Ebusco Holding (EBUS) H2 2025 earnings summary

Executive summary

• Revenue rose to €76.6 million in 2025 from €10.7 million in 2024, driven by improved deliveries, especially in the second half, and initial traction in energy storage solutions.

• Operating loss narrowed to €64.6 million from €196.4 million in 2024, reflecting benefits from the shift to the OED (Original Equipment Design) model and cost reductions.

• Workforce was reduced by 46% to 282 FTEs by year-end 2025 as part of a turnaround plan.

• Significant refinancing and debt-for-equity swaps increased share count from 65.5 million to 203.5 million.

Financial highlights

• Gross profit turned positive at €8.0 million in 2025, up from a €34.6 million loss in 2024.

• EBITDA was negative €56.4 million, an improvement from negative €132.6 million in 2024.

• Net loss for 2025 was €71.0 million, compared to €200.6 million in 2024.

• Free cash flow improved to negative €30.8 million from negative €61.1 million in 2024.

• Net debt (excluding leases) decreased to €14.9 million from €20.8 million.

• Equity fell to €3.3 million at year-end 2025, mainly due to the net loss, partially offset by share capital increases.

Outlook and guidance

• Priorities for 2026 include strengthening the financial position, optimizing the OED production model, improving after-sales, and expanding the Energy Storage Solutions business.

• Management expects all buses in the year-end orderbook to be delivered in 2026.

• Liquidity remains constrained; ongoing access to funding and working capital facilities is critical for continuity.