Aebi Schmidt Holding AG
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 13, 2026
AEBI$11.17+0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0001628280-26-034785
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001628280-26-056462
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 98 previous paragraphs and 122 current paragraphs.
62 unchanged; 27 reworded; 31 added; 7 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 8 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (31)
Current report
Cost of products sold increased by $178.2 million, or 81%, to $399.1 millionin thethree months ended June 30, 2026, from $220.9 million in thethree months ended June 30, 2025. The increase in cost of products sold was driven by $170.7 million in costs attributable to Shyft and an increase of $7.5 million in costs related to new business sales.
Current report
Selling, general and administrative expense increased by $22.1 million, or 66%, to $55.8 million in thethree months ended June 30, 2026, from $33.6 millionin thethree months ended June 30, 2025. The increase in selling, general and
Current report
administrative expense was primarily driven by an increase of $20.7 million in costs attributable to Shyft, an increase in management costs of $0.6 million, and an increase in IT costs of $0.7 million.
Current report
Six months ended June 30, 2026 compared with six months ended June 30, 2025
Current report
Sales
Current report
Sales increased by $425.0 million, or 81%, to $952.0 millionin thesix months ended June 30, 2026, from $526.9 millionin thesix months ended June 30, 2025. The increase in sales was primarily driven by $397.2 million in sales attributable to Shyft, an increase in new business sales of $16.2 million, and an increase in after sales of $11.6 million.
Current report
Cost of products sold
Current report
Research and development expense
Current report
Research and development expense increased by $3.0 million, or 31%, to $13.1 million in thesix months ended June 30, 2026, from $10.1 millionin thesix months ended June 30, 2025. The increase in research and development expense was primarily driven by $2.1 million in costs attributable to Shyft and the development of product solutions.
Current report
Selling, general and administrative expense
Current report
Selling, general and administrative expense increased by $50.0 million, or 78%, to $114.2 million in thesix months ended June 30, 2026, from $64.3 millionin thesix months ended June 30, 2025. The increase in selling, general and
Current report
administrative expense was primarily driven by $43.0 million in costs attributable to Shyft, along with an increase in finance department expenses of $1.4 million, an increase in sales department costs of $2.1 million, and an increase in IT costs of $2.0 million.
Current report
Amortization of purchased intangibles
Current report
Amortization of purchased intangibles increased by $9.3 million, or 130%, to $16.5 million in thesix months ended June 30, 2026, from $7.1 millionin thesix months ended June 30, 2025. The increase is primarily attributable to amortization of $9.3 million related to intangible assets acquired as part of the Merger with Shyft.
Current report
Other operating income (expense)
Current report
Other operating income increased by $2.0 million to $1.6 millionin thesix months ended June 30, 2026, from other operating expense of $0.4 millionin thesix months ended June 30, 2025. The increase in other operating income was primarily driven by an increase of net foreign exchange gains of $1.6 million.
Current report
Interest expense
Current report
Interest expense increased by $6.7 million, or 42%, to $22.5 millionin thesix months ended June 30, 2026, from $15.8 millionin thesix months ended June 30, 2025. The increase in interest expense was primarily driven by an increase in interest expense attributable to Aebi Schmidt of $7.1 million and interest expense attributable to Shyft of $1.3 million, offset by a decrease of $2.0 million in costs related to the refinancing in connection with the Merger.
Current report
Other income (expense)
Current report
Income tax (expense) benefit
Current report
Income tax expense increased by $5.4 million to an expense of $5.3 million in thesix months ended June 30, 2026, from a benefit of $0.1 millionin thesix months ended June 30, 2025. The increase in income tax expense was primarily driven by higher taxable incomein the six months ended June 30, 2026.
Current report
Sales for Aebi Schmidt’s North America segment increased by $210.1 million, or 143.6%, to $356.3 million in thethree months ended June 30, 2026, from $146.2 millionin thethree months ended June 30, 2025. The increase in sales was primarily driven by sales attributable to Shyft of $210.9 million and an increase in after sales of $0.2 million, partially offset by a decrease in sales of new products of $1.0 million.
Current report
Sales for Aebi Schmidt’s Europe and ROW segment increased by $8.6 million, or 6.6%, to $140.1 millionin thethree months ended June 30, 2026, from $131.5 millionin thethree months ended June 30, 2025. The increase in sales was driven by an increase in sales of new products of $7.1 million and an increase in after sales of $1.5 million.
