Slide 1: NFI Group Inc. 2025 Q3 Results
NFI Group Inc. 2025 Q3 Results November 6, 2025 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 propulsion agnostic 13 countries bus and coach mobility 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 Q3 LTM Revenue by Geography 60+ Models with various propulsion offerings North (battery electric, America United Kingdom hydrogen, hybrid, CNG, 82% and Europe and diesel) 17% Asia Pacific 305M+ 1% Electric service miles driven 2025 Q3 LTM Revenue by Prod
Slide 6: 2025 Q3 Results
NFL We Move People 2025 Q3 Results
Slide 7: 2025 Q3 Financial Summary
2025 Q3 Financial Summary Strong 2025 Bid 644 108.5% 71.8% $787K 30,459 EUs in total new 2025 Q3 LTM LTM Option Avg. sale price of new EUs in North Environment orders in 2025 Q3 Book-to-Bill2 conversion rate orders American Total Bid Universe Financial +18.6% 13.1% +52.1% $12.1M 9.1% YoY increase in
Slide 8: NFI Group: Battery Recall
NFI Group: Battery Recall In September, NFI announced a A B C D voluntary recall impacting approximately 700 battery-electric buses and coaches (primarily New Flyer buses) Recall related to cells within battery modules provided by a supplier NFI recorded a warranty provision of $229.9 million reflec
Slide 9: Q3 Financial Impact of the Battery Recall
Q3 Financial Impact of the Battery Recall Impacts of the Battery Recall on Results Q3 Net Loss bridge to Adjusted Net Earnings1 100.0 $222.0 $1.7 ($0.2) Without Impact As Reported of Warranty 50.0 $12.1 Manufacturing Gross ($156.0M) $73.9M 0.0 ($70.5) Profit (Loss) and per EU ($140k)/EU $66.3k/EU Ma
Slide 10: NFI Group: High and Moderate Risk Suppliers
NFI Group: High and Moderate Risk Suppliers 3 High Risk/Severe Impact Supplier in NFI top 800 Supplier on-time delivery across NFI is being sustained to support schedule attainment. Current high-risks are seat, batteries, and steel tubing suppliers. Suppliers remain on risk register until on-time de
Slide 11: New Joint Venture Agreement
New Joint Venture Agreement In October 2025, NFI formed a 50-50 joint-venture with GILLIG LLC to acquire the New Flyer Buses offline EUs Missing Seats1 assets of American Seating. The strategic goal of the partnership is to accelerate the recovery of American Seating from recent production challenge
Slide 12: 2025 Q3: Deliveries by Product
2025 Q3: Deliveries by Product Low-Floor Cutaway Transit Bus Motorcoach 759 and Medium-Duty Bus 667 168 217 138 159 +14% -18% +36% YOY YOY YOY 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 Coach delivery decline driven by Continuing strong momentum from Year-over-year increase driven by lower priv
Slide 13: NFI Segment Quarterly Gross Margins
NFI Segment Quarterly Gross Margins (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% GM% 26.3% 25.5% 26.4% 26.5% 22.5% 9.7% 10.6% 10.2% 11.2% Manufacturing 8.2% 6.6% 3.7% 8.0% 7.5% 7.0% 7.
Slide 14: Adj. EBITDA Year-over-Year
Adj. EBITDA1 Year-over-Year Manufacturing Aftermarket Corporate $53 $34 $28 $1.5 +209% -148% -17% $17 YOY YOY YOY 2024 Q3 2025 Q3 2024 Q3 2025 Q3 ($0.7) 2024 Q3 2025 Q3 Manufacturing Adjusted EBITDA1 Aftermarket Adjusted EBITDA1 Corporate Adjusted EBITDA1 improved by $36.1 million, or decreased by $
Slide 15: Q3 LTM Segment Adjusted EBITDA
Q3 LTM Segment Adjusted EBITDA1 Segment Adjusted EBITDA LTM ($M) 2022 Q3 to 2025 Q3 Manufacturing Aftermarket $174 $136 $125 $114 $88 $60 +$114M improvement in Manufacturing ($84) Adj. EBITDA on an LTM basis ($126) 2022 2023 2024 2025 Note: Corporate segment results are not included in the above. Co
Slide 16: NFI Quarterly Free Cash Flow
NFI Quarterly Free Cash Flow Free Cash Flow and Free Cash Flow Plus the Change in Working Capital ($M) 2024 Q2 to 2025 Q3 Free Cash Flow $265.3 Free Cash Flow with Change in Working Capital $216.6M benefit from warranty provision $48.7 $28.1 $15.7 $14.8 $1.1 $2.0 $4.4 $0.6 ($6.3) ($21.0) ($28.6) ($3
Slide 17: Leverage, Liquidity and ROIC improvements
Leverage, Liquidity and ROIC improvements Liquidity2 Total Leverage Ratio1 2024 Q1 $166.4 2024 Q2 $178.7 15.71x 2024 Q3 $145.8 2024 Q4 $126.8 2025 Q1 $127.9 11.38x 2025 Q2 $326.7 2025 Q3 $386.0 7.58x ROIC3 6.17x 5.30x 2024 Q1 4.75x 1.8% 4.58x 4.28x 2024 Q2 3.5% 2024 Q3 5.3% 2024 Q4 6.4% 2025 Q1 7.5%
Slide 18: Outlook
Outlook 18
Slide 19: Quarterly Backlog Firm and Options Drive Visibility
