Aebi Schmidt Holding AG

Good day and thank you for standing by. Welcome to the Abbey Schmitt Group fourth quarter 2025 earnings call. At this time, all participants are in a listen only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your fair speaker today, Simone Grancini, Investor Relations Director. Please go ahead.

Thank you, Sharon. Good morning, and welcome to the AB Schmidt fourth quarter and full year 2025 earnings call. I'm Simone Grancini, the company's Investor Relations Director. Joining me on the call today are Baran Pruitov, Group CEO. who will provide the fourth quarter and full year highlights, outlook, and concluding remarks. Stefan Severda, CEO North America, and Henning Schroeder, CEO Europe and rest of world, who will detail the performance in the respective segments, and Marco Portman, Group CFO, who will provide a financial overview. Before I turn the call over to Barron, I remind you that today's comments include forward-looking statements. subject to the safe hardware language contained in this morning's press release and in Abby Schmidt's filings with the SEC. And with that, I hand the call over to Barrett.

Good morning, everyone. 2025 was a historical year for Abby Schmidt, marked by the acquisition of the former Schiff Group and our listing on Nostoc. I'm extremely proud of our fourth quarter performance. As we see on page five, Our order intake increased 46% in the fourth quarter versus 2024, and we ended 2025 with a record high order backlog. 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 customers for their continued trust. 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. 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 prior year. A 5% decline in legacy shift was more than offset by the rest of the group. Europe and the rest of the world was a strong contributor to this performance, with substantial organic growth in almost flat market. We also accelerated and increased the cost synergies from the acquisition of shift 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. Europe contributed to this with an outstanding 234% increase year over year. Continuing on page seven, we look at the foundations we have built that will deliver our 2026 growth paths. First, our M&A strategy continues to deliver, and this goes beyond the shift acquisition. Both our smaller acquisition, LWS in the US and Lodog 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. This includes the first service body jointly developed by Monroy 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 Rock truck. Finally, we opened new locations and secured major first-time customers, which will support revenue and profitability in the second half of 2026. 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. This makes it easier for our customer 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. And now I turn the call over to Stefan.