On this page of StockholderLetter.com we present the latest annual shareholder letter from SHYFT GROUP, INC. — ticker symbol SHYF. Reading current and past SHYF letters to shareholders can bring important insights into the investment thesis.

 •  3/31/2025 Letter Continued (Full PDF)
 •  4/5/2023 SHYF Stockholder Letter
 •  4/3/2024 SHYF Stockholder Letter
 •  More "Miscellaneous" Category Stockholder Letters
 •  SHYF Benford's Law Stock Score = 64

SHYF Shareholder/Stockholder Letter Transcript:

Forward
Together.
Annual Report

2
The Shyft Group | 2024 Annual Report
High-Performing Teams
We foster a culture of excellence,
innovation, and inclusion, empowering every
team member to contribute meaningfully.
Operational Excellence
Our dedication to understanding and exceeding
customer expectations fuels our innovation and growth.
Customer-Centric Approach
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Financial Growth
We are committed to sustained, strategic
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expertise and operational strength.
   The strength of our team and our shared commitment to
excellence position us for the opportunities ahead. As we move
forward together, we will build on our momentum and continue
delivering lasting value for our customers and stakeholders.   

The Shyft Group | Forward Together.
3
Dear Shareholders,
As I reflect on 2024, I am proud of the progress we have made and the foundation we have strengthened.
Throughout the year, we remained focused on execution and efficiency, advancing our strategy and deepening
customer relationships to position The Shyft Group for long-term success.
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improvement. Through Mission Zero, we reduced workplace injuries by 40%, advancing our commitment to
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in our people, we launched the Women Inspiring Success & Empowerment (WISE) Employee Resource Group
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With a strong team in place, we focused on operational excellence to increase efficiency and deliver greater value
to customers. We streamlined processes, reduced costs, and improved product quality, while also introducing new
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commitment to efficient operations. Additionally, our One Shyft procurement strategy delivered material savings
and reinforced supplier relationships, improving operational agility.
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To support this growth, we continued to strengthen our financial foundation. Our disciplined approach led to
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ensuring we could meet diverse customer needs with quality and reliability. We also expanded our upfitting
capabilities through the acquisition of Independent Truck Upfitters, further broadening our ability to deliver workready vehicle solutions.
With this foundation in place, we took the next step in our strategic evolution. In December, we announced our
merger with Aebi Schmidt to accelerate our strategy and establish Shyft as a global leader in specialty vehicles. We
believe the merger, expected to close in mid-2025, will bring together the expertise of both companies to FUHDWH D 
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With a solid foundation, we will continue moving forward together   driving innovation, operational excellence, and
lasting value.
Thank you for your trust, partnership, and support.
Warm regards,
John Dunn
President and CEO, The Shyft Group

4
The Shyft Group | 2024 Annual Report
High-Performing Teams
Operational Excellence
Mission Zero Launch
Isuzu NRR-EV Production Launch
Achieved a 40% reduction in workplace injuries, marking
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workplace and a stronger safety culture.
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Leadership Summit
Sustainability Leadership
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leaders to strengthen collaboration, align on strategy,
and drive future growth.
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year-over-year emissions reductions and results
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our commitment to sustainable operations.
Workforce Development and Inclusion
Introduced the Women Inspiring Success & Empowerment
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development and inclusivity.
One Shyft Procurement
Streamlined supplier management with a
One Shyft mindset, driving material savings
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The Shyft Group | Forward Together.
5
Customer-Centric Approach
Financial Growth
Ford Pro    Upfitter Status
Merger with Aebi Schmidt
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strengthening relationships with OEM partners and
reinforcing our reputation for tailored solutions.
Announced in December, our merger with Aebi Schmidt
accelerates our strategy and positions Shyft as a global leader
in specialty vehicles.
Driver Cooling System Launch
Acquisition of Independent Truck Upfitters
Secured DQ aftermarkHW order for the newly launched 'ULYHU 
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deliver work-ready vehicle solutions to a wider customer base.
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for walk-in van drivers.
Strategic Investments
Blue Arc EV Progress
Advanced the Blue Arc program into production, expanded
its dealer network, and secured aQ order from FedEx.
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pursued an expanded M&A strategy, reinforcing
our commitment to long-term growth.
Commercial Market Expansion
Balance Sheet Strength
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for future investments and opportunities.
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 3/31/2025 Letter Continued (Full PDF)