2025 was another year of fundamental transformation for Ebusco. The transition to the OED production model started to have a positive operational impact in the second half of the year, but financial challenges remain.
Deurne, 30 April 2026 - Ebusco Holding N.V. (Euronext: EBUS) today publishes its results for the financial year ended 31 December 2025 and its 2025 Annual Report.
Ebusco went through another extremely difficult time in 2025, while it continued transitioning its production setup and implementing the turnaround plan at the same time, reducing its cost base and aligning its operating model. Although the path ahead remains demanding and challenging, largely due to the company's financial condition and persistent liquidity constraints, management believes that the company is moving in the right direction. Meaningful progress has been made in terms of rightsizing the organization and implementing the OED (Original Equipment Design) production strategy, as reflected in the improvement in the bus delivery performance throughout the year 2025.
Financial review FY 2025
• 2025 revenue arrived at €76.6 million (€10.7 million in 2024)
• Significant reduction of operating expenses (excluding cost of materials) from €161.8 million in 2024 to €72.6 million in 2025 (-55.1% year-on-year)
• EBITDA loss of €56.4 million (loss of €132.6 million in 2024)
• Net loss for the year of €71.0 million (net loss of €200.6 million in 2024)
• Net equity position at year-end of €3.3 million (€27.5 million at year-end 2024)
• Cash & Cash Equivalents at year-end of €7.4 million (€2.4 million at year-end 2024).
Operational review FY 2025
• Strategic shift from OEM to OED operating model largely completed
• Strong progress in right-sizing operation, including through the consolidation of the Deurne and Venray sites into a single-facility - the number of FTEs reduced consequently, from 522 at year-end 2024 to 282 at year-end 2025, a reduction of 46%
• Implementation of some key changes in Ebusco's governance structure, rebuilding of key group functions, Finance & Control in particular, and implementation of some initial steps to improve the internal control framework
• Order book of 245 buses at year-end (581 buses at year-end 2024), consisting of 127 firm orders and 118 call-off orders
• 123 buses delivered in 2025 (157 buses in 2024), with a stronger weighting in the second half of the year, reflecting improved delivery performance
• Ebusco's Energy Storage Solutions business, supported by its strong partner and shareholder Gotion, clearly gained traction in 2025, securing the first contracts for its Energy Storage System (ESS) proposition and further strengthening its Mobile Energy Containers (MECs) business.
Other highlights in FY 2025
• Completion of a comprehensive restructuring of outstanding indebtedness worth over €32 million in August 2025, predominantly through a debt-for-equity swap.
Strategic options
• On 2 April 2026 Ebusco announced it had received a number of reverse inquiries. Since then significant progress has been made and the company is in discussions with strategic parties that have expressed a serious, but at this stage non-binding, interest to purchase a controlling stake in Ebusco's bus operations.
Peter Bijvelds, Founder and member of the Management Board
"Due to the operational and financial challenges that we faced in 2025, we have been forced to focus our efforts on many different internal matters, such as the ongoing transition from OEM to OED, addressing our persistent liquidity and working capital concerns, right-sizing and strengthening the organization and all the work that we have put in, together with our partners, in terms of optimizing the production footprint and supply chain under the new OED model. The impact has been that the company has deliberately limited its focus on winning new orders, despite the widely acknowledged quality of its technology and products, in order to prioritize execution discipline and mitigate potential risks, including contractual and delivery-related risks. Even though our liquidity and working capital concerns persist, thanks to all the hard work of our employees, and in close cooperation with our customers and suppliers Ebusco has been able to put itself in a better position from an operational point of view to capture the growing demand for zero-emission public transport. This not only strengthens our position in zero-emission public transport, but also positions Ebusco well to participate in the rapid build-out of the Energy Storage Solutions market. Through our strategic cooperation with Gotion High-Tech, we are able to leverage high-quality battery technology in combination with our own integration and application expertise, at a time when geopolitical developments are fundamentally reshaping the demand for energy security and independence.
Lastly, as also stated last year, we believe both our businesses, bus and energy solutions, deserve focus, and we are currently exploring strategic options to ensure both businesses can thrive under the right governance to optimize value creation in the long term."