Quarterly Backlog Firm and Options Drive Visibility NFI Quarterly Backlog1 in EUs 2020 Q3 – 2025 Q3 45% Firm Option Backlog $ Value (RHS - $B) $16 ZEB % of Backlog (LHS) 40% $14 35% $12 10,291 30% 9,275 9,074 $10 9,235 10,116 9,832 25% 9,190 5,574 4,714 4,693 $8 5,161 20% 4,610 5,308 $6 5,220 4,851
Slide 20: Backlog Average Sale Price/EU Continues to Increase
Backlog Average Sale Price/EU Continues to Increase Increasing transit sale prices driven by North American market with pricing improvements, increased number of ZEBs and Average Sales Price (ASP) per EU of NFI Backlog1 improved market dynamics; coach sales price primarily driven 2021 Q3 to 2025 Q3
Slide 21: Canadian/U.S. Public Market Bid Universe Remain Strong
Canadian/U.S. Public Market Bid Universe Remain Strong Avg. timeline from bid release to production = 12 to 18 months Bids in Process Bids Submitted 5 Year Forecast New Awards (RHS) 35,000 6,000 30,000 5,000 25,000 4,000 20,000 3,000 15,000 2,000 10,000 1,000 5,000 - - 2018 2018 2018 2018 2019 2019
Slide 22: Book-to-Bill Recovery Continues Above 100%
Book-to-Bill Recovery Continues Above 100% Book-to-Bill1 and Option Conversion1 (2014 – Q3 2025) 2018-2019: Declines driven by ZEB order timing/trials 133.9% 128.2% 2020-2021 FAST Act expiry and impact of the pandemic Bid volume driving order increase 121.4% 111.4% 115.1% 113.0% 105.6% 108.5% 95.8%
Slide 23: 2025 Guidance Updated
2025 Guidance Updated Revenue ($M) and Units Delivered (EUs)2 Adjusted EBITDA1,2 ($M) and Adjusted EBITDA as % of Revenue1,2 4,313 6,186 4,371 3,783 3,039 4,001 4,547 $3,700 12.9% 10.4% 6.5% 7.0% (2.8%) 2.6% 6.8% $3,172 $3,122 $2,685 $326 $331 $340 $2,519 $2,419 $2,344 $3,500 $2,054 $158 $164 $214 $
Slide 24: Macro Environment – Tariffs
Macro Environment – Tariffs NFI had seen stability in the overall tariff environment and its impact on operations during the third quarter Relatively consistent direct tariffs (paid by NFI for products we import directly). Experienced some additional costs as suppliers increased prices to reflect th
Slide 25: Recap
Recap Strong momentum year-to-date in 2025 gearing up for a strong finish into Q4 Backlog of $13.2B, firm orders very strong for end of 2025 and into 2026 Continued year-over-year improvement in ZEB deliveries during Q3 2025 Aftermarket remains a strong contributor despite some margin pressure – exp
Slide 26: Appendix
NFL We Move People Appendix
Slide 27: 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 28: Production Rates and Total Inventory Balances
Production Rates and Total Inventory Balances Total NFI Inventory1 (Raw Materials, WIP and Finished Goods - $M) vs Quarterly Vehicle Line Entries 1,637 1,547 1,528 1,456 1,444 1,238 1,207 1,234 1,196 1,080 1,053 1,123 1,125 1,032 1,083 1,054 1,017 990 962 929 819 813 858 832 796 $88 589 714 $88 $80
Slide 29: Non-IFRS Reconciliation: 2025 Q3
Non-IFRS Reconciliation: 2025 Q3 Reconciliation of IFRS to non-IFRS In '000 September 28, 2025 September 29, 2024 Net Earnings (Loss) ($M) Net Sales $ 879,857 $ 711,344 Net Loss $ (140,879) $ (14,993) 2024 Q3 ($15.0) ($0.13) per share % of net sales -16.0% -2.1% Adjustment, Gross 2025 Q3 ($140.9) ($
Slide 30: 2025 Q3: Income Statement, Cash Flow, Liquidity
2025 Q3: Income Statement, Cash Flow, Liquidity 2025 Q3 Performance 2025 Q3 Free Cash Flow1 & Liquidity1 2025 Q3 2024 Q3 Sales $879.9M $711.3M 9.2% 7.5% ROS ROS $80.9 Adjusted $53.2 EBITDA ($M)1 EPS (reported) ($1.18) ($0.13) EPS (Adjusted) 1 $0.10 ($0.04) Adjusted 2025 Q3 Revenue EBITDA1 Manufactur
Slide 31: NFI Quarterly Adjusted EBITDA
NFI Quarterly Adjusted EBITDA NFI Segment Quarterly Adjusted EBITDA1 ($M) 2021 Q3 to 2025 Q3 Manufacturing Aftermarket $53 $53 $38 $35$33 $32 $34$35 $34 $33$33 $30 $30 $30 $31 $26 $28 $25 $23 $23 $22 $18 $17 $11 $2 ($2) ($8) ($16) ($14) ($23) ($31) ($40) ($37) ($42) 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2
Slide 32: 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 33: Key Financial Definitions
Key Financial Definitions Non-IFRS Measures – see NON-IFRS AND OTHER FINANCIAL MEASURES section of the MD&A Dated November 6, 2025 Adjusted EBITDA: Earnings before interest, income tax, depreciation and amortization after adjusting for the effects of certain non-recurring, non-operating, and items o
Slide 34: nfigroup.com
A white x on a black background nfigroup.com Description automatically generated 34