Current report
Adjusted EBITDA for Aebi Schmidt’s Europe and ROW segment increased by $1.3 million, or 24.5%, to $6.6 million in thethree months ended June 30, 2026, from $5.3 millionin thethree months ended June 30, 2025. The increase in Adjusted EBITDA was driven by an increase in gross margin of $2.3 million and a decrease in selling, general and administrative expenses of $1.4 million, partially offset by a decrease in other segment items of $2.4 million.
Current report
Six months ended June 30, 2026 compared withsix months ended June 30, 2025
Current report
Sales for Aebi Schmidt’s North America segment increased by $400.1 million, or 136.3%, to $693.6 million in thesix months ended June 30, 2026, from $293.5 millionin thesix months ended June 30, 2025. The increase in sales was primarily driven by sales attributable to Shyft of $397.2 million, an increase in sales of new products of $0.7 million and an increase in after sales of $2.1 million.
Current report
Adjusted EBITDA for Aebi Schmidt’s North America segment increased by $26.8 million, or 76.4%, to $61.9 million for thesix months ended June 30, 2026, from $35.1 millionfor thesix months ended June 30, 2025. The increase in Adjusted EBITDA was primarily driven by the addition of $31.9 million in activity attributable to Shyft, partially offset by a decrease of $0.6 million in gross margin, a decrease of other segment items of $0,6 million, and an increase in selling, general and administrative expenses of $3.9 million.
Current report
Europe and ROW
Current report
Sales for Aebi Schmidt’s Europe and ROW segment increased by $25.0 million, or 10.7%, to $258.4 million in thesix months ended June 30, 2026, from $233.4 millionin thesix months ended June 30, 2025. The increase in sales was driven by an increase in sales of new products of $15.5 million and an increase in after sales of $9.5 million.
Current report
Adjusted EBITDA for Aebi Schmidt’s Europe and ROW segment increased by $5.9 million, or 78.7%, to $13.4 million in thesix months ended June 30, 2026, from $7.5 millionin thesix months ended June 30, 2025. The increase in Adjusted EBITDA was primarily driven by an increase in gross margin of $5.5 million and an increase in other segment items of $1.0 million, partially offset by an increase in research and development expense of $0.9 million.
Removed paragraphs (7)
Previous report
North America
Previous report
Selling, general and administrative expense increased by $27.8 million, or 91%, to $58.5 million in thethree months ended March 31, 2026, from $30.7 millionin thethree months ended March 31, 2025. The increase in selling, general and administrative expense was primarily driven by an increase of $22.3 million in costs attributable to Shyft, an increase in sales department costs of $2.2 million, an increase in finance department costs of $1.6 million, and an increase in IT costs of $1.3 million.
Previous report
North America
Previous report
Sales for Aebi Schmidt’s North America segment increased by $190.0 million, or 129.0%, to $337.3 million in thethree months ended March 31, 2026, from $147.3 millionin thethree months ended March 31, 2025. The increase in sales
Previous report
was primarily driven by sales attributable to Shyft of $186.3 million, an increase in sales of new products of $1.8 million, and an increase in after sales of $1.9 million.
Previous report
Sales for Aebi Schmidt’s Europe and ROW segment increased by $16.3 million, or 16.0%, to $118.2 millionin thethree months ended March 31, 2026, from $101.9 millionin thethree months ended March 31, 2025. The increase in sales was driven by an increase in sales of new products of $8.3 million and an increase in after sales of $8.0 million.
Previous report
Adjusted EBITDA for Aebi Schmidt’s Europe and ROW segment increased by $4.5 million, or 201.4%, to $6.8 million in thethree months ended March 31, 2026, from $2.2 millionin thethree months ended March 31, 2025. The increase in Adjusted EBITDA was driven by an increase in segment gross margin of $3.2 million and an increase in other segment items of $3.4 million, partially offset by an increase in research and development expense of $1.0 million and an increase in selling, general and administrative expenses of $1.0 million.
Reworded paragraphs (27)
Previous wording
Aebi Schmidt operates in two reportable segments, which consist of (i) North America and (ii) Europe and the Rest of the World (“ROW”). Operating results for thethree months ended March 31, 2026 are not necessarily indicative of the results we may achieve for the full year ending December 31, 2026.
Current wording
Aebi Schmidt operates in two reportable segments, which consist of (i) North America and (ii) Europe and the Rest of the World (“ROW”). Operating results for thethree and six months ended June 30, 2026 are not necessarily indicative of the results we may achieve for the full year ending December 31, 2026.