Read full press release:
https://www.ebusco.com/de/ebusco-reports-full-year-results-2025/
Deurne, 30 April 2026 - Ebusco Holding N.V. (Euronext: EBUS) today publishes its results for the financial year ended 31 December 2025 and its 2025 Annual Report.
Ebusco went through another extremely difficult time in 2025, while it continued transitioning its production setup and implementing the turnaround plan at the same time, reducing its cost base and aligning its operating model. Although the path ahead remains demanding and challenging, largely due to the company's financial condition and persistent liquidity constraints, management believes that the company is moving in the right direction. Meaningful progress has been made in terms of rightsizing the organization and implementing the OED (Original Equipment Design) production strategy, as reflected in the improvement in the bus delivery performance throughout the year 2025.
Financial review FY 2025
• 2025 revenue arrived at €76.6 million (€10.7 million in 2024)
• Significant reduction of operating expenses (excluding cost of materials) from €161.8 million in 2024 to €72.6 million in 2025 (-55.1% year-on-year)
• EBITDA loss of €56.4 million (loss of €132.6 million in 2024)
• Net loss for the year of €71.0 million (net loss of €200.6 million in 2024)
• Net equity position at year-end of €3.3 million (€27.5 million at year-end 2024)
• Cash & Cash Equivalents at year-end of €7.4 million (€2.4 million at year-end 2024).
Operational review FY 2025
• Strategic shift from OEM to OED operating model largely completed
• Strong progress in right-sizing operation, including through the consolidation of the Deurne and Venray sites into a single-facility - the number of FTEs reduced consequently, from 522 at year-end 2024 to 282 at year-end 2025, a reduction of 46%
• Implementation of some key changes in Ebusco's governance structure, rebuilding of key group functions, Finance & Control in particular, and implementation of some initial steps to improve the internal control framework
• Order book of 245 buses at year-end (581 buses at year-end 2024), consisting of 127 firm orders and 118 call-off orders
• 123 buses delivered in 2025 (157 buses in 2024), with a stronger weighting in the second half of the year, reflecting improved delivery performance
• Ebusco's Energy Storage Solutions business, supported by its strong partner and shareholder Gotion, clearly gained traction in 2025, securing the first contracts for its Energy Storage System (ESS) proposition and further strengthening its Mobile Energy Containers (MECs) business.
Other highlights in FY 2025
• Completion of a comprehensive restructuring of outstanding indebtedness worth over €32 million in August 2025, predominantly through a debt-for-equity swap.
Strategic options
• On 2 April 2026 Ebusco announced it had received a number of reverse inquiries. Since then significant progress has been made and the company is in discussions with strategic parties that have expressed a serious, but at this stage non-binding, interest to purchase a controlling stake in Ebusco's bus operations.
Peter Bijvelds, Founder and member of the Management Board
"Due to the operational and financial challenges that we faced in 2025, we have been forced to focus our efforts on many different internal matters, such as the ongoing transition from OEM to OED, addressing our persistent liquidity and working capital concerns, right-sizing and strengthening the organization and all the work that we have put in, together with our partners, in terms of optimizing the production footprint and supply chain under the new OED model. The impact has been that the company has deliberately limited its focus on winning new orders, despite the widely acknowledged quality of its technology and products, in order to prioritize execution discipline and mitigate potential risks, including contractual and delivery-related risks. Even though our liquidity and working capital concerns persist, thanks to all the hard work of our employees, and in close cooperation with our customers and suppliers Ebusco has been able to put itself in a better position from an operational point of view to capture the growing demand for zero-emission public transport. This not only strengthens our position in zero-emission public transport, but also positions Ebusco well to participate in the rapid build-out of the Energy Storage Solutions market. Through our strategic cooperation with Gotion High-Tech, we are able to leverage high-quality battery technology in combination with our own integration and application expertise, at a time when geopolitical developments are fundamentally reshaping the demand for energy security and independence.
Lastly, as also stated last year, we believe both our businesses, bus and energy solutions, deserve focus, and we are currently exploring strategic options to ensure both businesses can thrive under the right governance to optimize value creation in the long term."
Read full press release:
https://www.ebusco.com/de/ebusco-reports-full-year-results-2025/
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