Ebusco Holding N.V.: Ebusco reports H1-2026 results

Successfully completed OEM to OED transition is clearly reflected in the financial results, showing
Financial review H1 2026

• Revenue arrived at €22.0 million (H1 2025: €28.2m).
• Gross profit of €6.1 million (H1 2025: €-6.2m).
• Reduction of operating expenses (excluding cost of materials, but including amortization and depreciation expenses) continues; €27.6 million in H1 2026 vs. €34.4 million in H1 2025, or -19.8%.
• EBITDA loss of €-17.9 million (H1 2025: €-36.2m).
• Result for the period of €-24.9 million (H1 2025: €-46.1m).
• Cash and cash-equivalents at 30 June 2026 was €2.1 million (31 December 2025: €7.4 million).
• Net equity position at 30 June 2026 was €-14.8 million (31 December 2025: €3.3 million).

Operational review H1 2026

• 16 buses delivered in H1 2026 (vs. 47 in H1 2025).

• Order book of 103 fixed bus contracts at 30 June 2026, adjusted to 80 fixed bus contracts following the recent (post 30 June) cancellation of the Potsdam order.
• First Ebusco 3.0 bus successfully produced by Golden Dragon, one of Ebusco's contract manufacturers in China, presented in July 2026.
• Ebusco has entered into a local agency arrangement in the United Arab Emirates (UAE), a first step towards the Middle East market.
• Energy Solutions contributed c. 13.6% to H1 revenues and the objective is to further develop this business with new BMS and BESS contracts.
• FTE reduction from 282 FTEs as at 31 December 2025 to 248 FTEs as at 30 June 2026, a reduction of c. 12%.
• Internal Control Framework (ICF) has been further strengthened and the redesign of the ICF to align with the OEM to OED transition is progressing according to plan.

Working Capital and Liquidity

• Ebusco secured a working capital package of €27.4 million in April 2026.
• The company is in the process of establishing a sustainable working capital solution through a c. €30 million LC (Letter of Credit) facility with one of its Asian partners, backed by a corporate guarantee from Gotion (the LC Facility). Completion and effectuation of the LC Facility is subject to final documentation.
• In addition, Ebusco is in active discussions with one of its shareholders to secure a short-term liquidity solution.
• However, Ebusco's working capital and liquidity constraints continue to persist. Managing working capital and short-term liquidity remain key priorities of the company's management.
• If the company is not successful in securing a short-term liquidity solution and the LC Facility, Ebusco may face material challenges in meeting its obligations going forward.

Strategic Option

• Discussions continue with multiple parties on a potential strategic transaction involving Ebusco's bus operations.

Deurne, 14 August 2026 - Ebusco (Euronext: EBUS) today provides insight into its financial and operational results for the first half of 2026

Ebusco is pleased with the clear positive trend in the financial results, which stems directly from the completed OEM to OED transition that commenced in 2025; reported gross margin for H1 2026 was solidly positive (+27.8%, or c.16.3% if adjusted for the impact of a BMS contract), the first time since the half-year results in 2022. In addition, EBITDA loss and Net Loss (Result for the Period) for H1 2026 have been further brought down significantly versus H1 2025, which is also the result of the successful ongoing cost reduction program and organizational right-sizing. Lastly, Net Debt (excluding lease liabilities) has come down markedly from €46.3 million at 30 June 2025 to €26.1 million at 30 June 2026 (-43.6%) following a comprehensive restructuring of outstanding indebtedness in Q3 2025.

This positive trend is clearly visible in the financial results, despite the relatively low revenue in H1 2026 (€22.0m vs. € 28.2m in H1 2025). This lower revenue results mainly from a relatively low number of bus deliveries in H1 2026 (16 vs. 47 in H1 2025), which is in line with earlier communication in relation to the bus delivery pace and schedule in 2026. The delivery schedule is heavily weighted towards H2 2026, more specifically Q4 2026, and a portion of the expected deliveries now shifts into Q1 2027.

This delay in the bus delivery schedule is the result of the ongoing working capital constraints that Ebusco is facing. The €27.4 million working capital arrangement that Ebusco announced on 2 April 2026 was largely non-cash based and there continues to be a delay in the fulfilment of the working capital support from the Asian supply chain partner. As a consequence, the working capital arrangement as announced on 2 April has not resolved Ebusco's persistent liquidity constraints in full. These continuing constraints have had a negative impact on the number of buses delivered in H1 2026 and the pace of bus production at the contract manufacturers.

Read full press release:
https://www.ebusco.com/de/ebusco-reports-h1-2026-results/