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"value": "1. CORPORATE INFORMATIONEbusco Holding N.V. is a public limited Company under Dutch law, incorporated and domiciled in the Neth-erlands and registered at the Chamber of Commerce in the Netherlands under number 75407922. Ebusco Holding N.V. is the ultimate parent company of the group of legal entities (together, \u201cthe Group\u201d) and is listed on Euronext AmsterdamThe Group has its headquarters and registered office located at Vuurijzer 23, 5753 SV Deurne, The Netherlands.2.1 BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the Parent and its subsidiaries (or \u2018group companies\u2019) as at 31 December 2025 with comparative information for the year ended 31 December 2024.2.2 BASIS OF PREPARATIONAll amounts are stated in thousands of EUR, unless otherwise stated",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__9": {
"value": "Ebusco Holding N.V.",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__5": {
"value": "Ebusco Holding N.V.",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__6": {
"value": "public limited Company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__8": {
"value": "the Neth-erlands",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__7": {
"value": "the Neth-erlands",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__10": {
"value": "The Group is a developer, manufacturer and distributor of zero emission buses and charging systems, as well as a supplier of ancillary services to the electric vehicle ecosystem and manufac-turer and supplier of Energy Storage Systems (ESS) and Mobile Energy Containers (MECs).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f0__s7__6__12": {
"value": "Vuurijzer 23, 5753 SV Deurne, The Netherlands.",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
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"value": "Vuurijzer 23, 5753 SV Deurne, The Netherlands.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "2. MATERIAL ACCOUNTING POLICIES2.1 BASIS OF CONSOLIDATIONSubsidiaries are fully consolidated from the date the Group acquires control and ceases when the Group loses control of the subsidiary. The Group controls an investee if, and only if, the Group has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);\u2022 Exposure, or rights, to variable returns from its involvement with the investee;\u2022 The ability to use its power over the investee to affect its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group assets and liabilities, equity, income and expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. When the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, and other components of equity, while any resulting gain or loss is recognized in profit or loss. 2.5 SUMMARY OF MATERIAL ACCOUNTING POLICIESFUNCTIONAL AND PRESENTATION CURRENCYThe Group\u2019s consolidated financial statements are presented in euros, which is also the Parent\u2019s functional currency. The financial statements of entities that have a functional currency different from that of the Parent (\u201cforeign operations\u201d) are translated into euros as follows:Group companies:\u2022 Foreign currency differences resulting from translation of subsidiaries are recognized in other comprehen-sive income.Transactions and balances:\u2022 Assets, equity and liabilities \u2013 at the closing rate at the date of the statement of financial position.\u2022 Income and expenses \u2013 at the average rate of the period (as this is considered a reasonable approximation of the actual rates prevailing at the transaction dates).CURRENT VERSUS NON-CURRENT CLASSIFICATIONThe Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is:\u2022 Expected to be realized or intended to be sold or consumed in the normal operating cycle\u2022 Held primarily for the purpose of trading\u2022 Expected to be realized within twelve months after the reporting periodOr\u2022 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting periodA liability is current when:\u2022 It is expected to be settled in the normal operating cycle\u2022 It is held primarily for the purpose of trading\u2022 It is due to be settled within twelve months after the reporting periodOr\u2022 There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting periodDeferred tax assets and liabilities are classified as non-current assets and liabilities.FINANCIAL INSTRUMENTS AND FAIR VALUEThis section relates to all financial assets and financial liabilities of the Group, including financial instruments associated with the Group\u2019s hedge accounting.FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly trans-action between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are catego-rized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:\u2022 Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is directly or indirectly observable;\u2022 Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is unobservable.For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categori-zation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.FINANCIAL INSTRUMENTSA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Derivatives held by the Group are classified and recorded at fair value. All other financial instruments on the balance sheet are classified and recorded at (amortized) cost. Other financial assets are initially measured at fair value plus transaction costs and subsequently at amortized cost less impairments based on the expected credit loss (\u201cECL\u201d) approach. Fair value of trade receivables and cash and cash equivalents approximates the carrying amount due to the short duration. Other financial liabilities are initially measured at fair value less transaction costs and subsequently at amortized cost. Fair value of current financial liabilities approximates the carrying amount due to the short duration.CLASSIFICATIONThe Group classifies its financial instruments either at:\u2022 Fair value through profit or loss (\u201cFVPL\u201d); or\u2022 Amortized cost.The classification of financial assets is dependent on the business model of the contractual terms of the cash flows and the terms and conditions of the financial assets. Gains and losses on financial assets classified and subsequently measured at FVPL shall be recorded in the profit or loss.MEASUREMENTThe Group measures financial assets at initial recognition at fair value plus transaction costs. The transaction costs of financial assets classified at FVPL are expensed in profit or loss at initial recognition.DEBT INSTRUMENTSSubsequent measurement of debt instruments depends on the classification of the debt instruments by the Group. The Group measures its debt instruments as follows:\u2022 Amortized cost: Interest income from these financial assets is included in finance income using the effec-tive interest method. \u2022 FVPL: A gain or loss is subsequently measured at FVPL and gains or losses are recognized in profit or loss and presented net within other gains and losses for the period in which it arises.FINANCIAL LIABILITIES \u2013 EMBEDDED DERIVATIVESThe Group measures its embedded derivatives at FVPL.FINANCIAL LIABILITIES \u2013 NOT DERIVATIVESThe Group measures its financial liabilities at amortized cost using the effective interest method.IMPAIRMENTThe Group assesses on a forward-looking basis the ECL associated with its debt instruments carried at amor-tized cost. The Group implements one ECL approach for financial assets (the simplified ECL approach).The Group applies the simplified ECL approach to qualifying trade receivables and IFRS 15 contract assets.The Group determines its expected credit losses on trade receivables based on the historical weighted average credit losses on trade receivables that the Group holds, while incorporating any known information which could affect credit losses in the future. These weights are based on the duration of the trade receiv-ables (current number of days outstanding). The Group will use the historical default information of trade debtors in order to attempt to have an unbiased probability weighted amount of the expected credit losses. Expected credit losses are calculated by multiplying the probability of default based on historical data, loss given default and the current lifetime of the trade receivable. This leads to a weighted ECL based on debtors with an outstanding receivable of:\u2022 0-30 days\u2022 31-60 days\u2022 61-90 days\u2022 Longer than 90 daysThis practical application of the lifetime ECL on trade receivables is labeled as the provision matrix by the Group. The provision matrix is used to form the provision for bad debtors and thus impair trade receivables.OFFSETTING OF FINANCIAL INSTRUMENTSFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated state-ment of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.REVENUE REVENUE FROM CONTRACTS WITH CUSTOMERS In determination of its recognition of revenue, the Group applies the 5-step model in line with IFRS 15.Revenue is recognized if the Group has entered into a contract with a customer in which the performance obligations can be identified, the terms of the transaction are clear, and it is probable that the customer will pay. Revenue is recognized for each contract. If a contract involves several performance obligations, revenue is separately attributed to the performance obligations based on relative stand-alone selling prices. Revenue is recognized over time if the customer simultaneously receives and consumes the benefit of the Group\u2019s performance or if the Group produces an asset without alternative use which it is contractually obligated to deliver to the customer and for which the Group has an enforceable right to payment for performance completed to date. Revenue is recognized at a point in time if it does not meet the criteria to be satisfied over time. If a contract contains a significant financing component, the Group adjusts the revenue accordingly. This is not done if the time between the fulfilment of the performance obligation and the payment of the consider-ation is less than one year.If the results from a contract cannot be determined reliably, contract revenue is only recognized to the extent of costs incurred. Expected contract losses are recognized immediately in the statement of profit or loss. In measuring the amount of provisions for losses, the Group proceeds on the basis of the economic benefits expected to be received compared with the unavoidable costs of the contract.The Group has four main types of revenue from contracts:1 Contracts for the sale of zero emission buses: the Group sells zero emission buses and related charging systems. The Group negotiates with each customer according to the needs of the customer and charges a transaction price based on the type and number of buses ordered. Contracts are fulfilled, on average, within six to twelve months. Revenue for sales of zero emission buses is recognized over time when the Group produces a bus without an alternative use which the Group is contractually obligated to deliver and for which the Group has an enforceable right to payment for performance completed to date. The revenue relating to work in progress is recognized in the statement of profit or loss based on percentage of comple-tion (POC) of the project (none remaining POC projects per balance sheet date end of year). The stage of completion is assessed by reference to the proportion of costs recorded in relation to the total expected costs to the extent that the costs incurred are representative of the progress made in the transfer of goods/services to the client. Inefficiencies are disregarded in determining the stage of completion. In-progress contracts are recorded as contract assets. Although the buses the Group manufactures will always maintain a certain level of customization, the Group\u2019s product design and processes reached a more standardized state. Due to this (product) develop-ment, Ebusco is now able to redirect the bus for another use without incurring significant costs to rework the asset. For such bus contracts, the Group recognizes revenues at a point in time when control of the bus transfers to the customer, which is generally upon customer acceptance. The assessment of whether an asset has an alternative use to the Group is made at contract inception. In-progress contracts for which revenue is recognized at a point in time are recorded as work-in-progress (under inventories) to the extent the costs are recoverable. Per balance sheet date end of year all projects are recorded and valuated via point in time.2 Contracts for charging systems and ancillary services and goods: the Group also sells items and services in addition to its zero emission buses. These goods and services consist of additional parts for the Group\u2019s buses or represent services, including repair and maintenance services, and service type warranty, which support the customer\u2019s use of zero emission buses sold by the Group. Revenue is recognized either at a point in time or over time based on the nature of the good or service in accordance with the Group\u2019s revenue recognition policy. Typically, spare parts and charging systems are recognized at a point in time whilst services are recognized over time. If applicable, service-type warranties are accounted for as separate performance obligations in accordance with IFRS 15 and are recorded as contract liabilities (as appro-priate) and recognized as the Group performs its obligation.3 Contracts from the sale of energy storage systems: as part of the Group\u2019s vision of a complete EV ecosystem from start to finish, it has developed Mobile Energy Containers (MEC) which can be used for hybrid electric barges. Revenue is recognized at a point in time. 4 Contracts from the sale of energy storage systems: As from FY 2025 the Group has developed Energy Storage Systems (ESS), also referred as to Battery Energy Storage Systems. Energy Storage Systems are delivered as integrated solutions consisting of hardware and embedded software. The Group contributes to the embedded software through its expertise in Battery Management Systems (BMS), control logic and system optimization, based on its experience in electric bus applications and other energy solutions prod-ucts, Revenue is recognized at a point in time. Since the Group does not have physical possession to the goods (drop shipment) and has limited discretion in establishing the sales price, the Group is acting as an agent and recognises revenue at the net amount that is retained for these deliveries.The accounting policies regarding trade receivables, contract assets, and contract liabilities are set out in the corresponding notes (refer to Note 15 for trade receivables and below for contract assets and liabilities).TRANSACTION PRICE AND STAND-ALONE SELLING PRICES Transaction prices are determined per individual contract, based on goods and services ordered by each customer. Payment terms vary per contract. The performance obligation that significantly affects the deter-mination of the transaction price is the supply of zero emission buses. Revenue is either recognized at a point in time when control of the buses is transferred to the Group\u2019s customers or recognized over time. CONTRACT ASSETS AND CONTRACT LIABILITIESThe Group recognizes a contract asset for services or goods transferred to a customer to which the Group has a right to receive consideration. The Group reclassifies contract assets to trade receivables when perfor-mance obligations are satisfied and the right to consideration becomes unconditional. The Group recognizes a contract liability when a payment is received from a customer or is due before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs its obligations.Contract assets and receivables generally have a term of less than 12 months.SEGMENT REPORTINGAn operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses. The operating results of each segment are regularly reviewed by the entity\u2019s Chief Operating Decision Maker (\u201cCODM\u201d) in order to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. The Group reports separate information about an operating segment if the reported revenue, profit or loss or assets exceed 10 per cent of the total of the Group, or if the Management Board believes that information about the segment would be useful to the users of the financial statements.EMPLOYEE BENEFIT EXPENSESEmployee benefits are all forms of consideration given by the Group in exchange for services rendered by employees or for the termination of employment. Short-term employee benefits are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees rendered the related service.Post-employment benefits are employee benefits (other than termination benefits and short-term employee benefits) that are payable after the completion of employment.GOVERNMENT GRANTSGovernment grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to assets, it shall be presented in the statement of financial position by deducting the grant in arriving at the carrying amount of the asset.SHARE-BASED PAYMENTSEquity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value is included in employee benefit expenses in the vesting period during which the expected employee services are received. The same amount is credited to shareholders\u2019 equity. The cumulative expenses recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.Ebusco has opted to recognize the increase in equity as a result of the equity-settled share-based payment transactions in other capital reserves.Service conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. No expenses are recognized for awards that ultimately do not vest because service conditions have not been met.PENSIONSThe Group has a defined contribution plan (which is capped at an annual pensionable salary of \u20ac138). For the defined contribution plan, the group pays contributions to a public or privately administered pension insur-ance plan on a mandatory or contractual basis. As per 31 December 2025 (and 31 December 2024), the Group has no legal or constructive obligations to pay additional contribution if the fund does not hold sufficient assets to pay all employees the benefits relating to the employee service in the current and prior periods. The contribution is recognized as employee benefit expense when it is due. Prepaid contribution is recognized as an asset to the extent that a cash refund or a reduction in the future payments is available and can be contractually enforced.OTHER OPERATING EXPENSESOther operating expenses are recorded on a historical basis and allocated to the reporting period when they occur.FINANCE (INCOME)/EXPENSEThe costs are determined on a historical basis and allocated to the reporting period to which they relate.INCOME TAXCURRENT INCOME TAXCurrent tax is the expected tax payable/receivable on the taxable income or loss for the year, using appli-cable tax rates at the end of the reporting period, and any adjustment to tax payable/receivable in respect of previous years. DEFERRED INCOME TAXDeferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any.The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.EARNINGS PER SHAREThe Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. The calculation for the earnings per share is as follows:\u2022 Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. \u2022 Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordi-nary shares. PROPERTY, PLANT AND EQUIPMENTAll items of property, plant and equipment (\u201cPPE\u201d) are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Items of PPE are depreciated over their useful life on a straight-line basis. Any change in the useful life and depreciation period shall be accounted for as a change in accounting estimates. PPE is tested for impairment whenever events or changes in circumstances occur indicating that the carrying amount may not be recov-erable. PPE includes equipment and office inventory, transportation and assets under construction. The estimated useful life of the aforementioned PPE is between 3 and 10 years. Assets under construction refer to assets which are not available for use yet and therefore not depreciated. For right-of-use assets reference is made to the accounting policy of Leases.INTANGIBLE ASSETS The intangible assets for the Group consist of development assets, software and assets under construction.DEVELOPMENT ASSETSDevelopment assets are internally generated intangible assets. The costs capitalized consist of salaries, materials and services directly attributable to the development activities.Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. Impairment assessments have been performed and no indications of impairment have been identified. Research costs are expensed as incurred.AMORTIZATION AND IMPAIRMENT TESTINGGoodwill is subject to annual impairment testing, irrespective of whether indications of impairment exist. Goodwill allocated to a cash-generating unit (\u201cCGU) is impaired when its carrying amount of the cash-gener-ating unit exceeds the recoverable amount. The recoverable amount is, in turn, defined as the higher of the fair value less cost of disposal and the value in use; where the value in use is the present value of the future cash flows. In the value in use model estimates of future cash flows shall only include projections of cash inflows from the continuing use of the asset. The fair value less cost of disposal shall be determined in accor-dance with the fair value accounting policy.Any intangible asset not yet available for use must be tested annually because its ability to generate suffi-cient future economic benefits to recover its carrying amount is usually subject to greater uncertainty before the asset is available for use than after it is available for use. For intangible assets which form part of the assets within a CGU the procedures relevant to testing a CGU as set out above apply. Intangible assets with finite lives are amortized over the useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The intangible assets are amortized over a period of 3-5 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss.INVESTMENT IN ASSOCIATES ASSOCIATESAssociates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in associates are accounted for using the equity method of accounting (see below), after initially being recognized at cost. On acquisition of the investment, any difference between the cost of the investment and the entity\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities is accounted for as follows:a Goodwill relating to an associate or a joint venture is included in the carrying amount of the investment. b Any excess of the entity\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the entity\u2019s share of the associate or joint venture\u2019s profit or loss in the period in which the investment is acquired.EQUITY METHODUnder the equity method of accounting, the investments are initially recognized at cost and adjusted there-after to recognize the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity.Unrealized gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealized losses are also eliminated unless the transac-tion provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group.The carrying amount of equity-accounted investments is subject to impairment testing. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss.ELIMINATION OF PROFIT ON DOWNSTREAM TRANSACTIONS The profit on the sale of inventory between the Group and the associate is eliminated in the profit and loss statement in the Group for the minority share that the Group has in the associate and deducted from the investment value in the associate. The associate capitalizes the acquired goods which are depreciated in 10 years. The Group therefore releases the eliminated profit over the applied deprecation period of the associate to the profit and loss statement. In case the investment value becomes negative, the negative amount is reclassified to deferred income in the balance sheet.NON-CURRENT FINANCIAL ASSETSFinancial assets are initially recognized at fair value and subsequently measured at amortized cost less impairments based on the general expected credit loss approach. The Group\u2019s non-current financial assets consist of long-term deposits. INVENTORIESInventories are assets sold in the ordinary course of business. Inventories are measured at the lower of cost and net realizable value. The cost price of the inventory is determined based on the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.TRADE RECEIVABLESTrade receivables are classified at amortized cost, initially recognized at transaction price and subsequently measured at amortized cost less impairments based on the simplified expected credit loss (ECL) approach for trade receivables that do not contain a significant financing component. Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits which are defined in accordance with this assessment. Outstanding customer receiv-ables and contract assets are regularly reviewed. The Group applies the simplified expected credit loss approach using a provision matrix based on historic inputs to determine the expected losses. This approach takes into account forward looking information that might have an impact on the way the trade receivables will be settled in the future. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic condi-tions. Generally, trade receivables are written-off if past due for more than one year and which are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, given its customers profile.OTHER CURRENT FINANCIAL ASSETSOther receivables and accrued assets are initially recognized at fair value and subsequently measured at amortized cost less impairments based on the simplified expected credit loss approach.CASH AND CASH EQUIVALENTSThe Group considers cash and cash equivalents the cash at bank and in hand, bank balances and deposits with terms of less than three months. Due to the short term and the fundamentally lower credit risk of the financial instrument, it is assumed that their fair values are equal to the carrying amounts. IMPAIRMENT OF NON-FINANCIAL ASSETSFurther disclosures relating to impairment of non-financial assets are also provided in the following accounting policies:\u2022 Property, plant and equipment\u2022 Intangible assets, including goodwill\u2022 Right-of-use-assets\u2022 Significant accounting judgements, estimates and assumptions (note 3)The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired.If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calcu-lations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss.The Group assesses where climate risks could have a significant impact, such as the introduction of emis-sion-reduction legislation that may increase manufacturing costs. Although the introduction of such legis-lation would also result in a higher demand for the Group, these risks in relation to climate-related matters would be included as key assumptions where they materially impact the measure of recoverable amount. These assumptions have been included in the cash flow forecasts in assessing value-in-use amounts.EQUITYOrdinary shares are classified as equity. Incremental costs directly attributable to the issuance of the ordinary shares are netted, net of tax, from the proceeds.The Group evaluates its equity instruments, including its preferred shares. Certain instruments contain aspects which would require their classification as either liabilities or compound instruments which would contain both equity and liability components, including whether or not the Group has a contractual obligation to deliver cash or financial asset to another party. Equity classification is only appropriate if the Group has an unconditional right to avoid delivering cash or other financial instruments.NON-CURRENT FINANCIAL LIABILITIES (NON-DERIVATIVES)Financial liabilities (non-derivatives) are initially measured at fair value less transaction costs and subse-quently measured at amortized cost.LEASES (THE GROUP AS A LESSEE)The Group assesses whether a contract is or contains a lease at the inception of the contract to determine whether an asset is identifiable, and the lessee has control to direct its use, and receives all economic bene-fits related to the asset.The Group recognizes a right-of-use asset (\u201cROU asset\u201d) and a corresponding lease liability with respect to all lease arrangements in which it is a lessee. The lease liability is initially measured by calculating the present value of all future lease payments, discounted by the incremental borrowing rate. All future lease payments are fixed in nature with exception of yearly indexations. The interest on the lease liability for each period from the discount rate is recognized in the profit or loss statement for the year. At initial recognition, the ROU asset amounts to the initial lease liability adjusted for any initial direct costs or the expected costs for dismantling.In case of changes in the lease term or other conditions, the Group will reassess the discount rate and the remaining lease payments. The Group shall remeasure the carrying amount of the lease liability to reflect a reassessment or lease modification, using a revised discount rate, if any. ROU assets are depreciated on a straight-line basis over the shorter of the lease term and useful life and tested for impairment whenever events or changes in circumstances indicates that the carrying amount may not be recoverable. PROVISIONSProvisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement. By nature, provisions include uncertainty and if the actual outcome differs from the assumptions, the estimated provision will be revised, and this could have an effect on the financial position and results of the Group.PROVISION FOR WARRANTIESProvisions for warranties are recognized when: (a) the Group has a present legal or constructive obligation as a result of past events; (b) it is probable that an outflow of resources will be required to settle the obligation; and (c) the amount can be reliably estimated.Assurance-type warranties are not distinct within customer contracts. Service-type warranties are accounted for as separate performance obligations in accordance with IFRS 15 and are recorded as contract liabilities (as appropriate) and recognized as the Group performs its obligation.Provisions related to assurance-type warranties are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. PROVISION FOR ONEROUS CONTRACTSIf the Group has a contract that is onerous, the present obligation under the contract is recognized and measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognizes any impairment loss that has occurred on assets dedicated to that contract. An onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract (i.e., both incremental costs and an allocation of costs directly related to contract activities).RESTRUCTURING PROVISIONSRestructuring provisions are recognized only when the Group has a constructive obligation, which is when: (i) there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs, and the timeline; and (ii) the employees affected have been notified of the plan\u2019s main features. CURRENT FINANCIAL LIABILITIES (NON-DERIVATIVES)The financial liabilities (non-derivatives) are initially measured at fair value and subsequently at amortized cost. The fair value of the current financial liabilities approximates the book value due to its short-term nature.CURRENT FINANCIAL LIABILITIES (DERIVATIVES)The financial liabilities (derivatives) are initially measured at fair value and subsequently through profit or loss.RELATED PARTY TRANSACTIONSA related party is a person or an entity that is related to the reporting entity: \u2022 A person or a close member of that person\u2019s family is related to the Group if that person has control, joint control, or significant influence over the Group or is a member of its key management personnel.\u2022 An entity is related to the Group if, among other circumstances, it is a parent, subsidiary, fellow subsidiary, associate, or joint venture of the Group, or it is controlled, jointly controlled, or significantly influenced or managed by a person who is a related party.A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.The Group discloses the nature of the related party relationship as well as information about the transac-tions and outstanding balances necessary for understanding of the potential effect of the relationship on the financial statements. These disclosures are made separately for each category of related parties.Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the Group, directly or indirectly, including any directors (whether executive or otherwise) of the Group.COMMITMENTS, CONTINGENT ASSETS AND LIABILITIESContingent liabilities and assets do not meet the recognition criteria. The Group discloses a contingent liability if there is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events that are not wholly within the control of the Group. The liability is not recognized because it is not probable that an outflow of resources will take place to settle the obligation, or the amount of the obligation cannot be measured with sufficient reliability. When the possibility of an outflow of resources is remote, no contingent liability is disclosed.The Group discloses a contingent asset if there is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. The asset is only disclosed when the possibility of an inflow of resources is probably.",
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"f0__s7__6__22-1": {
"value": "2.1 BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the Parent and its subsidiaries (or \u2018group companies\u2019) as at 31 December 2025 with comparative information for the year ended 31 December 2024.Subsidiaries are fully consolidated from the date the Group acquires control and ceases when the Group loses control of the subsidiary. The Group controls an investee if, and only if, the Group has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);\u2022 Exposure, or rights, to variable returns from its involvement with the investee;\u2022 The ability to use its power over the investee to affect its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group assets and liabilities, equity, income and expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. When the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, and other components of equity, while any resulting gain or loss is recognized in profit or loss.The following table provides an overview of the consolidated subsidiaries which the Parent controls:Entity Registered office Date of OwnershipOwnershipincorporationinterest (%)interest (%)31 December 31 December 20252024Ebusco B.V. Deurne, Netherlands 3 September 2012 100% 100%Ebusco Energy B.V. Deurne, Netherlands 18 July 2019 100% 100%Ebusco Manufacturing B.V. Deurne, Netherlands 15 July 2020 100% 100%Ebusco Deutschland GmbH Emmerich am Rhein, Germany 13 June 2016 100% 100%Ebusco Norway A/S Dal, Norway 2 February 2017 100% 100%Ebusco Australia Pty Ltd * Tasmania, Australia 18 July 2019 100% 100%Ebusco France Manufacturing SAS Paris, France 9 November 2020 100% 100%Ebusco New Energy (Xiamen) Co Ltd Xiamen, China 17 September 2021 100% 100%Ebusco Sweden AB G\u00f6teborg, Sweden March 8, 2022 100% 100%Ebusco Denmark ApS Kopenhagen, Denmark April 7, 2022 100% 100%Ebusco Italy S.r.l. Turin, Italy June 20, 2022 100% 100%Ebusco Spain SL Barcelona, Spain August 18, 2022 100% 100%* Ebusco Australia Pty Ltd is in liquidation.4. CAPITAL CONTRIBUTION IN ZERO EMISSION SERVICES (ZES) B.V.Ebusco Energy B.V. has shares in Zero Emission Services B.V., a provider of all-in concepts for emission-free inland shipping in the Netherlands. During 2025 no additional voting rights (2024: 0,17%) are acquired for an amount of \u20ac0 (2024: \u20ac1,645).The Group accounts for this as an investment in an associate over which the Group has significant influence. The investment in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the additional investment of \u20ac0 (2024: \u20ac1,645) to achieve a shareholding of 49,56% (2024: 49,56%) is accounted for at costs. Reference is made to Note 13 for subsequent measurement.13. INVESTMENT IN AN ASSOCIATEThe Group has an interest in Zero Emission Services (ZES) B.V. in 2025 of 49.56% (2024: 49.56%). ZES offers a complete range of products and services, based on interchangeable battery containers charged with renew-able power, charging stations, technical support and an innovative pay per use concept for ship owners.The Group\u2019s interest in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the investment is accounted for at costs, which is equal to the fair value of the Group\u2019s investment in ZES. The following table illustrates the summarized financial information of the Group\u2019s invest-ment in ZES:Investment in an associate 20252024Current assets 14,724 19,029Non-current assets 31,107 29,121Current liabilities (40,801) (41,012)Non-current liabilities (1) (5)Equity 5,029 7,133Revenue from contracts with customers 423 509Cost of sales (1,022) (919)Administrative expenses (1,696) (2,120)Finance income 191 206Profit/(loss) before tax (2,104) (2,324)Income tax expenseProfit/(loss) for the year (continuing operations) (2,104) (2,324)Other comprehensive income/lossTotal comprehensive income for the year (continuing operations) (2,104) (2,324)* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.As at 31 December As at 31 December 2025 2024 Group's share of net assets of the associate 2,492 3,535Fair value adjustment prior year (433) (499)Elimination of downstream profit (2,413) -Reclassification towards deferred income 339 - Other 15 -Group's carrying amount of the investment (49.56%) - 3,0362025 2024Group's share of net result of the associate (1,043) (1,152)Roundings (4) (4)Fair value adjustment correction 66 -Elimination of downstream profit 19 - Group\u2019s share of profit for the year (49.56%) (962) (1,156)18.2 NON-CONTROLLING INTERESTThe Group acquired the remaining 10% of the voting shares of Pondus Operations B.V. in February 2024 for an amount of approximately \u20ac152 from its minority shareholders. The Group has subsequently merged Pondus Operations B.V. with Ebusco B.V. as per 1 July 2024.",
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"f0__s7__6__21": {
"value": "2.1 BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the Parent and its subsidiaries (or \u2018group companies\u2019) as at 31 December 2025 with comparative information for the year ended 31 December 2024.Subsidiaries are fully consolidated from the date the Group acquires control and ceases when the Group loses control of the subsidiary. The Group controls an investee if, and only if, the Group has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);\u2022 Exposure, or rights, to variable returns from its involvement with the investee;\u2022 The ability to use its power over the investee to affect its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group assets and liabilities, equity, income and expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. When the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, and other components of equity, while any resulting gain or loss is recognized in profit or loss.The following table provides an overview of the consolidated subsidiaries which the Parent controls:Entity Registered office Date of OwnershipOwnershipincorporationinterest (%)interest (%)31 December 31 December 20252024Ebusco B.V. Deurne, Netherlands 3 September 2012 100% 100%Ebusco Energy B.V. Deurne, Netherlands 18 July 2019 100% 100%Ebusco Manufacturing B.V. Deurne, Netherlands 15 July 2020 100% 100%Ebusco Deutschland GmbH Emmerich am Rhein, Germany 13 June 2016 100% 100%Ebusco Norway A/S Dal, Norway 2 February 2017 100% 100%Ebusco Australia Pty Ltd * Tasmania, Australia 18 July 2019 100% 100%Ebusco France Manufacturing SAS Paris, France 9 November 2020 100% 100%Ebusco New Energy (Xiamen) Co Ltd Xiamen, China 17 September 2021 100% 100%Ebusco Sweden AB G\u00f6teborg, Sweden March 8, 2022 100% 100%Ebusco Denmark ApS Kopenhagen, Denmark April 7, 2022 100% 100%Ebusco Italy S.r.l. Turin, Italy June 20, 2022 100% 100%Ebusco Spain SL Barcelona, Spain August 18, 2022 100% 100%* Ebusco Australia Pty Ltd is in liquidation.",
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"f0__s7__6__20-1": {
"value": "2.1 BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the Parent and its subsidiaries (or \u2018group companies\u2019) as at 31 December 2025 with comparative information for the year ended 31 December 2024.Subsidiaries are fully consolidated from the date the Group acquires control and ceases when the Group loses control of the subsidiary. The Group controls an investee if, and only if, the Group has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);\u2022 Exposure, or rights, to variable returns from its involvement with the investee;\u2022 The ability to use its power over the investee to affect its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group assets and liabilities, equity, income and expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. When the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, and other components of equity, while any resulting gain or loss is recognized in profit or loss.The following table provides an overview of the consolidated subsidiaries which the Parent controls:Entity Registered office Date of OwnershipOwnershipincorporationinterest (%)interest (%)31 December 31 December 20252024Ebusco B.V. Deurne, Netherlands 3 September 2012 100% 100%Ebusco Energy B.V. Deurne, Netherlands 18 July 2019 100% 100%Ebusco Manufacturing B.V. Deurne, Netherlands 15 July 2020 100% 100%Ebusco Deutschland GmbH Emmerich am Rhein, Germany 13 June 2016 100% 100%Ebusco Norway A/S Dal, Norway 2 February 2017 100% 100%Ebusco Australia Pty Ltd * Tasmania, Australia 18 July 2019 100% 100%Ebusco France Manufacturing SAS Paris, France 9 November 2020 100% 100%Ebusco New Energy (Xiamen) Co Ltd Xiamen, China 17 September 2021 100% 100%Ebusco Sweden AB G\u00f6teborg, Sweden March 8, 2022 100% 100%Ebusco Denmark ApS Kopenhagen, Denmark April 7, 2022 100% 100%Ebusco Italy S.r.l. Turin, Italy June 20, 2022 100% 100%Ebusco Spain SL Barcelona, Spain August 18, 2022 100% 100%* Ebusco Australia Pty Ltd is in liquidation.18.2 NON-CONTROLLING INTERESTThe Group acquired the remaining 10% of the voting shares of Pondus Operations B.V. in February 2024 for an amount of approximately \u20ac152 from its minority shareholders. The Group has subsequently merged Pondus Operations B.V. with Ebusco B.V. as per 1 July 2024.",
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"f0__s7__6__18-1": {
