Ebusco appoints co-CEO and gives financial update

30 January 2024

Ebusco announces that Frank Meurs will join the management board as ad interim co-CEO. Also the Dutch bus manufacturer has published preliminary financial results over the year 2023. These results are impacted by two elements that previously could not have been foreseen, as Ebusco states in a press release: "As a result, the guidance for 2024 is adjusted upwards from revenue in excess of 300 million euros to revenue in excess of 325 million euros and a positive EBITDA.”

The unforeseen circumstances that have an impact on the bus production are as Ebusco states: "For a number of buses that were already completed at our assembly partners and are ready shipment, the title transfer to Ebusco did not occur in time. Furthermore, the recent disturbance in global logistics flows and the capacity in our own warehouses resulted in longer shipping times delaying the arrival of parts at our assembly partners. This had a knock-on effect on the assembly progress in the last weeks of the year at our partners. The title transfer and logistics issues had an impact on the 2023 revenue of circa EUR 15 to 20 million." Also the delivery of most of the Energy Containers has been moved to 2024 as a certification programme required for delivery was not completed in line with the expected timetable. "The certification programme has since been completed on the first containers and delivery to the client is now expected late Q1/early Q2. The impact of the delayed delivery is slightly over EUR 10 million." Ebusco emphasizes that: "These circumstances will not impact the production plan for 2024 and

therefore will not have consequences for client delivery plans and related cash collections. We confirm that the first Ebusco 3.0 buses assembled by our partners are currently in transit to Europe and are due to arrive in February. We further confirm that our own manufacturing location in Deurne has contributed to revenue as expected in the last quarter." In order to make this happen Ebusco appointed a co-CEO, like also Van Hool recently announced, with the aim to increase efficiency and sharing the workload in the company. As co-CEO Mr. Frank Meurs is appointed on an ad interim basis while searching for a permanent solution. Frank Meurs is already acting as advisor to the Board. His main responsibilities will be business development, operations and supply chain. CEO Peter Bijvelds will focus on corporate strategy as well as product and commercial development. Ebusco will disclose its Full Year Results 2023 on 26 March 2024. To strengthen its financial position Ebusco recently has concluded a capital increase of in total 59.2 million euros of newly issued ordinary shares, and placement of a private convertible bond.