Aebi Schmidt Eyes Major Growth with Record Backlog, CEO to Chair Board

FRAUENFELD, Switzerland – February 24, 2026 – Aebi Schmidt Group (NASDAQ: AEBI) capped a transformative year with a powerful fourth-quarter performance, announcing a record-breaking order backlog of over $1.2 billion and issuing a bullish forecast for 2026. The specialty vehicle leader also unveiled a significant leadership transition, nominating its Group CEO, Barend Fruithof, to become Chairman of the Board, signaling a new, integrated phase of its growth strategy following its 2025 merger with Shyft Group.

Post-Merger Momentum Ignites Record Orders

The company's preliminary results for the fourth quarter of 2025 reveal exceptional momentum. Order intake surged an impressive 46% compared to the same period in 2024, fueling a multi-year record order backlog that now stands at $1.212 billion. This substantial pipeline, which the company expects to convert into revenue over the next 15 months, provides a firm foundation for the ambitious growth targets set for the coming year. This performance marks a significant validation of the company’s strategy following the pivotal acquisition of Shyft Group and its subsequent NASDAQ listing in 2025.

"Aebi Schmidt Group delivered a strong finish to 2025, with exceptional order momentum and a multi-year record Order Backlog,” said Barend Fruithof, Group CEO. “2025 was a transformative year with the Shyft acquisition and the listing on NASDAQ, and we are optimistic about 2026."

A key driver of this success appears to be the strategic integration of the newly acquired businesses. Group CFO Marco Portmann highlighted the impact of a targeted sales initiative, stating, “The Group exhibited a very strong order momentum in the Fourth Quarter, as we have seen the execution of our sales excellence program at the acquired Shyft businesses.” This suggests that efforts to align and optimize the combined sales force are beginning to yield significant returns.

Navigating a Divergent Global Market

While the top-line order growth is impressive, a closer look at the preliminary sales figures reveals a nuanced global picture. In Europe and the Rest of the World, the Group demonstrated remarkable resilience, with net sales climbing 25% to $183 million in the fourth quarter against what it described as a "challenging market environment."

In contrast, North American net sales saw a slight 2% decrease to $346 million. This dip was primarily driven by a 5% decline in the legacy Shyft business, attributed to ongoing weakness in the walk-in-van and truck body segments. However, this was partially offset by a 2% sales increase from the legacy Aebi Schmidt North America operations, indicating underlying strength in its established product lines.

Crucially, the company pointed to "initial signs of a recovery of walk-in-van orders" as a major contributor to the quarter's strong order intake. This nascent turnaround is a critical component of its 2026 forecast. CFO Marco Portmann provided further context on the expected cadence for the year ahead. “We expect revenue conversion to ramp-up beginning in the second quarter, reflecting normal production timing, resulting in a pronounced quarterly seasonality in 2026 with a notably stronger second half of the year,” he commented. This outlook suggests that while some segments faced headwinds in 2025, the order book points toward accelerating production and sales as 2026 progresses. For the full year 2025, the company reported preliminary net sales of $1.907 billion, a 2% increase over the prior year.

A New Era of Leadership and Governance

Coinciding with its strong operational report, Aebi Schmidt announced a significant overhaul of its Board of Directors, consolidating leadership as it moves beyond the initial integration phase. The Board will nominate Group CEO Barend Fruithof for election as its next Chairman at the 2026 Annual General Meeting. This move to combine the CEO and Chairman roles is a clear vote of confidence in Fruithof's leadership and is intended to streamline strategic execution.

This change comes as several long-serving members prepare to depart. Jim Sharman, the current Chairman who guided the company through the post-merger integration, will not stand for re-election. Peter Spuhler, a long-standing board member and former Chairman who is widely seen as the architect of the modern Aebi Schmidt, will also retire from the board. In recognition of his foundational contributions, the Board will name Spuhler an Honorary Chairman.

"Aebi Schmidt now has a strong foundation and trajectory, and it is the right time to hand over the full responsibility to the team," Spuhler commented, adding, "I remain committed long-term to the Group as the major shareholder, as we are fully aligned on the Company’s path going forward."

Paul Mascarenas will also not seek re-election. The departures will reduce the Board's size to eight members. Current board member Terri Pizzuto is expected to become Vice Chairman, and Andreas Rickenbacher is slated to become Lead Independent Director, ensuring a continued structure of oversight.

"I am honored to be nominated as Chairman of Aebi Schmidt Group," said Fruithof. "The integration of the former Shyft Group was only the first step on our path to becoming a $3b specialty vehicles leader."

Confident Outlook Underpins 2026 Guidance

Building on its record backlog and signs of market recovery, Aebi Schmidt issued robust financial guidance for 2026. The company projects net sales to fall between $1.95 billion and $2.15 billion, with Adjusted EBITDA expected in the range of $175 million to $195 million. This forecast assumes a continued rebound in walk-in-van orders and the "further materialization of revenue and procurement synergies" from the Shyft merger.

The company also aims to strengthen its balance sheet, targeting a leverage ratio below 2.0x by the end of 2026 through structural improvements in working capital. Fruithof expressed confidence in achieving these targets, particularly in the latter half of the year. “Based on our strong order momentum and Order Backlog, we expect significant organic growth and improved profitability, particularly in the second half of 2026, driven by the ramp-up in walk-in-vans and municipal production footprint and efficiency," he stated.

The financial results presented remain preliminary and unaudited, with the final, audited figures for 2025 scheduled for release on March 19, 2026. The combination of a fortified order book, a clear strategy for realizing merger synergies, and a newly aligned leadership structure positions the Swiss-based manufacturer for a pivotal year of growth and operational execution.