Earnings Release • Dec 4, 2025
Earnings Release
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Deurne, 3 December 2025 – Ebusco Holding N.V. (Euronext: EBUS) announces today that Ebusco B.V. has obtained a EUR 5.1 million working capital bridge loan to safeguard the ongoing delivery of its buses.
On 3 November 2025 Ebusco reported that its liquidity constraints continue to persist and that it continues to do its utmost to implement remedial actions to address its liquidity and operational challenges. Key elements of these remedial actions are (i) the EUR 9 million working capital facility that has been made available by one of Ebusco's partners in China and (ii) the framework agreement with a Chinese contract manufacturer under which inventories related to Ebusco 3.0 buses are expected to be purchased and financed locally. As of today, approximately EUR 4 million of the EUR 9 million working capital facility remains undrawn.
The implementation of the remedial actions referred to above is somewhat delayed. The discussions are ongoing based on good relationships with the Chinese partners and Ebusco is confident on realizing the desired outcome.
In order not to delay its bus delivery schedule and to avoid any corresponding contractual penalties for late delivery, Ebusco has now secured a working capital bridge loan of EUR 5.1 million in total (the Loan) from CVI Investments Inc., an entity managed by Heights Capital Management, Inc. (Heights), De Engh B.V. (De Engh), Peter Bijvelds Holding Erp B.V. (PBH) and N-Works B.V., which is the personal holding company of Ebusco's a.i. CFO Roel Nagelmaeker (N-Works). All the lenders under the Loan are also shareholders of Ebusco.
The proceeds of the Loan will allow Ebusco to safeguard the ongoing delivery of its buses on time, which will result in a corresponding conversion of working capital into cash over time, and assists in the ongoing stabilization of Ebusco. Ebusco reiterates its guidance for Q4 2025 to deliver at least an equal number of buses as in Q3 2025 (39).
The Loan, which contains customary terms and conditions for a loan of this nature, will be repaid by Ebusco over time through the cash proceeds from bus deliveries and has a final maturity date of 1 May 2026. In the event of any outstanding principal amount on the final maturity date, such amount (including any accrued interest and any unpaid fees) will mandatorily convert into Ebusco shares at a conversion price that equals a 15% discount to the 5-business day Volume Weighted Average Price of the Ebusco shares preceding the final maturity date.
Ebusco is expected to provide a brief business update prior to the Annual General Meeting of Shareholders, which will take place on 16 December 2025 (the AGM), which is then also expected to include some selected information on the company's financial position as per 30 September 2025.
Annual General Meeting 16 December 2025
Lisa van Tartwijk Manager Marketing & Communication
Tel: +31 88 110 02 23 [email protected]
For press images: www.ebusco.com/press/
Ebusco is a developer, manufacturer, and distributor of zero emission buses as well as a supplier of ancillary products and services to the electric vehicle ecosystem. As an innovative frontrunner in the development of electric buses and accompanied ecosystems, its mission is to contribute to a better environment by enabling safe, sustainable, emission-free and affordable transportation ecosystems. Ebusco buses currently operate in multiple countries throughout Europe, and are deployed in major cities such as Amsterdam, Berlin, Munich, and Barcelona. Ebusco was founded in 2012 and had a workforce of 305 full-time employees as at 30 September 2025.
Since 22 October 2021 Ebusco is listed on Euronext Amsterdam (EBUS).
For more information: 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, uncertainties 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 expectations, estimates, forecasts, analyses and projections about the industry in which we operate and management's beliefs and assumptions about possible future events. You are cautioned 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 predictions nor guarantees of possible future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities law.
This press release contains inside information within the meaning of Article 7(1) of the European Market Abuse Regulation (MAR). This press release was distributed at 17:45 on 3 December 2025.
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