Stonegate Capital Partners has initiated coverage on Aebi Schmidt Holding AG (NASDAQ: AEBI), a global leader in snow and ice control, sweeping, and municipal vehicle solutions. The coverage comes as AEBI reports first-quarter 2026 results that show muted sales but strong underlying demand. According to the announcement, reported sales were $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. Management expects backlog conversion to become more visible in the second quarter and through the second half of the year, particularly in North American walk-in vans.
The first-quarter softness is attributed to revenue timing rather than demand erosion. Adjusted EBITDA increased 6% to $33.1 million, with margin up 40 basis points to 7.3%, driven by improvements in Europe while North America absorbed ramp costs ahead of anticipated conversion. Stonegate Capital Partners emphasizes that North America remains the primary value driver following the Shyft integration, supported by walk-in van conversion, throughput gains, and aftermarket mix expansion. The company’s execution is centered on converting its substantial backlog into EBITDA, releasing working capital, and reducing leverage toward management’s year-end target of 2.0x or below.
For more details, the full announcement can be viewed 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.
Contact: Stonegate Capital Partners at (214) 987-4121 or info@stonegateinc.com. The source is Stonegate, Inc., distributed by Reportable, Inc.
