Stonegate Capital Partners Initiates Coverage on Aebi Schmidt Holding AG

Stonegate Capital Partners has initiated coverage on Aebi Schmidt Holding AG (NASDAQ: AEBI), a company specializing in snow and ice control, sweeping, and municipal vehicles. The coverage announcement, made on July 9, 2026, underscores AEBI's potential as it navigates a period of revenue timing adjustments while maintaining robust underlying demand.

According to the research note, AEBI's first-quarter 2026 sales were reported at $456 million, roughly flat on a combined basis. However, this softness was attributed to revenue timing rather than a decline in demand. Like-for-like sales, excluding the Blue Arc electric vehicle line, increased by 7%. The quarter followed the company's normal seasonal pattern, 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 margin expanding 40 basis points to 7.3%. This improvement was driven by margin gains in Europe, while North America absorbed ramp-up costs ahead of expected conversion. The analysis highlights North America as the primary value driver following the Shyft acquisition, supported by walk-in van conversion, throughput improvements, and aftermarket mix expansion.

Execution focus remains on converting the substantial backlog into EBITDA, releasing working capital, and reducing leverage toward management's year-end target of 2.0x or below. The full announcement, including downloadable images and bios, can be accessed here.

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