Aug 13, 2026 earnings call — Shyft integration and strong Q2 results
Order intake reached $516 million and adjusted EBITDA grew 22%.
Revenue $0.5B (est $0.5B) · EPS $0.14 (est $0.14)
Key quotes
"Comparing the 12 months before and after the acquisition, order intake has increased by 26%, adjusted EBITDA has grown by 22% and our EBITDA margin has improved by approximately 120 basis points."
"Within Goods Transport, we secured a significant 7-year $96 million frame contract with a strategic U.S. customer."
"Adjusted EBITDA grew by 22% and net income increased by $18 million year-over-year."
Analyst Q&A 4
7-year $96 million order, backlog, timing
Q (Michael Shlisky · D.A. Davidson): He asked if the $96 million, 7-year framework order was in backlog, whether shipments are in 2026, and how common such orders are. He also asked about Ford moving walk-in van chassis to Blue Bird and whether that will disrupt Aebi's upfitting in 2027–2028.
A: They said the order is a 7-year, $96 million framework and that the first revenue will be realized in 2027. They said the order is not booked into backlog under the company rule that frame contracts are only booked after a PO. They added the order is unusual because it is not from the big parcel delivery companies and it includes cargo vans, and they said they are deepening the relationship with Blue Bird and watching customer moves to FCCC chassis.
"So Mike, and to add one point here, you asked also if that is booked into our backlog, which is not the case." — Barend Fruithof (CEO·CHAIR)
2030 plan M&A and upfit capacity
Q (Benjamin Sommers · BTIG): He asked what M&A is assumed in the 2030 strategic targets and where opportunities are. He also asked about manufacturing and upfit capacity in North America and target markets.
A: They said the near-term priority is to deleverage the company and that M&A opportunities are expected in Europe to add summer business, in commercial consolidation, and in the U.S. in the sweeper area. They said the Joliet upfit center is operational and ramped successfully, the Iowa commercial upfitting is operational with municipal to follow, and they are using upfit centers more while keeping potential for future footprint rationalization.
"So first of all, it's clearly our goal to first deleverage the company as we have also outlined in our presentation." — Barend Fruithof (CEO·CHAIR)
supply-chain investments, timing, margin path
Q (Matt Koranda · ROTH Capital): He asked which temporary supply-chain actions are driving the slight shift in the leverage target and how long they will last. He also asked whether the path to the 2030 margin target is linear or lumpier and about timing of synergies.
A: They said the supply chain is distorted by higher risk and material cost inflation, with some suppliers passing through price increases, so they increased safety stocks and buy larger batches to secure supply and discounts. They said these measures will lead to temporary investments for the next 3 quarters-ish, basically until early 2027, and noted working capital ratio improved from 25.0% to 23.0% with a midterm target of 20-ish percent in 2, 2.5 years. They said synergies are being realized and they expect $37 million by year-end 2026 with roughly [ $5 million ] to come still in 2027, and that the combined measures imply a pretty much linear development toward the 13-plus percent midterm guidance by 2030.
"And so that's a bit of a combination of measures that's just making sure that this pressure is countered and mitigated." — Marco Portmann (CFO)
higher synergies and guidance levers
Q (David Joseph Storms · Stonegate): He asked why the synergy target was increased to over $40 million and the timing of that increase. He also asked what the company can control to hit the higher end of guidance.
A: They said the initial target was $25 million to $30 million and they identified additional OpEx potential and executed base OpEx actions, allowing the target to be raised; they now expect to see $37 million realized by year-end and the XP Service body PRO produced in-house is ramping in the third quarter, with revenue cross-selling expected to add profitability in 2027 and provide roughly $5 million of the 2027 upside. They said tariffs are uncontrollable but their local-for-local model reduces impact; the Iran war raised energy prices and material costs, and they have begun increasing prices which will kick in by the end of 2026 and beginning 2027 to improve gross margin longer term.
"And as just mentioned, right, we now expect to see $37 million realized by year-end." — Marco Portmann (CFO)