Ebusco ends transitional year 2021 with record order book

Ebusco ends transitional year 2021 with record order book
The drive for sustainable public transport is unstoppable

Operational highlights FY 2021

• New facility in Deurne for production of the Ebusco 3.0 fully operational
• Completion of acquisition of Pondus, combining bus and aerospace know-how
• First Ebusco 3.0 buses delivered in Munich following EU vehicle-type approval
• Number of FTEs grew by 86%, in line with growth ambitions
• Automotive Innovation and JEC Innovation awards confirm innovative strength

Financial highlights FY 2021

• Financial results impacted by pandemic-related tendering slowdown in 2020 and H1 2021
• Full-year revenue of €24.3 million, in line with earlier guidance
• Accelerated ramp-up resulted in an underlying EBITDA loss of €20.5 million
• Cash and cash equivalents of €207.9 million to execute roll out plan
• Strong order intake resulted in record total order book of 325 buses of which 240 fixed

Highlights YTD 2022

• Multiple new orders for 951 buses takes current order book to 1,274[1] buses
• Performance data of first Ebusco 3.0 buses in operation exceeding expectations
• Final negotiations on first production plant in France to meet local content requirements
• Acquisition of 40% of Zero Emission Services to accelerate electrification of inland shipping

Outlook 2022

• The order intake, tender activity and anticipated deliveries are expected to result in a sharp revenue increase in 2022
• Ebusco reconfirms the medium-term objectives as defined during the IPO

Key figures FY 2021

Peter Bijvelds, founder and CEO: “Looking back, 2021 was both an exciting and challenging year for Ebusco in which we achieved several important milestones but also had to cope with the delayed effects of the pandemic and supply chain disruptions.

We made significant progress in further preparing our organisation for future growth. His Majesty the King Willem Alexander of the Netherlands officially opened our blueprint facility in Deurne for the production of the Ebusco 3.0, we obtained EU vehicle-type approval for our revolutionary Ebusco 3.0 and we delivered the first Ebusco 3.0 buses to Stadtwerke München. We are very proud to say that the first data we have received through our real-time fleet tracking software shows that performance is exceeding our and customer expectations.

As indicated at the time of our IPO, 2021 has been a year of transition in which our revenue and profitability were impacted by a slowdown in tender activity due to the Covid-19 pandemic. The related supply chain disruptions also had a strong impact on the delivery schedule of our buses, shifting shipments from 2021 to 2022. Next to the cost increases related to the growth of our company, increased transportation costs and currency fluctuations had a negative impact on our profitability in 2021.

Having said this, the drive for sustainable public transport is unstoppable and the electrification of global bus fleets is back on the agenda as we saw tender activity improving in the second half of 2021 and year-to-date 2022. Given our strong competitive position we gained several new contracts, including a significant order from Berliner Verkehrsbetriebe, and ended 2021 with a record order book of 325 buses. In 2022, we have already added a significant number of orders, including the major framework agreement with Deutsche Bahn, taking this record order book to 1,274 buses.

The operational performance of the Ebusco 3.0 buses already on the road further strengthens our belief in the future growth of Ebusco as we work towards our medium-term objectives. To partly accommodate for this expected growth and to offer local content, we have entered into final negotiations to lease a large new production facility in France.

Based on the strong order intake, tender activity and anticipated deliveries, we expect a sharp increase in revenue in 2022 compared to 2021. Ebusco is, however, not immune to the geopolitical uncertainty as a result of the invasion of Ukraine and continued strain on the global supply chain, both of which are key external risks we need to navigate.

We look forward to further executing our international expansion strategy together with our employees, suppliers, clients and shareholders to who we owe a debt of gratitude for their ongoing support. As of today, we have more than 350 buses on the road which have collectively driven more than 47 million kilometres, saving over 43 million kg of CO2. I am convinced that Ebusco is well-positioned to take advantage of the further electrification of bus fleets, enabling us to contribute to a better living environment with our safe, reliable, emission-free and cost-competitive transportation ecosystems.”

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[1] These orders can be divided into three categories: fixed (285), call of contracts (260), additional options within won contract (729)

[2] For further details, see the ‘Non-IFRS measures’ included in the Annual Report page 127-130.