Earnings Release • Oct 11, 2023
Earnings Release
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Deurne, 11 October 2023 – Ebusco (Euronext: EBUS) today provides a trading update for Q3 2023 and an outlook for the remainder of 2023.
Peter Bijvelds, founder and CEO: "Following the announcements at the half year results, we have made strong progress with implementing our adjusted manufacturing strategy and good progress in optimising our day-to-day operation in the Netherlands, while navigating a challenging landscape.
We are pleased to report that we have successfully expanded our 3.0 production capacity. This includes both the scaling of 3.0 casco production in Deurne and the start of production with international assembly partners. It is encouraging to see that our assembly partners have swiftly started the Ebusco 3.0 bus assembly and we can confirm that the first shipments are expected in the fourth quarter of this year.
The delivery of Ebusco 3.0 buses to Transdev has continued at a steady pace during the quarter. In addition, we are currently in the vehicle acceptance phase with two customers, who will start operations with the Ebusco 3.0 in the fourth quarter of this year. The operational performance of the Ebusco 3.0 exceeds our and our clients' expectations. The buses in operation demonstrate outstanding energy efficiency, with a real-road energy consumption of 0.65 kWh per kilometre while regularly driving over 500 kilometres per day on a single charge.
It is very gratifying to see that, despite the challenges we face, customers consistently place their trust in us. This is reflected by, for instance, the seventh order we received from Stadtwerke Munich. Furthermore, we continue to receive highly positive feedback from amongst others Berliner Verkehrsbetriebe (BVG) and Transdev with respect to the operational performance and drivability of both the Ebusco 2.2 and Ebusco 3.0.
It is clear that our operational performance is not where we would like it to be. It is therefore crucial that we remain focused on executing our plans to improve this performance. The dedication I see from our colleagues every day makes me proud and gives me the confidence that we will make it happen together."
Despite the supply chain imbalance and personnel shortages that are s�ll impac�ng opera�ons, Ebusco has delivered 138 buses to date. As a result of these developments combined with the ramp up in Deurne and at our assembly partners Ebusco provides the following outlook for the full year 2023:
Furthermore, we reiterate our previous guidance to achieve a posi�ve EBITDA in 2024 and will update the capital markets on our FY 2024 outlook in December 2023.
As men�oned at our half year results, Ebusco secured a two-year financing facility of €41.5 million, in addi�on to its already exis�ng bank guarantee credit facility of €50 million. The financing facility of €41.5 million is undrawn and management has implemented several cost savings and working capital improvement projects.
During the third quarter, Ebusco gained new orders for 54 buses. New contracts were signed with repeat customer and innova�on partner Stadtwerke Munich as well as Fraport, a new customer, opening up the airport bus market. More recently Ebusco and Deutsche Bahn extended their partnership for delivery of electric buses un�l 2026. The order book at the end of the third quarter is reflected below.
| Type | Fixed contracts | Call off | Op�ons | Total |
|---|---|---|---|---|
| Ebusco 2.2 | 121 | 229 | 765 | 1,115 |
| Ebusco 3.0 | 573 | 0 | 135 | 708 |
| Total | 694 | 229 | 900 | 1,823 |
We con�nue to see robust tender ac�vity scheduled for deliveries in 2024 and 2025 and expect to further increase our order book in the coming period. In addi�on to this, we no�ce that the demand for solu�ons provided by Ebusco Energy is growing, resul�ng in a good increase of its order book.
Based on the long-term rela�onships with our external assembly partners, Ebusco has been able to swi�ly roll out the new produc�on setup. Since launching the adjusted produc�on strategy, good progress was made with the first cascos assembled at our casco assembly partner. On the bus assembly side, the first Ebusco 3.0 buses have been successfully manufactured and the first shipments of Ebusco 3.0 buses are expected in November.
WEBCAST OF Q3 2023 TRADING UPDATE Date and �me: 11 October 2023 at 10 am CET Link: investors.ebusco.com/webcast
| 9 February – 25 March 2024 |
Closed period |
|---|---|
| 26 March 2024 | Full Year Results 2023 |
| 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 |
Rob Stevens Manager Marke�ng & Communica�ons Tel: +31 88 110 02 23 [email protected]
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
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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