0001628280-26-056462 | 10-Q | XBRL Viewer

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LEASES - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Finance
2026	$ 575
2027	684
2028	552
2029	440
2030	299
2031	92
Thereafter	0
Total lease payments	2,642
Less: imputed interest	(228)
Total lease liabilities	2,414
Operating
2026	14,353
2027	25,662
2028	22,583
2029	20,851
2030	19,039
2031	17,562
Thereafter	125,460
Total lease payments	245,510
Less: imputed interest	(76,616)
Total lease liabilities	$ 168,894

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical)		3 Months Ended
	Jul. 01, 2025	Jun. 30, 2026 $ / shares	Mar. 31, 2026 $ / shares	Jun. 30, 2025 $ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)		$ 0.025	$ 0.025	$ 0.24
Forward stock split ratio	7.5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Stock based compensation expense	RSAs and RSUs	Total Shareholders’ equity	Total Shareholders’ equity Stock based compensation expense	Total Shareholders’ equity RSAs and RSUs	Common stock	Common stock Stock based compensation expense	Common stock RSAs and RSUs	Additional Paid-in Capital	Additional Paid-in Capital Stock based compensation expense	Additional Paid-in Capital RSAs and RSUs	Treasury shares	Retained earnings	Accumulated Other Comprehensive Income	Non- controlling interest
Beginning balance (in shares) at Dec. 31, 2024							40,351,680
Beginning balance at Dec. 31, 2024	$ 365,175			$ 365,092			$ 40,352			$ 232,281			$ (257)	$ 61,247	$ 31,469	$ 83
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Translation adjustments in the reporting period	181			181											181
Pension benefit (loss)	3,986			3,986											3,986
Net income (loss)	2,062			2,075										2,075		(13)
Ending balance (in shares) at Mar. 31, 2025							40,351,680
Ending balance at Mar. 31, 2025	371,404			371,334			$ 40,352			232,281			(257)	63,322	35,636	70
Beginning balance (in shares) at Dec. 31, 2024							40,351,680
Beginning balance at Dec. 31, 2024	365,175			365,092			$ 40,352			232,281			(257)	61,247	31,469	83
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Translation adjustments in the reporting period	355
Pension benefit (loss)	3,452
Net income (loss)	(260)
Ending balance (in shares) at Jun. 30, 2025							40,351,680
Ending balance at Jun. 30, 2025	359,197			359,139			$ 40,352			232,281			(257)	51,487	35,276	58
Beginning balance (in shares) at Mar. 31, 2025							40,351,680
Beginning balance at Mar. 31, 2025	371,404			371,334			$ 40,352			232,281			(257)	63,322	35,636	70
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Translation adjustments in the reporting period	174			174											174
Pension benefit (loss)	(534)			(534)											(534)
Net income (loss)	(2,322)			(2,310)										(2,310)		(12)
Dividends declared	(9,525)			(9,525)										(9,525)
Ending balance (in shares) at Jun. 30, 2025							40,351,680
Ending balance at Jun. 30, 2025	$ 359,197			359,139			$ 40,352			232,281			(257)	51,487	35,276	58
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.24
Beginning balance (in shares) at Dec. 31, 2025							76,998,754
Beginning balance at Dec. 31, 2025	$ 814,951			814,901			$ 76,999			652,425			(257)	57,551	28,183	50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Translation adjustments in the reporting period	732			732											732
Pension benefit (loss)	(185)			(185)											(185)
Net income (loss)	671			695										695		(24)
Shares issued, share based compensation expense, net of cancellations (in shares)									159,229
Shares issued, share based compensation expense, net of cancellations		$ 239	$ 231		$ 239	$ 231			$ 159		$ 239	$ 72
Dividends declared	(1,946)			(1,946)										(1,946)
Ending balance (in shares) at Mar. 31, 2026							77,157,983
Ending balance at Mar. 31, 2026	$ 814,693			814,667			$ 77,158			652,736			(257)	56,300	28,730	26
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.025
Beginning balance (in shares) at Dec. 31, 2025							76,998,754
Beginning balance at Dec. 31, 2025	$ 814,951			814,901			$ 76,999			652,425			(257)	57,551	28,183	50
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Translation adjustments in the reporting period	845
Pension benefit (loss)	(780)
Net income (loss)	11,145
Ending balance (in shares) at Jun. 30, 2026							77,216,828
Ending balance at Jun. 30, 2026	824,294			824,304			$ 77,217			654,231			(257)	64,865	28,248	(10)
Beginning balance (in shares) at Mar. 31, 2026							77,157,983
Beginning balance at Mar. 31, 2026	814,693			814,667			$ 77,158			652,736			(257)	56,300	28,730	26
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Translation adjustments in the reporting period	113			113											113
Pension benefit (loss)	(595)			(595)											(595)
Net income (loss)	10,474			10,510										10,510		(36)
Shares issued, share based compensation expense, net of cancellations (in shares)								54,492	4,353
Shares issued, share based compensation expense, net of cancellations		$ 965	$ 589		$ 965	$ 589		$ 55	$ 4		$ 910	$ 585
Dividends declared	(1,945)			(1,945)										(1,945)
Ending balance (in shares) at Jun. 30, 2026							77,216,828
Ending balance at Jun. 30, 2026	$ 824,294			$ 824,304			$ 77,217			$ 654,231			$ (257)	$ 64,865	$ 28,248	$ (10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)	$ 0.025

SEGMENTS - Narrative (Details)	6 Months Ended
SEGMENTS - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income tax (expense) benefit	$ (4,848)	$ 890	$ (5,336)	$ 103
Effective tax rate	31.60%	27.70%	32.40%	28.40%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

INVENTORIES

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

INVENTORIES

Inventories are summarized as follows:


	June 30, 2026		December 31, 2025
Finished goods	$	121,258	$	113,716
Work in process	63,291		49,713
Raw materials and purchased components	195,605		182,994
Total Inventories	$	380,154	$	346,423

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LEASES (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating leases	$	7,916	$	4,221	$	15,592	$	7,673
Finance leases
Amortization of right of use assets	271		138		511		260
Interest on lease liabilities	31		11		52		20
Short-term leases	503		18		792		79
Variable lease expense	67		118		180		238
Sublease income	(413)		(407)		(829)		(780)
Total lease expense	$	8,375	$	4,099	$	16,298	$	7,490

The weighted average remaining lease term and weighted average discount rate were as follows:


	June 30,
	2026		2025
Weighted average remaining lease term (in years)
Finance leases	4		3
Operating leases	12		13

Weighted average discount rate
Finance leases	4.73	%	2.21	%
Operating leases	6.04	%	5.15	%

Supplemental cash flow information related to leases was as follows:


	Six Months Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Finance leases - Financing cash flows	$	844	$	534
Finance leases - Operating cash flows	52		20
Operating leases - Operating cash flows	14,227		7,582

Right of use assets obtained in exchange for lease obligations:
Operating leases	17,165		31,139
Finance leases	893		205
	$	18,058	$	31,344

Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturity

Maturities of lease liabilities as of June 30, 2026, are as follows:


Years ending December 31:	Finance		Operating
2026	$	575	$	14,353
2027	684		25,662
2028	552		22,583
2029	440		20,851
2030	299		19,039
2031	92		17,562
Thereafter	—		125,460
Total lease payments	2,642		245,510
Less: imputed interest	$	(228)	$	(76,616)
Total lease liabilities	$	2,414	$	168,894

Schedule of Finance Lease, Liability, to be Paid, Maturity

Maturities of lease liabilities as of June 30, 2026, are as follows:


Years ending December 31:	Finance		Operating
2026	$	575	$	14,353
2027	684		25,662
2028	552		22,583
2029	440		20,851
2030	299		19,039
2031	92		17,562
Thereafter	—		125,460
Total lease payments	2,642		245,510
Less: imputed interest	$	(228)	$	(76,616)
Total lease liabilities	$	2,414	$	168,894

LEASES - Narrative (Details)	Jun. 30, 2026
Lessee, Operating and Finance Lease, Description [Abstract]
Operating lease, renewal term	12 years
Finance lease, renewal term	12 years
Minimum
Lessee, Operating and Finance Lease, Description [Abstract]
Lessee, operating lease, remaining lease term	1 year
Lessee, finance lease, remaining lease term	1 year
Maximum
Lessee, Operating and Finance Lease, Description [Abstract]
Lessee, operating lease, remaining lease term	25 years
Lessee, finance lease, remaining lease term	25 years

EARNINGS (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share

The computation of both earnings (loss) per share is as follows:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(in thousands, except per share data)
Basic (loss) earnings per share:
Net income (loss)	$	10,510	$	(2,310)	$	11,205	$	(235)
Shares used in computation:
Weighted-average shares of common stock outstanding	77,181		40,352		77,143		40,352
Basic earnings (loss) per share	$	0.14	$	(0.06)	$	0.15	$	(0.01)

Diluted earnings (loss) per share:
Net income (loss)	$	10,510	$	(2,310)	$	11,205	$	(235)
Shares used in computation:
Weighted-average share of common stock outstanding	77,181		40,352		77,143		40,352
Effect of dilutive stock-based awards	339		—		320		—
Weighted-average number of shares	77,520		40,352		77,463		40,352
Diluted earnings (loss) per share	$	0.14	$	(0.06)	$	0.14	$	(0.01)

REVENUE - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Sales	$ 496,408	$ 277,743	$ 951,953	$ 526,929
New Business
Disaggregation of Revenue [Line Items]
Sales	433,499	238,130	815,169	441,038
After Sales
Disaggregation of Revenue [Line Items]
Sales	62,909	39,613	136,784	85,891
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Sales	256,883	207,193	492,828	389,285
Products transferred at a point in time \| New Business
Disaggregation of Revenue [Line Items]
Sales	200,454	174,672	367,679	316,041
Products transferred at a point in time \| After Sales
Disaggregation of Revenue [Line Items]
Sales	56,429	32,521	125,149	73,244
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Sales	239,525	70,550	459,125	137,644
Products and services transferred over time \| New Business
Disaggregation of Revenue [Line Items]
Sales	233,045	63,458	447,490	124,997
Products and services transferred over time \| After Sales
Disaggregation of Revenue [Line Items]
Sales	6,480	7,092	11,635	12,647
North America
Disaggregation of Revenue [Line Items]
Sales	356,263	146,244	693,585	293,535
North America \| New Business
Disaggregation of Revenue [Line Items]
Sales	323,151	134,876	623,827	265,132
North America \| After Sales
Disaggregation of Revenue [Line Items]
Sales	33,112	11,368	69,758	28,403
Europe and ROW
Disaggregation of Revenue [Line Items]
Sales	140,145	131,499	258,368	233,394
Europe and ROW \| New Business
Disaggregation of Revenue [Line Items]
Sales	110,348	103,254	191,342	175,906
Europe and ROW \| After Sales
Disaggregation of Revenue [Line Items]
Sales	$ 29,797	$ 28,245	$ 67,026	$ 57,488

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Sales and Other Financial Information by Reportable Segment

Sales and other financial information by reportable segment for the three months ended June 30, 2026, and June 30, 2025, are as follows:


	Three Months Ended June 30, 2026
	Segment
	North America		Europe and ROW		Total
New Business	$	323,151	$	110,348	$	433,499
After Sales	33,112		29,797		62,909
Segment sales	$	356,263	$	140,145	$	496,408

Depreciation and amortization expense	$	12,598	$	1,554	$	14,152
Segment assets	$	1,548,362	$	467,349	$	2,015,711
Capital expenditures	$	1,873	$	662	$	2,535


	Three Months Ended June 30, 2025
	Segment
	North America		Europe and ROW		Total
New Business	$	134,876	$	103,254	$	238,130
After Sales	11,368		28,245		39,613
Segment sales	$	146,244	$	131,499	$	277,743

Depreciation and amortization expense	$	4,807	$	1,619	$	6,426
Segment assets	$	742,711	$	476,143	$	1,218,854
Capital expenditures	$	1,263	$	841	$	2,104

Segment Adjusted EBITDA is as follows:


	Three Months Ended June 30, 2026				Three Months Ended June 30, 2025
	North America		Europe and ROW		North America		Europe and ROW
Sales	$	356,263	$	140,145	$	146,244	$	131,499
Cost of products sold	287,130		111,986		115,286		105,625
Research and development	1,722		4,716		604		4,828
Selling, general and administrative	39,642		16,060		16,153		17,421
Other segment items(1)	(7,733)		772		(1,823)		(1,644)
Segment Adjusted EBITDA	$	35,502	$	6,611	$	16,024	$	5,269

(1)Other segment items include, other operating income and expenses, other income and expenses, depreciation and amortization, transaction related expenses, integration costs, non-service cost related pension expense and legacy plan, foreign exchange gain on external debts and other non-recurring.