Previous wording
The following table presents a summary of Aebi Schmidt’s key performance indicators for thethree months ended March 31, 2026 and March 31, 2025.
Current wording
The following table presents a summary of Aebi Schmidt’s key performance indicators for thesix months ended June 30, 2026 and June 30, 2025.
Previous wording
Sales increased by $206.3 million, or 83%, to $455.5 millionin thethree months ended March 31, 2026, from $249.2 millionin thethree months ended March 31, 2025. The increase in sales was primarily driven by sales attributed to Shyft of $186.3 million, an increase in new business sales of $10.1 million, and an increase in after sales of $9.9 million.
Current wording
Sales increased by $218.7 million, or 79%, to $496.4 millionin thethree months ended June 30, 2026, from $277.7 millionin thethree months ended June 30, 2025. The increase in sales was primarily driven by sales attributed to Shyft of $210.9 million, an increase in new business sales of $6.1 million, and an increase in after sales of $1.7 million.
Previous wording
Research and development expense increased by $2.1 million, or 45%, to $6.7 million in thethree months ended March 31, 2026, from $4.6 millionin thethree months ended March 31, 2025 primarily driven by an increase of $1.0 million in activity attributable to Shyft and the development of product solutions.
Current wording
Research and development expense increased by $1.0 million, or 19%, to $6.4 million in thethree months ended June 30, 2026, from $5.4 millionin thethree months ended June 30, 2025 driven by an increase of $1.0 million in activity attributable to Shyft.
Previous wording
Amortization of purchased intangibles increased by $4.5 million, or 125%, to $8.1 million in thethree months ended March 31, 2026, from $3.6 millionin thethree months ended March 31, 2025. The increase is primarily attributable to amortization of $4.5 million related to the intangible assets acquired as part of the Merger with Shyft.
Current wording
Amortization of purchased intangibles increased by $4.8 million, or 135%, to $8.4 million in thethree months ended June 30, 2026, from $3.6 millionin thethree months ended June 30, 2025. The increase is primarily attributable to amortization of $4.8 million related to the intangible assets acquired as part of the Merger with Shyft.
Previous wording
Other operating income increased by $1.3 million to $1.3 million in thethree months ended March 31, 2026, from other operating income of $0.0 millionin thethree months ended March 31, 2025. The increase in other operating income was primarily driven by an increase of net foreign exchange gains of $1.0 million and an increase in other income net of other expense of $0.3 million.
Current wording
Other operating income increased by $0.7 million to $0.3 million in thethree months ended June 30, 2026, from other operating expense of $0.4 millionin thethree months ended June 30, 2025. The increase in other operating income was primarily driven by an increase of net foreign exchange gains of $0.7 million.
Previous wording
Interest expense increased by $4.9 million, or 75%, to $11.4 million in thethree months ended March 31, 2026, from $6.5 millionin thethree months ended March 31, 2025. The increase in interest expense was primarily driven by an increase in interest expense attributable to Aebi Schmidt of $3.6 million, the incurrence of $0.5 million in costs related to the debt refinancing in connection with the Merger, and an increase in interest expense attributable to Shyft of $0.8 million.
Current wording
Interest expense increased by $1.8 million, or 20%, to $11.1 million in thethree months ended June 30, 2026, from $9.3 millionin thethree months ended June 30, 2025. The increase in interest expense was primarily driven by an increase in interest expense attributable to Aebi Schmidt of $3.4 million and interest expense attributable to Shyft of $0.5 million, offset by a decrease of $2.4 million in costs related to the refinancing in connection with the Merger.
Previous wording
Other expense decreased by $2.1 million to $2.9 millionin thethree months ended March 31, 2026, from other expense of $5.0 millionin thethree months ended March 31, 2025. The decrease in other expense was primarily driven by a decrease in transaction related expenseof $4.6 million and decreases in net foreign exchange losses on financial positions of $0.7 million, partially offset by the incurrence of integration costs of $2.0 million and costs of legal proceedings and settlements of $1.4 million.
Current wording
Other expense decreased by $7.2 million to $0.6 millionin thethree months ended June 30, 2026, from other expense of $7.8 millionin thethree months ended June 30, 2025. The decrease in other expense was driven by a decrease in transaction related expense of $6.1 million and decreases in net foreign exchange losses on financial positions of $2.6 million, partially offset by the incurrence of integration and restructuring costs of $0.6 million.
