Aebi Schmidt Holding AG (AEBI) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Aebi Schmidt Group fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode.

各位好，感謝您稍候。歡迎參加 Aebi Schmidt Group 2025 年第四季財報電話會議。此刻，所有與會者皆處於僅收聽模式。

After the speaker's presentation, there'll be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to have the conference over to your first speaker today, Simone Grancini, Investor Relations Director. Please go ahead.

在講者簡報結束後，將進行問答環節。（接線員指示）敬請注意，今日會議將被錄音。現在我想將會議交給今天的第一位講者——投資人關係總監 Simone Grancini。請開始。

Thank you, Sharon. Good morning and welcome to the Aebi Schmidt fourth quarter and full year 2025 earnings call. I'm Simon Grancini, the company's Investor Relations Director.

謝謝您，Sharon。各位早安，歡迎參加 Aebi Schmidt 2025 年第四季與全年財報電話會議。我是 Simon Grancini，本公司投資人關係總監。

Joining me on the call today are Barend Fruithof, Group CEO who will provide the fourth quarter and full year highlights, outlook, and concluding remarks. Steffen Schewerda, CEO of North America, and Henning Schroder, CEO of Europe and the Rest of the World, who will detail the performance in the respective segments, and Marco Portmann, Group CFO, who will provide a financial overview.

今天與我一同出席電話會議的有：集團執行長 Barend Fruithof，他將說明第四季與全年重點、展望及結語；北美執行長 Steffen Schewerda 與歐洲及世界其他地區執行長 Henning Schroder，將分別詳述各自事業部門的表現；以及集團財務長 Marco Portmann，將提供財務概覽。

Before I turn the call over to Barend, I remind you that today's comments include forward-looking statements subject to the safe hardboardrd language contained in this morning's press release and in Aebi Schmidt's filings with the SEC.

在我把電話交給 Barend 之前，提醒各位，今日發言包含前瞻性陳述，並受今早新聞稿及 Aebi Schmidt 向美國證券交易委員會（SEC）申報文件中所載之「安全港」措辭所規範。

And with that, I hand the call over to Barend.

那麼，我把電話交給 Barend。

Good morning everyone. 2025 was a historical year for Aebi Schmidt, marked by the acquisition of the former Shyft Group and our listing on NASDAQ. I'm extremely proud of our fourth quarter performance. As we see on page 5, our order intake increased 46% in the fourth quarter versus 2024. And we ended 2025 with a record high quarter backlog.

各位早安。2025 年對 Aebi Schmidt 而言是具有歷史意義的一年，包含收購前 Shyft Group 以及我們在 NASDAQ 上市。我對第四季的表現感到非常自豪。如第 5 頁所示，我們第四季的接單量較 2024 年成長 46%。而我們在 2025 年底的季度在手訂單（backlog）創下歷史新高。

Our adjusted EBITDA increased 31% year over year for the fourth quarter, delivering a significantly higher adjusted EBITDA margin of 9.1% versus 7.4% in the prior year. And our strong cash flow enabled us to reduce our leverage to 2.8 times, strengthening our balance sheet heading into 2026. I thank our employees for their exceptional contribution and our costs for their continued trust.

我們第四季調整後 EBITDA 年增 31%，調整後 EBITDA 利潤率顯著提升至 9.1%，高於前一年的 7.4%。強勁的現金流也使我們將槓桿倍數降至 2.8 倍，讓資產負債表在邁入 2026 年時更為穩健。我感謝員工的卓越貢獻，也感謝我們的客戶持續的信任。

On page 6, I provide you with some more details on these outstanding achievements. Our exceptional order momentum was driven by strong orders in airport and municipal and especially by a recovery in the walking van orders.

在第 6 頁，我將提供更多關於這些傑出成果的細節。我們卓越的接單動能主要來自機場與市政領域的強勁訂單，尤其是 walk-in van 訂單的回升。

We believe this reflects a structural recovery in demand. On the other hand, we expect a continued softness in truck body and commercial markets, with only a slow recovery in 2026. In terms of net sales, our fourth quarter grew 6% versus the prior year, a 5% decline in legacy Shyft was more than offset by the rest of the group.

我們認為這反映了需求的結構性復甦。另一方面，我們預期卡車車體與商用市場仍將持續疲弱，並且在 2026 年僅會緩慢復甦。就淨銷售額而言，我們第四季較去年成長 6%；其中，傳統 Shyft 業務下滑 5%，但被集團其他業務的成長所抵銷。

Europe and the rest of the world was a strong contributor to this performance, with substantial organic growth in an almost flat market. We also accelerated and increased the cost synergies from the acquisition of Shyft with an additional procurement and revenue synergy expected to materialize in the second half of 2026. Ultimately, our adjusted EBITDA improved by 31% in the fourth quarter 2025 compared to the fourth quarter of 2024.

歐洲及世界其他地區對此表現貢獻良多，在幾乎持平的市場中實現可觀的有機成長。我們也加速並提高了 Shyft 收購帶來的成本綜效，並預期額外的採購與營收綜效將於 2026 年下半年逐步顯現。最終，我們 2025 年第四季的調整後 EBITDA 較 2024 年第四季提升 31%。

Europe contributed to this with an outstanding 234% increase year over year. Continuing on page 7, we look at the foundations we have built that will deliver our 2026 growth path. First, our M&A strategy continues to deliver.

