Stonegate Capital Partners has initiated coverage on Aebi Schmidt Holding AG (NASDAQ: AEBI), highlighting the company's solid underlying demand despite a muted first-quarter sales report. For the first quarter of 2026, AEBI reported sales of $456 million, roughly flat on a combined basis, but like-for-like sales increased 7% when excluding the Blue Arc division. The company's order intake rose 9% to $508 million, and backlog reached $1.26 billion, up 23% year-over-year, indicating robust demand that is expected to convert into revenue in subsequent quarters.
Management anticipates that backlog conversion will become more visible in the second quarter of 2026 and through the second half of the year, particularly in the North American walk-in van segment. Adjusted EBITDA increased 6% to $33.1 million, with margins expanding 40 basis points to 7.3%, driven by improvements in Europe while North America absorbed ramp-up costs ahead of expected conversion. The quarter followed AEBI's normal seasonal cadence, with the softness attributed to revenue timing rather than demand erosion.
North America remains the primary value driver following the Shyft integration, supported by walk-in van conversion, throughput gains, and aftermarket mix expansion. Execution is centered on converting the substantial backlog into EBITDA, working capital release, and reducing leverage toward management's year-end target of ≤2.0x. The full announcement, including downloadable images and bios, is available here.
Stonegate Capital Partners, a leading capital markets advisory firm, provides 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. For more information, contact Stonegate Capital Partners at (214) 987-4121 or via email at info@stonegateinc.com. The source of this announcement is Stonegate, Inc., distributed by Reportable, Inc.
