Ebusco reports Full Year results 2023

Adjusted strategy offers positive prospects after disappointing 2023

Financial review FY 2023

• 2023 revenue arrived at €102.4 million impacted by operational and logistics issues
• EBITDA loss of €95.7 million, higher than 2022 reflecting operational challenges
• Net loss for the year of €120.1 million
• Cash & Cash Equivalents of €27.9 million and contract assets of €67.6 million

Operational review FY 2023

• Order book grew from 1,474 to 1,719 buses at year-end, enabling production into 2025
• Management actions taken: new leadership team, new assembly strategy, cost base, and working capital improvement plans
• Assembly strategy implemented with first buses shipped within six months after start
• New production site Rouen live on time and on budget supporting the assembly at partners

Outlook 2024

• Revenue 2024 expected in excess of €325 million
• Employee benefits and other operating expenses for FY 2024 below FY 2023
• Positive EBITDA full year 2024 weighted towards the second half of the year
• Ebusco Capital Markets Day, planned for 20 June 2024

Peter Bijvelds, founder and co-CEO Ebusco

“Last year was a challenging, but above all, disappointing year. Neither did we deliver what we intended, nor did we deliver what we promised. Our guidance for a substantial improvement in our second half 2023 EBITDA was based on a full year revenue amount of approximately €145 million which we did not achieve. Management has taken key actions to structurally improve the financial and operational performance of the company and increase predictability in 2024 and beyond.

Lower production and delivery output impacted our liquidity and subsequently resulted in significant amounts of inventories (€106.5 million) and contract assets (€67.6 million). The actions we have taken will result in a higher, more predictable production pace and delivery in 2024. At the moment, over 125 buses are set for delivery, including more than 80 Ebusco 3.0 buses.

The appointment of Frank Meurs as ad interim co-CEO in January 2024 allows me to fully focus on the corporate strategy as well as product and commercial development. Next to the addition of Frank to the team, I am also glad to welcome Roald Dogge who has been nominated to become our new COO. His expertise and extensive experience in the automotive and OEM industry perfectly suits the role of the COO in our new assembly setup. I would like to thank Bob Fleuren for the invaluable contribution he has made to Ebusco.

Despite the challenges we faced in 2023, the main highlight remains the operational performance of the Ebusco 3.0. Our customers tell us that the 0.65 kWh per kilometre energy consumption of the Ebusco 3.0 is unrivalled. We have several innovations that we are working on to further improve the Ebusco 3.0 and remain at the forefront of the market. Lighter, more efficient, one step better every time. We have to do better, we can do better and we have taken the necessary management actions. We owe this to our employees, customers, suppliers, shareholders, and other stakeholders and I am grateful for their continued trust and patience over the past year.”

[1] For further details, see the ‚Non-IFRS measures‘ included in the Annual Report 2023 page 124

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