Slide 1: NFI Group Inc. 2026 Q1 Results
NFI Group Inc. 2026 Q1 Results May 8, 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 leading manufacturer of buses and coaches
Offer a mix of heavy-duty buses and coaches, and >100,000 Vehicles Estimated in Service medium-duty and cutaway buses A leading manufacturer Provide wide range of 13 countries of buses and coaches propulsion agnostic vehicles Have an NFI vehicle in service and a provider of comprehensive aftermarket
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 2026 Q1 Revenue by Geography 60+ Models with various North propulsion offerings America (battery electric, 89% hydrogen, hybrid, CNG, United Kingdom and diesel) and Europe 10% Asia Pacific 375M+ 1% Electric service miles driven 2026 Q1 Revenue by Product1 Mot
Slide 6: 2026 Q1 Results
We Move People 2026 Q1 Results
Slide 7: 2026 Q1 Financial Summary
2026 Q1 Financial Summary Strong Demand 1,049 109.2% 80.1% $824K 32,468 EUs in total new 2026 Q1 LTM LTM Option Avg. sale price of new EUs in North Outlook orders in 2026 Q1 conversion rate orders (new orders plus American Total Book-to-Bill2 exercised options) Bid Universe Continued 15.7% +18.0M +3
Slide 8: 2026 Q1 and LTM: New Deliveries by Product
2026 Q1 and LTM: New Deliveries by Product Low-Floor Cutaway Transit Bus Motorcoach 732 and Medium-Duty Bus 647 134 136 195 162 -12% +2% +20% Q1 2026 YOY YOY YOY 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 3,149 661 672 794 2,935 638 LTM Q1 26 -7% YOY +2% YOY +24% YOY 2025 2026 2025 2026 2025 20
Slide 9: NFI Segment Quarterly Gross Margins
NFI Segment Quarterly Gross Margins Manufacturing and Aftermarket Gross Margins (2021 Q1 to 2026 Q1)1 (Includes Depreciation and Amortization) 31.9% 31.9% 32.1% Aftermarket 30.0% 30.3% 30.0% 30.2% 31.3% 31.5% 30.1% 29.7% 28.8% GM% 28.6% 28.5% 29.6% 28.4% 28.2% 26.9% 26.4% 26.5% 25.5% Manufacturing 1
Slide 10: Quarterly and LTM Adj. EBITDA
Quarterly and LTM Adj. EBITDA1 Manufacturing ($M) Aftermarket ($M) Corporate ($M) $58 $33 $33 Q1 2026 $33 +75% -$1.7M +1% ($3.6) 2025 Q1 2026 Q1 2025 Q1 2026 Q1 ($5.3) 2025 Q1 2026 Q1 $258 $135 $125 LTM Q1 26 $120 +116% -8% -$12M ($11.3) 2025 Q1 2026 Q1 2025 Q1 2026 Q1 ($23.6) 2025 Q1 2026 Q1 Increa
Slide 11: NFI First Quarter Free Cash Flow
NFI First Quarter Free Cash Flow1 Free Cash Flow1 and Free Cash Flow Plus the Change in Working Capital ($M) 2023 to 2026 Free Cash Flow Free Cash Flow with Change in Working Capital +$13M improvement in FCF driven by operational performance improvement $28.2 $17.5 $4.4 ($11.9) ($21.5) ($28.9) ($50.
Slide 12: 2026 Q1 Net Earnings Impacted by Non-Recurring and Unusual Items
2026 Q1 Net Earnings Impacted by Non-Recurring and Unusual Items 2026 Q1 Net Earnings bridge to Adjusted Net Earnings1 ($M) and per Share Amounts 50.0 $0.18 per share 45.0 $21.8 40.0 35.0 30.0 25.0 $5.1 $2.4 20.0 $2.2 $0.10 per share $5.3 15.0 ($4.7) $11.5 10.0 5.0 0.0 Net Earnings Second Lien Alexa
Slide 13: Leverage, Liquidity and ROIC Improvements
Leverage, Liquidity and ROIC Improvements Liquidity2 ($M) Total Leverage Ratio1 11.38x 2025 Q1 $127.9 2025 Q2 $326.7 2025 Q3 $386.0 2025 Q4 $445.8 7.58x 2026 Q1 $374.6 6.17x 5.30x 4.58x 4.75x 4.28x ROIC3 3.49x 3.46x 2025 Q1 7.5% 2025 Q2 7.9% 2025 Q3 9.1% 2025 Q4 11.3% 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Slide 14: Outlook
Outlook 14
Slide 15: CEO Priorities for 2026
Strategic Priorities 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 Capex: $50M to $60M Enhancing the customer expe
Slide 16: Canadian/U.S. Public Market Bid Universe Remains Strong
Canadian/U.S. Public Market Bid Universe Remains Strong Avg. timeline from bid release to production = 12 to 18 months Bids in Process Bids Submitted 5 Year Forecast New Awards (RHS) 35,000 6,000 30,000 5,000 25,000 4,000 20,000 3,000 15,000 2,000 10,000 1,000 5,000 - - 2022 Q1 2022 Q2 2022 Q3 2022
