Ebusco is in talks with strategic investors over potential sale of bus division
Ebusco has entered discussions with strategic parties over a potential sale of a controlling stake in its bus operations. The announcement was made alongside the company’s 2025 financial results, confirming that non-binding interest has been received following earlier reverse inquiries disclosed on 2 April 2026. Ebusco stated that discussions have progressed and are currently ongoing […]
Ebusco has entered discussions with strategic parties over a potential sale of a controlling stake in its bus operations.
The announcement was made alongside the company’s 2025 financial results, confirming that non-binding interest has been received following earlier reverse inquiries disclosed on 2 April 2026. Ebusco stated that discussions have progressed and are currently ongoing as part of a broader evaluation of strategic options for its bus division.
The development forms part of a wider transformation process at Ebusco, which throughout 2025 continued restructuring its operations and transitioning its production model while addressing financial constraints.
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Ebusco results 2025
Ebusco reported revenues of €76.6 million for 2025, compared with €10.7 million in 2024, alongside a net loss of €71.0 million, reduced from €200.6 million the previous year. EBITDA loss stood at €56.4 million, while operating expenses excluding materials declined by 55.1% year-on-year to €72.6 million.
The company’s equity position at year-end was €3.3 million, with cash and cash equivalents of €7.4 million. In August 2025, Ebusco completed a restructuring of more than €32 million in outstanding debt, primarily through a debt-for-equity swap.
During 2025, Ebusco continued the transition from an OEM (Original Equipment Manufacturer) model to an OED (Original Equipment Design) approach. The shift included outsourcing production activities in China and consolidating operations, with the Deurne and Venray sites merged into a single facility.
We believe both our businesses, bus and energy solutions, deserve focus, and we are currently exploring strategic options to ensure both businesses can thrive under the right governance to optimize value creation in the long term
Peter Bijvelds, Founder and member of the Management Board, Ebusco
The workforce was reduced from 522 full-time equivalents at the end of 2024 to 282 by the end of 2025. The company delivered 123 buses during 2025, compared with 157 units in 2024.
The order book stood at 245 buses at year-end 2025, down from 581 units a year earlier, comprising 127 firm orders and 118 call-off orders.
Ebusco: strategic review of bus activities?
Ebusco confirmed that it is evaluating the potential sale of a controlling stake in its bus activities. The company has established a dedicated transaction committee composed of members of its supervisory board to assess the options.
Earlier considerations included a possible structural separation between bus manufacturing activities and the company’s energy storage segment. In 2025, the Energy Storage Solutions business secured its first contracts and expanded activities in mobile energy containers, supported by shareholder Gotion.
Peter Bijvelds, Founder and member of the Management Board, states: “Due to the operational and financial challenges that we faced in 2025, we have been forced to focus our efforts on many different internal matters, such as the ongoing transition from OEM to OED, addressing our persistent liquidity and working capital concerns, right-sizing and strengthening the organization and all the work that we have put in, together with our partners, in terms of optimizing the production footprint and supply chain under the new OED model. The impact has been that the company has deliberately limited its focus on winning new orders, despite the widely acknowledged quality of its technology and products, in order to prioritize execution discipline and mitigate potential risks, including contractual and delivery-related risks. Even though our liquidity and working capital concerns persist, thanks to all the hard work of our employees, and in close cooperation with our customers and suppliers Ebusco has been able to put itself in a better position from an operational point of view to capture the growing demand for zero-emission public transport. This not only strengthens our position in zero-emission public transport, but also positions Ebusco well to participate in the rapid build-out of the Energy Storage Solutions market. Through our strategic cooperation with Gotion High-Tech, we are able to leverage high-quality battery technology in combination with our own integration and application expertise, at a time when geopolitical developments are fundamentally reshaping the demand for energy security and independence. Lastly, as also stated last year, we believe both our businesses, bus and energy solutions, deserve focus, and we are currently exploring strategic options to ensure both businesses can thrive under the right governance to optimize value creation in the long term.”
