Stonegate Capital Partners has initiated coverage on Aebi Schmidt Holding AG (NASDAQ: AEBI), a global leader in winter maintenance and cleaning equipment. The coverage comes after AEBI's first-quarter 2026 results, which revealed a flat sales performance of $456 million on a combined basis but a 7% increase in like-for-like sales excluding the Blue Arc segment. The company's order intake rose 9% to $508 million, and backlog swelled to $1.26 billion, up 23% year-over-year, indicating sustained demand rather than a softening market.
According to Stonegate, the first-quarter softness was primarily due to revenue timing, not demand erosion. Management expects backlog conversion to become more visible in the second quarter and through the second half of 2026, particularly in North America's walk-in van segment. Adjusted EBITDA increased 6% to $33.1 million, with margins expanding 40 basis points to 7.3%, driven by improvements in Europe while North America absorbed ramp costs ahead of expected conversion.
North America remains the primary value driver for Aebi Schmidt following the Shyft acquisition, with growth supported by walk-in van conversion, throughput gains, and aftermarket mix expansion. The company's execution strategy focuses on converting the record backlog into EBITDA, releasing working capital, and reducing leverage toward management's year-end target of ≤2.0x.
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 and capital raising services. For more details, view the full announcement at Stonegate Capital Partners.