歐洲在其中的貢獻尤為突出，年增達 234%。接著看第 7 頁，我們回顧已建立的基礎，這些基礎將支撐我們 2026 年的成長路徑。第一，我們的併購（M&A）策略持續帶來成果。

And this goes beyond the Shyft acquisition. Both our smaller acquisition LWS in the US and Lodoc in Germany, continue to provide outside growth to the group, and we see further opportunities for small bolt on acquisitions. Second, we have launched multiple new products.

而且這不僅限於 Shyft 的收購。我們在美國的小型收購案 LWS，以及在德國的 Lodoc，持續為集團帶來外延式成長；我們也看到更多小型補強式收購（bolt-on acquisitions）的機會。第二，我們已推出多項新產品。

This includes the first service body jointly developed by Monroe and Royal presented last week at the NTA. The launch of new compact airport products to enlarge our addressable market, and we are exploring to design a more cost competitive offering of our Blue Ork truck.

其中包括 Monroe 與 Royal 共同開發的首款 service body，並於上週在 NTA 展出；推出新的小型化機場產品以擴大可服務市場（addressable market）；同時我們也在評估設計更具成本競爭力的 Blue Ork 卡車產品方案。

Finally, we opened new locations and secured major first-time customers which will support revenue and profitability in the second half of 2026.

最後，我們開設了新據點並取得多家首次合作的重要客戶，將在 2026 年下半年支撐營收與獲利能力。

Let's also briefly look at our brands on page 8. We're simplifying our brand architecture, sharpening our market presence, and sending a clear signal that we are one powerful group.

我們也簡要看一下第 8 頁的品牌。我們正在簡化品牌架構、強化市場能見度，並傳遞明確訊號：我們是一個強大的集團。

This makes it easier for our customers to navigate the group's broad range of solutions, simplifies customer engagement, and allows us to communicate in a more meaningful and cost effective way.

這讓客戶更容易理解並選擇集團廣泛的解決方案，簡化客戶互動流程，並使我們能以更具意義且更具成本效益的方式進行溝通。

And now I turn the call over to Stefan.

現在我把電話交給 Stefan。

Thank you, Barnes. Good morning, everybody. Thanks for having me.

謝謝您，Barend。各位早安。感謝邀請我參與。

We're on page number 10, so to put it in one sentence, 2025 was an outstanding year, especially in terms of order momentum. Our airport business is seeing very strong order entry, also supported by the launch of our new products. These products are gaining really nice traction, and first deliveries have been made to customers already.

我們現在在第 10 頁。用一句話總結，2025 年是非常出色的一年，尤其在接單動能方面。我們的機場業務接單非常強勁，也受惠於新產品上市。這些產品獲得相當好的市場反應，且已開始向客戶交付首批產品。

On the walk-in side, we see a recovery of the market combined with what we believe is market share growth. On the commercial side, we see some softness which we are able to partially offset by stronger fleet demands. And our municipal segment shows very strong quoting and order entry that confirms our strategy to expand our geographical footprint.

在 walk-in 方面，我們看到市場復甦，同時我們相信也有市占率提升。在商用方面，我們看到一些疲弱，但可部分由更強的車隊需求所抵銷。而市政事業部門顯示非常強勁的報價與接單，印證我們擴大地理版圖的策略。

Slide 11, please. As you can see, our backlog increased by 25% in the fourth quarter versus the prior year. That was driven by a 63% increase year over year in order entry.

請看第 11 頁。如各位所見，我們第四季在手訂單較去年同期增加 25%，主要由接單量年增 63% 所帶動。

Net sales and adjusted EBITDA in Q4 were slightly below the fourth quarter in 2024. This was mainly driven by the softness in walk-in van and truck bodies and included ramp up expenses for walk-in van production and additional locations.

第四季淨銷售額與調整後 EBITDA 略低於 2024 年第四季。這主要是由 walk-in van 與卡車車體需求疲弱所致，並包含 walk-in van 產能爬坡費用以及新增據點的相關費用。

And looking at these KPIs, it is clear what the focus points for 2026 are. It is auto conversion and profitability, and I will explain this a little bit more in detail in the next slide number 12.

從這些關鍵指標（KPI）來看，2026 年的重點非常清楚：銷售轉換（conversion）與獲利能力。我將在下一頁第 12 頁更詳細說明。

So based on our strong backlog, we are positioned to deliver growth in 2026, which we expect to accelerate throughout the quarters. On the market side, we expect that we will continue to realize strong order entry. This is driven by market recovery, market share expansion, and also the introduction of new products.

基於我們強勁的在手訂單，我們已具備在 2026 年實現成長的條件，且預期成長將在各季度逐步加速。就市場面而言，我們預期將持續實現強勁接單，動能來自市場復甦、市占率擴張，以及新產品導入。

On the sales conversion side, our new location in Chicago is now fully operational. We are starting to deliver the first municipal snow and ice trucks to a major DOT starting in April. The new outfit centers in Minneapolis and Toronto are also gaining traction, and on the walk-in van side, we are already starting to increase output, which we expect to accelerate in the second quarter.