Previous wording
Income tax expense decreased by $0.3 million, or 38%, to $0.5 million in thethree months ended March 31, 2026, from income tax expense of $0.8 millionin thethree months ended March 31, 2025. The decrease in income tax expense was primarily driven by lower taxable income in the three months ended March 31, 2026.
Current wording
Income tax expense increased by $5.7 million to $4.8 million in thethree months ended June 30, 2026, from income tax benefit of $0.9 millionin thethree months ended June 30, 2025. The increase in income tax expense was primarily driven by higher taxable income in the three months ended June 30, 2026.
Previous wording
Cost of products sold increased by $172.3 million, or 88%, to $368.2 millionin thethree months ended March 31, 2026, from $195.9 million in thethree months ended March 31, 2025. The increase in cost of products sold was primarily driven by $156.8 million in costs attributable to Shyft, an increase of $9.7 million in costs related to new business sales, and an increase of $5.7 million in costs related to after sales.
Current wording
Cost of products sold increased by $350.5 million, or 84%, to $767.3 million in thesix months ended June 30, 2026, from $416.8 millionin thesix months ended June 30, 2025. The increase in cost of products sold was driven by $327.5 million in costs of products sold attributable to Shyft, an increase of $17.3 million in costs related to new business sales, and an increase of $5.7 million in costs related to after sales.
Previous wording
Adjusted EBITDA for Aebi Schmidt’s North America segment increased by $7.3 million, or 38.5%, to $26.4 million for thethree months ended March 31, 2026, from $19.0 millionfor thethree months ended March 31, 2025. The increase in Adjusted EBITDA was primarily driven by the addition of $10.6 million in activity attributable to Shyft, along with an increase in segment gross margin of $1.4 million, partially offset by an increase in selling, general and administrative expenses of $4.5 million, and a decrease in other segment items of $0.2 million.
Current wording
Adjusted EBITDA for Aebi Schmidt’s North America segment increased by $19.5 million, or 121.6%, to $35.5 million for thethree months ended June 30, 2026, from $16.0 millionfor thethree months ended June 30, 2025. The increase in Adjusted EBITDA was primarily driven by the addition of $21.3 million in activity attributable to Shyft, along with an increase in other segment items of $3.1 million, partially offset by a decrease in segment gross margin of $2.0 million and an increase in selling, general and administrative expenses of $2.8 million.
Previous wording
Aebi Schmidt defines Adjusted EBITDA as net income before interest, taxes, depreciation, and amortization, further adjusted for foreign exchange gains and losses on external debt, restructuring and other related expenses, transaction related expenses, integration costs, bargain purchase gains on acquisitions, changes in repurchase liabilities for Aebi Schmidt’s employee share plan, non-service cost related pension expenses, legacy legal matters, sales executive transition costs, changes in provisions for contingencies, and other non-recurring items. Aebi Schmidt defines Adjusted EBITDA margin as a ratio of Adjusted EBITDA as a percentage of sales. Management uses Adjusted EBITDA to assess Aebi Schmidt’s financial performance because it allows management and stakeholders to compare its operating performance on a consistent basis across periods by removing the effects of its capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization) and other items (such as non-recurring costs) that impact the comparability of financial results from period to period.
Current wording
Aebi Schmidt defines Adjusted EBITDA as net income before interest, taxes, depreciation, and amortization, further adjusted for foreign exchange gains and losses on external debt, restructuring and other related expenses, transaction related expenses, integration costs, settlement of acquisition, changes in repurchase liabilities for Aebi Schmidt’s employee share plan, pension related income, legal matters, changes in provisions for contingencies, non-cash stock-based compensation expenses, and other non-operating one-off items. Aebi Schmidt defines Adjusted EBITDA margin as a ratio of Adjusted EBITDA as a percentage of sales. Management uses Adjusted EBITDA to assess Aebi Schmidt’s financial performance because it allows management and stakeholders to compare its operating performance on a consistent basis across periods by removing the effects of its capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization) and other items (such as non-recurring costs) that impact the comparability of financial results from period to period.
Previous wording
Aebi Schmidt’s primary liquidity needs are to fund general business requirements, including working capital, capital expenditures, restructuring costs and debt service requirements. Aebi Schmidt’s principal sources of liquidity are cash flows from operating activities, its revolving credit facility (the “Revolving Credit Facility”) and other debt issuances, and existing cash balances of $115.9 million as of March 31, 2026. Aebi Schmidt actively manages its working capital and associated cash requirements and continually seeks more effective uses of cash.
