Ebusco interim update, current guidance no longer achievable

25 June 2024

Ebusco released an interim update. Following an initial results assessment of the first months of 2024 and the operational planning for the remainder of the year, the Ebusco Executive Team says the actions taken in the last 12 months are bearing fruit. However, the company is warning that its current guidance of revenue in excess of €325 million combined with a positive EBITDA in 2024 is no longer achievable.

“The strategic shift to re-introduce working with contract manufacturers has proven to be the right choice as we see an acceleration in assembly time. The number of buses delivered year-to-date has increased to 90 (vs. 66 in the first half of 2023) and is expected to accelerate in the second half of the year”, as the Dutch manufacturer states in press release. For the Ebusco 3.0 bus the company says market demand enables Ebusco to plan its production well into 2025. Earlier this year, Ebusco introduced a revised organisational structure, leading to clearer roles and responsibilities. “Although we are seeing the first positive results of the management actions taken, the transition of the assembly process and logistic flows to contract manufacturers has encountered start-up inefficiencies. These inefficiencies have delayed production compared to the initial plan and will take for the remainder of 2024 to resolve. Also, at

our inhouse production facility in Deurne, the finalisation of buses continues to be impacted by inefficiencies slowing down factory output. Besides having an impact on revenue, this also has an impact on the cost reduction programme which could not be executed in full yet. The catch-up effect in the second half of this year will not be enough to compensate for the lower than expected savings in the first half of 2024. To counter these setbacks, Ebusco has taken the decision to prioritise customer orders that are currently on assembly lines and in the Pre Delivery Inspection (PDI) to focus on maximum speed of delivery of buses that are close to completion. Furthermore, the Executive Team is in the process to identify additional cost savings on top of the initiated plans.” The publication of the half year results is due on 31 July 2024 at 07:30 CET.