Ebusco Holding (EBUS) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €28.2 million, down from €38.0 million in H1 2024, reflecting delivery delays and operational challenges.

• Net loss narrowed to €46.1 million from €64.7 million year-over-year, with EBITDA loss improving to €36.2 million from €60.7 million.

• 47 buses delivered in H1 2025, with delivery pace accelerating in recent months; order book stands at 220 fixed contracts.

• Major restructuring and cost reduction initiatives underway, including a 34% reduction in FTEs and consolidation of Dutch operations.

• Transition from OEM to OED manufacturing model largely implemented, focusing on contract manufacturing and quality improvements.

Financial highlights

• Gross profit for H1 2025 was negative €6.2 million, an improvement from negative €12.0 million in H1 2024.

• Operating expenses (excluding materials) reduced by €18.6 million year-over-year due to restructuring.

• Net finance expense increased to €4.9 million from income of €890k in H1 2024, mainly due to fair value loss on convertible bond derivatives.

• Equity turned negative at €-10.9 million as of 30 June 2025, down from €27.5 million at year-end 2024.

• Earnings per share improved to a loss of €0.69 from a loss of €0.99 year-over-year.

Outlook and guidance

• Management expects further improvement in delivery reliability and profitability as the OED model matures.

• Ongoing focus on securing liquidity and working capital, with new facilities and financing options being explored.

• Market for zero-emission buses remains strong, with anticipated new orders from France and Germany as delivery reliability improves.