在銷售轉換方面，我們位於芝加哥的新據點現已全面運作。我們將自 4 月起開始向某大型交通運輸部門（DOT）交付首批市政除雪與除冰卡車。明尼阿波利斯與多倫多的新改裝中心（outfit centers）也逐漸上軌道；在 walk-in van 方面，我們已開始提高產出，並預期在第二季加速。

On the profitability side, we are executing on vertical integration in our commercial segment. In addition, we expect to realize material cost savings in the second half of the year, and our cost structure is being aligned as we speak. Our increased output will also result in higher plant efficiencies, of course, and on top of that, we are planning to consolidate some of our warehouses in the Midwest to gain efficiencies in logistics and networking capital.

在獲利能力方面，我們正在商用事業部門推動垂直整合。此外，我們預期在下半年實現實質的材料成本節省，且我們的成本結構也正在同步調整。產出提升也將帶來更高的工廠效率；除此之外，我們計畫整併中西部部分倉庫，以提升物流效率並改善營運資金。

And with that being said, thank you, and I'll hand it over to Henny.

以上，謝謝各位，我把電話交給 Henny。

Good morning. I describe 2025 as a landmark year for Europe and the rest of the world in terms of auto intake growth and strong profitability development throughout 2025.

各位早安。我將 2025 年形容為歐洲及世界其他地區的里程碑之年，體現在接單成長以及 2025 年全年獲利能力的強勁提升。

As written on page 14, our markets are gaining strong traction, particularly in airport, municipal complex sweepers, and agriculture.

如第 14 頁所示，我們的市場需求動能強勁，特別是在機場、市政複雜型掃街車（complex sweepers）以及農業領域。

The airport segment is entering a pivotal year with multiple large tenders expected, fueled by rising defense budgets driving military-related demand and increasing local content requirements. The municipal sector continues to be powered by complex sweepers delivering double-digit growth for our core products in 2025.

機場事業正進入關鍵的一年，預期將有多個大型標案（tenders），其動能來自國防預算上升帶動軍用相關需求，以及在地化內容（local content）要求提高。市政部門則持續由複雜型掃街車所驅動，帶動我們核心產品在 2025 年實現雙位數成長。

Lava products have exceeded expectations. We are accelerating our capacity expansion plans, while winter products show a mixed performance due to limited snowfalls across many European countries.

Lava 產品表現超出預期。我們正加速產能擴張計畫；而冬季產品因歐洲多國降雪量有限而呈現分歧的表現。

Agricultural products showed strong momentum in 2025, growing more than 30% versus 2024, supported by the rollout of the new generation of Ecombicu motor mowers.

農業產品在 2025 年展現強勁動能，較 2024 年成長逾 30%，主要受惠於新一代 Ecombicu 動力割草機（motor mowers）的推廣上市。

Slide 15, please. In Q4, we sustained growth in order intake and delivered a significant 25% year over year sales increase driven by airport, municipal, and spare parts.

請看第 15 頁。第四季我們維持接單成長，並在機場、市政與備品帶動下，實現銷售額年增 25% 的顯著成長。

I'm especially proud of the team for delivering an exceptional 23% year over year increase in profitability, an outstanding achievement powered by strong volumes, solid gross margin performance, and disciplined OpEx control.

我特別為團隊感到自豪，因為我們交出獲利能力年增 23% 的卓越成果；這項傑出表現來自強勁的出貨量、穩健的毛利率表現，以及嚴謹的營業費用（OpEx）控管。

Proceeding to page 16, our strong 2025 performance provides the foundation for positive year over year quarterly and sequential improvement throughout 2026.

接著看第 16 頁，我們 2025 年的強勁表現為 2026 年全年各季度的年增改善與逐季改善奠定了正向基礎。

On orders, we expect to leverage our expanded dealer network to accelerate the Europe-wide larva rollout, built on strong municipal and agricultural momentum following successful product launches, and capitalize on our centralized airport tender team to secure large global deals and increase win rates.

在訂單方面，我們預期將運用擴大的經銷商網絡，加速在全歐洲推動 larva 的導入，這建立在成功產品上市後市政與農業領域的強勁動能之上；同時也將善用我們集中的機場標案團隊，以取得大型全球性交易並提高得標率。

On sales margin, we expect to implement factory efficiency programs and finalize production relocations to reduce material costs.

在銷售毛利方面，我們預期將推動工廠效率提升計畫並完成產能移轉，以降低材料成本。

We will utilize our EU pricing engine to optimize margins and spare parts and realize the benefit of implemented price increases across new business and aftermarket segments.

我們將運用歐盟定價引擎（EU pricing engine）來最佳化毛利與備品（spare parts），並在新業務與售後市場（aftermarket）領域實現已執行漲價所帶來的效益。

On cost control, we expect to capture the benefits of regional back office consolidation, further leverage our Eastern Europe corporate center, and convert disciplined OpEx's management into tangible cost savings.