Sales and other financial information by reportable segment for the six months ended June 30, 2026, and June 30, 2025 are as follows:


	Six Months Ended June 30, 2026
	Segment
	North America		Europe and ROW		Total
New Business	$	623,827	$	191,342	$	815,169
After Sales	69,758		67,026		136,784
Segment sales	$	693,585	$	258,368	$	951,953

Depreciation and amortization expense	$	24,813	$	3,142	$	27,955
Segment assets	$	1,548,362	$	467,349	$	2,015,711
Capital expenditures	$	2,740	$	1,761	$	4,501


	Six Months Ended June 30, 2025
	Segment
	North America		Europe and ROW		Total
New Business	$	265,132	$	175,906	$	441,038
After Sales	28,403		57,488		85,891
Segment sales	$	293,535	$	233,394	$	526,929

Depreciation and amortization expense	$	9,946	$	3,105	$	13,051
Segment assets	$	742,711	$	476,143	$	1,218,854
Capital expenditures	$	3,420	$	1,804	$	5,224

Segment Adjusted EBITDA is as follows:


	Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
	North America		Europe and ROW		North America		Europe and ROW
Sales	$	693,585	$	258,368	$	293,535	$	233,394
Cost of products sold	563,165		204,107		232,195		184,596
Research and development	3,355		9,784		1,205		8,854
Selling, general and administrative	78,964		35,285		28,687		35,611
Other segment items(1)	(13,764)		(4,173)		(3,612)		(3,177)
Segment Adjusted EBITDA	$	61,865	$	13,365	$	35,060	$	7,510

Schedule of Reconciliation of Total Segment Adjusted EBITDA to Income (Loss) Before Income Taxes

The reconciliation of total Segment Adjusted EBITDA to Income (loss) before income taxes is as follows:


	Three Months Ended June 30,
	2026		2025
Total Segment Adjusted EBITDA	$	42,113	$	21,293
Interest expense	(11,126)		(9,303)
Foreign exchange losses on external debt	23		(2,600)
Depreciation and amortization	(14,152)		(6,426)
Restructuring and other related expenses	(903)		(393)
Transaction related expenses	—		(6,065)
Integration costs	(638)		—
Settlement of acquisition	(414)		(456)
Pension related income, net	739		1025
Legal matters	33		(586)
Change in provision for contingencies	475		329
Non-cash stock-based compensation expenses	(438)		—
Other non-operating one-off items	(390)		(30)
Income (loss) before income taxes	$	15,322	$	(3,212)

The reconciliation of total Segment Adjusted EBITDA to Income (loss) before income taxes is as follows:


	Six Months Ended June 30,
	2026		2025
Total Segment Adjusted EBITDA	$	75,230	$	42,570
Interest expense	(22,476)		(15,806)
Foreign exchange gains/losses on external debt	(277)		(3,582)
Depreciation and amortization	(27,955)		(13,051)
Restructuring and other related expenses	(1,818)		(767)
Transaction related expenses	—		(10,708)
Integration costs	(3,939)		—
Settlement of acquisition	(848)		(868)
Pension related income, net	1,515		1,954
Legal matters	(1,394)		(586)
Change in provision for contingencies	763		539
Non-cash stock-based compensation expenses	(973)		—
Other non-operating one-off items	(1,347)		(58)
Income (loss) before income taxes	$	16,481	$	(363)

Schedule of Disaggregated by Geography of Sales

The following table presents sales disaggregated by geography which exceed 10% of total sales:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
U.S.	$	340,888		$	139,739		$	669,126		$	274,187
Switzerland	16,774			13,541			30,064			24,746
Other	138,746			124,463			252,763			227,996
Total sales	$	496,408		$	277,743		$	951,953		$	526,929

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
U.S.	68.7		%	50.3		%	70.3		%	52.0		%
Switzerland	3.4		%	4.9		%	3.2		%	4.7		%
Other	27.9		%	44.8		%	26.5		%	43.3		%
Total sales	100.0		%	100.0		%	100.0		%	100.0		%

The following table presents assets disaggregated by geography that exceeds 10% of total assets:


	As of
	June 30, 2026			December 31, 2025
U.S.	$	1,523,037		$	1,495,145
Switzerland	166,177			177,549
Other	326,497			335,585
Total assets	$	2,015,711		$	2,008,279

	As of
	June 30, 2026			December 31, 2025
U.S.	75.6		%	74.4		%
Switzerland	8.2		%	8.8		%
Other	16.2		%	16.8		%
Total assets	100.0		%	100.0		%

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

BUSINESS COMBINATION (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Purchase Price

The purchase price was comprised of the following:


Purchase price:
Aebi shares issued to Shyft shareholders on July 1, 2025 (1)	36,350,634
Shyft stock price on June 30, 2025 (2)	$	12.54
Exchange ratio	1.04
Share consideration (36,350,634 number of shares issued at the Fair Value of $12.06 per share)	$	438,235
Add: Cash paid for fractional shares	2
Add: Fair value of Shyft Equity awards allocated to pre-acquisition period (3)	4,866
Total purchase price	$	443,103

(1)Includes vested Shyft Director RSU awards.

(2)The fair value of the share consideration and the replacement awards issued to Shyft employees was determined using Shyft’s stock price, as it was considered more reliably measurable than the stock price of Aebi Schmidt. The measurement was based on Shyft’s stock price as of June 30, 2025, the last trading day prior to delisting, which occurred on the Acquisition Date of July 1, 2025.

(3)Represents the estimated fair value of Shyft RSAs, Shyft RSUs (other than Shyft Director RSUs), and Shyft performance stock units (“PSUs”) attributable to pre-combination services. $501 of Shyft RSAs, $1,585 of Shyft RSUs, and $2,780 of Shyft PSUs are attributed to pre-combination service.

Schedule of Assets Acquired and Liabilities Assumed

The purchase price allocation to the fair value of assets acquired and liabilities assumed is as follows:


	Purchase Price Allocation		Measurement Period Adjustments		Purchase Price Allocation (As Adjusted)
Fair value of identifiable assets and liabilities:
Cash and cash equivalents	$	19,905	$	(539)	$	19,366
Accounts receivable	84,121				84,121
Contract assets	44,559				44,559
Inventories	91,117		(7,228)		83,889
Prepaid expenses and other current assets	8,191				8,191
Total current assets	247,893		(7,767)		240,126
Property, plant and equipment	101,832				101,832
Goodwill	193,960		(6,057)		187,903
Intangible assets	181,104		3,927		185,031
Right of use assets operating leases	47,347				47,347
Other assets	1,317				1,317
Total Assets	$	773,453	$	(9,897)	$	763,556

Accounts payable	$	80,844			$	80,844
Accrued warranty	6,782				6,782
Accrued compensation and related taxes	11,174				11,174
Contract liabilities	9,123				9,123
Operating lease liability	9,221				9,221
Other current liabilities and accrued expenses	25,574		6,322		31,896
Current portion of long-term debt	452				452
Current liabilities	$	143,170	$	6,322	$	149,492
Other non-current liabilities	12,205				12,205
Long-term operating lease liability	34,346				34,346
Long-term debt, less current portion	120,344				120,344
Deferred tax liabilities	20,285		(16,219)		4,066
Total Liabilities	330,350		(9,897)		320,453
Total fair value allocation of purchase price	$	443,103	$	—	$	443,103

Schedule of Business Combination, Intangible Asset, Acquired, Finite-Lived

Intangible assets consist of the following (in thousands):


	Amount		Useful life (in years)	Weighted average amortization period (in years)
Brand	$	60,765	5 - 20	18
Technology	26,068		10	10
Customer relationships	93,046		15	15
Order backlog	5,152		1	1
	$	185,031		15

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 11,145	$ (260)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,955	13,051
Non-cash stock based compensation expense	2,576	0
Foreign exchange (gains) losses on debt	277	3,582
Non-cash financing costs	914	0
Deferred taxes	2,954	610
Pension	(237)	(344)
Other, net	(3)	(35)
Changes in operating assets and liabilities:
Accounts receivable and contract assets	20,691	(2,549)
Inventories	(45,909)	(47,886)
Accounts payable	(26,518)	26,839
Contract liabilities	9,304	(1,906)
Income tax payable and receivable	(4,344)	(4,571)
Accrued compensation and related taxes	(5,574)	0
Other assets and liabilities	(3,863)	(7,747)
Net cash used in operating activities	(10,632)	(21,216)
Cash flows from investing activities:
Purchases of property, plant and equipment	(4,592)	(5,190)
Purchases of intangible assets	0	(34)
Proceeds from sale of property, plant and equipment	1,097	679
Net cash used in investing activities	(3,495)	(4,545)
Cash flows from financing activities:
Proceeds from issuance of debt	41,756	37,365
Payments on debt	(9,460)	0
Deferred payments related to historical transactions	(916)	(5,694)
Payment of finance lease principal	(844)	(534)
Payments of dividends	(3,962)	(9,525)
Exercising and vesting of stock incentive awards	(1,189)	0
Net cash provided by financing activities	25,385	21,612
Effect of exchange rate changes on cash and cash equivalents	(36)	2,555
Net increase (decrease) in cash and cash equivalents	11,222	(1,594)
Cash and cash equivalents at beginning of period	98,512	65,173
Cash and cash equivalents at end of period	109,734	63,579
Cash paid during the period for:
Interest	$ 20,713	$ 15,703

DEFINED BENEFIT PENSION PLANS (Tables)

6 Months Ended

Jun. 30, 2026

Retirement Benefits [Abstract]

Schedule of Benefit Cost


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Service cost	$	658	$	664	$	1,326	$	1,271
Interest cost	501		423		1,010		811
Interest income	(1,200)		(1,156)		(2,419)		(2,214)
Amortization of net gain	(127)		(249)		(255)		(476)
Administrative expenses	50		48		101		92
Total Benefit cost	$	(118)	$	(270)	$	(237)	$	(516)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Finished goods	$ 121,258	$ 113,716
Work in process	63,291	49,713
Raw materials and purchased components	195,605	182,994
Total Inventories	$ 380,154	$ 346,423

LEASES - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Finance leases - Financing cash flows	$ 844	$ 534
Finance leases - Operating cash flows	52	20
Operating leases - Operating cash flows	14,227	7,582
Right of use assets obtained in exchange for lease obligations:
Operating leases	17,165	31,139
Finance leases	893	205
Right of use assets obtained in exchange for lease obligations	$ 18,058	$ 31,344

PROPERTY, PLANT AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment are summarized by major classifications as follows:


	June 30, 2026		December 31, 2025
Land and Building	$	136,633	$	135,760
Technical installation and machinery	93,318		91,843
Plant and office equipment	56,184		55,871
Assets under construction	6,299		8,474
Subtotal	292,434		291,948
Less: accumulated depreciation	(131,975)		(124,049)
Total Property, plant and equipment, net	$	160,459	$	167,899

