Aebi Schmidt Group reports continued growth in Net Sales and Profitability in a challenging market environment, updates full-year 2026 outlook
The sales outlook narrows and the adjusted earnings outlook falls despite higher quarterly profit and a growing order backlog.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Aebi Schmidt Group (AEBI) reported third-quarter 2026 sales of $493m while lowering its full-year sales and adjusted earnings guidance. Sales rose 4.6% year over year, and net income increased to $10.8m from $1.2m. Adjusted EBITDA, an adjusted earnings measure, rose 4.9% to $44.2m, with its margin unchanged at 9.0%. Gross margin fell 80 basis points to 19.2% amid inflation pressure.
Orders rose 2.0% to $528m, while backlog reached $1.3b, up 16.4%. North American sales grew organically by 7.9%; Europe and rest-of-world sales fell 3.6%. The company now expects 2026 sales of $1.95b–$2.00b, adjusted EBITDA of $170m–$180m and year-end leverage below 2.5x. September-end net debt was $446m and leverage was 2.66x. A planned acquisition of O.J. Watson, with around $28m in last-fiscal-year sales, would add direct presence in the Rocky Mountains.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointQ3 2026 net sales of $493m increased 4.6% versus Q3 2025.
- Moderate pointQ3 2026 net income of $10.8m increased from $1.2m in Q3 2025.
- Moderate pointQ3 2026 adjusted EBITDA of $44.2m rose 4.9% year over year; margin remained 9.0%.
- Moderate pointQ3 2026 order intake of $528m increased 2.0% versus Q3 2025.
- Moderate pointSeptember 30, 2026 backlog of $1.3b grew 16.4% year over year, with Walk-In Van backlog extending into 2027.
- Moderate pointNet debt of $446m at September 30, 2026 declined 4.8% year over year.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Planned O.J. Watson acquisition would add Rocky Mountains presence; the target generated around $28m in last-fiscal-year sales.
10 minor points
- Minor pointNorth America Q3 2026 sales grew organically by 7.9% versus Q3 2025.
- Minor pointNorth America Q3 2026 adjusted EBITDA of $37.2m increased 8.4% year over year, supported by synergies.
- Minor pointLeverage of 2.66x at September 30, 2026 improved from 3.24x a year earlier.
- Minor pointQ3 2026 diluted EPS of $0.14 increased from $0.02 in Q3 2025.
- Minor pointQ3 2026 operating income of $23.806m increased from $17.497m in Q3 2025.
- Minor pointQ3 2026 interest expense of $10.054m decreased from $14.227m in Q3 2025.
- Minor point2026 year-to-date sales of $1,445.060m increased from $1,378.816m in the comparable 2025 period.
- Minor point2026 year-to-date adjusted EBITDA of $119.477m increased from $107.922m; margin rose to 8.3% from 7.8%.
- Minor point2026 year-to-date net income of $21.943m compares with a $6.075m loss in the comparable 2025 period.
- Minor point. Forward-looking: it has not happened yet and may not happen.Pricing measures are expected by management to drive gross margin recovery in 2027.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.2026 sales guidance of $1.95b–$2.00b replaces $1.95b–$2.15b amid market headwinds and supply disruptions.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Year-end leverage guidance below 2.5x replaces 2.0x or slightly above; the outlook includes acquisition payments.
- Moderate pointQ3 2026 gross margin of 19.2% fell 80 basis points year over year amid inflation and delayed pricing benefits.
- Moderate pointCash of $86.969m at September 30, 2026 decreased from $125.971m a year earlier.
- Minor point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EBITDA guidance of $170m–$180m was lowered from $175m–$195m.
4 minor points
- Minor pointEurope and rest-of-world Q3 2026 sales declined 3.6% versus Q3 2025.
- Minor pointEurope and rest-of-world Q3 2026 adjusted EBITDA of $7.0m declined 10.6% year over year.
- Minor pointNet working capital of $465m at September 30, 2026 increased 3.0% year over year.