在成本控管方面，我們預期將掌握區域後勤辦公（back office）整併的效益，進一步運用我們在東歐的企業中心，並將嚴謹的營業費用（OpEx）管理轉化為具體的成本節省。

That concludes my comments, and I turn it over to Marco.

以上是我的評論，接下來交給 Marco。

Thanks very much, Henning, and good morning, everyone.

非常感謝你，Henning，各位早安。

As you have heard already, 2025 ended with significant order momentum as we captured many market opportunities following the acquisition of the former Shyft Group.

如各位先前已聽到的，2025 年在訂單動能顯著的情況下收官；在收購前 Shyft Group 之後，我們把握了許多市場機會。

On page 18, we see this exceptional order performance resulting in a very healthy order backlog of over $1.2 billion, up 21% year over year and providing good visibility into 2026. And we expect to see significant improvements in net sales materializing in the second quarter and especially the second half of 2026 out of that backlog.

在第 18 頁，我們看到這項卓越的接單表現，使得訂單積壓（order backlog）非常健康，超過 12 億美元，年增 21%，並為 2026 年提供良好的能見度。我們也預期，來自該積壓訂單的淨銷售額改善將在 2026 年第二季、尤其是 2026 年下半年明顯體現。

On the topic of seasonality, our demand cycles generally lead to a strong year end with a comparatively slow start into a new year. For 2026, we expect this quarter by quarter seasonality throughout the year to be even more pronounced than in an average year. More on this later by Barland.

談到季節性，我們的需求循環通常會在年末較強，而新年度開局相對較慢。對於 2026 年，我們預期這種逐季的季節性在全年將比一般年度更為明顯。Barland 稍後會再補充。

Moving on to slide 19, net sales in the fourth quarter reached $528 million, representing a 6% year over year increase and bringing full year sales to $1.9 billion, a 2% increase compared to 2024.

接著看第 19 頁，第四季淨銷售額達 5.28 億美元，年增 6%，使得 2025 全年銷售額達 19 億美元，較 2024 年成長 2%。

Looking at our four coordinate sales in a bit more detail. Sales in North America decreased 2% versus the fourth quarter 2024 due to the pronounced weakness in the acquired Shyft businesses with a 5% decline which could not be fully compensated by the 2% growth in the legacy of of American businesses.

更詳細看我們四個協調（coordinate）的銷售表現。北美地區銷售額較 2024 年第四季下滑 2%，原因是收購的 Shyft 業務出現明顯疲弱、下滑 5%，未能完全被既有美國業務 2% 的成長所抵銷。

Sales in Europe and the rest of the world increased by a notable 25%, contributing to over third of total net sales in the fourth quarter.

歐洲及世界其他地區的銷售額顯著成長 25%，在第四季淨銷售額中貢獻超過三分之一。

Looking at profitability on slide 20. On a full year pro forma basis, we turned a 2% net sales increase into a strong 13% increase in adjusted EBITDA year over year, delivering $156 million in full year 2025 or an 8.2% adjusted EBITDA margin.

再看第 20 頁的獲利表現。以全年擬制（pro forma）基礎計算，我們將淨銷售額 2% 的成長轉化為調整後 EBITDA 年增 13% 的強勁表現，2025 全年調整後 EBITDA 達 1.56 億美元，調整後 EBITDA 利潤率為 8.2%。

In our fourth quarter specifically, we converted a 6% net sales increase into an impressive 31% growth in EBITDA versus prior year fourth quarter, delivering $48.1 million of adjusted EBITDA in that fourth quarter 2025 equal to a 9.1% margin.

就第四季而言，我們將淨銷售額 6% 的成長轉化為相較去年第四季 EBITDA 成長 31% 的亮眼表現，2025 年第四季調整後 EBITDA 為 4,810 萬美元，利潤率為 9.1%。

North America's EBITDA margin was flat on the back of that 2% net sales decrease, while Europe and the rest of the world delivered a significant EBITDA growth with over 600 basis points improvement.

北美在淨銷售額下滑 2% 的情況下，EBITDA 利潤率持平；而歐洲及世界其他地區則交出顯著的 EBITDA 成長，利潤率改善超過 600 個基點。

Finally, having a look at our balance sheet on slide 21. Networking capital decreased by $29 million, or 6%, since September to $423 million as of December 2025.

最後看第 21 頁的資產負債表。營運資金（working capital）自 9 月以來減少 2,900 萬美元（或 6%），截至 2025 年 12 月為 4.23 億美元。

This decrease was driven by a $38 million lower inventory reflecting both improved efficiency and the seasonal decrease at the end.

這一下降主要來自庫存減少 3,800 萬美元，反映效率提升以及年末的季節性下降。

On the back of a strong cash flow in the fourth quarter, our net debt decreased to $437 million as of December 31, 2025, a decrease of $32 million compared to September.

受第四季強勁現金流帶動，我們的淨負債截至 2025 年 12 月 31 日降至 4.37 億美元，較 9 月減少 3,200 萬美元。

With this, we have also delivered a first significant step to reduce our leverage, improving almost half return to 2.8 times out of year end 2025, with our communicated target to improve to below 2.0 times by year end 2026.

