© Philipp Stark, Stadt HerneIn its latest annual report, Ebusco confirms that ‘strategic partners’ have expressed “serious, but at this stage non-binding, interest to purchase a controlling stake in Ebusco’s bus operations”. A dedicated transaction committee within the supervisory board is overseeing the process, while the executive board pushes ahead with plans to reposition Ebusco as a development-focused business, with manufacturing outsourced to partners.According to Ebusco, this strategic shift from an OEM to an OED operating model was largely completed last year. “Ebusco has a number of contract manufacturers in Asia, who now exclusively perform the bus assembly activities, while Ebusco’s facilities in Deurne and Cléon (France) focus on pre-delivery inspection and support functions. As a result, Ebusco has become a much leaner and simpler organization,” the annual report states. This transition was supported by the consolidation of Deurne and Venray sites into a single facility, which has significantly reduced overheads: headcount fell by 46 per cent during this process, from 522 employees at the end of 2024 to 282 employees at the end of 2025.Reviewing the annual key figures: in 2025, Ebusco’s revenue surged to €76.6 million (compared to approximately €11 million in 2024). The operating loss (EBITDA) simultaneously decreased from €132.6 million to €56.4 million. This improvement was primarily driven by significantly reduced operating costs (excluding material costs), which fell to €72.6 million (-55.1 per cent compared to the previous year). However, the number of buses delivered also decreased, from 157 units in 2024 to 123 units in 2025. The order backlog shrank significantly year-on-year, from 581 to 245 vehicles.Meanwhile, Ebusco’s energy storage solutions business, supported by partner and shareholder Gotion High-Tech, gained momentum in 2025. According to the report: “Ebusco’s Energy Storage Solutions business, supported by its strong partner and shareholder Gotion, clearly gained traction in 2025, securing the first contracts for its Energy Storage System (ESS) proposition and further strengthening its Mobile Energy Containers (MECs) business.”Nevertheless, the company’s overall financial situation remains precarious. After securing several bridging loans, Ebusco obtained approximately €27.4 million in fresh capital in April through loans from shareholders and Asian partners. However, confirmation of an additional crucial loan from an international bank is still pending. This new agreement is expected to be finalised by the end of June 2026 but remains uncertain. The company itself warns in its annual report that this situation “indicate the existence of a material uncertainty that may cast significant doubt about Ebusco’s ability to continue as a going concern”. Selling a majority stake in the bus business is therefore a measure to secure the company’s survival.“Ebusco went through another extremely difficult time in 2025, while it continued transitioning its production setup and implementing the turnaround plan at the same time, reducing its cost base and aligning its operating model. Although the path ahead remains demanding and challenging, largely due to the company’s financial condition and persistent liquidity constraints, management believes that the company is moving in the right direction,” the executive board summarised. Significant progress has been made in optimising the company’s size and implementing the OED production strategy.ebusco.com