"value": "2.1 BASIS OF CONSOLIDATIONThe following table provides an overview of the consolidated subsidiaries which the Parent controls:Entity Registered office Date of OwnershipOwnershipincorporationinterest (%)interest (%)31 December 31 December 20252024Ebusco B.V. Deurne, Netherlands 3 September 2012 100% 100%Ebusco Energy B.V. Deurne, Netherlands 18 July 2019 100% 100%Ebusco Manufacturing B.V. Deurne, Netherlands 15 July 2020 100% 100%Ebusco Deutschland GmbH Emmerich am Rhein, Germany 13 June 2016 100% 100%Ebusco Norway A/S Dal, Norway 2 February 2017 100% 100%Ebusco Australia Pty Ltd * Tasmania, Australia 18 July 2019 100% 100%Ebusco France Manufacturing SAS Paris, France 9 November 2020 100% 100%Ebusco New Energy (Xiamen) Co Ltd Xiamen, China 17 September 2021 100% 100%Ebusco Sweden AB G\u00f6teborg, Sweden March 8, 2022 100% 100%Ebusco Denmark ApS Kopenhagen, Denmark April 7, 2022 100% 100%Ebusco Italy S.r.l. Turin, Italy June 20, 2022 100% 100%Ebusco Spain SL Barcelona, Spain August 18, 2022 100% 100%* Ebusco Australia Pty Ltd is in liquidation.6.1 REMUNERATION KEY MANAGEMENTThe Group\u2019s key management consists of the Deputy CEO, Founder, CFO and COO per 31 December 2025. During 2025 this team represents the Group\u2019s key management. Total remuneration for the Group\u2019s key management amounted to \u20ac1,512 for 2025 (2024: \u20ac3,044). Key management are those persons having authority and responsibility for planning, directing and controlling the activities of the entity (directly or indi-rectly) including any directors. The table below provides the remuneration of the key management for the years ended 31 December 2025 and 2024. 2025 2024 Pension Sever- Pension Sever-Remuneration and ance Other and ance Other Management Base other pay-com pen- Base other pay-compen-Board salary costs ments sation Total salary costs ments sation Total Peter Bijvelds 1 (Founder)398 65 - 23 486 406 61 - 29 496 Christian Schreyer 2 (CEO)200 21 86 10 317 225 14 - 3 242 Michel van Maanen 3 (COO)299 49 - 9 357 - - - - -Roel Nagel-4maeker (CFO) 13 2 - 11 26 - - - - -Duan Wei 5(Deputy CEO)- - - - - - - - - -Jurjen Jongsma 6 (CFO)- - - - - 273 45 173 20 511 Bob Fleuren 7(COO)- - - - - 108 16 - 8 132 Roald Dogge 8(COO)- - - - - 187 31 225 11 454 Other key management 326 - - - 326 951 23 216 19 1,209Total 1,236 137 86 53 1,512 2,150 190 614 90 3,044 * Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.1 Resigned as CEO on 31 August 2024 and entered into the function of President. 2 Resigned as CEO on 30 June 2025.3 Resigned as COO on 21 January 2026.4 Appointed as CFO a.i as from 1 September 2025 and as from this date part of Group\u2019s key management. As per 16 December 2025 appointed as CFO and member of the Management Board. 5 Appointed as Deputy CEO. As his appointment is on a part-time basis, Mr. Duan Wei has not received any remuneration.6 Resigned as CFO on 30 November 2024.7 Resigned as COO on 14 May 2024.8 Appointed as COO and member of the Management Board per 1 July 2024 and resigned on 31 December 2024.BASE SALARY The base salary consists of the annual fixed salary. PENSION AND OTHER COSTSThe members of the Management Board have been granted a pension allowance equal to an amount of maximum 25% of their fixed base salary, excluding any allowances and bonus payments. Other benefits include 25 days of paid vacation leave per calendar year. Furthermore, the members of the Management Board receive a car allowance or company car in accordance with the Group\u2019s car policy. The former CEO furthermore receives a housing allowance. No other benefits are granted.SEVERANCE PAYMENTSIn 2024 the Group and its former CFO entered into a termination agreement which contained a termination fee equal to six months\u2019 salary, holiday allowance and pension provision. The severance payment of \u20ac173 was transferred in 2024. In addition, the Group\u2019s former COO received a bonus prepayment of \u20ac225 in 2024. The Group and the former COO agreed to use this amount as part of the agreed upon termination agreement.In 2025 the Group and its former CEO entered into a termination agreement which contained a termination fee equal to six months\u2019 salary, holiday allowance and pension provision. The severance payment of \u20ac86 was transferred in 2025. OTHER COMPENSATIONThe former CEO (Mr. Schreyer) left the Group during the year. As a result, the signing bonus previously granted to the former CEO lapsed and no shares vested.During the year, the current CFO was granted a signing bonus in the form of a share package. The package consists of 216,262 shares with a lock-up period of three years. The fair value of the signing bonus, calculated at grant date, is based on Ebusco\u2019s share price (observable input) and amounts to \u20ac0.43 per share. The share package was granted on 16 December 2025 and will vest on 16 December 2026, provided the CFO remains in service of the Group on that date. The expected realization is set at 100%. No amount has been deducted from the grant-date share price in estimating the fair value.In addition, the current CFO was granted a performance-based award in the form of 216,262 shares. Vesting of this award is subject to the achievement of predetermined revenue growth targets and continued service as a member of the Management Board. The fair value at grant date amounts to \u20ac0.43 per share, based on Ebusco\u2019s share price (observable input). The award was granted on 16 December 2025 and will vest on 16 December 2028, subject to meeting the applicable performance and service conditions. The expected reali-zation is set at 100%. During a holding period of five years following grant date, the shares may not be trans-ferred. No amount has been deducted from the grant-date share price in estimating the fair value.6.2 SUPERVISORY BOARD REMUNERATION EXPENSES Fixed Other compensation Total 2025 2024 2025 2024 2025 20241Derk Haank 58,000 58,000 - 6,347 58,000 64,347 251,800 Carin Gorter50,000 - 2,400 51,800 52,400 3Jeroen Drost- 47,000 - 600 -47,600 4Ruud Spoor - 31,333 - 2,250 -33,583 5Roelf de Boer56,100 54,000 - 2,700 56,100 56,700 6Saskia Schatteman - 31,333 - 1,050 -32,383 7-Chen Li-- - - - Total 165,900 271,667 - 15,347 165,900 287,014 * Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.1 Derk Haank has been appointed as Chair of the Supervisory Board and member of the Nomination and Remuneration Committee.2 Carin Gorter has been appointed as Chair of the Audit Committee and member of the Supervisory Board.3 Jeroen Drost has been appointed as Chair of the Nomination Committee and member of the Supervisory Board and resigned per 7 February 2025.4 Ruud Spoor resigned as a member of the Supervisory Board as per 30 August 2024.5 Roelf de Boer has been appointed as Chair of the Remuneration Committee, member of the Audit Committee and member of the Supervisory Board.6 Saskia Schatteman resigned as a member of the Supervisory Board as per 30 August 2024.7 Chen Li has been appointed as Chair of the Nomination Committee and member of the Supervisory Board as per 25 March 2025.13. INVESTMENT IN AN ASSOCIATEThe Group has an interest in Zero Emission Services (ZES) B.V. in 2025 of 49.56% (2024: 49.56%). ZES offers a complete range of products and services, based on interchangeable battery containers charged with renew-able power, charging stations, technical support and an innovative pay per use concept for ship owners.The Group\u2019s interest in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the investment is accounted for at costs, which is equal to the fair value of the Group\u2019s investment in ZES. The following table illustrates the summarized financial information of the Group\u2019s invest-ment in ZES:Investment in an associate 20252024Current assets 14,724 19,029Non-current assets 31,107 29,121Current liabilities (40,801) (41,012)Non-current liabilities (1) (5)Equity 5,029 7,133Revenue from contracts with customers 423 509Cost of sales (1,022) (919)Administrative expenses (1,696) (2,120)Finance income 191 206Profit/(loss) before tax (2,104) (2,324)Income tax expenseProfit/(loss) for the year (continuing operations) (2,104) (2,324)Other comprehensive income/lossTotal comprehensive income for the year (continuing operations) (2,104) (2,324)* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.As at 31 December As at 31 December 2025 2024 Group's share of net assets of the associate 2,492 3,535Fair value adjustment prior year (433) (499)Elimination of downstream profit (2,413) -Reclassification towards deferred income 339 - Other 15 -Group's carrying amount of the investment (49.56%) - 3,0362025 2024Group's share of net result of the associate (1,043) (1,152)Roundings (4) (4)Fair value adjustment correction 66 -Elimination of downstream profit 19 - Group\u2019s share of profit for the year (49.56%) (962) (1,156)20. LOANS AND BORROWINGS (LONG-TERM AND SHORT-TERM)FINANCIAL LIABILITIES Loans and borrowings consist of the following:As at 31 December 2025 As at 31 December 2024Loans and borrowings Non-current Current Total Non-current Current TotalDebt to credit institutions - - - - 5,359 5,359Debts to shareholders- 8,164 8,164 - - - Convertible bond - 14,150 14,150- 17,845 17,845Total - 22,314 22,314 - 23,204 23,204DEBT TO CREDIT INSTITUTIONSThe outstanding balance of \u20acnil at 31 December 2025 (2024: \u20ac5,359) includes letter of credits entered into with Rabobank and ING.CONVERTIBLE BONDIn December 2023, the Group issued convertible bonds (\u2018the Bonds\u2019) of \u20ac36.8 million to an entity managed by Heights Capital Management LLC, which is as from that date a shareholder the Group. For the debt reference is made to the convertible bond under Note 19.DEBT TO SHAREHOLDERSAs per note 19, The Company obtained a loan from CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) of \u20ac10 million in February 2025. As part of the July 2025 restructuring, the loan including accrued interest of \u20ac11 million is converted into ordinary shares of the Group in July 2025.The debt to shareholders as per 31 December 2025 mainly consists of the working capital bridge loan amounting to \u20ac5.1 million which was lent by four shareholders of the Group. The proceeds of the Loan allowed Ebusco to safeguard the ongoing delivery of its buses on time, which will result in a corresponding conversion of working capital into cash over time, and assists in the ongoing stabilization of Ebusco. The loan is fully repaid in January 2026. For an overview of the provided securities towards the shareholders reference is made to note 17.Besides the working capital bridge loan the debt to shareholders contain a loan from Hefei Zheng Rui Energy Storage Technology Ltd. amounting \u20ac2.8 million. Interest amounts 6% per annum and has a maturity date of June 2026.The following table sets out the reconciliation from the net cash flows from financing activities (excluding the convertible bond) with the financing positions of loans and borrowings as at 31 December 2025 and 2024.Debt to Convertible Debt to Leases Totalcredit bond sharehol-institutionsders**Balance as at 1 January 2024 1,348 33,126 - 16,598 51,072Changes from financing cash flowsProceeds from loans and borrowings 7,744 - 5,000 - 12,744Repayment of loans & borrowings (3,733) - - - (3,733)Payment of lease liabilities - - - (4,116) (4,116)Interest and similar expenses paid - - - - - Total changes from financing cash flows 4,011 - 5,000 (4,116) 4,895Other changesAdditions and remeasurements - - - 11,317 11,317Disposals - - - (499) (499)Finance expense/(income) - (1,250) - - (1,250)Interest and similar expense - 5,539 175 815 6,529Conversion of debt to equity - (19,570) (5,000) - (24,570)Total liability-related other changes - (15,281) (4,825) 11,633 (8,473)Balance as at 31 December 2024 5,359 17,845 175 24,115 47,494* Certain comparative figures for 2024 have been revised to correct presentation inaccuracies.** The proceeds of \u20ac5,000 are in the cash flow statement included in the line item \u201cNet proceeds from issuance of share capital\u201d.Debt to Convertible Debt to Leases Totalcredit bondshareholdersinstitutionsBalance as at 1 January 2025 5,359 17,845 175 24,115 47,494Changes from financing cash flowsProceeds from loans and borrowings 2,833 12,000 18,041 - 32,874Repayment of loans & borrowings - - (475) - (475)Payment of lease liabilities - - - (3,257) (3,257)Total changes from financing cash flows2,833 12,000 17,566 (3,257) 29,142Other changesAdditions and remeasurements - - - (141) (141) Other additions (non cash) - 4,574 - - 4,574Disposals - - - (9,630) (9,630)Finance expense/(income) - (2,890) - - (2,890)Interest and similar expense - 6,082 1,423 578 8,083Conversion of debt to equity (8,192) (23,461) (11,000) - (42,653)Total liability-related other changes (8,192) (15,695) (9,577) (9,193) (42,657)Balance as at 31 December 2025 - 14,150 8,164 11,665 33,97924. RELATED PARTY TRANSACTIONSThe Group identifies a related party as a person or entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the Group. Note 2 provides information about the Group\u2019s structure, including details of the subsidiaries and the holding company.The Group engages with its shareholders in certain related party transactions disclosed in this and other notes in these financial statements. The Group holds receivables and payables from its shareholders who represent related parties.Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation.Transactions and balances with related parties can be specified as follows: Year Pur- Sales to Loan Loan Interest Comm- Recei- Payable chase related received repaid owed itment vable as as per from party from to by/(to) fee per 31 31 Dec related related related related Dec party party party party Key management personnel of the Group: Peter Bijvelds Holding 2025--2,000-(294)(250)13(2,294)Erp B.V. 2024--3,500(3,500)(122)---N-Works B.V. 2025--100-(2)--(102)2024--------Entities with significant influence / shareholders: Heights Capital 2025--12,000(21,261)(7,126)--(16,136)Management LLC 2024---(6,145)(5,539)--(17,845)Gotion High-Tech Co., Ltd. 2025-------(951)2024-------(4,500)Associates: Zero Emission Services B.V. 2025-10,609----1,466-2024-702------Other - Gotion group / network: Tangshan Gotion Battery 202511,878------(5,664)Co. Ltd 2024--------Navigate International 202519,286------(19,286)Engineering Management 2024--------Co. Ltd InoBat Auto j.s.a. 2025-20,182----20,182-2024--------Zhonghang (SIN) PTE. Ltd 2025-12,430------2024--------Hefei Zheng Rui Energy 2025--3,000(300)(59)--(2,759)Storage Technology Ltd. 2024--------CONVERTIBLE BONDIn December 2023, the Group issued convertible bonds (\u2018the Bonds\u2019) of \u20ac36.8 million to an entity managed by Heights Capital Management LLC, a global equity and equity-linked focused investor. The Bonds have a maturity of three years and can either be repaid in new ordinary shares or in cash, which is at the Group\u2019s option. Until date, all repayment installments have been performed in new ordinary shares, thereby making it a related party to the Group. During 2025 the Group issued 32,627,641 (2024: 16,049,003) shares to repay the convertible bond. The gross value of the repayments amounts \u20ac10,261 (2024: \u20ac6,145). As per 31 December 2025 the value of the convertible debt amounts \u20ac16,136 (2024: \u20ac17,845). For further information reference is made to Note 19: Convertible bonds.SHAREHOLDER LOANSThe Group entered into the following shareholder loans in FY 2025:FEBRUARY LOANSTo help manage its cash shortfall in the first quarter of 2025, Ebusco has obtained commitments for a debt financing of \u20ac22,000 in total on 24 February 2025 Ebusco (the \u201cFebruary Loans\u201d). The proceeds of the loans allowed Ebusco to complete not only the modification of the reassigned buses, but also the production of buses at its contract manufacturers, The \u20ac22,000 was funded by Green Innovation International Co. Ltd, De Engh B.V. and Heights Capital Management LLC. As part of the July 2025 restructuring, the three loans are, including \u20ac2,200 interest, converted into ordinary shares of the Group.WORKING CAPITAL FACILITY SEPTEMBER 2025The Group obtained a working capital facility from from Hefei Zheng Rui Energy Storage Technology Ltd. amounting \u20ac3,000. Interest amounts 6% per annum and has a maturity date of June 2026. During FY 2025, an amount of \u20ac300 is repaid. BRIDGE LOAN DECEMBER 2025The Group obtained a Shareholder loan through Peter Bijvelds Holding Erp B.V. (\u20ac2,000), N-Works B.V. (\u20ac100), Heights Capital Management LLC (\u20ac2,000) and De Engh B.V. (\u20ac1,000) for a total amount of \u20ac5,100. The incurred interest has been presented in the table above. The shareholder loan was carried out at arms-length. COMMITMENT FEE (AS PER NOTE 2.3)Peter Bijvelds Holding Erp B.V. entered into a shareholder loan with the Group, which was converted into shares in the November 2024 Rights Issue. The Company and Peter Bijvelds Holding Erp B.V. have been in discussions as to whether a commitment fee (\u20ac250) had been agreed as part of rights issue and conversion. The Company and Peter Bijvelds Holding Erp B.V. have since agreed to confirm and formalize the commitment fee. This commitment fee of \u20ac250 was not previously disclosed nor accounted for as per 31 December 2024. The commitment fee \u20ac250 has been presented in the table above and has been paid in 2026.PURCHASES AND SALE OF ENERGY STORAGE SYSTEM Mid 2025 Ebusco, with Ebusco Energy B.V. as the contracting party, announced that it had signed contract to deliver Battery Energy Storage Systems (BESS) and BESS related equipment with a gross contract value of approximately \u20ac39 million. This agreement has been subsequently enacted through several individual purchase- and sales contracts with different counterparties within the Gotion group / network. In this contract, Ebusco contributes to the embedded software through its expertise in Battery Management Systems (BMS), control logic and system optimization, based on its experience in electric bus applications and other energy solutions products. During 2025 the Group purchased Energy Storage Systems for in total \u20ac31,164 from the Gotion group / network. During 2025 \u20ac6,214 was repaid resulting into a payable balance as per 31 December 2025 of \u20ac24,950. Those Energy Storage Systems were subsequently sold to other entities within the Gotion group / network for in total \u20ac32,612. The accounts receivable balance as per 31 December 2025 amounts \u20ac20,182. As per note 5.1, for the sale of Energy Storage Systems the Group is acting as an agent and recognizes revenue at the net amount that is retained for these deliveries. These terms and conditions of these contracts are at arm\u2019s length terms and conditions and fit within Ebusco\u2019s overall strategy to further develop its energy related operations.SALE OF MOBILE ENERGY CONTAINERDuring 2025 the Group sold goods to Zero Emission Services B.V. amounting \u20ac10,609. The delivered goods mainly relate to Mobile Energy Containers.TRANSACTIONS WITH KEY MANAGEMENT PERSONNELFor compensation of key management personnel of the Group reference is made to Note 6. Furthermore the Group entered into the shareholder loan as disclosed in the previous paragraph.",
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"value": "2.1 BASIS OF CONSOLIDATIONSubsidiaries are fully consolidated from the date the Group acquires control and ceases when the Group loses control of the subsidiary. The Group controls an investee if, and only if, the Group has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);\u2022 Exposure, or rights, to variable returns from its involvement with the investee;\u2022 The ability to use its power over the investee to affect its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. All intra-group assets and liabilities, equity, income and expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. When the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, and other components of equity, while any resulting gain or loss is recognized in profit or loss.",
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"value": "2.2 BASIS OF PREPARATION2.3 CORRECTION RELATED TO THE FY 2024 ANNUAL REPORTOn 30 April 2025 the Group published its annual report for the financial year ended 31 December 2024 (the FY 2024 Annual Report). As the Group explained in the FY 2024 Annual Report, the preparation of the 2024 finan-cial statements and, consequently, the external auditor\u2019s audit process experienced delays, which prevented completion of the audit within the expected timeframe. As a result, the 2024 financial statements included in the FY 2024 Annual Report were unaudited. In subsequent months the Group finalized the audit of the financial year 2024 and the external auditor issued its auditor\u2019s report on 3 November 2025, containing a disclaimer of opinion. In the audit finalization process, a number of errors, including arithmetical inaccuracies (predominantly in sub-totals), incorrect cross-refer-ences and inconsistencies were identified in the notes to the consolidated financial statements, as well as certain other errors. These errors, which the Company announced on 3 November 2025, mainly related to:\u2022 Remuneration of the Management Board: Arithmetical inaccuracies. \u2022 Consolidated Statement of Cash Flows: Inaccurate classification occurred between \u2018Cash flows from oper-ating activities\u2019 (should be (\u20ac53,713) instead of (\u20ac43,175) and \u2018Cash flows from investment activities\u2019 (should be (\u20ac5,694) instead of (\u20ac16,933), mainly driven by the movements in right-of-use assets. More specifi-cally, regarding \u2018cash from operating activities\u2019, the line item \u2018finance expense\u2019 should be (\u20ac629) instead of \u20ac3,094 and \u2018payables and other current liabilities\u2019 should be (\u20ac9,837) instead of (\u20ac1,631). Regarding \u2018cash flow from investment activities\u2019, the line item \u2018investment in property, plant and equipment\u2019 should be (\u20ac3,031) instead of (\u20ac14,462).\u2022 Right-of-use assets: The amount for the line item \u2018Impairment\u2019 was inaccurately reported. It should be (\u20ac1,034) instead of (\u20ac9,934). Despite this inaccuracy, the numbers in the \u2018Total changes\u2019 are still accurate.\u2022 Presentation of impairments. The impairments (\u20ac53.7 million) have been presented in the line item \u201cAmorti-zation and depreciation expenses\u201d in the Consolidated Statement of Profit or Loss and Other Comprehensive Income, whereas a more accurate presentation would have been through a separate line item in the Consol-idated Statement of Profit or Loss and Other Comprehensive Income.\u2022 Company Statement of Financial position: Provisions are accounted for \u20ac71.65 million relating to losses of \u2018Investments in group companies\u2019. In line with the accounting principles, this loss should have been deducted from the \u2018Receivables from group companies\u2019 in the balance sheet.\u2022 Compliance with EU Taxonomy: Due to the financial difficulties and the restructuring process that the Company has experienced and continues to experience, including numerous changes in staff and manage-ment, Ebusco has not been able to comply with the criteria of Directive 2014/95/EU on the disclosure of non-financial information.\u2022 ESEF Tagging: The corrections discussed above are equally relevant for the FY 2024 ESEF Annual Report.The arithmetical inaccuracies, incorrect cross-references, inconsistencies and other errors did not lead to any impact on the Company\u2019s equity and \u2018result for the year\u2019 for the financial year ended 31 December 2024. The arithmetical inaccuracies, incorrect cross-references, inconsistencies and other errors referred to above are corrected in this FY 2025 Annual Report, in the comparable financial statements and notes for the year ended 31 December 2024 and are indicated with a * in the respective disclosure.To ensure that the FY 2025 Annual Report do not contain errors, the Management Board initiated and partly implemented (in the fourth quarter of 2025) measures to address identified deficiencies in the internal control framework. This is mainly done by strengthening the financial reporting and operational control functions.COMMITMENT FEE RELATING TO RIGHTS ISSUE OF NOVEMBER 2024 NOT DISCLOSED NOR ACCOUNTED FOR Peter Bijvelds Holding Erp B.V. entered into a shareholder loan with the Group, which was converted into shares in the November 2024 Rights Issue. The Company and Peter Bijvelds Holding Erp B.V. have been in discussions as to whether a commitment fee (\u20ac250) had been agreed as part of rights issue and conversion. The Company and Peter Bijvelds Holding Erp B.V. have since agreed to confirm and formalize the commitment fee, which has been paid in 2026. This commitment fee of \u20ac250 was not previously disclosed nor accounted for as per 31 December 2024. The error is processed prospectively is the FY 2025 Annual Report. For related party disclosure, reference is made to note 24.2.6 CHANGES IN ACCOUNTING POLICIESA number of new standards and amendments to IFRS Accounting Standards became effective as from 1 January 2025. The only amendment applicable to the Group is Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. This amendment has been assessed by the Group and does not have a material impact on the recognition, measurement, presentation or disclosure in the Consoli-dated Financial Statements. The effect of standards issued but not yet applied (such as IFRS 18) is still under investigation.",
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"value": "2.2 BASIS OF PREPARATIONThe consolidated financial statements of the Group have been prepared in accordance with IFRS accounting standards as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union (EU) and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.The financial statements were signed and authorized for issuance by the Supervisory Board and Management Board on 30 April 2026. The consolidated financial statements have been prepared on a historical cost basis, except when otherwise indicated. All amounts are stated in thousands of EUR, unless otherwise stated.",
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"f0__s7__6__27": {
"value": "The consolidated financial statements of the Group have been prepared in accordance with IFRS accounting standards as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union (EU) and with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code.",
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"value": "The financial statements were signed and authorized for issuance by the Supervisory Board and Management Board on 30 April 2026.",
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"value": "2.3 CORRECTION RELATED TO THE FY 2024 ANNUAL REPORTOn 30 April 2025 the Group published its annual report for the financial year ended 31 December 2024 (the FY 2024 Annual Report). As the Group explained in the FY 2024 Annual Report, the preparation of the 2024 finan-cial statements and, consequently, the external auditor\u2019s audit process experienced delays, which prevented completion of the audit within the expected timeframe. As a result, the 2024 financial statements included in the FY 2024 Annual Report were unaudited. In subsequent months the Group finalized the audit of the financial year 2024 and the external auditor issued its auditor\u2019s report on 3 November 2025, containing a disclaimer of opinion. In the audit finalization process, a number of errors, including arithmetical inaccuracies (predominantly in sub-totals), incorrect cross-refer-ences and inconsistencies were identified in the notes to the consolidated financial statements, as well as certain other errors. These errors, which the Company announced on 3 November 2025, mainly related to:\u2022 Remuneration of the Management Board: Arithmetical inaccuracies. \u2022 Consolidated Statement of Cash Flows: Inaccurate classification occurred between \u2018Cash flows from oper-ating activities\u2019 (should be (\u20ac53,713) instead of (\u20ac43,175) and \u2018Cash flows from investment activities\u2019 (should be (\u20ac5,694) instead of (\u20ac16,933), mainly driven by the movements in right-of-use assets. More specifi-cally, regarding \u2018cash from operating activities\u2019, the line item \u2018finance expense\u2019 should be (\u20ac629) instead of \u20ac3,094 and \u2018payables and other current liabilities\u2019 should be (\u20ac9,837) instead of (\u20ac1,631). Regarding \u2018cash flow from investment activities\u2019, the line item \u2018investment in property, plant and equipment\u2019 should be (\u20ac3,031) instead of (\u20ac14,462).\u2022 Right-of-use assets: The amount for the line item \u2018Impairment\u2019 was inaccurately reported. It should be (\u20ac1,034) instead of (\u20ac9,934). Despite this inaccuracy, the numbers in the \u2018Total changes\u2019 are still accurate.\u2022 Presentation of impairments. The impairments (\u20ac53.7 million) have been presented in the line item \u201cAmorti-zation and depreciation expenses\u201d in the Consolidated Statement of Profit or Loss and Other Comprehensive Income, whereas a more accurate presentation would have been through a separate line item in the Consol-idated Statement of Profit or Loss and Other Comprehensive Income.\u2022 Company Statement of Financial position: Provisions are accounted for \u20ac71.65 million relating to losses of \u2018Investments in group companies\u2019. In line with the accounting principles, this loss should have been deducted from the \u2018Receivables from group companies\u2019 in the balance sheet.\u2022 Compliance with EU Taxonomy: Due to the financial difficulties and the restructuring process that the Company has experienced and continues to experience, including numerous changes in staff and manage-ment, Ebusco has not been able to comply with the criteria of Directive 2014/95/EU on the disclosure of non-financial information.\u2022 ESEF Tagging: The corrections discussed above are equally relevant for the FY 2024 ESEF Annual Report.The arithmetical inaccuracies, incorrect cross-references, inconsistencies and other errors did not lead to any impact on the Company\u2019s equity and \u2018result for the year\u2019 for the financial year ended 31 December 2024. The arithmetical inaccuracies, incorrect cross-references, inconsistencies and other errors referred to above are corrected in this FY 2025 Annual Report, in the comparable financial statements and notes for the year ended 31 December 2024 and are indicated with a * in the respective disclosure.To ensure that the FY 2025 Annual Report do not contain errors, the Management Board initiated and partly implemented (in the fourth quarter of 2025) measures to address identified deficiencies in the internal control framework. This is mainly done by strengthening the financial reporting and operational control functions.COMMITMENT FEE RELATING TO RIGHTS ISSUE OF NOVEMBER 2024 NOT DISCLOSED NOR ACCOUNTED FOR Peter Bijvelds Holding Erp B.V. entered into a shareholder loan with the Group, which was converted into shares in the November 2024 Rights Issue. The Company and Peter Bijvelds Holding Erp B.V. have been in discussions as to whether a commitment fee (\u20ac250) had been agreed as part of rights issue and conversion. The Company and Peter Bijvelds Holding Erp B.V. have since agreed to confirm and formalize the commitment fee, which has been paid in 2026. This commitment fee of \u20ac250 was not previously disclosed nor accounted for as per 31 December 2024. The error is processed prospectively is the FY 2025 Annual Report. For related party disclosure, reference is made to note 24.",
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"f0__s7__6__37-1": {
"value": "2.4 GOING CONCERNThe Group went through another extremely difficult time in 2025, while it continued the transitioning of its production setup from an Original Equipment Manufacturer (OEM) model to an Original Equipment Design (OED) model and the implementation of the turnaround plan at the same time, reducing its cost base and aligning its operating model. Through its cost reduction program, primarily through a significant FTE reduction, the Group has been able to structurally reduce its operational expenditures; operational expenditures were \u20ac141.2 million in 2025, vs. \u20ac207.0 million in 2024, a reduction of 31.8% year-on-year.In 2025 the Group has also restructured a significant part of its debt position. The \u20ac22 million of short-term loan agreements that the Group entered into in February 2025 (including approximately \u20ac2.2 million of interest) have been fully equitized in August 2025. In addition, approximately \u20ac8.2 million of the bank loans (representing the portion held by Rabobank) have been taken over by Kabuto Technology Ltd and subse-quently equitized in August 2025. Furthermore, through the June, September and December 2025 instal-ments, approximately \u20ac10.2 million of the principal amount of the Convertible Bond held by CVI / Heights Capital Management has been converted into new shares. Another approximately \u20ac3.2 million was converted into new shares in March 2026, meaning that only approximately \u20ac6.15 million (or 17%) of the initial principal amount of \u20ac36.8 million remains outstanding.For the year-ended 31 December 2025 the Group incurred a net loss before tax of \u20ac70.8 million (2024: net loss of \u20ac200.6 million), resulting in net cash outflow from operating activities of \u20ac27.2 million (2024: \u20ac53.7 million). As of 31 December 2025, the Group had negative retained earnings of \u20ac446.0 million and a net equity position of \u20ac3.3 million, versus negative \u20ac376.6 million and \u20ac27.5 million, as of 31 December 2024, respec-tively. The Group\u2019s cash position as of 31 December 2025 was \u20ac7.4 million (31 December 2024: \u20ac2.4 million).Although there have been clear proof points of stabilizing operations, mostly through the stable and increasing pace of bus deliveries over the year 2025 and whereas the Group sees further opportunities for a further reduction of operational expenditures, the Group\u2019s liquidity and financial position remains constrained. As a result, the Group had to secure a working capital bridge loan of \u20ac5.1 million in the fourth quarter of 2025, the proceeds of which allowed the Group to safeguard the ongoing delivery of its buses on time (and avoid any contractual penalties for late delivery). Although the working capital bridge loan has been repaid in the first quarter of 2026, the continuation of the Group as a going concern is dependent upon several critical factors:1 Ability to securing a dedicated working capital facility with one or more financial institutions \u2013 although the Group has very constructive conversations in this respect with one institution, these conversations have not yet converted into the Group securing a working capital facility.2 Dependence on uncommitted working capital support \u2013 in the absence of a dedicated working capital facility from a financial institution, the Group remains dependent on the uncommitted working capital support from its partners in China, most notably its contract manufacturers, but also other partners in the supply chain. This support includes initiatives that provide the Group certain working capital relief, such as contract manufacturers purchasing inventory from the Group. Such support may also take the form of a local financing structure for the procurement of required materials, replacing a need for the Group to fund and pre-pay these materials. Any delay, reduction, or withdrawal of such support would materially affect the Group\u2019s liquidity position and its ability to meet short-term obligations.3 Ongoing management of claims and accounts payable \u2013 the Group continues to manage its claims and overdue accounts payable positions on a negotiated and phased basis. The continuation of these arrange-ments depends on transparent and ongoing discussions with creditors and suppliers to agree and main-tain realistic payment schedules. Any deterioration in these relationships could adversely affect opera-tions and cash flows. Considering the overdue accounts payable position (as at the date of this report) significantly exceeds the Group\u2019s current liquidity position, there is a possibility that suppliers could file for bankruptcy at any given moment which the Group cannot address directly and would trigger an insolvency event.4 Order book coverage \u2013\u2013 although the Group continues to maintain relationships with a broad base of customers in both its bus and energy divisions and is actively engaged in multiple commercial discus-sions and tender processes, the currently committed order book is not sufficient to fully cover the Group\u2019s expected operational needs over the next twelve months. As a result, the Group remains dependent on securing additional orders in both divisions to sustain production volumes and generate sufficient oper-ating cash inflows. While management is confident that the Group\u2019s products, technology and market positioning provide a solid basis for further commercial traction, there can be no assurance that these discussions and tender processes will convert into firm orders within the required timeframe.After the balance sheet date, the Group continued to explore measures to improve its working capital position and create additional liquidity headroom. On 2 April 2026 the Group announced that it has secured approxi-mately \u20ac27.4 million in working capital through a combination of shareholder funding, partner support, and a strategic supplier loan. This financing supports the delivery of the Group\u2019s existing order book and enables the company to pursue new business opportunities. The working capital support consists of the following elements:\u2022 \u20ac7.10 million working capital bridge loan from a number of existing shareholders of the Group: CVI Invest-ments Inc., an entity managed by Heights Capital Management, Inc. (Heights), De Engh B.V., Peter Bijvelds Holding Erp B.V. and N-Works B.V.;\u2022 \u20ac10.65 million in working capital support through an Asian supply chain partner (entity with significant influ-ence over the Group). This working capital facilitates the procurement of parts and components required for current production, the timing of which is linked to the bus production schedule over the remainder of 2026; and\u2022 \u20ac9.64 million through a convertible loan agreement (CLA) with the Asian supply chain partner (entity with significant influence over the Group) which replaces an existing payable and eliminates a near-term cash outflow of the same amount. Under the CLA, the Asian supply chain partner has obtained the right to appoint a deputy CFO with certain governance rights, under the responsibility of the Group\u2019s CFO.In addition, the Group has agreements in place with Heights that provide flexibility to extend maturities of Heights\u2019 contribution to the working capital bridge loan and the \u20ac4.6 million bank loan it took over in July 2025 where conversion would result in a shareholding in the Group of 25% or more.Despite these recent developments, the Group\u2019s liquidity and financial position remain constrained, which is largely due to a delay in the implementation of the working capital support. The factors described above, together with the other matters described above, indicate the existence of a material uncertainty that may cast significant doubt about the Group\u2019s ability to continue as a going concern. Nevertheless, based on the information currently available to it, management believes that the measures undertaken and planned provide a reasonable basis for the preparation of the financial statements on a going concern basis. This belief is, amongst other things, based upon the significant progress the Group has made in terms of stabilizing the operations, the structural reduction of the operational expenditures, the strength of the relationships it has with its partners in China, including the contract manufacturers and other supply chain partners (including in relation to the continuation of the uncommitted working capital support) and feedback from existing clients and prospective clients on the quality of Ebusco\u2019s technology and products.26. RISK MANAGEMENT OBJECTIVES AND POLICIESThe operations of the Group expose the Group to various financial risks, including liquidity risk, market risk,-credit risk, currency risk and interest rate risk. The risk management is the responsibility of the Management Board of the Group. The main financial risks are described below together with the approach taken to assess and mitigate the relevant financial risk. For a broader and more extensive description of all risks the Group faces it refers to the Risk Management and Internal Control section in its board report. Risk type (Unaudited) Risk description Risk assessment and mitigation Remaining riskLiquidity riskLiquidity risk is the risk that the Group is not able to The Group refers to Note 2.4 for further elaboration on its liquidity risk. Highpay its short-term liabilities.Market risksForeign exchange risk is part of the market risk The Group has risk management policies and procedures in place to manage its foreign exchange risk. Where possible, the Group Mediumthat arises due to exposure of the Group to foreign mitigates this risk by:currencies. This exposure arises from the Group's involvement in foreign operations or trade in foreign \u2022 Hedging forecasted foreign currency transactions, with a maximum horizon of 24 months; andcurrency (buy and sell).\u2022 Using spot transactions where hedging is not considered appropriate based on the risk profile.The Group continuously monitors its foreign currency exposure and assesses the cost benefit of hedging. As at 31 December 2025, no hedging instruments were outstanding. As per 31 December 2024 and 31 December 2025 both the cash flow hedge reserve and cost of hedging reserve are nihil.For certain exposures, in particular RMB, the Group may choose not to hedge and accept the related currency risk.A 5% increase (decrease) in the EUR / CNY exchange rate has a positive (negative) impact on the result of \u20ac0.7 million.Inflation risk is part of the market risk that arises due The ongoing inflation is resulting in an increase in cost levels for the Group.Mediumto (unexpected) price increase in goods and services purchased by the Group.The Group is continuously monitoring the development of purchase prices for goods and services required on the short, medium and long-term basis. Based on expected price development the Group engages in purchase contracts and/or strategic inventory purchases in order to mitigate the risk of unexpected price increases as much as possible.On the other hand, the Group is also able to recharge (a part of) the increase in cost levels to its customers via increased sales prices.Interest rate risk is the part of the market risk that The Group is exposed to changes in interest rates resulting from the following:Limitedarises due to movements in interest rates.\u2022 Long-term liabilities\u2022 The interest rate implicit in the lease liabilitiesHowever, no long-term liabilities have variable interest rates and outstanding amounts are limited in size. The Group's cash posi-tion, due to its short-term nature, has limited exposure to interest rate risk.As the Group has no material exposure to variable interest rate instruments, a reasonably possible change in interest rate (e.g. +/- 100 basis points) would no have a material impact on the Group\u2019s profit or loss or equity. The resulting residual interest rate risk is considered to be limited.Order risk is part of the market risk that the Group\u2019s Due to the Group\u2019s current reputation in the market as a result of the Group\u2019s failure to timely deliver buses followed by contract Highorder intake will be less than anticipated.cancellations and liquidity constraints, there is a risk that the Group\u2019s order intake is (materially) below plan.Credit riskCredit risk for the Group mainly consists of the default The Group reflects on the credit risks of trade debtors on a forward-looking basis, based on the simplified ECL approach. Further-Limitedof trade debtors and contract assets.more, the Group determined that the customers (municipalities) of the Group, based on historic performance and entity nature, have a low default probability. The credit risk on other financial assets is considered to be low. Therefore, the Group accepts the residual remaining credit risks.The table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments, including interest and dividend on cumulative preference shares. Carrying Total Cash 0 to 3 3 to 121 - 5 years More than 5 As at 31 December 2024 amountflowsmonths monthsyearsDebt to a credit facility5,359 5,359 - 5,359 - -Convertible bond 17,845 20,307 - - 20,307 -(assuming no conversion)Lease liabilities24,115 26,922 1,289 3,868 18,565 3,200Trade creditors24,981 24,981 24,981 - - -Contract liabilities44,430 44,430 - 44,430 - -Other non-current liabilities1,337 1,433 - 96 1,337 -Other current liabilities23,041 23,041 11,284 11,757 - -Total 141,108 146,473 37,554 65,510 40,209 3,200Derivatives - - - - - -* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.Carrying Total Cash 0 to 3 3 to 121 - 5 years More than 5 As at 31 December 2025amountflowsmonths monthsyearsDebt to a credit facility - - - - - - Debt to shareholders 8,164 8,533 2,136 6,397 - - Convertible bond 14,150 16,923 2,760 14,163 - - (assuming no conversion)Lease liabilities11,665 14,876 636 1,908 12,332 - Trade creditors47,894 47,894 47,894 - - - Contract liabilities37,607 37,607 - 37,607 - - Other non-current liabilities235 235 33 99 103 - Other current liabilities12,148 12,148 9,457 881 1,810 - Total 131,863 138,216 62,916 61,055 14,245 - Derivatives - ",
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},
"f0__s7__6__36-1": {
"value": "2.4 GOING CONCERNThe Group went through another extremely difficult time in 2025, while it continued the transitioning of its production setup from an Original Equipment Manufacturer (OEM) model to an Original Equipment Design (OED) model and the implementation of the turnaround plan at the same time, reducing its cost base and aligning its operating model. Through its cost reduction program, primarily through a significant FTE reduction, the Group has been able to structurally reduce its operational expenditures; operational expenditures were \u20ac141.2 million in 2025, vs. \u20ac207.0 million in 2024, a reduction of 31.8% year-on-year.In 2025 the Group has also restructured a significant part of its debt position. The \u20ac22 million of short-term loan agreements that the Group entered into in February 2025 (including approximately \u20ac2.2 million of interest) have been fully equitized in August 2025. In addition, approximately \u20ac8.2 million of the bank loans (representing the portion held by Rabobank) have been taken over by Kabuto Technology Ltd and subse-quently equitized in August 2025. Furthermore, through the June, September and December 2025 instal-ments, approximately \u20ac10.2 million of the principal amount of the Convertible Bond held by CVI / Heights Capital Management has been converted into new shares. Another approximately \u20ac3.2 million was converted into new shares in March 2026, meaning that only approximately \u20ac6.15 million (or 17%) of the initial principal amount of \u20ac36.8 million remains outstanding.For the year-ended 31 December 2025 the Group incurred a net loss before tax of \u20ac70.8 million (2024: net loss of \u20ac200.6 million), resulting in net cash outflow from operating activities of \u20ac27.2 million (2024: \u20ac53.7 million). As of 31 December 2025, the Group had negative retained earnings of \u20ac446.0 million and a net equity position of \u20ac3.3 million, versus negative \u20ac376.6 million and \u20ac27.5 million, as of 31 December 2024, respec-tively. The Group\u2019s cash position as of 31 December 2025 was \u20ac7.4 million (31 December 2024: \u20ac2.4 million).Although there have been clear proof points of stabilizing operations, mostly through the stable and increasing pace of bus deliveries over the year 2025 and whereas the Group sees further opportunities for a further reduction of operational expenditures, the Group\u2019s liquidity and financial position remains constrained. As a result, the Group had to secure a working capital bridge loan of \u20ac5.1 million in the fourth quarter of 2025, the proceeds of which allowed the Group to safeguard the ongoing delivery of its buses on time (and avoid any contractual penalties for late delivery). Although the working capital bridge loan has been repaid in the first quarter of 2026, the continuation of the Group as a going concern is dependent upon several critical factors:1 Ability to securing a dedicated working capital facility with one or more financial institutions \u2013 although the Group has very constructive conversations in this respect with one institution, these conversations have not yet converted into the Group securing a working capital facility.2 Dependence on uncommitted working capital support \u2013 in the absence of a dedicated working capital facility from a financial institution, the Group remains dependent on the uncommitted working capital support from its partners in China, most notably its contract manufacturers, but also other partners in the supply chain. This support includes initiatives that provide the Group certain working capital relief, such as contract manufacturers purchasing inventory from the Group. Such support may also take the form of a local financing structure for the procurement of required materials, replacing a need for the Group to fund and pre-pay these materials. Any delay, reduction, or withdrawal of such support would materially affect the Group\u2019s liquidity position and its ability to meet short-term obligations.3 Ongoing management of claims and accounts payable \u2013 the Group continues to manage its claims and overdue accounts payable positions on a negotiated and phased basis. The continuation of these arrange-ments depends on transparent and ongoing discussions with creditors and suppliers to agree and main-tain realistic payment schedules. Any deterioration in these relationships could adversely affect opera-tions and cash flows. Considering the overdue accounts payable position (as at the date of this report) significantly exceeds the Group\u2019s current liquidity position, there is a possibility that suppliers could file for bankruptcy at any given moment which the Group cannot address directly and would trigger an insolvency event.4 Order book coverage \u2013\u2013 although the Group continues to maintain relationships with a broad base of customers in both its bus and energy divisions and is actively engaged in multiple commercial discus-sions and tender processes, the currently committed order book is not sufficient to fully cover the Group\u2019s expected operational needs over the next twelve months. As a result, the Group remains dependent on securing additional orders in both divisions to sustain production volumes and generate sufficient oper-ating cash inflows. While management is confident that the Group\u2019s products, technology and market positioning provide a solid basis for further commercial traction, there can be no assurance that these discussions and tender processes will convert into firm orders within the required timeframe.After the balance sheet date, the Group continued to explore measures to improve its working capital position and create additional liquidity headroom. On 2 April 2026 the Group announced that it has secured approxi-mately \u20ac27.4 million in working capital through a combination of shareholder funding, partner support, and a strategic supplier loan. This financing supports the delivery of the Group\u2019s existing order book and enables the company to pursue new business opportunities. The working capital support consists of the following elements:\u2022 \u20ac7.10 million working capital bridge loan from a number of existing shareholders of the Group: CVI Invest-ments Inc., an entity managed by Heights Capital Management, Inc. (Heights), De Engh B.V., Peter Bijvelds Holding Erp B.V. and N-Works B.V.;\u2022 \u20ac10.65 million in working capital support through an Asian supply chain partner (entity with significant influ-ence over the Group). This working capital facilitates the procurement of parts and components required for current production, the timing of which is linked to the bus production schedule over the remainder of 2026; and\u2022 \u20ac9.64 million through a convertible loan agreement (CLA) with the Asian supply chain partner (entity with significant influence over the Group) which replaces an existing payable and eliminates a near-term cash outflow of the same amount. Under the CLA, the Asian supply chain partner has obtained the right to appoint a deputy CFO with certain governance rights, under the responsibility of the Group\u2019s CFO.In addition, the Group has agreements in place with Heights that provide flexibility to extend maturities of Heights\u2019 contribution to the working capital bridge loan and the \u20ac4.6 million bank loan it took over in July 2025 where conversion would result in a shareholding in the Group of 25% or more.Despite these recent developments, the Group\u2019s liquidity and financial position remain constrained, which is largely due to a delay in the implementation of the working capital support. The factors described above, together with the other matters described above, indicate the existence of a material uncertainty that may cast significant doubt about the Group\u2019s ability to continue as a going concern. Nevertheless, based on the information currently available to it, management believes that the measures undertaken and planned provide a reasonable basis for the preparation of the financial statements on a going concern basis. This belief is, amongst other things, based upon the significant progress the Group has made in terms of stabilizing the operations, the structural reduction of the operational expenditures, the strength of the relationships it has with its partners in China, including the contract manufacturers and other supply chain partners (including in relation to the continuation of the uncommitted working capital support) and feedback from existing clients and prospective clients on the quality of Ebusco\u2019s technology and products.15. TRADE RECEIVABLES As at 31 December As at 31 December Trade receivables20252024Trade receivables 36,128 5,735Doubtful debtor provision (963) (241)Net trade debtors35,165 5,494The doubtful debtor provision consists of a provision for individual debtors with objective evidence of impair-ment of \u20ac907 (2024: \u20ac228) and the allowance for expected credit losses \u20ac56 (2024: \u20ac14). In total \u20ac721 (2024: \u20ac211) has been added to the doubtful debtor provision in 2025 and no usage occurred (2024: \u20ac0). Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.Due to the short duration of the receivables the fair value approximates the carrying value. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using the provision matrix:31 December 2025Trade receivables \u2013 Days past dueContract <30 days 30-60 60-90 >91 days TotalassetsdaysdaysExpected credit loss rate 0.0% 0.1% 0.1% 0.1% 0.3%Estimated total gross carrying amount at default - 29,424 240 765 5,699 36,128 Expected credit loss - 5 1 1 49 5631 December 2024Trade receivables \u2013 Days past dueContract <30 days 30-60 60-90 >91 days TotalassetsdaysdaysExpected credit loss rate 0,0% 0,1% 0,1% 0,1% 0,3%Estimated total gross carrying amount at default 7,569 1,717 361 403 3,2525,735Expected credit loss - 1 1 1 101317. CASH AND CASH EQUIVALENTS As at As at Cash and cash equivalents31 December 202531 December 2024Cash at hand - - Cash at bank 7,438 2,399 Total cash and cash equivalents 7,438 2,399 The majority of commercial banks where cash and cash equivalents are held have a credit rating in the A categories of Moody\u2019s/S&P. No defaults occurred during the year and management does not expect any losses from non-performance by these counterparties. The risk of default of the counterparty is assessed to be low taking into account the credit rating. The resulting expected credit loss is estimated to be insignifi-cant. The cash and cash equivalents balance includes an amount of \u20ac220 (2024: \u20ac0) that is not immediately accessible.26. RISK MANAGEMENT OBJECTIVES AND POLICIESThe operations of the Group expose the Group to various financial risks, including liquidity risk, market risk,-credit risk, currency risk and interest rate risk. The risk management is the responsibility of the Management Board of the Group. The main financial risks are described below together with the approach taken to assess and mitigate the relevant financial risk. For a broader and more extensive description of all risks the Group faces it refers to the Risk Management and Internal Control section in its board report. Risk type (Unaudited) Risk description Risk assessment and mitigation Remaining riskLiquidity riskLiquidity risk is the risk that the Group is not able to The Group refers to Note 2.4 for further elaboration on its liquidity risk. Highpay its short-term liabilities.Market risksForeign exchange risk is part of the market risk The Group has risk management policies and procedures in place to manage its foreign exchange risk. Where possible, the Group Mediumthat arises due to exposure of the Group to foreign mitigates this risk by:currencies. This exposure arises from the Group's involvement in foreign operations or trade in foreign \u2022 Hedging forecasted foreign currency transactions, with a maximum horizon of 24 months; andcurrency (buy and sell).\u2022 Using spot transactions where hedging is not considered appropriate based on the risk profile.The Group continuously monitors its foreign currency exposure and assesses the cost benefit of hedging. As at 31 December 2025, no hedging instruments were outstanding. As per 31 December 2024 and 31 December 2025 both the cash flow hedge reserve and cost of hedging reserve are nihil.For certain exposures, in particular RMB, the Group may choose not to hedge and accept the related currency risk.A 5% increase (decrease) in the EUR / CNY exchange rate has a positive (negative) impact on the result of \u20ac0.7 million.Inflation risk is part of the market risk that arises due The ongoing inflation is resulting in an increase in cost levels for the Group.Mediumto (unexpected) price increase in goods and services purchased by the Group.The Group is continuously monitoring the development of purchase prices for goods and services required on the short, medium and long-term basis. Based on expected price development the Group engages in purchase contracts and/or strategic inventory purchases in order to mitigate the risk of unexpected price increases as much as possible.On the other hand, the Group is also able to recharge (a part of) the increase in cost levels to its customers via increased sales prices.Interest rate risk is the part of the market risk that The Group is exposed to changes in interest rates resulting from the following:Limitedarises due to movements in interest rates.\u2022 Long-term liabilities\u2022 The interest rate implicit in the lease liabilitiesHowever, no long-term liabilities have variable interest rates and outstanding amounts are limited in size. The Group's cash posi-tion, due to its short-term nature, has limited exposure to interest rate risk.As the Group has no material exposure to variable interest rate instruments, a reasonably possible change in interest rate (e.g. +/- 100 basis points) would no have a material impact on the Group\u2019s profit or loss or equity. The resulting residual interest rate risk is considered to be limited.Order risk is part of the market risk that the Group\u2019s Due to the Group\u2019s current reputation in the market as a result of the Group\u2019s failure to timely deliver buses followed by contract Highorder intake will be less than anticipated.cancellations and liquidity constraints, there is a risk that the Group\u2019s order intake is (materially) below plan.Credit riskCredit risk for the Group mainly consists of the default The Group reflects on the credit risks of trade debtors on a forward-looking basis, based on the simplified ECL approach. Further-Limitedof trade debtors and contract assets.more, the Group determined that the customers (municipalities) of the Group, based on historic performance and entity nature, have a low default probability. The credit risk on other financial assets is considered to be low. Therefore, the Group accepts the residual remaining credit risks.The table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments, including interest and dividend on cumulative preference shares. Carrying Total Cash 0 to 3 3 to 121 - 5 years More than 5 As at 31 December 2024 amountflowsmonths monthsyearsDebt to a credit facility5,359 5,359 - 5,359 - -Convertible bond 17,845 20,307 - - 20,307 -(assuming no conversion)Lease liabilities24,115 26,922 1,289 3,868 18,565 3,200Trade creditors24,981 24,981 24,981 - - -Contract liabilities44,430 44,430 - 44,430 - -Other non-current liabilities1,337 1,433 - 96 1,337 -Other current liabilities23,041 23,041 11,284 11,757 - -Total 141,108 146,473 37,554 65,510 40,209 3,200Derivatives - - - - - -* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.Carrying Total Cash 0 to 3 3 to 121 - 5 years More than 5 As at 31 December 2025amountflowsmonths monthsyearsDebt to a credit facility - - - - - - Debt to shareholders 8,164 8,533 2,136 6,397 - - Convertible bond 14,150 16,923 2,760 14,163 - - (assuming no conversion)Lease liabilities11,665 14,876 636 1,908 12,332 - Trade creditors47,894 47,894 47,894 - - - Contract liabilities37,607 37,607 - 37,607 - - Other non-current liabilities235 235 33 99 103 - Other current liabilities12,148 12,148 9,457 881 1,810 - Total 131,863 138,216 62,916 61,055 14,245 - Derivatives - 27. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGDuring 2024 and 2025, the Group did not apply hedge accounting under IFRS 9. No hedge relationships were designated, no hedging instruments were outstanding and no hedge ineffectiveness was recognised in profit or loss. Consequently, there were no movements in the cash flow hedge reserve during the year.USE OF DERIVATIVESThe Group did not enter into or hold any derivatives for economic hedging or for hedge accounting purposes as at 31 December 2024 and 2025.FAIR VALUE HIERARCHYAs the Group held no derivative financial instruments at year-end 2024 and 2025, no amounts relating to derivatives are included in the fair value.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "2.4 GOING CONCERNThe Group went through another extremely difficult time in 2025, while it continued the transitioning of its production setup from an Original Equipment Manufacturer (OEM) model to an Original Equipment Design (OED) model and the implementation of the turnaround plan at the same time, reducing its cost base and aligning its operating model. Through its cost reduction program, primarily through a significant FTE reduction, the Group has been able to structurally reduce its operational expenditures; operational expenditures were \u20ac141.2 million in 2025, vs. \u20ac207.0 million in 2024, a reduction of 31.8% year-on-year.In 2025 the Group has also restructured a significant part of its debt position. The \u20ac22 million of short-term loan agreements that the Group entered into in February 2025 (including approximately \u20ac2.2 million of interest) have been fully equitized in August 2025. In addition, approximately \u20ac8.2 million of the bank loans (representing the portion held by Rabobank) have been taken over by Kabuto Technology Ltd and subse-quently equitized in August 2025. Furthermore, through the June, September and December 2025 instal-ments, approximately \u20ac10.2 million of the principal amount of the Convertible Bond held by CVI / Heights Capital Management has been converted into new shares. Another approximately \u20ac3.2 million was converted into new shares in March 2026, meaning that only approximately \u20ac6.15 million (or 17%) of the initial principal amount of \u20ac36.8 million remains outstanding.For the year-ended 31 December 2025 the Group incurred a net loss before tax of \u20ac70.8 million (2024: net loss of \u20ac200.6 million), resulting in net cash outflow from operating activities of \u20ac27.2 million (2024: \u20ac53.7 million). As of 31 December 2025, the Group had negative retained earnings of \u20ac446.0 million and a net equity position of \u20ac3.3 million, versus negative \u20ac376.6 million and \u20ac27.5 million, as of 31 December 2024, respec-tively. The Group\u2019s cash position as of 31 December 2025 was \u20ac7.4 million (31 December 2024: \u20ac2.4 million).Although there have been clear proof points of stabilizing operations, mostly through the stable and increasing pace of bus deliveries over the year 2025 and whereas the Group sees further opportunities for a further reduction of operational expenditures, the Group\u2019s liquidity and financial position remains constrained. As a result, the Group had to secure a working capital bridge loan of \u20ac5.1 million in the fourth quarter of 2025, the proceeds of which allowed the Group to safeguard the ongoing delivery of its buses on time (and avoid any contractual penalties for late delivery). Although the working capital bridge loan has been repaid in the first quarter of 2026, the continuation of the Group as a going concern is dependent upon several critical factors:1 Ability to securing a dedicated working capital facility with one or more financial institutions \u2013 although the Group has very constructive conversations in this respect with one institution, these conversations have not yet converted into the Group securing a working capital facility.2 Dependence on uncommitted working capital support \u2013 in the absence of a dedicated working capital facility from a financial institution, the Group remains dependent on the uncommitted working capital support from its partners in China, most notably its contract manufacturers, but also other partners in the supply chain. This support includes initiatives that provide the Group certain working capital relief, such as contract manufacturers purchasing inventory from the Group. Such support may also take the form of a local financing structure for the procurement of required materials, replacing a need for the Group to fund and pre-pay these materials. Any delay, reduction, or withdrawal of such support would materially affect the Group\u2019s liquidity position and its ability to meet short-term obligations.3 Ongoing management of claims and accounts payable \u2013 the Group continues to manage its claims and overdue accounts payable positions on a negotiated and phased basis. The continuation of these arrange-ments depends on transparent and ongoing discussions with creditors and suppliers to agree and main-tain realistic payment schedules. Any deterioration in these relationships could adversely affect opera-tions and cash flows. Considering the overdue accounts payable position (as at the date of this report) significantly exceeds the Group\u2019s current liquidity position, there is a possibility that suppliers could file for bankruptcy at any given moment which the Group cannot address directly and would trigger an insolvency event.4 Order book coverage \u2013\u2013 although the Group continues to maintain relationships with a broad base of customers in both its bus and energy divisions and is actively engaged in multiple commercial discus-sions and tender processes, the currently committed order book is not sufficient to fully cover the Group\u2019s expected operational needs over the next twelve months. As a result, the Group remains dependent on securing additional orders in both divisions to sustain production volumes and generate sufficient oper-ating cash inflows. While management is confident that the Group\u2019s products, technology and market positioning provide a solid basis for further commercial traction, there can be no assurance that these discussions and tender processes will convert into firm orders within the required timeframe.After the balance sheet date, the Group continued to explore measures to improve its working capital position and create additional liquidity headroom. On 2 April 2026 the Group announced that it has secured approxi-mately \u20ac27.4 million in working capital through a combination of shareholder funding, partner support, and a strategic supplier loan. This financing supports the delivery of the Group\u2019s existing order book and enables the company to pursue new business opportunities. The working capital support consists of the following elements:\u2022 \u20ac7.10 million working capital bridge loan from a number of existing shareholders of the Group: CVI Invest-ments Inc., an entity managed by Heights Capital Management, Inc. (Heights), De Engh B.V., Peter Bijvelds Holding Erp B.V. and N-Works B.V.;\u2022 \u20ac10.65 million in working capital support through an Asian supply chain partner (entity with significant influ-ence over the Group). This working capital facilitates the procurement of parts and components required for current production, the timing of which is linked to the bus production schedule over the remainder of 2026; and\u2022 \u20ac9.64 million through a convertible loan agreement (CLA) with the Asian supply chain partner (entity with significant influence over the Group) which replaces an existing payable and eliminates a near-term cash outflow of the same amount. Under the CLA, the Asian supply chain partner has obtained the right to appoint a deputy CFO with certain governance rights, under the responsibility of the Group\u2019s CFO.In addition, the Group has agreements in place with Heights that provide flexibility to extend maturities of Heights\u2019 contribution to the working capital bridge loan and the \u20ac4.6 million bank loan it took over in July 2025 where conversion would result in a shareholding in the Group of 25% or more.Despite these recent developments, the Group\u2019s liquidity and financial position remain constrained, which is largely due to a delay in the implementation of the working capital support. The factors described above, together with the other matters described above, indicate the existence of a material uncertainty that may cast significant doubt about the Group\u2019s ability to continue as a going concern. Nevertheless, based on the information currently available to it, management believes that the measures undertaken and planned provide a reasonable basis for the preparation of the financial statements on a going concern basis. This belief is, amongst other things, based upon the significant progress the Group has made in terms of stabilizing the operations, the structural reduction of the operational expenditures, the strength of the relationships it has with its partners in China, including the contract manufacturers and other supply chain partners (including in relation to the continuation of the uncommitted working capital support) and feedback from existing clients and prospective clients on the quality of Ebusco\u2019s technology and products.8. FINANCE EXPENSES, NETFinance costs 2025 2024Foreign currency exchange rate results, including (gains)/losses on derivatives(1,624)(3,865)Interest and similar expenses on loans and borrowings7,5055,714Interest income-(80)Revaluation of embedded derivative (2,890)(1,199)Interest on lease liabilities 578815Other interest expenses 1,7371,650Total 5,306 3,035* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.The finance expenses increased with \u20ac2.3 million compared to 2024. The increase is mainly due to the decrease in foreign currency exchanges rate results amounting to \u20ac2.2 million and an increase in interest and similar expenses on loans and borrowings amounting to \u20ac1.8 million. These changes are partly offset by an increase in income from revaluation of these embedded derivates amounting to \u20ac1.7 million. For the convertible bonds and revaluation of the embedded derivative the Group refers to Note 19.15. TRADE RECEIVABLES As at 31 December As at 31 December Trade receivables20252024Trade receivables 36,128 5,735Doubtful debtor provision (963) (241)Net trade debtors35,165 5,494The doubtful debtor provision consists of a provision for individual debtors with objective evidence of impair-ment of \u20ac907 (2024: \u20ac228) and the allowance for expected credit losses \u20ac56 (2024: \u20ac14). In total \u20ac721 (2024: \u20ac211) has been added to the doubtful debtor provision in 2025 and no usage occurred (2024: \u20ac0). Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.Due to the short duration of the receivables the fair value approximates the carrying value. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using the provision matrix:31 December 2025Trade receivables \u2013 Days past dueContract <30 days 30-60 60-90 >91 days TotalassetsdaysdaysExpected credit loss rate 0.0% 0.1% 0.1% 0.1% 0.3%Estimated total gross carrying amount at default - 29,424 240 765 5,699 36,128 Expected credit loss - 5 1 1 49 5631 December 2024Trade receivables \u2013 Days past dueContract <30 days 30-60 60-90 >91 days TotalassetsdaysdaysExpected credit loss rate 0,0% 0,1% 0,1% 0,1% 0,3%Estimated total gross carrying amount at default 7,569 1,717 361 403 3,2525,735Expected credit loss - 1 1 1 101316. OTHER CURRENT ASSETSAs at 31 December As at 31 December Other current assets20252024Taxes and social securities 374 1,821Bank guarantee deposit4,463-Prepaid expenses2,6051,566Credit notes to be received312112Other accrued assets 242 373Income tax receivable 61 21Total other current financial assets 8,057 3,893Due to the short duration of the non-derivative current financial assets the fair value approximates the carrying value. In July 2025 CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) took over the bank guarantees from ING Bank N.V. for an amount of \u20ac4.6 million (2024: \u20ac0). For further clarifica-tion, reference is made to note 17.17. CASH AND CASH EQUIVALENTS As at As at Cash and cash equivalents31 December 202531 December 2024Cash at hand - - Cash at bank 7,438 2,399 Total cash and cash equivalents 7,438 2,399 The majority of commercial banks where cash and cash equivalents are held have a credit rating in the A categories of Moody\u2019s/S&P. No defaults occurred during the year and management does not expect any losses from non-performance by these counterparties. The risk of default of the counterparty is assessed to be low taking into account the credit rating. The resulting expected credit loss is estimated to be insignifi-cant. The cash and cash equivalents balance includes an amount of \u20ac220 (2024: \u20ac0) that is not immediately accessible.Ebusco maintained bank guarantee credit facilities for a total of \u20ac4.5 million per 31 December 2025. As collateral for outstanding bank guarantees the Group provided a cash deposit to ING Bank N.V. (Note 16). The total bank guarantee credit facilities as per 31 December 2024 amounted \u20ac40 million, equally divided by ING Bank N.V. and Co\u00f6peratieve Rabobank U.A.During July 2025, CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) and Kabuto Technology Co., Ltd. (Kabuto) have agreed to take over the full position of ING Bank N.V. and Co\u00f6peratieve Rabobank U.A. respectively under Ebusco\u2019s letters of credit and bank guarantee facilities (theBank Loans), subject to certain conditions. The Bank Loans were due on 14 August 2025 and are trans-ferred to Heights and Kabuto for amounts of \u20ac4.6 million and \u20ac8.2 million, respectively. As a prerequisite, the Group paid a deposit of \u20ac0.5 million to ING Bank N.V as collateral for any (future) claim, cost, expense, interest or exposure.On 19 August 2025, Kabuto converted their respective portions of the Bank Loans into shares in Ebusco. Heights decided not to convert their respective portions of the Bank Loans into shares in Ebusco on 19 August 2025. The Bank Loan is therefore amended into a convertible loan agreement with a maturity date of 19 August 2026. Since Ebusco has breached (a/o) payment obligations under the (uncommitted) bank guar-antee credit facility, the following security rights transferred to Heights:\u2022 A right of pledge over the shares in Ebusco B.V.\u2022 A right of pledge over any receivables from Ebusco B.V. and Ebusco Holding N.V.\u2022 A right of pledge over any movable assets of Ebusco B.V. and Ebusco Holding N.V.\u2022 A right of pledge over any intellectual property rights held by Ebusco B.V. and Ebusco Holding N.V.Although a right of pledge over the shares in Ebusco B.V. was granted to Heights, the Group concluded that it retained control on Ebusco B.V. as the Group (by means of its Management Board) was (and still is) making the (key) operational and strategic decisions without interference of Heights. The security rights of Heights were shared on a pari passu basis with the other lenders under the \u20ac5.1 million bridge loan Ebusco entered into in December 2025.At 31 December 2025, the Group held restricted cash of \u20ac0.2 million (2024: \u20acnil). These balances relate to cash deposits pledged to the HSBC Banks collateral for bank guarantees issued in the normal course of business. The guarantees mainly relate to lease commitments for office premises and a performance bond provided to a customer. The restricted cash is not freely available for use by the Group and will be released once the underlying guar-antees expire or are otherwise cancelled.19. CONVERTIBLE BONDCONVERTIBLE BOND ISSUED IN FY 2023In December 2023, the Group issued convertible bonds (\u2018the Bonds\u2019) of \u20ac36.8 million to an entity managed by Heights Capital Management LLC, a global equity and equity-linked focused investor. The Bonds were issued at 93% par value with total net proceeds of \u20ac34.2 million and accrue interest at an annual rate of 5% payable quarterly in arrears. The bonds contain various conversion and redemption features. The Bonds have a maturity of three years, and were initially repayable in 12 quarterly repayments, of principal and interest over the three-year term, in either cash or in new ordinary shares at the Group\u2019s option. The amortization schedule of the bonds has been adjusted during 2024 under the existing conditions of the bond agreement and three principal payments initially due in 2025 are scheduled to become payable on the final maturity date (21 December 2026). In order to facilitate a new loan from Heights (reference is made to note 20) in February 2025, Ebusco has agreed to an amendment of the convertible bonds held by Heights, as follows:\u2022 Reset of the conversion price from \u20ac1.7360 to \u20ac0.75;\u2022 Reinstatement of the amortized payment amounts initially scheduled for payment on 21 June 2025, 21 September 2025 and 21 December 2025; and\u2022 Extension of the equity raise reset period by 12 months from the date of the loan being advanced.Since the net present value of the cash flows under the new terms discounted at the original effective interest rate is less than 10% different from the discounted present value of the remaining cash flows of the original debt instrument, this amendment is not accounted as a extinguishment of the original financial liability.If in shares, the repayment is (since February 2025) at the lower of the conversion price of (post-share consol-idation) \u20ac0.75 (2024: \u20ac1.7360 per share) or a 10% discount to the volume weighted average price (VWAP) in the six-day trading period prior to election date. The bond agreement contains embedded derivatives in conjunction with an ordinary host debt facility. As a result, the convertible bonds are shown in the Consolidated Statement of Financial Position in two sepa-rate components, being \u2018Convertible bond \u2013 debt\u2019 and \u2018Convertible bond \u2013 derivative\u2019. At issuance, the total inception value was \u20ac36.8 million, being the principal amount of the Bonds, with the initial carrying amount of the debt liability element being the difference between the inception value of the convertible bond and the fair value at inception of the derivative element. Given the option of the bondholder to convert the bond at all times at their discretion for the conversion price, the debt and derivative liability elements have been classi-fied as current liabilities. The derivative element has been measured at fair value using a Black-Scholes option pricing model, which estimates the fair value based on the underlying asset's price, volatility, time to expiration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac0.9 million (2024: \u20ac3.8 million), resulting in a revaluation gain of the derivative being recognized of \u20ac2.7 million. The amount is recorded in the revaluation of the embedded derivative within the Finance expenses, net (Note 8).Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield (which was set at 0%). A share price of \u20ac0.40 per share per 31 December 2025 was used in determination of the fair value of the derivative element, an increase of 10% would have resulted in an increase in fair value by \u20ac209, while a reduction of 10% would have resulted in a decrease in fair value of \u20ac188. A volatility of 136.43% was used in the determination of the fair value of the derivative element per 31 December 2025, an increase of 5% would have resulted in an increase in the fair value by \u20ac62, while a reduction of 5% would have resulted in a decrease in the fair value by \u20ac62.CONVERTIBLE BOND ISSUED IN FY 2025 ITo help manage its cash shortfall in the first quarter of 2025, Ebusco has obtained commitments for a debt financing of \u20ac22 million in total on 24 February 2025 Ebusco (the \u201cFebruary Loans\u201d). The proceeds of the loans allowed Ebusco to complete not only the modification of the reassigned buses, but also the produc-tion of buses at its contract manufacturers. The \u20ac22 Mio was funded by Green Innovation International Co. Ltd (\u201cGreen Innovation\u201d, \u20ac10million), De Engh B.V. (De Engh, \u20ac2 million) and CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights, \u20ac10 million). The loans with Green Innovation and De Engh classify as a convertible loan which are, including \u20ac1,2 million interest, converted into ordinary shares of the Group in July 2025. CONVERTIBLE BOND ISSUED IN FY 2025 IIDuring July 2025, CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) took over the full position of ING Bank N.V under Ebusco\u2019s bank guarantee facility, subject to certain condi-tions. The facility was due on 14 August 2025 and is transferred to Heights for an amount of \u20ac4.6 million. If in shares, the repayment is at the lower of the conversion price of (post-share consolidation) \u20ac0,40 or a 10% discount to the volume weighted average price (VWAP) in the six-day trading period prior to election date. Heights decided not to convert their respective portion of the facility into shares in Ebusco on 19 August 2025. The Bank Loan is therefore amended into a convertible loan agreement with a maturity date of 19 August 2026. Annual interest is 3% in arrears.The derivative element has been measured at fair value using a binomial option pricing approach of Cox, Ross and Rubinstein, which estimates the fair value based on the underlying asset's price, volatility, time to expi-ration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac1,0 million.Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield (which was set at 0%). A share price of \u20ac0.40 per share per 31 December 2025 was used in determination of the fair value of the derivative element, an increase of 10% would have resulted in an increase in fair value by \u20ac484, while a reduction of 10% would have resulted in a decrease in fair value of \u20ac427. An annual volatility of 23.36% was used in the determination of the fair value of the derivative element per 31 December 2025, an increase of 5% would have resulted in an increase in the fair value by \u20ac45, while a reduction of 5% would have resulted in a decrease in the fair value by \u20ac35.The Group considers the determination of the fair value of the embedded derivative within the convertible bond, both at inception and at the reporting date, as a significant estimate.Convertible bond Convertible bond - debt Convertible bond \u2013 embedded derivativeBalance as at 1 January 2024 28,161 4,965Interest expense and similar expenses 5,539 -Conversion of debt to equity (19,570) -Revaluation of embedded derivative (51) (1,199)Balance as at 31 December 2024 14,079 3,766Interest expense and similar expenses 6,082 -Proceeds from loans and borrowings12,000 -Conversion debt to equity (23,461) -Bifurcation of the embedded derivative (1,034) (1,034)Other additions (non cash)4,574 -Revaluation of embedded derivative - (2,890)Balance as at 31 December 2025) 12,240 1,910* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.20. LOANS AND BORROWINGS (LONG-TERM AND SHORT-TERM)FINANCIAL LIABILITIES Loans and borrowings consist of the following:As at 31 December 2025 As at 31 December 2024Loans and borrowings Non-current Current Total Non-current Current TotalDebt to credit institutions - - - - 5,359 5,359Debts to shareholders- 8,164 8,164 - - - Convertible bond - 14,150 14,150- 17,845 17,845Total - 22,314 22,314 - 23,204 23,204DEBT TO CREDIT INSTITUTIONSThe outstanding balance of \u20acnil at 31 December 2025 (2024: \u20ac5,359) includes letter of credits entered into with Rabobank and ING.CONVERTIBLE BONDIn December 2023, the Group issued convertible bonds (\u2018the Bonds\u2019) of \u20ac36.8 million to an entity managed by Heights Capital Management LLC, which is as from that date a shareholder the Group. For the debt reference is made to the convertible bond under Note 19.DEBT TO SHAREHOLDERSAs per note 19, The Company obtained a loan from CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) of \u20ac10 million in February 2025. As part of the July 2025 restructuring, the loan including accrued interest of \u20ac11 million is converted into ordinary shares of the Group in July 2025.The debt to shareholders as per 31 December 2025 mainly consists of the working capital bridge loan amounting to \u20ac5.1 million which was lent by four shareholders of the Group. The proceeds of the Loan allowed Ebusco to safeguard the ongoing delivery of its buses on time, which will result in a corresponding conversion of working capital into cash over time, and assists in the ongoing stabilization of Ebusco. The loan is fully repaid in January 2026. For an overview of the provided securities towards the shareholders reference is made to note 17.Besides the working capital bridge loan the debt to shareholders contain a loan from Hefei Zheng Rui Energy Storage Technology Ltd. amounting \u20ac2.8 million. Interest amounts 6% per annum and has a maturity date of June 2026.The following table sets out the reconciliation from the net cash flows from financing activities (excluding the convertible bond) with the financing positions of loans and borrowings as at 31 December 2025 and 2024.Debt to Convertible Debt to Leases Totalcredit bond sharehol-institutionsders**Balance as at 1 January 2024 1,348 33,126 - 16,598 51,072Changes from financing cash flowsProceeds from loans and borrowings 7,744 - 5,000 - 12,744Repayment of loans & borrowings (3,733) - - - (3,733)Payment of lease liabilities - - - (4,116) (4,116)Interest and similar expenses paid - - - - - Total changes from financing cash flows 4,011 - 5,000 (4,116) 4,895Other changesAdditions and remeasurements - - - 11,317 11,317Disposals - - - (499) (499)Finance expense/(income) - (1,250) - - (1,250)Interest and similar expense - 5,539 175 815 6,529Conversion of debt to equity - (19,570) (5,000) - (24,570)Total liability-related other changes - (15,281) (4,825) 11,633 (8,473)Balance as at 31 December 2024 5,359 17,845 175 24,115 47,494* Certain comparative figures for 2024 have been revised to correct presentation inaccuracies.** The proceeds of \u20ac5,000 are in the cash flow statement included in the line item \u201cNet proceeds from issuance of share capital\u201d.Debt to Convertible Debt to Leases Totalcredit bondshareholdersinstitutionsBalance as at 1 January 2025 5,359 17,845 175 24,115 47,494Changes from financing cash flowsProceeds from loans and borrowings 2,833 12,000 18,041 - 32,874Repayment of loans & borrowings - - (475) - (475)Payment of lease liabilities - - - (3,257) (3,257)Total changes from financing cash flows2,833 12,000 17,566 (3,257) 29,142Other changesAdditions and remeasurements - - - (141) (141) Other additions (non cash) - 4,574 - - 4,574Disposals - - - (9,630) (9,630)Finance expense/(income) - (2,890) - - (2,890)Interest and similar expense - 6,082 1,423 578 8,083Conversion of debt to equity (8,192) (23,461) (11,000) - (42,653)Total liability-related other changes (8,192) (15,695) (9,577) (9,193) (42,657)Balance as at 31 December 2025 - 14,150 8,164 11,665 33,97923. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESThe breakdown of the trade creditors and other current liabilities is as follows:As at 31 December As at 31 December Trade payables and other current liabilities 20252024Trade payables 47,894 24,981 Taxes and social securities 2,575 2,751 Other current liabilities 9,573 20,290 Total 60,042 48,022 * Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.Trade payables are non-interest bearing and are on average settled on a 90-days term. Due to the short duration of the payables, the fair value approximates the carrying value. The other current liabilities mostly consists of contract cancellation settlements for which payment schedules have been agreed upon. Other current liabilities are non-interest bearing.26. RISK MANAGEMENT OBJECTIVES AND POLICIESThe operations of the Group expose the Group to various financial risks, including liquidity risk, market risk,-credit risk, currency risk and interest rate risk. The risk management is the responsibility of the Management Board of the Group. The main financial risks are described below together with the approach taken to assess and mitigate the relevant financial risk. For a broader and more extensive description of all risks the Group faces it refers to the Risk Management and Internal Control section in its board report. Risk type (Unaudited) Risk description Risk assessment and mitigation Remaining riskLiquidity riskLiquidity risk is the risk that the Group is not able to The Group refers to Note 2.4 for further elaboration on its liquidity risk. Highpay its short-term liabilities.Market risksForeign exchange risk is part of the market risk The Group has risk management policies and procedures in place to manage its foreign exchange risk. Where possible, the Group Mediumthat arises due to exposure of the Group to foreign mitigates this risk by:currencies. This exposure arises from the Group's involvement in foreign operations or trade in foreign \u2022 Hedging forecasted foreign currency transactions, with a maximum horizon of 24 months; andcurrency (buy and sell).\u2022 Using spot transactions where hedging is not considered appropriate based on the risk profile.The Group continuously monitors its foreign currency exposure and assesses the cost benefit of hedging. As at 31 December 2025, no hedging instruments were outstanding. As per 31 December 2024 and 31 December 2025 both the cash flow hedge reserve and cost of hedging reserve are nihil.For certain exposures, in particular RMB, the Group may choose not to hedge and accept the related currency risk.A 5% increase (decrease) in the EUR / CNY exchange rate has a positive (negative) impact on the result of \u20ac0.7 million.Inflation risk is part of the market risk that arises due The ongoing inflation is resulting in an increase in cost levels for the Group.Mediumto (unexpected) price increase in goods and services purchased by the Group.The Group is continuously monitoring the development of purchase prices for goods and services required on the short, medium and long-term basis. Based on expected price development the Group engages in purchase contracts and/or strategic inventory purchases in order to mitigate the risk of unexpected price increases as much as possible.On the other hand, the Group is also able to recharge (a part of) the increase in cost levels to its customers via increased sales prices.Interest rate risk is the part of the market risk that The Group is exposed to changes in interest rates resulting from the following:Limitedarises due to movements in interest rates.\u2022 Long-term liabilities\u2022 The interest rate implicit in the lease liabilitiesHowever, no long-term liabilities have variable interest rates and outstanding amounts are limited in size. The Group's cash posi-tion, due to its short-term nature, has limited exposure to interest rate risk.As the Group has no material exposure to variable interest rate instruments, a reasonably possible change in interest rate (e.g. +/- 100 basis points) would no have a material impact on the Group\u2019s profit or loss or equity. The resulting residual interest rate risk is considered to be limited.Order risk is part of the market risk that the Group\u2019s Due to the Group\u2019s current reputation in the market as a result of the Group\u2019s failure to timely deliver buses followed by contract Highorder intake will be less than anticipated.cancellations and liquidity constraints, there is a risk that the Group\u2019s order intake is (materially) below plan.Credit riskCredit risk for the Group mainly consists of the default The Group reflects on the credit risks of trade debtors on a forward-looking basis, based on the simplified ECL approach. Further-Limitedof trade debtors and contract assets.more, the Group determined that the customers (municipalities) of the Group, based on historic performance and entity nature, have a low default probability. The credit risk on other financial assets is considered to be low. Therefore, the Group accepts the residual remaining credit risks.The table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments, including interest and dividend on cumulative preference shares. Carrying Total Cash 0 to 3 3 to 121 - 5 years More than 5 As at 31 December 2024 amountflowsmonths monthsyearsDebt to a credit facility5,359 5,359 - 5,359 - -Convertible bond 17,845 20,307 - - 20,307 -(assuming no conversion)Lease liabilities24,115 26,922 1,289 3,868 18,565 3,200Trade creditors24,981 24,981 24,981 - - -Contract liabilities44,430 44,430 - 44,430 - -Other non-current liabilities1,337 1,433 - 96 1,337 -Other current liabilities23,041 23,041 11,284 11,757 - -Total 141,108 146,473 37,554 65,510 40,209 3,200Derivatives - - - - - -* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.Carrying Total Cash 0 to 3 3 to 121 - 5 years More than 5 As at 31 December 2025amountflowsmonths monthsyearsDebt to a credit facility - - - - - - Debt to shareholders 8,164 8,533 2,136 6,397 - - Convertible bond 14,150 16,923 2,760 14,163 - - (assuming no conversion)Lease liabilities11,665 14,876 636 1,908 12,332 - Trade creditors47,894 47,894 47,894 - - - Contract liabilities37,607 37,607 - 37,607 - - Other non-current liabilities235 235 33 99 103 - Other current liabilities12,148 12,148 9,457 881 1,810 - Total 131,863 138,216 62,916 61,055 14,245 - Derivatives - 27. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGDuring 2024 and 2025, the Group did not apply hedge accounting under IFRS 9. No hedge relationships were designated, no hedging instruments were outstanding and no hedge ineffectiveness was recognised in profit or loss. Consequently, there were no movements in the cash flow hedge reserve during the year.USE OF DERIVATIVESThe Group did not enter into or hold any derivatives for economic hedging or for hedge accounting purposes as at 31 December 2024 and 2025.FAIR VALUE HIERARCHYAs the Group held no derivative financial instruments at year-end 2024 and 2025, no amounts relating to derivatives are included in the fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__34": {
"value": "2.4 GOING CONCERNThe Group went through another extremely difficult time in 2025, while it continued the transitioning of its production setup from an Original Equipment Manufacturer (OEM) model to an Original Equipment Design (OED) model and the implementation of the turnaround plan at the same time, reducing its cost base and aligning its operating model. Through its cost reduction program, primarily through a significant FTE reduction, the Group has been able to structurally reduce its operational expenditures; operational expenditures were \u20ac141.2 million in 2025, vs. \u20ac207.0 million in 2024, a reduction of 31.8% year-on-year.In 2025 the Group has also restructured a significant part of its debt position. The \u20ac22 million of short-term loan agreements that the Group entered into in February 2025 (including approximately \u20ac2.2 million of interest) have been fully equitized in August 2025. In addition, approximately \u20ac8.2 million of the bank loans (representing the portion held by Rabobank) have been taken over by Kabuto Technology Ltd and subse-quently equitized in August 2025. Furthermore, through the June, September and December 2025 instal-ments, approximately \u20ac10.2 million of the principal amount of the Convertible Bond held by CVI / Heights Capital Management has been converted into new shares. Another approximately \u20ac3.2 million was converted into new shares in March 2026, meaning that only approximately \u20ac6.15 million (or 17%) of the initial principal amount of \u20ac36.8 million remains outstanding.For the year-ended 31 December 2025 the Group incurred a net loss before tax of \u20ac70.8 million (2024: net loss of \u20ac200.6 million), resulting in net cash outflow from operating activities of \u20ac27.2 million (2024: \u20ac53.7 million). As of 31 December 2025, the Group had negative retained earnings of \u20ac446.0 million and a net equity position of \u20ac3.3 million, versus negative \u20ac376.6 million and \u20ac27.5 million, as of 31 December 2024, respec-tively. The Group\u2019s cash position as of 31 December 2025 was \u20ac7.4 million (31 December 2024: \u20ac2.4 million).Although there have been clear proof points of stabilizing operations, mostly through the stable and increasing pace of bus deliveries over the year 2025 and whereas the Group sees further opportunities for a further reduction of operational expenditures, the Group\u2019s liquidity and financial position remains constrained. As a result, the Group had to secure a working capital bridge loan of \u20ac5.1 million in the fourth quarter of 2025, the proceeds of which allowed the Group to safeguard the ongoing delivery of its buses on time (and avoid any contractual penalties for late delivery). Although the working capital bridge loan has been repaid in the first quarter of 2026, the continuation of the Group as a going concern is dependent upon several critical factors:1 Ability to securing a dedicated working capital facility with one or more financial institutions \u2013 although the Group has very constructive conversations in this respect with one institution, these conversations have not yet converted into the Group securing a working capital facility.2 Dependence on uncommitted working capital support \u2013 in the absence of a dedicated working capital facility from a financial institution, the Group remains dependent on the uncommitted working capital support from its partners in China, most notably its contract manufacturers, but also other partners in the supply chain. This support includes initiatives that provide the Group certain working capital relief, such as contract manufacturers purchasing inventory from the Group. Such support may also take the form of a local financing structure for the procurement of required materials, replacing a need for the Group to fund and pre-pay these materials. Any delay, reduction, or withdrawal of such support would materially affect the Group\u2019s liquidity position and its ability to meet short-term obligations.3 Ongoing management of claims and accounts payable \u2013 the Group continues to manage its claims and overdue accounts payable positions on a negotiated and phased basis. The continuation of these arrange-ments depends on transparent and ongoing discussions with creditors and suppliers to agree and main-tain realistic payment schedules. Any deterioration in these relationships could adversely affect opera-tions and cash flows. Considering the overdue accounts payable position (as at the date of this report) significantly exceeds the Group\u2019s current liquidity position, there is a possibility that suppliers could file for bankruptcy at any given moment which the Group cannot address directly and would trigger an insolvency event.4 Order book coverage \u2013\u2013 although the Group continues to maintain relationships with a broad base of customers in both its bus and energy divisions and is actively engaged in multiple commercial discus-sions and tender processes, the currently committed order book is not sufficient to fully cover the Group\u2019s expected operational needs over the next twelve months. As a result, the Group remains dependent on securing additional orders in both divisions to sustain production volumes and generate sufficient oper-ating cash inflows. While management is confident that the Group\u2019s products, technology and market positioning provide a solid basis for further commercial traction, there can be no assurance that these discussions and tender processes will convert into firm orders within the required timeframe.After the balance sheet date, the Group continued to explore measures to improve its working capital position and create additional liquidity headroom. On 2 April 2026 the Group announced that it has secured approxi-mately \u20ac27.4 million in working capital through a combination of shareholder funding, partner support, and a strategic supplier loan. This financing supports the delivery of the Group\u2019s existing order book and enables the company to pursue new business opportunities. The working capital support consists of the following elements:\u2022 \u20ac7.10 million working capital bridge loan from a number of existing shareholders of the Group: CVI Invest-ments Inc., an entity managed by Heights Capital Management, Inc. (Heights), De Engh B.V., Peter Bijvelds Holding Erp B.V. and N-Works B.V.;\u2022 \u20ac10.65 million in working capital support through an Asian supply chain partner (entity with significant influ-ence over the Group). This working capital facilitates the procurement of parts and components required for current production, the timing of which is linked to the bus production schedule over the remainder of 2026; and\u2022 \u20ac9.64 million through a convertible loan agreement (CLA) with the Asian supply chain partner (entity with significant influence over the Group) which replaces an existing payable and eliminates a near-term cash outflow of the same amount. Under the CLA, the Asian supply chain partner has obtained the right to appoint a deputy CFO with certain governance rights, under the responsibility of the Group\u2019s CFO.In addition, the Group has agreements in place with Heights that provide flexibility to extend maturities of Heights\u2019 contribution to the working capital bridge loan and the \u20ac4.6 million bank loan it took over in July 2025 where conversion would result in a shareholding in the Group of 25% or more.Despite these recent developments, the Group\u2019s liquidity and financial position remain constrained, which is largely due to a delay in the implementation of the working capital support. The factors described above, together with the other matters described above, indicate the existence of a material uncertainty that may cast significant doubt about the Group\u2019s ability to continue as a going concern. Nevertheless, based on the information currently available to it, management believes that the measures undertaken and planned provide a reasonable basis for the preparation of the financial statements on a going concern basis. This belief is, amongst other things, based upon the significant progress the Group has made in terms of stabilizing the operations, the structural reduction of the operational expenditures, the strength of the relationships it has with its partners in China, including the contract manufacturers and other supply chain partners (including in relation to the continuation of the uncommitted working capital support) and feedback from existing clients and prospective clients on the quality of Ebusco\u2019s technology and products.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__33": {
