Ebusco provides a Q3 operational update
Stable pace of bus deliveries reflecting overall path to stability. Ebusco today provides insight into its operational results for the third quarter of 2025.
Ebusco is in the process of finalizing the audit of the financial year 2024. Once finalized, Ebusco will provide a status update on its financial condition. As soon as the audit is completed, Ebusco will immediately convene the Annual General Meeting.
Michel van Maanen (COO and Member of the Board) and Peter Bijvelds (Member of the Board):
“We are very pleased that the improvement in our delivery performance has continued in the last months. Buses have been steadily delivered to our clients, which is essential for rebuilding customer confidence and securing future success. Our full focus is on continuing this trend and become a reliable partner again for suppliers and customers.
To maintain this positive momentum, we continue to strengthen our internal processes and refine our new OED model, in combination with targeted reductions in our operating expenses. At the same time, we are rebuilding key departments and prioritizing the recruitment and fulfilment of critical roles to ensure long-term operational strength. With a long-term vision in mind, we are confident that we can sustain this upward trajectory and continue strengthening our position for the future.”
Stable pace of bus deliveries
On 15 August 2025 Ebusco reported that it delivered 47 buses to its clients in the first half of the year. The vast majority of these deliveries were made in the 2nd quarter of the year. This pace of bus deliveries has continued in the 3rd quarter of the year, with 39 bus deliveries in this period, bringing the year-to-date number to 86. In Q4 2025 Ebusco expects to deliver at least an equal number of buses as in Q3 2025. Meeting its delivery schedule is an important driver for the company in terms of cash inflows and reducing the risk of incurring late delivery penalties or other charges related to late deliveries.
As reported earlier, Ebusco expects some positive spin-off from current French and German deliveries and the performance of the buses and continues to strengthen the working relationship with its French and German clients, where Ebusco expects to receive new orders as soon as the company has further stabilized in terms of delivery reliability and aftersales support. Ebusco strongly believes the market for zero emission buses continues to be a ‘seller’ market, as all bus operators continue to have high demand for electric buses. This believe has been strongly confirmed recently through Ebusco’s interaction with clients and other stakeholders at the recent Busworld Congress, that was held in Brussels, Belgium on 4-9 October.
Cost reduction program
Ebusco continues to make good progress with the ongoing cost reduction program, which has led to reduction of FTEs (a portion of which relates to natural attrition), from 522 FTEs as at 31 December 2024 to 305 FTEs as at 30 September 2025, a reduction of approximately 42%. As reported earlier, a core element of the cost reduction program is the consolidation of Ebusco’s two facilities in the Netherlands (Deurne and Venray) into a single facility in Deurne. This consolidation will be fully completed per the end of this calendar year, resulting in a single Dutch facility. These and other cost reduction measures have resulted in further OPEX reductions in Q3 2025. Herewith Ebusco is on track to meet its stated objective to achieve a structural annual cost reduction of approximately €30 million as per the end of FY 2025.
Update on the Turnaround Plan and Ebusco’s governance
In deploying the switch from production in Europe (under the previous OEM model) to outsourcing the manufacturing, while keeping Design, Engineering and Quality under its control (under the newly adopted OED model), Ebusco has made great progress. Existing outsource manufacturers have been reviewed and new ones have been selected, the logistic footprint has been significantly reduced and simplified and the organization has been restructured to support the production in quality and engineering optimalisation, while shared services like Procurement, IT, Facilities, Finance and HR have been strengthened to better support the new organization and processes.
As communicated on 15 August 2025 also, the company has undergone changes in key positions, creating an opportunity to further strengthen the organization. While the search for a permanent CEO and other strategic hires is ongoing, management engages highly qualified temporary staff to ensure continuity and drive progress during this transition period. At the General Meeting Ebusco will nominate Roel Nagelmaeker to become the permanent CFO, subject to shareholders approval. Roel is Ebusco’s current Finance Director and ad interim CFO.
Recent Conversion under the 2023 Convertible Bond arrangements
Under the terms of the 2023 convertible bond agreement with Heights (the Heights Convertible Bond), approximately 12.7 million shares were issued to Heights recently, representing approximately 6.6% of Ebusco’s share capital.
Following the conversion, the amount outstanding under the Heights Convertible Bond is approximately EUR 12.3 million with a conversion price of EUR 0.75 in the event Heights elects to convert. The number of Ebusco shares on issue following the conversion of the aforementioned portion of the Heights Convertible Bond is 193,455,472.