Nfi Group Inc. · TSX:NFI
Nfi — Q2 2026 Earnings Presentation
33 slides from Nfi's earnings presentation, Aug 7, 2026
Slide 1: NFI Group Inc. 2026 Q2 Results
NFI Group Inc. 2026 Q2 Results August 6, 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 and a provider of aftermarket parts
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 Diverse Products Across Multiple End Markets
NFI Offers Diverse Products Across Multiple End Markets 2026 Q2 Quarterly 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 405M+ 1% Electric service miles driven 2026 Q
Slide 6: 2026 Q2 Results
We Move People 2026 Q2 Results
Slide 7: 2026 Q2 Financial Summary
2026 Q2 Financial Summary Strong Demand 1,084 106.0% 61.6% $671K 32,798 EUs in total new 2026 Q2 LTM Q2 2026 LTM Avg. sale price of new EUs in North Outlook orders in 2026 Option conversion orders (new orders plus American Total Book-to-Bill2 Q2 rate exercised options) Bid Universe Continued 14.9% +
Slide 8: 2026 Q2 and LTM: New Deliveries by Product
2026 Q2 and LTM: New Deliveries by Product Low-Floor Cutaway Transit Bus Motorcoach 911 and Medium-Duty Bus 747 132 142 197 179 +22% +8% -9% Q2 2026 YOY YOY YOY 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 Q2 transit deliveries were primarily driven Quarterly increase driven by higher public Decr
Slide 9: Segment Gross Margins
Segment Gross Margins Manufacturing and Aftermarket Gross Margins (2021 Q2 to 2026 Q2)1 (Includes Depreciation and Amortization) 31.9% 31.9% 32.1% 30.3% 30.0% 30.2% 31.3% 31.5% 30.1% 29.7% 28.8% 31.4% Aftermarket 28.6% 28.5% 29.6% 28.4% 28.2% GM% 26.9% 26.4% 26.5% 25.5% 14.8% 12.6% 10.6% 10.2% 11.5%
Slide 10: Quarterly and LTM Segment Adj. EBITDA
Quarterly and LTM Segment Adj. EBITDA1 Manufacturing ($MM) Aftermarket ($MM) Corporate ($MM) $71 $53 $42 Q2 2026 $31 +34% +38% +$3.3M ($9.0) 2025 Q2 2026 Q2 2025 Q2 2026 Q2 ($12.3) 2025 Q2 2026 Q2 $276 $131 $136 $138 LTM Q2 26 +100% +4% -$5.9M ($14.4) 2025 Q2 2026 Q2 2025 Q2 2026 Q2 ($20.3) 2025 Q2
Slide 11: Significant Improvement in Cash Flows
Significant Improvement in Cash Flows Free Cash Flow1 and Free Cash Flow Plus the Change in Working Capital ($MM) 2023 to 2026 Free Cash Flow +$182.5M Free Cash Flow with Change in Working Capital improvement supported by working capital outperformance $153.9 $15.7 $20.7 $1.1 ($30.8) ($21.0) ($28.6)
Slide 12: 2026 Q2 Net Earnings Bridge to Adjusted Net Earnings
2026 Q2 Net Earnings Bridge to Adjusted Net Earnings 2026 Q2 Net Earnings bridge to Adjusted Net Earnings1 ($MM) and per Share Amounts $30 $0.23 per share $0.8 $27.5 $3.2 $25 $6.2 $20 $0.15 per share $17.4 $15 $10 $5 $0 Alexander Equity method Battery Recall Adj. Net Net Earnings Dennis GR Seating J
Slide 13: Leverage, Liquidity and ROIC Improvements
Leverage, Liquidity and ROIC Improvements Liquidity2 ($MM) Total Leverage Ratio1 7.58x 2025 Q2 $326.7 2025 Q3 $386.0 6.17x 2025 Q4 $445.8 5.30x 2026 Q1 $374.6 4.75x 4.58x 2026 Q2 $520.0 4.28x 3.49x 3.46x 2.81x ROIC3 2025 Q2 7.9% 2025 Q3 9.1% 2025 Q4 11.3% 2026 Q1 12.3% 2024 Q2 2024 Q3 2024 Q4 2025 Q
Slide 14: Extended Facility and New Issuance Strengthen Balance Sheet
Extended Facility and New Issuance Strengthen Balance Sheet C$ HY Notes Sources and Uses (Gross Proceeds) Sources of Funds In July, NFI amended and extended its First Lien C$MM US$MM(1) Credit Facility – with a new maturity of July 2030 Senior Unsecured Notes Offering $350 $255 Total Sources of Fund
Slide 15: Outlook
Outlook 15
Slide 16: CEO Priorities for 2026
First Half Performance Leads to Updated Guidance Operational Excellence 2026 Guidance Increased Supply chain performance Cost management (Overhead and SG&A) Labour efficiency improvement Revenue: $4.0B to $4.2B CEO Priorities for 2026 Adjusted EBITDA1: $385M to $415M Market Leadership Cash Capex: $5