BUSINESS COMBINATION - Intangible Assets Acquisition (Details) - Shyft - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jul. 01, 2025
Business Combination [Line Items]
Intangible assets	$ 185,031	$ 181,104
Weighted average amortization period (in years)	15 years
Brand
Business Combination [Line Items]
Intangible assets	$ 60,765
Weighted average amortization period (in years)	18 years
Brand \| Minimum
Business Combination [Line Items]
Useful life (in years)	5 years
Brand \| Maximum
Business Combination [Line Items]
Useful life (in years)	20 years
Technology
Business Combination [Line Items]
Intangible assets	$ 26,068
Useful life (in years)	10 years
Weighted average amortization period (in years)	10 years
Customer relationships
Business Combination [Line Items]
Intangible assets	$ 93,046
Useful life (in years)	15 years
Weighted average amortization period (in years)	15 years
Order backlog
Business Combination [Line Items]
Intangible assets	$ 5,152
Useful life (in years)	1 year
Weighted average amortization period (in years)	1 year

SEGMENTS - Reconciliation of Total Segment Adjusted EBITDA to Pre-Tax Income (Loss) from Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Interest expense	$ (11,126)	$ (9,303)	$ (22,476)	$ (15,806)
Foreign exchange losses on external debt			(277)	(3,582)
Depreciation and amortization			(27,955)	(13,051)
Non-cash stock-based compensation expenses			(2,576)	0
Income (loss) before income taxes	15,322	(3,212)	16,481	(363)
Operating Segments
Segment Reporting [Line Items]
Total Segment Adjusted EBITDA	42,113	21,293	75,230	42,570
Interest expense	(11,126)	(9,303)	(22,476)	(15,806)
Foreign exchange losses on external debt	23	(2,600)	(277)	(3,582)
Depreciation and amortization	(14,152)	(6,426)	(27,955)	(13,051)
Restructuring and other related expenses	(903)	(393)	(1,818)	(767)
Transaction related expenses	0	(6,065)	0	(10,708)
Integration costs	(638)	0	(3,939)	0
Settlement of acquisition	(414)	(456)	(848)	(868)
Pension related income, net	739	1,025	1,515	1,954
Legal matters	33	(586)	(1,394)	(586)
Change in provision for contingencies	475	329	763	539
Non-cash stock-based compensation expenses	(438)	0	(973)	0
Other non-operating one-off items	(390)	(30)	(1,347)	(58)
Income (loss) before income taxes	$ 15,322	$ (3,212)	$ 16,481	$ (363)

SEGMENTS

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENTS

The Company identifies its operating and reportable segments based on the management structure and the financial data utilized by the chief operating decision maker (“CODM”), which was determined to be the Board of Directors, to assess segment performance and allocate resources among the operating units.

The Company’s segment reporting policy identifies two operating segments, North America and Europe and ROW, as reportable segments. Financial results for each segment are presented separately to provide transparency and insight into the performance and resources of each geographic area, consistent with how the CODM reviews and assesses the Company’s operations.

The CODM evaluates the performance of their reportable segments based on Segment Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which is defined 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.

Interest expense and taxes on income are not included in the information utilized by the CODM to assess segment performance and allocate resources, and accordingly, are excluded from the segment results presented below.

The Company’s Board of Directors assesses the Segment Adjusted EBITDA to compare to historical trends and the forecast to assess segment results, allocate capital, make strategic decisions and identify areas of opportunity.

Sales and other financial information by reportable segment for the three months ended June 30, 2026, and June 30, 2025, are as follows:


	Three Months Ended June 30, 2026
	Segment
	North America		Europe and ROW		Total
New Business	$	323,151	$	110,348	$	433,499
After Sales	33,112		29,797		62,909
Segment sales	$	356,263	$	140,145	$	496,408

Depreciation and amortization expense	$	12,598	$	1,554	$	14,152
Segment assets	$	1,548,362	$	467,349	$	2,015,711
Capital expenditures	$	1,873	$	662	$	2,535


	Three Months Ended June 30, 2025
	Segment
	North America		Europe and ROW		Total
New Business	$	134,876	$	103,254	$	238,130
After Sales	11,368		28,245		39,613
Segment sales	$	146,244	$	131,499	$	277,743

Depreciation and amortization expense	$	4,807	$	1,619	$	6,426
Segment assets	$	742,711	$	476,143	$	1,218,854
Capital expenditures	$	1,263	$	841	$	2,104

Segment Adjusted EBITDA is as follows:


	Three Months Ended June 30, 2026				Three Months Ended June 30, 2025
	North America		Europe and ROW		North America		Europe and ROW
Sales	$	356,263	$	140,145	$	146,244	$	131,499
Cost of products sold	287,130		111,986		115,286		105,625
Research and development	1,722		4,716		604		4,828
Selling, general and administrative	39,642		16,060		16,153		17,421
Other segment items(1)	(7,733)		772		(1,823)		(1,644)
Segment Adjusted EBITDA	$	35,502	$	6,611	$	16,024	$	5,269

The reconciliation of total Segment Adjusted EBITDA to Income (loss) before income taxes is as follows:


	Three Months Ended June 30,
	2026		2025
Total Segment Adjusted EBITDA	$	42,113	$	21,293
Interest expense	(11,126)		(9,303)
Foreign exchange losses on external debt	23		(2,600)
Depreciation and amortization	(14,152)		(6,426)
Restructuring and other related expenses	(903)		(393)
Transaction related expenses	—		(6,065)
Integration costs	(638)		—
Settlement of acquisition	(414)		(456)
Pension related income, net	739		1025
Legal matters	33		(586)
Change in provision for contingencies	475		329
Non-cash stock-based compensation expenses	(438)		—
Other non-operating one-off items	(390)		(30)
Income (loss) before income taxes	$	15,322	$	(3,212)

Sales and other financial information by reportable segment for the six months ended June 30, 2026, and June 30, 2025 are as follows:


	Six Months Ended June 30, 2026
	Segment
	North America		Europe and ROW		Total
New Business	$	623,827	$	191,342	$	815,169
After Sales	69,758		67,026		136,784
Segment sales	$	693,585	$	258,368	$	951,953

Depreciation and amortization expense	$	24,813	$	3,142	$	27,955
Segment assets	$	1,548,362	$	467,349	$	2,015,711
Capital expenditures	$	2,740	$	1,761	$	4,501


	Six Months Ended June 30, 2025
	Segment
	North America		Europe and ROW		Total
New Business	$	265,132	$	175,906	$	441,038
After Sales	28,403		57,488		85,891
Segment sales	$	293,535	$	233,394	$	526,929

Depreciation and amortization expense	$	9,946	$	3,105	$	13,051
Segment assets	$	742,711	$	476,143	$	1,218,854
Capital expenditures	$	3,420	$	1,804	$	5,224

Segment Adjusted EBITDA is as follows:


	Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
	North America		Europe and ROW		North America		Europe and ROW
Sales	$	693,585	$	258,368	$	293,535	$	233,394
Cost of products sold	563,165		204,107		232,195		184,596
Research and development	3,355		9,784		1,205		8,854
Selling, general and administrative	78,964		35,285		28,687		35,611
Other segment items(1)	(13,764)		(4,173)		(3,612)		(3,177)
Segment Adjusted EBITDA	$	61,865	$	13,365	$	35,060	$	7,510

The reconciliation of total Segment Adjusted EBITDA to Income (loss) before income taxes is as follows:


	Six Months Ended June 30,
	2026		2025
Total Segment Adjusted EBITDA	$	75,230	$	42,570
Interest expense	(22,476)		(15,806)
Foreign exchange gains/losses on external debt	(277)		(3,582)
Depreciation and amortization	(27,955)		(13,051)
Restructuring and other related expenses	(1,818)		(767)
Transaction related expenses	—		(10,708)
Integration costs	(3,939)		—
Settlement of acquisition	(848)		(868)
Pension related income, net	1,515		1,954
Legal matters	(1,394)		(586)
Change in provision for contingencies	763		539
Non-cash stock-based compensation expenses	(973)		—
Other non-operating one-off items	(1,347)		(58)
Income (loss) before income taxes	$	16,481	$	(363)

The following table presents sales disaggregated by geography which exceed 10% of total sales:


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
U.S.	$	340,888		$	139,739		$	669,126		$	274,187
Switzerland	16,774			13,541			30,064			24,746
Other	138,746			124,463			252,763			227,996
Total sales	$	496,408		$	277,743		$	951,953		$	526,929

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
U.S.	68.7		%	50.3		%	70.3		%	52.0		%
Switzerland	3.4		%	4.9		%	3.2		%	4.7		%
Other	27.9		%	44.8		%	26.5		%	43.3		%
Total sales	100.0		%	100.0		%	100.0		%	100.0		%

The following table presents assets disaggregated by geography that exceeds 10% of total assets:


	As of
	June 30, 2026			December 31, 2025
U.S.	$	1,523,037		$	1,495,145
Switzerland	166,177			177,549
Other	326,497			335,585
Total assets	$	2,015,711		$	2,008,279

	As of
	June 30, 2026			December 31, 2025
U.S.	75.6		%	74.4		%
Switzerland	8.2		%	8.8		%
Other	16.2		%	16.8		%
Total assets	100.0		%	100.0		%

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

REVENUE - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Contract Assets
Contract assets, beginning of period	$ 82,342	$ 24,145
Reclassification of contract assets to receivables, as the result of rights to consideration becoming unconditional	(64,996)	(12,989)
Contract assets recognized, net of reclassification to receivables	75,522	19,346
Contract assets, end of period	92,868	30,502
Contract Liabilities
Contract liabilities, beginning of period	19,856	20,044
Reclassification of contract liabilities to revenue, as the result of performance obligations satisfied	(8,137)	(4,661)
Cash received in advance and not recognized in revenue	15,072	5,078
Contract liabilities, end of period	26,791	$ 20,461
North America \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Contract Liabilities
Revenue, remaining performance obligation, amount	$ 1,059,016
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Europe and ROW \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Contract Liabilities
Revenue, remaining performance obligation, amount	$ 219,933
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

SEGMENTS - Sales and Other Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Segment Reporting [Line Items]
Segment sales	$ 496,408	$ 277,743	$ 951,953	$ 526,929
Depreciation and amortization expense			27,955	13,051
Segment assets	2,015,711		2,015,711		$ 2,008,279
New Business
Segment Reporting [Line Items]
Segment sales	433,499	238,130	815,169	441,038
After Sales
Segment Reporting [Line Items]
Segment sales	62,909	39,613	136,784	85,891
Operating Segments
Segment Reporting [Line Items]
Segment sales	496,408	277,743	951,953	526,929
Depreciation and amortization expense	14,152	6,426	27,955	13,051
Segment assets	2,015,711	1,218,854	2,015,711	1,218,854
Capital expenditures	2,535	2,104	4,501	5,224
Operating Segments \| North America
Segment Reporting [Line Items]
Segment sales	356,263	146,244	693,585	293,535
Depreciation and amortization expense	12,598	4,807	24,813	9,946
Segment assets	1,548,362	742,711	1,548,362	742,711
Capital expenditures	1,873	1,263	2,740	3,420
Operating Segments \| Europe and ROW
Segment Reporting [Line Items]
Segment sales	140,145	131,499	258,368	233,394
Depreciation and amortization expense	1,554	1,619	3,142	3,105
Segment assets	467,349	476,143	467,349	476,143
Capital expenditures	662	841	1,761	1,804
Operating Segments \| New Business
Segment Reporting [Line Items]
Segment sales	433,499	238,130	815,169	441,038
Operating Segments \| New Business \| North America
Segment Reporting [Line Items]
Segment sales	323,151	134,876	623,827	265,132
Operating Segments \| New Business \| Europe and ROW
Segment Reporting [Line Items]
Segment sales	110,348	103,254	191,342	175,906
Operating Segments \| After Sales
Segment Reporting [Line Items]
Segment sales	62,909	39,613	136,784	85,891
Operating Segments \| After Sales \| North America
Segment Reporting [Line Items]
Segment sales	33,112	11,368	69,758	28,403
Operating Segments \| After Sales \| Europe and ROW
Segment Reporting [Line Items]
Segment sales	$ 29,797	$ 28,245	$ 67,026	$ 57,488

