Nfi Group Inc. · TSX:NFI
Nfi — Q4 2025 Earnings Presentation
35 slides from Nfi's earnings presentation, Mar 12, 2026
Slide 1: NFI Group Inc. 2025 Q4 Results
NFI Group Inc. 2025 Q4 Results March 12, 2026 1
Slide 2: Cautionary Statement
Cautionary Statement Certain statements in this presentation are “forward looking statements,” which reflect the expectations of management regarding the Company's future growth, results of operations, performance and business prospects and opportunities. These forward-looking statements are made as
Slide 3: A global independent bus and coach mobility solutions provider
Offer a mix of heavy-duty buses and coaches, and >100,000 Vehicles Estimated in Service medium-duty and cutaway buses A global independent Provide wide range of 13 countries bus and coach mobility propulsion agnostic vehicles Have an NFI vehicle in service solutions provider. Access to world class p
Slide 4: Our Values and Our Stakeholders Drive Our Decisions
Our Values and Our Stakeholders Drive Our Decisions Safety Quality Integrity The health and wellbeing We strive for We act with honesty, of our team members excellence in our transparency, and integrity, and the safety of our products, services, treating each other with respect products are our top
Slide 5: NFI Offers Propulsion Agnostic Solutions
NFI Offers Propulsion Agnostic Solutions 2025 Revenue by Geography 60+ Models with various North propulsion offerings America (battery electric, 85% United Kingdom hydrogen, hybrid, CNG, and Europe and diesel) 14% Asia Pacific 325M+ 1% Electric service miles driven 2025 Revenue by Product1 Motorcoac
Slide 6: 2025 Q4 Results
We Move People 2025 Q4 Results
Slide 7: John Sapp – Intro and Areas of Focus
John Sapp – Intro and Areas of Focus Joins NFI from intelligent power management company Eaton Corporation, where he served as President of Eaton’s Aerospace Group from 2023 to 2025 Previously held senior positions with Collins Aerospace and GE Aviation Succeeds Paul Soubry who is retiring from NFI
Slide 8: 2025 Q4 Financial Summary
2025 Q4 Financial Summary Strong Demand 1,062 113.7% 83.4% $669K 32,124 EUs in total new 2025 Q4 LTM LTM Option Avg. sale price of new EUs in North Environment orders in 2025 Q4 Book-to-Bill2 conversion rate orders American Total Bid Universe +22.5% 17.0% +78.7% $59.6M Adjusted Net earnings, 11.3% R
Slide 9: Financial Impacts of Battery Recall and Settlement
Financial Impacts of Battery Recall and Settlement Following the $229.9 million provision taken in 2025 Q3 to reflect expected costs for the battery recall campaign and support costs for $M 2025 Q3 2025 Q4 FY 2025 other battery electric buses in service, NFI signed the battery settlement in December
Slide 10: 2025 Q4 and Full Year: New Deliveries by Product
2025 Q4 and Full Year: New Deliveries by Product Low-Floor Cutaway Transit Bus Motorcoach and Medium-Duty Bus 835 782 266 185 165 180 -6% +48% +12% Q4 2025 YOY YOY YOY 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q3 2025 Q3 761 3,258 667 670 622 3,020 FY 2025 -7% YOY - YOY +22% YOY 2024 2025 2024 2025 2024
Slide 11: NFI Segment Quarterly Gross Margins
NFI Segment Quarterly Gross Margins Manufacturing and Aftermarket Gross Margins (2020 Q1 to 2025 Q4) (Includes Depreciation and Amortization) 30.4% 30.0% 30.3% 31.9% 31.9% 31.3% 31.5% 32.1% 30.1% Aftermarket 29.5% 26.9% 30.0% 28.6% 30.2% 28.5% 29.6% 28.4% 28.2% 29.7% GM% 26.3% 25.5% 26.4% 26.5% 22.5
Slide 12: Adj. EBITDA Year-over-Year
Adj. EBITDA1 Year-over-Year Manufacturing ($M) Aftermarket ($M) Corporate ($M) $94 $33 $32 +167% ($0.1) $35 -1% -$5.1M YOY YOY YOY 2024 Q4 2025 Q4 2024 Q4 2025 Q4 ($5.2) 2024 Q4 2025 Q4 Manufacturing Adjusted EBITDA1 Aftermarket Adjusted EBITDA1 Corporate Adjusted EBITDA1 improved by $59 million, or
Slide 13: Fiscal Year Segment Adjusted EBITDA
Fiscal Year Segment Adjusted EBITDA1 Segment Adjusted EBITDA1 ($M) 2022 to 2025 – LTM Basis Manufacturing Aftermarket $233 $140 $120 $124 $86 $84 ($42) +177% improvement in Manufacturing Adj. EBITDA on ($149) an LTM basis 2022 2023 2024 2025 Note: Corporate segment results are not included in the ab
Slide 14: NFI Fiscal Year Free Cash Flow
NFI Fiscal Year Free Cash Flow1 Free Cash Flow1 and Free Cash Flow Plus the Change in Working Capital ($M) 2022 to 2025 Free Cash Flow Free Cash Flow with Change in Working Capital +$86M improvement in FCF driven by operational performance improvement $139.7 $67.8 ($17.8) +$212M improvement in ($72.
