Aebi Schmidt

Leverage and cash conversion drive a cautious view. At March 31, 2026, total debt was about 629 million dollars, cash 116 million dollars, net debt roughly 513 million dollars including shareholder loans.

Q1 2026 leverage under the company’s definition was 2.88 times and management targets ≤2.0 times by year end 2026. Facilities run to 2030 and the company was in covenant compliance.

Trailing free cash flow is negative: Q1 2026 operating cash flow was negative 17.7 million dollars with 1.9 million dollars capex, and 2025 operating cash flow was 9.0 million dollars with 14.2 million dollars capex, implying roughly negative 24.9 million dollars TTM FCF through Q1 2026. This reflects seasonality and inventory build but still leaves limited shock absorption if end-markets soften.

The quarterly dividend of 0.025 dollars per share is modest and paid out of Swiss capital contribution reserves, which is prudent given deleveraging priorities.