Ebusco Holding (EBUS) H1 2026 earnings summary

Executive summary

• Completed transition from OEM to OED model, resulting in improved gross margin and reduced losses.

• Revenue declined to €22.0m in H1 2026 from €28.2m in H1 2025 due to fewer bus deliveries.

• Significant cost reductions achieved through organizational right-sizing and lower employee expenses.

• Persistent working capital and liquidity constraints continue to impact operations and delivery schedules.

• Strategic discussions ongoing regarding potential transactions involving bus operations.

Financial highlights

• Revenue: €22.0m (H1 2025: €28.2m); Gross profit: €6.1m (H1 2025: €-6.2m).

• EBITDA loss improved to €-17.9m (H1 2025: €-36.2m); Net loss reduced to €-24.9m (H1 2025: €-46.1m).

• Gross margin positive at 27.8% (16.3% adjusted for BMS contract).

• Cash and cash equivalents at €2.1m (Dec 2025: €7.4m); Net equity at €-14.8m (Dec 2025: €3.3m).

• Net debt (excl. leases) reduced to €26.1m from €46.3m year-over-year.

Outlook and guidance

• Delivery schedule for buses heavily weighted to Q4 2026 and some into Q1 2027.

• Management aims for further cost reductions in H2 2026.

• Ongoing efforts to secure sustainable working capital and short-term liquidity solutions.

• Confidence in securing new contracts for Energy Solutions in H2 2026.