Ebusco N : Annual Report 2021 (PDF website version)

1

INTRODUCTION

MANAGEMENT BOARD REPORT

GOVERNANCE

FINANCIAL STATEMENTS

CONTENT

INTRODUCTION*

Ebusco at a glance 3

Key figures 5

Message from the CEO 6

Shareholder Information 8

Strategy 9

MANAGEMENT BOARD REPORT*

Composition of the Management Board 12

Operational review 13

Financial review 16

Outlook 20

Our responsibility 23

Risk Management and Internal Control 32

Management Statement 46

GOVERNANCE

Corporate governance* 49

Composition of the Supervisory Board 56

Report of the Supervisory Board 57

Remuneration report 61

COMPANY FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

Consolidated statement of profit or loss and

other comprehensive income 66

Consolidated statement of financial position 67

Consolidated statement of changes in equity 68

Consolidated statement of cash flows 69

Notes to the consolidated financial statements 70

COMPANY FINANCIAL STATEMENTS

Company statement of profit or loss 109

Company statement of financial position 110

Notes to the company financial statements 111

OTHER INFORMATION

Provisions of the Articles of Association

relating to profit appropriation 118

Independent auditor's report 119

Four year overview 126

Non-IFRS measures 127

Organisation Ebusco 131

*The chapters marked with a * are part of the report of the Management Board as defined in Title 9, Dutch Civil Code 2.

DISCLAIMER

ANNUAL REPORT EBUSCO 2021

This document is only a "website version" and is not the official annual financial reporting, including the audited financial statements thereto pursuant to article 361 of Book 2 of the Dutch Civil Code.

The official annual financial reporting, including the audited financial statements and the auditor's report thereto, are included in the single report package which can be found via https://investors. ebusco.com/financial-reports-and-presentations/

In case of any discrepancies between the website version and the official annual financial reporting, the aforementioned official annual financial repor- ting prevails.

EBUSCO - MADE TO MOVE

Ebusco is a developer, manufacturer, and distributor of zero-emission buses and charging systems as well as a supplier of ancillary products and services to the electric vehicle ecosystem. As an innovative frontrunner in the development of electric buses, Ebusco contributes to a better living environment by driving the transition to zero-emission public transportation.

DELIVERING COMPLETE ECOSYSTEMS

Ebusco's offering comprises the entire electric vehicle ecosystem in which its zero-emission buses operate, including Energy Storage Systems, charging infra- structure, depots, service and maintenance and local energy supply and grid alignment.

Electrical buses

Industry leading EV buses with real-road experience and game changing new model.

Charging

Complete package with small-sized chargers. Design and installation of charging infrastructure.

Storage

Energy storage solutions (ESS) and Mobile Energy Containers (MEC). Local storage of energy to reduce grid connection.

Grid alignment

Smart charging infrastructure, energy storage and grid balancing solutions to organise the energy ecosystem of the future.

After sales

Digital, real-time fleet management system. Full-service or flexible maintenance contracts and efficient spare parts supply chain.

Ebusco's buses currently operate in multiple coun- tries in Europe, including in major cities such as Amsterdam, Frankfurt and Munich. Ebusco was founded in 2012 and had a workforce of almost 340 employees as at 31 December 2021. The company is headquartered in Deurne, the Netherlands and has, next to its production facilities in Deurne, a third-party facility in Xiamen, China.

Ebusco has a global expansion roadmap and growth strategy in place to capture opportunities across geographies.

Since 22 October 2021 Ebusco is listed on Euronext Amsterdam.

There are Ebusco buses on the road in the Nether- lands, Belgium, France, Germany, Norway, Switzer- land and Denmark and the company intends to ex- pand its presence in both its existing markets and beyond, including European countries and North America.

VISION

Driving the transition to sustainable public transport

MISSION

To contribute to a better environment by enabling safe,sustainable, emission-free and affordable transportation ecosystems

*As at 31 December 2021 cumulative

AN INDUSTRY PIONEER

Ebusco, founded nearly a decade ago on the strong belief that electric transport is the future, is an in- dustry pioneer with a distinct first mover advantage. Its first bus in 2013, the Ebusco 1.0, was a proof-of-concept which played a vital role in testing and further development to arrive at the Ebusco 2.0. As a result of continued advancements in technologyand production capabilities, the product portfo- lio of Ebusco further evolved. The Ebusco 2.2 was released in 2017. It was the first bus with a body and chassis made of high strength stainless steel, re- sulting in significant weight reduction, and boasted a single-charge range of up to 350 kilometres while carrying 90 passengers.

TIMELINE

2.2

3.0

3.0

90 PAX

300KM

575KM

2010

2012

2013

2014

2016

2018

2019

2020

2021

IPO

EBUSCO 3.0 - GAME CHANGER IN THE INDUSTRY

WEIGHT REDUCTION

27% LIGHTER

EXTENDED LIFESPAN

25 YEARS

BATTERY TECHNOLOGY

COBALT FREE, RECYCLABILITY

AND REUSABILITY

FEWER MOVING PARTS

PROPRIETARY

EBUSCO 3.0

Laying the foundation for Ebusco

1st European type approval for electric buses

First Ebusco chargers delivered

In Helsinki,

FinlandIn the Ebusco 2.0

By using composite material

With the Ebusco 2.2

Up to 575km range

First MEC prototypeOver 300 buses in operation

Opening factory Deurne

In 2019 Ebusco launched a prototype of its next generation Ebusco 3.0 bus. The Ebusco 3.0 is a revolutionary model in the industry and a testament to Ebusco's ability to innovate. It has a lightweight composite body based on aerospace technology. This composite material is significantly lighter and stronger, giving the bus a substantially longer, single-charge, range of up to 575 kilometres and a longer estimated average life span. In December 2021, EU vehicle-type approval was obtained and the first

Ebusco 3.0 was delivered to the customer in 2021. The Ebusco 3.0 was awarded with the JEC Compo- sites Innovation award and the Dutch Automotive Innovation award in 2021. Ebusco is strongly com- mitted to staying ahead of the curve and retaining its technology leadership by continuing to invest in research and development.

Ebusco currently has the Ebusco 2.2 and the Ebusco 3.0 buses in production.

REVENUE (IN THOUSANDS OF EURO)

UNDERLYING EBITDA* (IN THOUSANDS OF EURO)

NUMBER OF EMPLOYEES AT YEAR-END*

ORDERS RECEIVED # BUSES

2018

2019

2020

2021

* This is a non-IFRS measure. For further information about the non-IFRS measures, and the reasons why we believe they are important for an understanding of the performance of our company, please refer to our commentary on non-IFRS measures as of page 127.

* including temporary staff