Ebusco Holding N.v. · EURONEXT:EBUS
Ebusco — Shareholder Meeting (December 2025)
32 slides from Ebusco's shareholder meeting presentation, Dec 16, 2025
Slide 1: Reflecting on the Financial Year 2024 and Ebusco's Current State of Affairs
Reflecting on the Financial Year 2024 and Ebusco’s Current State of Affairs Peter Bijvelds (member of the Board) & Roel Nagelmaeker (CFO ad interim) Agenda item 3(a) (Report of the Management Board for the financial year 2024) and 2 (Business Update) AGM 2025 | 16 December 2025
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT IMPORTANT: Please read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Ebusco Holding N.V. (the Company) or any person on behalf of the Company, and any question-and-answer session that follows
Slide 3: Agenda
AGENDA 01 Introduction Roel Nagelmaeker 02 Reflecting on FY 2024 03 Ebusco’s current state of affairs 3
Slide 4: Introduction Roel Nagelmaeker
1. Introduction Roel Nagelmaeker INTRODUCTION ROEL NAGELMAEKER • 49 years • Joined Ebusco in May 2025 as Finance Director and, subsequently, as CFO ad interim • Studied at Neyenrode and holds a degree in Business Valuation from the Rotterdam School of Management (Erasmus University) • Started at Big
Slide 5: FY 2024 – A Year Ebusco Is Not Proud Of
2. Reflecting on FY 2024 FY 2024 – A YEAR EBUSCO IS NOT PROUD OF • 2024 was a year of transition for Ebusco, characterized by: • A significant change in the production strategy (from an OEM back to the OED model with production outsourced to contract manufacturers) • Considerable changes in the mana
Slide 6: Financial Review FY 2024
2. Reflecting on FY 2024 FINANCIAL REVIEW FY 2024 In EUR million FY 2024 FY 2023 Revenue 10.7 102.4 EBITDA(*) -132.6 -95.7 Result for the year -200.8 -120.1 Cash and cash equivalents 2.4 27.9 • 2024 revenue arrived at €10.7m, predominately due to the production halt and cancellations in the second h
Slide 7: Challenging Times Placed Significant Demands on the Time and Resources of the Company
2. Reflecting on FY 2024 CHALLENGING TIMES PLACED SIGNIFICANT DEMANDS ON THE TIME AND RESOURCES OF THE COMPANY • The very challenging business circumstances that Ebusco faced and the transformation the company was going through, including the switch from an OEM to an OED and the comprehensive refina
Slide 8: Ebusco Has Done Its Utmost to Complete the FY 2024 Audit As Soon As Possible
2. Reflecting on FY 2024 EBUSCO HAS DONE ITS UTMOST TO COMPLETE THE FY 2024 AUDIT AS SOON AS POSSIBLE • The challenging times persisted after 30 April 2025 – including the comprehensive restructuring of our outstanding debt, which Ebusco announced to the market on 7 July 2025 • In that environment,
Slide 9: Ebusco Is Committed to Continue to Strengthen Its Organization and Processes
3. Current EBUSCO IS COMMITTED TO CONTINUE TO STRENGTHEN ITS state of affairs ORGANIZATION AND PROCESSES • The switch from an OEM to an OED requires a redesign of Ebusco’s internal control framework • Ebusco is making good progress in taking fundamental measures to improve the quality of its financi
Slide 10: Priority Is Performing on the Bus Delivery Schedule
3. Current PRIORITY IS PERFORMING ON THE BUS DELIVERY SCHEDULE state of affairs ASSISTS IN GENERATING CASH INFLOW AND RESTORING TRUST FROM ITS CLIENTS • On 15 August 2025 Ebusco reported that it delivered 47 buses to its clients in the first half of the year (the vast majority of which in Q2 2025) a
Slide 11: Priority Is Also the Conversion of Call-Off Orders and Winning New Orders
3. Current PRIORITY IS ALSO THE CONVERSION OF CALL-OFF state of affairs ORDERS AND WINNING NEW ORDERS Orderbook per 30 November 2025 Contract Call off (*) Options Total (*) There is no guarantee that these call-off orders will be converted into fixed orders as customers may not be successful in Ebus
Slide 12: Ebusco's Financial Performance Shows Signs of Improvement (1/2)
3. Current EBUSCO’S FINANCIAL PERFORMANCE SHOWS SIGNS OF state of affairs IMPROVEMENT (1/2) Selected Financials (all in EUR 1,000, unless otherwise stated) FY 2024 % HY 2025 % Q3 2025 % 9M 2025 % • Results in Q3 2025 reflect the impact unaudited unaudited unaudited of the transition to the OED model
Slide 13: Ebusco's Financial Performance Shows Signs of Improvement (2/2)
3. Current state of affairs EBUSCO’S FINANCIAL PERFORMANCE SHOWS SIGNS OF IMPROVEMENT (2/2) • The transition to the OED model and the ongoing restructuring and cost reduction efforts have led to a positive impact on Ebusco’s operating costs • FTE base of Ebusco has come down from 522 at Year-End 202
Slide 14: Update on Remedial Actions to Address the Persistent Cash Constraints
3. Current UPDATE ON REMEDIAL ACTIONS TO ADDRESS THE state of affairs PERSISTENT CASH CONSTRAINTS • On 3 December 2025 Ebusco announced that it secured a working capital bridge loan of €5.1m, also in the context of some delay in the implementation of some of the remedial actions • Proceeds allowed E
Slide 15: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION
Slide 16: AGM 2025 | 16 December 2025
EsBUSCOC MADE TO MOVE PEOPLE AGM 2025 | 16 December 2025
Slide 17: Audit Financial Statements 2024 – EY Accountants BV
Annual General Meeting Ebusco Holding N.V. Audit financial statements 2024 EY Accountants BV 16 December 2025
Slide 18: Agenda: Audit Approach, Timelines, Disclaimer of Opinion
| Agenda 1 Audit Approach 2 Timelines 3 Disclaimer of opinion 4 Communication 18 16 December 2025 Annual General Meeting Ebusco Holding N.V.