Slide 17: Quarterly Backlog Firm and Options Drive Visibility
Quarterly Backlog Firm and Options Drive Visibility NFI Quarterly Backlog1 in EUs, Backlog Value ($B) and ZEBs as % of Backlog in EUs 2021 Q1 – 2026 Q1 45% Firm Option Backlog $ Value (RHS - $B) $16 ZEB % of Backlog (LHS) 40% $14 35% $12 10,291 10,116 30% 9,235 9,832 9,190 9,275 $10 8,693 25% 8,981
Slide 18: Improved Backlog Average Sale Price/EU
Improved Backlog Average Sale Price/EU Transit sales prices generally flat in North America reflecting customers propulsion mix dynamics and improved pricing in Average Sales Price (ASP) per EU of NFI Backlog1 ($’000) 2024; Coach sales price primarily driven by increasing public 2022 Q1 to 2026 Q1 d
Slide 19: Tariff Environment Overview
Tariff Environment Overview1 No material change from April 6 adjustments to Section 232 IEEPA Terminated in February 2026 Section 232 – Truck & Bus Section 232 – Steel, Copper IEEPA – CAD & Mexico2 IEEPA – China2 & Aluminum Derivatives Updates in early April now 10% on China-origin goods. Heavy/Medi
Slide 20: Recap
Recap Significant start to 2026 positions us well to achieve guidance Unit economics improving driven by North American operations Balance sheet continues to strengthen – seasonal impacts to liquidity and working capital Guidance maintained with robust manufacturing roadmap ahead alongside aftermark
Slide 21: Appendix
NE We Move People Appendix
Slide 22: 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 23: Key Financial Definitions
Key Financial Definitions Non-IFRS Measures – see NON-IFRS AND OTHER FINANCIAL MEASURES section of the MD&A Dated May 7, 2026 Adjusted EBITDA: Earnings before interest, income tax, depreciation and amortization after adjusting for the effects of certain non-recurring, non-operating, and items occurr
Slide 24: 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 25: Non-IFRS Reconciliation: 2026 Q1
Non-IFRS Reconciliation: 2026 Q1 In '000 March 29, 2026 March 30, 2025 Net Sales $ 841,978 $ 841,420 Net Earnings (Loss) ($M) Net Earnings $ 11,512 $ (6,486) % of net sales 1.4% -0.8% Adjustment, Gross 2025 Q1 ($6.5) ($0.05) per share Restructuring and Other Corporate Initiatives $ 3,826 $ 2,410 Der
Slide 26: 2026 Q1: Income Statement, Cash Flow, Liquidity
2026 Q1: Income Statement, Cash Flow, Liquidity 2026 Q1 Performance 2026 Q1 Free Cash Flow 1 & Liquidity1 2026 Q1 2025 Q1 Sales $842.0M $841.4M 10.2% 7.5% ROS ROS Adjusted $86.1 $62.7 EBITDA ($M)1 EPS (reported) $0.10 ($0.05) EPS (Adjusted) 1 $0.18 $0.02 Adjusted 2026 Q1 Revenue EBITDA1 Liquidity1 &
Slide 27: NFI Quarterly Adjusted EBITDA
NFI Quarterly Adjusted EBITDA NFI Segment Quarterly Adjusted EBITDA1 ($M) 2022 Q1 to 2026 Q1 Manufacturing Aftermarket $94 $58 $53 $53 $38 $35$33 $30 $30 $32 $30 $34 $35 $34 $33$33 $31 $28 $32 $33 $23 $22 $23 $18 $17 $11 ($2) ($16) ($14) ($23) ($31) ($40) ($37) ($42) 2022 Q1 2022 Q2 2022 Q3 2022 Q4
Slide 28: LTM Q1 Segment Adjusted EBITDA
LTM Q1 Segment Adjusted EBITDA1 Segment Adjusted EBITDA1 ($M) 2022 to 2026 – LTM Basis +115% improvement in Manufacturing Aftermarket Manufacturing Adj. EBITDA on $258 an LTM basis $128 $135 $125 $120 $99 $93 ($24) ($21) ($133) 2022 2023 2024 2025 2026 Note: Corporate segment results are not include
Slide 29: Book-to-Bill Recovery Continues Above 100%
Book-to-Bill Recovery Continues Above 100% Book-to-Bill1 and Option Conversion1 (2022 – LTM Q1 2026) 133.9% Bid volume driving order increase 121.4% 113.0% 113.7% 109.2% Book-to-Bill1 anticipated to remain strong throughout 2026 driven by strong public bid universe 83.4% Lower option conversion in 2
Slide 30: nfigroup.com
nfigroup.com 30