Aebi Schmidt surges on record backlog, strong 2026 outlook
Swiss manufacturer delivers 46% jump in quarterly orders, sets $2.15B revenue guidance
Aebi Schmidt Holding AG shares rallied after the Swiss specialty vehicle manufacturer reported a record order backlog and raised its financial guidance for 2026, signaling strengthening demand across its core markets.
The company announced Q4 2025 net sales of $528 million, representing a 6% increase from the prior year's quarter. More significantly, order intake surged 46% year-over-year, driving the backlog to a multi-year record of $1.212 billion, according to the company's preliminary unaudited results.
The exceptional order momentum provides visibility into future revenue, with management indicating the backlog should convert to sales within the next 15 months. The order growth was driven by significant expansion in North America, particularly in airport, chassis, and municipal segments, alongside early signs of recovery in walk-in-van orders.
For the full year 2025, Aebi Schmidt reported net sales of $1.907 billion, a 2% increase from 2024. The company's adjusted EBITDA for 2025 is expected to finish slightly above the midpoint of its guidance range of $145 million to $165 million, reflecting improved operational efficiency.
Looking ahead, management provided optimistic guidance for 2026, projecting net sales between $1.95 billion and $2.15 billion. The adjusted EBITDA forecast of $175 million to $195 million suggests continued margin expansion and the materialization of merger synergies.
Regional performance in the fourth quarter showed divergent trends. North America net sales decreased 2% to $346 million, while Europe and Rest of World sales jumped 25% to $183 million, highlighting the company's geographic exposure to different market cycles.
The Zurich-based manufacturer, which develops and produces special-purpose vehicles and attachments, operates production facilities in Burgdorf, St. Blasien, Holten, and Kielce. The company's products serve municipal and airport maintenance applications, positioning it to benefit from infrastructure spending and equipment replacement cycles.
Analysts have an average price target of $15.75 on the stock, implying significant upside from current levels, according to market data. The company's shares have traded in a 52-week range of $8.86 to $32.80, reflecting heightened volatility in the specialty manufacturing sector.
The robust order book and bullish guidance come as global municipal and airport infrastructure operators resume capital expenditure programs that were deferred during the economic uncertainty of recent years. Aebi Schmidt's diversified product portfolio across multiple end markets has allowed it to capture demand even as regional conditions vary.
Investors will be watching the company's ability to convert its record backlog into revenue and maintain the margin improvements signaled in the 2026 guidance. Management emphasized that continued recovery in walk-in-van orders remains a key assumption underpinning the full-year outlook.