- Minor point. Forward-looking: it has not happened yet and may not happen.2026 guidance assumes stable macroeconomic and political conditions, without further inflation or supply-chain disruption escalation.
Details
Market move: AEBI -6.18% vs previous close. Q3 2026 earnings report
On Nov 11, the day this news came out, the latest delayed price for AEBI is 6.18% below the previous close. Our momentum scanner has recorded 3 alerts for this stock so far that day. The latest delayed price is $10.48.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
- Q3 Net Sales
- $493m, up 4.6%
- Q3 2026 vs Q3 2025
- Q3 Gross Margin
- 19.2%, down 80bps
- Q3 2026 vs Q3 2025
- Q3 Adjusted EBITDA
- $44.2m, up 4.9%
- Q3 2026 vs Q3 2025
- Q3 Net Income
- $10.8m, up $9.6m
- Q3 2026 vs Q3 2025
- Order Backlog
- $1.3b, up 16.4%
- As of September 30, 2026 vs September 30, 2025
- 2026 Net Sales Guidance
- $1.95b to $2.00b
- Updated from $1.95b to $2.15b
- 2026 Adjusted EBITDA Guidance
- $170m to $180m
- Updated from $175m to $195m
- Year-end Leverage Guidance
- <2.5x
- Updated from 2.0x or slightly above
Historical Context
-
Q2 report confirmed full-year sales guidance of $1.95b–$2.15b and EBITDA guidance of $175m–$195m.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
adjusted ebitda financial
non-gaap financial measures financial
net working capital financial
net debt financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Q3 2026 Order Intake of
$528m , up2.0% vs Q3 2025 and Order Backlog of$1.3b , expanding16.4% vs Q3 2025 on the back of good demand particularly in Airport, Municipal and for Walk-In Van solutions - Net Sales of
$493m in Q3 2026, up4.6% vs Q3 2025, supported by very strong performance in Walk-In Vans - Gross Margin of
19.2% in Q3 2026, down 80bps vs Q3 2025 due to ongoing high inflationary pressure - Adjusted EBITDA1 of
$44.2m in Q3 2026, up4.9% vs Q3 2025, representing an unchanged9.0% of Net Sales, overcoming gross margin performance with accelerated synergy realization and cost management - Net Income substantially improved to
$10.8m in Q3 2026, up$9.6m vs Q3 2025 - Aebi Schmidt Group updates full-year 2026 guidance2 to Net Sales of
$1.95b to$2.00b , Adjusted EBITDA1 of$170m to$180m and leverage at year-end of <2.5x - Recently announced planned acquisition of O.J. Watson Company Inc, a municipal and commercial upfitter based in Denver, Colorado, generating around
$28m in Net Sales in its last fiscal year, and giving Aebi Schmidt direct presence in the Rocky Mountains
FRAUENFELD, Switzerland, Nov. 11, 2026 (GLOBE NEWSWIRE) -- Aebi Schmidt Group (NASDAQ: AEBI) (“Aebi Schmidt”, the “Group”, or the “Company”), a world-class specialty vehicles leader, reports continued growth in Net Sales and Profitability, navigating a challenging market environment.
“Aebi Schmidt delivered a solid performance navigating a challenging market environment marked by cost inflation, geopolitical uncertainty, and supply chain disruptions,” said Barend Fruithof, Chairman and Group CEO of Aebi Schmidt. “We responded quickly by accelerating synergy realization and cost measures to deliver strong profitability, while advancing the transformation of the combined organization at a remarkable pace through an expanded leadership structure and an optimized operational footprint.”