同時，我們也邁出了降低槓桿的第一個重要步驟；截至 2025 年底，槓桿倍數改善至 2.8 倍，並以在 2026 年底改善至低於 2.0 倍為我們已溝通的目標。

That concludes my comments, and I hand it back to Boland for closing remarks. Thanks.

以上是我的評論，接下來交回給 Boland 做結語。謝謝。

Marco. Let me start my concluding remarks with a summary of the key achievements in 2025 shown on page 23. We are are performing on synergies, expecting to deliver over $40 million versus our initial $25 million to $30 million target.

Marco。讓我以第 23 頁所示的 2025 年關鍵成果摘要，作為結語的開場。我們在綜效（synergies）方面表現到位，預期可實現超過 4,000 萬美元，高於我們最初 2,500 萬至 3,000 萬美元的目標。

Our intake increased by 22% versus 2024 and adjusted EBITDA improved by 13%, reflecting strong operational execution. At the same time, we launched new products and opened new locations, further strengthening our foundation and positioning the company for sustainable growth. Continuing on page 24, looking at 2026, we expect a pronounced quarterly seasonality mainly driven by market conditions and geopolitical uncertainty.

我們的接單（intake）較 2024 年成長 22%，調整後 EBITDA 提升 13%，反映強勁的營運執行力。同時，我們推出新產品並開設新據點，進一步強化基礎並使公司具備永續成長的定位。接著看第 24 頁，展望 2026 年，我們預期季度季節性將更為明顯，主要受市場狀況與地緣政治不確定性所驅動。

Q1 will start slow as our strong walking van orders will convert into revenue beyond the quarter while the commercial market remains very soft despite some signs of recovery.

第一季將以較慢的步調開局，因為我們強勁的 walk-in van 訂單將在本季之後才轉為營收；同時，商用市場儘管出現一些復甦跡象，但仍然非常疲弱。

In Q2, we expect all the conversion to accelerate, supported by our ramp up of production and outfitting capacity. By Q3, we expect improving market conditions in the commercial and fleet markets and the realization of procurement synergies. And finally, in Q4, we expect to benefit from the usual seasonal strengths, especially in Europe and the rest of the world.

第二季，我們預期轉換速度將全面加快，並受惠於我們提升產能與改裝（outfitting）產能的爬坡。到第三季，我們預期商用與車隊（fleet）市場的市場狀況改善，以及採購綜效的實現。最後在第四季，我們預期將受惠於一貫的季節性強勢，尤其是在歐洲及世界其他地區。

Moving on to page 24. For the outlook, let me conclude with our 2026 guidance and priorities. We expect net sales between $1.95 billion and $2.15 billion and adjusted EBITDA between $175 million and $195 million, and the leverage at year end 2026 at or below 2.

接著看第 24 頁。就展望而言，讓我以 2026 年指引與優先事項作結。我們預期淨銷售額介於 19.5 億至 21.5 億美元之間，調整後 EBITDA 介於 1.75 億至 1.95 億美元之間，且 2026 年底槓桿倍數為 2 倍或以下。

To deliver this, we expect to maintain strong or momentum and accelerate backlog conversion into net sales through better production efficiency. We expect to drive profitability through efficiency gains at legacy Shyft, optimize footprint, utilization, and delivering our synergies.

為達成此目標，我們預期將維持強勁的訂單動能，並透過更佳的生產效率加速將積壓訂單轉換為淨銷售額。我們也預期將透過 Shyft 既有業務的效率提升、據點版圖（footprint）最佳化、產能利用率提升，以及交付綜效來推動獲利能力。

And at the same time we will maintain our strong focus on leverage and balance sheet. In short, our 2026 focus is on disciplined execution to sustain and build on the strong momentum achieved in 2025.

同時，我們將持續高度聚焦於槓桿與資產負債表。總之，我們 2026 年的重點是以紀律化執行，維持並延續 2025 年所取得的強勁動能。

That concludes our presentation. I now turn it over to our operator to open up the line for questions, operator.

以上為我們的簡報。現在我把時間交給接線員，開放提問，接線員。

Thank you. (Operator Instructions) Greg Lewis, BTIG. Please go ahead.

謝謝。（接線員指示）BTIG 的 Greg Lewis，請發言。

Yes, thank you and good morning and good afternoon and thanks for taking my questions. I was hoping you could talk a little bit more. I mean, clearly it looks like you've, we got finished and started with some order momentum in the walk-in van market, kind of as you see that playing out, like what, what's kind of some of the things that customers are talking about and driving that. One of the things that we had heard last week was around just, hey, the fleet is just, it's just time for some renewal any kind of sense for how much of this is renewal, how much of this is demand, how much like how can you kind of frame that, just given your confidence in the potential increases in walking.