Slide 19: Audit Approach & Focus
1 | Audit approach & focus Scope Strategy & execution Conclusion Separate and Responsibilities Our opinion consolidated financial Teaming ► Disclaimer of opinion statements Going concern Fraud and non- Board report compliance with laws & regulations Communication 19 16 December 2025 Annual General M
Slide 20: Timelines
2 | Timelines Scope Strategy & execution Conclusion Unaudited Annual Report 2024 Audited Annual Report 2024 31 December 2024 30 April 2025 3 November 2025 Annual Report 2024 Update Annual Report 2024 Communication 20 16 December 2025 Annual General Meeting Ebusco Holding N.V.
Slide 21: Disclaimer of Opinion
3 | Disclaimer of opinion assessment 21 16 December 2025 Annual General Meeting Ebusco Holding N.V.
Slide 22: Disclaimer of Opinion: Unmodified Auditor's Opinion
3 | Disclaimer of opinion assessment unmodified auditor's opinion 22 16 December 2025 Annual General Meeting Ebusco Holding N.V.
Slide 23: Disclaimer of Opinion: Emphasis of Matter
3 | Disclaimer of opinion assessment unmodified auditor's with emphasis opinion of matter paragraph: material uncertainty on going concern 23 16 December 2025 Annual General Meeting Ebusco Holding N.V.
Slide 24: Disclaimer of Opinion: Limitations of Auditability
3 | Disclaimer of opinion assessment unmodified Limitations of auditability auditor's with emphasis opinion of matter ► Internal control, changes in key personnel paragraph: material uncertainty on ► Going concern going concern 24 16 December 2025 Annual General Meeting Ebusco Holding N.V.
Slide 25: Disclaimer of Opinion: Disclaimer of Opinion
3 | Disclaimer of opinion assessment disclaimer of unmodified Limitations of auditability opinion auditor's with emphasis opinion of matter ► Internal control, changes in key personnel paragraph: material uncertainty on ► Going concern going concern 25 16 December 2025 Annual General Meeting Ebusco
Slide 26: Disclaimer of Opinion: Audit Differences
3 | Disclaimer of opinion assessment disclaimer of unmodified Limitations of auditability opinion auditor's with emphasis opinion of matter ► Internal control, changes in key personnel paragraph: audit material differences uncertainty on ► Going concern going concern 26 16 December 2025 Annual Gener
Slide 27: Communication
4 | Communication Scope Strategy & execution Conclusion Unaudited Audited 31 December 2024 30 April 2025 3 November 2025 Annual Report 2024 Update Annual Report 2024 Communication 27 16 December 2025 Annual General Meeting Ebusco Holding N.V.
Slide 28: Appendices – FY 2024 vs. FY 2023 Financials
APPENDICES - FY 2024 vs. FY 2023 Financials AGM 2025 | 16 December 2025
Slide 29: FY 2024 P&L vs. FY 2023
FY 2024 P&L VS. FY 2023 Summary of financials (€k) 2024 2023 Change Revenues 10.665 102.440 -91.775 Y-o-y growth -90% -9% Cost of materials -45.267 -109.288 64.021 Gross profit -34.602 -6.848 -27.754 Margin -324,4% -6,7% Y-o-y growth 405% -142% Employee benefit expenses -42.501 -38.467 -4.034 Other
Slide 30: Balance Sheet YE 2024 vs. YE 2023
BALANCE SHEET YE 2024 VS. YE 2023 Summary of financials (€k) 2024 YE 2023 YE Change Intangible fixed assets 5.376 49.888 -44.512 Tangible fixed assets 33.985 38.299 -4.314 Financial fixed assets 3.670 3.161 509 Total fixed assets 43.031 91.349 -48.318 Contract assets and inventory 125.246 174.181 -4
Slide 31: Cash Flow Statement FY 2024 vs. FY 2023
CASH FLOW SATEMENT FY 2024 VS. FY 2023 Summary of financials (€k) 2024 2023 Change EBITDA -132.635 -95.733 -36.902 Increase (decrease) provisions -5.061 8.863 -13.924 Movements in working capital 84.182 -16.935 101.117 Gain/ (Loss) on disposal of PP&A - 75 -75 Income taks paid -198 -69 87.118 Net ca
Slide 32: Ebusco – Made to Move People
EZSUSCO” MADE TO MOVE PEOPLE www.ebusco.com