guidance1 ($m) 1) Combined full year 2025 Financial Outlook includes results for Aebi Schmidt and The Shyft Group on a combined basis inclusive of the periods prior to the merger on July 1, 2025. Full-year 2025 results to be reported in our Annual Report on Form 10-K for the year ending December 31, 2025, with an expected filing date in the first quarter of 20 26, will include Aebi Schmidt standalone results for first half of 2025 and newly merged total company results for the second half of 2025 on a U.S. GAAP basis. Sales $1.85 to $2.0b Adjusted EBITDA $145 to $165m Integration of Shyft progressing very well; confirming upper end of increased synergy target of $40m.✓ Ongoing strong order momentum with sales excellence uplifting legacy Shyft business. Backlog in excess of $1.1b expected to deliver strong growth.✓ Significant step-up in profitability delivered in third quarter, providing new baseline with further significant upside potential.✓ Expecting strong cash flow in fourth quarter, and substantial deleveraging in 2026 to leverage below 2.0x by year-end 2026 ✓ 2025 outlook confirmed, expecting sales at mid-point of $1.85 to $2.0b range and adjusted EBITDA at upper half of $145 to $165m range ✓
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Thank you for your time and interest!
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public Appendix 1: Supplemental Financial Information
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public November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group 21 Reconciliation of Non-GAAP Financial Measures To supplement its reporting of financial measures determined in accordance with generally accepted accounting principles in the United States ("GAAP"), Aebi Schmidt utilizes certain non-GAAP financial measures. Aebi Schmidt utilizes Adjusted EBITDA, Adjusted EBITDA margin, and Net Debt to separate the impact of certain items from the underlying business. Because Aebi Schmidt uses these adjusted financial results in the management of its business, management believes this supplemental information is useful to investors for their independent evaluation and understanding of Aebi Schmidt's und erlying business performance and the performance of its management. To aid investors and analysts with year-over-year comparability for the combined business of Aebi Schmidt and Shyft, the Company has also presented certain of these non-GAAP financial measures on a "Combined " basis. Combined non-GAAP financial measures include results for both Aebi Schmidt and Shyft on a combined basis inclusive of periods prior to the merger. Information presented on a combined basis does not reflect pro-forma adjustments or other adjustments for costs related to integration activities, cost savings or synergies that have been or may be achieved if the business combination occurred on January 1, 2025. The non-GAAP financial measures described above are in addition to, and not meant to be considered superior to, or a substitute for, Aebi Schmidt's financial statements prepared in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. Also, other companies might calculate these measures differently. Investors are encouraged to review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP measures included in this press release and the accompanying tables. In addition, the non-GAAP financial measures included in this earnings announcement reflect management's judgment of particular items, and may be different from, and therefore may not be comparable to, similarly titled measures reported by other companies. The Company does not provide reconciliations of forward-looking non-GAAP financial measures, such as adjusted EBITDA, to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. The Company is unable to address the probable significance of the unavailable information.
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public November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group 22 Reconciliation of Non-GAAP Financial Measures Aebi Schmidt Group – Combined Financial Summary (Non-GAAP / unaudited) For historical comparisons to the Shyft Group results, adjustments reflected in the table above do not include non-cash stock-based compensation expense Adjusted EBITDA ($k) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Sales $456,526 $499,659 $453,785 $453,706 $471,325 Net income/(loss) $7,445 $6,068 $626 ($7,895) $1,194 Add (subtract): Interest expense 11,125 10,138 9,164 12,153 14,228 Depreciation & amortization 11,841 12,788 12,127 11,778 14,990 Income tax (benefit)/expenses 1,501 2,215 1,441 (2,175) (447) Restructuring and other related charges 186 759 730 5,709 12,759 Transaction related expenses and adjustments 1,225 12,934 7,286 13,047 5,988 Foreign exchange losses on external debt 1,095 (590) 982 2,601 (252) Pension related income, net (674) (2,360) (929) (1,025) (1,025) Other (48) (5,197) (182) 287 (5,239) Adjusted EBITDA $33,696 $36,756 $31,245 $34,480 $42,197 Adjusted EBITDA margin 7.4% 7.4% 6.9% 7.6% 9.0%