"value": "2.4 GOING CONCERNThe Group went through another extremely difficult time in 2025, while it continued the transitioning of its production setup from an Original Equipment Manufacturer (OEM) model to an Original Equipment Design (OED) model and the implementation of the turnaround plan at the same time, reducing its cost base and aligning its operating model. Through its cost reduction program, primarily through a significant FTE reduction, the Group has been able to structurally reduce its operational expenditures; operational expenditures were \u20ac141.2 million in 2025, vs. \u20ac207.0 million in 2024, a reduction of 31.8% year-on-year.In 2025 the Group has also restructured a significant part of its debt position. The \u20ac22 million of short-term loan agreements that the Group entered into in February 2025 (including approximately \u20ac2.2 million of interest) have been fully equitized in August 2025. In addition, approximately \u20ac8.2 million of the bank loans (representing the portion held by Rabobank) have been taken over by Kabuto Technology Ltd and subse-quently equitized in August 2025. Furthermore, through the June, September and December 2025 instal-ments, approximately \u20ac10.2 million of the principal amount of the Convertible Bond held by CVI / Heights Capital Management has been converted into new shares. Another approximately \u20ac3.2 million was converted into new shares in March 2026, meaning that only approximately \u20ac6.15 million (or 17%) of the initial principal amount of \u20ac36.8 million remains outstanding.For the year-ended 31 December 2025 the Group incurred a net loss before tax of \u20ac70.8 million (2024: net loss of \u20ac200.6 million), resulting in net cash outflow from operating activities of \u20ac27.2 million (2024: \u20ac53.7 million). As of 31 December 2025, the Group had negative retained earnings of \u20ac446.0 million and a net equity position of \u20ac3.3 million, versus negative \u20ac376.6 million and \u20ac27.5 million, as of 31 December 2024, respec-tively. The Group\u2019s cash position as of 31 December 2025 was \u20ac7.4 million (31 December 2024: \u20ac2.4 million).Although there have been clear proof points of stabilizing operations, mostly through the stable and increasing pace of bus deliveries over the year 2025 and whereas the Group sees further opportunities for a further reduction of operational expenditures, the Group\u2019s liquidity and financial position remains constrained. As a result, the Group had to secure a working capital bridge loan of \u20ac5.1 million in the fourth quarter of 2025, the proceeds of which allowed the Group to safeguard the ongoing delivery of its buses on time (and avoid any contractual penalties for late delivery). Although the working capital bridge loan has been repaid in the first quarter of 2026, the continuation of the Group as a going concern is dependent upon several critical factors:1 Ability to securing a dedicated working capital facility with one or more financial institutions \u2013 although the Group has very constructive conversations in this respect with one institution, these conversations have not yet converted into the Group securing a working capital facility.2 Dependence on uncommitted working capital support \u2013 in the absence of a dedicated working capital facility from a financial institution, the Group remains dependent on the uncommitted working capital support from its partners in China, most notably its contract manufacturers, but also other partners in the supply chain. This support includes initiatives that provide the Group certain working capital relief, such as contract manufacturers purchasing inventory from the Group. Such support may also take the form of a local financing structure for the procurement of required materials, replacing a need for the Group to fund and pre-pay these materials. Any delay, reduction, or withdrawal of such support would materially affect the Group\u2019s liquidity position and its ability to meet short-term obligations.3 Ongoing management of claims and accounts payable \u2013 the Group continues to manage its claims and overdue accounts payable positions on a negotiated and phased basis. The continuation of these arrange-ments depends on transparent and ongoing discussions with creditors and suppliers to agree and main-tain realistic payment schedules. Any deterioration in these relationships could adversely affect opera-tions and cash flows. Considering the overdue accounts payable position (as at the date of this report) significantly exceeds the Group\u2019s current liquidity position, there is a possibility that suppliers could file for bankruptcy at any given moment which the Group cannot address directly and would trigger an insolvency event.4 Order book coverage \u2013\u2013 although the Group continues to maintain relationships with a broad base of customers in both its bus and energy divisions and is actively engaged in multiple commercial discus-sions and tender processes, the currently committed order book is not sufficient to fully cover the Group\u2019s expected operational needs over the next twelve months. As a result, the Group remains dependent on securing additional orders in both divisions to sustain production volumes and generate sufficient oper-ating cash inflows. While management is confident that the Group\u2019s products, technology and market positioning provide a solid basis for further commercial traction, there can be no assurance that these discussions and tender processes will convert into firm orders within the required timeframe.After the balance sheet date, the Group continued to explore measures to improve its working capital position and create additional liquidity headroom. On 2 April 2026 the Group announced that it has secured approxi-mately \u20ac27.4 million in working capital through a combination of shareholder funding, partner support, and a strategic supplier loan. This financing supports the delivery of the Group\u2019s existing order book and enables the company to pursue new business opportunities. The working capital support consists of the following elements:\u2022 \u20ac7.10 million working capital bridge loan from a number of existing shareholders of the Group: CVI Invest-ments Inc., an entity managed by Heights Capital Management, Inc. (Heights), De Engh B.V., Peter Bijvelds Holding Erp B.V. and N-Works B.V.;\u2022 \u20ac10.65 million in working capital support through an Asian supply chain partner (entity with significant influ-ence over the Group). This working capital facilitates the procurement of parts and components required for current production, the timing of which is linked to the bus production schedule over the remainder of 2026; and\u2022 \u20ac9.64 million through a convertible loan agreement (CLA) with the Asian supply chain partner (entity with significant influence over the Group) which replaces an existing payable and eliminates a near-term cash outflow of the same amount. Under the CLA, the Asian supply chain partner has obtained the right to appoint a deputy CFO with certain governance rights, under the responsibility of the Group\u2019s CFO.In addition, the Group has agreements in place with Heights that provide flexibility to extend maturities of Heights\u2019 contribution to the working capital bridge loan and the \u20ac4.6 million bank loan it took over in July 2025 where conversion would result in a shareholding in the Group of 25% or more.Despite these recent developments, the Group\u2019s liquidity and financial position remain constrained, which is largely due to a delay in the implementation of the working capital support. The factors described above, together with the other matters described above, indicate the existence of a material uncertainty that may cast significant doubt about the Group\u2019s ability to continue as a going concern. Nevertheless, based on the information currently available to it, management believes that the measures undertaken and planned provide a reasonable basis for the preparation of the financial statements on a going concern basis. This belief is, amongst other things, based upon the significant progress the Group has made in terms of stabilizing the operations, the structural reduction of the operational expenditures, the strength of the relationships it has with its partners in China, including the contract manufacturers and other supply chain partners (including in relation to the continuation of the uncommitted working capital support) and feedback from existing clients and prospective clients on the quality of Ebusco\u2019s technology and products.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__40-1": {
"value": "FUNCTIONAL AND PRESENTATION CURRENCYThe financial statements of entities that have a functional currency different from that of the Parent (\u201cforeign operations\u201d) are translated into euros as follows:Group companies:\u2022 Foreign currency differences resulting from translation of subsidiaries are recognized in other comprehen-sive income.Transactions and balances:\u2022 Assets, equity and liabilities \u2013 at the closing rate at the date of the statement of financial position.\u2022 Income and expenses \u2013 at the average rate of the period (as this is considered a reasonable approximation of the actual rates prevailing at the transaction dates).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__39": {
"value": "FUNCTIONAL AND PRESENTATION CURRENCYThe Group\u2019s consolidated financial statements are presented in euros, which is also the Parent\u2019s functional currency.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__47-1": {
"value": "FINANCIAL INSTRUMENTS AND FAIR VALUEThis section relates to all financial assets and financial liabilities of the Group, including financial instruments associated with the Group\u2019s hedge accounting.FINANCIAL INSTRUMENTSA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Derivatives held by the Group are classified and recorded at fair value. All other financial instruments on the balance sheet are classified and recorded at (amortized) cost. Other financial assets are initially measured at fair value plus transaction costs and subsequently at amortized cost less impairments based on the expected credit loss (\u201cECL\u201d) approach. Fair value of trade receivables and cash and cash equivalents approximates the carrying amount due to the short duration. Other financial liabilities are initially measured at fair value less transaction costs and subsequently at amortized cost. Fair value of current financial liabilities approximates the carrying amount due to the short duration.CLASSIFICATIONThe Group classifies its financial instruments either at:\u2022 Fair value through profit or loss (\u201cFVPL\u201d); or\u2022 Amortized cost.The classification of financial assets is dependent on the business model of the contractual terms of the cash flows and the terms and conditions of the financial assets. Gains and losses on financial assets classified and subsequently measured at FVPL shall be recorded in the profit or loss.MEASUREMENTThe Group measures financial assets at initial recognition at fair value plus transaction costs. The transaction costs of financial assets classified at FVPL are expensed in profit or loss at initial recognition.FINANCIAL LIABILITIES \u2013 EMBEDDED DERIVATIVESThe Group measures its embedded derivatives at FVPL.FINANCIAL LIABILITIES \u2013 NOT DERIVATIVESThe Group measures its financial liabilities at amortized cost using the effective interest method.OFFSETTING OF FINANCIAL INSTRUMENTSFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated state-ment of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.NON-CURRENT FINANCIAL LIABILITIES (NON-DERIVATIVES)Financial liabilities (non-derivatives) are initially measured at fair value less transaction costs and subse-quently measured at amortized cost.CURRENT FINANCIAL LIABILITIES (NON-DERIVATIVES)The financial liabilities (non-derivatives) are initially measured at fair value and subsequently at amortized cost. The fair value of the current financial liabilities approximates the book value due to its short-term nature.CURRENT FINANCIAL LIABILITIES (DERIVATIVES)The financial liabilities (derivatives) are initially measured at fair value and subsequently through profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__46": {
"value": "FINANCIAL INSTRUMENTS AND FAIR VALUEThis section relates to all financial assets and financial liabilities of the Group, including financial instruments associated with the Group\u2019s hedge accounting.FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly trans-action between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are catego-rized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:\u2022 Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is directly or indirectly observable;\u2022 Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is unobservable.For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categori-zation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__45-1": {
"value": "FINANCIAL INSTRUMENTS AND FAIR VALUEThis section relates to all financial assets and financial liabilities of the Group, including financial instruments associated with the Group\u2019s hedge accounting.OFFSETTING OF FINANCIAL INSTRUMENTSFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated state-ment of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__44-1": {
"value": "FINANCIAL INSTRUMENTS AND FAIR VALUEThis section relates to all financial assets and financial liabilities of the Group, including financial instruments associated with the Group\u2019s hedge accounting.FINANCIAL INSTRUMENTSA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Derivatives held by the Group are classified and recorded at fair value. All other financial instruments on the balance sheet are classified and recorded at (amortized) cost. Other financial assets are initially measured at fair value plus transaction costs and subsequently at amortized cost less impairments based on the expected credit loss (\u201cECL\u201d) approach. Fair value of trade receivables and cash and cash equivalents approximates the carrying amount due to the short duration. Other financial liabilities are initially measured at fair value less transaction costs and subsequently at amortized cost. Fair value of current financial liabilities approximates the carrying amount due to the short duration.CLASSIFICATIONThe Group classifies its financial instruments either at:\u2022 Fair value through profit or loss (\u201cFVPL\u201d); or\u2022 Amortized cost.The classification of financial assets is dependent on the business model of the contractual terms of the cash flows and the terms and conditions of the financial assets. Gains and losses on financial assets classified and subsequently measured at FVPL shall be recorded in the profit or loss.MEASUREMENTThe Group measures financial assets at initial recognition at fair value plus transaction costs. The transaction costs of financial assets classified at FVPL are expensed in profit or loss at initial recognition.DEBT INSTRUMENTSSubsequent measurement of debt instruments depends on the classification of the debt instruments by the Group. The Group measures its debt instruments as follows:\u2022 Amortized cost: Interest income from these financial assets is included in finance income using the effec-tive interest method. \u2022 FVPL: A gain or loss is subsequently measured at FVPL and gains or losses are recognized in profit or loss and presented net within other gains and losses for the period in which it arises.IMPAIRMENTThe Group assesses on a forward-looking basis the ECL associated with its debt instruments carried at amor-tized cost. The Group implements one ECL approach for financial assets (the simplified ECL approach).The Group applies the simplified ECL approach to qualifying trade receivables and IFRS 15 contract assets.The Group determines its expected credit losses on trade receivables based on the historical weighted average credit losses on trade receivables that the Group holds, while incorporating any known information which could affect credit losses in the future. These weights are based on the duration of the trade receiv-ables (current number of days outstanding). The Group will use the historical default information of trade debtors in order to attempt to have an unbiased probability weighted amount of the expected credit losses. Expected credit losses are calculated by multiplying the probability of default based on historical data, loss given default and the current lifetime of the trade receivable. This leads to a weighted ECL based on debtors with an outstanding receivable of:\u2022 0-30 days\u2022 31-60 days\u2022 61-90 days\u2022 Longer than 90 daysThis practical application of the lifetime ECL on trade receivables is labeled as the provision matrix by the Group. The provision matrix is used to form the provision for bad debtors and thus impair trade receivables.OFFSETTING OF FINANCIAL INSTRUMENTSFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated state-ment of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.NON-CURRENT FINANCIAL ASSETSFinancial assets are initially recognized at fair value and subsequently measured at amortized cost less impairments based on the general expected credit loss approach. The Group\u2019s non-current financial assets consist of long-term deposits.TRADE RECEIVABLESTrade receivables are classified at amortized cost, initially recognized at transaction price and subsequently measured at amortized cost less impairments based on the simplified expected credit loss (ECL) approach for trade receivables that do not contain a significant financing component. Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits which are defined in accordance with this assessment. Outstanding customer receiv-ables and contract assets are regularly reviewed. The Group applies the simplified expected credit loss approach using a provision matrix based on historic inputs to determine the expected losses. This approach takes into account forward looking information that might have an impact on the way the trade receivables will be settled in the future. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic condi-tions. Generally, trade receivables are written-off if past due for more than one year and which are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, given its customers profile.OTHER CURRENT FINANCIAL ASSETSOther receivables and accrued assets are initially recognized at fair value and subsequently measured at amortized cost less impairments based on the simplified expected credit loss approach.CASH AND CASH EQUIVALENTSThe Group considers cash and cash equivalents the cash at bank and in hand, bank balances and deposits with terms of less than three months. Due to the short term and the fundamentally lower credit risk of the financial instrument, it is assumed that their fair values are equal to the carrying amounts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__43-1": {
"value": "FINANCIAL INSTRUMENTS AND FAIR VALUEThis section relates to all financial assets and financial liabilities of the Group, including financial instruments associated with the Group\u2019s hedge accounting.FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly trans-action between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability or, in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are catego-rized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:\u2022 Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is directly or indirectly observable;\u2022 Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measure-ment is unobservable.For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categori-zation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.FINANCIAL INSTRUMENTSA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Derivatives held by the Group are classified and recorded at fair value. All other financial instruments on the balance sheet are classified and recorded at (amortized) cost. Other financial assets are initially measured at fair value plus transaction costs and subsequently at amortized cost less impairments based on the expected credit loss (\u201cECL\u201d) approach. Fair value of trade receivables and cash and cash equivalents approximates the carrying amount due to the short duration. Other financial liabilities are initially measured at fair value less transaction costs and subsequently at amortized cost. Fair value of current financial liabilities approximates the carrying amount due to the short duration.CLASSIFICATIONThe Group classifies its financial instruments either at:\u2022 Fair value through profit or loss (\u201cFVPL\u201d); or\u2022 Amortized cost.The classification of financial assets is dependent on the business model of the contractual terms of the cash flows and the terms and conditions of the financial assets. Gains and losses on financial assets classified and subsequently measured at FVPL shall be recorded in the profit or loss.MEASUREMENTThe Group measures financial assets at initial recognition at fair value plus transaction costs. The transaction costs of financial assets classified at FVPL are expensed in profit or loss at initial recognition.DEBT INSTRUMENTSSubsequent measurement of debt instruments depends on the classification of the debt instruments by the Group. The Group measures its debt instruments as follows:\u2022 Amortized cost: Interest income from these financial assets is included in finance income using the effec-tive interest method. \u2022 FVPL: A gain or loss is subsequently measured at FVPL and gains or losses are recognized in profit or loss and presented net within other gains and losses for the period in which it arises.FINANCIAL LIABILITIES \u2013 EMBEDDED DERIVATIVESThe Group measures its embedded derivatives at FVPL.FINANCIAL LIABILITIES \u2013 NOT DERIVATIVESThe Group measures its financial liabilities at amortized cost using the effective interest method.IMPAIRMENTThe Group assesses on a forward-looking basis the ECL associated with its debt instruments carried at amor-tized cost. The Group implements one ECL approach for financial assets (the simplified ECL approach).The Group applies the simplified ECL approach to qualifying trade receivables and IFRS 15 contract assets.The Group determines its expected credit losses on trade receivables based on the historical weighted average credit losses on trade receivables that the Group holds, while incorporating any known information which could affect credit losses in the future. These weights are based on the duration of the trade receiv-ables (current number of days outstanding). The Group will use the historical default information of trade debtors in order to attempt to have an unbiased probability weighted amount of the expected credit losses. Expected credit losses are calculated by multiplying the probability of default based on historical data, loss given default and the current lifetime of the trade receivable. This leads to a weighted ECL based on debtors with an outstanding receivable of:\u2022 0-30 days\u2022 31-60 days\u2022 61-90 days\u2022 Longer than 90 daysThis practical application of the lifetime ECL on trade receivables is labeled as the provision matrix by the Group. The provision matrix is used to form the provision for bad debtors and thus impair trade receivables.OFFSETTING OF FINANCIAL INSTRUMENTSFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated state-ment of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.FINANCE (INCOME)/EXPENSEThe costs are determined on a historical basis and allocated to the reporting period to which they relate.NON-CURRENT FINANCIAL ASSETSFinancial assets are initially recognized at fair value and subsequently measured at amortized cost less impairments based on the general expected credit loss approach. The Group\u2019s non-current financial assets consist of long-term deposits.TRADE RECEIVABLESTrade receivables are classified at amortized cost, initially recognized at transaction price and subsequently measured at amortized cost less impairments based on the simplified expected credit loss (ECL) approach for trade receivables that do not contain a significant financing component. Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits which are defined in accordance with this assessment. Outstanding customer receiv-ables and contract assets are regularly reviewed. The Group applies the simplified expected credit loss approach using a provision matrix based on historic inputs to determine the expected losses. This approach takes into account forward looking information that might have an impact on the way the trade receivables will be settled in the future. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic condi-tions. Generally, trade receivables are written-off if past due for more than one year and which are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, given its customers profile.OTHER CURRENT FINANCIAL ASSETSOther receivables and accrued assets are initially recognized at fair value and subsequently measured at amortized cost less impairments based on the simplified expected credit loss approach.CASH AND CASH EQUIVALENTSThe Group considers cash and cash equivalents the cash at bank and in hand, bank balances and deposits with terms of less than three months. Due to the short term and the fundamentally lower credit risk of the financial instrument, it is assumed that their fair values are equal to the carrying amounts.NON-CURRENT FINANCIAL LIABILITIES (NON-DERIVATIVES)Financial liabilities (non-derivatives) are initially measured at fair value less transaction costs and subse-quently measured at amortized cost.CURRENT FINANCIAL LIABILITIES (NON-DERIVATIVES)The financial liabilities (non-derivatives) are initially measured at fair value and subsequently at amortized cost. The fair value of the current financial liabilities approximates the book value due to its short-term nature.CURRENT FINANCIAL LIABILITIES (DERIVATIVES)The financial liabilities (derivatives) are initially measured at fair value and subsequently through profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__48": {
"value": "FINANCIAL INSTRUMENTSA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Derivatives held by the Group are classified and recorded at fair value. All other financial instruments on the balance sheet are classified and recorded at (amortized) cost. Other financial assets are initially measured at fair value plus transaction costs and subsequently at amortized cost less impairments based on the expected credit loss (\u201cECL\u201d) approach. Fair value of trade receivables and cash and cash equivalents approximates the carrying amount due to the short duration. Other financial liabilities are initially measured at fair value less transaction costs and subsequently at amortized cost. Fair value of current financial liabilities approximates the carrying amount due to the short duration.CLASSIFICATIONThe Group classifies its financial instruments either at:\u2022 Fair value through profit or loss (\u201cFVPL\u201d); or\u2022 Amortized cost.The classification of financial assets is dependent on the business model of the contractual terms of the cash flows and the terms and conditions of the financial assets. Gains and losses on financial assets classified and subsequently measured at FVPL shall be recorded in the profit or loss.MEASUREMENTThe Group measures financial assets at initial recognition at fair value plus transaction costs. The transaction costs of financial assets classified at FVPL are expensed in profit or loss at initial recognition.DEBT INSTRUMENTSSubsequent measurement of debt instruments depends on the classification of the debt instruments by the Group. The Group measures its debt instruments as follows:\u2022 Amortized cost: Interest income from these financial assets is included in finance income using the effec-tive interest method. \u2022 FVPL: A gain or loss is subsequently measured at FVPL and gains or losses are recognized in profit or loss and presented net within other gains and losses for the period in which it arises.FINANCIAL LIABILITIES \u2013 EMBEDDED DERIVATIVESThe Group measures its embedded derivatives at FVPL.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__55-1": {
"value": "IMPAIRMENTThe Group assesses on a forward-looking basis the ECL associated with its debt instruments carried at amor-tized cost. The Group implements one ECL approach for financial assets (the simplified ECL approach).The Group applies the simplified ECL approach to qualifying trade receivables and IFRS 15 contract assets.The Group determines its expected credit losses on trade receivables based on the historical weighted average credit losses on trade receivables that the Group holds, while incorporating any known information which could affect credit losses in the future. These weights are based on the duration of the trade receiv-ables (current number of days outstanding). The Group will use the historical default information of trade debtors in order to attempt to have an unbiased probability weighted amount of the expected credit losses. Expected credit losses are calculated by multiplying the probability of default based on historical data, loss given default and the current lifetime of the trade receivable. This leads to a weighted ECL based on debtors with an outstanding receivable of:\u2022 0-30 days\u2022 31-60 days\u2022 61-90 days\u2022 Longer than 90 daysThis practical application of the lifetime ECL on trade receivables is labeled as the provision matrix by the Group. The provision matrix is used to form the provision for bad debtors and thus impair trade receivables.TRADE RECEIVABLESTrade receivables are classified at amortized cost, initially recognized at transaction price and subsequently measured at amortized cost less impairments based on the simplified expected credit loss (ECL) approach for trade receivables that do not contain a significant financing component. Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits which are defined in accordance with this assessment. Outstanding customer receiv-ables and contract assets are regularly reviewed. The Group applies the simplified expected credit loss approach using a provision matrix based on historic inputs to determine the expected losses. This approach takes into account forward looking information that might have an impact on the way the trade receivables will be settled in the future. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic condi-tions. Generally, trade receivables are written-off if past due for more than one year and which are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, given its customers profile.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__53-1": {
"value": "IMPAIRMENTThe Group assesses on a forward-looking basis the ECL associated with its debt instruments carried at amor-tized cost. The Group implements one ECL approach for financial assets (the simplified ECL approach).The Group applies the simplified ECL approach to qualifying trade receivables and IFRS 15 contract assets.The Group determines its expected credit losses on trade receivables based on the historical weighted average credit losses on trade receivables that the Group holds, while incorporating any known information which could affect credit losses in the future. These weights are based on the duration of the trade receiv-ables (current number of days outstanding). The Group will use the historical default information of trade debtors in order to attempt to have an unbiased probability weighted amount of the expected credit losses. Expected credit losses are calculated by multiplying the probability of default based on historical data, loss given default and the current lifetime of the trade receivable. This leads to a weighted ECL based on debtors with an outstanding receivable of:\u2022 0-30 days\u2022 31-60 days\u2022 61-90 days\u2022 Longer than 90 daysThis practical application of the lifetime ECL on trade receivables is labeled as the provision matrix by the Group. The provision matrix is used to form the provision for bad debtors and thus impair trade receivables.INTANGIBLE ASSETS The intangible assets for the Group consist of development assets, software and assets under construction.AMORTIZATION AND IMPAIRMENT TESTINGGoodwill is subject to annual impairment testing, irrespective of whether indications of impairment exist. Goodwill allocated to a cash-generating unit (\u201cCGU) is impaired when its carrying amount of the cash-gener-ating unit exceeds the recoverable amount. The recoverable amount is, in turn, defined as the higher of the fair value less cost of disposal and the value in use; where the value in use is the present value of the future cash flows. In the value in use model estimates of future cash flows shall only include projections of cash inflows from the continuing use of the asset. The fair value less cost of disposal shall be determined in accor-dance with the fair value accounting policy.Any intangible asset not yet available for use must be tested annually because its ability to generate suffi-cient future economic benefits to recover its carrying amount is usually subject to greater uncertainty before the asset is available for use than after it is available for use. For intangible assets which form part of the assets within a CGU the procedures relevant to testing a CGU as set out above apply. Intangible assets with finite lives are amortized over the useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The intangible assets are amortized over a period of 3-5 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss.EQUITY METHODUnrealized gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealized losses are also eliminated unless the transac-tion provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group.The carrying amount of equity-accounted investments is subject to impairment testing. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss.ELIMINATION OF PROFIT ON DOWNSTREAM TRANSACTIONS The profit on the sale of inventory between the Group and the associate is eliminated in the profit and loss statement in the Group for the minority share that the Group has in the associate and deducted from the investment value in the associate. The associate capitalizes the acquired goods which are depreciated in 10 years. The Group therefore releases the eliminated profit over the applied deprecation period of the associate to the profit and loss statement. In case the investment value becomes negative, the negative amount is reclassified to deferred income in the balance sheet.TRADE RECEIVABLESTrade receivables are classified at amortized cost, initially recognized at transaction price and subsequently measured at amortized cost less impairments based on the simplified expected credit loss (ECL) approach for trade receivables that do not contain a significant financing component. Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits which are defined in accordance with this assessment. Outstanding customer receiv-ables and contract assets are regularly reviewed. The Group applies the simplified expected credit loss approach using a provision matrix based on historic inputs to determine the expected losses. This approach takes into account forward looking information that might have an impact on the way the trade receivables will be settled in the future. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic condi-tions. Generally, trade receivables are written-off if past due for more than one year and which are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, given its customers profile.IMPAIRMENT OF NON-FINANCIAL ASSETSFurther disclosures relating to impairment of non-financial assets are also provided in the following accounting policies:\u2022 Property, plant and equipment\u2022 Intangible assets, including goodwill\u2022 Right-of-use-assets\u2022 Significant accounting judgements, estimates and assumptions (note 3)The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired.If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calcu-lations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss.The Group assesses where climate risks could have a significant impact, such as the introduction of emis-sion-reduction legislation that may increase manufacturing costs. Although the introduction of such legis-lation would also result in a higher demand for the Group, these risks in relation to climate-related matters would be included as key assumptions where they materially impact the measure of recoverable amount. These assumptions have been included in the cash flow forecasts in assessing value-in-use amounts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__52-1": {
"value": "IMPAIRMENTThe Group assesses on a forward-looking basis the ECL associated with its debt instruments carried at amor-tized cost. The Group implements one ECL approach for financial assets (the simplified ECL approach).The Group applies the simplified ECL approach to qualifying trade receivables and IFRS 15 contract assets.The Group determines its expected credit losses on trade receivables based on the historical weighted average credit losses on trade receivables that the Group holds, while incorporating any known information which could affect credit losses in the future. These weights are based on the duration of the trade receiv-ables (current number of days outstanding). The Group will use the historical default information of trade debtors in order to attempt to have an unbiased probability weighted amount of the expected credit losses. Expected credit losses are calculated by multiplying the probability of default based on historical data, loss given default and the current lifetime of the trade receivable. This leads to a weighted ECL based on debtors with an outstanding receivable of:\u2022 0-30 days\u2022 31-60 days\u2022 61-90 days\u2022 Longer than 90 daysThis practical application of the lifetime ECL on trade receivables is labeled as the provision matrix by the Group. The provision matrix is used to form the provision for bad debtors and thus impair trade receivables.TRADE RECEIVABLESTrade receivables are classified at amortized cost, initially recognized at transaction price and subsequently measured at amortized cost less impairments based on the simplified expected credit loss (ECL) approach for trade receivables that do not contain a significant financing component. Customer credit risk is managed by each business unit subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits which are defined in accordance with this assessment. Outstanding customer receiv-ables and contract assets are regularly reviewed. The Group applies the simplified expected credit loss approach using a provision matrix based on historic inputs to determine the expected losses. This approach takes into account forward looking information that might have an impact on the way the trade receivables will be settled in the future. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic condi-tions. Generally, trade receivables are written-off if past due for more than one year and which are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group evaluates the concentration of risk with respect to trade receivables and contract assets as low, given its customers profile.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__56": {
"value": "REVENUE REVENUE FROM CONTRACTS WITH CUSTOMERS In determination of its recognition of revenue, the Group applies the 5-step model in line with IFRS 15.Revenue is recognized if the Group has entered into a contract with a customer in which the performance obligations can be identified, the terms of the transaction are clear, and it is probable that the customer will pay. Revenue is recognized for each contract. If a contract involves several performance obligations, revenue is separately attributed to the performance obligations based on relative stand-alone selling prices. Revenue is recognized over time if the customer simultaneously receives and consumes the benefit of the Group\u2019s performance or if the Group produces an asset without alternative use which it is contractually obligated to deliver to the customer and for which the Group has an enforceable right to payment for performance completed to date. Revenue is recognized at a point in time if it does not meet the criteria to be satisfied over time. If a contract contains a significant financing component, the Group adjusts the revenue accordingly. This is not done if the time between the fulfilment of the performance obligation and the payment of the consider-ation is less than one year.If the results from a contract cannot be determined reliably, contract revenue is only recognized to the extent of costs incurred. Expected contract losses are recognized immediately in the statement of profit or loss. In measuring the amount of provisions for losses, the Group proceeds on the basis of the economic benefits expected to be received compared with the unavoidable costs of the contract.The Group has four main types of revenue from contracts:1 Contracts for the sale of zero emission buses: the Group sells zero emission buses and related charging systems. The Group negotiates with each customer according to the needs of the customer and charges a transaction price based on the type and number of buses ordered. Contracts are fulfilled, on average, within six to twelve months. Revenue for sales of zero emission buses is recognized over time when the Group produces a bus without an alternative use which the Group is contractually obligated to deliver and for which the Group has an enforceable right to payment for performance completed to date. The revenue relating to work in progress is recognized in the statement of profit or loss based on percentage of comple-tion (POC) of the project (none remaining POC projects per balance sheet date end of year). The stage of completion is assessed by reference to the proportion of costs recorded in relation to the total expected costs to the extent that the costs incurred are representative of the progress made in the transfer of goods/services to the client. Inefficiencies are disregarded in determining the stage of completion. In-progress contracts are recorded as contract assets. Although the buses the Group manufactures will always maintain a certain level of customization, the Group\u2019s product design and processes reached a more standardized state. Due to this (product) develop-ment, Ebusco is now able to redirect the bus for another use without incurring significant costs to rework the asset. For such bus contracts, the Group recognizes revenues at a point in time when control of the bus transfers to the customer, which is generally upon customer acceptance. The assessment of whether an asset has an alternative use to the Group is made at contract inception. In-progress contracts for which revenue is recognized at a point in time are recorded as work-in-progress (under inventories) to the extent the costs are recoverable. Per balance sheet date end of year all projects are recorded and valuated via point in time.2 Contracts for charging systems and ancillary services and goods: the Group also sells items and services in addition to its zero emission buses. These goods and services consist of additional parts for the Group\u2019s buses or represent services, including repair and maintenance services, and service type warranty, which support the customer\u2019s use of zero emission buses sold by the Group. Revenue is recognized either at a point in time or over time based on the nature of the good or service in accordance with the Group\u2019s revenue recognition policy. Typically, spare parts and charging systems are recognized at a point in time whilst services are recognized over time. If applicable, service-type warranties are accounted for as separate performance obligations in accordance with IFRS 15 and are recorded as contract liabilities (as appro-priate) and recognized as the Group performs its obligation.3 Contracts from the sale of energy storage systems: as part of the Group\u2019s vision of a complete EV ecosystem from start to finish, it has developed Mobile Energy Containers (MEC) which can be used for hybrid electric barges. Revenue is recognized at a point in time. 4 Contracts from the sale of energy storage systems: As from FY 2025 the Group has developed Energy Storage Systems (ESS), also referred as to Battery Energy Storage Systems. Energy Storage Systems are delivered as integrated solutions consisting of hardware and embedded software. The Group contributes to the embedded software through its expertise in Battery Management Systems (BMS), control logic and system optimization, based on its experience in electric bus applications and other energy solutions prod-ucts, Revenue is recognized at a point in time. Since the Group does not have physical possession to the goods (drop shipment) and has limited discretion in establishing the sales price, the Group is acting as an agent and recognises revenue at the net amount that is retained for these deliveries.The accounting policies regarding trade receivables, contract assets, and contract liabilities are set out in the corresponding notes (refer to Note 15 for trade receivables and below for contract assets and liabilities).TRANSACTION PRICE AND STAND-ALONE SELLING PRICES Transaction prices are determined per individual contract, based on goods and services ordered by each customer. Payment terms vary per contract. The performance obligation that significantly affects the deter-mination of the transaction price is the supply of zero emission buses. Revenue is either recognized at a point in time when control of the buses is transferred to the Group\u2019s customers or recognized over time. CONTRACT ASSETS AND CONTRACT LIABILITIESThe Group recognizes a contract asset for services or goods transferred to a customer to which the Group has a right to receive consideration. The Group reclassifies contract assets to trade receivables when perfor-mance obligations are satisfied and the right to consideration becomes unconditional. The Group recognizes a contract liability when a payment is received from a customer or is due before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs its obligations.Contract assets and receivables generally have a term of less than 12 months.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__67": {
"value": "SEGMENT REPORTINGAn operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses. The operating results of each segment are regularly reviewed by the entity\u2019s Chief Operating Decision Maker (\u201cCODM\u201d) in order to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. The Group reports separate information about an operating segment if the reported revenue, profit or loss or assets exceed 10 per cent of the total of the Group, or if the Management Board believes that information about the segment would be useful to the users of the financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__68-1": {
"value": "EMPLOYEE BENEFIT EXPENSESEmployee benefits are all forms of consideration given by the Group in exchange for services rendered by employees or for the termination of employment. Short-term employee benefits are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees rendered the related service.Post-employment benefits are employee benefits (other than termination benefits and short-term employee benefits) that are payable after the completion of employment.SHARE-BASED PAYMENTSEquity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value is included in employee benefit expenses in the vesting period during which the expected employee services are received. The same amount is credited to shareholders\u2019 equity. The cumulative expenses recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.Ebusco has opted to recognize the increase in equity as a result of the equity-settled share-based payment transactions in other capital reserves.Service conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. No expenses are recognized for awards that ultimately do not vest because service conditions have not been met.PENSIONSThe Group has a defined contribution plan (which is capped at an annual pensionable salary of \u20ac138). For the defined contribution plan, the group pays contributions to a public or privately administered pension insur-ance plan on a mandatory or contractual basis. As per 31 December 2025 (and 31 December 2024), the Group has no legal or constructive obligations to pay additional contribution if the fund does not hold sufficient assets to pay all employees the benefits relating to the employee service in the current and prior periods. The contribution is recognized as employee benefit expense when it is due. Prepaid contribution is recognized as an asset to the extent that a cash refund or a reduction in the future payments is available and can be contractually enforced.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__59": {
"value": "GOVERNMENT GRANTSGovernment grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to assets, it shall be presented in the statement of financial position by deducting the grant in arriving at the carrying amount of the asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__60": {
"value": "SHARE-BASED PAYMENTSEquity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value is included in employee benefit expenses in the vesting period during which the expected employee services are received. The same amount is credited to shareholders\u2019 equity. The cumulative expenses recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.Ebusco has opted to recognize the increase in equity as a result of the equity-settled share-based payment transactions in other capital reserves.Service conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. No expenses are recognized for awards that ultimately do not vest because service conditions have not been met.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__61-1": {
