Aebi Schmidt Group reported second-quarter results, highlighting strong order growth and early integration progress following its merger with The Shyft Group, completed on July 1.
The deal created a global specialty vehicle manufacturer with two reporting segments—North America and “Europe/Rest of World”—and is expected to deliver significant long-term growth opportunities.
According to a press release, Chief Executive Officer Barend Fruithof said the merger has already begun producing results.
“The recent merger with The Shyft Group, which closed just 45 days ago, marks an exciting new chapter as we bring together the strengths of both legacy companies,” Fruithof said.
“Our teams are intensely focused and hit the ground running post-close. We established a dedicated integration team and governance model to identify and execute opportunities, build an optimized structure, and unlock synergies throughout the combined business,” Fruithof added.
The company confirmed expected cost synergies of $25 million to $30 million, with further savings anticipated as integration advances. Management pointed to efficiencies from combining Royal and Monroe service body production, alongside benefits from tuck-in acquisitions completed over the past year.
Recent acquisitions include Ladog, a municipal equipment manufacturer acquired by Aebi Schmidt in late 2024, and Lightning Wireless Solutions, a police upfitting business acquired by Shyft in June.
Ladog delivered a 62% year-over-year increase in order intake in the first half of 2025.
Second-quarter financial results reflected standalone performance of both companies prior to the merger. Aebi Schmidt reported sales of $277.7 million, up 4.2% year-over-year, while posting a net loss of $2.3 million due to one-time warranty and research expenses. Shyft recorded sales of $176.0 million, down 8.7%, and a net loss of $5.6 million, though adjusted EBITDA improved on tighter cost controls.
On a combined basis, first-half sales reached $907.5 million, down less than 1% from the prior year. Weakness in North American walk-in vans was offset by gains in airport and municipal equipment sales across Europe and Asia. The company posted a net loss of $7.3 million for the period, compared with net income of $14.4 million a year earlier.
The company also reported a combined order backlog of $1.1 billion as of June 30, up 6.2% from year-end. The European and Rest of World backlog rose more than 30%, boosted by large municipal orders in the Netherlands and airport contracts in China.
Chief Financial Officer Marco Portmann said the backlog supports an expected pickup in deliveries in the second half of the year.
“Our combined first half results provide a strong foundation for future growth and improved profitability. We are encouraged by the continued engagement and positive sentiment from our customers. Our order backlog of $1.1 billion supports our expected ramp-up in the second half of 2025,” Portmann said.
The company ended the second quarter with $446 million in net debt and more than $700 million in equity, representing a 40% equity ratio.