AEBI — Q2 2026 Financial Report Analysis

Back in profit after the Shyft merger, but most of the year's earnings still have to come in the second half

Aebi Schmidt is a Swiss maker of vehicles that keep roads and airports usable: snowplows, street sweepers, runway de-icing and clearing equipment, and mowers for steep terrain. On July 1, 2025 it bought The Shyft Group, a US company that builds walk-in delivery vans, truck bodies, service bodies and motorhome chassis. The combined company trades on Nasdaq as AEBI and, although it is based in Frauenfeld, Switzerland, it files US-style quarterly reports (10-Q), not the lighter reports foreign companies often use.

That timing matters for reading this quarter. Shyft joined exactly one year ago, so the official year-ago figures (Q2 2025) are Aebi Schmidt alone, while Q2 2026 includes Shyft. That is why reported sales jumped 79%. The company also publishes "combined" figures that add Shyft's pre-merger results to the year-ago quarter; on that like-for-like basis, sales rose 9.4%. Both views appear below, and the difference between them is the single most important thing to keep in mind.

In the quarter to June 30, 2026, sales were $496.4 million, net income was $10.5 million ($0.14 per diluted share) against a $2.3 million loss a year earlier, and full-year guidance was kept unchanged.

At a glance

• $496.4M in sales, +9.4% on a combined basis (+78.7% as reported). The reported jump is mostly the acquisition: $210.9 million of the $218.7 million increase came from Shyft.
• $42.1M adjusted EBITDA, 8.5% of sales, up from $34.5 million (7.6%) for the combined companies a year ago. Profit grew faster than sales, which is the first sign the merger is paying off.
• Net debt $450M, 2.72x adjusted EBITDA, down from 3.28x a year ago, but management now expects to end 2026 at "2.0x or slightly above" rather than the "≤2.0x" it said in May.

The numbers