"value": "OTHER OPERATING EXPENSESOther operating expenses are recorded on a historical basis and allocated to the reporting period when they occur.EMPLOYEE BENEFIT EXPENSESEmployee benefits are all forms of consideration given by the Group in exchange for services rendered by employees or for the termination of employment. Short-term employee benefits are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees rendered the related service.Post-employment benefits are employee benefits (other than termination benefits and short-term employee benefits) that are payable after the completion of employment.GOVERNMENT GRANTSGovernment grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to assets, it shall be presented in the statement of financial position by deducting the grant in arriving at the carrying amount of the asset.SHARE-BASED PAYMENTSEquity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The fair value is included in employee benefit expenses in the vesting period during which the expected employee services are received. The same amount is credited to shareholders\u2019 equity. The cumulative expenses recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.Ebusco has opted to recognize the increase in equity as a result of the equity-settled share-based payment transactions in other capital reserves.Service conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. No expenses are recognized for awards that ultimately do not vest because service conditions have not been met.PENSIONSThe Group has a defined contribution plan (which is capped at an annual pensionable salary of \u20ac138). For the defined contribution plan, the group pays contributions to a public or privately administered pension insur-ance plan on a mandatory or contractual basis. As per 31 December 2025 (and 31 December 2024), the Group has no legal or constructive obligations to pay additional contribution if the fund does not hold sufficient assets to pay all employees the benefits relating to the employee service in the current and prior periods. The contribution is recognized as employee benefit expense when it is due. Prepaid contribution is recognized as an asset to the extent that a cash refund or a reduction in the future payments is available and can be contractually enforced.PROPERTY, PLANT AND EQUIPMENTAll items of property, plant and equipment (\u201cPPE\u201d) are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Items of PPE are depreciated over their useful life on a straight-line basis. Any change in the useful life and depreciation period shall be accounted for as a change in accounting estimates. PPE is tested for impairment whenever events or changes in circumstances occur indicating that the carrying amount may not be recov-erable. PPE includes equipment and office inventory, transportation and assets under construction. The estimated useful life of the aforementioned PPE is between 3 and 10 years. Assets under construction refer to assets which are not available for use yet and therefore not depreciated. For right-of-use assets reference is made to the accounting policy of Leases.Research costs are expensed as incurred.LEASES (THE GROUP AS A LESSEE)ROU assets are depreciated on a straight-line basis over the shorter of the lease term and useful life and tested for impairment whenever events or changes in circumstances indicates that the carrying amount may not be recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__64": {
"value": "FINANCE (INCOME)/EXPENSEThe costs are determined on a historical basis and allocated to the reporting period to which they relate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__62": {
"value": "FINANCE (INCOME)/EXPENSEThe costs are determined on a historical basis and allocated to the reporting period to which they relate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__65-1": {
"value": "INCOME TAXDEFERRED INCOME TAXDeferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any.The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__41": {
"value": "INCOME TAXCURRENT INCOME TAXCurrent tax is the expected tax payable/receivable on the taxable income or loss for the year, using appli-cable tax rates at the end of the reporting period, and any adjustment to tax payable/receivable in respect of previous years. DEFERRED INCOME TAXDeferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any.The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__74": {
"value": "EARNINGS PER SHAREThe Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. The calculation for the earnings per share is as follows:\u2022 Basic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. \u2022 Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordi-nary shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__75": {
"value": "PROPERTY, PLANT AND EQUIPMENTAll items of property, plant and equipment (\u201cPPE\u201d) are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Items of PPE are depreciated over their useful life on a straight-line basis. Any change in the useful life and depreciation period shall be accounted for as a change in accounting estimates. PPE is tested for impairment whenever events or changes in circumstances occur indicating that the carrying amount may not be recov-erable. PPE includes equipment and office inventory, transportation and assets under construction. The estimated useful life of the aforementioned PPE is between 3 and 10 years. Assets under construction refer to assets which are not available for use yet and therefore not depreciated. For right-of-use assets reference is made to the accounting policy of Leases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__72-1": {
"value": "PROPERTY, PLANT AND EQUIPMENTAll items of property, plant and equipment (\u201cPPE\u201d) are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Items of PPE are depreciated over their useful life on a straight-line basis. Any change in the useful life and depreciation period shall be accounted for as a change in accounting estimates. PPE is tested for impairment whenever events or changes in circumstances occur indicating that the carrying amount may not be recov-erable. PPE includes equipment and office inventory, transportation and assets under construction. The estimated useful life of the aforementioned PPE is between 3 and 10 years. Assets under construction refer to assets which are not available for use yet and therefore not depreciated. For right-of-use assets reference is made to the accounting policy of Leases.LEASES (THE GROUP AS A LESSEE)ROU assets are depreciated on a straight-line basis over the shorter of the lease term and useful life and tested for impairment whenever events or changes in circumstances indicates that the carrying amount may not be recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__82-1": {
"value": "INTANGIBLE ASSETS The intangible assets for the Group consist of development assets, software and assets under construction.AMORTIZATION AND IMPAIRMENT TESTINGGoodwill is subject to annual impairment testing, irrespective of whether indications of impairment exist. Goodwill allocated to a cash-generating unit (\u201cCGU) is impaired when its carrying amount of the cash-gener-ating unit exceeds the recoverable amount. The recoverable amount is, in turn, defined as the higher of the fair value less cost of disposal and the value in use; where the value in use is the present value of the future cash flows. In the value in use model estimates of future cash flows shall only include projections of cash inflows from the continuing use of the asset. The fair value less cost of disposal shall be determined in accor-dance with the fair value accounting policy.Any intangible asset not yet available for use must be tested annually because its ability to generate suffi-cient future economic benefits to recover its carrying amount is usually subject to greater uncertainty before the asset is available for use than after it is available for use. For intangible assets which form part of the assets within a CGU the procedures relevant to testing a CGU as set out above apply. Intangible assets with finite lives are amortized over the useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The intangible assets are amortized over a period of 3-5 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss.EQUITY METHODUnrealized gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealized losses are also eliminated unless the transac-tion provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group.The carrying amount of equity-accounted investments is subject to impairment testing. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss.IMPAIRMENT OF NON-FINANCIAL ASSETSFurther disclosures relating to impairment of non-financial assets are also provided in the following accounting policies:\u2022 Property, plant and equipment\u2022 Intangible assets, including goodwill\u2022 Right-of-use-assets\u2022 Significant accounting judgements, estimates and assumptions (note 3)The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired.If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or CGU\u2019s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calcu-lations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on most recent budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit or loss.The Group assesses where climate risks could have a significant impact, such as the introduction of emis-sion-reduction legislation that may increase manufacturing costs. Although the introduction of such legis-lation would also result in a higher demand for the Group, these risks in relation to climate-related matters would be included as key assumptions where they materially impact the measure of recoverable amount. These assumptions have been included in the cash flow forecasts in assessing value-in-use amounts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__81": {
"value": "INTANGIBLE ASSETS The intangible assets for the Group consist of development assets, software and assets under construction.DEVELOPMENT ASSETSDevelopment assets are internally generated intangible assets. The costs capitalized consist of salaries, materials and services directly attributable to the development activities.Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. Impairment assessments have been performed and no indications of impairment have been identified. Research costs are expensed as incurred.AMORTIZATION AND IMPAIRMENT TESTINGGoodwill is subject to annual impairment testing, irrespective of whether indications of impairment exist. Goodwill allocated to a cash-generating unit (\u201cCGU) is impaired when its carrying amount of the cash-gener-ating unit exceeds the recoverable amount. The recoverable amount is, in turn, defined as the higher of the fair value less cost of disposal and the value in use; where the value in use is the present value of the future cash flows. In the value in use model estimates of future cash flows shall only include projections of cash inflows from the continuing use of the asset. The fair value less cost of disposal shall be determined in accor-dance with the fair value accounting policy.Any intangible asset not yet available for use must be tested annually because its ability to generate suffi-cient future economic benefits to recover its carrying amount is usually subject to greater uncertainty before the asset is available for use than after it is available for use. For intangible assets which form part of the assets within a CGU the procedures relevant to testing a CGU as set out above apply. Intangible assets with finite lives are amortized over the useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The intangible assets are amortized over a period of 3-5 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__78-1": {
"value": "INTANGIBLE ASSETS The intangible assets for the Group consist of development assets, software and assets under construction.AMORTIZATION AND IMPAIRMENT TESTINGGoodwill is subject to annual impairment testing, irrespective of whether indications of impairment exist. Goodwill allocated to a cash-generating unit (\u201cCGU) is impaired when its carrying amount of the cash-gener-ating unit exceeds the recoverable amount. The recoverable amount is, in turn, defined as the higher of the fair value less cost of disposal and the value in use; where the value in use is the present value of the future cash flows. In the value in use model estimates of future cash flows shall only include projections of cash inflows from the continuing use of the asset. The fair value less cost of disposal shall be determined in accor-dance with the fair value accounting policy.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__77-1": {
"value": "INTANGIBLE ASSETS The intangible assets for the Group consist of development assets, software and assets under construction.AMORTIZATION AND IMPAIRMENT TESTINGGoodwill is subject to annual impairment testing, irrespective of whether indications of impairment exist. Goodwill allocated to a cash-generating unit (\u201cCGU) is impaired when its carrying amount of the cash-gener-ating unit exceeds the recoverable amount. The recoverable amount is, in turn, defined as the higher of the fair value less cost of disposal and the value in use; where the value in use is the present value of the future cash flows. In the value in use model estimates of future cash flows shall only include projections of cash inflows from the continuing use of the asset. The fair value less cost of disposal shall be determined in accor-dance with the fair value accounting policy.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__76-1": {
"value": "INTANGIBLE ASSETS The intangible assets for the Group consist of development assets, software and assets under construction.DEVELOPMENT ASSETSDevelopment assets are internally generated intangible assets. The costs capitalized consist of salaries, materials and services directly attributable to the development activities.Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit. During the period of development, the asset is tested for impairment annually. Impairment assessments have been performed and no indications of impairment have been identifiedAMORTIZATION AND IMPAIRMENT TESTINGAny intangible asset not yet available for use must be tested annually because its ability to generate suffi-cient future economic benefits to recover its carrying amount is usually subject to greater uncertainty before the asset is available for use than after it is available for use. For intangible assets which form part of the assets within a CGU the procedures relevant to testing a CGU as set out above apply. Intangible assets with finite lives are amortized over the useful economic life on a straight-line basis and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The intangible assets are amortized over a period of 3-5 years. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__83": {
"value": "Research costs are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__97": {
"value": "INVESTMENT IN ASSOCIATES ASSOCIATESAssociates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in associates are accounted for using the equity method of accounting (see below), after initially being recognized at cost. On acquisition of the investment, any difference between the cost of the investment and the entity\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities is accounted for as follows:a Goodwill relating to an associate or a joint venture is included in the carrying amount of the investment. b Any excess of the entity\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the entity\u2019s share of the associate or joint venture\u2019s profit or loss in the period in which the investment is acquired.EQUITY METHODUnder the equity method of accounting, the investments are initially recognized at cost and adjusted there-after to recognize the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity.Unrealized gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealized losses are also eliminated unless the transac-tion provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group.The carrying amount of equity-accounted investments is subject to impairment testing. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__96": {
"value": "INVESTMENT IN ASSOCIATES ASSOCIATESAssociates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights.Investments in associates are accounted for using the equity method of accounting (see below), after initially being recognized at cost. On acquisition of the investment, any difference between the cost of the investment and the entity\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities is accounted for as follows:a Goodwill relating to an associate or a joint venture is included in the carrying amount of the investment. b Any excess of the entity\u2019s share of the net fair value of the investee\u2019s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the entity\u2019s share of the associate or joint venture\u2019s profit or loss in the period in which the investment is acquired.EQUITY METHODUnder the equity method of accounting, the investments are initially recognized at cost and adjusted there-after to recognize the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity.Unrealized gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealized losses are also eliminated unless the transac-tion provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group.The carrying amount of equity-accounted investments is subject to impairment testing. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__102-1": {
"value": "ELIMINATION OF PROFIT ON DOWNSTREAM TRANSACTIONS The profit on the sale of inventory between the Group and the associate is eliminated in the profit and loss statement in the Group for the minority share that the Group has in the associate and deducted from the investment value in the associate. The associate capitalizes the acquired goods which are depreciated in 10 years. The Group therefore releases the eliminated profit over the applied deprecation period of the associate to the profit and loss statement. In case the investment value becomes negative, the negative amount is reclassified to deferred income in the balance sheet.RELATED PARTY TRANSACTIONSA related party is a person or an entity that is related to the reporting entity: \u2022 A person or a close member of that person\u2019s family is related to the Group if that person has control, joint control, or significant influence over the Group or is a member of its key management personnel.\u2022 An entity is related to the Group if, among other circumstances, it is a parent, subsidiary, fellow subsidiary, associate, or joint venture of the Group, or it is controlled, jointly controlled, or significantly influenced or managed by a person who is a related party.A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.The Group discloses the nature of the related party relationship as well as information about the transac-tions and outstanding balances necessary for understanding of the potential effect of the relationship on the financial statements. These disclosures are made separately for each category of related parties.Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the Group, directly or indirectly, including any directors (whether executive or otherwise) of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__103": {
"value": "INVENTORIESInventories are assets sold in the ordinary course of business. Inventories are measured at the lower of cost and net realizable value. The cost price of the inventory is determined based on the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__113": {
"value": "CASH AND CASH EQUIVALENTSThe Group considers cash and cash equivalents the cash at bank and in hand, bank balances and deposits with terms of less than three months. Due to the short term and the fundamentally lower credit risk of the financial instrument, it is assumed that their fair values are equal to the carrying amounts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__116": {
"value": "EQUITYOrdinary shares are classified as equity. Incremental costs directly attributable to the issuance of the ordinary shares are netted, net of tax, from the proceeds.The Group evaluates its equity instruments, including its preferred shares. Certain instruments contain aspects which would require their classification as either liabilities or compound instruments which would contain both equity and liability components, including whether or not the Group has a contractual obligation to deliver cash or financial asset to another party. Equity classification is only appropriate if the Group has an unconditional right to avoid delivering cash or other financial instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__121": {
"value": "LEASES (THE GROUP AS A LESSEE)The Group assesses whether a contract is or contains a lease at the inception of the contract to determine whether an asset is identifiable, and the lessee has control to direct its use, and receives all economic bene-fits related to the asset.The Group recognizes a right-of-use asset (\u201cROU asset\u201d) and a corresponding lease liability with respect to all lease arrangements in which it is a lessee. The lease liability is initially measured by calculating the present value of all future lease payments, discounted by the incremental borrowing rate. All future lease payments are fixed in nature with exception of yearly indexations. The interest on the lease liability for each period from the discount rate is recognized in the profit or loss statement for the year. At initial recognition, the ROU asset amounts to the initial lease liability adjusted for any initial direct costs or the expected costs for dismantling.In case of changes in the lease term or other conditions, the Group will reassess the discount rate and the remaining lease payments. The Group shall remeasure the carrying amount of the lease liability to reflect a reassessment or lease modification, using a revised discount rate, if any. ROU assets are depreciated on a straight-line basis over the shorter of the lease term and useful life and tested for impairment whenever events or changes in circumstances indicates that the carrying amount may not be recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__122": {
"value": "PROVISIONSProvisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement. By nature, provisions include uncertainty and if the actual outcome differs from the assumptions, the estimated provision will be revised, and this could have an effect on the financial position and results of the Group.PROVISION FOR WARRANTIESProvisions for warranties are recognized when: (a) the Group has a present legal or constructive obligation as a result of past events; (b) it is probable that an outflow of resources will be required to settle the obligation; and (c) the amount can be reliably estimated.Assurance-type warranties are not distinct within customer contracts. Service-type warranties are accounted for as separate performance obligations in accordance with IFRS 15 and are recorded as contract liabilities (as appropriate) and recognized as the Group performs its obligation.Provisions related to assurance-type warranties are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. PROVISION FOR ONEROUS CONTRACTSIf the Group has a contract that is onerous, the present obligation under the contract is recognized and measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognizes any impairment loss that has occurred on assets dedicated to that contract. An onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract (i.e., both incremental costs and an allocation of costs directly related to contract activities).RESTRUCTURING PROVISIONSRestructuring provisions are recognized only when the Group has a constructive obligation, which is when: (i) there is a detailed formal plan that identifies the business or part of the business concerned, the location and number of employees affected, the detailed estimate of the associated costs, and the timeline; and (ii) the employees affected have been notified of the plan\u2019s main features.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__110-1": {
"value": "CURRENT FINANCIAL LIABILITIES (DERIVATIVES)The financial liabilities (derivatives) are initially measured at fair value and subsequently through profit or loss.FINANCIAL LIABILITIES \u2013 EMBEDDED DERIVATIVESThe Group measures its embedded derivatives at FVPL.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__109-1": {
"value": "CURRENT FINANCIAL LIABILITIES (DERIVATIVES)The financial liabilities (derivatives) are initially measured at fair value and subsequently through profit or loss.FINANCIAL LIABILITIES \u2013 EMBEDDED DERIVATIVESThe Group measures its embedded derivatives at FVPL.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__124": {
"value": "COMMITMENTS, CONTINGENT ASSETS AND LIABILITIESContingent liabilities and assets do not meet the recognition criteria. The Group discloses a contingent liability if there is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events that are not wholly within the control of the Group. The liability is not recognized because it is not probable that an outflow of resources will take place to settle the obligation, or the amount of the obligation cannot be measured with sufficient reliability. When the possibility of an outflow of resources is remote, no contingent liability is disclosed.The Group discloses a contingent asset if there is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. The asset is only disclosed when the possibility of an inflow of resources is probably.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__125": {
"value": "2.6 CHANGES IN ACCOUNTING POLICIESA number of new standards and amendments to IFRS Accounting Standards became effective as from 1 January 2025. The only amendment applicable to the Group is Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. This amendment has been assessed by the Group and does not have a material impact on the recognition, measurement, presentation or disclosure in the Consoli-dated Financial Statements. The effect of standards issued but not yet applied (such as IFRS 18) is still under investigation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__128-1": {
"value": "3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONSBelow is a summary of the Group\u2019s significant accounting judgements, estimates, and assumptions. REVENUE FROM CUSTOMER CONTRACTS A significant estimate is applied in the determination of revenue relates to variable considerations inherent in certain customer contracts. Variable considerations mainly refers to maintenance and repair contracts and penalties arising from late deliveries which may impact the transaction price. The estimation of variable consideration requires judgment based on the assessment of expected outcomes, including consideration of historical experience, current contractual terms, and future events that may affect the amount of consider-ation to which the Group expects to be entitled. Changes in the estimate of variable consideration are recog-nized as adjustments to revenue in the period in which the estimate changes. Such adjustments may result from changes in circumstances, including changes in the Groups\u2019 expectations regarding the likelihood or amount of variable consideration or changes in the underlying assumptions used in the estimation process. Reference is made to Note 5.1 for further details.ESTIMATE FOR CONTRACTUAL CLAIMS In both 2024 and 2025 the Group experienced material and labor shortages, causing a delay in the production capacity compared to planning. As a result, buses are delivered late compared to the contractually agreed upon dates. Besides claims from customers and Public Transport Authorities, the Group also received claims from suppliers since the Group was not able to purchase previously agreed materials. The estimate requires judgment based on the assessment of expected outcomes, legal assessment, legal arbitration, including consideration of historical experience, current contractual terms, and future events that may affect the amount of consideration to which the Group expects to be entitled or expects as liability. Further details are disclosed in Note 22. PROVISION FOR WARRANTIESTypically the Group provides a 2 year assurance-type warranty on the buses that it sells to customers. The Group is generally exposed to the risk that products/components may have manufacturing defect and/or defect in material. Back-to-back warranty from suppliers may only apply as additional assurance in case the Group can, for whatever reason, not fulfil their liabilities of the battery warranty to the customer. In addition, the Group generally has back-to-back guarantees in place for key spare parts.The production of zero emission buses is based on new technology for a relatively small customer base for which relatively limited historical information regarding warranty expenses is available, whether from the Group\u2019s experience or based on similar publicly available information from industry peers. A warranty provi-sion is recognized for the products sold for which the warranty period has not yet expired. The Group included the best estimate of the projected costs to repair or replace items under warranties and recalls if identi-fied. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and products and the lack of historical data for the full warranty period and for all prod-ucts. Changes to the historical or projected warranty experience may cause material changes to the warranty provision in the future. Further details are disclosed in Note 22.ESTIMATION USEFUL LIFE OF INTANGIBLE ASSETS The Group has made a significant estimate of the useful life of Development assets and Software. Uncertainty about this estimate could result in significant changes in the reported amount of amortization expenses and, subsequently, in result for the year. The estimated useful life of intangible assets is between 3 \u2013 5 years. Reference is made to Note 12.CONVERTIBLE BONDDetermining the fair value of the embedded derivatives within the convertible bond at the reporting date is considered a significant estimate. Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield. For further elaboration the Group refers to Note 19 in the financial statements. NET REALIZABLE VALUEThe determination of the net realizable value of inventory is a critical accounting estimate that involves judgement, particularly in assessing whether inventory items are sold below cost mostly due to obsolescence or (customer specific) slow-moving stock. At each reporting date, the Group reviews its inventory to determine whether it is carried at the lower of cost and net realizable value. This assessment requires management to make assumptions regarding the expected value and applicability of its inventory. The Group has considered the impact of cancelled contracts and the results of inventory sales in estimating the net realizable value of inventory. Any changes in these assumptions could result in further adjustments to the carrying amount of inventory in future periods.5.1 REVENUEAs at 31 December 2025 the remaining performance obligations amount to \u20ac63.7 million (2024: \u20ac78.5 million). The Group estimates 98% (2024: 15%) of these anticipated revenues are expected to be recognized during the next 12 months. This revenue relates primarily to customer contracts for zero emission buses.In general the Group is exposed to penalty clauses for late delivery of the buses under its sales contracts. These penalties are generally capped at a fix percentage of the contractual selling price. As the Group experi-enced operational standstills due to its liquidity shortages during 2025 which resulted in delay in its delivery schedule, it could face penalty charges for late delivery. At 31 December 2025, the Group concluded that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Reference is made to Note 22 for further details of the provision recorded for assurance-type warranties under customer contracts.12.1 GOODWILLGoodwill recognized in prior year related to the Pondus acquisition in 2021 was fully impaired in 2024. As at 31 December 2025, the carrying amount of goodwill amounts to \u20ac0 (31 December 2024: \u20ac0). No goodwill impairment test was performed in 2025, as no goodwill is recognized on the statement of financial position.19. CONVERTIBLE BONDThe derivative element has been measured at fair value using a Black-Scholes option pricing model, which estimates the fair value based on the underlying asset's price, volatility, time to expiration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac0.9 million (2024: \u20ac3.8 million), resulting in a revaluation gain of the derivative being recognized of \u20ac2.7 million. The amount is recorded in the revaluation of the embedded derivative within the Finance expenses, net (Note 8).Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield (which was set at 0%). A share price of \u20ac0.40 per share per 31 December 2025 was used in determination of the fair value of the derivative element, an increase of 10% would have resulted in an increase in fair value by \u20ac209, while a reduction of 10% would have resulted in a decrease in fair value of \u20ac188. A volatility of 136.43% was used in the determination of the fair value of the derivative element per 31 December 2025, an increase of 5% would have resulted in an increase in the fair value by \u20ac62, while a reduction of 5% would have resulted in a decrease in the fair value by \u20ac62.CONVERTIBLE BOND ISSUED IN FY 2025 ITo help manage its cash shortfall in the first quarter of 2025, Ebusco has obtained commitments for a debt financing of \u20ac22 million in total on 24 February 2025 Ebusco (the \u201cFebruary Loans\u201d). The proceeds of the loans allowed Ebusco to complete not only the modification of the reassigned buses, but also the produc-tion of buses at its contract manufacturers. The \u20ac22 Mio was funded by Green Innovation International Co. Ltd (\u201cGreen Innovation\u201d, \u20ac10million), De Engh B.V. (De Engh, \u20ac2 million) and CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights, \u20ac10 million). The loans with Green Innovation and De Engh classify as a convertible loan which are, including \u20ac1,2 million interest, converted into ordinary shares of the Group in July 2025. CONVERTIBLE BOND ISSUED IN FY 2025 IIDuring July 2025, CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) took over the full position of ING Bank N.V under Ebusco\u2019s bank guarantee facility, subject to certain condi-tions. The facility was due on 14 August 2025 and is transferred to Heights for an amount of \u20ac4.6 million. If in shares, the repayment is at the lower of the conversion price of (post-share consolidation) \u20ac0,40 or a 10% discount to the volume weighted average price (VWAP) in the six-day trading period prior to election date. Heights decided not to convert their respective portion of the facility into shares in Ebusco on 19 August 2025. The Bank Loan is therefore amended into a convertible loan agreement with a maturity date of 19 August 2026. Annual interest is 3% in arrears.The derivative element has been measured at fair value using a binomial option pricing approach of Cox, Ross and Rubinstein, which estimates the fair value based on the underlying asset's price, volatility, time to expi-ration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac1,0 million.Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield (which was set at 0%). A share price of \u20ac0.40 per share per 31 December 2025 was used in determination of the fair value of the derivative element, an increase of 10% would have resulted in an increase in fair value by \u20ac484, while a reduction of 10% would have resulted in a decrease in fair value of \u20ac427. An annual volatility of 23.36% was used in the determination of the fair value of the derivative element per 31 December 2025, an increase of 5% would have resulted in an increase in the fair value by \u20ac45, while a reduction of 5% would have resulted in a decrease in the fair value by \u20ac35.The Group considers the determination of the fair value of the embedded derivative within the convertible bond, both at inception and at the reporting date, as a significant estimate.Convertible bond Convertible bond - debt Convertible bond \u2013 embedded derivativeBalance as at 1 January 2024 28,161 4,965Interest expense and similar expenses 5,539 -Conversion of debt to equity (19,570) -Revaluation of embedded derivative (51) (1,199)Balance as at 31 December 2024 14,079 3,766Interest expense and similar expenses 6,082 -Proceeds from loans and borrowings12,000 -Conversion debt to equity (23,461) -Bifurcation of the embedded derivative (1,034) (1,034)Other additions (non cash)4,574 -Revaluation of embedded derivative - (2,890)Balance as at 31 December 2025) 12,240 1,910* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.22. PROVISIONSPROVISION FOR ASSURANCE-TYPE WARRANTIESThe Group issues diverse assurance-type warranties, wherein it typically assures the performance of deliv-ered buses and bus-related products and rendered services for a specified period. The estimated provision for these warranties encompasses anticipated expenses for contractual warranty claims, as well as anticipated costs for goodwill concessions and recall campaigns. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and products and the lack of historical data for the full warranty period and for different type of buses. Changes to the historical or projected warranty experience may cause material changes to the warranty provision in the future. The utilization period of these warranties is contingent on the occurrence of warranty claims and may extend throughout the entire duration of the product warranties and the goodwill period. The release of the warranty provision is mainly related to back to back responsibility taken by the vendor which causes this movement in the warranty provision. The main assumption is the expected warranty claims as a percentage of sales, which is based on the historical warranty claims for buses of which the warranty period expired at 31 December 2023. A change of expected warranty claims as percentage of revenue by 0.25% would result in a change in the provision of \u20ac137. The effect of discounting is immaterial.In addition to the above, the Group recognizes additional provisions for warranty claims necessitating repairs on multiple buses across its driving fleet. The estimated provisions are inherently uncertain as these are determined and evaluated on a case-by-case basis based upon the readily information available. The amounts are subject to estimation and the actual costs can deviate from the estimated provision.",
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"value": "3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONSBelow is a summary of the Group\u2019s significant accounting judgements, estimates, and assumptions. REVENUE FROM CUSTOMER CONTRACTS A significant estimate is applied in the determination of revenue relates to variable considerations inherent in certain customer contracts. Variable considerations mainly refers to maintenance and repair contracts and penalties arising from late deliveries which may impact the transaction price. The estimation of variable consideration requires judgment based on the assessment of expected outcomes, including consideration of historical experience, current contractual terms, and future events that may affect the amount of consider-ation to which the Group expects to be entitled. Changes in the estimate of variable consideration are recog-nized as adjustments to revenue in the period in which the estimate changes. Such adjustments may result from changes in circumstances, including changes in the Groups\u2019 expectations regarding the likelihood or amount of variable consideration or changes in the underlying assumptions used in the estimation process. Reference is made to Note 5.1 for further details.ESTIMATE FOR CONTRACTUAL CLAIMS In both 2024 and 2025 the Group experienced material and labor shortages, causing a delay in the production capacity compared to planning. As a result, buses are delivered late compared to the contractually agreed upon dates. Besides claims from customers and Public Transport Authorities, the Group also received claims from suppliers since the Group was not able to purchase previously agreed materials. The estimate requires judgment based on the assessment of expected outcomes, legal assessment, legal arbitration, including consideration of historical experience, current contractual terms, and future events that may affect the amount of consideration to which the Group expects to be entitled or expects as liability. Further details are disclosed in Note 22. PROVISION FOR WARRANTIESTypically the Group provides a 2 year assurance-type warranty on the buses that it sells to customers. The Group is generally exposed to the risk that products/components may have manufacturing defect and/or defect in material. Back-to-back warranty from suppliers may only apply as additional assurance in case the Group can, for whatever reason, not fulfil their liabilities of the battery warranty to the customer. In addition, the Group generally has back-to-back guarantees in place for key spare parts.The production of zero emission buses is based on new technology for a relatively small customer base for which relatively limited historical information regarding warranty expenses is available, whether from the Group\u2019s experience or based on similar publicly available information from industry peers. A warranty provi-sion is recognized for the products sold for which the warranty period has not yet expired. The Group included the best estimate of the projected costs to repair or replace items under warranties and recalls if identi-fied. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and products and the lack of historical data for the full warranty period and for all prod-ucts. Changes to the historical or projected warranty experience may cause material changes to the warranty provision in the future. Further details are disclosed in Note 22.ESTIMATION USEFUL LIFE OF INTANGIBLE ASSETS The Group has made a significant estimate of the useful life of Development assets and Software. Uncertainty about this estimate could result in significant changes in the reported amount of amortization expenses and, subsequently, in result for the year. The estimated useful life of intangible assets is between 3 \u2013 5 years. Reference is made to Note 12.CONVERTIBLE BONDDetermining the fair value of the embedded derivatives within the convertible bond at the reporting date is considered a significant estimate. Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield. For further elaboration the Group refers to Note 19 in the financial statements. NET REALIZABLE VALUEThe determination of the net realizable value of inventory is a critical accounting estimate that involves judgement, particularly in assessing whether inventory items are sold below cost mostly due to obsolescence or (customer specific) slow-moving stock. At each reporting date, the Group reviews its inventory to determine whether it is carried at the lower of cost and net realizable value. This assessment requires management to make assumptions regarding the expected value and applicability of its inventory. The Group has considered the impact of cancelled contracts and the results of inventory sales in estimating the net realizable value of inventory. Any changes in these assumptions could result in further adjustments to the carrying amount of inventory in future periods.5.1 REVENUEAs at 31 December 2025 the remaining performance obligations amount to \u20ac63.7 million (2024: \u20ac78.5 million). The Group estimates 98% (2024: 15%) of these anticipated revenues are expected to be recognized during the next 12 months. This revenue relates primarily to customer contracts for zero emission buses.In general the Group is exposed to penalty clauses for late delivery of the buses under its sales contracts. These penalties are generally capped at a fix percentage of the contractual selling price. As the Group experi-enced operational standstills due to its liquidity shortages during 2025 which resulted in delay in its delivery schedule, it could face penalty charges for late delivery. At 31 December 2025, the Group concluded that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Reference is made to Note 22 for further details of the provision recorded for assurance-type warranties under customer contracts.12.1 GOODWILLGoodwill recognized in prior year related to the Pondus acquisition in 2021 was fully impaired in 2024. As at 31 December 2025, the carrying amount of goodwill amounts to \u20ac0 (31 December 2024: \u20ac0). No goodwill impairment test was performed in 2025, as no goodwill is recognized on the statement of financial position.19. CONVERTIBLE BONDThe derivative element has been measured at fair value using a Black-Scholes option pricing model, which estimates the fair value based on the underlying asset's price, volatility, time to expiration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac0.9 million (2024: \u20ac3.8 million), resulting in a revaluation gain of the derivative being recognized of \u20ac2.7 million. The amount is recorded in the revaluation of the embedded derivative within the Finance expenses, net (Note 8).Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield (which was set at 0%). A share price of \u20ac0.40 per share per 31 December 2025 was used in determination of the fair value of the derivative element, an increase of 10% would have resulted in an increase in fair value by \u20ac209, while a reduction of 10% would have resulted in a decrease in fair value of \u20ac188. A volatility of 136.43% was used in the determination of the fair value of the derivative element per 31 December 2025, an increase of 5% would have resulted in an increase in the fair value by \u20ac62, while a reduction of 5% would have resulted in a decrease in the fair value by \u20ac62.CONVERTIBLE BOND ISSUED IN FY 2025 ITo help manage its cash shortfall in the first quarter of 2025, Ebusco has obtained commitments for a debt financing of \u20ac22 million in total on 24 February 2025 Ebusco (the \u201cFebruary Loans\u201d). The proceeds of the loans allowed Ebusco to complete not only the modification of the reassigned buses, but also the produc-tion of buses at its contract manufacturers. The \u20ac22 Mio was funded by Green Innovation International Co. Ltd (\u201cGreen Innovation\u201d, \u20ac10million), De Engh B.V. (De Engh, \u20ac2 million) and CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights, \u20ac10 million). The loans with Green Innovation and De Engh classify as a convertible loan which are, including \u20ac1,2 million interest, converted into ordinary shares of the Group in July 2025. CONVERTIBLE BOND ISSUED IN FY 2025 IIDuring July 2025, CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) took over the full position of ING Bank N.V under Ebusco\u2019s bank guarantee facility, subject to certain condi-tions. The facility was due on 14 August 2025 and is transferred to Heights for an amount of \u20ac4.6 million. If in shares, the repayment is at the lower of the conversion price of (post-share consolidation) \u20ac0,40 or a 10% discount to the volume weighted average price (VWAP) in the six-day trading period prior to election date. Heights decided not to convert their respective portion of the facility into shares in Ebusco on 19 August 2025. The Bank Loan is therefore amended into a convertible loan agreement with a maturity date of 19 August 2026. Annual interest is 3% in arrears.The derivative element has been measured at fair value using a binomial option pricing approach of Cox, Ross and Rubinstein, which estimates the fair value based on the underlying asset's price, volatility, time to expi-ration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac1,0 million.Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield (which was set at 0%). A share price of \u20ac0.40 per share per 31 December 2025 was used in determination of the fair value of the derivative element, an increase of 10% would have resulted in an increase in fair value by \u20ac484, while a reduction of 10% would have resulted in a decrease in fair value of \u20ac427. An annual volatility of 23.36% was used in the determination of the fair value of the derivative element per 31 December 2025, an increase of 5% would have resulted in an increase in the fair value by \u20ac45, while a reduction of 5% would have resulted in a decrease in the fair value by \u20ac35.The Group considers the determination of the fair value of the embedded derivative within the convertible bond, both at inception and at the reporting date, as a significant estimate.Convertible bond Convertible bond - debt Convertible bond \u2013 embedded derivativeBalance as at 1 January 2024 28,161 4,965Interest expense and similar expenses 5,539 -Conversion of debt to equity (19,570) -Revaluation of embedded derivative (51) (1,199)Balance as at 31 December 2024 14,079 3,766Interest expense and similar expenses 6,082 -Proceeds from loans and borrowings12,000 -Conversion debt to equity (23,461) -Bifurcation of the embedded derivative (1,034) (1,034)Other additions (non cash)4,574 -Revaluation of embedded derivative - (2,890)Balance as at 31 December 2025) 12,240 1,910* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.22. PROVISIONSPROVISION FOR ASSURANCE-TYPE WARRANTIESThe Group issues diverse assurance-type warranties, wherein it typically assures the performance of deliv-ered buses and bus-related products and rendered services for a specified period. The estimated provision for these warranties encompasses anticipated expenses for contractual warranty claims, as well as anticipated costs for goodwill concessions and recall campaigns. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and products and the lack of historical data for the full warranty period and for different type of buses. Changes to the historical or projected warranty experience may cause material changes to the warranty provision in the future. The utilization period of these warranties is contingent on the occurrence of warranty claims and may extend throughout the entire duration of the product warranties and the goodwill period. The release of the warranty provision is mainly related to back to back responsibility taken by the vendor which causes this movement in the warranty provision. The main assumption is the expected warranty claims as a percentage of sales, which is based on the historical warranty claims for buses of which the warranty period expired at 31 December 2023. A change of expected warranty claims as percentage of revenue by 0.25% would result in a change in the provision of \u20ac137. The effect of discounting is immaterial.In addition to the above, the Group recognizes additional provisions for warranty claims necessitating repairs on multiple buses across its driving fleet. The estimated provisions are inherently uncertain as these are determined and evaluated on a case-by-case basis based upon the readily information available. The amounts are subject to estimation and the actual costs can deviate from the estimated provision.",