COMMITMENTS AND CONTINGENT LIABILITIES - Chassis Pool Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Standard Product Warranty Disclosure [Abstract]
Interest expense	$ 11,126	$ 9,303	$ 22,476	$ 15,806
Chassis Pool Agreements
Standard Product Warranty Disclosure [Abstract]
Consigned inventory	39,646		39,646		$ 119,091
Interest expense	$ 785	$ 155	$ 2,136	$ 464

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES At the end of each interim period, the Company makes its best estimate of the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss. The income tax provision or benefit related to unusual or infrequent items, if applicable, that will be separately reported or reported net of their related tax effects are individually computed and recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates, tax status, judgment on the realizability of a beginning-of-the-year deferred tax asset in future years or income tax contingencies is recognized in the interim period in which the change occurs. Our income tax (expense) benefit was $(4,848) and $890 for the three months ended June 30, 2026, and 2025, respectively. The tax (expense) benefit represented a 31.6% and 27.7% effective tax rate for the three months ended June 30, 2026, and 2025, respectively. Income tax (expense) benefit was $(5,336) and $103 for six months ended June 30, 2026 and 2025, respectively. The tax (expense) benefit represented a 32.4% effective tax rate and 28.4% effective tax rate for the six months ended June 30, 2026 and 2025, respectively. The Organization for Economic Cooperation and Development’s (“OECD”) Pillar Two global corporate minimum tax rate of 15% has been in effect since 2024 and applies for companies with revenues of at least €750 million. The Company is subject to the Pillar Two regulations. The Company has continued to evaluate the effect of this through the second quarter of 2026 and determined that it did not have any material impacts for the current year. The Company will continue to assess the impact of the Pillar Two minimum tax regulations, including the impact from additional clarifications that are published by OECD and local tax authorities. On July 4, 2025, the United States enacted the One Big Beautiful Bill Act of 2025 (“OBBBA”) into law. The OBBBA includes provisions allowing accelerated tax deductions for qualified property and research expenditures and limitations on business interest deductions. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others being implemented through 2027. The enactment of the OBBBA did not have a material impact on the Company’s effective tax rate for the three and six months ended June 30, 2026. Administrative guidance interpreting the OBBBA will be released over coming quarters which the Company will continue to monitor.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
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-Subparagraph (SX 210.4-08(h)(2))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Lease, Cost [Abstract]
Operating leases	$ 7,916	$ 4,221	$ 15,592	$ 7,673
Finance leases
Amortization of right of use assets	271	138	511	260
Interest on lease liabilities	31	11	52	20
Short-term leases	503	18	792	79
Variable lease expense	67	118	180	238
Sublease income	(413)	(407)	(829)	(780)
Total lease expense	$ 8,375	$ 4,099	$ 16,298	$ 7,490

BUSINESS COMBINATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended	12 Months Ended		24 Months Ended
	Jul. 01, 2025	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Jun. 30, 2025
Business Combination [Line Items]
Goodwill		$ 409,092	$ 409,092	$ 403,147		$ 403,147
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00	$ 1.00	$ 1.00		$ 1.00
Shyft
Business Combination [Line Items]
Business combination, acquired percentage	100.00%
Business combination, acquiree's revenue, prior period					$ 786,176
Total fair value allocation of purchase price	$ 443,103
Goodwill	$ 193,960	$ 187,903	$ 187,903
Business combination, aggregate (in shares)	36,350,634
Business combination, price per share (in dollars per share)	$ 12.06						$ 12.54
Cash paid for fractional shares	$ 2
Common stock equity interest	4,866
Fair value of Shyft equity awards allocated to pre-acquisition period	$ 443,103
Common stock, par value (in dollars per share)	$ 1.00
Net of accelerated vesting number (in shares)	36,696,981
Equity interest, number of shares, not fully vested (in shares)	105,874
Share-based compensation, accelerated vesting shares (in shares)	346,347
Business combination, acquisition-related cost				$ 14,765	$ 4,404	$ 19,169
Contingent liabilities	$ 8,246
Intangible assets	$ 181,104	185,031	185,031
Revenue		210,908	397,212
Operating income		$ 13,677	$ 15,328

DEBT - Revolving Credit Facility, Due 2030 (Details) - Revolving Credit Facility - Revolving credit facility, due 2030 - Line of Credit $ in Thousands	Jun. 30, 2026 USD ($)	Dec. 31, 2025
Debt Instrument [Line Items]
Total commitment amount	$ 250,000
Average interest rate	5.829%
Debt issuance costs	$ 3,047
Leverage ratio, maximum	3.75	3.75

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	$ 10,521		$ 9,419
Pension benefits	17,727		25,857
Total accumulated other comprehensive income	$ 28,248	$ 28,183	$ 35,276

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

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+ Details

DEBT - Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Other debt	$ 35,455	$ 15,661
Total debt	617,679	594,958
Less current portion of long-term debt	(66,336)	(46,908)
Total long-term debt	551,343	548,050
Shareholder loan
Debt Instrument [Line Items]
Long-term debt	57,592	59,101
Revolving Credit Facility \| Revolving credit facility, due 2030 \| Line of Credit
Debt Instrument [Line Items]
Long-term debt	200,154	191,819
Secured Debt \| Term loan, Facility A, due 2030 \| Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 324,478	$ 328,377

LEASES

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

LEASES

The Company has both operating and finance leases for land, buildings, machinery, vehicles and certain equipment. Our leases have remaining lease terms of 1 to 25 years, some of which include options to extend the lease agreements for up to 12 years. Our leases do not contain residual value guarantees. As of June 30, 2026 and December 31, 2025, assets recorded under finance leases were immaterial.

Operating lease expenses are classified as cost of products sold and selling, general and administrative on the Condensed Consolidated Statements of Operations. The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating leases	$	7,916	$	4,221	$	15,592	$	7,673
Finance leases
Amortization of right of use assets	271		138		511		260
Interest on lease liabilities	31		11		52		20
Short-term leases	503		18		792		79
Variable lease expense	67		118		180		238
Sublease income	(413)		(407)		(829)		(780)
Total lease expense	$	8,375	$	4,099	$	16,298	$	7,490

The weighted average remaining lease term and weighted average discount rate were as follows:


	June 30,
	2026		2025
Weighted average remaining lease term (in years)
Finance leases	4		3
Operating leases	12		13

Weighted average discount rate
Finance leases	4.73	%	2.21	%
Operating leases	6.04	%	5.15	%

Supplemental cash flow information related to leases was as follows:


	Six Months Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Finance leases - Financing cash flows	$	844	$	534
Finance leases - Operating cash flows	52		20
Operating leases - Operating cash flows	14,227		7,582

Right of use assets obtained in exchange for lease obligations:
Operating leases	17,165		31,139
Finance leases	893		205
	$	18,058	$	31,344

Maturities of lease liabilities as of June 30, 2026, are as follows:


Years ending December 31:	Finance		Operating
2026	$	575	$	14,353
2027	684		25,662
2028	552		22,583
2029	440		20,851
2030	299		19,039
2031	92		17,562
Thereafter	—		125,460
Total lease payments	2,642		245,510
Less: imputed interest	$	(228)	$	(76,616)
Total lease liabilities	$	2,414	$	168,894

LEASES


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating leases	$	7,916	$	4,221	$	15,592	$	7,673
Finance leases
Amortization of right of use assets	271		138		511		260
Interest on lease liabilities	31		11		52		20
Short-term leases	503		18		792		79
Variable lease expense	67		118		180		238
Sublease income	(413)		(407)		(829)		(780)
Total lease expense	$	8,375	$	4,099	$	16,298	$	7,490

The weighted average remaining lease term and weighted average discount rate were as follows:


	June 30,
	2026		2025
Weighted average remaining lease term (in years)
Finance leases	4		3
Operating leases	12		13

Weighted average discount rate
Finance leases	4.73	%	2.21	%
Operating leases	6.04	%	5.15	%

Supplemental cash flow information related to leases was as follows:


	Six Months Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Finance leases - Financing cash flows	$	844	$	534
Finance leases - Operating cash flows	52		20
Operating leases - Operating cash flows	14,227		7,582

Right of use assets obtained in exchange for lease obligations:
Operating leases	17,165		31,139
Finance leases	893		205
	$	18,058	$	31,344

Maturities of lease liabilities as of June 30, 2026, are as follows:


Years ending December 31:	Finance		Operating
2026	$	575	$	14,353
2027	684		25,662
2028	552		22,583
2029	440		20,851
2030	299		19,039
2031	92		17,562
Thereafter	—		125,460
Total lease payments	2,642		245,510
Less: imputed interest	$	(228)	$	(76,616)
Total lease liabilities	$	2,414	$	168,894

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 07, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-42663
Entity Registrant Name	Aebi Schmidt Holding AG
Entity Incorporation, State or Country Code	V8
Entity Address, Address Line One	Schulstrasse 4
Entity Address, Postal Zip Code	8500
Entity Address, City or Town	Frauenfeld
Entity Address, Country	CH
City Area Code	44
Local Phone Number	308-5800
Title of 12(b) Security	Common Stock
Trading Symbol	AEBI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		77,603,247
Entity Central Index Key	0002048519
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

COMMITMENTS AND CONTINGENT LIABILITIES - Warranty Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance of warranty liability, beginning of period	$ 20,303	$ 10,206
Accruals for current period sales	3,354	2,778
Cash settlements	(2,710)	(968)
Changes in liability for pre-existing warranties	(1,749)	(18)
Translation adjustment	(317)	978
Balance of warranty liability, end of period	18,881	12,976
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesNoncurrent
Movement in Standard Product Warranty Accrual [Roll Forward]
Long-term warranty provision amount	$ 2,614	$ 2,040

DEFINED BENEFIT PENSION PLANS

6 Months Ended

Jun. 30, 2026

Retirement Benefits [Abstract]

DEFINED BENEFIT PENSION PLANS


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Service cost	$	658	$	664	$	1,326	$	1,271
Interest cost	501		423		1,010		811
Interest income	(1,200)		(1,156)		(2,419)		(2,214)
Amortization of net gain	(127)		(249)		(255)		(476)
Administrative expenses	50		48		101		92
Total Benefit cost	$	(118)	$	(270)	$	(237)	$	(516)

The components of net periodic pension and other postretirement cost, other than service cost, are included in Other income (expense) in our Condensed Consolidated Statements of Operations.

- Definition

The entire disclosure for defined benefit plan.

+ References

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+ Details

DEFINED BENEFIT PENSION PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 658	$ 664	$ 1,326	$ 1,271
Interest cost	501	423	1,010	811
Interest income	(1,200)	(1,156)	(2,419)	(2,214)
Amortization of net gain	(127)	(249)	(255)	(476)
Administrative expenses	50	48	101	92
Total Benefit cost	$ (118)	$ (270)	$ (237)	$ (516)

BUSINESS COMBINATION

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

BUSINESS COMBINATION

On July 1, 2025 (“Acquisition Date”), the Company acquired all outstanding equity of Shyft, a niche market leader in specialty vehicle manufacturing and assembly for the commercial and recreational vehicle industries, pursuant to the Merger Agreement. For further information regarding the Merger please refer to “Note 1- Nature of Operations and Basis of Presentation”.

