Ebusco finalizes FY2024 audit, reports ongoing liquidity constraints and outlines board renewal

Ebusco announces in an official statement that it has finalized the audit of its FY2024 financial statements, convened its Annual General Meeting (AGM) for 16 December 2025, and proposed several changes to its governance structure.

According to the company, the external auditor has issued a disclaimer of opinion on the FY2024 accounts. While the audit revealed no impact on equity or annual results, Ebusco identified several reporting errors, including minor arithmetical and cross-reference inconsistencies. An updated version of the FY2024 Annual Report has been published with corrected figures and an updated going concern statement, noting ongoing liquidity challenges.

At the upcoming AGM, shareholders will be asked to approve the appointment of Roel Nagelmaeker as CFO, the reappointment of Peter Bijvelds to the Management Board, and changes to the Supervisory Board following the planned departures of Derk Haank and Roelf de Boer. The proposed new members are Mariëtte Doornekamp, Olaf de Bruijn, and Rob Engelschman (effective 1 April 2026).

“Liquidity contraints continue to persist”

In the Update is drafted that “Despite all progress, efforts and the underlying sound market fundamentals, the company acknowledges that its liquidity constraints continue to persist and that it continues to face various operational and financial challenges, which result in a material uncertainty regarding the Company’s ability to continue as a going concern”.

The company continues to undergo changes in key management positions, with the search for a permanent CEO ongoing, following the resignation of Christian Schreyer in June 2025.

Ebusco stated that it continues to implement measures to stabilize operations, including a €9 million working capital facility from a Chinese partner—44% of which has been drawn—and a framework agreement with a Chinese contract manufacturer to localize procurement and financing for the Ebusco 3.0. The company reported 39 bus deliveries in Q3 2025 and expects a similar or higher number in Q4.

All documents, including the updated FY2024 Annual Report and AGM materials, are available on Ebusco’s investor website.

“We are very pleased and excited to propose Roel for appointment to the Management Board and Mariëtte, Olaf and Rob to the Supervisory Board,” said Derk Haank, Chairman of Ebusco’s Supervisory Board. “Each bring specific knowledge and experience that will contribute to the further stabilization of Ebusco as a company and achieving its mission to accelerate the transition to zero emission public transport. With the appointment of Mariëtte, Olaf and Rob we have also ensured the succession planning of Ebusco’s Supervisory Board.”