Third Quarter 2026 Financial Results
- Order Intake in Q3 2026 increased
2.0% vs Q3 2025, driven by North America despite softness in select end markets and weaker demand from China and the Middle East driven by geopolitical conflicts - Order Backlog, as of September 30, 2026, grew
16.4% to$1.3b vs September 30, 2025, driven by continued strength in Airport and Municipal and a growing Walk-in-Van backlog, extending into 2027 - Net Sales of
$493m , a solid4.6% increase vs Q3 2025- North America Net Sales with strong organic growth of
7.9% vs Q3 2025, reflecting improvements in Municipal and outstanding performance in the Walk-In Van operations - Europe and RoW Net Sales decreasing
3.6% vs Q3 2025, with weaker Rest of the World partially countered by strong performance in core European markets, but also impacted by supply chain disruptions
- North America Net Sales with strong organic growth of
- Gross Margin of
19.2% in Q3 2026, down 80bps vs Q3 2025 primarily due to ongoing high inflationary pressure, with delayed materialization of executed sales price increases - Adjusted EBITDA1 in Q3 2026 of
$44.2m , a solid4.9% increase vs Q3 2025- North America Adjusted EBITDA of
$37.2m , a strong increase of$2.9m or8.4% vs prior year quarter, supported by synergy realization which more than compensated the temporary gross margin pressure - Europe and RoW Adjusted EBITDA of
$7.0m , a decrease of$0.8m or10.6% vs prior year quarter, with disciplined cost management mitigating the effects of supply chain disruptions
- North America Adjusted EBITDA of
- Q3 2026 Net Income of
$10.8m , representing a ninefold increase versus$1.2m in Q3 2025
“We remain focused on increasing profitability and driving sustainable gross margin improvement,” commented Marco Portmann, Group CFO. “We accelerated operational improvements and maintained strict cost discipline to mitigate margin pressure in the short term, while executing sales pricing measures that will drive margin recovery in 2027.”
- Net Working Capital1 at
$465m at the end of Q3 2026, up3.0% or$13m vs the end of Q3 2025 vs an increase in net sales of4.6% and high material cost inflation, driven by further underlying efficiency improvements - Net Debt1 of
$446m at the end of Q3 2026, a reduction of$22m or4.8% since the end of Q3 2025. Leverage1 at 2.66x at the end of Q3 2026, improving more than half a turn vs 3.24x at the end of Q3 2025
“Net Working Capital remained stable on a like-for-like basis despite continued growth, underscoring the strength of our operational execution and disciplined approach to working capital management,” commented Marco Portmann. “In addition, leverage continued to improve and is expected to further improve towards year-end on the back of our usual seasonal strong fourth quarter cash flow.”
Full Year 2026 Outlook
"We continue to grow our relative market position, supported by a very strong backlog, and we are compensating for temporarily reduced gross margins with strict cost management and accelerated measures," concluded Barend Fruithof. "Given the market headwinds and supply chain disruptions, we are updating our guidance for full year 2026."
Aebi Schmidt Group updates full-year 2026 guidance2 to Net Sales of
Third Quarter 2026 Earnings Call
The Company will host an earnings conference call and webcast today at 8:30am Eastern Time. Investors and analysts can access the conference call and webcast, including conference call materials, at https://www.aebi-schmidt.com/investors, or directly through:
- https://edge.media-server.com/mmc/p/gjezupnm for the webcast, and
- https://register-conf.media-server.com/register/BId260bf6084e54824bdfe201ea7da43e2 for the live conference call with the ability to ask questions during the Q&A.
_____________________________
[1] See Non-GAAP Financial Measures for additional information regarding non-GAAP financial measures.
[2] Guidance assumes stable macro-economic and political environment, with no further escalation of inflationary pressures or supply chain disruptions. Leverage guidance includes payments for acquisitions.
| Media contact Tina Fischer, Corporate Communication media@aebi-schmidt.com Phone: +41 44 308 58 48 Investor Contact Simone Grancini, Director Investor Relations investor.relations@aebi-schmidt.com Phone: +41 44 308 58 77 | +1 920 259 0440 | Further information https://www.aebi-schmidt.com https://www.youtube.com/AebiSchmidtGroup https://media.aebi-schmidt.com (pictures, logos) |
About Aebi Schmidt Group
Aebi Schmidt Group (NASDAQ: AEBI) is a world-class specialty vehicles leader, positioned to accelerate growth and drive exceptional value. The Company is headquartered in Switzerland, employs approximately 6,000 employees, and operates production facilities and service and upfit centers across Europe and North America.