Current wording
Aebi Schmidt’s primary liquidity needs are to fund general business requirements, including working capital, capital expenditures, restructuring costs and debt service requirements. Aebi Schmidt’s principal sources of liquidity are cash flows from operating activities, its revolving credit facility (the “Revolving Credit Facility”) and other debt issuances, and existing cash balances of $109.7 million as of June 30, 2026. Aebi Schmidt actively manages its working capital and associated cash requirements and continually seeks more effective uses of cash.
Previous wording
As of March 31, 2026, Aebi Schmidt had $441.9 million of net working capital (i.e., current assets minus current liabilities) compared to $416.5 million of net working capitalas of December 31, 2025.
Current wording
As of June 30, 2026, Aebi Schmidt had $444.4 million of net working capital (i.e., current assets minus current liabilities) compared to $416.5 million of net working capitalas of December 31, 2025.
Previous wording
Aebi Schmidt believes that its available liquidity will be sufficient to meet its current obligations for a period of at least 12 months from the date of the filing of this Quarterly Report and the foreseeable future thereafter, and its liquidity will be sufficient to finance its operating and capital needs, including day to day operations, capital expenditures, research and development, investments in information technology systems, dividends and potential future acquisitions.
Current wording
Aebi Schmidt believes that its available liquidity will be sufficient to meet its current obligations for a period of at least 12 months from the date of the filing of this Quarterly Report and foreseeable future thereafter, and its liquidity will be sufficient to finance its operating and capital needs, including day to day operations, capital expenditures, research and development, investments in information technology systems, dividends and potential future acquisitions.
Previous wording
Net cash used in operating activities decreased by $8.8 million, or 33%, to $17.7 million in thethree months ended March 31, 2026, from cash used in operating activities of $26.6 million in thethree months ended March 31, 2025. The decrease in net cash used in operating activities was primarily driven by a decrease in net income of $1.4 million, an increase of $12.4 million in inventory levels, a decrease in accounts payable of $29.6 million due to efficient liquidity management while increasing purchases of raw materials, a decrease in income tax payable and receivable of $1.6 million and a decrease in accrued compensation and related taxes of $3.2 million. These decreases were primarily offset by an increase in collection of accounts receivable and contract assets of $34.7 million, an increase in depreciation and amortization expense of $7.2 million, an increase in other assets and liabilities of $7.7 million, an increase in contract liabilities of $5.9 million, and an increase in deferred taxes of $0.9 million.
Current wording
Net cash used in operating activities decreased by $10.6 million, or 50%, to $10.6 million in thesix months ended June 30, 2026, from cash used in operating activities of $21.2 million in thesix months ended June 30, 2025. The decrease in net cash used in operating activities was primarily driven by an increase of $29.0 million related to net income adjusted for non-cash charges, a favorable change in accounts receivable and contract assets of $23.2 million, a favorable change in inventory of $2.0 million, and a favorable change in contract liabilities of $11.2 million. These favorable changes were primarily offset by an unfavorable change in accounts payable of $53.4 million due to increased purchases of raw materials, and an unfavorable change in remaining balance sheet items of $1.5 million.
Previous wording
Net cash used in investing activities decreased by $2.0 million, or 66%, to $1.1 million in thethree months ended March 31, 2026, from cash used in investing activities of $3.1 million in thethree months ended March 31, 2025. The decrease was primarily driven by a decrease in cash spent on purchases of property, plant and equipment of $1.2 million and an increase on proceeds from sale of property, plant and equipment of $0.9 million.
Current wording
Net cash used in investing activities decreased by $1.1 million, or 23%, to $3.5 million in thesix months ended June 30, 2026, from cash used in investing activities of $4.5 million in thesix months ended June 30, 2025. The decrease was primarily driven by a decrease in cash spent on purchases of property, plant and equipment of $0.6 million and increase in proceeds from sale of property, plant and equipment of $0.4 million.
Previous wording
Net cash provided by financing activities increased by $25.4 million, or 222%, to $36.8 million in thethree months ended March 31, 2026, from $11.4 million in thethree months ended March 31, 2025. The increase was primarily driven by an increase of proceeds, net of payments, of $23.9 million from long-term debt and a decrease in deferred payments made related to historical transactions of $4.8 million. The increase was partially offset by an increase in dividend payments of $2.0 million and the exercise and vesting of stock incentive awards of $1.2 million.
