Ebusco secures €27.4m working capital to deliver order book and support growth

Deurne, 2 April 2026 – Ebusco Holding N.V. (Euronext: EBUS) today announces that it has secured approximately €27.4 million in working capital through a combination of shareholder funding, partner support, and a strategic supplier loan. This financing supports the delivery of Ebusco’s existing order book, and enables the company to pursue new business opportunities.

Working Capital Measures

The total working capital package of approximately €27.4 million consists of:

• €7.10 million working capital bridge loan from existing shareholders, including CVI Investments Inc., an entity managed by Heights Capital Management, Inc. (Heights), De Engh B.V., Peter Bijvelds Holding Erp B.V. and N-Works B.V.;
• €10.65 million in working capital support through an Asian supply chain partner (the Supply Chain Partner); and
• €9.64 million through a loan agreement with the Supply Chain Partner, replacing an existing payable of the same amount.

Together, these measures materially support Ebusco’s operational execution in 2026.

Working Capital Bridge Loan

The €7.10 million bridge loan will primarily be used to complete and deliver buses from Ebusco’s existing order book, enabling the conversion of working capital into cash.

The loan, which contains customary terms and conditions, has a final maturity date of 1 December 2026 and will be repaid from customer receipts. If any amount remains outstanding at maturity, it will convert into Ebusco shares at a 15% discount to the 5-day volume weighted average price prior to maturity.

Working Capital Support

Ebusco has secured €10.65 million in working capital support through the Supply Chain Partner, which will facilitate the procurement of parts and components required for current production. Timing of the funding will be linked to the bus production schedule over the remainder of 2026, supporting Ebusco’s working capital position over the same period.

This arrangement supports Ebusco’s transition to an asset-light Original Equipment Designer (OED) model, reducing upfront cash requirements and improving capital efficiency. The procurement scale of the Supply Chain Partner is also expected to result in more favorable payment terms and lower component costs for Ebusco.

Loan Agreement with the Supply Chain Partner

Ebusco has entered into a €9.64 million loan agreement with the Supply Chain Partner, replacing an existing payable of the same amount. This eliminates near-term cash outflow.

The loan, which contains customary terms and conditions, matures on 1 December 2026 and, if not repaid, will convert into Ebusco shares at a 15% discount to the 5-day volume weighted average price prior to maturity.

Additional Financing Initiatives

Ebusco is working towards establishing a Letter of Credit facility with a Tier 1 international bank, targeted to be in place before the end of June 2026.

In addition, agreements with Heights provide flexibility to extend maturities of its contribution to the Working Capital Bridge Loan and the €4.6 million bank loan it took over in July 2025 where conversion would result in a shareholding in Ebusco of 25% or more.

Potential Strategic Options Under Review

Ebusco has received multiple reverse inquiries regarding strategic options for its bus operations, which are currently being evaluated by Ebusco.

Any transaction representing a significant change in the company’s structure would be subject to shareholder approval.

Operational Update

Ebusco delivered 123 buses in FY 2025, including 22 buses in December. Two additional buses were delivered in early 2026 following customer acceptance delays at year-end.

As of 31 December 2025, the company’s order book totaled 245 buses, consisting of 127 firm orders and 118 call-off orders. Following the cancellation of 8 buses in early 2026, the current fixed order book stands at 119 buses.

Ebusco expects to deliver these 119 buses in 2026, with the vast majority of deliveries weighted toward the second half of the year. Delivery expectations exclude 14 previously cancelled buses and any new orders.

The company continues to engage with existing and new customers and is selectively pursuing new tenders, balancing growth opportunities with execution discipline.

Peter Bijvelds, President of Ebusco, commented:

“We are extremely appreciative of the ongoing support from some our core shareholders. This funding marks an important step for Ebusco. The improved working capital position helps us to deliver our existing order book and to strengthen our position to capture growing demand for zero-emission public transport.”

Miscellaneous

The current number of Ebusco shares outstanding is 215,715,802.

Corporate Calendar for 2026