Slide 15: FY 2025 Net Earnings Impacted by Non-Recurring and Unusual Items
FY 2025 Net Earnings Impacted by Non-Recurring and Unusual Items FY 2025 Net Loss bridge to Adjusted Net Earnings1 ($M) and per Share Amounts 200.0 $85.4 150.0 100.0 $5.8 $39.6 $0.72 per share 50.0 $18.9 $137.3 ($1.19 per share) 0.0 (50.0) (100.0) $25.9 (150.0) ($142.1) (200.0) Net Loss 2025 Alexand
Slide 16: Leverage, Liquidity and ROIC improvements
Leverage, Liquidity and ROIC improvements Liquidity2 ($M) Total Leverage Ratio1 11.38x 2024 Q4 $126.8 2025 Q1 $127.9 2025 Q2 $326.7 2025 Q3 $386.0 7.58x 2025 Q4 $445.8 6.17x 5.30x 4.58x 4.75x 4.28x ROIC3 3.49x 2024 Q4 6.4% 2025 Q1 7.5% 2025 Q2 7.9% 2025 Q3 9.1% 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q
Slide 17: Outlook
Outlook 17
Slide 18: Strategic Priorities Drive 2026 Guidance and Capital Allocation
Strategic Priorities Drive 2026 Guidance and Capital Allocation Operational Excellence 2026 Guidance Supply chain performance Cost management (Overhead and SG&A) Labour efficiency improvement Revenue: $3.9B to $4.2B CEO Priorities for 2026 Adjusted EBITDA1: $370M to $410M Market Leadership Cash Cape
Slide 19: Quarterly Backlog Firm and Options Drive Visibility
Quarterly Backlog Firm and Options Drive Visibility NFI Quarterly Backlog1 in EUs, Backlog Value ($B) and ZEBs as % of Backlog in EUs 2020 Q4 – 2025 Q4 45% Firm Option Backlog $ Value (RHS - $B) $16 ZEB % of Backlog (LHS) 40% $14 35% $12 10,291 10,116 30% 9,190 9,275 8,981 $10 9,074 25% 9,832 9,235
Slide 20: Improved Backlog Average Sale Price/EU
Improved Backlog Average Sale Price/EU Transit sales prices generally flat in North America reflecting customers propulsion mix dynamics and improved pricing in Average Sales Price (ASP) per EU of NFI Backlog1 ($’000) 2024; Coach sales price primarily driven by increasing public 2021 Q4 to 2025 Q4 d
Slide 21: Canadian/U.S. Public Market Bid Universe Remains Strong
Canadian/U.S. Public Market Bid Universe Remains Strong Avg. timeline from bid release to production = 12 to 18 months Bids in Process Bids Submitted 5 Year Forecast New Awards (RHS) 35,000 6,000 30,000 5,000 25,000 4,000 20,000 3,000 15,000 2,000 10,000 1,000 5,000 - - 2020 Q4 2021 Q1 2021 Q2 2021
Slide 22: Book-to-Bill Recovery Continues Above 100%
Book-to-Bill Recovery Continues Above 100% Book-to-Bill1 and Option Conversion1 (2020 – 2025) 133.9% 2020-2021 FAST Act expiry and impact of the pandemic Bid volume driving order increase 121.4% 115.1% 113.0% 113.7% Book-to-Bill1 anticipated to remain strong in 2026 driven by strong public bid unive
Slide 23: Production Rates and Deliveries
Production Rates and Deliveries Quarterly Vehicle Line Entries and Deliveries (EUs) 2022 2023 2024 2025 Significant global supply chain Ramp-up: Extensive hiring, training Continued ramp in H1, with Continued North American increases disruption including and increase in line entries as decrease in H
Slide 24: Aftermarket Base Underpins Results
Aftermarket Base Underpins Results Aftermarket Revenue and Adjusted EBITDA (2019 – 2025) Aftermarket provides recurring and reoccurring revenue streams through three primary methods Strong program revenue in Public aftermarket parts (heavy-duty transit). Contractual and 2024 – expect improvement in