The Company acquired 100% of Shyft’s voting equity interests, with the primary motivation being to enhance the Company’s product offerings in specialty vehicle solutions, expand market share in North America, and leverage Shyft’s innovative design and manufacturing capabilities. Shyft will expand the Company’s ability to provide customized vehicle solutions, including walk-in vans, truck bodies, and luxury Class A diesel motorhome custom chassis to a diverse clientele, including commercial users, original equipment manufacturers, dealers, and governmental entities, thereby providing a diversified portfolio that mitigates risk across various market cycles. Shyft was headquartered in Novi, Michigan, and is integrated into the North America Segment. Shyft’s annual sales in 2024 were $786,176.

The total consideration transferred was approximately $443,103. The assets acquired and liabilities assumed were recorded at their fair values as of the Acquisition Date. The Shyft acquisition was accounted for using the acquisition method of accounting with the purchase price allocated to the assets purchased and liabilities assumed based upon their estimated fair values at the date of acquisition. Identifiable intangible assets include Brand, Technology, Customer relationships and Order backlog. The excess of the purchase price over the estimated fair values of assets acquired and liabilities assumed was recorded as goodwill. In accordance with ASC 805-30-50-1(a), the goodwill recognized in this acquisition is attributed to several qualitative factors, including expected synergies from the integration of the operations of the acquiree and the acquirer, intangible assets that do not qualify for separate recognition, and other relevant factors. All of the goodwill has been assigned to the North America reportable segment. Goodwill totaled $187,903 and is not deductible for tax purposes.

In accordance with ASC 805, the allocation of the purchase price for the acquisition of Shyft was subject to adjustment during the measurement period, which may extend up to one year from the Acquisition Date. The initial allocation of assets acquired and liabilities assumed was based on preliminary estimates and assumptions, and as such, the values assigned to certain working capital balances, identifiable intangible assets, property, plant and equipment, taxes, and contingent liabilities may be adjusted as additional information became available. These adjustments could result in changes to the amounts recognized in the Consolidated Financial Statements, including potential adjustments to the goodwill recognized. The Company continued to refine its estimates and assumptions as it obtained more information, and any adjustments identified during the measurement period were recognized in the reporting period in which the adjustments were determined.

The Company (i) issued and delivered to Shyft shareholders an aggregate of 36,350,634 shares of Aebi Schmidt Common Stock at $12.06 per share, (ii) paid to Shyft fractional shareholders an aggregate amount in cash equal to $2 (the “Cash Consideration”) and (iii) replaced Shyft equity awards amounting to $4,866 that are allocated to consideration transferred as they relate to the pre-acquisition period. The $443,103 of common stock was entirely comprised of Aebi Schmidt Common Stock, par value $1.00.

The purchase price was comprised of the following:


Purchase price:
Aebi shares issued to Shyft shareholders on July 1, 2025 (1)	36,350,634
Shyft stock price on June 30, 2025 (2)	$	12.54
Exchange ratio	1.04
Share consideration (36,350,634 number of shares issued at the Fair Value of $12.06 per share)	$	438,235
Add: Cash paid for fractional shares	2
Add: Fair value of Shyft Equity awards allocated to pre-acquisition period (3)	4,866
Total purchase price	$	443,103

(1)Includes vested Shyft Director RSU awards.

The total number of shares of Aebi Schmidt Common Stock issued as consideration, after adjusting for unvested RSAs, vested Director RSUs, and excluding fractional shares settled in cash, was 36,696,981 shares. This total comprises 36,350,634 shares issued to Shyft shareholders, of which 105,874 relating to Aebi Schmidt RSAs exchanged for Shyft RSAs that have not fully vested, and 346,347 shares that accelerated vesting upon a termination and change in control (double trigger provision). For further information regarding stock based compensation, please refer to “Note 13 - Stock Based Compensation and Equity” in the Company's Form 10-K.

Acquisition costs in connection with the Merger incurred by the Company include acquisition-related legal and other professional fees in the total amount of $19,169 as of the Acquisition Date, which are recognized as $14,765 and $4,404 in the income statement for the year ended December 31, 2025 and 2024, respectively. All amounts were recorded within other income (expense) for the respective periods.

The table below presents the purchase price allocation to the fair value of identifiable assets acquired and liabilities assumed as of the Acquisition Date. Measurement period adjustments were based upon information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the measurement of the amounts recognized at that date. In the fourth quarter of 2025, the Company recorded measurement period adjustments to cash and cash equivalents, other current liabilities and accrued expenses, and intangible assets. We also adjusted deferred tax liabilities in the fourth quarter of 2025 to reflect measurement‑period refinements to our estimated deferred tax calculation. In the first quarter of 2026, the Company recorded measurement period adjustments to other current liabilities and accrued expenses. In the second quarter of 2026, the Company recorded measurement period adjustments to inventory and other current liabilities, and adjusted the deferred tax liabilities to reflect the measurement period adjustments. The offset to these adjustments were recorded as a net decrease to goodwill.

The purchase price allocation to the fair value of assets acquired and liabilities assumed is as follows:


	Purchase Price Allocation		Measurement Period Adjustments		Purchase Price Allocation (As Adjusted)
Fair value of identifiable assets and liabilities:
Cash and cash equivalents	$	19,905	$	(539)	$	19,366
Accounts receivable	84,121				84,121
Contract assets	44,559				44,559
Inventories	91,117		(7,228)		83,889
Prepaid expenses and other current assets	8,191				8,191
Total current assets	247,893		(7,767)		240,126
Property, plant and equipment	101,832				101,832
Goodwill	193,960		(6,057)		187,903
Intangible assets	181,104		3,927		185,031
Right of use assets operating leases	47,347				47,347
Other assets	1,317				1,317
Total Assets	$	773,453	$	(9,897)	$	763,556

Accounts payable	$	80,844			$	80,844
Accrued warranty	6,782				6,782
Accrued compensation and related taxes	11,174				11,174
Contract liabilities	9,123				9,123
Operating lease liability	9,221				9,221
Other current liabilities and accrued expenses	25,574		6,322		31,896
Current portion of long-term debt	452				452
Current liabilities	$	143,170	$	6,322	$	149,492
Other non-current liabilities	12,205				12,205
Long-term operating lease liability	34,346				34,346
Long-term debt, less current portion	120,344				120,344
Deferred tax liabilities	20,285		(16,219)		4,066
Total Liabilities	330,350		(9,897)		320,453
Total fair value allocation of purchase price	$	443,103	$	—	$	443,103

The value of accounts receivables acquired approximates the gross contractual amount of accounts receivable. The contractual amount not expected to be collected is immaterial.

As part of the business combination, the Company recognized contingent liabilities of $8,246 related to certain commitments. The Company measured these contingencies at fair value and the liabilities reflect management's best estimate of future payments related to these arrangements, which depends on final negotiated terms following the acquisition. The valuation incorporates probability-weighted scenarios based on expected outcomes. The Company continues to monitor these arrangements and will adjust the fair value as necessary in future reporting periods.

Intangible assets totaling $185,031 have been assigned to Brand, Technology, Customer relationships and Order backlog as a result of the acquisition. The fair value of Customer relationships was determined using an income approach methodology, specifically the multi-period excess earnings method. The fair value of Brand and Technology was determined using an income approach methodology, specifically the relief from royalty method. Significant assumptions used in estimating future cash flows included projected revenue growth rates and discount rate for customer relationships and projected revenue growth rates, royalty rate and discount rate for brand. Intangible assets consist of the following (in thousands):


	Amount		Useful life (in years)	Weighted average amortization period (in years)
Brand	$	60,765	5 - 20	18
Technology	26,068		10	10
Customer relationships	93,046		15	15
Order backlog	5,152		1	1
	$	185,031		15

The Company amortizes the Brand, Technology, Customer relationships and Order backlog utilizing a straight-line approach.

For the three and six months ended June 30, 2026, Shyft generated revenue of $210,908 and $397,212 and operating income of $13,677 and $15,328, respectively, which are included in the accompanying condensed consolidated financial statements.

The Company has applied the practical expedient in ASC 805-20-30-29 for contract assets and contract liabilities acquired in the business combination. Acquired contract assets and liabilities in the scope of ASC 606 are an exception to the ASC 805 fair value measurement principle and were measured as if Aebi Schmidt had originated the acquired contract. For each contract Aebi Schmidt reassessed the identification of performance obligations, determination of transaction price, allocation of transaction price, and measure of progress for each performance obligation as if Aebi Schmidt has been party to the original contract and recognized the resulting contract asset or liability as an asset acquired or a liability assumed. The application of this expedient aligns with the acquiree’s historical accounting and is not expected to materially affect the condensed consolidated financial statements. The Company continues to evaluate the impact of these items in subsequent periods as part of its ongoing revenue recognition processes.

- Definition

The entire disclosure for business combination.

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+ Details

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 292,434		$ 292,434		$ 291,948
Less: accumulated depreciation	(131,975)		(131,975)		(124,049)
Total Property, plant and equipment, net	160,459		160,459		167,899
Depreciation	5,535	$ 2,589	11,048	$ 5,434
Land and Building
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	136,633		136,633		135,760
Technical installation and machinery
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	93,318		93,318		91,843
Plant and office equipment
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	56,184		56,184		55,871
Assets under construction
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 6,299		$ 6,299		$ 8,474

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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+ Details

LEASES - Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details)	Jun. 30, 2026	Jun. 30, 2025
Weighted average remaining lease term (in years)
Finance leases	4 years	3 years
Operating leases	12 years	13 years
Weighted average discount rate
Finance leases	4.73%	2.21%
Operating leases	6.04%	5.15%

DEBT

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

DEBT

Debt consists of the following:


	June 30, 2026		December 31, 2025
Revolving credit facility, due 2030	$	200,154	$	191,819
Term loan, Facility A, due 2030	324,478		328,377
Shareholder loan	57,592		59,101
Other debt	35,455		15,661
Total debt	617,679		594,958
Less current portion of long-term debt	(66,336)		(46,908)
Total long-term debt	$	551,343	$	548,050

Term loan, Facility A, due 2030

Facility A is a multicurrency senior secured amortizing term loan facility with a total commitment amount of $350,000. The interest rate is variable defined based on the applicable reference rate (SOFR, SARON, EURIBOR), plus a margin. The margin increases with 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 $4,266 are deferred and amortized based on the effective interest method.

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.

Revolving credit facility, due 2030

The New Credit Facilities Agreement also provides for a multicurrency senior secured revolving loan facility (the “Revolving Facility”) with a total commitment amount of up to $250,000. The interest rate is variable and based on the applicable reference rate (SOFR, SARON, EURIBOR), plus a margin. The margin increases with 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 $3,047 are deferred and amortized based on a straight-line basis over the term of the debt.

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 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.

Shareholder loans

As of June 30, 2026 and December 31, 2025, there were subordinated shareholder loans totaling CHF13,563 (2026: $16,754, 2025: $17,110) and EUR15,000 (2026: $17,091, 2025: $17,626) from PCS Holding AG, as well as CHF10,000 (2026: $12,353, 2025: $12,615) and EUR10,000 (2026: $11,394, 2025: $11,750) from Gebuka AG. The loans are originally granted for a fixed term, but the term will be extended if the loan agreement is not terminated 90 days prior to the end date or if an extension agreement is signed. The change in the loan balance as of June 30, 2026 and December 31, 2025 is solely due to foreign exchange rate fluctuations. These shareholder loans were renewed and amended in connection with the New Credit Facilities Agreement.

Other debt

In the first quarter of 2026, the Company entered into an uncommitted revolving credit facility with a maximum availability of $20,000 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 $20,000 outstanding under the facility. This debt is included in “Other debt” in the table above.

