Stonegate Initiates Coverage on Aebi Schmidt (AEBI) Amid Strong Backlog

Stonegate Capital Partners has initiated coverage on Aebi Schmidt Holding AG (NASDAQ: AEBI), highlighting the company's resilient performance despite a muted top line in the first quarter of 2026. Reported sales were $456M, roughly flat on a combined basis, but like-for-like sales increased 7% excluding the Blue Arc segment. Order intake rose 9% to $508M, and backlog swelled to $1.26B, 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 America walk-in vans. Adjusted EBITDA grew 6% to $33.1M, with margin improving 40 basis points to 7.3%, driven by better performance in Europe. North America absorbed ramp costs ahead of expected conversion.

Stonegate's analysis underscores that the first-quarter softness reflects revenue timing, not demand erosion. Comparable sales excluding Blue Arc were up 7%, orders increased 9%, and the backlog reached $1.26B. North America remains the primary value driver following the Shyft divestiture, supported by walk-in van conversion, throughput gains, and aftermarket mix expansion. Execution is centered on converting the substantial backlog into EBITDA, releasing working capital, and reducing leverage toward management's year-end target of ≤2.0x.

For the full announcement, including downloadable images and bios, click 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 and capital raising services. This coverage initiation provides valuable insights for investors tracking AEBI's trajectory in the specialty vehicle and infrastructure maintenance sectors.