Forward-looking statements
This release contains information, including our sales and earnings guidance, all other information provided with respect to our outlook for 2026 and future periods, and other statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the performance 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 acquisition synergies, potential 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 future 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 revise 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. 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 release are qualified by this paragraph. Investors should not place undue reliance on forward-looking statements as a prediction of actual results.
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 non-GAAP financial measures such as Adjusted EBITDA, Adjusted EBITDA margin, Net Working Capital 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 underlying business performance and the performance of its management. 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 did not provide reconciliations of forward-looking non-GAAP financial measures, such as Adjusted EBITDA and Leverage, to the most comparable GAAP financial measure 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.
| Aebi Schmidt Group Combined Financial Summary (Non-GAAP, unaudited)1 (in thousands) | |||||||
| Adjusted EBITDA ($k) | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | PYTD | YTD |
| Net Sales | 471,325 | 528,371 | 455,545 | 496,408 | 493,107 | 1,378,816 | 1,445,060 |
| Net Income / Loss | 1,194 | 8,772 | 671 | 10,474 | 10,798 | -6,075 | 21,943 |
| Add (subtract) | |||||||
| Interest Expense | 14,228 | 11,761 | 11,350 | 11,126 | 10,054 | 35,545 | 32,530 |
| Depreciation & amortization | 14,990 | 16,159 | 13,803 | 14,152 | 13,071 | 38,895 | 41,026 |
| Income tax (benefit) / expenses | -447 | 2,036 | 488 | 4,848 | 7,022 | -1,181 | 12,358 |
| Restructuring and other related charges | 12,759 | 6,391 | 4,216 | 1,541 | 3,375 | 19,198 | 9,132 |
| Transaction related expenses and adjustments | 5,988 | 562 | 434 | 414 | 426 | 26,321 | 1,274 |
| Foreign exchange losses on external debt | -252 | -371 | 300 | -23 | -930 | 3,331 | -653 |
| Pension related income, net | -1,025 | -2,076 | -776 | -739 | -746 | -2,979 | -2,261 |
| Other | -5,238 | 4,839 | 2,631 | 320 | 1,177 | -5,133 | 4,128 |
| Adjusted EBITDA | 42,197 | 48,073 | 33,117 | 42,113 | 44,247 | 107,922 | 119,477 |
| Adjusted EBITDA (as % of Net Sales) | |||||||
PYTD includes Q1, Q2 and Q3 2025; YTD includes Q1, Q2 and Q3 2026
To aid investors and analysts with comparability for the combined business of Aebi Schmidt and The Shyft Group, the Company has also presented LTM Adjusted EBITDA for periods prior to June 30, 2025 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 acquisition. 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, 2024.
| Net Debt ($k) and Leverage | Sep 30, 2025 | Dec 31, 2025 | Mar 31, 2026 | Jun 30, 2026 | Sep 30, 2026 |
| Current portion of long-term debt | 25,063 | 46,908 | 67,911 | 66,336 | 44,797 |
| Long-term debt, less current portion | 628,359 | 548,050 | 560,958 | 551,343 | 544,939 |
| Total debt | 653,422 | 594,958 | 628,869 | 617,679 | 589,736 |
| Subtract | |||||
| Cash and cash equivalents | 125,971 | 98,512 | 115,886 | 109,734 | 86,969 |
| Subordinated Shareholder Loans | 58,897 | 59,101 | 58,213 | 57,592 | 56,617 |
| Net Debt | 468,554 | 437,345 | 454,770 | 450,353 | 446,150 |
| Divide by | |||||
| LTM Adjusted EBITDA | 144,678 | 155,995 | 157,867 | 165,500 | 167,550 |
| Net Debt Leverage | 3.24x | 2.80x | 2.88x | 2.72x | 2.66x |
Net Debt as defined in our Credit Facility Agreement, excluding long-term subordinated shareholder loans.