Off-balance sheet arrangements

The contingent liabilities include guarantees (“performance bonds”) amounting to $20,277 and $20,246 as of June 30, 2026 and December 31, 2025, respectively. Through the normal course of bidding for and executing certain projects, the Company has entered into bid/performance bonds and surety bonds (collectively “performance bonds”) with various financial institutions. Customers can draw on such performance bonds if the Company does not fulfil its contractual obligations. If a performance bond is drawn, the Company 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Changes in Warranty Liability

Changes in the warranty liability are summarized below:


	Six Months Ended June 30,
	2026		2025
Balance of warranty liability, beginning of period	$	20,303	$	10,206
Accruals for current period sales	3,354		2,778
Cash settlements	(2,710)		(968)
Changes in liability for pre-existing warranties	(1,749)		(18)
Translation adjustment	(317)		978
Balance of warranty liability, end of period	$	18,881	$	12,976

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	6 Months Ended
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	NATURE OF OPERATIONS AND BASIS OF PRESENTATION As used herein, the term “the Company” or “Aebi Schmidt” refers to Aebi Schmidt Holding AG and its subsidiaries unless designated or identified otherwise. Nature of Operations The Company is a provider of innovative technical products for cleaning and clearing traffic areas as well as mowing green spaces in particularly challenging terrain. The range of products comprises vehicles, attachable and demountable devices for individual vehicle equipment as well as related services. In addition, the Company manufactures and assembles specialty vehicles for commercial and recreational applications, including walk-in vans, truck bodies for last-mile delivery, vocation-specific upfit solutions, and luxury motorhome chassis. It also offers replacement parts, repair, maintenance, and refurbishment services for these vehicles. Aebi Schmidt Holding AG covers the European and North American markets with its own sales organizations, while clients outside of these markets are served either directly by the exporting subsidiary or indirectly by the worldwide dealer network. The Shyft Transaction On December 16, 2024, the Company entered into an Agreement and Plan of Merger, dated as of December 16, 2024 (the “Merger Agreement”), by and among The Shyft Group, Inc., a Michigan corporation (“Shyft”), the Company, ASH US Group, LLC, a Delaware limited liability company and direct, wholly owned subsidiary of Aebi Schmidt (“Holdco”), and Badger Merger Sub, Inc., a Michigan corporation and direct, wholly owned subsidiary of Holdco (“Merger Sub”), pursuant to which, on the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub merged with and into Shyft (the “Merger”, and the time at which the Merger is effective, the “Effective Time”), with Shyft surviving the Merger as a direct, wholly owned subsidiary of Holdco and as an indirect, wholly owned subsidiary of Aebi Schmidt (the transactions contemplated by the Merger Agreement, the “Transactions”). At the Effective Time (July 1, 2025), each share of common stock, no par value, of Shyft (“Shyft Common Stock”) that was issued and outstanding as of immediately prior to the Effective Time (other than any shares of Shyft Common Stock that are held as of immediately prior to the Effective Time by Holdco, Aebi Schmidt, Merger Sub or any of their respective subsidiaries) automatically converted into the right to receive 1.040166432 (the “Exchange Ratio”) shares of fully paid and nonassessable shares of common stock, par value $1.00 per share, of Aebi Schmidt (“Aebi Schmidt Common Stock”), on the terms and subject to the conditions set forth in the Merger Agreement. Immediately following the Effective Time, the holders of shares of Shyft Common Stock as of immediately prior to the Effective Time owned approximately 48% of the issued and outstanding shares of Aebi Schmidt Common Stock and the holders of shares of Aebi Schmidt Common Stock as of immediately prior to the Effective Time owned approximately 52% of the issued and outstanding shares of Aebi Schmidt Common Stock. The Merger is accounted for as a forward merger using the acquisition method of accounting, pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), with Aebi Schmidt treated as the legal and accounting acquirer and Shyft treated as the legal and accounting acquiree. For further information regarding the Shyft Transaction please refer to Note 12 – Business Combination. Basis of Presentation and Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of Aebi Schmidt Holding AG and its subsidiaries and have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States (“U.S.”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for complete consolidated financial statements are not included herein. The results of operations for any interim period are not necessarily indicative of the results of operations for the full year. All inter-company transactions and balances have been eliminated. The accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair statement of these interim financial statements. These interim financial statements should be read in conjunction with the audited consolidated financial statements and footnotes for the year ended December 31, 2025 included in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on March 19, 2026 (the “Form 10-K”). For a description of key accounting policies followed, refer to the footnotes to Aebi Schmidt Holding AG consolidated financial statements for the year ended December 31, 2025, included in our Form 10-K. Forward Stock Split. On July 1, 2025, the Company effected a forward stock split of its issued and outstanding common stock, par value $1.00 per share, at a ratio of 1-for-7.5 (the “2025 Forward Stock Split”). Shares of common stock were proportionately increased. All of the Company’s historical share and per share information related to issued and outstanding common stock in these condensed consolidated financial statements have been adjusted, on a retroactive basis, to reflect the 2025 Forward Stock Split. Recently Issued Accounting Pronouncements Adopted. In July 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurements of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which simplifies the estimation of credit losses on current accounts receivable and contract assets arising from transactions accounted for under ASC 606. The Company adopted ASU 2025-05 as of January 1, 2026 on a prospective basis. Adoption did not impact the Company's consolidated results of operations, financial position, or cash flows. Recently Issued Accounting Pronouncements Not Yet Adopted. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40) (“ASU 2024-03”). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to Consolidated Financial Statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the Consolidated Financial Statements. Early adoption is also permitted. This ASU will result in the required additional disclosures being included in the Consolidated Financial Statements, once adopted. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on the Consolidated Financial Statements. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement, ASU 2024-03, as clarified by ASU 2025-01, is effective for the fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of these statements on the Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 clarified and modernizes the accounting for costs related to internal-use software. The amendments in ASU 2025-06 remove all references to project stages throughout Subtopic 350-40 and clarify the threshold entities apply to begin capitalizing costs. Entities must evaluate whether there is “significant development uncertainty,” such as unresolved novel functionality or substantially revised performance requirements, before meeting this capitalization threshold. ASU 2025-06 is effective for the Company for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. The Company is currently evaluating the impact of adoption of ASU 2025-06 on the Consolidated Financial Statements. In December 2025, the FASB issued ASU 2025-10, Government Grants - Accounting for Government Grants Received by Business Entities (Topic 832) (“ASU 2025-10”). ASU 2025-10 provides the guidance on the recognition, measurement, and presentation of government grants related to an asset or to income. ASU 2025-10 is effective for the Company for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years. The Company is currently evaluating the impact of adoption of ASU 2025-10 on the Consolidated Financial Statements. The Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of operations and comprehensive income (loss) and statements of cash flows.

SEGMENTS - Segment Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Sales	$ 496,408	$ 277,743	$ 951,953	$ 526,929
Cost of products sold	399,116	220,911	767,272	416,791
Research and development	6,438	5,432	13,139	10,059
Selling, general and administrative	55,702	33,574	114,249	64,298
Operating Segments
Segment Reporting [Line Items]
Sales	496,408	277,743	951,953	526,929
Segment Adjusted EBITDA	42,113	21,293	75,230	42,570
Operating Segments \| North America
Segment Reporting [Line Items]
Sales	356,263	146,244	693,585	293,535
Cost of products sold	287,130	115,286	563,165	232,195
Research and development	1,722	604	3,355	1,205
Selling, general and administrative	39,642	16,153	78,964	28,687
Other segment items	(7,733)	(1,823)	(13,764)	(3,612)
Segment Adjusted EBITDA	35,502	16,024	61,865	35,060
Operating Segments \| Europe and ROW
Segment Reporting [Line Items]
Sales	140,145	131,499	258,368	233,394
Cost of products sold	111,986	105,625	204,107	184,596
Research and development	4,716	4,828	9,784	8,854
Selling, general and administrative	16,060	17,421	35,285	35,611
Other segment items	772	(1,644)	(4,173)	(3,177)
Segment Adjusted EBITDA	$ 6,611	$ 5,269	$ 13,365	$ 7,510

DEBT - Term Loan Facility A, Due 2030 (Details) - Secured Debt - Term loan, Facility A, due 2030 - Line of Credit $ in Thousands	Jun. 30, 2026 USD ($)	Dec. 31, 2025
Debt Instrument [Line Items]
Total commitment amount	$ 350,000
Average interest rate	5.987%
Debt issuance costs, line of credit arrangements, net	$ 4,266
Leverage ratio, maximum	3.75	3.75

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SEGMENTS - Sales Disaggregated by Geography Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Sales	$ 496,408	$ 277,743	$ 951,953	$ 526,929
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
U.S.
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Sales	$ 16,774	$ 13,541	$ 30,064	$ 24,746
U.S. \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Concentration risk, percentage	3.40%	4.90%	3.20%	4.70%
Switzerland
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Sales	$ 340,888	$ 139,739	$ 669,126	$ 274,187
Switzerland \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Concentration risk, percentage	68.70%	50.30%	70.30%	52.00%
Other
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Sales	$ 138,746	$ 124,463	$ 252,763	$ 227,996
Other \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Concentration risk, percentage	27.90%	44.80%	26.50%	43.30%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

+ References

+ Details

DEBT - Shareholder Loans (Details) € in Thousands, SFr in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2026 CHF (SFr)	Jun. 30, 2026 EUR (€)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CHF (SFr)	Dec. 31, 2025 EUR (€)
Debt Instrument [Line Items]
Long-term debt	$ 617,679			$ 594,958
Shareholder loan
Debt Instrument [Line Items]
Debt instrument, term	90 days
Shareholder loan \| PCS Holding AG
Debt Instrument [Line Items]
Long-term debt		SFr 13,563	€ 15,000		SFr 13,563	€ 15,000
Shareholder loan \| PCS Holding AG \| U.S.
Debt Instrument [Line Items]
Long-term debt	$ 16,754			17,110
Shareholder loan \| PCS Holding AG \| Europe
Debt Instrument [Line Items]
Long-term debt	17,091			17,626
Shareholder loan \| Gebuka AG
Debt Instrument [Line Items]
Long-term debt		SFr 10,000	€ 10,000		SFr 10,000	€ 10,000
Shareholder loan \| Gebuka AG \| U.S.
Debt Instrument [Line Items]
Long-term debt	12,353			12,615
Shareholder loan \| Gebuka AG \| Europe
Debt Instrument [Line Items]
Long-term debt	$ 11,394			$ 11,750

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

DEBT - Other Debt (Details) - USD ($)	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
Line of Credit Facility [Line Items]
Long-term debt	$ 617,679,000		$ 594,958,000
Revolving Credit Facility \| Other Debt \| Line of Credit
Line of Credit Facility [Line Items]
Total commitment amount		$ 20,000,000
Average interest rate	5.896%
Long-term debt	$ 20,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 109,734	$ 98,512
Accounts receivable, less allowance for credit losses of $395 and $505	276,267	310,755
Contract assets	92,868	82,342
Inventories	380,154	346,423
Prepaid expense and other current assets	38,010	39,698
Total current assets	897,033	877,730
Property, plant and equipment, net	160,459	167,899
Goodwill	409,092	403,147
Intangible assets, net	320,261	334,726
Deferred tax assets	5,687	5,910
Right of use assets operating leases	170,881	167,162
Other assets	52,298	51,705
TOTAL ASSETS	2,015,711	2,008,279
Current liabilities:
Accounts payable	207,281	234,642
Accrued warranty	16,267	17,669
Accrued compensation and related taxes	30,392	36,957
Contract liabilities	26,791	19,856
Operating lease liabilities	18,262	18,856
Other current liabilities and accrued expenses	87,272	86,366
Current portion of long-term debt	66,336	46,908
Total current liabilities	452,601	461,254
Other non-current liabilities	14,812	15,308
Long-term operating lease liabilities	150,632	144,401
Long-term debt, less current portion	493,751	488,949
Long-term loans from shareholders	57,592	59,101
Deferred tax liabilities	22,029	24,315
Total liabilities	1,191,417	1,193,328
Commitments and contingent liabilities
Shareholders' Equity:
Common stock, $1.00 par value: 79,300,000 and 79,300,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; and 77,216,828 and 76,998,754 shares outstanding as of June 30, 2026 and December 31, 2025, respectively.	77,217	76,999
Additional paid-in capital	654,231	652,425
Treasury shares, at cost	(257)	(257)
Retained earnings	64,865	57,551
Accumulated other comprehensive income	28,248	28,183
Total Shareholders’ equity attributable to Aebi Schmidt Holding AG	824,304	814,901
Non-controlling interest	(10)	50
Total Shareholders’ equity	824,294	814,951
TOTAL LIABILITIES AND EQUITY	$ 2,015,711	$ 2,008,279