好的，謝謝，早安、午安，也謝謝讓我提問。我希望你們能再多談一點。我的意思是，很明顯看起來你們在 walk-in van 市場的接單動能有延續，從你們看這個趨勢的發展來看，客戶在談些什麼、是什麼在驅動？我們上週聽到的一點是，車隊就是到了該汰換更新的時間。你們是否能分享一下，這當中有多少是汰換更新、有多少是新增需求？以及在你們對 walk-in（van）潛在增量的信心之下，你們會如何框架這件事？

Right, Greg, good morning. This is Stephan. I'll take that question. So what we are seeing and believing is that it is both. We are entering a phase of renewal at this point in time, and one market participant is buying more than the other one. I mean, we know who the two big players are, but we believe it is a combination of renewal and additional demand, and we see this going forward, not just a blob here over one or two quarters. When we talk to the customers, that is structural and sustainable demand here.

好的，Greg，早安。我是 Stephan，我來回答這題。我們目前看到並相信的是兩者皆有。我們正進入一個汰換更新的階段，而某個市場參與者的採購量高於另一個。我的意思是，我們知道兩大玩家是誰；但我們相信這是汰換更新與額外需求的組合，而且我們看到這個趨勢會延續，不只是某一兩個季度的短期現象。當我們與客戶交流時，他們認為這裡的需求是結構性且可持續的。

Okay, and then I was hoping you could talk a little bit about the backlog, you mentioned you called out that the backlog points to, about 15, is spread out over 15 months. Is that something where the backlog is the duration of the backlog increasing, decreasing versus maybe where it was a year ago is part of that, a mix of what is being ordered?

好的，另外我也希望你們談談積壓訂單。你們提到積壓訂單大約分布在 15 個月。相較於一年前，積壓訂單的期間是在拉長、還是在縮短？其中是否有一部分是由於訂單組合（mix）所致？

So, Greg, thank you very much for this question. So, I mean, we were able to increase our backlog on a performer basis if you compare it with 2024. And you know there is a bit of a mixed picture, so we have a very strong backlog in our municipal business as well as in our airport business, for example. We were also able to increase our backlog in Europe versus previous year, which is a very good development given the market circumstances.

Greg，非常感謝這個問題。也就是說，如果你把它和 2024 年相比，我們在擬制（pro forma）基礎上能夠提高積壓訂單。而且你知道，情況有點混合：例如，我們在市政業務以及機場業務的積壓訂單非常強勁。我們也能在歐洲相較前一年增加積壓訂單，考量到市場環境，這是非常好的發展。

And at the same time we were also able to massively increase our backlog in the walk-in van business. We're having some challenges in the commercial market as well as in the truck body market. So then we need to do some more work and we expect that the market will improve and we see already first signs in that area.

同時，我們也在 walk-in van 業務大幅增加了積壓訂單。我們在商用市場以及車體（truck body）市場仍面臨一些挑戰，因此我們還需要做更多工作；我們預期市場將改善，而且我們已經在該領域看到初步跡象。

Okay, super helpful thank you very much.

好的，非常有幫助，謝謝你。

Thank you. Mike Shlisky, DA Davidson.

謝謝。Mike Shlisky，DA Davidson。

Yes, hello, thanks for taking my questions. Follow-up on some of your truck body comments that you made, you mentioned that it's been slow, but there's so much excitement about the new truck bodies that you're introducing at the NTEA show last week. Do you think, that your truck drive, your truck body business will outperform the broader market in '26 just on that new product? And just tell us about how it may have been received while at the show. What were customers telling you about the new product there?

是的，你好，謝謝讓我提問。針對你先前提到的一些卡車車身（truck body）評論追問一下：你提到目前進展偏慢，但上週在 NTEA 展會上，你們推出的新款卡車車身引發了很多期待。你認為僅憑這個新產品，你們的卡車底盤／卡車車身業務在 2026 年會不會優於整體市場？也請談談在展會上的反應如何，客戶在現場對新產品都說了些什麼？

So Mike, good morning to Stefan. I'll take that one. So what we introduced on the show was a new service body on the commercial side. Basically, that is part of our committed integration here, more vertical integration. We talked about this numerous occasions here. So the service body on the commercial side has very good feedback.

Mike，早安，也向 Stefan 問好。我來回答。這次展會我們在商用端推出了一款新的服務車身（service body）。基本上，這是我們在此推動整合承諾的一部分，也就是更深的垂直整合；我們之前已多次談到。商用端的服務車身獲得了非常好的回饋。

On the truck body side, the new product we showed was You could see this on the Izuzu stand. This is a cooperation together with Izuzu. It's called the Atlantic. We are the exclusive partner for for Izuzu, getting this into the market. To answer your question, I do not really believe that we will outperform the market here in 2026, but I truly believe that we will put a strong foundation here into place over the next quarters then to accelerate in 2027.

在卡車車身方面，我們展示的新產品你可以在 Isuzu 的展位看到。這是我們與 Isuzu 的合作，名為 Atlantic。我們是 Isuzu 將其導入市場的獨家合作夥伴。回答你的問題：我不太認為我們在 2026 年會優於市場，但我確實相信，未來幾個季度我們會打下堅實基礎，並在 2027 年加速成長。

Great. Thanks for that comment. Secondly, a large e-commerce company has announced in the last couple of days that they plan to scale back or stop using the USPS for a lot of their deliveries. They're one of USPS's biggest customers.

