DALLAS, TX -- July 9, 2026 -- Stonegate Capital Partners has initiated coverage on Aebi Schmidt Holding AG (NASDAQ: AEBI), emphasizing that the company's first-quarter sales softness was a result of revenue timing rather than a decline in demand. Reported sales for the first quarter of 2026 were $456 million, roughly flat on a combined basis, while like-for-like sales increased 7% excluding the Blue Arc segment. The quarter followed AEBI's normal seasonal cadence, 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 of 2026 and through the second half of the year, particularly in North America walk-in vans. Adjusted EBITDA increased 6% to $33.1 million, with margins improving 40 basis points to 7.3%, driven by margin improvement in Europe while North America absorbed ramp costs ahead of expected conversion.
Key takeaways from the announcement include that the first-quarter softness reflects revenue timing, not demand erosion, with comparable sales up 7%, orders up 9%, and backlog at $1.26 billion. North America remains the primary value driver post-Shyft, 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, view the full announcement 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), provides a full spectrum of investment banking, equity research, and capital raising for public and private companies.