Current wording
Net cash provided by financing activities increased by $3.8 million to $25.4 million in thesix months ended June 30, 2026, from net cash provided by $21.6 million in thesix months ended June 30, 2025. The increase was primarily driven by higher borrowings of $4.4 million, lower dividend payments of $5.6 million, and lower deferred payments related to historical transactions of $4.8 million. The increase was partially offset by higher payments on debt of $9.5 million and higher payments related to exercising and vesting of stock incentive awards of $1.2 million.
Previous wording
Facility A is a multicurrency senior secured amortizing term loan facility with a total commitment amount of $350.0 million. The interest rate is variable defined based on the applicable reference rate (SOFR, SARON, EURIBOR), plus a margin determined by the Company’s leverage ratio. The average interest rate for the three months ended March 31, 2026 was 6.307%.
Current wording
Facility A is a multicurrency senior secured amortizing term loan facility with a total commitment amount of $350.0 million. The interest rate is variable defined based on the applicable reference rate (SOFR, SARON, EURIBOR), plus a margin determined by the Company’s leverage ratio. The average interest rate for the three months ended June 30, 2026 was 5.987%. As of June 30, 2026, debt issuance costs of $4.3 million are deferred and amortized based on the effective interest method.
Previous wording
The Company is subject to certain customary covenants that prohibit the Company from incurring additional indebtedness, limit certain acquisitions, investments, advances or loans and restrict substantial asset sales (all subject to certain exceptions and baskets). In addition, credit facilities agreement governing Facility A (the “New Credit Facilities Agreement”) also requires the Company to maintain certain financial ratios. For the current reporting period, the Company was required to maintain a leverage ratio that did not exceed 3.75x. The Company was in compliance with all covenants as of March 31, 2026 and December 31, 2025.
Current wording
The Company is subject to certain customary covenants that prohibit the Company from incurring additional indebtedness, limit certain acquisitions, investments, advances or loans and restrict substantial asset sales (all subject to certain exceptions and baskets). In addition, the credit facilities agreement governing Facility A (the“New Credit Facilities Agreement”) also requires the Company to maintain certain financial ratios. For the current reporting period, the Company was required to maintain a leverage ratio that did not exceed 3.75x. The Company was in compliance with all covenants as of June 30, 2026 and December 31, 2025.
Previous wording
The New Credit Facilities Agreement also provides for the Revolving Facility, which is a multicurrency senior secured revolving loan facility with a total commitment amount of up to $250.0 million. The interest rate is variable and based on the applicable a reference rate (SOFR, SARON, EURIBOR), plus a margin determined by the Company’s leverage ratio. The average interest rate for the three months ended March 31, 2026 was 6.253%.
Current wording
The Revolving Facility is a multicurrency senior secured revolving loan facility with a total commitment amount of up to $250.0 million. The interest rate is variable and based on the applicable reference rate (SOFR, SARON, EURIBOR), plus a margin determined by the Company’s leverage ratio. The average interest rate for the three months ended June 30, 2026 was 5.829%. As of June 30, 2026, debt issuance costs of $3.0 million are deferred and amortized based on a straight-line basis over the term of the debt.
Previous wording
As of March 31, 2026 and December 31, 2025, there were subordinated shareholder loans totaling CHF13.6 million (2026:$17.0 million, 2025:$17.1 million) and EUR15.0 million (2026:$17.2 million,2025:$17.6 million) from PCS Holding AG, as well as CHF10.0 million (2026:$12.5 million, 2025:$12.6 million) and EUR10.0 million (2026:$11.5 million, 2025:$11.8 million) from Gebuka AG.
Current wording
As of June 30, 2026 and December 31, 2025, there were subordinated shareholder loans totaling CHF13.6 million (2026:$16.8 million, 2025:$17.1 million) and EUR15.0 million (2026:$17.1 million,2025:$17.6 million) from PCS Holding AG, as well as CHF10.0 million (2026:$12.4 million, 2025:$12.6 million) and EUR10.0 million (2026:$11.4 million, 2025:$11.8 million) from Gebuka AG.