| Net Working Capital ($k) | Sep 30, 2025 | Dec 31, 2025 | Mar 31, 2026 | Jun 30, 2026 | Sep 30, 2026 |
| Accounts receivable | 297,322 | 310,755 | 271,241 | 276,267 | 282,219 |
| Inventories | 384,446 | 346,423 | 379,186 | 380,154 | 394,258 |
| Accounts payable | -230,307 | -234,642 | -201,927 | -207,281 | -211,557 |
| Total Net Working Capital | 451,461 | 422,536 | 448,500 | 449,140 | 464,920 |
Net Working Capital is calculated as Accounts Receivable plus Inventory, less Accounts Payable
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($k) | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
| Sales | 471,325 | 528,371 | 455,545 | 496,408 | 493,107 |
| Cost of products sold | -377,212 | -428,568 | -368,156 | -399,116 | -398,534 |
| Gross profit | 94,113 | 99,803 | 87,389 | 97,292 | 94,573 |
| Operating expenses: | |||||
| Research and development | -8,735 | -7,700 | -6,701 | -6,438 | -6,334 |
| Selling, general and administrative | -59,296 | -57,053 | -58,547 | -55,702 | -57,736 |
| Amortization of purchased intangibles | -7,975 | -8,193 | -8,052 | -8,414 | -6,624 |
| Other operating income (expense) | -610 | 459 | 1,279 | 302 | -73 |
| Total operating expenses | -76,616 | -72,487 | -72,021 | -70,252 | -70,767 |
| Operating income | 17,497 | 27,316 | 15,368 | 27,040 | 23,806 |
| Other income (expense): | |||||
| Interest expense | -14,227 | -11,761 | -11,350 | -11,126 | -10,054 |
| Other income (expense) | -2,523 | -4,747 | -2,859 | -592 | 4,068 |
| Total other income (expense) | -16,750 | -16,508 | -14,209 | -11,718 | -5,986 |
| Income (loss) before income taxes | 747 | 10,808 | 1,159 | 15,322 | 17,820 |
| Income tax (expense) benefit | 447 | -2,036 | -488 | -4,848 | -7,022 |
| Net income (loss) | 1,194 | 8,772 | 671 | 10,474 | 10,798 |
| Less: Net income (loss) attributable to non-controlling interest | -12 | 4 | -24 | -36 | -16 |
| Net income (loss) attributable to Aebi Schmidt Holding AG | 1,206 | 8,768 | 695 | 10,510 | 10,814 |
| Earnings (loss) per share: | |||||
| Basic earnings (loss) per share | 0.02 | 0.11 | 0.01 | 0.14 | 0.14 |
| Diluted earnings (loss) per share | 0.02 | 0.11 | 0.01 | 0.14 | 0.14 |
| Basic weighted average common shares outstanding | 76,963 | 76,991 | 77,106 | 77,181 | 77,258 |
| Diluted weighted average common shares outstanding | 77,134 | 77,300 | 77,406 | 77,520 | 77,546 |
| CONDENSED CONSOLIDATED BALANCE SHEETS ($k) | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
| Current assets: | |||||
| Cash and cash equivalents | 125,971 | 98,512 | 115,886 | 109,734 | 86,969 |
| Accounts receivable, less allowance for credit losses | 297,322 | 310,755 | 271,241 | 276,267 | 282,219 |
| Contract assets | 82,632 | 82,342 | 81,430 | 92,868 | 93,642 |
| Inventories | 384,446 | 346,423 | 379,186 | 380,154 | 394,258 |
| Prepaid expense and other current assets | 29,855 | 39,698 | 42,553 | 38,010 | 34,805 |
| Total current assets | 920,226 | 877,730 | 890,296 | 897,033 | 891,893 |
| Property, plant and equipment, net | 172,949 | 167,899 | 162,626 | 160,459 | 157,982 |
| Goodwill | 415,149 | 403,147 | 403,681 | 409,092 | 409,092 |
| Intangible assets, net | 341,341 | 334,726 | 326,532 | 320,261 | 313,294 |