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"f0__s7__6__130-1": {
"value": "4. CAPITAL CONTRIBUTION IN ZERO EMISSION SERVICES (ZES) B.V.Ebusco Energy B.V. has shares in Zero Emission Services B.V., a provider of all-in concepts for emission-free inland shipping in the Netherlands. During 2025 no additional voting rights (2024: 0,17%) are acquired for an amount of \u20ac0 (2024: \u20ac1,645).The Group accounts for this as an investment in an associate over which the Group has significant influence. The investment in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the additional investment of \u20ac0 (2024: \u20ac1,645) to achieve a shareholding of 49,56% (2024: 49,56%) is accounted for at costs. Reference is made to Note 13 for subsequent measurement.13. INVESTMENT IN AN ASSOCIATEThe Group has an interest in Zero Emission Services (ZES) B.V. in 2025 of 49.56% (2024: 49.56%). ZES offers a complete range of products and services, based on interchangeable battery containers charged with renew-able power, charging stations, technical support and an innovative pay per use concept for ship owners.The Group\u2019s interest in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the investment is accounted for at costs, which is equal to the fair value of the Group\u2019s investment in ZES. The following table illustrates the summarized financial information of the Group\u2019s invest-ment in ZES:Investment in an associate 20252024Current assets 14,724 19,029Non-current assets 31,107 29,121Current liabilities (40,801) (41,012)Non-current liabilities (1) (5)Equity 5,029 7,133Revenue from contracts with customers 423 509Cost of sales (1,022) (919)Administrative expenses (1,696) (2,120)Finance income 191 206Profit/(loss) before tax (2,104) (2,324)Income tax expenseProfit/(loss) for the year (continuing operations) (2,104) (2,324)Other comprehensive income/lossTotal comprehensive income for the year (continuing operations) (2,104) (2,324)* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.As at 31 December As at 31 December 2025 2024 Group's share of net assets of the associate 2,492 3,535Fair value adjustment prior year (433) (499)Elimination of downstream profit (2,413) -Reclassification towards deferred income 339 - Other 15 -Group's carrying amount of the investment (49.56%) - 3,0362025 2024Group's share of net result of the associate (1,043) (1,152)Roundings (4) (4)Fair value adjustment correction 66 -Elimination of downstream profit 19 - Group\u2019s share of profit for the year (49.56%) (962) (1,156)",
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"f0__s7__6__129-1": {
"value": "4. CAPITAL CONTRIBUTION IN ZERO EMISSION SERVICES (ZES) B.V.Ebusco Energy B.V. has shares in Zero Emission Services B.V., a provider of all-in concepts for emission-free inland shipping in the Netherlands. During 2025 no additional voting rights (2024: 0,17%) are acquired for an amount of \u20ac0 (2024: \u20ac1,645).The Group accounts for this as an investment in an associate over which the Group has significant influence. The investment in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the additional investment of \u20ac0 (2024: \u20ac1,645) to achieve a shareholding of 49,56% (2024: 49,56%) is accounted for at costs. Reference is made to Note 13 for subsequent measurement.13. INVESTMENT IN AN ASSOCIATEThe Group has an interest in Zero Emission Services (ZES) B.V. in 2025 of 49.56% (2024: 49.56%). ZES offers a complete range of products and services, based on interchangeable battery containers charged with renew-able power, charging stations, technical support and an innovative pay per use concept for ship owners.The Group\u2019s interest in ZES is accounted for using the equity method in the consolidated financial statements. At acquisition date, the investment is accounted for at costs, which is equal to the fair value of the Group\u2019s investment in ZES. The following table illustrates the summarized financial information of the Group\u2019s invest-ment in ZES:Investment in an associate 20252024Current assets 14,724 19,029Non-current assets 31,107 29,121Current liabilities (40,801) (41,012)Non-current liabilities (1) (5)Equity 5,029 7,133Revenue from contracts with customers 423 509Cost of sales (1,022) (919)Administrative expenses (1,696) (2,120)Finance income 191 206Profit/(loss) before tax (2,104) (2,324)Income tax expenseProfit/(loss) for the year (continuing operations) (2,104) (2,324)Other comprehensive income/lossTotal comprehensive income for the year (continuing operations) (2,104) (2,324)* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.As at 31 December As at 31 December 2025 2024 Group's share of net assets of the associate 2,492 3,535Fair value adjustment prior year (433) (499)Elimination of downstream profit (2,413) -Reclassification towards deferred income 339 - Other 15 -Group's carrying amount of the investment (49.56%) - 3,0362025 2024Group's share of net result of the associate (1,043) (1,152)Roundings (4) (4)Fair value adjustment correction 66 -Elimination of downstream profit 19 - Group\u2019s share of profit for the year (49.56%) (962) (1,156)",
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"f0__s7__6__138-1": {
"value": "5.1 REVENUEREVENUE FROM CONTRACTS WITH CUSTOMERS The Group earns the majority of its revenue from its single performance obligation of the sale and supply of zero emission buses. The other primary performance obligations include a sale and supply of zero emission bus chargers, a guarantee to provide a complete change of batteries, repair and maintenance services and extended warranty. Performance obligations for other services and goods, including supply of bus charging systems, are ancillary and supportive of the performance obligation of the sale and supply of zero emission buses. In addition, the Group earns revenue from its sale of energy storage systems.The breakdown of the revenue based on type is presented below:Revenue type 2025 2024Revenue from zero emission buses \u2013 excluding reversals 52,327 12,850Reversed 2023 revenue from zero emission buses \u2013 cancelled contracts - (16,156)Revenue from charging systems and ancillary services and goods 12,210 13,726Revenue from energy storage systems 12,058 245Total 76,595 10,665Revenue recognized over time pertains for contracts of related support services related to bus maintenance contracts. Revenue recognized at a point in time primarily arises from contracts for the sale of spare parts (which is \u20ac5,285), energy storage systems and zero emission buses. Revenue recognition2025 2024Revenue recognized over time7,185 17,218Reversed 2023 over time revenue \u2013 cancelled contracts- (16,156)Revenue recognized at point in time69,410 9,603Total 76,595 10,665As at 31 December 2025 the remaining performance obligations amount to \u20ac63.7 million (2024: \u20ac78.5 million). The Group estimates 98% (2024: 15%) of these anticipated revenues are expected to be recognized during the next 12 months. This revenue relates primarily to customer contracts for zero emission buses.In general the Group is exposed to penalty clauses for late delivery of the buses under its sales contracts. These penalties are generally capped at a fix percentage of the contractual selling price. As the Group experi-enced operational standstills due to its liquidity shortages during 2025 which resulted in delay in its delivery schedule, it could face penalty charges for late delivery. At 31 December 2025, the Group concluded that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Reference is made to Note 22 for further details of the provision recorded for assurance-type warranties under customer contracts.COMPANY ACTING AS PRINCIPAL VS. AGENTThe Group is acting as an agent for the sales of Energy Storage Systems of \u20ac1,449 (2024: \u20ac0) and recognizes revenue at the net amount that is retained for these deliveries. For the remaining sales, the Group is acting as a principal.CONTRACT ASSETS AND CONTRACT LIABILITIESContract assets / (liabilities) \u2013 31 December2025 2024Contract assets (positive balance of work in progress)476 7,569Contract liabilities (negative balance of work in progress)(37,607) (44,430)Balance of contract assets and liabilities (37,131)(36,861)The contract assets balance as per 31 December 2025 is \u20ac0.5 million (2024: \u20ac7.6 million). Contract assets are measured taking account of expected credit losses in a way similar to the method used for trade and other receivables; no material expected credit losses haves been recorded for contract assets for the periods presented. Revenue received in advance (contract liability) as per 31 December 2025 amounts to \u20ac37.6 million (2024: \u20ac44.4 million). The decrease in the contract liabilities in 2025 is mostly explained by the delivery of energy storage systems in 2025. The Group expects to release the contract liabilities to profit or loss within the next ten years after 31 December 2025.5.3 SEGMENT REPORTINGThe following table summarises the Group\u2019s geographical breakdown of its revenue, based on the location of the external customers for the periods indicated:Revenue \u2013 Geographical breakdown2025 2024DACH *130,861 12,561Nordics *2 - (9,365)Benelux29,538 4,062Spain - 846France 14,2542,614Rest of the World (RoW) 1,942(53)Total 76,59510,665*1: DACH is an acronym for Germany (D), Austria (A) and Switzerland (CH).*2: Nordics is an acronym for Denmark, Sweden, Norway and Finland.In 2025, the revenues from external customers attributed to the entity\u2019s country of domicile (the Netherlands) amounted to \u20ac28.9 million (31 December 2024: \u20ac4.0 million). LARGE CUSTOMERSIn 2025, one customer generated 16% of the Group\u2019s total revenue. In 2024, one customer (a different one) generated 62% of total revenue.OTHEROf the total non-current assets of the Group, 53% (2024: 72%) relates to the Dutch domicile. The remaining assets mainly relate to the France domicile.",
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"value": "5.1 REVENUEREVENUE FROM CONTRACTS WITH CUSTOMERS The Group earns the majority of its revenue from its single performance obligation of the sale and supply of zero emission buses. The other primary performance obligations include a sale and supply of zero emission bus chargers, a guarantee to provide a complete change of batteries, repair and maintenance services and extended warranty. Performance obligations for other services and goods, including supply of bus charging systems, are ancillary and supportive of the performance obligation of the sale and supply of zero emission buses. In addition, the Group earns revenue from its sale of energy storage systems.The breakdown of the revenue based on type is presented below:Revenue type 2025 2024Revenue from zero emission buses \u2013 excluding reversals 52,327 12,850Reversed 2023 revenue from zero emission buses \u2013 cancelled contracts - (16,156)Revenue from charging systems and ancillary services and goods 12,210 13,726Revenue from energy storage systems 12,058 245Total 76,595 10,665Revenue recognized over time pertains for contracts of related support services related to bus maintenance contracts. Revenue recognized at a point in time primarily arises from contracts for the sale of spare parts (which is \u20ac5,285), energy storage systems and zero emission buses. Revenue recognition2025 2024Revenue recognized over time7,185 17,218Reversed 2023 over time revenue \u2013 cancelled contracts- (16,156)Revenue recognized at point in time69,410 9,603Total 76,595 10,665As at 31 December 2025 the remaining performance obligations amount to \u20ac63.7 million (2024: \u20ac78.5 million). The Group estimates 98% (2024: 15%) of these anticipated revenues are expected to be recognized during the next 12 months. This revenue relates primarily to customer contracts for zero emission buses.In general the Group is exposed to penalty clauses for late delivery of the buses under its sales contracts. These penalties are generally capped at a fix percentage of the contractual selling price. As the Group experi-enced operational standstills due to its liquidity shortages during 2025 which resulted in delay in its delivery schedule, it could face penalty charges for late delivery. At 31 December 2025, the Group concluded that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Reference is made to Note 22 for further details of the provision recorded for assurance-type warranties under customer contracts.COMPANY ACTING AS PRINCIPAL VS. AGENTThe Group is acting as an agent for the sales of Energy Storage Systems of \u20ac1,449 (2024: \u20ac0) and recognizes revenue at the net amount that is retained for these deliveries. For the remaining sales, the Group is acting as a principal.CONTRACT ASSETS AND CONTRACT LIABILITIESContract assets / (liabilities) \u2013 31 December2025 2024Contract assets (positive balance of work in progress)476 7,569Contract liabilities (negative balance of work in progress)(37,607) (44,430)Balance of contract assets and liabilities (37,131)(36,861)The contract assets balance as per 31 December 2025 is \u20ac0.5 million (2024: \u20ac7.6 million). Contract assets are measured taking account of expected credit losses in a way similar to the method used for trade and other receivables; no material expected credit losses haves been recorded for contract assets for the periods presented. Revenue received in advance (contract liability) as per 31 December 2025 amounts to \u20ac37.6 million (2024: \u20ac44.4 million). The decrease in the contract liabilities in 2025 is mostly explained by the delivery of energy storage systems in 2025. The Group expects to release the contract liabilities to profit or loss within the next ten years after 31 December 2025.5.3 SEGMENT REPORTINGThe Group has identified the Management Board, which consists of the CEO, CFO, COO and Founder as the chief operating decision makers (CODM). The operating results and performance of the total Group are regu-larly reviewed by the entity\u2019s CODM in order to make decisions about resources to be allocated to the Group. Discrete financial information is available for the total Group. The total business of selling zero emission buses and ancillary revenue streams from these buses has been identified as a single operating segment.The following table summarises the Group\u2019s geographical breakdown of its revenue, based on the location of the external customers for the periods indicated:Revenue \u2013 Geographical breakdown2025 2024DACH *130,861 12,561Nordics *2 - (9,365)Benelux29,538 4,062Spain - 846France 14,2542,614Rest of the World (RoW) 1,942(53)Total 76,59510,665*1: DACH is an acronym for Germany (D), Austria (A) and Switzerland (CH).*2: Nordics is an acronym for Denmark, Sweden, Norway and Finland.In 2025, the revenues from external customers attributed to the entity\u2019s country of domicile (the Netherlands) amounted to \u20ac28.9 million (31 December 2024: \u20ac4.0 million). LARGE CUSTOMERSIn 2025, one customer generated 16% of the Group\u2019s total revenue. In 2024, one customer (a different one) generated 62% of total revenue.OTHEROf the total non-current assets of the Group, 53% (2024: 72%) relates to the Dutch domicile. The remaining assets mainly relate to the France domicile.",
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},
"f0__s7__6__136": {
"value": "CONTRACT ASSETS AND CONTRACT LIABILITIESContract assets / (liabilities) \u2013 31 December2025 2024Contract assets (positive balance of work in progress)476 7,569Contract liabilities (negative balance of work in progress)(37,607) (44,430)Balance of contract assets and liabilities (37,131)(36,861)The contract assets balance as per 31 December 2025 is \u20ac0.5 million (2024: \u20ac7.6 million). Contract assets are measured taking account of expected credit losses in a way similar to the method used for trade and other receivables; no material expected credit losses haves been recorded for contract assets for the periods presented. Revenue received in advance (contract liability) as per 31 December 2025 amounts to \u20ac37.6 million (2024: \u20ac44.4 million). The decrease in the contract liabilities in 2025 is mostly explained by the delivery of energy storage systems in 2025. The Group expects to release the contract liabilities to profit or loss within the next ten years after 31 December 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__142-1": {
"value": "5.2 COST OF MATERIALSCost of materials are recognized and presented in the statement of profit or loss. These costs include amounts paid to the supplier for zero emission bus contracts, costs for parts included in zero emission bus contracts, transportation costs, import duties and warranty expenses.6. EMPLOYEE BENEFIT EXPENSES AND REMUNERATION KEY MANAGEMENTEMPLOYEE BENEFIT EXPENSES AND PENSIONSThe table below gives a breakdown of the employee benefit expenses recognized in respect of short-term employee benefits and post-employment benefits:Employee benefit expenses 2025 2024Wages and salaries 19,612 31,935Social security charges 3,511 4,948Other staff expenses 1,906 3,547Pension costs1,1621,907Car expenses 142 447Share based payments expenses 6 (283)Total 26,339 42,501Wages and salaries includes a research and development grant for the 3.0 bus for an amount of \u20ac657 (2024: \u20ac600) and various other grants of \u20ac1 (2024: \u20ac51).The decrease in wages and salaries is mainly driven by the decrease in average number of full-time employees (see table below). Car expenses relate to short-term rental expenses, fuel, insurance and repairs costs. Long-term car lease contracts for employees are included in Note 21 \u2013 Leases.Other staff expenses include employee costs that are not directly related to salaries and social security charges, including travel and related expenses.The average number of full-time employees for the period active within, respectively outside the Netherlands is as follows:Full-time employees2025 2024Active within the Netherlands299 466Active outside the Netherlands52 51Total351 5177. OTHER OPERATING EXPENSESOther operating expenses comprise general, distribution, marketing and other expenses.Other operating expenses 2025 2024Cancellation settlement expenses 9,189 12,105 General expenses 4,725 2,890 Temporary employees 5,892 16,600 Distribution expenses 1,950 5,080 Legal and professional fees 8,792 8,793IT expenses 3,003 3,796 Marketing expenses 1,590 255 Facility expenses 2,045 3,661 Office expenses 158 302 Other expenses 780 2,050 Total other operating expenses 38,124 55,532 Operating expenses decreased by \u20ac17.4 million in 2025 (2024: increase of \u20ac5.1 million). The decrease is primarily attributable to the decrease of the cancellation-related settlement expenses from \u20ac12.1 million in 2024 to \u20ac9.2 million in 2025.In 2024 and 2025, the Group incurred significant contractual penalties and settlement costs following delayed deliveries and the associated contract cancellations. These items amounted to \u20ac9.2 million (2024: \u20ac12.1 million) and were included in Other operating expenses. Apart from this effect, operating expenses decreased by \u20ac14.5 million in 2025. General expenses mainly include audit, advisory, insurance fees and changes to the provision for doubtful debts. The increase in general expenses is driven by paid delayed delivery fees and a higher allocation to the provision for doubtful debts compared to previous year. The decrease in Temporay employees and Other operating expenses is the result of the Group's policy of implementing savings on operating expenses and the shift in business model.Marketing expenses are costs which include marketing and promotional costs and costs associated with making products available for delivery to customers. Facility expenses include costs for short-term rent, utilities, and other non-rent related expenses associated with the Group\u2019s facilities. Office expenses include telecom expenses, office supplies, and subscriptions. IT expenses include software maintenance costs and license costs, as well as other IT services. Other expenses mainly consist of various expenses that are incurred as part of the Group\u2019s daily operations. The Group has R&D expenditures of \u20ac11 recognized as an expense during the reporting periods (2024: \u20ac53).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__141": {
"value": "5.2 COST OF MATERIALSCost of materials are recognized and presented in the statement of profit or loss. These costs include amounts paid to the supplier for zero emission bus contracts, costs for parts included in zero emission bus contracts, transportation costs, import duties and warranty expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__143": {
"value": "5.3 SEGMENT REPORTINGThe Group has identified the Management Board, which consists of the CEO, CFO, COO and Founder as the chief operating decision makers (CODM). The operating results and performance of the total Group are regu-larly reviewed by the entity\u2019s CODM in order to make decisions about resources to be allocated to the Group. Discrete financial information is available for the total Group. The total business of selling zero emission buses and ancillary revenue streams from these buses has been identified as a single operating segment.The following table summarises the Group\u2019s geographical breakdown of its revenue, based on the location of the external customers for the periods indicated:Revenue \u2013 Geographical breakdown2025 2024DACH *130,861 12,561Nordics *2 - (9,365)Benelux29,538 4,062Spain - 846France 14,2542,614Rest of the World (RoW) 1,942(53)Total 76,59510,665*1: DACH is an acronym for Germany (D), Austria (A) and Switzerland (CH).*2: Nordics is an acronym for Denmark, Sweden, Norway and Finland.In 2025, the revenues from external customers attributed to the entity\u2019s country of domicile (the Netherlands) amounted to \u20ac28.9 million (31 December 2024: \u20ac4.0 million). LARGE CUSTOMERSIn 2025, one customer generated 16% of the Group\u2019s total revenue. In 2024, one customer (a different one) generated 62% of total revenue.OTHEROf the total non-current assets of the Group, 53% (2024: 72%) relates to the Dutch domicile. The remaining assets mainly relate to the France domicile.",
"dimensions": {
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"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__149": {
"value": "The average number of full-time employees for the period active within, respectively outside the Netherlands is as follows:Full-time employees2025 2024Active within the Netherlands299 466Active outside the Netherlands52 51Total351 517",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__152": {
"value": "SHARE BASED PAYMENTSFor the share-based compensation plan of the management board reference is made to Note 6.1.The fair value of these share-based compensations, calculated on grant date, is based on Ebusco\u2019s share price (observable input). Details of the share-based compensation plan during the year are as follows:2025 2024Restricted Share Units (RSU\u2019s)Number of sharesFair valueNumber of sharesFair valueOutstanding at the beginning of the year - - 15,57022.10Released during the year - - 15,5703.86Granted during the year 432,524 0.43--Outstanding at the end of the year 432,524 0.43--Dividends declared on the underlying shares while the RSU is unvested were nil, subsequently no amount has been deducted from the grant-date price of the Group\u2019s share in estimating the fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__153-1": {
"value": "6.1 REMUNERATION KEY MANAGEMENTThe Group\u2019s key management consists of the Deputy CEO, Founder, CFO and COO per 31 December 2025. During 2025 this team represents the Group\u2019s key management. Total remuneration for the Group\u2019s key management amounted to \u20ac1,512 for 2025 (2024: \u20ac3,044). Key management are those persons having authority and responsibility for planning, directing and controlling the activities of the entity (directly or indi-rectly) including any directors. The table below provides the remuneration of the key management for the years ended 31 December 2025 and 2024. 2025 2024 Pension Sever- Pension Sever-Remuneration and ance Other and ance Other Management Base other pay-com pen- Base other pay-compen-Board salary costs ments sation Total salary costs ments sation Total Peter Bijvelds 1 (Founder)398 65 - 23 486 406 61 - 29 496 Christian Schreyer 2 (CEO)200 21 86 10 317 225 14 - 3 242 Michel van Maanen 3 (COO)299 49 - 9 357 - - - - -Roel Nagel-4maeker (CFO) 13 2 - 11 26 - - - - -Duan Wei 5(Deputy CEO)- - - - - - - - - -Jurjen Jongsma 6 (CFO)- - - - - 273 45 173 20 511 Bob Fleuren 7(COO)- - - - - 108 16 - 8 132 Roald Dogge 8(COO)- - - - - 187 31 225 11 454 Other key management 326 - - - 326 951 23 216 19 1,209Total 1,236 137 86 53 1,512 2,150 190 614 90 3,044 * Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.1 Resigned as CEO on 31 August 2024 and entered into the function of President. 2 Resigned as CEO on 30 June 2025.3 Resigned as COO on 21 January 2026.4 Appointed as CFO a.i as from 1 September 2025 and as from this date part of Group\u2019s key management. As per 16 December 2025 appointed as CFO and member of the Management Board. 5 Appointed as Deputy CEO. As his appointment is on a part-time basis, Mr. Duan Wei has not received any remuneration.6 Resigned as CFO on 30 November 2024.7 Resigned as COO on 14 May 2024.8 Appointed as COO and member of the Management Board per 1 July 2024 and resigned on 31 December 2024.BASE SALARY The base salary consists of the annual fixed salary. PENSION AND OTHER COSTSThe members of the Management Board have been granted a pension allowance equal to an amount of maximum 25% of their fixed base salary, excluding any allowances and bonus payments. Other benefits include 25 days of paid vacation leave per calendar year. Furthermore, the members of the Management Board receive a car allowance or company car in accordance with the Group\u2019s car policy. The former CEO furthermore receives a housing allowance. No other benefits are granted.SEVERANCE PAYMENTSIn 2024 the Group and its former CFO entered into a termination agreement which contained a termination fee equal to six months\u2019 salary, holiday allowance and pension provision. The severance payment of \u20ac173 was transferred in 2024. In addition, the Group\u2019s former COO received a bonus prepayment of \u20ac225 in 2024. The Group and the former COO agreed to use this amount as part of the agreed upon termination agreement.In 2025 the Group and its former CEO entered into a termination agreement which contained a termination fee equal to six months\u2019 salary, holiday allowance and pension provision. The severance payment of \u20ac86 was transferred in 2025. OTHER COMPENSATIONThe former CEO (Mr. Schreyer) left the Group during the year. As a result, the signing bonus previously granted to the former CEO lapsed and no shares vested.During the year, the current CFO was granted a signing bonus in the form of a share package. The package consists of 216,262 shares with a lock-up period of three years. The fair value of the signing bonus, calculated at grant date, is based on Ebusco\u2019s share price (observable input) and amounts to \u20ac0.43 per share. The share package was granted on 16 December 2025 and will vest on 16 December 2026, provided the CFO remains in service of the Group on that date. The expected realization is set at 100%. No amount has been deducted from the grant-date share price in estimating the fair value.In addition, the current CFO was granted a performance-based award in the form of 216,262 shares. Vesting of this award is subject to the achievement of predetermined revenue growth targets and continued service as a member of the Management Board. The fair value at grant date amounts to \u20ac0.43 per share, based on Ebusco\u2019s share price (observable input). The award was granted on 16 December 2025 and will vest on 16 December 2028, subject to meeting the applicable performance and service conditions. The expected reali-zation is set at 100%. During a holding period of five years following grant date, the shares may not be trans-ferred. No amount has been deducted from the grant-date share price in estimating the fair value.6.2 SUPERVISORY BOARD REMUNERATION EXPENSES Fixed Other compensation Total 2025 2024 2025 2024 2025 20241Derk Haank 58,000 58,000 - 6,347 58,000 64,347 251,800 Carin Gorter50,000 - 2,400 51,800 52,400 3Jeroen Drost- 47,000 - 600 -47,600 4Ruud Spoor - 31,333 - 2,250 -33,583 5Roelf de Boer56,100 54,000 - 2,700 56,100 56,700 6Saskia Schatteman - 31,333 - 1,050 -32,383 7-Chen Li-- - - - Total 165,900 271,667 - 15,347 165,900 287,014 * Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.1 Derk Haank has been appointed as Chair of the Supervisory Board and member of the Nomination and Remuneration Committee.2 Carin Gorter has been appointed as Chair of the Audit Committee and member of the Supervisory Board.3 Jeroen Drost has been appointed as Chair of the Nomination Committee and member of the Supervisory Board and resigned per 7 February 2025.4 Ruud Spoor resigned as a member of the Supervisory Board as per 30 August 2024.5 Roelf de Boer has been appointed as Chair of the Remuneration Committee, member of the Audit Committee and member of the Supervisory Board.6 Saskia Schatteman resigned as a member of the Supervisory Board as per 30 August 2024.7 Chen Li has been appointed as Chair of the Nomination Committee and member of the Supervisory Board as per 25 March 2025.",
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"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f0__s7__6__148": {
"value": "6. EMPLOYEE BENEFIT EXPENSES AND REMUNERATION KEY MANAGEMENTEMPLOYEE BENEFIT EXPENSES AND PENSIONSThe table below gives a breakdown of the employee benefit expenses recognized in respect of short-term employee benefits and post-employment benefits:Employee benefit expenses 2025 2024Wages and salaries 19,612 31,935Social security charges 3,511 4,948Other staff expenses 1,906 3,547Pension costs1,1621,907Car expenses 142 447Share based payments expenses 6 (283)Total 26,339 42,501",
"dimensions": {
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"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__147-1": {
"value": "6. EMPLOYEE BENEFIT EXPENSES AND REMUNERATION KEY MANAGEMENTWages and salaries includes a research and development grant for the 3.0 bus for an amount of \u20ac657 (2024: \u20ac600) and various other grants of \u20ac1 (2024: \u20ac51).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__159": {
"value": "7. OTHER OPERATING EXPENSESOther operating expenses comprise general, distribution, marketing and other expenses.Other operating expenses 2025 2024Cancellation settlement expenses 9,189 12,105 General expenses 4,725 2,890 Temporary employees 5,892 16,600 Distribution expenses 1,950 5,080 Legal and professional fees 8,792 8,793IT expenses 3,003 3,796 Marketing expenses 1,590 255 Facility expenses 2,045 3,661 Office expenses 158 302 Other expenses 780 2,050 Total other operating expenses 38,124 55,532 Operating expenses decreased by \u20ac17.4 million in 2025 (2024: increase of \u20ac5.1 million). The decrease is primarily attributable to the decrease of the cancellation-related settlement expenses from \u20ac12.1 million in 2024 to \u20ac9.2 million in 2025.In 2024 and 2025, the Group incurred significant contractual penalties and settlement costs following delayed deliveries and the associated contract cancellations. These items amounted to \u20ac9.2 million (2024: \u20ac12.1 million) and were included in Other operating expenses. Apart from this effect, operating expenses decreased by \u20ac14.5 million in 2025. General expenses mainly include audit, advisory, insurance fees and changes to the provision for doubtful debts. The increase in general expenses is driven by paid delayed delivery fees and a higher allocation to the provision for doubtful debts compared to previous year. The decrease in Temporay employees and Other operating expenses is the result of the Group's policy of implementing savings on operating expenses and the shift in business model.Marketing expenses are costs which include marketing and promotional costs and costs associated with making products available for delivery to customers. Facility expenses include costs for short-term rent, utilities, and other non-rent related expenses associated with the Group\u2019s facilities. Office expenses include telecom expenses, office supplies, and subscriptions. IT expenses include software maintenance costs and license costs, as well as other IT services. Other expenses mainly consist of various expenses that are incurred as part of the Group\u2019s daily operations. The Group has R&D expenditures of \u20ac11 recognized as an expense during the reporting periods (2024: \u20ac53).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__158": {
"value": "7. OTHER OPERATING EXPENSESOther operating expenses comprise general, distribution, marketing and other expenses.Other operating expenses 2025 2024Cancellation settlement expenses 9,189 12,105 General expenses 4,725 2,890 Temporary employees 5,892 16,600 Distribution expenses 1,950 5,080 Legal and professional fees 8,792 8,793IT expenses 3,003 3,796 Marketing expenses 1,590 255 Facility expenses 2,045 3,661 Office expenses 158 302 Other expenses 780 2,050 Total other operating expenses 38,124 55,532 Operating expenses decreased by \u20ac17.4 million in 2025 (2024: increase of \u20ac5.1 million). The decrease is primarily attributable to the decrease of the cancellation-related settlement expenses from \u20ac12.1 million in 2024 to \u20ac9.2 million in 2025.In 2024 and 2025, the Group incurred significant contractual penalties and settlement costs following delayed deliveries and the associated contract cancellations. These items amounted to \u20ac9.2 million (2024: \u20ac12.1 million) and were included in Other operating expenses. Apart from this effect, operating expenses decreased by \u20ac14.5 million in 2025. General expenses mainly include audit, advisory, insurance fees and changes to the provision for doubtful debts. The increase in general expenses is driven by paid delayed delivery fees and a higher allocation to the provision for doubtful debts compared to previous year. The decrease in Temporay employees and Other operating expenses is the result of the Group's policy of implementing savings on operating expenses and the shift in business model.Marketing expenses are costs which include marketing and promotional costs and costs associated with making products available for delivery to customers. Facility expenses include costs for short-term rent, utilities, and other non-rent related expenses associated with the Group\u2019s facilities. Office expenses include telecom expenses, office supplies, and subscriptions. IT expenses include software maintenance costs and license costs, as well as other IT services. Other expenses mainly consist of various expenses that are incurred as part of the Group\u2019s daily operations. The Group has R&D expenditures of \u20ac11 recognized as an expense during the reporting periods (2024: \u20ac53).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__163": {
"value": "8. FINANCE EXPENSES, NETFinance costs 2025 2024Foreign currency exchange rate results, including (gains)/losses on derivatives(1,624)(3,865)Interest and similar expenses on loans and borrowings7,5055,714Interest income-(80)Revaluation of embedded derivative (2,890)(1,199)Interest on lease liabilities 578815Other interest expenses 1,7371,650Total 5,306 3,035* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.The finance expenses increased with \u20ac2.3 million compared to 2024. The increase is mainly due to the decrease in foreign currency exchanges rate results amounting to \u20ac2.2 million and an increase in interest and similar expenses on loans and borrowings amounting to \u20ac1.8 million. These changes are partly offset by an increase in income from revaluation of these embedded derivates amounting to \u20ac1.7 million. For the convertible bonds and revaluation of the embedded derivative the Group refers to Note 19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__162": {
"value": "8. FINANCE EXPENSES, NETFinance costs 2025 2024Foreign currency exchange rate results, including (gains)/losses on derivatives(1,624)(3,865)Interest and similar expenses on loans and borrowings7,5055,714Interest income-(80)Revaluation of embedded derivative (2,890)(1,199)Interest on lease liabilities 578815Other interest expenses 1,7371,650Total 5,306 3,035* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.The finance expenses increased with \u20ac2.3 million compared to 2024. The increase is mainly due to the decrease in foreign currency exchanges rate results amounting to \u20ac2.2 million and an increase in interest and similar expenses on loans and borrowings amounting to \u20ac1.8 million. These changes are partly offset by an increase in income from revaluation of these embedded derivates amounting to \u20ac1.7 million. For the convertible bonds and revaluation of the embedded derivative the Group refers to Note 19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__161": {
"value": "8. FINANCE EXPENSES, NETFinance costs 2025 2024Foreign currency exchange rate results, including (gains)/losses on derivatives(1,624)(3,865)Interest and similar expenses on loans and borrowings7,5055,714Interest income-(80)Revaluation of embedded derivative (2,890)(1,199)Interest on lease liabilities 578815Other interest expenses 1,7371,650Total 5,306 3,035* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.The finance expenses increased with \u20ac2.3 million compared to 2024. The increase is mainly due to the decrease in foreign currency exchanges rate results amounting to \u20ac2.2 million and an increase in interest and similar expenses on loans and borrowings amounting to \u20ac1.8 million. These changes are partly offset by an increase in income from revaluation of these embedded derivates amounting to \u20ac1.7 million. For the convertible bonds and revaluation of the embedded derivative the Group refers to Note 19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__160": {
"value": "8. FINANCE EXPENSES, NETFinance costs 2025 2024Foreign currency exchange rate results, including (gains)/losses on derivatives(1,624)(3,865)Interest and similar expenses on loans and borrowings7,5055,714Interest income-(80)Revaluation of embedded derivative (2,890)(1,199)Interest on lease liabilities 578815Other interest expenses 1,7371,650Total 5,306 3,035* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.The finance expenses increased with \u20ac2.3 million compared to 2024. The increase is mainly due to the decrease in foreign currency exchanges rate results amounting to \u20ac2.2 million and an increase in interest and similar expenses on loans and borrowings amounting to \u20ac1.8 million. These changes are partly offset by an increase in income from revaluation of these embedded derivates amounting to \u20ac1.7 million. For the convertible bonds and revaluation of the embedded derivative the Group refers to Note 19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__167": {
"value": "9. INCOME TAXThe major components of income tax expense for the years ended 31 December 2025 and 31 December 2024 are presented below.Income tax expense2025 2024Current tax (expense)/benefit:Relating to current year(152) (198)Adjustment prior year22 -(130) (198)Deferred tax (expense)/benefit:Relating to origination and reversal of temporary differences(526) (477)Relating to tax losses17,984 42,548Relating to limitation interest deduction - -Relating to (de)recognition DTA/unrecognized DTA(17,458) (42,071)Adjustment prior year and others - -- -Income tax (expense)/benefit reported in the statement of profit or loss(130) (198)The operations of the Group are subject to income taxes in the Netherlands and in the other countries where the Group is conducting a business.Ebusco Holding N.V. is the head of the Dutch fiscal unity for both income tax and VAT; all Dutch subsidiaries are part of the fiscal unity except ZES (49.56%).A reconciliation of the statutory income tax rate of the Netherlands to the effective income tax rate is as follows:Effective tax rate2025 2024Accounting profit before tax(70,849) (200,573)Domestic income tax rate25.8% 25.8%Theoretical income tax (expense)/benefit18,279 51,748Tax effect of:Deviating rates11 7Share of results of an associate- -Non-deductible expenses, tax exempt income and other permanent differences(269) -Benefit from previously unrecognized and unused tax losses - -Effect of (de)recognition DTA/unrecognized DTA(17,925) (42,071)Effect of unrecognized and unused tax losses- -Effect of permanent differences(248) (9,882)Other effects including adjustments prior year22 -Total income tax (expense)/benefit(130) (198)Effective tax rate(0,2%) (0,1%)The enacted income tax rate in the Netherlands is set at 25.8%, similar as last year. The effect of permanent differences relate to the the share issuance expenses (for which reference is made to Note 18).Non-deductible expenses, tax exempt income and other permanent differences mainly include the tax effect of tax exempt income from associates, non-deductible employee benefit expenses related share based payments and interest deduction limitations for the convertible bond including changes in the accompanied embedded derivatives. The Effect of permanent differences amounting \u20ac9.9 million in 2024 mainly relates to goodwill impairment and share issuance expenses. In 2025 the amount of \u20ac248 relates to the participation exemption of the recorded loss on ZES. The balances and movements for current tax and deferred tax for the years ended 31 December 2025 and 31 December 2024 are presented below:As at 31 December As at 31 December Current income tax liabilities 20252024Income tax payable6 86The deferred tax position of the Group as per 31 December 2025 and 31 December 2024 mainly relates to tax losses carried forward, limitation of interest deduction, right-of-use assets and lease liability positions resulting from the application of IFRS 16, the depreciation and the convertible bond. However, as a result of the Group\u2019s history of losses the (net) deferred tax position has not been recognized in 2025. As at 31 December As at 31 December Deferred tax assets20252024Property, plant and equipment50 73Right-of-use assets(2,868) (3,720)Derivatives - -Lease liabilities2,951 4,060Tax losses carried forward104,442 87,270Limitation of interest deduction 257 743Convertible bond (embedded derivative)493 972Convertible bond (debt)(514) (983)Write-off deferred tax positions(104,811) (88,415)Total net deferred tax asset- -Changes in deferred tax assets and (liabilities), net2025 2024Carrying amount as at 1 January- -Changes:Recognized in income statement- -Recognized in other comprehensive income --Recognized in share premium--Other- -Balance as at 31 December- -Tax losses carried forward available as at 31 December 2025 amount to \u20ac404,8 million (31 December 2024: \u20ac338.3 million) which can be carried forward indefinitely. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the busi-ness plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__166-1": {
"value": "9. INCOME TAXThe balances and movements for current tax and deferred tax for the years ended 31 December 2025 and 31 December 2024 are presented below:As at 31 December As at 31 December Current income tax liabilities 20252024Income tax payable6 86",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__165-1": {
"value": "9. INCOME TAXThe deferred tax position of the Group as per 31 December 2025 and 31 December 2024 mainly relates to tax losses carried forward, limitation of interest deduction, right-of-use assets and lease liability positions resulting from the application of IFRS 16, the depreciation and the convertible bond. However, as a result of the Group\u2019s history of losses the (net) deferred tax position has not been recognized in 2025. As at 31 December As at 31 December Deferred tax assets20252024Property, plant and equipment50 73Right-of-use assets(2,868) (3,720)Derivatives - -Lease liabilities2,951 4,060Tax losses carried forward104,442 87,270Limitation of interest deduction 257 743Convertible bond (embedded derivative)493 972Convertible bond (debt)(514) (983)Write-off deferred tax positions(104,811) (88,415)Total net deferred tax asset- -Changes in deferred tax assets and (liabilities), net2025 2024Carrying amount as at 1 January- -Changes:Recognized in income statement- -Recognized in other comprehensive income --Recognized in share premium--Other- -Balance as at 31 December- -Tax losses carried forward available as at 31 December 2025 amount to \u20ac404,8 million (31 December 2024: \u20ac338.3 million) which can be carried forward indefinitely. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the busi-ness plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__170": {
"value": "10. EARNINGS PER SHAREThe Group\u2019s equity structure as per 31 December 2025 consists of 203,501,128 (2024: 65,470,708) ordinary shares with a nominal value of \u20ac0.05 (2024: \u20ac0.05).Earnings per share can be specified as follows:Share information 2025 2024Net profit attributable to ordinary shareholders (in euro thousands) (70,979) (200,632)Weighted average number of ordinary shares for the period* 116,080,905 18,602,405 Dilutive number of shares - - Total number of dilutive ordinary shares116,080,905 18,602,405 Basic earnings per share (in euro\u2019s)(0.61)(10.79)Dilutive earnings per share (in euro\u2019s)(0.61)(10.79)* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.The former CEO (Mr. Schreyer) left the Group during the year. As a result, the signing bonus previously granted to the former CEO lapsed and no shares vested.During the year, the current CFO was granted a signing bonus in the form of a share package. The package consists of 216,262 shares with a lock-up period of three years. The fair value of the signing bonus, calculated at grant date, is based on Ebusco\u2019s share price (observable input) and amounts to \u20ac0.43 per share. The share package was granted on 16 December 2025 and will vest on 16 December 2028, provided the CFO remains in service of the Group on that date. The expected realization is set at 100%. No amount has been deducted from the grant-date share price in estimating the fair value.In addition, the current CFO was granted a performance-based award in the form of 216,262 shares. Vesting of this award is subject to the achievement of predetermined revenue growth targets and continued service as a member of the Management Board. The fair value at grant date amounts to \u20ac0.43 per share, based on Ebusco\u2019s share price (observable input). The award was granted on 16 December 2025 and will vest on 16 December 2028, subject to meeting the applicable performance and service conditions. The expected reali-zation is set at 100%. During a holding period of five years following grant date, the shares may not be trans-ferred. No amount has been deducted from the grant-date share price in estimating the fair value.The above mentioned share-based payment awards have been considered in the calculation of diluted earn-ings per share. As the awards were granted during the year and are subject to future service and/or perfor-mance conditions, the number of shares included in the diluted EPS calculation reflects the number of shares that would be issuable if the reporting date were the end of the contingency period, taking into account the extent to which the vesting conditions are satisfied.For the year ended 31 December 2025, these instruments were anti-dilutive due to the loss position of the Group and were therefore not included in the calculation of diluted earnings per share.In addition, the Group has outstanding convertible bonds which could potentially dilute basic earnings per share in the future. For the periods presented, these instruments are anti-dilutive and have therefore not been included in the calculation of diluted earnings per share.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__172-1": {
