Stonegate Capital Partners has initiated coverage on Aebi Schmidt Holding AG (NASDAQ: AEBI), providing investors with an analysis of the company's first-quarter 2026 performance and future prospects. According to the announcement, AEBI's 1Q26 sales were reported at $456 million, roughly flat on a combined basis, but like-for-like sales increased 7% when excluding the Blue Arc segment. This muted sales figure is attributed to revenue timing rather than a decline in demand, as order intake rose 9% to $508 million and backlog reached $1.26 billion, up 23% year-over-year.
The company's management expects backlog conversion to become more visible in the second quarter and through the second half of 2026, particularly in North America walk-in vans. Adjusted EBITDA increased 6% to $33.1 million, with margin improving 40 basis points to 7.3%, driven by margin improvements in Europe while North America absorbed ramp costs ahead of expected conversion. Stonegate Capital Partners emphasizes that North America remains the primary value driver post-Shyft, 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 year-end target of ≤2.0x. The full announcement, including downloadable images and bios, is available here. 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 investment banking, equity research, and capital raising for public and private companies.