| Deferred tax assets | 7,699 | 5,910 | 5,733 | 5,687 | 5,633 |
| Right of use assets operating leases | 164,925 | 167,162 | 166,166 | 170,881 | 165,651 |
| Other assets | 53,071 | 51,705 | 52,081 | 52,298 | 56,594 |
| TOTAL ASSETS | 2,075,360 | 2,008,279 | 2,007,115 | 2,015,711 | 2,000,139 |
| Current liabilities: | |||||
| Accounts payable | 230,307 | 234,642 | 201,927 | 207,281 | 211,557 |
| Accrued warranty | 17,509 | 17,669 | 17,148 | 16,267 | 16,176 |
| Accrued compensation and related taxes | 36,386 | 36,957 | 32,900 | 30,392 | 26,303 |
| Contract liabilities | 23,330 | 19,856 | 24,222 | 26,791 | 22,717 |
| Operating lease liabilities | 19,345 | 18,856 | 18,318 | 18,262 | 17,696 |
| Other current liabilities and accrued expenses | 85,895 | 86,366 | 86,010 | 87,272 | 89,341 |
| Current portion of long-term debt | 25,063 | 46,908 | 67,911 | 66,336 | 44,797 |
| Total current liabilities | 437,835 | 461,254 | 448,436 | 452,601 | 428,587 |
| Other non-current liabilities | 19,368 | 15,308 | 14,822 | 14,812 | 16,283 |
| Long-term operating lease liabilities | 141,058 | 144,401 | 144,839 | 150,632 | 146,891 |
| Long-term debt, less current portion | 569,462 | 488,949 | 502,745 | 493,751 | 488,322 |
| Long-term loans from shareholders* | 58,897 | 59,101 | 58,213 | 57,592 | 56,617 |
| Deferred tax liabilities | 36,445 | 24,315 | 23,367 | 22,029 | 25,778 |
| Total liabilities | 1,263,065 | 1,193,328 | 1,192,422 | 1,191,417 | 1,162,478 |
| Shareholders' Equity: | |||||
| Common Stock | 76,977 | 76,999 | 77,158 | 77,217 | 77,260 |
| Additional paid-in capital | 651,531 | 652,425 | 652,736 | 654,231 | 655,180 |
| Treasury shares, at cost | -257 | -257 | -257 | -257 | -257 |
| Retained earnings | 50,721 | 57,551 | 56,300 | 64,865 | 73,734 |
| Accumulated other comprehensive income | 33,277 | 28,183 | 28,730 | 28,248 | 31,770 |
| Total Shareholders' equity attributable to AEBI | 812,249 | 814,901 | 814,667 | 824,304 | 837,687 |
| Non-controlling interest | 46 | 50 | 26 | -10 | -26 |
| Total Shareholders' equity | 812,295 | 814,951 | 814,693 | 824,294 | 837,661 |
| TOTAL LIABILITIES AND EQUITY | 2,075,360 | 2,008,279 | 2,007,115 | 2,015,711 | 2,000,139 |
* Q3 2025 figure previously included in “Long-term debt, less current portion” in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2025; presented above as “Long-term loans from shareholders” for comparison purposes"
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ($k) | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
| Cash flows from operating activities: | |||||
| Net income (loss) | 1,194 | 8,772 | 671 | 10,474 | 10,798 |
| Depreciation and amortization | 14,990 | 16,159 | 13,803 | 14,152 | 13,071 |
| Non-cash stock based compensation expense | 5,288 | 1,903 | 1,003 | 1,573 | 490 |
| Foreign exchange (gains) losses on debt | -250 | -371 | 300 | -23 | -930 |
| Non-cash financing costs | 4,366 | -2,749 | 457 | 457 | 457 |
| Changes in valuation of liability for employee share plan | -6,377 | 0 | 0 | 0 | 0 |
| Deferred taxes | -5,301 | 4,001 | 2,355 | 599 | 3,973 |
| Pension | -176 | -1,788 | -119 | -118 | -111 |