Slide 25: 2026 Guidance
2026 Guidance ($ millions) 2025 Actuals 2026 Guidance Revenue2 $3,615 $3,900 - $4,200 Adj. EBITDA1,2 $336 $370 - $410 Cash Capex2 $34 $50 - $60 Guidance ranges for 2026 reflect positive underlying expectations alongside macro factors and headwinds 1. Adjusted EBITDA represents a non-IFRS measure, me
Slide 26: Tariff Environment Overview
Tariff Environment Overview1 IEEPA Terminated in February 2026. Assessing impact of the change. New 10% global tariff (section 131) put into place. Section 232 – Truck & Bus Section 232 – Steel, Copper IEEPA – CAD & Mexico2 IEEPA – China2 & Aluminum Derivatives 10% on China-origin goods. Heavy/Mediu
Slide 27: Recap
Recap Record fourth quarter contributes to NFI’s strong full year results Unit economics improving driven by North American operations Balance sheet continues to strengthen and progress made on path to target leverage range Guidance reflects manufacturing growth trajectory alongside aftermarket’s fo
Slide 28: Appendix
NE We Move People Appendix
Slide 29: Key Terms
Key Terms Buses manufactured by New Flyer and One equivalent unit (or “EU”) Alexander Dennis' single and double deck buses represents one production “slot”, being are classified as "transit buses". ARBOC one 30-foot, 35-foot, 40-foot, 45-foot manufactures body on-chassis or “cutaway” and heavy-duty
Slide 30: Key Financial Definitions
Key Financial Definitions Non-IFRS Measures – see NON-IFRS AND OTHER FINANCIAL MEASURES section of the MD&A Dated March 11, 2026 Adjusted EBITDA: Earnings before interest, income tax, depreciation and amortization after adjusting for the effects of certain non-recurring, non-operating, and items occ
Slide 31: Forward-Looking Statements
Forward-Looking Statements Certain statements in this presentation are “forward-looking statements”, which reflect the expectations of management regarding the Company’s future growth, financial performance, and liquidity and the Company’s strategic initiatives, plans, business prospects, and opport
Slide 32: Non-IFRS Reconciliation: 2025 Q4
Non-IFRS Reconciliation: 2025 Q4 Net Earnings (Loss) ($M) 2024 Q4 $18.6 $0.16 per share 2025 Q4 $166.0 $1.39 per share Fiscal 2024 ($3.3) ($0.03) per share Fiscal 2025 ($142.1) ($1.19) per share Adjusted Net Earnings (Loss) ($M)1 2024 Q4 $13.9 $0.12 per share 2025 Q4 $59.6 $0.50 per share Fiscal 202
Slide 33: 2025 Q4: Income Statement, Cash Flow, Liquidity
2025 Q4: Income Statement, Cash Flow, Liquidity 2025 Q4 Performance 2025 Q4 Free Cash Flow 1 & Liquidity1 2025 Q4 2024 Q4 Sales $1,025.1M $837.0M 11.8% 8.1% ROS ROS $121.3 Adjusted $67.9 EBITDA ($M)1 EPS (reported) $1.39 $0.16 EPS (Adjusted) 1 $0.50 $0.12 Adjusted 2025 Q4 Revenue EBITDA1 Liquidity1
Slide 34: NFI Quarterly Adjusted EBITDA
NFI Quarterly Adjusted EBITDA NFI Segment Quarterly Adjusted EBITDA1 ($M) 2021 Q4 to 2025 Q4 Manufacturing Aftermarket $94 $53 $53 $38 $34$35 $34 $35$33 $30 $30 $32 $30 $33$33 $31 $28 $32 $25 $23 $22 $23 $18 $17 $11 ($2) ($8) ($16) ($14) ($23) ($31) ($40) ($37) ($42) 2021 Q4 2022 Q1 2022 Q2 2022 Q3
Slide 35: nfigroup.com
nfigroup.com 35