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public November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group 23 Reconciliation of Non-GAAP Financial Measures Aebi Schmidt Group – Combined Financial Summary (Non-GAAP / unaudited) Net Debt as defined in our Credit Facility Agreement, excluding long-term subordinated shareholder loans Net debt ($k) Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Current portion of long-term debt 26,436 23,494 24,482 27,310 25,063 Long-term debt, less current portion 544,291 471,817 512,764 561,325 628,359 Total debt $570,727 $495,311 $537,246 $588,636 $653,422 Subtract: Cash and cash equivalents 73,350 80,953 63,989 83,484 125,971 Subordinated shareholder loans 55,939 51,982 53,775 58,845 58,897 Net debt $441,438 $362,376 $419,482 $446,306 $468,554
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public Appendix 2: Company Information
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public Aebi Schmidt Group is the trusted global partner delivering intelligent, cutting-edge solutions in targeted markets of the specialty vehicles industry 25November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group Represented by our own sales and service organizations in 17 countries and through established partners in more than 90 further countries. Manufacturing and assembly in 16 production facilities. Relying on around 6,000 employees who contribute every day to provide our customers with good and ever- improving solutions. Generated sales of $1.9b in 2024. Airport & Chassis Municipal Commercial Trucks Goods Transport Agriculture
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public Commanding leadership positions across all end markets and segments, which remain key targets for Aebi Schmidt's continued growth 26November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group Total address- able market1 Market Position1 Market Providing Custom Truck Upfits for Specialized Applications Manufacturing Walk-In Vans and Truck Bodies for Goods Transport and Infrastructure Maintaining Streets, Clean and Safe Year-Round Keeping Airport Runways Operational – Providing Best In-Class RV & Truck Chassis Enabling Agriculture on Steep Slopes and Challenging Grounds Value Proposition Core Regions North America EU/ROW Trucks Trailers Walk-In Vans Truck Body Street Sweeping Snow & Ice EU/ROW ~ $650m ~ $150m ~ $4b ~ $1b ~ $500m ~ $2b ~ $2b ~ $1b ~ $300m Top 3 for commercial trucks Top quality vendor for commercial trailers Top #1/#2 for walk in vans Complimentary and focused truck body product offering #1 for alpine markets Europe, RoW: Top 3 for street cleaning; #1 for roadway snow and ice clearing North America: Technology lead for e-sweepers; #1 for heavy duty snow removal Europe/RoW: #1 for airport North America: #1 for airport #2 for chassis 1 based on management estimates Airport & Chassis MunicipalCommercial Trucks Goods Transport Agriculture
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public Aebi Schmidt has grown organically and through successful acquisitions 27November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group 1883 (founding year) 2007 2015 2018 2020 2021 2024 2025 354 380 455 473 580 572 532 896 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Guidance 1,016 1,086 1,925+18.5% CAGR Source: Company information, FactSet; Aebi Schmidt financials presented on a Swiss GAAP FER basis; Financials converted to USD using a EUR / USD exchange rate of 1.05 (as of 12/13/24) M&A history Historical sales develop- ment ($m)
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public Equity >$800m (>40%) The combined company has a strong balance sheet with an equity of over $800m, representing an equity ratio of over 40% as of the closing of the merger. Net Sales 2023 FY ($m) The Group has become the third largest player in the industry with a very solid equity 28November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group Source: Company information, FactSet; Aebi Schmidt financials presented on a Swiss GAAP FER basis; Financials converted to USD using a EUR / USD exchange rate of 1.05 (as of 12/13/24) | 1) REV Group fiscal year end of October 31, 2023 | 2) Palfinger and Rosenbauer revenue is presented on an IFRS basis 1) 2)
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public ▪ Scaled-up global specialty vehicles leader ▪ Strong presence in Europe and focused commitment to the attractive North American market ▪ Expanded portfolio, shared innovation, and deep relationships ▪ Strengthen solutions for combined custo- mer base and drive competitive growth ▪ Positioned to achieve annual run-rate synergies of $25-30m by year 2 ▪ Demonstrated expertise in cost optimiza- tion, operational efficiencies, cross-selling, and geographic expansion in prior acquisitions ▪ Strong financial acumen supporting strategic decision-making ▪ Solid financial performance providing a foundation for profitable growth ▪ Highly experienced management team with multiple years of expertise in key end markets ▪ Strong culture focused on driving results Scale and Presence Customer Centricity Merger Execution Excellence Financials People Aebi Schmidt is well-positioned to accelerate growth toward becoming a $3b company, leveraging its unique strengths 29November 13, 2025 Q3 2025 Earnings Call | Aebi Schmidt Group Strategic vision to generate longer-term pro forma combined revenue of $3b+ with mid-teens EBITDA margin