很好，謝謝你的說明。第二個問題：一家大型電商公司在過去幾天宣布，他們計畫縮減或停止在許多配送上使用 USPS；他們是 USPS 最大的客戶之一。

Presumably, they're going to have to take some of that delivery volume in-house as well as farm it out to the other large, delivery providers. If they're using the other providers, if they're using their own vehicles, and I know that they have some of their own kind of custom-made vehicles, but they are a mixed fleet. If that changes, away from the USPS, is that a positive, for Abe Schmidt going forward as far as mix of, how much business you can capture now, or? But USPS is a pretty big customer and there won't be much of a change here.

推測他們將不得不把部分配送量轉為自營，同時也會外包給其他大型配送業者。如果他們改用其他業者、或改用自有車隊——我知道他們有一些自製的客製化車輛，但車隊是混合的——若從 USPS 轉移出去，對 AB Schmidt 未來在可承接業務的組合與份額上是否是正面因素？還是說 USPS 仍是很大的客戶，這裡其實不會有太大變化？

Mike, I believe that this is a, this is an advantage for AB Schmidt. I mean, in this context, there was also the the notion of, hey, we do it within 1 hour delivery or 3 hour deliveries where customers pay a little bit more. We're talking about the Same article here, and the same announcement. So I believe it will drive additional demand. The question is what kind of vehicle, what kind of concept will this be? But I believe in our product portfolio, we have something to participate in that market and we are in active discussions.

Mike，我認為這對 AB Schmidt 是有利的。在這個脈絡下，也有人提到例如「1 小時送達」或「3 小時送達」這類客戶願意多付一些費用的服務。我們談的是同一篇報導、同一項公告。我相信這會帶動額外需求。問題在於會採用什麼樣的車輛、什麼樣的方案概念；但我相信以我們的產品組合，我們有產品可以參與這個市場，而且我們也正在積極洽談中。

Great, thank you so much.

很好，非常感謝。

Thank you. Matt Koranda, ROTH Capital. Please go ahead.

謝謝。Matt Koranda，ROTH Capital。請繼續。

Hey guys, good morning. I guess I wanted to hear on the midpoint of the adjusted that I guide for '26 looks like about nearly $30 million in improvement, but I guess you guys have said synergies in total are north of $40 million from the combination. Obviously that gets realized over a couple of years. So I just wanted to hear a little bit about how much gets realized in '26 and what's built into the full year guidance.

各位早安。我想了解一下：你們對 2026 年調整後（adjusted）的指引中位數看起來改善了將近 3,000 萬美元，但你們也說過，合併帶來的協同效益總額超過 4,000 萬美元，當然會在幾年內逐步實現。我想聽聽 2026 年大概會實現多少，以及全年指引中納入了哪些假設。

Yeah, good morning, Matt. This is Marco speaking. So yes, midpoint $185 million of our adjusted EBITDA guidance. And I mean, to reiterate in 2025, right, so we always said, we're going to deliver at least $40 million total now. And out of that we have realized in 25, somewhere in the mid-teens, that's predominantly cost synergies, and we expect the same amount to realize also in 2026 on top of that, keeping in mind that, specifically the procurement synergies, they will kick in in the third quarter 2026.

好的，Matt，早安。我是 Marco。是的，我們調整後 EBITDA 指引的中位數是 1.85 億美元。再重申一次：我們一直說 2025 年起總計至少要交付 4,000 萬美元的協同效益。在其中，2025 年我們已實現約 1,000 多萬美元（mid-teens），主要是成本協同；而我們預期 2026 年在此基礎上也會再實現相近的金額。請記得，特別是採購協同效益會在 2026 年第三季開始發酵。

Again, that's relating also to what we just talked about with the service body. And we have also revenue synergies which are predominantly kicking in in the second half of 2026 as well before we will then see the full realization by summer 2027 as we have initially announced pre-merger, so we're still fully on track to that. But also keep in mind it's not just the synergies.

這也與我們剛才談到的服務車身相關。此外，我們也有營收協同效益，主要會在 2026 年下半年開始顯現；之後我們預期在 2027 年夏季前後達到全面實現，這與我們在併購前最初公告的時程一致，因此我們仍完全按計畫推進。但也請記得，不只是協同效益而已。

If you look at the differential, the difference between 2025, 20,206, there's also one-off expenses that we have to account for 2025, we faced some additional stuff that isn't part of the adjusted, some ramp up expenses that are operational, some tax compliance topics, a couple of these things, and also in Q1 now 26, we'll still have some ramp up expenses, specifically in the walking.

如果你看 2025 與 2026 的差異（differential），其中也包含我們在 2025 年需要認列的一次性費用。2025 年我們遇到了一些額外事項，這些不在 adjusted 裡：一些屬於營運面的爬坡（ramp-up）費用、一些稅務合規議題等。另外在 2026 年第一季，我們仍會有一些爬坡費用，特別是在步入式廂型車（walk-in）方面。

Okay, got it. And I wanted to hear a little bit more about the seasonality commentary that you gave in the prepared remarks. It sounds like you said first quarter, usually your lower quarter in terms of seasonality, but might be a little bit more pronounced this year.

