Earnings Release • Dec 14, 2023
Earnings Release
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Deurne, 13 December 2023 – As indicated during the third quarter update 2023, Ebusco (Euronext: EBUS) today provides an update with respect to its progress in 2023, outlook for the full year 2024 and other opera�onal developments. In conjunc�on, Ebusco announces an accelerated bookbuild offering and concurrent conver�ble bond private placement in a separate press release.
Based on the current produc�on in Deurne and the development at our assembly partners, Ebusco narrows its revenue guidance for the full year 2023 to arrive in the range of EUR 145-155 million, which reflects the lower half of the guidance as provided at the Q3 update.
Opera�onal expansion outside of Deurne is on track with the first serial produced 3.0 buses successfully assembled at our assembly partners in China and ready to be shipped this year. Furthermore, the first cascos based on a local supply chain have been completed at our assembly partner and the commencement of produc�on at our plant in Rouen is on track.
Supply chain imbalances con�nue to impact our business as missing components lead to inefficiencies and addi�onal costs. However, Ebusco con�nues to make progress on the efficiency of its assembly lines and expects a significant improvement of EBITDA in 2H23 compared to 1H23.
Fully based on the execu�on of exis�ng customer orders for 2024, Ebusco expects revenue to be in excess of EUR 300m for the full year 2024. Furthermore, Ebusco confirms that it expects to achieve a posi�ve EBITDA for the full year 2024. Ebusco will provide narrower guidance on the EBITDA outlook in the course of 2024.
As of the first quarter of 2024, Ebusco will implement cost measures that have been developed in recent months to lower its indirect cost base and bring the direct cost base in line with the adapted assembly strategy.
To cover the working capital need in rela�on to the 2024 guidance, Ebusco simultaneously announces in a separate press release the launch of an accelerated bookbuild offering and concurrent conver�ble bond private placement. Ebusco will convene an extraordinary general mee�ng on 29 January 2024 to request the required shareholder approvals.
To further increase its financial flexibility, Ebusco is having construc�ve and advanced discussions with lenders to extend and increase its exis�ng bank guarantee/leter of credit facility. The structure under discussion is similar to the structure that Ebusco successfully deployed in the past to shorten its cash cycle.
Bob Fleuren has informed the Management Board and Supervisory Board of Ebusco that he will not stand for re-elec�on as COO at the end of his current term (May 2024 AGM).
Bob remains highly suppor�ve of the adapted assembly strategy, which he co-ini�ated. However, he has decided that his personal ambi�ons lie elsewhere, and he will be looking to pursue these outside of Ebusco. During his remaining tenure, Bob will con�nue his work with the same dedica�on and commitment to Ebusco, its employees and customers. A search for a replacement COO has been ini�ated, with a view to further align the composi�on of the management board with the adapted assembly strategy.
Furthermore, Ebusco has appointed Mr. Frank Meurs as an advisor to the management board with the inten�on to nominate him for a posi�on on the supervisory board at the AGM in May 2024. Frank brings with him a wealth of experience in the fields of business development, opera�ons and supply chain.
Most recently, Frank acted as the managing director of Toray Advanced Composites EMEA. Prior to that, he was chief opera�ng officer of Ten Cate Advanced Composites Global. With this background, Frank will provide invaluable support to both the management and supervisory boards and the broader company as Ebusco scales up its business.
Ebusco will organize a Capital Markets Day in the second quarter of 2024 to provide more insight in market developments, its long-term strategy, and technological roadmap.
| 29 January 2024 | Extraordinary General Mee�ng (EGM) |
|---|---|
| 9 February – 25 March 2024 |
Closed period |
| 26 March 2024 | Full Year Results 2023 |
| Second Quarter 2024 | Capital Markets Day 2024 |
| 14 May 2024 | Annual General Mee�ng (AGM) |
| 29 June – 30 July 2024 |
Closed period |
| 31 July 2024 | Half Year Results |
| 5 October – 15 October 2024 |
Closed period |
| 16 October 2024 | Trading update Q3 |
Bjorn Krook Director Investor Rela�ons & Strategy Tel: +31 88 110 02 00 [email protected]
For press images: www.ebusco.com/press/
Ebusco is a developer, manufacturer, and distributor of zero emission buses and charging systems as well as a supplier of ancillary products and services to the electric vehicle ecosystem. As an innova�ve frontrunner in the development of electric buses, its mission is to contribute to a beter living environment by driving the transi�on to zero emission public transporta�on.
Ebusco's buses currently operate in mul�ple countries in Europe, including in major ci�es such as Amsterdam, Berlin, and Munich. Ebusco was founded in 2012 and had a workforce of 809 full-�me employees as at 30 June 2023. The company is headquartered in Deurne, the Netherlands.
Since 22 October 2021 Ebusco is listed on Euronext Amsterdam.
For more informa�on: www.ebusco.com
The securi�es referred to herein have not been and will not be registered under the U.S. Securi�es Act of 1933, as amended (the "Securi�es Act"), may not be offered or sold in the United States absent registra�on or except pursuant to an exemp�on from, or in a transac�on not subject to, the registra�on requirements of the Securi�es Act and in compliance with any applicable securi�es laws of any state or other jurisdic�on of the United States. There will be no public offer of the securi�es referred to herein in the United States.
Some statements in this press release may be considered 'forward-looking statements'. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertain�es and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expecta�ons, es�mates, forecasts, analyses and projec�ons about the industry in which we operate and management's beliefs and assump�ons about possible future events. You are cau�oned not to put undue reliance on these forward-looking statements, which only express views as at the date of this press release and are neither predic�ons nor guarantees of possible future events or circumstances. We do not undertake any obliga�on to release publicly any revisions to these forward-looking statements to reflect events or circumstances a�er the date of this press release or to reflect the occurrence of unan�cipated events, except as may be required under applicable securi�es law.
This press release contains informa�on that qualifies or may qualify, as inside informa�on within the meaning of Ar�cle 7(1) of the EU Market Abuse Regula�on.
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