Previous wording
In the first quarter of 2026, the Company entered into an uncommitted revolving credit facility with a maximum availability of $20.0 million and maturity date February 9, 2027. The facility bears interest at variable rates based on applicable reference rates (e.g., SOFR, SARON or EURIBOR) plus a margin. The average interest rate for the three months ended March 31, 2026 was 5.923%. The agreement includes customary terms and conditions, including representations and warranties, events of default and covenants typical for facilities of this nature. The lender may cancel the facility any time on short notice. As of March 31, 2026, there was $20.0 million outstanding under the facility. This debt is included in “Other debt” in the table above.
Current wording
In the first quarter of 2026, the Company entered into an uncommitted revolving credit facility with a maximum availability of $20.0 million and a maturity date of February 9, 2027. The facility bears interest at variable rates based on applicable reference rates (e.g., SOFR, SARON or EURIBOR) plus a margin. The average interest rate for the three months ended June 30, 2026 was 5.896%. The agreement includes customary terms and conditions, including representations and warranties, events of default and covenants typical for facilities of this nature. The lender may cancel the facility any time on short notice. As of June 30, 2026, there was $20.0 million outstanding under the facility. This debt is included in “Other debt” in the table above.
Previous wording
Changes in Aebi Schmidt’s warranty liability during the three-month periods ended March 31, 2026 and 2025 were as follows:
Current wording
Changes in Aebi Schmidt’s warranty liability during the periods ended June 30, 2026 and 2025 were as follows:
Previous wording
Aebi Schmidt’s long-term warranty provisions amounting to $2.6 million and $1.8 million for the three-month periods ended March 31, 2026 and 2025, respectively, are included within other non-current liabilities on its Condensed Consolidated Balance Sheet.
Current wording
Aebi Schmidt’s long-term warranty provisions amounting to $2.6 million and $2.0 million at June 30, 2026 and 2025, respectively, are included within other non-current liabilities on its Condensed Consolidated Balance Sheet.
Previous wording
The contingent liabilities include guarantees amounting to$19.2 million and$20.2 million as of March 31, 2026 and December 31, 2025, respectively. Through the normal course of bidding for and executing certain projects, Aebi Schmidt has entered into bid/performance bonds and surety bonds (collectively “performance bonds”) with various financial institutions. Customers can draw on such performance bonds if Aebi Schmidt does not fulfil its contractual obligations. If a performance bond is drawn, Aebi Schmidt would have an obligation to reimburse the financial institution for amounts paid. There have been no significant amounts reimbursed to financial institutions under these types of arrangements for the three months ended March 31, 2026 and 2025.
Current wording
The contingent liabilities include guarantees amounting to$20.3 million and$20.2 million as of June 30, 2026 and December 31, 2025, respectively. Through the normal course of bidding for and executing certain projects, Aebi Schmidt has entered into bid/performance bonds and surety bonds (collectively “performance bonds”) with various financial institutions. Customers can draw on such performance bonds if Aebi Schmidt does not fulfill its contractual obligations. If a performance bond is drawn, Aebi Schmidt would have an obligation to reimburse the financial institution for amounts paid. There have been no significant amounts reimbursed to financial institutions under these types of arrangements for the six months ended June 30, 2026 and 2025.
Previous wording
There have been no changes to our critical accounting policies during thethree months ended March 31, 2026. Refer to the Company's Form 10-K for a summary of our policies.
Current wording
There have been no changes to our critical accounting policies during thesix months ended June 30, 2026. Refer to the Company's Form 10-K for a summary of our policies.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Results for Aebi Schmidt for thesix months ended June 30, 2026, compared to results for thesix months ended June 30, 2025.
Current report — wording carried from elsewhere
Other expense decreased by $9.3 million, or 73%, to $3.5 million in thesix months ended June 30, 2026, from other expense of $12.8 million in thesix months ended June 30, 2025. The decrease in other expense was driven primarily by a decrease in transaction related expense of $10.7 million and decreases in net foreign exchange losses on financial positions of $3.3 million, partially offset by the incurrence of integration and restructuring costs of $2.6 million and costs of legal proceedings and settlements of $0.8 million.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
As of March 31, 2026, debt issuance costs of $4.5 million are deferred and amortized based on the effective interest method and $0.3 million have been written off for the three months ended March 31, 2026 due to the debt modification accounting.
Previous report — wording carried elsewhere
As of March 31, 2026, debt issuance costs of $3.2 million are deferred and amortized based on a straight-line basis over the term of the debt and $0.2 million have been written off for the three months ended March 31, 2026 due to the debt modification accounting.