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Basic (loss) earnings per share:
Net income (loss)	$ 10,510	$ (2,310)	$ 11,205	$ (235)
Shares used in computation:
Weighted-average shares of common stock outstanding (in shares)	77,181	40,352	77,143	40,352
Basic earnings (loss) per share (in dollars per share)	$ 0.14	$ (0.06)	$ 0.15	$ (0.01)
Diluted earnings (loss) per share:
Net income (loss)	$ 10,510	$ (2,310)	$ 11,205	$ (235)
Shares used in computation:
Weighted-average shares of common stock outstanding (in shares)	77,181	40,352	77,143	40,352
Effect of dilutive stock-based awards (in shares)	339	0	320	0
Weighted-average number of shares (in shares)	77,520	40,352	77,463	40,352
Diluted earnings (loss) per share (in dollars per share)	$ 0.14	$ (0.06)	$ 0.14	$ (0.01)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Sales	$ 496,408	$ 277,743	$ 951,953	$ 526,929
Cost of products sold	(399,116)	(220,911)	(767,272)	(416,791)
Gross profit	97,292	56,832	184,681	110,138
Operating expenses:
Research and development	(6,438)	(5,432)	(13,139)	(10,059)
Selling, general and administrative	(55,702)	(33,574)	(114,249)	(64,298)
Amortization of purchased intangibles	(8,414)	(3,574)	(16,466)	(7,148)
Other operating income (expense)	302	(393)	1,581	(380)
Total operating expenses	(70,252)	(42,973)	(142,273)	(81,885)
Operating income	27,040	13,859	42,408	28,253
Other income (expense):
Interest expense	(11,126)	(9,303)	(22,476)	(15,806)
Other income (expense)	(592)	(7,768)	(3,451)	(12,810)
Total other income (expense)	(11,718)	(17,071)	(25,927)	(28,616)
Income (loss) before income taxes	15,322	(3,212)	16,481	(363)
Income tax (expense) benefit	(4,848)	890	(5,336)	103
Net income (loss)	10,474	(2,322)	11,145	(260)
Less: Net income (loss) attributable to non-controlling interest	(36)	(12)	(60)	(25)
Net income (loss) attributable to Aebi Schmidt Holding AG	$ 10,510	$ (2,310)	$ 11,205	$ (235)
Earnings (loss) per share
Basic earnings (loss) per share (in dollars per share)	$ 0.14	$ (0.06)	$ 0.15	$ (0.01)
Diluted earnings (loss) per share (in dollars per share)	$ 0.14	$ (0.06)	$ 0.14	$ (0.01)
Basic weighted average common shares outstanding (in shares)	77,181	40,352	77,143	40,352
Diluted weighted average common shares outstanding (in shares)	77,520	40,352	77,463	40,352

PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are summarized by major classifications as follows:


	June 30, 2026		December 31, 2025
Land and Building	$	136,633	$	135,760
Technical installation and machinery	93,318		91,843
Plant and office equipment	56,184		55,871
Assets under construction	6,299		8,474
Subtotal	292,434		291,948
Less: accumulated depreciation	(131,975)		(124,049)
Total Property, plant and equipment, net	$	160,459	$	167,899

The Company recorded depreciation expense of $5,535 and $2,589 during the three months ended June 30, 2026 and 2025, respectively, and $11,048 and $5,434 during the six months ended June 30, 2026 and 2025, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-SubTopic 360
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

REVENUE

6 Months Ended

Jun. 30, 2026

Revenues [Abstract]

REVENUE

Contract Assets and Liabilities

The tables below disclose changes in contract assets and liabilities for the six months ended June 30, 2026 and 2025.


Contract Assets	June 30, 2026		June 30, 2025
Contract assets, beginning of period	$	82,342	$	24,145
Reclassification of contract assets to receivables, as the result of rights to consideration becoming unconditional	(64,996)		(12,989)
Contract assets recognized, net of reclassification to receivables	75,522		19,346
Contract assets, end of period	$	92,868	$	30,502

Contract Liabilities
Contract liabilities, beginning of period	$	19,856	$	20,044
Reclassification of contract liabilities to revenue, as the result of performance obligations satisfied	(8,137)		(4,661)
Cash received in advance and not recognized in revenue	15,072		5,078
Contract liabilities, end of period	$	26,791	$	20,461

The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the North America and Europe and Rest of the World (“ROW”) segments are $1,059,016 and $219,933 respectively, with substantially all revenue expected to be recognized within one year as of June 30, 2026.

For performance obligations that are satisfied over time, revenue is expected to be recognized over the period to complete the contract. For performance obligations that are satisfied at a point in time, revenue is expected to be recognized when the customer obtains control of the product, which is generally upon shipment from our facility. No amounts have been excluded from the transaction prices above related to the guidance on constraining estimates of variable consideration.

In the following tables, revenue is disaggregated by primary geographical market and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable segments.


	Three Months Ended June 30, 2026
	New Business		After Sales		Total
Primary geographical markets
North America	$	323,151	$	33,112	$	356,263
Europe and ROW	110,348		29,797		140,145
Total Sales	$	433,499	$	62,909	$	496,408

Timing of revenue recognition
Products transferred at a point in time	$	200,454	$	56,429	$	256,883
Products and services transferred over time	233,045		6,480		239,525
Total Sales	$	433,499	$	62,909	$	496,408


	Three Months Ended June 30, 2025
	New Business		After Sales		Total
Primary geographical markets
North America	$	134,876	$	11,368	$	146,244
Europe and ROW	103,254		28,245		131,499
Total Sales	$	238,130	$	39,613	$	277,743

Timing of revenue recognition
Products transferred at a point in time	$	174,672	$	32,521	$	207,193
Products and services transferred over time	63,458		7,092		70,550
Total Sales	$	238,130	$	39,613	$	277,743


	Six Months Ended June 30, 2026
	New Business		After Sales		Total
Primary geographical markets
North America	$	623,827	$	69,758	$	693,585
Europe and ROW	191,342		67,026		258,368
Total Sales	$	815,169	$	136,784	$	951,953

Timing of revenue recognition
Products transferred at a point in time	$	367,679	$	125,149	$	492,828
Products and services transferred over time	447,490		11,635		459,125
Total Sales	$	815,169	$	136,784	$	951,953


	Six Months Ended June 30, 2025
	New Business		After Sales		Total
Primary geographical markets
North America	$	265,132	$	28,403	$	293,535
Europe and ROW	175,906		57,488		233,394
Total Sales	$	441,038	$	85,891	$	526,929

Timing of revenue recognition
Products transferred at a point in time	$	316,041	$	73,244	$	389,285
Products and services transferred over time	124,997		12,647		137,644
Total Sales	$	441,038	$	85,891	$	526,929

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

Basic (loss) earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted (loss) earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential outstanding shares of common stock during the period. Potential shares of common stock are calculated using the treasury-stock method and consist of incremental shares issuable upon the vesting of the equity classified restricted stock awards granted in June 2025, Aebi Schmidt restricted stock awards (“RSAs”) and the Aebi Schmidt restricted stock units (“RSUs”). The computation of both earnings (loss) per share is as follows:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(in thousands, except per share data)
Basic (loss) earnings per share:
Net income (loss)	$	10,510	$	(2,310)	$	11,205	$	(235)
Shares used in computation:
Weighted-average shares of common stock outstanding	77,181		40,352		77,143		40,352
Basic earnings (loss) per share	$	0.14	$	(0.06)	$	0.15	$	(0.01)

Diluted earnings (loss) per share:
Net income (loss)	$	10,510	$	(2,310)	$	11,205	$	(235)
Shares used in computation:
Weighted-average share of common stock outstanding	77,181		40,352		77,143		40,352
Effect of dilutive stock-based awards	339		—		320		—
Weighted-average number of shares	77,520		40,352		77,463		40,352
Diluted earnings (loss) per share	$	0.14	$	(0.06)	$	0.14	$	(0.01)

BUSINESS COMBINATION - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Jul. 01, 2025
Business Combination [Line Items]
Goodwill	$ 409,092	$ 403,147
Shyft
Business Combination [Line Items]
Cash and cash equivalents	19,366		$ 19,905
Cash and cash equivalents, measurement period adjustments	(539)
Accounts receivable	84,121		84,121
Contract assets	44,559		44,559
Inventories	83,889		91,117
Inventory, measurement period adjustments	(7,228)
Prepaid expenses and other current assets	8,191		8,191
Total current assets	240,126		247,893
Total current assets, measurement period adjustments	(7,767)
Property, plant and equipment	101,832		101,832
Goodwill	187,903		193,960
Goodwill, measurement period adjustments	(6,057)
Intangible assets	185,031		181,104
Intangible assets, measurement period adjustments	3,927
Right of use assets operating leases	47,347		47,347
Other assets	1,317		1,317
Total Assets	763,556		773,453
Total assets, measurement period adjustments	(9,897)
Accounts payable	80,844		80,844
Accrued warranty	6,782		6,782
Accrued compensation and related taxes	11,174		11,174
Contract liabilities	9,123		9,123
Operating lease liability	9,221		9,221
Other current liabilities and accrued expenses	31,896		25,574
Other current liabilities and accrued expenses, measurement period adjustments	6,322
Current portion of long-term debt	452		452
Current liabilities	149,492		143,170
Current liabilities, measurement period adjustments	6,322
Other non-current liabilities	12,205		12,205
Long-term operating lease liability	34,346		34,346
Long-term debt, less current portion	120,344		120,344
Deferred tax liabilities	4,066		20,285
Deferred tax liabilities, measurement period adjustments	(16,219)
Total Liabilities	320,453		330,350
Total liabilities, measurement period adjustments	(9,897)
Total fair value allocation of purchase price	$ 443,103		$ 443,103

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details)	Jul. 01, 2025 $ / shares	Jun. 30, 2026 $ / shares	Dec. 31, 2025 $ / shares
Business Combination [Line Items]
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00	$ 1.00
Common stock, owned percentage of shares	52.00%
Forward stock split ratio	7.5
Shyft
Business Combination [Line Items]
Common stock, no par value (in dollars per share)	$ 0
Stock conversion exchange ratio	1.040166432
Common stock, par value (in dollars per share)	$ 1.00
Common stock, owned percentage of shares	48.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

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+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

6 Months Ended

Jun. 30, 2026

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Components of AOCI

The components of AOCI, net of tax are as follows:


	June 30, 2026		June 30, 2025
Foreign currency translation adjustments	$	10,521	$	9,419
Pension benefits	17,727		25,857
Total accumulated other comprehensive income	$	28,248	$	35,276