"value": "11. PROPERTY, PLANT AND EQUIPMENTIn 2024 the Group has performed an assessment with regard to its property, plant and equipment assets, especially considering the transitioning from an Original Equipment Manufacturer (OEM) to an Original Equip-ment Designer (OED) model. This strategic shift involves Ebusco focusing on designing and engineering its buses while outsourcing the assembly process to contract manufacturers. The mentioned shift however also results in the Group no longer requiring part of its (specialized) manufacturing equipment and machinery. The assessment resulted in an impairment of \u20ac8.4 million. During the year ended 31 December 2025, the Group recognized an accelerated depreciation of \u20ac1.5 million in respect of certain items of property, plant and equipment of Ebusco B.V. \u20ac1.2 million of this loss is recorded in the Marketing Expenses. The impairment was triggered by management\u2019s decision to dispose of the assets. Based on updated market information and expected disposal proceeds, the recoverable amount of the assets was determined to be lower than their carrying amount.The recoverable amount was determined based on fair value less costs of disposal, using realised sales proceeds from the disposal of equipment and company cars. These disposals of primarily relate to the shift from OEM to OED. The measurement represents a Level 3 fair value measurement in accordance with IFRS 13 Fair Value Measurement. Any gains or losses on disposal were recognised in profit and loss were not material. The impairment loss has been recognised in \u201cImpairments\u201d in the consolidated statement of profit or loss.12. INTANGIBLE ASSETS12.1 GOODWILLGoodwill recognized in prior year related to the Pondus acquisition in 2021 was fully impaired in 2024. As at 31 December 2025, the carrying amount of goodwill amounts to \u20ac0 (31 December 2024: \u20ac0). No goodwill impairment test was performed in 2025, as no goodwill is recognized on the statement of financial position.12.4 ASSETS UNDER CONSTRUCTIONThe intangible assets not yet available for use were tested for impairment as at 31 December 2025. Based on this assessment, no impairment was required. In the prior year, the Group recognized an impairment loss of \u20ac5.0 million on intangible assets. This impair-ment was mainly attributable to the Group\u2019s transition from an OEM to an OED model, resulting in the write-down of assets related to its in-house production process, as well as the decision to discontinue the imple-mentation of a new ERP system.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__171": {
"value": "11. PROPERTY, PLANT AND EQUIPMENTEquipment Trans-Assets under Totaland office portationconstructionProperty, plant and equipmentinventoryBalance as at 1 January 2024Cost 21,690 4,972 5,304 31,966Accumulated depreciation(5,960) (3,608) - (9,568)Net book value15,730 1,364 5,304 22,398Change in net book value:Additions1,140 - 1,779 2,919Disposals(67) (4) - (71)Transfer to inventory- 35 - 35Transfer from assets under construction2,736 1,202 (3,938) -Depreciation(4,514) (666) - (5,180)Impairment(5,524) (139) (2,722) (8,385)Translation differences1 (2) - (1)Total changes(6,228) 426 (4,881) (10,683)Balance as at 31 December 2024 Cost 25,545 7,388 423 33,356Accumulated depreciation (16,043) (5,598) - (21,641)Net book value 9,502 1,790 423 11,715Balance as at 1 January 2025Cost 25,545 7,388 423 33,356Accumulated depreciation(16,043) (5,598) - (21,641)Net book value10,587 705 423 11,715Change in net book value:Additions220 297 366 883Disposals(193) (62) - (255)Transfer to expenses(19) - - (19)Transfer from assets under construction - 789 (789) - Depreciation(2,404) (181) - (2,585)Impairment - (1,433) - (1,433)Translation differences - - - -Total changes(2,396) (590) (423) (3,409)Balance as at 31 December 2025Cost 23,375 5,447 - 28,822Accumulated depreciation(16,269) (4,247) - (20,516)Net book value7,106 1,200 - 8,306* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.In 2024 the Group has performed an assessment with regard to its property, plant and equipment assets, especially considering the transitioning from an Original Equipment Manufacturer (OEM) to an Original Equip-ment Designer (OED) model. This strategic shift involves Ebusco focusing on designing and engineering its buses while outsourcing the assembly process to contract manufacturers. The mentioned shift however also results in the Group no longer requiring part of its (specialized) manufacturing equipment and machinery. The assessment resulted in an impairment of \u20ac8.4 million. During the year ended 31 December 2025, the Group recognized an accelerated depreciation of \u20ac1.5 million in respect of certain items of property, plant and equipment of Ebusco B.V. \u20ac1.2 million of this loss is recorded in the Marketing Expenses. The impairment was triggered by management\u2019s decision to dispose of the assets. Based on updated market information and expected disposal proceeds, the recoverable amount of the assets was determined to be lower than their carrying amount.The recoverable amount was determined based on fair value less costs of disposal, using realised sales proceeds from the disposal of equipment and company cars. These disposals of primarily relate to the shift from OEM to OED. The measurement represents a Level 3 fair value measurement in accordance with IFRS 13 Fair Value Measurement. Any gains or losses on disposal were recognised in profit and loss were not material. The impairment loss has been recognised in \u201cImpairments\u201d in the consolidated statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__177": {
"value": "12. INTANGIBLE ASSETSGoodwill Develop-Software Assets under TotalIntangible assetsment assetsconstructionBalance as at 1 January 2024Cost 39,258 15,029 1,832 6,872 62,991Accumulated amortization - (11,519) (1,584) - (13,103)Net book value 39,258 3,510 248 6,872 49,888Change in net book value:Additions - 587 (1) 609 1,195Disposals - - - - - Transfer from assets under construction - 982 581 (1,563) - Amortization - (1,322) (131) - (1,453)Impairment (39,258) - - (4,996) (44,254)Translation differences - - - - - Total changes (39,258) 247 449 (5,950) (44,512)Balance as at 31 December 2024 Cost 39,258 16,598 2,415 922 59,193Accumulated amortization (39,258) (12,841) (1,718) - (53,817)Net book value - 3,757 697 922 5,376Balance as at 1 January 2025Cost 39,258 16,598 2,415 922 59,193Accumulated amortization (39,258) (12,841) (1,718) - (53,817)Net book value - 3,757 697 922 5,376Change in net book value:Additions - 288 - - 288Disposals - - - - -Transfer from assets under construction - 922 - (922) - Amortization - (1,961) (141) - (2,102)Impairment - (53) - - (53)Translation differences - - - - - Total changes - (804) (141) (922) (1,867)Balance as at 31 December 2025Cost 39,258 16,789 2,415 - 58,462Accumulated amortization (39,258) (13,836) (1,859) - (54,953)Net book value - 2,953 556 - 3,509* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.12.1 GOODWILLGoodwill recognized in prior year related to the Pondus acquisition in 2021 was fully impaired in 2024. As at 31 December 2025, the carrying amount of goodwill amounts to \u20ac0 (31 December 2024: \u20ac0). No goodwill impairment test was performed in 2025, as no goodwill is recognized on the statement of financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__176-1": {
"value": "12. INTANGIBLE ASSETSGoodwill Develop-Software Assets under TotalIntangible assetsment assetsconstructionBalance as at 1 January 2024Cost 39,258 15,029 1,832 6,872 62,991Accumulated amortization - (11,519) (1,584) - (13,103)Net book value 39,258 3,510 248 6,872 49,888Change in net book value:Additions - 587 (1) 609 1,195Disposals - - - - - Transfer from assets under construction - 982 581 (1,563) - Amortization - (1,322) (131) - (1,453)Impairment (39,258) - - (4,996) (44,254)Translation differences - - - - - Total changes (39,258) 247 449 (5,950) (44,512)Balance as at 31 December 2024 Cost 39,258 16,598 2,415 922 59,193Accumulated amortization (39,258) (12,841) (1,718) - (53,817)Net book value - 3,757 697 922 5,376Balance as at 1 January 2025Cost 39,258 16,598 2,415 922 59,193Accumulated amortization (39,258) (12,841) (1,718) - (53,817)Net book value - 3,757 697 922 5,376Change in net book value:Additions - 288 - - 288Disposals - - - - -Transfer from assets under construction - 922 - (922) - Amortization - (1,961) (141) - (2,102)Impairment - (53) - - (53)Translation differences - - - - - Total changes - (804) (141) (922) (1,867)Balance as at 31 December 2025Cost 39,258 16,789 2,415 - 58,462Accumulated amortization (39,258) (13,836) (1,859) - (54,953)Net book value - 2,953 556 - 3,509* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.12.2 DEVELOPMENT ASSETSDevelopment assets mainly refer to the design, construction and testing of a chosen alternative for the new low floor bus which is 100% electrically powered. This project was taken into use in 2021. The Group further-more finalized a cybersecurity certification program during 2024 and 2025.12.3 SOFTWARESoftware mainly refers to the Group\u2019s after sales and inventory management system, acquired from and developed by third party suppliers. In addition, the Group finalized the implementation of its Product Lifecycle Management (PLM) system in August 2024.12.4 ASSETS UNDER CONSTRUCTIONAssets under construction relate to the development of the Group\u2019s energy storage systems, more specifi-cally to a Mobile Energy Container (MEC). These containers can be used in hybrid electric barges, providing a fully green alternative requiring significantly less fuel and emitting significantly less COthan conventional 2diesel-powered barges. The intangible assets not yet available for use were tested for impairment as at 31 December 2025. Based on this assessment, no impairment was required. In the prior year, the Group recognized an impairment loss of \u20ac5.0 million on intangible assets. This impair-ment was mainly attributable to the Group\u2019s transition from an OEM to an OED model, resulting in the write-down of assets related to its in-house production process, as well as the decision to discontinue the imple-mentation of a new ERP system.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__175": {
"value": "12. INTANGIBLE ASSETSGoodwill Develop-Software Assets under TotalIntangible assetsment assetsconstructionBalance as at 1 January 2024Cost 39,258 15,029 1,832 6,872 62,991Accumulated amortization - (11,519) (1,584) - (13,103)Net book value 39,258 3,510 248 6,872 49,888Change in net book value:Additions - 587 (1) 609 1,195Disposals - - - - - Transfer from assets under construction - 982 581 (1,563) - Amortization - (1,322) (131) - (1,453)Impairment (39,258) - - (4,996) (44,254)Translation differences - - - - - Total changes (39,258) 247 449 (5,950) (44,512)Balance as at 31 December 2024 Cost 39,258 16,598 2,415 922 59,193Accumulated amortization (39,258) (12,841) (1,718) - (53,817)Net book value - 3,757 697 922 5,376Balance as at 1 January 2025Cost 39,258 16,598 2,415 922 59,193Accumulated amortization (39,258) (12,841) (1,718) - (53,817)Net book value - 3,757 697 922 5,376Change in net book value:Additions - 288 - - 288Disposals - - - - -Transfer from assets under construction - 922 - (922) - Amortization - (1,961) (141) - (2,102)Impairment - (53) - - (53)Translation differences - - - - - Total changes - (804) (141) (922) (1,867)Balance as at 31 December 2025Cost 39,258 16,789 2,415 - 58,462Accumulated amortization (39,258) (13,836) (1,859) - (54,953)Net book value - 2,953 556 - 3,509* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.12.1 GOODWILLGoodwill recognized in prior year related to the Pondus acquisition in 2021 was fully impaired in 2024. As at 31 December 2025, the carrying amount of goodwill amounts to \u20ac0 (31 December 2024: \u20ac0). No goodwill impairment test was performed in 2025, as no goodwill is recognized on the statement of financial position. 12.2 DEVELOPMENT ASSETSDevelopment assets mainly refer to the design, construction and testing of a chosen alternative for the new low floor bus which is 100% electrically powered. This project was taken into use in 2021. The Group further-more finalized a cybersecurity certification program during 2024 and 2025. 12.3 SOFTWARESoftware mainly refers to the Group\u2019s after sales and inventory management system, acquired from and developed by third party suppliers. In addition, the Group finalized the implementation of its Product Lifecycle Management (PLM) system in August 2024. 12.4 ASSETS UNDER CONSTRUCTIONAssets under construction relate to the development of the Group\u2019s energy storage systems, more specifi-cally to a Mobile Energy Container (MEC). These containers can be used in hybrid electric barges, providing a fully green alternative requiring significantly less fuel and emitting significantly less COthan conventional 2diesel-powered barges. The intangible assets not yet available for use were tested for impairment as at 31 December 2025. Based on this assessment, no impairment was required. In the prior year, the Group recognized an impairment loss of \u20ac5.0 million on intangible assets. This impair-ment was mainly attributable to the Group\u2019s transition from an OEM to an OED model, resulting in the write-down of assets related to its in-house production process, as well as the decision to discontinue the imple-mentation of a new ERP system.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__190": {
"value": "14. INVENTORIES Inventories relate to trade goods ready for sale, materials waiting to be used in the production process and spare parts to service zero emission electric buses sold by the Group.As at 31 December As at 31 December Inventories20252024Materials waiting to be used in the production process 66,790 78,649Goods under construction 21,881 50,441Spare parts 5,810 5,043Trade goods ready for sale 8,548 12,554Inventories, gross 103,029 146,678Allowance for obsolescence (22,411) (29,010)Inventories, net 80,618 117,677During 2025 allowance obsolete inventories decreased resulting into a release of the allowance for obsoles-cence of \u20ac6.6 million (2024: \u20ac26.2 million expense). The Group has received contract cancellation notices the first quarter of 2026 which have been considered by the Group when determining the obsolescence reserve per 31 December 2025. The Group furthermore also planned to sell inventories not allocated to its current orderbook during 2025. The results of this offering have also been taken into account when determining the reserve per 31 December 2025. The write down of inventories predominantly relate to materials waiting to be used in the production process and to a lesser extent to goods under construction and spare parts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__195-1": {
"value": "15. TRADE RECEIVABLES As at 31 December As at 31 December Trade receivables20252024Trade receivables 36,128 5,735Doubtful debtor provision (963) (241)Net trade debtors35,165 5,494The doubtful debtor provision consists of a provision for individual debtors with objective evidence of impair-ment of \u20ac907 (2024: \u20ac228) and the allowance for expected credit losses \u20ac56 (2024: \u20ac14). In total \u20ac721 (2024: \u20ac211) has been added to the doubtful debtor provision in 2025 and no usage occurred (2024: \u20ac0). Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.Due to the short duration of the receivables the fair value approximates the carrying value. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using the provision matrix:31 December 2025Trade receivables \u2013 Days past dueContract <30 days 30-60 60-90 >91 days TotalassetsdaysdaysExpected credit loss rate 0.0% 0.1% 0.1% 0.1% 0.3%Estimated total gross carrying amount at default - 29,424 240 765 5,699 36,128 Expected credit loss - 5 1 1 49 5631 December 2024Trade receivables \u2013 Days past dueContract <30 days 30-60 60-90 >91 days TotalassetsdaysdaysExpected credit loss rate 0,0% 0,1% 0,1% 0,1% 0,3%Estimated total gross carrying amount at default 7,569 1,717 361 403 3,2525,735Expected credit loss - 1 1 1 101317. CASH AND CASH EQUIVALENTS As at As at Cash and cash equivalents31 December 202531 December 2024Cash at hand - - Cash at bank 7,438 2,399 Total cash and cash equivalents 7,438 2,399 The majority of commercial banks where cash and cash equivalents are held have a credit rating in the A categories of Moody\u2019s/S&P. No defaults occurred during the year and management does not expect any losses from non-performance by these counterparties. The risk of default of the counterparty is assessed to be low taking into account the credit rating. The resulting expected credit loss is estimated to be insignifi-cant. The cash and cash equivalents balance includes an amount of \u20ac220 (2024: \u20ac0) that is not immediately accessible.26. RISK MANAGEMENT OBJECTIVES AND POLICIESThe operations of the Group expose the Group to various financial risks, including liquidity risk, market risk,-credit risk, currency risk and interest rate risk. The risk management is the responsibility of the Management Board of the Group. The main financial risks are described below together with the approach taken to assess and mitigate the relevant financial risk. For a broader and more extensive description of all risks the Group faces it refers to the Risk Management and Internal Control section in its board report. Risk type (Unaudited) Risk description Risk assessment and mitigation Remaining riskLiquidity riskLiquidity risk is the risk that the Group is not able to The Group refers to Note 2.4 for further elaboration on its liquidity risk. Highpay its short-term liabilities.Market risksForeign exchange risk is part of the market risk The Group has risk management policies and procedures in place to manage its foreign exchange risk. Where possible, the Group Mediumthat arises due to exposure of the Group to foreign mitigates this risk by:currencies. This exposure arises from the Group's involvement in foreign operations or trade in foreign \u2022 Hedging forecasted foreign currency transactions, with a maximum horizon of 24 months; andcurrency (buy and sell).\u2022 Using spot transactions where hedging is not considered appropriate based on the risk profile.The Group continuously monitors its foreign currency exposure and assesses the cost benefit of hedging. As at 31 December 2025, no hedging instruments were outstanding. As per 31 December 2024 and 31 December 2025 both the cash flow hedge reserve and cost of hedging reserve are nihil.For certain exposures, in particular RMB, the Group may choose not to hedge and accept the related currency risk.A 5% increase (decrease) in the EUR / CNY exchange rate has a positive (negative) impact on the result of \u20ac0.7 million.Inflation risk is part of the market risk that arises due The ongoing inflation is resulting in an increase in cost levels for the Group.Mediumto (unexpected) price increase in goods and services purchased by the Group.The Group is continuously monitoring the development of purchase prices for goods and services required on the short, medium and long-term basis. Based on expected price development the Group engages in purchase contracts and/or strategic inventory purchases in order to mitigate the risk of unexpected price increases as much as possible.On the other hand, the Group is also able to recharge (a part of) the increase in cost levels to its customers via increased sales prices.Interest rate risk is the part of the market risk that The Group is exposed to changes in interest rates resulting from the following:Limitedarises due to movements in interest rates.\u2022 Long-term liabilities\u2022 The interest rate implicit in the lease liabilitiesHowever, no long-term liabilities have variable interest rates and outstanding amounts are limited in size. The Group's cash posi-tion, due to its short-term nature, has limited exposure to interest rate risk.As the Group has no material exposure to variable interest rate instruments, a reasonably possible change in interest rate (e.g. +/- 100 basis points) would no have a material impact on the Group\u2019s profit or loss or equity. The resulting residual interest rate risk is considered to be limited.Order risk is part of the market risk that the Group\u2019s Due to the Group\u2019s current reputation in the market as a result of the Group\u2019s failure to timely deliver buses followed by contract Highorder intake will be less than anticipated.cancellations and liquidity constraints, there is a risk that the Group\u2019s order intake is (materially) below plan.Credit riskCredit risk for the Group mainly consists of the default The Group reflects on the credit risks of trade debtors on a forward-looking basis, based on the simplified ECL approach. Further-Limitedof trade debtors and contract assets.more, the Group determined that the customers (municipalities) of the Group, based on historic performance and entity nature, have a low default probability. The credit risk on other financial assets is considered to be low. Therefore, the Group accepts the residual remaining credit risks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__194": {
"value": "15. TRADE RECEIVABLES As at 31 December As at 31 December Trade receivables20252024Trade receivables 36,128 5,735Doubtful debtor provision (963) (241)Net trade debtors35,165 5,494The doubtful debtor provision consists of a provision for individual debtors with objective evidence of impair-ment of \u20ac907 (2024: \u20ac228) and the allowance for expected credit losses \u20ac56 (2024: \u20ac14). In total \u20ac721 (2024: \u20ac211) has been added to the doubtful debtor provision in 2025 and no usage occurred (2024: \u20ac0). Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.Due to the short duration of the receivables the fair value approximates the carrying value. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using the provision matrix:31 December 2025Trade receivables \u2013 Days past dueContract <30 days 30-60 60-90 >91 days TotalassetsdaysdaysExpected credit loss rate 0.0% 0.1% 0.1% 0.1% 0.3%Estimated total gross carrying amount at default - 29,424 240 765 5,699 36,128 Expected credit loss - 5 1 1 49 5631 December 2024Trade receivables \u2013 Days past dueContract <30 days 30-60 60-90 >91 days TotalassetsdaysdaysExpected credit loss rate 0,0% 0,1% 0,1% 0,1% 0,3%Estimated total gross carrying amount at default 7,569 1,717 361 403 3,2525,735Expected credit loss - 1 1 1 1013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__193": {
"value": "15. TRADE RECEIVABLES As at 31 December As at 31 December Trade receivables20252024Trade receivables 36,128 5,735Doubtful debtor provision (963) (241)Net trade debtors35,165 5,494The doubtful debtor provision consists of a provision for individual debtors with objective evidence of impair-ment of \u20ac907 (2024: \u20ac228) and the allowance for expected credit losses \u20ac56 (2024: \u20ac14). In total \u20ac721 (2024: \u20ac211) has been added to the doubtful debtor provision in 2025 and no usage occurred (2024: \u20ac0). Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.Due to the short duration of the receivables the fair value approximates the carrying value. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using the provision matrix:31 December 2025Trade receivables \u2013 Days past dueContract <30 days 30-60 60-90 >91 days TotalassetsdaysdaysExpected credit loss rate 0.0% 0.1% 0.1% 0.1% 0.3%Estimated total gross carrying amount at default - 29,424 240 765 5,699 36,128 Expected credit loss - 5 1 1 49 5631 December 2024Trade receivables \u2013 Days past dueContract <30 days 30-60 60-90 >91 days TotalassetsdaysdaysExpected credit loss rate 0,0% 0,1% 0,1% 0,1% 0,3%Estimated total gross carrying amount at default 7,569 1,717 361 403 3,2525,735Expected credit loss - 1 1 1 1013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__191-1": {
"value": "15. TRADE RECEIVABLESDue to the short duration of the receivables the fair value approximates the carrying value. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using the provision matrix:31 December 2025Trade receivables \u2013 Days past dueContract <30 days 30-60 60-90 >91 days TotalassetsdaysdaysExpected credit loss rate 0.0% 0.1% 0.1% 0.1% 0.3%Estimated total gross carrying amount at default - 29,424 240 765 5,699 36,128 Expected credit loss - 5 1 1 49 5631 December 2024Trade receivables \u2013 Days past dueContract <30 days 30-60 60-90 >91 days TotalassetsdaysdaysExpected credit loss rate 0,0% 0,1% 0,1% 0,1% 0,3%Estimated total gross carrying amount at default 7,569 1,717 361 403 3,2525,735Expected credit loss - 1 1 1 101316. OTHER CURRENT ASSETSDue to the short duration of the non-derivative current financial assets the fair value approximates the carrying value.19. CONVERTIBLE BONDThe derivative element has been measured at fair value using a Black-Scholes option pricing model, which estimates the fair value based on the underlying asset's price, volatility, time to expiration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac0.9 million (2024: \u20ac3.8 million), resulting in a revaluation gain of the derivative being recognized of \u20ac2.7 million.23. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESTrade payables are non-interest bearing and are on average settled on a 90-days term. Due to the short duration of the payables, the fair value approximates the carrying value. The other current liabilities mostly consists of contract cancellation settlements for which payment schedules have been agreed upon. Other current liabilities are non-interest bearing.27. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGFAIR VALUE HIERARCHYAs the Group held no derivative financial instruments at year-end 2024 and 2025, no amounts relating to derivatives are included in the fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__202": {
"value": "16. OTHER CURRENT ASSETSAs at 31 December As at 31 December Other current assets20252024Taxes and social securities 374 1,821Bank guarantee deposit4,463-Prepaid expenses2,6051,566Credit notes to be received312112Other accrued assets 242 373Income tax receivable 61 21Total other current financial assets 8,057 3,893Due to the short duration of the non-derivative current financial assets the fair value approximates the carrying value. In July 2025 CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) took over the bank guarantees from ING Bank N.V. for an amount of \u20ac4.6 million (2024: \u20ac0). For further clarifica-tion, reference is made to note 17.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__201": {
"value": "16. OTHER CURRENT ASSETSAs at 31 December As at 31 December Other current assets20252024Taxes and social securities 374 1,821Bank guarantee deposit4,463-Prepaid expenses2,6051,566Credit notes to be received312112Other accrued assets 242 373Income tax receivable 61 21Total other current financial assets 8,057 3,893Due to the short duration of the non-derivative current financial assets the fair value approximates the carrying value. In July 2025 CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) took over the bank guarantees from ING Bank N.V. for an amount of \u20ac4.6 million (2024: \u20ac0). For further clarifica-tion, reference is made to note 17.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__200": {
"value": "16. OTHER CURRENT ASSETSAs at 31 December As at 31 December Other current assets20252024Taxes and social securities 374 1,821Bank guarantee deposit4,463-Prepaid expenses2,6051,566Credit notes to be received312112Other accrued assets 242 373Income tax receivable 61 21Total other current financial assets 8,057 3,893Due to the short duration of the non-derivative current financial assets the fair value approximates the carrying value. In July 2025 CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) took over the bank guarantees from ING Bank N.V. for an amount of \u20ac4.6 million (2024: \u20ac0). For further clarifica-tion, reference is made to note 17.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__210": {
"value": "17. CASH AND CASH EQUIVALENTS As at As at Cash and cash equivalents31 December 202531 December 2024Cash at hand - - Cash at bank 7,438 2,399 Total cash and cash equivalents 7,438 2,399 The majority of commercial banks where cash and cash equivalents are held have a credit rating in the A categories of Moody\u2019s/S&P. No defaults occurred during the year and management does not expect any losses from non-performance by these counterparties. The risk of default of the counterparty is assessed to be low taking into account the credit rating. The resulting expected credit loss is estimated to be insignifi-cant. The cash and cash equivalents balance includes an amount of \u20ac220 (2024: \u20ac0) that is not immediately accessible.Ebusco maintained bank guarantee credit facilities for a total of \u20ac4.5 million per 31 December 2025. As collateral for outstanding bank guarantees the Group provided a cash deposit to ING Bank N.V. (Note 16). The total bank guarantee credit facilities as per 31 December 2024 amounted \u20ac40 million, equally divided by ING Bank N.V. and Co\u00f6peratieve Rabobank U.A.During July 2025, CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) and Kabuto Technology Co., Ltd. (Kabuto) have agreed to take over the full position of ING Bank N.V. and Co\u00f6peratieve Rabobank U.A. respectively under Ebusco\u2019s letters of credit and bank guarantee facilities (theBank Loans), subject to certain conditions. The Bank Loans were due on 14 August 2025 and are trans-ferred to Heights and Kabuto for amounts of \u20ac4.6 million and \u20ac8.2 million, respectively. As a prerequisite, the Group paid a deposit of \u20ac0.5 million to ING Bank N.V as collateral for any (future) claim, cost, expense, interest or exposure.On 19 August 2025, Kabuto converted their respective portions of the Bank Loans into shares in Ebusco. Heights decided not to convert their respective portions of the Bank Loans into shares in Ebusco on 19 August 2025. The Bank Loan is therefore amended into a convertible loan agreement with a maturity date of 19 August 2026. Since Ebusco has breached (a/o) payment obligations under the (uncommitted) bank guar-antee credit facility, the following security rights transferred to Heights:\u2022 A right of pledge over the shares in Ebusco B.V.\u2022 A right of pledge over any receivables from Ebusco B.V. and Ebusco Holding N.V.\u2022 A right of pledge over any movable assets of Ebusco B.V. and Ebusco Holding N.V.\u2022 A right of pledge over any intellectual property rights held by Ebusco B.V. and Ebusco Holding N.V.Although a right of pledge over the shares in Ebusco B.V. was granted to Heights, the Group concluded that it retained control on Ebusco B.V. as the Group (by means of its Management Board) was (and still is) making the (key) operational and strategic decisions without interference of Heights. The security rights of Heights were shared on a pari passu basis with the other lenders under the \u20ac5.1 million bridge loan Ebusco entered into in December 2025.At 31 December 2025, the Group held restricted cash of \u20ac0.2 million (2024: \u20acnil). These balances relate to cash deposits pledged to the HSBC Banks collateral for bank guarantees issued in the normal course of business. The guarantees mainly relate to lease commitments for office premises and a performance bond provided to a customer. The restricted cash is not freely available for use by the Group and will be released once the underlying guar-antees expire or are otherwise cancelled.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__204-1": {
"value": "17. CASH AND CASH EQUIVALENTSDuring July 2025, CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) and Kabuto Technology Co., Ltd. (Kabuto) have agreed to take over the full position of ING Bank N.V. and Co\u00f6peratieve Rabobank U.A. respectively under Ebusco\u2019s letters of credit and bank guarantee facilities (theBank Loans), subject to certain conditions. The Bank Loans were due on 14 August 2025 and are trans-ferred to Heights and Kabuto for amounts of \u20ac4.6 million and \u20ac8.2 million, respectively. As a prerequisite, the Group paid a deposit of \u20ac0.5 million to ING Bank N.V as collateral for any (future) claim, cost, expense, interest or exposure.On 19 August 2025, Kabuto converted their respective portions of the Bank Loans into shares in Ebusco. Heights decided not to convert their respective portions of the Bank Loans into shares in Ebusco on 19 August 2025. The Bank Loan is therefore amended into a convertible loan agreement with a maturity date of 19 August 2026. Since Ebusco has breached (a/o) payment obligations under the (uncommitted) bank guar-antee credit facility, the following security rights transferred to Heights:\u2022 A right of pledge over the shares in Ebusco B.V.\u2022 A right of pledge over any receivables from Ebusco B.V. and Ebusco Holding N.V.\u2022 A right of pledge over any movable assets of Ebusco B.V. and Ebusco Holding N.V.\u2022 A right of pledge over any intellectual property rights held by Ebusco B.V. and Ebusco Holding N.V.Although a right of pledge over the shares in Ebusco B.V. was granted to Heights, the Group concluded that it retained control on Ebusco B.V. as the Group (by means of its Management Board) was (and still is) making the (key) operational and strategic decisions without interference of Heights.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__205": {
"value": "On 19 August 2025, Kabuto converted their respective portions of the Bank Loans into shares in Ebusco. Heights decided not to convert their respective portions of the Bank Loans into shares in Ebusco on 19 August 2025. The Bank Loan is therefore amended into a convertible loan agreement with a maturity date of 19 August 2026. Since Ebusco has breached (a/o) payment obligations under the (uncommitted) bank guar-antee credit facility, the following security rights transferred to Heights:\u2022 A right of pledge over the shares in Ebusco B.V.\u2022 A right of pledge over any receivables from Ebusco B.V. and Ebusco Holding N.V.\u2022 A right of pledge over any movable assets of Ebusco B.V. and Ebusco Holding N.V.\u2022 A right of pledge over any intellectual property rights held by Ebusco B.V. and Ebusco Holding N.V.Although a right of pledge over the shares in Ebusco B.V. was granted to Heights, the Group concluded that it retained control on Ebusco B.V. as the Group (by means of its Management Board) was (and still is) making the (key) operational and strategic decisions without interference of Heights. The security rights of Heights were shared on a pari passu basis with the other lenders under the \u20ac5.1 million bridge loan Ebusco entered into in December 2025.At 31 December 2025, the Group held restricted cash of \u20ac0.2 million (2024: \u20acnil). These balances relate to cash deposits pledged to the HSBC Banks collateral for bank guarantees issued in the normal course of business. The guarantees mainly relate to lease commitments for office premises and a performance bond provided to a customer. The restricted cash is not freely available for use by the Group and will be released once the underlying guar-antees expire or are otherwise cancelled.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__214": {
"value": "18. EQUITY18.1 EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE GROUPFor the purpose of the Group\u2019s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to safeguard the ability to continue as going concern and to provide return for share-holders and benefits to other stakeholders.The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants, if applicable. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 December 2025 and 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__213-1": {
"value": "18. EQUITY18.1 EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE GROUPLEGAL RESERVESThe Group has recorded a legal (non-distributable) reserve as required by Dutch law in respect of:\u2022 capitalized development assets excluding development assets acquired through business combinations (classified as Other reserve) as at 31 December 2025 of \u20ac2,954 (2024: \u20ac4,603) as required by Dutch law.\u2022 the remeasurement gain of \u20ac7,450 in 2021 as a result of remeasuring the carrying amount of its 20% invest-ment in former associate Pondus (in 2024 merged with Ebusco B.V.) at fair value.The share-based payment reserve of \u20ac11 (2024: \u20ac3) is used to recognize the value of equity-settled share-based payments provided to the Group\u2019s CFO. Refer to Note 6 for further details of these plans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__212-1": {
"value": "18. EQUITY18.1 EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE GROUPISSUED AND PAID IN ORDINARY SHARE CAPITALThe issued and paid in ordinary share capital amounts to \u20ac10,175 as at 31 December 2025 (31 December 2024: \u20ac3,274) based on 203,501,128 ordinary shares with a nominal value of \u20ac0.05. The Group issued 138,030,420 ordinary shares with a nominal amount of \u20ac0.05 during 2025. As a result, issued and paid in ordinary share capital increased by \u20ac6,901 and share premium by \u20ac39,845. Share issu-ance expense amount \u20ac225.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__211-1": {
"value": "18. EQUITYISSUED AND PAID IN ORDINARY SHARE CAPITALThe issued and paid in ordinary share capital amounts to \u20ac10,175 as at 31 December 2025 (31 December 2024: \u20ac3,274) based on 203,501,128 ordinary shares with a nominal value of \u20ac0.05. The Group issued 138,030,420 ordinary shares with a nominal amount of \u20ac0.05 during 2025. As a result, issued and paid in ordinary share capital increased by \u20ac6,901 and share premium by \u20ac39,845. Share issu-ance expense amount \u20ac225. LEGAL RESERVESThe Group has recorded a legal (non-distributable) reserve as required by Dutch law in respect of:\u2022 capitalized development assets excluding development assets acquired through business combinations (classified as Other reserve) as at 31 December 2025 of \u20ac2,954 (2024: \u20ac4,603) as required by Dutch law.\u2022 the remeasurement gain of \u20ac7,450 in 2021 as a result of remeasuring the carrying amount of its 20% invest-ment in former associate Pondus (in 2024 merged with Ebusco B.V.) at fair value.The share-based payment reserve of \u20ac11 (2024: \u20ac3) is used to recognize the value of equity-settled share-based payments provided to the Group\u2019s CFO. Refer to Note 6 for further details of these plans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__220": {
"value": "18.2 NON-CONTROLLING INTERESTThe Group acquired the remaining 10% of the voting shares of Pondus Operations B.V. in February 2024 for an amount of approximately \u20ac152 from its minority shareholders. The Group has subsequently merged Pondus Operations B.V. with Ebusco B.V. as per 1 July 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__228-1": {
"value": "19. CONVERTIBLE BONDCONVERTIBLE BOND ISSUED IN FY 2023In December 2023, the Group issued convertible bonds (\u2018the Bonds\u2019) of \u20ac36.8 million to an entity managed by Heights Capital Management LLC, a global equity and equity-linked focused investor. The Bonds were issued at 93% par value with total net proceeds of \u20ac34.2 million and accrue interest at an annual rate of 5% payable quarterly in arrears. The bonds contain various conversion and redemption features. The Bonds have a maturity of three years, and were initially repayable in 12 quarterly repayments, of principal and interest over the three-year term, in either cash or in new ordinary shares at the Group\u2019s option. The amortization schedule of the bonds has been adjusted during 2024 under the existing conditions of the bond agreement and three principal payments initially due in 2025 are scheduled to become payable on the final maturity date (21 December 2026). In order to facilitate a new loan from Heights (reference is made to note 20) in February 2025, Ebusco has agreed to an amendment of the convertible bonds held by Heights, as follows:\u2022 Reset of the conversion price from \u20ac1.7360 to \u20ac0.75;\u2022 Reinstatement of the amortized payment amounts initially scheduled for payment on 21 June 2025, 21 September 2025 and 21 December 2025; and\u2022 Extension of the equity raise reset period by 12 months from the date of the loan being advanced.Since the net present value of the cash flows under the new terms discounted at the original effective interest rate is less than 10% different from the discounted present value of the remaining cash flows of the original debt instrument, this amendment is not accounted as a extinguishment of the original financial liability.If in shares, the repayment is (since February 2025) at the lower of the conversion price of (post-share consol-idation) \u20ac0.75 (2024: \u20ac1.7360 per share) or a 10% discount to the volume weighted average price (VWAP) in the six-day trading period prior to election date. The bond agreement contains embedded derivatives in conjunction with an ordinary host debt facility. As a result, the convertible bonds are shown in the Consolidated Statement of Financial Position in two sepa-rate components, being \u2018Convertible bond \u2013 debt\u2019 and \u2018Convertible bond \u2013 derivative\u2019. At issuance, the total inception value was \u20ac36.8 million, being the principal amount of the Bonds, with the initial carrying amount of the debt liability element being the difference between the inception value of the convertible bond and the fair value at inception of the derivative element. Given the option of the bondholder to convert the bond at all times at their discretion for the conversion price, the debt and derivative liability elements have been classi-fied as current liabilities. The derivative element has been measured at fair value using a Black-Scholes option pricing model, which estimates the fair value based on the underlying asset's price, volatility, time to expiration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac0.9 million (2024: \u20ac3.8 million), resulting in a revaluation gain of the derivative being recognized of \u20ac2.7 million. The amount is recorded in the revaluation of the embedded derivative within the Finance expenses, net (Note 8).Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield (which was set at 0%). A share price of \u20ac0.40 per share per 31 December 2025 was used in determination of the fair value of the derivative element, an increase of 10% would have resulted in an increase in fair value by \u20ac209, while a reduction of 10% would have resulted in a decrease in fair value of \u20ac188. A volatility of 136.43% was used in the determination of the fair value of the derivative element per 31 December 2025, an increase of 5% would have resulted in an increase in the fair value by \u20ac62, while a reduction of 5% would have resulted in a decrease in the fair value by \u20ac62.CONVERTIBLE BOND ISSUED IN FY 2025 ITo help manage its cash shortfall in the first quarter of 2025, Ebusco has obtained commitments for a debt financing of \u20ac22 million in total on 24 February 2025 Ebusco (the \u201cFebruary Loans\u201d). The proceeds of the loans allowed Ebusco to complete not only the modification of the reassigned buses, but also the produc-tion of buses at its contract manufacturers. The \u20ac22 Mio was funded by Green Innovation International Co. Ltd (\u201cGreen Innovation\u201d, \u20ac10million), De Engh B.V. (De Engh, \u20ac2 million) and CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights, \u20ac10 million). The loans with Green Innovation and De Engh classify as a convertible loan which are, including \u20ac1,2 million interest, converted into ordinary shares of the Group in July 2025. CONVERTIBLE BOND ISSUED IN FY 2025 IIDuring July 2025, CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) took over the full position of ING Bank N.V under Ebusco\u2019s bank guarantee facility, subject to certain condi-tions. The facility was due on 14 August 2025 and is transferred to Heights for an amount of \u20ac4.6 million. If in shares, the repayment is at the lower of the conversion price of (post-share consolidation) \u20ac0,40 or a 10% discount to the volume weighted average price (VWAP) in the six-day trading period prior to election date. Heights decided not to convert their respective portion of the facility into shares in Ebusco on 19 August 2025. The Bank Loan is therefore amended into a convertible loan agreement with a maturity date of 19 August 2026. Annual interest is 3% in arrears.The derivative element has been measured at fair value using a binomial option pricing approach of Cox, Ross and Rubinstein, which estimates the fair value based on the underlying asset's price, volatility, time to expi-ration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac1,0 million.Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield (which was set at 0%). A share price of \u20ac0.40 per share per 31 December 2025 was used in determination of the fair value of the derivative element, an increase of 10% would have resulted in an increase in fair value by \u20ac484, while a reduction of 10% would have resulted in a decrease in fair value of \u20ac427. An annual volatility of 23.36% was used in the determination of the fair value of the derivative element per 31 December 2025, an increase of 5% would have resulted in an increase in the fair value by \u20ac45, while a reduction of 5% would have resulted in a decrease in the fair value by \u20ac35.The Group considers the determination of the fair value of the embedded derivative within the convertible bond, both at inception and at the reporting date, as a significant estimate.Convertible bond Convertible bond - debt Convertible bond \u2013 embedded derivativeBalance as at 1 January 2024 28,161 4,965Interest expense and similar expenses 5,539 -Conversion of debt to equity (19,570) -Revaluation of embedded derivative (51) (1,199)Balance as at 31 December 2024 14,079 3,766Interest expense and similar expenses 6,082 -Proceeds from loans and borrowings12,000 -Conversion debt to equity (23,461) -Bifurcation of the embedded derivative (1,034) (1,034)Other additions (non cash)4,574 -Revaluation of embedded derivative - (2,890)Balance as at 31 December 2025) 12,240 1,910* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.27. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGDuring 2024 and 2025, the Group did not apply hedge accounting under IFRS 9. No hedge relationships were designated, no hedging instruments were outstanding and no hedge ineffectiveness was recognised in profit or loss. Consequently, there were no movements in the cash flow hedge reserve during the year.USE OF DERIVATIVESThe Group did not enter into or hold any derivatives for economic hedging or for hedge accounting purposes as at 31 December 2024 and 2025.FAIR VALUE HIERARCHYAs the Group held no derivative financial instruments at year-end 2024 and 2025, no amounts relating to derivatives are included in the fair value.",
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"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
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}
},
"f0__s7__6__225-1": {
