Ebusco Holding N.V. (EBUS) AI Stock Analysis

Ebusco Holding N.V.

(Amsterdam:EBUS)

Select Model

Rating:39Underperform

Price Target:EUR 0.16▲(4.01% Upside)

Action:downgraded

Date:10/15/26

Ebusco scores near the bottom of the range, driven overwhelmingly by its distressed financial profile: negative gross margins, a €71M net loss, an almost fully depleted equity base of €3.3M, 10.3x leverage, and persistent negative cash flow that implies dependence on external financing. Technicals reinforce the weakness, with the price below all major moving averages and negative MACD momentum. Valuation provides no offset given negative earnings and no dividend. Modest positives — a sharp revenue rebound in 2025, narrowing losses, reduced cash burn, and lower absolute debt — are not enough to counter the significant going-concern and dilution risks.

Positive Factors

Revenue reboundRevenue’s sharp 2025 rebound shows the company can regain commercial volume in its core electric-bus market. If delivery execution is sustained, higher throughput can improve operating absorption and create a larger installed base for future service and charging-related revenue.

Negative Factors

Persistent unprofitabilityRecurring losses, including negative gross profit in 2025, indicate that revenue growth has not yet translated into a viable earnings model. Continued weak margins can restrict reinvestment, reduce resilience, and leave the business exposed if operational improvements take longer than expected.

Ebusco Holding N.V. (EBUS) vs. iShares MSCI Netherlands ETF (EWN)

Market Cap: EUR 40.97M
Dividend Yield: ―
Average Volume (3M): 569.78K
Price to Earnings (P/E): -0.7
Beta (1Y): 1.80
Revenue Growth: ―
EPS Growth: ―
Country: Netherlands
Employees: 248
Sector: Consumer Cyclical
Sector Strength: 61
Industry: Auto - Manufacturers

Ebusco Holding N.V. Business Overview & Revenue Model

Company Description

Ebusco Holding N.V., together with its subsidiaries, engages in the development, manufacture, and distribution of zero emission buses and charging systems. It also provides ancillary services to electric vehicle ecosystem; and manufactures and suppli...

How the Company Makes Money

Ebusco makes money primarily by selling battery-electric buses to public transport operators and procurement authorities. Revenue is typically recognized under customer contracts tied to vehicle deliveries and agreed milestones (depending on contract...

Ebusco Holding N.V. Financial Statement Overview

Summary

Ebusco's financials are severely distressed across all three statements. The income statement (score 8/100) shows deeply negative gross margins of -34%, meaning buses are sold below production cost, with a €71M net loss in 2025 despite a revenue rebound to €76.6M. The balance sheet (12/100) is near collapse, with stockholders' equity eroded to just €3.3M from €304M in 2021, debt-to-equity spiking to 10.3x, and a real risk of negative equity. Cash flow (14/100) remains negative at -€27.9M operating and -€28.8M free cash flow, with no positive cash generation on record. The only mitigating factors are a narrowing loss trend, reduced cash burn, and lower total debt (€34M vs €47M), but going-concern risk is substantial.

Income Statement

8Very Negative

Balance Sheet

12Very Negative

Cash Flow

14Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	70.42M	76.59M	10.66M	102.44M	111.62M	24.27M
Gross Profit	-4.42M	-26.22M	-34.60M	-6.85M	15.63M	1.22M
EBITDA	-38.14M	-56.43M	-128.65M	-97.63M	-34.69M	-34.71M
Net Income	-49.73M	-70.98M	-200.63M	-119.16M	-31.72M	-26.39M
Balance Sheet
Total Assets	116.72M	155.43M	180.06M	319.83M	320.62M	332.71M
Cash, Cash Equivalents and Short-Term Investments	2.15M	7.44M	2.40M	27.92M	95.21M	207.92M
Total Debt	38.73M	32.07M	47.32M	51.07M	8.25M	9.06M
Total Liabilities	131.47M	152.13M	152.56M	141.53M	47.16M	28.77M
Stockholders Equity	-14.75M	3.29M	27.50M	179.82M	274.00M	304.01M
Cash Flow
Free Cash Flow	-8.34M	-28.82M	-58.44M	-120.92M	-106.05M	-24.32M
Operating Cash Flow	-7.52M	-27.93M	-43.17M	-103.80M	-99.06M	-19.39M
Investing Cash Flow	-613.00K	-911.00K	-16.93M	-20.07M	-8.50M	-27.28M
Financing Cash Flow	8.27M	33.91M	34.59M	56.58M	-5.17M	227.73M

Ebusco Holding N.V. Technical Analysis

Technical Analysis SentimentNegative

Last Price0.15

Price Trends

50DMA0.19Negative

100DMA0.23Negative

200DMA0.28Negative

Market Momentum

MACD-0.01Negative

RSI35.09Neutral

STOCH24.12Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:EBUS, the sentiment is Negative. The current price of 0.15 is below the 20-day moving average (MA) of 0.17, below the 50-day MA of 0.19, and below the 200-day MA of 0.28, indicating a bearish trend. The MACD of -0.01 indicates Negative momentum. The RSI at 35.09 is Neutral, neither overbought nor oversold. The STOCH value of 24.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:EBUS.

Ebusco Holding N.V. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

NL:EBUS against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
NL:EBUS	39Underperform	EUR 40.97M	-0.65	867.76%	―	―	―

* Consumer Cyclical Sector Average

Performance Comparison

NL:EBUS and its peers over the selected period
Show on chart	Ticker	Company Name	Price	Change	% Change
	NL:EBUS	Ebusco Holding N.V.	0.16	-0.23	-60.00%
	NL:FERGR	Ferrari Group PLC	7.58	-0.05	-0.63%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 15, 2026

Ebusco Holding N.V. AI Stock Analysis