Financial review H1 2025
• Revenue arrived at €28.2 million (H1 2024: €38.0m).
• Gross profit of €-6.2 million (H1 2024: €-12.0m).
• EBITDA loss of €36.2 million (H1 2024: €-60.7m).
• Result for the period of €-46.1 million (H1 2024: €-64.7m).
• Equity at 30 June 2025 was €-10.9 million (31 December 2024: €27.5 million).
• Secured additional funding of €22.0 million in February 2025.
• Successful recent restructuring of outstanding loans, largely through conversion into equity (subject to approval from Ebusco's shareholders).
• Ebusco continues to rely on a significant liquidity injection and is exploring various measures to strengthen its working capital.
Operational review H1 2025
• 47 buses delivered in H1 2025, with a substantial share delivered in the last months of the period as production pace accelerated.
• Order book of 220 fixed bus contracts.
• FTE reduction from 522 FTEs as at 31 December 2024 to 345 FTEs as at 30 June 2025, a reduction of c. 34%.
• OPEX (excluding cost of materials) reduced by €18.6 million (H1 2025 vs. H1 2024), driven by the cost reduction program which consists of the organizational restructuring and consolidation of the Dutch operations into a single, more efficient facility in Deurne.
• OED production model largely implemented, with casco and bus assembly now fully managed by contract manufacturers, allowing Ebusco's facilities to focus on Pre-Delivery Inspection (PDI) and quality assurance.
• Enhanced collaboration with contract manufacturers in China, improving build quality and reducing post-production hours at PDI facilities.
Deurne, 15 August 2025 - Ebusco (Euronext: EBUS) today provides insight into its financial and operational results for the first half of 2025.
During the first six months of 2025, Ebusco has made good progress in executing its turnaround plan. The company advanced its transition from OEM to OED manufacturing, reduced costs substantially, and improved delivery pace - particularly in recent months - while continuing to focus on quality and operational efficiency. Nevertheless, in the first half of 2025 Ebusco continued to be impacted by the ongoing liquidity constraints. This had a negative impact on the financial and operational performance in that period.
Michel van Maanen (COO and Member of the Board) and Peter Bijvelds (Member of the Board):
Over the past few months, the Management Board has been primarily focused on ensuring the survival of the company. Significant steps have been taken to get Ebusco back on track, including the implementation of a cost reduction program and the restructuring of outstanding loans. These measures are intended to strengthen our financial position and create a more sustainable foundation for the future.
Although it has been a turbulent time, we have not stopped deploying our Turnaround Plan, with a clear goal to transform from OEM to OED. During the restructuring as mentioned above we have rigorously worked on improving the structures, cooperation and processes in the crucial business units Engineering, Production and Delivery Centers, which have given direct result in improving the quality and speed of delivery. We believe that with these actions we are repositioning the company to shift its focus from short-term management back to long-term stability, but it remains a challenging road ahead.
Encouragingly we have already seen a notable improvement in our delivery performance in the last few months, and buses have been steadily delivered to the clients, which is an essential factor for rebuilding customer confidence and securing future success.
We want to thank our partners, suppliers and other stakeholders for their patience and cooperation in these challenging times. Our full focus is on continuing the positive trend and becoming a reliable partner again.
Download full press release:
https://www.ebusco.com/wp-content/uploads/15082025-Press-release-and-Report-H1-2025-results.pdf
• Revenue arrived at €28.2 million (H1 2024: €38.0m).
• Gross profit of €-6.2 million (H1 2024: €-12.0m).
• EBITDA loss of €36.2 million (H1 2024: €-60.7m).
• Result for the period of €-46.1 million (H1 2024: €-64.7m).
• Equity at 30 June 2025 was €-10.9 million (31 December 2024: €27.5 million).
• Secured additional funding of €22.0 million in February 2025.
• Successful recent restructuring of outstanding loans, largely through conversion into equity (subject to approval from Ebusco's shareholders).
• Ebusco continues to rely on a significant liquidity injection and is exploring various measures to strengthen its working capital.
Operational review H1 2025
• 47 buses delivered in H1 2025, with a substantial share delivered in the last months of the period as production pace accelerated.
• Order book of 220 fixed bus contracts.
• FTE reduction from 522 FTEs as at 31 December 2024 to 345 FTEs as at 30 June 2025, a reduction of c. 34%.
• OPEX (excluding cost of materials) reduced by €18.6 million (H1 2025 vs. H1 2024), driven by the cost reduction program which consists of the organizational restructuring and consolidation of the Dutch operations into a single, more efficient facility in Deurne.
• OED production model largely implemented, with casco and bus assembly now fully managed by contract manufacturers, allowing Ebusco's facilities to focus on Pre-Delivery Inspection (PDI) and quality assurance.
• Enhanced collaboration with contract manufacturers in China, improving build quality and reducing post-production hours at PDI facilities.
Deurne, 15 August 2025 - Ebusco (Euronext: EBUS) today provides insight into its financial and operational results for the first half of 2025.
During the first six months of 2025, Ebusco has made good progress in executing its turnaround plan. The company advanced its transition from OEM to OED manufacturing, reduced costs substantially, and improved delivery pace - particularly in recent months - while continuing to focus on quality and operational efficiency. Nevertheless, in the first half of 2025 Ebusco continued to be impacted by the ongoing liquidity constraints. This had a negative impact on the financial and operational performance in that period.
Michel van Maanen (COO and Member of the Board) and Peter Bijvelds (Member of the Board):
Over the past few months, the Management Board has been primarily focused on ensuring the survival of the company. Significant steps have been taken to get Ebusco back on track, including the implementation of a cost reduction program and the restructuring of outstanding loans. These measures are intended to strengthen our financial position and create a more sustainable foundation for the future.
Although it has been a turbulent time, we have not stopped deploying our Turnaround Plan, with a clear goal to transform from OEM to OED. During the restructuring as mentioned above we have rigorously worked on improving the structures, cooperation and processes in the crucial business units Engineering, Production and Delivery Centers, which have given direct result in improving the quality and speed of delivery. We believe that with these actions we are repositioning the company to shift its focus from short-term management back to long-term stability, but it remains a challenging road ahead.
Encouragingly we have already seen a notable improvement in our delivery performance in the last few months, and buses have been steadily delivered to the clients, which is an essential factor for rebuilding customer confidence and securing future success.
We want to thank our partners, suppliers and other stakeholders for their patience and cooperation in these challenging times. Our full focus is on continuing the positive trend and becoming a reliable partner again.
Download full press release:
https://www.ebusco.com/wp-content/uploads/15082025-Press-release-and-Report-H1-2025-results.pdf
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