What Aebi Schmidt Holding AG told the SEC could break it.

Changes in U.S. trade policy — new or proposed tariffs on goods imported from Mexico, Canada, China and other jurisdictions, plus possible renegotiation/termination of trade agreements and retaliatory tariffs — have increased and are likely to keep increasing the cost of imported goods and of components from international suppliers (and lift commodity prices regardless of origin, e.g. Canadian wood/steel/aluminum), materially affecting Aebi Schmidt and its suppliers/partners.

“Changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, may have a material adverse impact on our business and results of operations.”

Aebi Schmidt depends on a limited number of qualified suppliers — and for some components a single source of supply — for important vehicle components such as engines and transmissions, and its supply chain includes tier-2/tier-3 suppliers in other regions including China; a disruption, termination or alteration of supply of these critical components from third-party suppliers could materially adversely affect its specialty-vehicle production.

“certain important components that we use in our vehicles, such as engines and transmissions, are produced by a limited number of qualified suppliers and for some components may be limited to a single source of supply, so any disruption in their supply to us of such components could have a negative impact on our business.”

Stainless steel, carbon steel and aluminum are Aebi Schmidt's highest-purchase-volume direct raw materials, and their prices have been volatile in recent years; the company estimates a hypothetical 10% change in these metal prices would have changed net income by ~$4.6 million in 2025, and higher metal prices also raise the cost of components and semi-finished goods, so it contracts purchases in advance to mitigate short-term volatility.

“A hypothetical 10% change in stainless steel, carbon steel and aluminum prices would have caused a $4.6 million change in Aebi Schmidt's net income for the year ended December 31, 2025, respectively.”

Aebi Schmidt operates about 70 locations across 17 countries, with production facilities in Germany, the Netherlands, Poland, Switzerland, Finland, the U.S. (Ohio, Wisconsin, etc.), Mexico (Saltillo) and Canada, and derives ~39% of sales outside the United States ($592M in 2025); this geographically dispersed manufacturing and sales base exposes it to cross-border trade, currency (Swiss-franc pension obligations), labor and regional-economic risks.

“Our production facilities are located in St. Blasien, Germany; Holten, The Netherlands; Kielce, Poland; Burgdorf, Switzerland; Jyvävasjtkä, Finland; Cleveland, Ohio; Lindenwood, Illinois; New Holstein, Wisconsin; Chilton, Wisconsin; Muncy, Pennsylvania; Monroe, Wisconsin; Litchfield, Minnesota;”