| Other, net | 157 | 829 | -9 | 6 | -36 |
| Changes in operating assets and liabilities: | |||||
| Accounts receivable and contract assets | -37,802 | -12,728 | 38,445 | -17,754 | -7,355 |
| Inventories | 4,331 | 38,639 | -35,777 | -10,132 | -15,230 |
| Accounts payable | 23,933 | 4,584 | -32,060 | 5,542 | 4,500 |
| Contract liabilities | 911 | -10,716 | 4,641 | 4,663 | -622 |
| Income tax payable and receivable | 2,382 | -6,150 | -2,364 | -1,980 | 2,430 |
| Accrued compensation and related taxes | 16,314 | -110 | -3,206 | -2,368 | -4,037 |
| Other current liabilities and accrued expenses | -26,599 | -2,120 | 0 | 0 | -19,354 |
| Other assets and liabilities | -697 | -4,631 | -5,879 | 2,016 | 20,983 |
| Net cash used in/provided by operating activities | -3,336 | 33,524 | -17,739 | 7,107 | 9,028 |
| Cash flows from investing activities: | |||||
| Purchases of property, plant and equipment | -5,237 | -3,778 | -1,934 | -2,658 | -3,627 |
| Purchases of intangible assets | 0 | -2 | 0 | 0 | 0 |
| Proceeds from sale of property, plant and equipment | -185 | 205 | 879 | 218 | 46 |
| Net cash acquired in the acquisition of a business | 19,905 | -539 | 0 | 0 | 0 |
| Net cash used in/provided by investing activities | 14,483 | -4,114 | -1,055 | -2,440 | -3,581 |
| Cash flows from financing activities: | |||||
| Payments on debt | -514,000 | -59,182 | 0 | -9,460 | -29,851 |
| Proceeds from issuance of debt | 574,635 | 0 | 41,255 | 501 | 3,754 |
| Deferred payments related to historical transactions | 0 | 0 | -916 | 0 | 0 |
| Payment of finance lease principal | -477 | -320 | -338 | -506 | -351 |
| Payments of dividends | -2,082 | -1,828 | -2,001 | -1,961 | -1,941 |
| Exercising and vesting of stock incentive awards | -1,966 | -44 | -1,170 | -19 | 0 |
| Net cash used in/provided by financing activities | 56,110 | -61,374 | 36,830 | -11,445 | -28,389 |
| Effect of exchange rate changes on cash and cash equivalents | -4,865 | 4,505 | -662 | 626 | 177 |
| Net increase (decrease) in cash and cash equivalents | 62,392 | -27,459 | 17,374 | -6,152 | -22,765 |
| Cash and cash equivalents at beginning of period | 63,579 | 125,971 | 98,512 | 115,886 | 109,734 |
| Cash and cash equivalents at end of period | 125,971 | 98,512 | 115,886 | 109,734 | 86,969 |
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Aebi Schmidt's Q3 2026 sales and earnings?
Aebi Schmidt reported $493m in sales and $10.8m in net income for Q3 2026. Sales increased 4.6% versus Q3 2025, while net income rose from $1.2m. Adjusted EBITDA increased 4.9% to $44.2m, with its margin unchanged at 9.0%.
What is Aebi Schmidt's updated full-year 2026 outlook?
Aebi Schmidt expects $1.95b to $2.00b in sales, adjusted EBITDA of $170m to $180m and year-end leverage below 2.5x. The previous ranges were $1.95b to $2.15b and $175m to $195m, with leverage of 2.0x or slightly above.
How does Aebi Schmidt define net debt?
Aebi Schmidt defines net debt under its credit facility agreement, excluding long-term subordinated shareholder loans. Its September 30, 2026 calculation subtracts cash and cash equivalents and subordinated shareholder loans from total debt.