BUSINESS COMBINATION - Purchase Price (Details) - Shyft $ / shares in Units, $ in Thousands	Jul. 01, 2025 USD ($) $ / shares shares	Jun. 30, 2025 $ / shares
Business Combination [Line Items]
Aebi shares issued to Shyft shareholders on July 01, 2025 (in shares) \| shares	36,350,634
Shyft stock price on June 30, 2025 (in dollars per share) \| $ / shares	$ 12.06	$ 12.54
Exchange ratio	1.04
Share consideration	$ 438,235
Add: Cash paid for fractional shares	2
Add: Fair value of Shyft Equity awards allocated to pre-acquisition period	4,866
Total purchase price	443,103
Restricted Stock
Business Combination [Line Items]
Add: Fair value of Shyft Equity awards allocated to pre-acquisition period	501
Restricted Stock Units
Business Combination [Line Items]
Add: Fair value of Shyft Equity awards allocated to pre-acquisition period	1,585
Performance Shares
Business Combination [Line Items]
Add: Fair value of Shyft Equity awards allocated to pre-acquisition period	$ 2,780

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical)	Jul. 01, 2025
Statement of Cash Flows [Abstract]
Forward stock split ratio	7.5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical)	Jul. 01, 2025
Statement of Comprehensive Income [Abstract]
Forward stock split ratio	7.5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 10,474	$ (2,322)	$ 11,145	$ (260)
Other comprehensive income (loss):
Foreign currency translation adjustments	113	174	845	355
Pension benefit (loss), net of tax	(595)	(534)	(780)	3,452
Other comprehensive income (loss), net of tax	(482)	(360)	65	3,807
Comprehensive income (loss)	9,992	(2,682)	11,210	3,547
Less: Comprehensive income (loss) attributable to non-controlling interests	(36)	(12)	(60)	(25)
Comprehensive income (loss) attributable to Aebi Schmidt Holding AG	$ 10,028	$ (2,670)	$ 11,270	$ 3,572

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) $ in Thousands	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Current assets:
Allowance for credit loss \| $	$ 395	$ 505
Shareholders' Equity:
Common stock, par value (in dollars per share) \| $ / shares	$ 1.00	$ 1.00
Common stock, authorized (in shares)	79,300,000	79,300,000
Common stock, outstanding (in shares)	77,216,828	76,998,754
Common stock shares issued not disclosed	true	true

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories are summarized as follows:


	June 30, 2026		December 31, 2025
Finished goods	$	121,258	$	113,716
Work in process	63,291		49,713
Raw materials and purchased components	195,605		182,994
Total Inventories	$	380,154	$	346,423

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited interim condensed consolidated financial statements include the accounts of Aebi Schmidt Holding AG and its subsidiaries and have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States (“U.S.”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for complete consolidated financial statements are not included herein. The results of operations for any interim period are not necessarily indicative of the results of operations for the full year. All inter-company transactions and balances have been eliminated. The accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair statement of these interim financial statements. These interim financial statements should be read in conjunction with the audited consolidated financial statements and footnotes for the year ended December 31, 2025 included in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on March 19, 2026 (the “Form 10-K”).
Consolidation	The accompanying unaudited interim condensed consolidated financial statements include the accounts of Aebi Schmidt Holding AG and its subsidiaries and have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States (“U.S.”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures required by GAAP for complete consolidated financial statements are not included herein. The results of operations for any interim period are not necessarily indicative of the results of operations for the full year. All inter-company transactions and balances have been eliminated. The accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair statement of these interim financial statements. These interim financial statements should be read in conjunction with the audited consolidated financial statements and footnotes for the year ended December 31, 2025 included in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (“SEC”) on March 19, 2026 (the “Form 10-K”).
Forward Stock Split	Forward Stock Split. On July 1, 2025, the Company effected a forward stock split of its issued and outstanding common stock, par value $1.00 per share, at a ratio of 1-for-7.5 (the “2025 Forward Stock Split”). Shares of common stock were proportionately increased. All of the Company’s historical share and per share information related to issued and outstanding common stock in these condensed consolidated financial statements have been adjusted, on a retroactive basis, to reflect the 2025 Forward Stock Split.
Recently Issued Accounting Pronouncements Adopted and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Adopted. In July 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurements of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which simplifies the estimation of credit losses on current accounts receivable and contract assets arising from transactions accounted for under ASC 606. The Company adopted ASU 2025-05 as of January 1, 2026 on a prospective basis. Adoption did not impact the Company's consolidated results of operations, financial position, or cash flows. Recently Issued Accounting Pronouncements Not Yet Adopted. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40) (“ASU 2024-03”). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to Consolidated Financial Statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the Consolidated Financial Statements. Early adoption is also permitted. This ASU will result in the required additional disclosures being included in the Consolidated Financial Statements, once adopted. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on the Consolidated Financial Statements. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement, ASU 2024-03, as clarified by ASU 2025-01, is effective for the fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of these statements on the Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 clarified and modernizes the accounting for costs related to internal-use software. The amendments in ASU 2025-06 remove all references to project stages throughout Subtopic 350-40 and clarify the threshold entities apply to begin capitalizing costs. Entities must evaluate whether there is “significant development uncertainty,” such as unresolved novel functionality or substantially revised performance requirements, before meeting this capitalization threshold. ASU 2025-06 is effective for the Company for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. The Company is currently evaluating the impact of adoption of ASU 2025-06 on the Consolidated Financial Statements. In December 2025, the FASB issued ASU 2025-10, Government Grants - Accounting for Government Grants Received by Business Entities (Topic 832) (“ASU 2025-10”). ASU 2025-10 provides the guidance on the recognition, measurement, and presentation of government grants related to an asset or to income. ASU 2025-10 is effective for the Company for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years. The Company is currently evaluating the impact of adoption of ASU 2025-10 on the Consolidated Financial Statements.

COMMITMENTS AND CONTINGENT LIABILITIES

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

Warranty Related

We provide limited warranties against assembly or construction defects. These warranties generally provide for the replacement or repair of defective parts or workmanship for a specified period following the date of sale. The end users also may receive limited warranties from suppliers of components that are incorporated into our chassis and vehicles.

Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. Infrequently, a material warranty issue can arise which is beyond the scope of our historical experience. We provide for any such warranty issues as they become known and are estimable. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters beyond the scope of our historical experience. An estimate of possible penalty or loss, if any, cannot be made at this time.

Changes in the warranty liability are summarized below:


	Six Months Ended June 30,
	2026		2025
Balance of warranty liability, beginning of period	$	20,303	$	10,206
Accruals for current period sales	3,354		2,778
Cash settlements	(2,710)		(968)
Changes in liability for pre-existing warranties	(1,749)		(18)
Translation adjustment	(317)		978
Balance of warranty liability, end of period	$	18,881	$	12,976

Long-term warranty provision amounting to $2,614 and $2,040 as of June 30, 2026 and 2025, respectively is included within the Other non-current liabilities in the Condensed Consolidated Balance Sheets.

Chassis Pool Agreements

As of June 30, 2026 and December 31, 2025, chassis consigned inventory was approximately $39,646 and $119,091 respectively. The Company incurred $785 and $155 of interest expense related to the chassis on hand during the three months ended June 30, 2026 and 2025, respectively, and $2,136 and $464 during the six months ended June 30, 2026 and 2025, respectively. For further information regarding our chassis pool agreements, please refer to “Note 8 - Commitments and Contingent Liabilities” in the Company’s Form 10-K.

REVENUE (Tables)

6 Months Ended

Jun. 30, 2026

Revenues [Abstract]

Schedule of Contract Assets and Liabilities

The tables below disclose changes in contract assets and liabilities for the six months ended June 30, 2026 and 2025.


Contract Assets	June 30, 2026		June 30, 2025
Contract assets, beginning of period	$	82,342	$	24,145
Reclassification of contract assets to receivables, as the result of rights to consideration becoming unconditional	(64,996)		(12,989)
Contract assets recognized, net of reclassification to receivables	75,522		19,346
Contract assets, end of period	$	92,868	$	30,502

Contract Liabilities
Contract liabilities, beginning of period	$	19,856	$	20,044
Reclassification of contract liabilities to revenue, as the result of performance obligations satisfied	(8,137)		(4,661)
Cash received in advance and not recognized in revenue	15,072		5,078
Contract liabilities, end of period	$	26,791	$	20,461

Schedule of Disaggregated Revenue


	Three Months Ended June 30, 2026
	New Business		After Sales		Total
Primary geographical markets
North America	$	323,151	$	33,112	$	356,263
Europe and ROW	110,348		29,797		140,145
Total Sales	$	433,499	$	62,909	$	496,408

Timing of revenue recognition
Products transferred at a point in time	$	200,454	$	56,429	$	256,883
Products and services transferred over time	233,045		6,480		239,525
Total Sales	$	433,499	$	62,909	$	496,408


	Three Months Ended June 30, 2025
	New Business		After Sales		Total
Primary geographical markets
North America	$	134,876	$	11,368	$	146,244
Europe and ROW	103,254		28,245		131,499
Total Sales	$	238,130	$	39,613	$	277,743

Timing of revenue recognition
Products transferred at a point in time	$	174,672	$	32,521	$	207,193
Products and services transferred over time	63,458		7,092		70,550
Total Sales	$	238,130	$	39,613	$	277,743


	Six Months Ended June 30, 2026
	New Business		After Sales		Total
Primary geographical markets
North America	$	623,827	$	69,758	$	693,585
Europe and ROW	191,342		67,026		258,368
Total Sales	$	815,169	$	136,784	$	951,953

Timing of revenue recognition
Products transferred at a point in time	$	367,679	$	125,149	$	492,828
Products and services transferred over time	447,490		11,635		459,125
Total Sales	$	815,169	$	136,784	$	951,953


	Six Months Ended June 30, 2025
	New Business		After Sales		Total
Primary geographical markets
North America	$	265,132	$	28,403	$	293,535
Europe and ROW	175,906		57,488		233,394
Total Sales	$	441,038	$	85,891	$	526,929

Timing of revenue recognition
Products transferred at a point in time	$	316,041	$	73,244	$	389,285
Products and services transferred over time	124,997		12,647		137,644
Total Sales	$	441,038	$	85,891	$	526,929

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical)	Jul. 01, 2025
Income Statement [Abstract]
Forward stock split ratio	7.5

DEBT (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt

Debt consists of the following:


	June 30, 2026		December 31, 2025
Revolving credit facility, due 2030	$	200,154	$	191,819
Term loan, Facility A, due 2030	324,478		328,377
Shareholder loan	57,592		59,101
Other debt	35,455		15,661
Total debt	617,679		594,958
Less current portion of long-term debt	(66,336)		(46,908)
Total long-term debt	$	551,343	$	548,050

DEBT - Off-balance Sheet Arrangements (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Contingent liabilities	$ 20,277	$ 20,246

SEGMENTS - Assets Disaggregated by Geography Region (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Segment assets	$ 2,015,711	$ 2,008,279
Assets \| Geographic Concentration Risk
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Concentration risk, percentage	100.00%	100.00%
Switzerland
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Segment assets	$ 1,523,037	$ 1,495,145
Switzerland \| Assets \| Geographic Concentration Risk
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Concentration risk, percentage	75.60%	74.40%
U.S.
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Segment assets	$ 166,177	$ 177,549
U.S. \| Assets \| Geographic Concentration Risk
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Concentration risk, percentage	8.20%	8.80%
Other
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Segment assets	$ 326,497	$ 335,585
Other \| Assets \| Geographic Concentration Risk
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Concentration risk, percentage	16.20%	16.80%

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-6

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+ Details

- Definition

+ References + Details

ACCUMULATED OTHER COMPREHENSIVE INCOME

6 Months Ended

Jun. 30, 2026

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME

The components of AOCI, net of tax are as follows:


	June 30, 2026		June 30, 2025
Foreign currency translation adjustments	$	10,521	$	9,419
Pension benefits	17,727		25,857
Total accumulated other comprehensive income	$	28,248	$	35,276