了解。另外我想更深入了解你們在事先準備稿中提到的季節性。聽起來你們說第一季通常是季節性較弱的一季，但今年可能會更明顯。

Could you unpack some of the factors that are causing the more pronounced seasonality? And is that more pronounced in. One of the two segments in North America or Europe, or is it both? I just want to hear a little bit more about how to think about it.

能否拆解一下造成季節性更明顯的因素？這種更明顯的季節性是主要出現在北美或歐洲兩個事業群其中之一，還是兩邊都有？我想更清楚該如何理解。

Yeah, I mean, as we commented, right, generally speaking, we do have quite a bit of seasonality, a bit more than maybe typically would be expected, coming, especially a little bit from, the ordering cycles we see in Europe, but also generally the snow business or snow related business that we have. And as we said, in 2026, this is going to be quite a bit more pronounced. So we will see, of course, a slower start in Q1 because these walk-in ran orders, while we do have the backlog now, while we still see the good momentum, it will materialize only beginning in Q2 really, and we still have some one-off expenses associated with that ramp up in the first quarter.

是的，如同我們所評論的，一般而言我們的季節性確實相當明顯，可能比一般預期更高；部分原因來自歐洲的下單週期，另外也與我們的除雪業務或與雪相關的業務有關。正如我們所說，2026 年這種季節性會更為明顯。因此第一季當然會較慢，因為這些步入式廂型車的爬坡訂單（ramp orders），即使我們目前有在手訂單（backlog）、動能也仍不錯，但真正轉為出貨／營收要到第二季才會開始顯著體現；同時第一季仍會有一些與爬坡相關的一次性費用。

So we don't have the revenue yet, but also some costs already flowing in. And I also from a segment you will hit us, of course, in the US. So you will see that if you compare Q1 US or North America, as the segment officially is called versus versus last year, in Europe, you will see quite a good improvement, Q1 over Q1. But of course, keeping in mind that, Europe has had a slow start in 2025.

所以我們還沒有相應的營收，但部分成本已經開始進來。就事業群來看，當然會對我們在美國造成影響。因此若你比較北美（正式名稱為該事業群）今年第一季相較去年第一季，與歐洲相比，你會看到歐洲的第一季年對年改善相當不錯；但也要記得，歐洲在 2025 年的開局較慢。

So yeah, you see that basically coming in out of the auto backlog that wasn't there in Q4 that now leads to that lack of revenue basically in Q1 walking vans and again commercial truck body we commented on that. It is a soft market. We still see that and that will persist through Q1 or does persist through Q1. We can say that as of today.

所以，是的，你會看到這基本上來自汽車相關在手訂單（auto backlog）的變化：第四季沒有的訂單，導致第一季步入式廂型車的營收缺口；另外我們也提到商用卡車車身，市場偏疲弱。我們仍看到這種情況，而且它會延續到第一季——以今天的情況來看確實如此。

And of course, the geopolitical environment also didn't really help in the last couple of weeks. So you feel that as well. And then you have basically Q2, Q3 of the ramp up, as we explained, and the fourth quarter really will be I would say similar to what you have seen now in the dynamics in 2025, but again more pronounced, that this is really the strong quarter where we bring the year together and I just wanted to be precise on that, to right size expectations on our quarterly momentum of 2026.

當然，過去幾週的地緣政治環境也沒有帶來太多幫助，你也會感受到這點。接著如我們所說，第二季、第三季會進入爬坡期；而第四季我會說會類似你在 2025 年看到的動態，但會更明顯——第四季會是我們把全年業績整合起來、表現最強的一季。我想把這點講清楚，是為了更精準地校準大家對 2026 年各季動能的預期。

And Matt, just to add one point, as we have built a new fit center in Chicago and that will help to to accelerate our backlog in the municipal area, into more sales, and we will see already an improvement in March and that will then go up already in the second quarter and that's also a good thing then to reduce our backlog and turn it into sales in the municipal area.

Matt，我再補充一點：我們在芝加哥新建了一個改裝中心（fit center），這將有助於把市政（municipal）領域的在手訂單更快轉化為銷售。我們在 3 月就會看到改善，第二季會進一步上升；這也有助於降低我們的在手訂單，並把它轉為市政領域的銷售。

Okay, very helpful, guys. Thanks.

好的，非常有幫助。謝謝各位。

Thank you. This concludes the Q&A for today, and I will now hand back to Simone Grancini for closing remarks.

謝謝。今天的問答到此結束，接下來我把電話交回給 Simone Grancini 做結語。

Thank you, Sharon. I thank everyone for joining today's call and your interest in the Aebi Schmidt Group. As always, please reach out to investor. Relations at Aebischmidt.com if you have any follow-up questions. And with that, Sharon, please disconnect the call.

謝謝你，Sharon。感謝各位參加今天的電話會議並關注 Aebi Schmidt Group。一如往常，如有任何後續問題，請聯絡 investor. Relations at Aebischmidt.com。那麼 Sharon，請協助斷線。

Thank you. This concludes today's conference call. Thank you for participating, you may all disconnect.

謝謝。今天的電話會議到此結束。感謝各位參與，大家可以掛線。