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- **Revenue Growth and Synergies**: The company achieved a 3% sales increase and 25% EBITDA growth, with a focus on realizing $40 million in synergies. North America's 10.2% EBITDA margin underscores operational efficiency.
- **Market Recovery and Strategy**: Walk-in van recovery and Salesforce integration are key drivers of improved performance, with a focus on cost savings and operational restructuring.
- **Financial Health**: GAAP net income of $420 million and net debt management highlight cash flow stability, with a focus on deleveraging and working capital efficiency.

**【Management Opening Remarks】**
- Barend Fruithof highlighted the successful integration of the Shyft Group, emphasizing the combined entity's improved profitability and operational efficiency. The company achieved a 33% year-over-year order momentum and a 3% sales increase, driven by organic growth in Europe and North America. The adjusted EBITDA rose 25% year-over-year to $42.2 million, with North America leading with a 10.2% margin. The company expects to realize $40 million in synergies by mid-2027, with half of these savings expected by mid-2026.

**【CEO Commentary】**
- Barend Fruithof detailed the strategic focus on market recovery, particularly in walk-in vans and truck bodies. The use of Salesforce for sales tracking was noted as a key driver of improved performance, with a focus on cost savings and operational efficiency. The company also highlighted the impact of restructuring efforts in North America, with a focus on delivering double-digit EBITDA margins.

**【CFO Commentary】**
- Marco Portmann provided financial insights, including the GAAP net income of $420 million and the working capital management. The company's net debt of $469 million was discussed, with a focus on deleveraging and cash flow projections for 2026. The CFO also emphasized the importance of working capital efficiency and the expected positive cash flow in the fourth quarter.

**【Q&A Highlights】**
- Analysts inquired about market recovery, M&A strategies, and synergy realization. The company reaffirmed confidence in achieving the $40 million synergy target, with a focus on cost management and revenue synergies. The Q&A also touched on the integration progress and the expected impact on future growth, particularly in Europe and North America. The discussion highlighted the company's strategic focus on operational improvements and the alignment of sales teams across the organization.

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