Aebi Schmidt Sees 46% Order Intake Surge, 31% EBITDA Growth
Aebi Schmidt Holding AG reported a 46% jump in Q4 2025 order intake and record backlog, fueling a 31% adjusted EBITDA rise to a 9.1% margin. Strong cash flow cut leverage to 2.8x while European and global EBITDA soared 234%, bolstered by acquisitions LWS and Lodoc.
1. Q4 2025 Financial Performance
Aebi Schmidt delivered a 46% year-over-year increase in order intake for Q4 2025 and closed the period with a record backlog. Adjusted EBITDA climbed 31% to a margin of 9.1%, supported by robust cash generation that reduced leverage to 2.8x.
2. Regional Performance and Backlog
European and non-domestic operations drove a 234% year-over-year surge in adjusted EBITDA, offsetting a 2% drop in North American net sales due to softness in acquired Shift businesses. Backlog growth was especially strong in municipal, airport, and walk-in van markets, signaling sustainable demand.
3. M&A-Driven Expansion
Strategic acquisitions such as LWS in the U.S. and Lodoc in Germany have fortified Aebi Schmidt’s product portfolio and contributed to revenue and margin gains. Management indicates ongoing opportunities for small bolt-on deals to extend its global footprint.
4. Market Headwinds and 2026 Outlook
Seasonality is expected to intensify in 2026, with a slow Q1 start as walk-in van orders shift into later quarters. Persistent weakness in truck body and commercial markets will require operational adjustments, while new service body launches lay groundwork for accelerated growth in 2027.