"value": "19. CONVERTIBLE BONDCONVERTIBLE BOND ISSUED IN FY 2023In December 2023, the Group issued convertible bonds (\u2018the Bonds\u2019) of \u20ac36.8 million to an entity managed by Heights Capital Management LLC, a global equity and equity-linked focused investor. The Bonds were issued at 93% par value with total net proceeds of \u20ac34.2 million and accrue interest at an annual rate of 5% payable quarterly in arrears. The bonds contain various conversion and redemption features. The Bonds have a maturity of three years, and were initially repayable in 12 quarterly repayments, of principal and interest over the three-year term, in either cash or in new ordinary shares at the Group\u2019s option. The amortization schedule of the bonds has been adjusted during 2024 under the existing conditions of the bond agreement and three principal payments initially due in 2025 are scheduled to become payable on the final maturity date (21 December 2026). In order to facilitate a new loan from Heights (reference is made to note 20) in February 2025, Ebusco has agreed to an amendment of the convertible bonds held by Heights, as follows:\u2022 Reset of the conversion price from \u20ac1.7360 to \u20ac0.75;\u2022 Reinstatement of the amortized payment amounts initially scheduled for payment on 21 June 2025, 21 September 2025 and 21 December 2025; and\u2022 Extension of the equity raise reset period by 12 months from the date of the loan being advanced.Since the net present value of the cash flows under the new terms discounted at the original effective interest rate is less than 10% different from the discounted present value of the remaining cash flows of the original debt instrument, this amendment is not accounted as a extinguishment of the original financial liability.If in shares, the repayment is (since February 2025) at the lower of the conversion price of (post-share consol-idation) \u20ac0.75 (2024: \u20ac1.7360 per share) or a 10% discount to the volume weighted average price (VWAP) in the six-day trading period prior to election date. The bond agreement contains embedded derivatives in conjunction with an ordinary host debt facility. As a result, the convertible bonds are shown in the Consolidated Statement of Financial Position in two sepa-rate components, being \u2018Convertible bond \u2013 debt\u2019 and \u2018Convertible bond \u2013 derivative\u2019. At issuance, the total inception value was \u20ac36.8 million, being the principal amount of the Bonds, with the initial carrying amount of the debt liability element being the difference between the inception value of the convertible bond and the fair value at inception of the derivative element. Given the option of the bondholder to convert the bond at all times at their discretion for the conversion price, the debt and derivative liability elements have been classi-fied as current liabilities. The derivative element has been measured at fair value using a Black-Scholes option pricing model, which estimates the fair value based on the underlying asset's price, volatility, time to expiration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac0.9 million (2024: \u20ac3.8 million), resulting in a revaluation gain of the derivative being recognized of \u20ac2.7 million. The amount is recorded in the revaluation of the embedded derivative within the Finance expenses, net (Note 8).Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield (which was set at 0%). A share price of \u20ac0.40 per share per 31 December 2025 was used in determination of the fair value of the derivative element, an increase of 10% would have resulted in an increase in fair value by \u20ac209, while a reduction of 10% would have resulted in a decrease in fair value of \u20ac188. A volatility of 136.43% was used in the determination of the fair value of the derivative element per 31 December 2025, an increase of 5% would have resulted in an increase in the fair value by \u20ac62, while a reduction of 5% would have resulted in a decrease in the fair value by \u20ac62.CONVERTIBLE BOND ISSUED IN FY 2025 ITo help manage its cash shortfall in the first quarter of 2025, Ebusco has obtained commitments for a debt financing of \u20ac22 million in total on 24 February 2025 Ebusco (the \u201cFebruary Loans\u201d). The proceeds of the loans allowed Ebusco to complete not only the modification of the reassigned buses, but also the produc-tion of buses at its contract manufacturers. The \u20ac22 Mio was funded by Green Innovation International Co. Ltd (\u201cGreen Innovation\u201d, \u20ac10million), De Engh B.V. (De Engh, \u20ac2 million) and CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights, \u20ac10 million). The loans with Green Innovation and De Engh classify as a convertible loan which are, including \u20ac1,2 million interest, converted into ordinary shares of the Group in July 2025. CONVERTIBLE BOND ISSUED IN FY 2025 IIDuring July 2025, CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) took over the full position of ING Bank N.V under Ebusco\u2019s bank guarantee facility, subject to certain condi-tions. The facility was due on 14 August 2025 and is transferred to Heights for an amount of \u20ac4.6 million. If in shares, the repayment is at the lower of the conversion price of (post-share consolidation) \u20ac0,40 or a 10% discount to the volume weighted average price (VWAP) in the six-day trading period prior to election date. Heights decided not to convert their respective portion of the facility into shares in Ebusco on 19 August 2025. The Bank Loan is therefore amended into a convertible loan agreement with a maturity date of 19 August 2026. Annual interest is 3% in arrears.The derivative element has been measured at fair value using a binomial option pricing approach of Cox, Ross and Rubinstein, which estimates the fair value based on the underlying asset's price, volatility, time to expi-ration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac1,0 million.Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield (which was set at 0%). A share price of \u20ac0.40 per share per 31 December 2025 was used in determination of the fair value of the derivative element, an increase of 10% would have resulted in an increase in fair value by \u20ac484, while a reduction of 10% would have resulted in a decrease in fair value of \u20ac427. An annual volatility of 23.36% was used in the determination of the fair value of the derivative element per 31 December 2025, an increase of 5% would have resulted in an increase in the fair value by \u20ac45, while a reduction of 5% would have resulted in a decrease in the fair value by \u20ac35.The Group considers the determination of the fair value of the embedded derivative within the convertible bond, both at inception and at the reporting date, as a significant estimate.Convertible bond Convertible bond - debt Convertible bond \u2013 embedded derivativeBalance as at 1 January 2024 28,161 4,965Interest expense and similar expenses 5,539 -Conversion of debt to equity (19,570) -Revaluation of embedded derivative (51) (1,199)Balance as at 31 December 2024 14,079 3,766Interest expense and similar expenses 6,082 -Proceeds from loans and borrowings12,000 -Conversion debt to equity (23,461) -Bifurcation of the embedded derivative (1,034) (1,034)Other additions (non cash)4,574 -Revaluation of embedded derivative - (2,890)Balance as at 31 December 2025) 12,240 1,910* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.27. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGDuring 2024 and 2025, the Group did not apply hedge accounting under IFRS 9. No hedge relationships were designated, no hedging instruments were outstanding and no hedge ineffectiveness was recognised in profit or loss. Consequently, there were no movements in the cash flow hedge reserve during the year.USE OF DERIVATIVESThe Group did not enter into or hold any derivatives for economic hedging or for hedge accounting purposes as at 31 December 2024 and 2025.FAIR VALUE HIERARCHYAs the Group held no derivative financial instruments at year-end 2024 and 2025, no amounts relating to derivatives are included in the fair value.",
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"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
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"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__224-1": {
"value": "19. CONVERTIBLE BONDCONVERTIBLE BOND ISSUED IN FY 2023The bond agreement contains embedded derivatives in conjunction with an ordinary host debt facility. As a result, the convertible bonds are shown in the Consolidated Statement of Financial Position in two sepa-rate components, being \u2018Convertible bond \u2013 debt\u2019 and \u2018Convertible bond \u2013 derivative\u2019. At issuance, the total inception value was \u20ac36.8 million, being the principal amount of the Bonds, with the initial carrying amount of the debt liability element being the difference between the inception value of the convertible bond and the fair value at inception of the derivative element. Given the option of the bondholder to convert the bond at all times at their discretion for the conversion price, the debt and derivative liability elements have been classi-fied as current liabilities. The derivative element has been measured at fair value using a Black-Scholes option pricing model, which estimates the fair value based on the underlying asset's price, volatility, time to expiration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac0.9 million (2024: \u20ac3.8 million), resulting in a revaluation gain of the derivative being recognized of \u20ac2.7 million. The amount is recorded in the revaluation of the embedded derivative within the Finance expenses, net (Note 8).Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield (which was set at 0%). A share price of \u20ac0.40 per share per 31 December 2025 was used in determination of the fair value of the derivative element, an increase of 10% would have resulted in an increase in fair value by \u20ac209, while a reduction of 10% would have resulted in a decrease in fair value of \u20ac188. A volatility of 136.43% was used in the determination of the fair value of the derivative element per 31 December 2025, an increase of 5% would have resulted in an increase in the fair value by \u20ac62, while a reduction of 5% would have resulted in a decrease in the fair value by \u20ac62.CONVERTIBLE BOND ISSUED IN FY 2025 ITo help manage its cash shortfall in the first quarter of 2025, Ebusco has obtained commitments for a debt financing of \u20ac22 million in total on 24 February 2025 Ebusco (the \u201cFebruary Loans\u201d). The proceeds of the loans allowed Ebusco to complete not only the modification of the reassigned buses, but also the produc-tion of buses at its contract manufacturers. The \u20ac22 Mio was funded by Green Innovation International Co. Ltd (\u201cGreen Innovation\u201d, \u20ac10million), De Engh B.V. (De Engh, \u20ac2 million) and CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights, \u20ac10 million). The loans with Green Innovation and De Engh classify as a convertible loan which are, including \u20ac1,2 million interest, converted into ordinary shares of the Group in July 2025. CONVERTIBLE BOND ISSUED IN FY 2025 IIDuring July 2025, CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) took over the full position of ING Bank N.V under Ebusco\u2019s bank guarantee facility, subject to certain condi-tions. The facility was due on 14 August 2025 and is transferred to Heights for an amount of \u20ac4.6 million. If in shares, the repayment is at the lower of the conversion price of (post-share consolidation) \u20ac0,40 or a 10% discount to the volume weighted average price (VWAP) in the six-day trading period prior to election date. Heights decided not to convert their respective portion of the facility into shares in Ebusco on 19 August 2025. The Bank Loan is therefore amended into a convertible loan agreement with a maturity date of 19 August 2026. Annual interest is 3% in arrears.The derivative element has been measured at fair value using a binomial option pricing approach of Cox, Ross and Rubinstein, which estimates the fair value based on the underlying asset's price, volatility, time to expi-ration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac1,0 million.Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield (which was set at 0%). A share price of \u20ac0.40 per share per 31 December 2025 was used in determination of the fair value of the derivative element, an increase of 10% would have resulted in an increase in fair value by \u20ac484, while a reduction of 10% would have resulted in a decrease in fair value of \u20ac427. An annual volatility of 23.36% was used in the determination of the fair value of the derivative element per 31 December 2025, an increase of 5% would have resulted in an increase in the fair value by \u20ac45, while a reduction of 5% would have resulted in a decrease in the fair value by \u20ac35.The Group considers the determination of the fair value of the embedded derivative within the convertible bond, both at inception and at the reporting date, as a significant estimate.27. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGFAIR VALUE HIERARCHYAs the Group held no derivative financial instruments at year-end 2024 and 2025, no amounts relating to derivatives are included in the fair value.",
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"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__222-1": {
"value": "19. CONVERTIBLE BONDCONVERTIBLE BOND ISSUED IN FY 2023In December 2023, the Group issued convertible bonds (\u2018the Bonds\u2019) of \u20ac36.8 million to an entity managed by Heights Capital Management LLC, a global equity and equity-linked focused investor. The Bonds were issued at 93% par value with total net proceeds of \u20ac34.2 million and accrue interest at an annual rate of 5% payable quarterly in arrears. The bonds contain various conversion and redemption features. The Bonds have a maturity of three years, and were initially repayable in 12 quarterly repayments, of principal and interest over the three-year term, in either cash or in new ordinary shares at the Group\u2019s option. The amortization schedule of the bonds has been adjusted during 2024 under the existing conditions of the bond agreement and three principal payments initially due in 2025 are scheduled to become payable on the final maturity date (21 December 2026). In order to facilitate a new loan from Heights (reference is made to note 20) in February 2025, Ebusco has agreed to an amendment of the convertible bonds held by Heights, as follows:\u2022 Reset of the conversion price from \u20ac1.7360 to \u20ac0.75;\u2022 Reinstatement of the amortized payment amounts initially scheduled for payment on 21 June 2025, 21 September 2025 and 21 December 2025; and\u2022 Extension of the equity raise reset period by 12 months from the date of the loan being advanced.Since the net present value of the cash flows under the new terms discounted at the original effective interest rate is less than 10% different from the discounted present value of the remaining cash flows of the original debt instrument, this amendment is not accounted as a extinguishment of the original financial liability.If in shares, the repayment is (since February 2025) at the lower of the conversion price of (post-share consol-idation) \u20ac0.75 (2024: \u20ac1.7360 per share) or a 10% discount to the volume weighted average price (VWAP) in the six-day trading period prior to election date. The bond agreement contains embedded derivatives in conjunction with an ordinary host debt facility. As a result, the convertible bonds are shown in the Consolidated Statement of Financial Position in two sepa-rate components, being \u2018Convertible bond \u2013 debt\u2019 and \u2018Convertible bond \u2013 derivative\u2019. At issuance, the total inception value was \u20ac36.8 million, being the principal amount of the Bonds, with the initial carrying amount of the debt liability element being the difference between the inception value of the convertible bond and the fair value at inception of the derivative element. Given the option of the bondholder to convert the bond at all times at their discretion for the conversion price, the debt and derivative liability elements have been classi-fied as current liabilities. The derivative element has been measured at fair value using a Black-Scholes option pricing model, which estimates the fair value based on the underlying asset's price, volatility, time to expiration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac0.9 million (2024: \u20ac3.8 million), resulting in a revaluation gain of the derivative being recognized of \u20ac2.7 million. The amount is recorded in the revaluation of the embedded derivative within the Finance expenses, net (Note 8).Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield (which was set at 0%). A share price of \u20ac0.40 per share per 31 December 2025 was used in determination of the fair value of the derivative element, an increase of 10% would have resulted in an increase in fair value by \u20ac209, while a reduction of 10% would have resulted in a decrease in fair value of \u20ac188. A volatility of 136.43% was used in the determination of the fair value of the derivative element per 31 December 2025, an increase of 5% would have resulted in an increase in the fair value by \u20ac62, while a reduction of 5% would have resulted in a decrease in the fair value by \u20ac62.CONVERTIBLE BOND ISSUED IN FY 2025 ITo help manage its cash shortfall in the first quarter of 2025, Ebusco has obtained commitments for a debt financing of \u20ac22 million in total on 24 February 2025 Ebusco (the \u201cFebruary Loans\u201d). The proceeds of the loans allowed Ebusco to complete not only the modification of the reassigned buses, but also the produc-tion of buses at its contract manufacturers. The \u20ac22 Mio was funded by Green Innovation International Co. Ltd (\u201cGreen Innovation\u201d, \u20ac10million), De Engh B.V. (De Engh, \u20ac2 million) and CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights, \u20ac10 million). The loans with Green Innovation and De Engh classify as a convertible loan which are, including \u20ac1,2 million interest, converted into ordinary shares of the Group in July 2025. CONVERTIBLE BOND ISSUED IN FY 2025 IIDuring July 2025, CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) took over the full position of ING Bank N.V under Ebusco\u2019s bank guarantee facility, subject to certain condi-tions. The facility was due on 14 August 2025 and is transferred to Heights for an amount of \u20ac4.6 million. If in shares, the repayment is at the lower of the conversion price of (post-share consolidation) \u20ac0,40 or a 10% discount to the volume weighted average price (VWAP) in the six-day trading period prior to election date. Heights decided not to convert their respective portion of the facility into shares in Ebusco on 19 August 2025. The Bank Loan is therefore amended into a convertible loan agreement with a maturity date of 19 August 2026. Annual interest is 3% in arrears.The derivative element has been measured at fair value using a binomial option pricing approach of Cox, Ross and Rubinstein, which estimates the fair value based on the underlying asset's price, volatility, time to expi-ration, risk-free interest rate, and dividend yield. This therefore falls under Level 3 of the fair value hierarchy. The fair value at year-end was measured to be \u20ac1,0 million.Significant assumptions used in the fair value analysis include the Group\u2019s share price, volatility rate, risk-free rate and expected dividend yield (which was set at 0%). A share price of \u20ac0.40 per share per 31 December 2025 was used in determination of the fair value of the derivative element, an increase of 10% would have resulted in an increase in fair value by \u20ac484, while a reduction of 10% would have resulted in a decrease in fair value of \u20ac427. An annual volatility of 23.36% was used in the determination of the fair value of the derivative element per 31 December 2025, an increase of 5% would have resulted in an increase in the fair value by \u20ac45, while a reduction of 5% would have resulted in a decrease in the fair value by \u20ac35.The Group considers the determination of the fair value of the embedded derivative within the convertible bond, both at inception and at the reporting date, as a significant estimate.Convertible bond Convertible bond - debt Convertible bond \u2013 embedded derivativeBalance as at 1 January 2024 28,161 4,965Interest expense and similar expenses 5,539 -Conversion of debt to equity (19,570) -Revaluation of embedded derivative (51) (1,199)Balance as at 31 December 2024 14,079 3,766Interest expense and similar expenses 6,082 -Proceeds from loans and borrowings12,000 -Conversion debt to equity (23,461) -Bifurcation of the embedded derivative (1,034) (1,034)Other additions (non cash)4,574 -Revaluation of embedded derivative - (2,890)Balance as at 31 December 2025) 12,240 1,910* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.20. LOANS AND BORROWINGS (LONG-TERM AND SHORT-TERM)FINANCIAL LIABILITIES Loans and borrowings consist of the following:As at 31 December 2025 As at 31 December 2024Loans and borrowings Non-current Current Total Non-current Current TotalDebt to credit institutions - - - - 5,359 5,359Debts to shareholders- 8,164 8,164 - - - Convertible bond - 14,150 14,150- 17,845 17,845Total - 22,314 22,314 - 23,204 23,204DEBT TO CREDIT INSTITUTIONSThe outstanding balance of \u20acnil at 31 December 2025 (2024: \u20ac5,359) includes letter of credits entered into with Rabobank and ING.CONVERTIBLE BONDIn December 2023, the Group issued convertible bonds (\u2018the Bonds\u2019) of \u20ac36.8 million to an entity managed by Heights Capital Management LLC, which is as from that date a shareholder the Group. For the debt reference is made to the convertible bond under Note 19.DEBT TO SHAREHOLDERSAs per note 19, The Company obtained a loan from CVI Investments, Inc., an entity managed by Heights Capital Management, Inc. (Heights) of \u20ac10 million in February 2025. As part of the July 2025 restructuring, the loan including accrued interest of \u20ac11 million is converted into ordinary shares of the Group in July 2025.The debt to shareholders as per 31 December 2025 mainly consists of the working capital bridge loan amounting to \u20ac5.1 million which was lent by four shareholders of the Group. The proceeds of the Loan allowed Ebusco to safeguard the ongoing delivery of its buses on time, which will result in a corresponding conversion of working capital into cash over time, and assists in the ongoing stabilization of Ebusco. The loan is fully repaid in January 2026. For an overview of the provided securities towards the shareholders reference is made to note 17.Besides the working capital bridge loan the debt to shareholders contain a loan from Hefei Zheng Rui Energy Storage Technology Ltd. amounting \u20ac2.8 million. Interest amounts 6% per annum and has a maturity date of June 2026.The following table sets out the reconciliation from the net cash flows from financing activities (excluding the convertible bond) with the financing positions of loans and borrowings as at 31 December 2025 and 2024.Debt to Convertible Debt to Leases Totalcredit bond sharehol-institutionsders**Balance as at 1 January 2024 1,348 33,126 - 16,598 51,072Changes from financing cash flowsProceeds from loans and borrowings 7,744 - 5,000 - 12,744Repayment of loans & borrowings (3,733) - - - (3,733)Payment of lease liabilities - - - (4,116) (4,116)Interest and similar expenses paid - - - - - Total changes from financing cash flows 4,011 - 5,000 (4,116) 4,895Other changesAdditions and remeasurements - - - 11,317 11,317Disposals - - - (499) (499)Finance expense/(income) - (1,250) - - (1,250)Interest and similar expense - 5,539 175 815 6,529Conversion of debt to equity - (19,570) (5,000) - (24,570)Total liability-related other changes - (15,281) (4,825) 11,633 (8,473)Balance as at 31 December 2024 5,359 17,845 175 24,115 47,494* Certain comparative figures for 2024 have been revised to correct presentation inaccuracies.** The proceeds of \u20ac5,000 are in the cash flow statement included in the line item \u201cNet proceeds from issuance of share capital\u201d.Debt to Convertible Debt to Leases Totalcredit bondshareholdersinstitutionsBalance as at 1 January 2025 5,359 17,845 175 24,115 47,494Changes from financing cash flowsProceeds from loans and borrowings 2,833 12,000 18,041 - 32,874Repayment of loans & borrowings - - (475) - (475)Payment of lease liabilities - - - (3,257) (3,257)Total changes from financing cash flows2,833 12,000 17,566 (3,257) 29,142Other changesAdditions and remeasurements - - - (141) (141) Other additions (non cash) - 4,574 - - 4,574Disposals - - - (9,630) (9,630)Finance expense/(income) - (2,890) - - (2,890)Interest and similar expense - 6,082 1,423 578 8,083Conversion of debt to equity (8,192) (23,461) (11,000) - (42,653)Total liability-related other changes (8,192) (15,695) (9,577) (9,193) (42,657)Balance as at 31 December 2025 - 14,150 8,164 11,665 33,979",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__236-1": {
"value": "20. LOANS AND BORROWINGS (LONG-TERM AND SHORT-TERM)The following table sets out the reconciliation from the net cash flows from financing activities (excluding the convertible bond) with the financing positions of loans and borrowings as at 31 December 2025 and 2024.Debt to Convertible Debt to Leases Totalcredit bond sharehol-institutionsders**Balance as at 1 January 2024 1,348 33,126 - 16,598 51,072Changes from financing cash flowsProceeds from loans and borrowings 7,744 - 5,000 - 12,744Repayment of loans & borrowings (3,733) - - - (3,733)Payment of lease liabilities - - - (4,116) (4,116)Interest and similar expenses paid - - - - - Total changes from financing cash flows 4,011 - 5,000 (4,116) 4,895Other changesAdditions and remeasurements - - - 11,317 11,317Disposals - - - (499) (499)Finance expense/(income) - (1,250) - - (1,250)Interest and similar expense - 5,539 175 815 6,529Conversion of debt to equity - (19,570) (5,000) - (24,570)Total liability-related other changes - (15,281) (4,825) 11,633 (8,473)Balance as at 31 December 2024 5,359 17,845 175 24,115 47,494* Certain comparative figures for 2024 have been revised to correct presentation inaccuracies.** The proceeds of \u20ac5,000 are in the cash flow statement included in the line item \u201cNet proceeds from issuance of share capital\u201d.Debt to Convertible Debt to Leases Totalcredit bondshareholdersinstitutionsBalance as at 1 January 2025 5,359 17,845 175 24,115 47,494Changes from financing cash flowsProceeds from loans and borrowings 2,833 12,000 18,041 - 32,874Repayment of loans & borrowings - - (475) - (475)Payment of lease liabilities - - - (3,257) (3,257)Total changes from financing cash flows2,833 12,000 17,566 (3,257) 29,142Other changesAdditions and remeasurements - - - (141) (141) Other additions (non cash) - 4,574 - - 4,574Disposals - - - (9,630) (9,630)Finance expense/(income) - (2,890) - - (2,890)Interest and similar expense - 6,082 1,423 578 8,083Conversion of debt to equity (8,192) (23,461) (11,000) - (42,653)Total liability-related other changes (8,192) (15,695) (9,577) (9,193) (42,657)Balance as at 31 December 2025 - 14,150 8,164 11,665 33,979",
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"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__241": {
"value": "21. LEASESAs at 31 December As at 31 December Lease liability20252024Lease liability (non-current) 9,518 19,854 Lease liability (current) 2,147 4,261 Total 11,665 24,115 The Group has several lease agreements in which it acts as a lessee. The main leases concern a contract for office and manufacturing space in Deurne (the Netherlands) with a lease term of 5 years ending 30 September 2028 and a contract for the production facility in Rouen (France) with a lease term of 10 years ending 28 August 2033. The Group also entered into a five-year lease term for a production facility in Venray as per July 2024. The Group however decided that, due to the strategic shift from an OEM to an OED model, it would merge both Dutch facilities. The Group therefore decided to continue in Deurne and subsequently terminate the lease in Venray, which resulted in an impairment of \u20ac1 million which is recorded in 2024. The Group also has lease contracts which consist of cars for company personnel. The lease term for the afore-mentioned lease contracts is between 4 and 5 years. No lease contracts for the personnel cars contain an extension option. In 2025 a remeasurement for the Deurne building took place which resulted in an increase of both the ROU asset and lease liabilities by \u20ac162. All lease contracts have fixed lease payments and are only adjusted for indexation. None of the lease agree-ments contain a termination option.Set out below are the carrying amounts of right-of-use assets recognized and the movements during the period:Right-of-use assets Land and buildings Cars TotalBalance as at 1 January 2024 15,522 380 15,902Change in net book value:Additions and remeasurements 11,166 151 11,317Disposals (421) (44) (465)Depreciation (3,303) (147) (3,450)Impairment (1,034) - (1,034)Total changes 6,408 (40) 6,368Balance as at 31 December 2024 21,930 340 22,270Balance as at 1 January 2025 21,930 340 22,270Change in net book value:Additions and remeasurements 112 72 184Disposals and cancellations (7,880) (11) (7,891)Depreciation (3,083) (146) (3,229)Impairment - - - Total changes (10,851) (85) (10,936)Balance as at 31 December 2025 11,079 255 11,334* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.Set out below are the carrying amounts of lease liabilities (included under interest-bearing loans and borrow-ings) and the movements during the period the Group refers to Note 20:Lease liabilities 2025 2024As at 1 January 24,115 16,598Additions and remeasurements (141) 11,317Accretion of interest 578 815Payments (3,257) (4,116)Disposals and cancellations (9,630) (499)As at 31 December 11,665 24,115* Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases (less than 12 months) and low-value assets. Short-term (less than 12 months) and small value lease contracts are expensed in the statement of profit or loss and other comprehensive income on a straight-line basis over the lease term. The amount of expense incurred in 2025 is \u20ac0.9 million in total (2024: \u20ac1.8 million). The decrease is mostly related to the lease for the Group\u2019s production facility in Venray which was terminated in 2025. The decision to terminate the lease in Venray was made in 2024 and resulted in an impairment amounting \u20ac1.0 million, which was realized in 2024. For interest expenses on leases where the Group is a lessee, we refer to Note 8: Finance expenses, net.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__245-1": {
"value": "22. PROVISIONS Details of the provisions are presented in the table below:As at 31 December 2025 As at 31 December 2024Provisions Non-current Current Total Non-current Current TotalProvision for restructuring - - - - 321 321 Provision for warranties 1,479 6,339 7,818 222 6,319 6,541 Provision for contractual claims - 10,646 10,646 - 4,505 4,505 Provision for onerous contracts - 1,800 1,800 - - - Total 1,479 18,785 20,264 222 11,145 11,367 As per below the movement schedule per provision is presented as well:Provision Provision for Provision for Provision Totalfor restruc-warrantiescontractual for onerous turingclaimscontractsProvision movement scheduleBalance as at 1 January 2025321 6,541 4,505 - 11,367Additions and remeasurements - 6,726 8,623 1,800 17,149Usage (321) (318) (221) - (860)Release - (5,131) (2,261) - (7,392)Balance as at 31 December 2025 - 7,818 10,646 1,800 20,264PROVISION FOR ASSURANCE-TYPE WARRANTIESThe Group issues diverse assurance-type warranties, wherein it typically assures the performance of deliv-ered buses and bus-related products and rendered services for a specified period. The estimated provision for these warranties encompasses anticipated expenses for contractual warranty claims, as well as anticipated costs for goodwill concessions and recall campaigns. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and products and the lack of historical data for the full warranty period and for different type of buses. Changes to the historical or projected warranty experience may cause material changes to the warranty provision in the future. The utilization period of these warranties is contingent on the occurrence of warranty claims and may extend throughout the entire duration of the product warranties and the goodwill period. The release of the warranty provision is mainly related to back to back responsibility taken by the vendor which causes this movement in the warranty provision. The main assumption is the expected warranty claims as a percentage of sales, which is based on the historical warranty claims for buses of which the warranty period expired at 31 December 2023. A change of expected warranty claims as percentage of revenue by 0.25% would result in a change in the provision of \u20ac137. The effect of discounting is immaterial.In addition to the above, the Group recognizes additional provisions for warranty claims necessitating repairs on multiple buses across its driving fleet. The estimated provisions are inherently uncertain as these are determined and evaluated on a case-by-case basis based upon the readily information available. The amounts are subject to estimation and the actual costs can deviate from the estimated provision.PROVISION FOR CONTRACTUAL CLAIMSThe provision for contractual claims mainly refers to direct damages resulting from late deliveries and product quality claims. Late deliveries may lead to reimbursement of costs to customers, when specified in customer contracts. Product defect claims may involve costs associated with replacing or repairing defective products, reimbursing customers for damages, or legal expenses related to resolving disputes. The provision is based on the contractual obligations and the amounts claimed by third parties. PROVISION FOR ONEROUS CONTRACTSThe provision for onerous contracts primarily relates to a purchase commitment with a supplier for a software package that no longer be further developed and will therefore not be brought into use. The provision reflects the present obligation for the remaining unavoidable future payments under this contract. PROVISION FOR RESTRUCTURINGOn 31 December 2024 the Group announced a restructuring of its organization to optimize the organiza-tion and change to the Original Equipment Designer (OED) model. Approximately 102 FTE\u2019s are impacted by this restructuring. The restructuring provision contained employee termination benefits. As per 31 December 2025 no further provision is needed for restructuring.25. COMMITMENTS AND CONTINGENCIESCONTINGENT ASSETIn 2021 the Group held a supplier of climate systems liable for the delivery of a non-conforming climate system. Due uncertainty no receivable as per 31 December 2025 is recognized in the balance sheet.",
"dimensions": {
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__244": {
"value": "22. PROVISIONS Details of the provisions are presented in the table below:As at 31 December 2025 As at 31 December 2024Provisions Non-current Current Total Non-current Current TotalProvision for restructuring - - - - 321 321 Provision for warranties 1,479 6,339 7,818 222 6,319 6,541 Provision for contractual claims - 10,646 10,646 - 4,505 4,505 Provision for onerous contracts - 1,800 1,800 - - - Total 1,479 18,785 20,264 222 11,145 11,367 As per below the movement schedule per provision is presented as well:Provision Provision for Provision for Provision Totalfor restruc-warrantiescontractual for onerous turingclaimscontractsProvision movement scheduleBalance as at 1 January 2025321 6,541 4,505 - 11,367Additions and remeasurements - 6,726 8,623 1,800 17,149Usage (321) (318) (221) - (860)Release - (5,131) (2,261) - (7,392)Balance as at 31 December 2025 - 7,818 10,646 1,800 20,264PROVISION FOR ASSURANCE-TYPE WARRANTIESThe Group issues diverse assurance-type warranties, wherein it typically assures the performance of deliv-ered buses and bus-related products and rendered services for a specified period. The estimated provision for these warranties encompasses anticipated expenses for contractual warranty claims, as well as anticipated costs for goodwill concessions and recall campaigns. These estimates are based on actual historical warranty claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given the relatively short history of sales and products and the lack of historical data for the full warranty period and for different type of buses. Changes to the historical or projected warranty experience may cause material changes to the warranty provision in the future. The utilization period of these warranties is contingent on the occurrence of warranty claims and may extend throughout the entire duration of the product warranties and the goodwill period. The release of the warranty provision is mainly related to back to back responsibility taken by the vendor which causes this movement in the warranty provision. The main assumption is the expected warranty claims as a percentage of sales, which is based on the historical warranty claims for buses of which the warranty period expired at 31 December 2023. A change of expected warranty claims as percentage of revenue by 0.25% would result in a change in the provision of \u20ac137. The effect of discounting is immaterial.In addition to the above, the Group recognizes additional provisions for warranty claims necessitating repairs on multiple buses across its driving fleet. The estimated provisions are inherently uncertain as these are determined and evaluated on a case-by-case basis based upon the readily information available. The amounts are subject to estimation and the actual costs can deviate from the estimated provision.PROVISION FOR CONTRACTUAL CLAIMSThe provision for contractual claims mainly refers to direct damages resulting from late deliveries and product quality claims. Late deliveries may lead to reimbursement of costs to customers, when specified in customer contracts. Product defect claims may involve costs associated with replacing or repairing defective products, reimbursing customers for damages, or legal expenses related to resolving disputes. The provision is based on the contractual obligations and the amounts claimed by third parties. PROVISION FOR ONEROUS CONTRACTSThe provision for onerous contracts primarily relates to a purchase commitment with a supplier for a software package that no longer be further developed and will therefore not be brought into use. The provision reflects the present obligation for the remaining unavoidable future payments under this contract. PROVISION FOR RESTRUCTURINGOn 31 December 2024 the Group announced a restructuring of its organization to optimize the organiza-tion and change to the Original Equipment Designer (OED) model. Approximately 102 FTE\u2019s are impacted by this restructuring. The restructuring provision contained employee termination benefits. As per 31 December 2025 no further provision is needed for restructuring.",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__252": {
"value": "23. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESThe breakdown of the trade creditors and other current liabilities is as follows:As at 31 December As at 31 December Trade payables and other current liabilities 20252024Trade payables 47,894 24,981 Taxes and social securities 2,575 2,751 Other current liabilities 9,573 20,290 Total 60,042 48,022 * Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.Trade payables are non-interest bearing and are on average settled on a 90-days term. Due to the short duration of the payables, the fair value approximates the carrying value. The other current liabilities mostly consists of contract cancellation settlements for which payment schedules have been agreed upon. Other current liabilities are non-interest bearing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__251": {
"value": "23. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESThe breakdown of the trade creditors and other current liabilities is as follows:As at 31 December As at 31 December Trade payables and other current liabilities 20252024Trade payables 47,894 24,981 Taxes and social securities 2,575 2,751 Other current liabilities 9,573 20,290 Total 60,042 48,022 * Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.Trade payables are non-interest bearing and are on average settled on a 90-days term. Due to the short duration of the payables, the fair value approximates the carrying value. The other current liabilities mostly consists of contract cancellation settlements for which payment schedules have been agreed upon. Other current liabilities are non-interest bearing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__250": {
"value": "23. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESThe breakdown of the trade creditors and other current liabilities is as follows:As at 31 December As at 31 December Trade payables and other current liabilities 20252024Trade payables 47,894 24,981 Taxes and social securities 2,575 2,751 Other current liabilities 9,573 20,290 Total 60,042 48,022 * Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.Trade payables are non-interest bearing and are on average settled on a 90-days term. Due to the short duration of the payables, the fair value approximates the carrying value. The other current liabilities mostly consists of contract cancellation settlements for which payment schedules have been agreed upon. Other current liabilities are non-interest bearing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__249": {
"value": "23. TRADE PAYABLES AND OTHER CURRENT FINANCIAL LIABILITIESThe breakdown of the trade creditors and other current liabilities is as follows:As at 31 December As at 31 December Trade payables and other current liabilities 20252024Trade payables 47,894 24,981 Taxes and social securities 2,575 2,751 Other current liabilities 9,573 20,290 Total 60,042 48,022 * Certain comparative figures for 2024 have been revised to correct minor presentation inaccuracies.Trade payables are non-interest bearing and are on average settled on a 90-days term. Due to the short duration of the payables, the fair value approximates the carrying value. The other current liabilities mostly consists of contract cancellation settlements for which payment schedules have been agreed upon. Other current liabilities are non-interest bearing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__258": {
"value": "25. COMMITMENTS AND CONTINGENCIES",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__257": {
"value": "25. COMMITMENTS AND CONTINGENCIESPURCHASE COMMITMENTS The Group has open purchase orders for approximately \u20ac14.6 million (31 December 2024: 28.5 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__256": {
"value": "25. COMMITMENTS AND CONTINGENCIESPURCHASE COMMITMENTS The Group has open purchase orders for approximately \u20ac14.6 million (31 December 2024: 28.5 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s7__6__263-1": {
"value": "26. RISK MANAGEMENT OBJECTIVES AND POLICIESThe operations of the Group expose the Group to various financial risks, including liquidity risk, market risk,-credit risk, currency risk and interest rate risk. The risk management is the responsibility of the Management Board of the Group. The main financial risks are described below together with the approach taken to assess and mitigate the relevant financial risk. For a broader and more extensive description of all risks the Group faces it refers to the Risk Management and Internal Control section in its board report. Risk type (Unaudited) Risk description Risk assessment and mitigation Remaining riskLiquidity riskLiquidity risk is the risk that the Group is not able to The Group refers to Note 2.4 for further elaboration on its liquidity risk. Highpay its short-term liabilities.Market risksForeign exchange risk is part of the market risk The Group has risk management policies and procedures in place to manage its foreign exchange risk. Where possible, the Group Mediumthat arises due to exposure of the Group to foreign mitigates this risk by:currencies. This exposure arises from the Group's involvement in foreign operations or trade in foreign \u2022 Hedging forecasted foreign currency transactions, with a maximum horizon of 24 months; andcurrency (buy and sell).\u2022 Using spot transactions where hedging is not considered appropriate based on the risk profile.The Group continuously monitors its foreign currency exposure and assesses the cost benefit of hedging. As at 31 December 2025, no hedging instruments were outstanding. As per 31 December 2024 and 31 December 2025 both the cash flow hedge reserve and cost of hedging reserve are nihil.For certain exposures, in particular RMB, the Group may choose not to hedge and accept the related currency risk.A 5% increase (decrease) in the EUR / CNY exchange rate has a positive (negative) impact on the result of \u20ac0.7 million.Inflation risk is part of the market risk that arises due The ongoing inflation is resulting in an increase in cost levels for the Group.Mediumto (unexpected) price increase in goods and services purchased by the Group.The Group is continuously monitoring the development of purchase prices for goods and services required on the short, medium and long-term basis. Based on expected price development the Group engages in purchase contracts and/or strategic inventory purchases in order to mitigate the risk of unexpected price increases as much as possible.On the other hand, the Group is also able to recharge (a part of) the increase in cost levels to its customers via increased sales prices.Interest rate risk is the part of the market risk that The Group is exposed to changes in interest rates resulting from the following:Limitedarises due to movements in interest rates.\u2022 Long-term liabilities\u2022 The interest rate implicit in the lease liabilitiesHowever, no long-term liabilities have variable interest rates and outstanding amounts are limited in size. The Group's cash posi-tion, due to its short-term nature, has limited exposure to interest rate risk.As the Group has no material exposure to variable interest rate instruments, a reasonably possible change in interest rate (e.g. +/- 100 basis points) would no have a material impact on the Group\u2019s profit or loss or equity. The resulting residual interest rate risk is considered to be limited.Order risk is part of the market risk that the Group\u2019s Due to the Group\u2019s current reputation in the market as a result of the Group\u2019s failure to timely deliver buses followed by contract Highorder intake will be less than anticipated.cancellations and liquidity constraints, there is a risk that the Group\u2019s order intake is (materially) below plan.Credit riskCredit risk for the Group mainly consists of the default The Group reflects on the credit risks of trade debtors on a forward-looking basis, based on the simplified ECL approach. Further-Limitedof trade debtors and contract assets.more, the Group determined that the customers (municipalities) of the Group, based on historic performance and entity nature, have a low default probability. The credit risk on other financial assets is considered to be low. Therefore, the Group accepts the residual remaining credit risks.27. FINANCIAL INSTRUMENTS - HEDGE ACCOUNTINGDuring 2024 and 2025, the Group did not apply hedge accounting under IFRS 9. No hedge relationships were designated, no hedging instruments were outstanding and no hedge ineffectiveness was recognised in profit or loss. Consequently, there were no movements in the cash flow hedge reserve during the year.USE OF DERIVATIVESThe Group did not enter into or hold any derivatives for economic hedging or for hedge accounting purposes as at 31 December 2024 and 2025.",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s7__6__275": {
"value": "28. EVENTS AFTER THE BALANCE SHEET DATEFINANCING DEVELOPMENTSAs per note 20, the Group obtained a working capital bridge loan amounting to \u20ac5.1 million which was lent by four shareholders of the Group. The proceeds of the Loan allowed Ebusco to safeguard the ongoing delivery of its buses on time. After delivery of the busses and receiving the proceeds, the Group fully repaid the loan in January 2026. After the balance sheet date, the Group continued to explore measures to improve its working capital position and create additional liquidity headroom. On 2 April 2026 the Group announced that it has secured approxi-mately \u20ac27.4 million in working capital through a combination of shareholder funding, partner support, and a strategic supplier loan. This financing supports the delivery of the Group\u2019s existing order book and enables the company to pursue new business opportunities. The working capital support consists of the following elements:\u2022 \u20ac7.10 million working capital bridge loan from a number of existing shareholders of the Group: CVI Invest-ments Inc., an entity managed by Heights Capital Management, Inc. (Heights), De Engh B.V., Peter Bijvelds Holding Erp B.V. and N-Works B.V.;\u2022 \u20ac10.65 million in working capital support through an Asian supply chain partner (entity with significant influ-ence over the Group). This working capital facilitates the procurement of parts and components required for current production, the timing of which is linked to the bus production schedule over the remainder of 2026; and\u2022 \u20ac9.64 million through a convertible loan agreement (CLA) with the Asian supply chain partner (entity with significant influence over the Group) which replaces an existing payable and eliminates a near-term cash outflow of the same amount. Under the CLA, the Asian supply chain partner has obtained the right to appoint a deputy CFO with certain governance rights, under the responsibility of the Group\u2019s CFO.In August 2025 Heights obtained security rights when it took over a part of the Group's Bank Loans (see also note 17). These security rights will be shared by Heights on a pari passu basis with (i) the other lenders under the \u20ac7.1 million bridge loan Ebusco entered into and (ii) subject to certain conditions being met, Gotion GmbH under the \u20ac9.64 million convertible loan agreement the Group entered into, both as announced on 2 April 2026.On 11 January 2026, the Supervisory Board has appointed Mr. Hou Fei as its new Chief Operating Officer (COO) and member of the Management Board. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:894500WSIBBFFKHL6B32",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}