Aebi Schmidt

Evidence of pricing latitude is mixed. Positives: aftermarket and service revenue carry higher margins, and management is pursuing vertical integration and mix upgrades, with synergy plans raised to at least 40 million dollars that should support structural margin expansion.

A backlog above 1.2 billion dollars implies some ability to maintain price while converting orders. Offsets: procurement processes at municipalities and airports are competitive and materials costs (steel, aluminum) and chassis availability can compress spreads, which the company acknowledges in risk disclosures.

The walk-in-van and service body businesses are interest rate sensitive and historically price competitive. We see moderate pricing power today with upside if mix shifts to higher-value airport and municipal solutions and if service revenue intensity grows.