Aebi Schmidt (NASDAQ:AEBI) reported 1Q26 sales of $456M, roughly flat on a combined basis, while like-for-like sales excluding Blue Arc rose 7%. Order intake increased 9% to $508M and backlog reached $1.26B, up 23% y/y.
Adjusted EBITDA grew 6% to $33.1M, with margin expanding 40 bps to 7.3%. Management focuses on converting backlog into EBITDA, releasing working capital, and reducing leverage toward a 2.0x year-end target, with North America walk-in vans highlighted for 2H26.
Management targeting year-end leverage of about 2.0x
Negative
Reported 1Q26 sales of $456M were roughly flat on a combined basis
North America segment absorbed ramp costs ahead of expected backlog conversion
What This Means
The coverage note highlights $456M in 1Q26 sales, solid like-for-like growth and a $1.26B backlog, w...
Analysis
The coverage note highlights $456M in 1Q26 sales, solid like-for-like growth and a $1.26B backlog, while emphasizing EBITDA conversion and leverage reduction. Investors may watch how efficiently this backlog turns into cash and lower gearing over coming quarters.
Key Figures
Reported sales:$456MLike-for-like sales growth:7%Order intake:$508M+4 more
7 metrics
Reported sales$456M1Q26 sales, roughly flat on combined basis
Like-for-like sales growth7%1Q26 sales growth excluding Blue Arc
Order intake$508M1Q26, up 9% with normal seasonal cadence
Order backlog$1.26B1Q26 backlog, up 23% year over year
Announcement of Q4 and full-year 2025 earnings release timing.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Recent news has produced mixed reactions, with some strong operational updates followed by notable share price declines.
Regulatory & Risk Context
Short Interest: 4.63%
Short Interest
4.63% of float
0%15%30%+
lowas of 2026-06-15Days to cover: 10.31
Short positioning appears relatively low, suggesting limited squeeze potential and typically moderate incremental volatility from covering activity.
Key Terms
like-for-like, order intake, adjusted ebitda, leverage
4 terms
like-for-likefinancial
"like-for-like sales increased 7% excluding Blue Arc"
Like-for-like is a measure that compares a company’s sales or other performance between periods while excluding changes that alter its size or structure—such as new or closed stores, recent acquisitions or currency swings—so the comparison is 'apples-to-apples.' Investors use it to see the business’s underlying momentum and true growth, because it filters out one-time or scale-driven effects that can mask whether core operations are improving or weakening.
order intakefinancial
"order intake up 9% to $508M and backlog reaching $1.26B"
Order intake is the total value or number of customer orders a company receives during a set period, often reported as new bookings or contracts and including sales not yet delivered or invoiced. It matters to investors because it indicates demand and the company’s future revenue pipeline—like new appointments added to a calendar that signal upcoming work—so changes in order intake show whether future sales are likely to grow or shrink.
adjusted ebitdafinancial
"Adjusted EBITDA increased 6% to $33.1M, with margin up 40 bps"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Leverage is the use of borrowed money or other financial tools to try to amplify the returns from an investment, like using a crowbar to move a heavier rock than you could with your hands. It can boost gains when things go well but also magnifies losses and the chances of running into trouble if income or asset values fall, so investors watch leverage to judge both growth potential and financial risk.
Dallas, Texas--(Newsfile Corp. - July 9, 2026) - Aebi Schmidt Holding AG (NASDAQ: AEBI): Stonegate Capital Partners Initiates Coverage on Aebi Schmidt Holding AG (NASDAQ: AEBI). AEBI's 1Q26 sales line was muted, but not because demand softened. Reported sales were $456M, roughly flat on the Company's combined basis, while like-for-like sales increased 7% excluding Blue Arc.The quarter followed AEBI's normal seasonal cadence, with order intake up 9% to $508M and backlog reaching $1.26B, up 23% y/y. Management expects backlog conversion to become more visible in 2Q26 and through the second half, especially in North America walk-in vans.Adjusted EBITDA increased 6% to $33.1M, with margin up 40 bps to 7.3%, driven by Europe margin improvement while North America absorbed ramp costs ahead of expected conversion.
To view the full announcement, including downloadable images, bios, and more, click here.
Key Takeaways:
1Q26 softness reflects revenue timing, not demand erosion, with comparable sales up 7%, orders up 9%, and backlog at $1.26B.
North America remains the primary post-Shyft value driver, 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 2.0x year-end target.
Click image above to view full announcement.
About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.
How did Aebi Schmidt (NASDAQ:AEBI) perform in 1Q26 sales?
Aebi Schmidt reported 1Q26 sales of $456M, which were roughly flat on a combined basis. According to Aebi Schmidt, like-for-like sales excluding Blue Arc rose 7%, indicating underlying growth despite muted reported revenue for the quarter.
What were Aebi Schmidt’s 1Q26 order intake and backlog levels (AEBI)?
Aebi Schmidt’s 1Q26 order intake reached $508M, up 9%, and backlog rose to $1.26B. According to Aebi Schmidt, this backlog was up 23% year-over-year, supporting future revenue visibility as conversion is expected to increase from 2Q26 onward.
How did Aebi Schmidt’s 1Q26 adjusted EBITDA and margin change (AEBI)?
Aebi Schmidt’s 1Q26 adjusted EBITDA increased 6% to $33.1M, with margin improving to 7.3%. According to Aebi Schmidt, EBITDA margin expanded 40 basis points, supported by Europe margin improvement while North America absorbed ramp costs ahead of expected backlog conversion.
What is Aebi Schmidt’s leverage reduction target for year-end 2026 (AEBI)?
Aebi Schmidt is working to reduce leverage toward about 2.0x by year-end 2026. According to Aebi Schmidt, execution priorities include converting backlog into EBITDA, releasing working capital, and lowering leverage as part of its financial strategy.
How does backlog conversion affect Aebi Schmidt’s 2026 outlook (AEBI)?
Backlog conversion is expected to become more visible in 2Q26 and through the second half. According to Aebi Schmidt, North America walk-in vans should particularly benefit as execution focuses on turning the $1.26B backlog into EBITDA and cash flow.
Why were Aebi Schmidt’s 1Q26 sales described as muted despite solid demand (AEBI)?
Aebi Schmidt indicated 1Q26 sales were muted due to revenue timing rather than weaker demand. According to Aebi Schmidt, comparable sales grew 7%, orders rose 9%, and backlog reached $1.26B, suggesting underlying demand remained supportive.
