Aebi Schmidt Holding AG Q1 FY2024 earnings call

Bullet points: - 2025 was historical year with acquisition and listing. Order intake up 46% in Q4, adjusted EBITDA up 31% y-o-y. - Exceptional order momentum driven by airport, municipal, and walking van orders. - M&A strategy continues with smaller acquisitions like LWS and Lodog. - Launched multiple new products including service body and compact airport products. - Opened new locations and secured major first-time customers. - Simplifying brand architecture. - North America airport business strong, walk-in van market recovering, commercial side soft but offset by fleet demands, municipal segment strong. - Europe markets gaining traction in airport, municipal, agriculture. - Q4 order intake sustained, sales up 25% y-o-y, profitability up 235% y-o-y. - 2026 plans include leveraging dealer network, implementing factory efficiency programs, cost control via back office consolidation.

Fourth quarter order intake increased 46% vs 2024, ended 2025 with record high order backlog. Adjusted EBITDA increased 31% y-o-y for Q4, margin 9.1% vs 7.4% prior year. Net sales grew 6% in Q4. Europe and rest of world had strong organic growth. North America saw sales decrease 2% in Q4 due to softness in walk-in van and truck bodies. Europe had 235% y-o-y increase in profitability in Q4.

Bullet points: - Expect net sales between 1.95 - 2.15 billion and adjusted EBITDA between 175 - 195 million in 2026. - Maintain strong order momentum and accelerate backlog conversion. - Drive profitability through efficiency gains at legacy shift, optimize footprint, deliver synergies. - Focus on disciplined execution to sustain 2025 momentum. - Pronounced quarterly seasonality in 2026, Q1 slow, Q2 order conversion accelerates, Q3 improving market conditions, Q4 benefit from seasonal strength.

Q: Talk about walk-in van market, renewal vs demand.

A: Stephan says it's combination of renewal and additional demand, structural and sustainable.

Q: Backlog duration.

A: Stephan says backlog increased, mixed picture with strong backlog in municipal, airport, walk-in van but challenges in commercial and truck body.

Q: Truck body business and USPS change.

A: Stefan says new product introduced, advantage for AB Schmidt, in active discussions.

Q: Adjusted EBITDA guide and synergies.

A: Marco says midpoint 185, realized mid-teens in 2025, expect same in 2026, procurement synergies in Q3 2026, revenue synergies in second half 2026.

Q: Seasonality.

A: Marco says more pronounced seasonality in 2026, slower Q1 due to walk-in van orders materializing in Q2, one-off expenses, hit in US, Europe has improvement but slow start in 2025, new outfit center in Chicago helps in municipal area.