Slide 17: NFI End Market Outlook Remains Strong
NFI End Market Outlook Remains Strong North American Transit North American Coach UK Transit Low-Floor Cutaway and Medium-Duty Strong Demand driven by aging Public motorcoach demand Overall market demand remains Some slow down in low-floor fleet and lower than average driven by several key customers
Slide 18: Canadian/U.S. Public Market Bid Universe Remains Strong
Canadian/U.S. Public Market Bid Universe Remains Strong Avg. timeline from bid release to production = 12 to 18 months Bids in Process Bids Submitted 5 Year Forecast New Awards (RHS) 35,000 6,000 30,000 5,000 25,000 4,000 20,000 3,000 15,000 2,000 10,000 1,000 5,000 - - 2022 Q2 2022 Q3 2022 Q4 2023
Slide 19: Backlog Drives Multi-Year Visibility
Backlog Drives Multi-Year Visibility NFI Quarterly Backlog1 in EUs and Backlog Value ($B) 2021 Q2 – 2026 Q2 Firm Option Backlog $ Value (RHS - $B) $16 $14 $12 9,074 10,291 10,116 9,832 8,981 9,190 9,235 $10 9,275 8,693 8,212 5,574 $8 4,693 5,161 4,714 5,308 4,610 $6 4,851 4,352 4,646 4,757 4,813 $4
Slide 20: Improved Backlog Average Sale Price/EU
Improved Backlog Average Sale Price/EU Transit sales prices generally flat in North America reflecting customers propulsion mix dynamics and improved pricing in Average Sales Price (ASP) per EU of NFI Backlog1 ($’000) 2024; Coach sales price drop primarily driven by timing of 2022 Q2 to 2026 Q2 publ
Slide 21: Tariff Environment Overview
Tariff Environment Overview1 No material change from April IEEPA Terminated in February 2026 6 adjustments to Section 232 Reciprocal Tariffs2 Section 232 – Truck & Bus Reciprocal Tariffs2 IEEPA – CAD & Mexico2 IEEPA – China2 Country specific reciprocal 10% on China-origin goods. Heavy/Medium-duty Co
Slide 22: Recap
Recap Strong quarter with higher deliveries, aftermarket outperformance and increases across key metrics Manufacturing performance continues to improve Balance sheet is stronger – liquidity, leverage and financing activities improve our position Guidance increased with expectations for Adjusted EBIT
Slide 23: Appendix
NE We Move People Appendix
Slide 24: 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 25: Key Financial Definitions
Key Financial Definitions Non-IFRS Measures – see NON-IFRS AND OTHER FINANCIAL MEASURES section of the MD&A Dated August 6, 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 26: 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 27: Non-IFRS Reconciliation: 2026 Q2
Non-IFRS Reconciliation: 2026 Q2 In '000 June 28, 2026 June 29, 2025 Net Sales Net Earnings $ $ 1,029,507 $ 17,394 $ 868,170 (160,774) Net Earnings (Loss) ($M) % of net sales 1.7% -18.5% Adjustment, Gross 2025 Q2 ($160.8) ($1.35) per share Restructuring and Other Corporate Initiatives $ 14,681 $ 14,
Slide 28: 2026 Q2: Income Statement, Cash Flow, Liquidity
2026 Q2: Income Statement, Cash Flow, Liquidity 2026 Q2 Performance 2026 Q2 Free Cash Flow 1 & Liquidity1 Free Cash Flow1 ($M) 2026 Q2 2025 Q2 2026 Q2 2025 Q2 Sales $1,029.5M $868.2M $104.0 Adjusted EBITDA $ 103.98 $ 70.81 Adjusted $70.8 Interest Expense $ (27.55) $ (31.16) EBITDA Current Income Tax
Slide 29: NFI Quarterly Adjusted EBITDA
NFI Quarterly Adjusted EBITDA NFI Segment Quarterly Adjusted EBITDA1 ($M) 2022 Q2 to 2026 Q2 Manufacturing Aftermarket $94 $71 $58 $53 $53 $42 $38 $34$35 $34 $35$33 $33 $30 $30 $32 $30 $33$33 $31 $32 $28 $22 $23 $18 $17 $11 ($2) ($16) ($14) ($23) ($31) ($37) ($42) 2022 Q2 2022 Q3 2022 Q4 2023 Q1 202
Slide 30: LTM Q2 Segment Adjusted EBITDA
LTM Q2 Segment Adjusted EBITDA1 Segment Adjusted EBITDA1 ($M) 2022 to 2026 – LTM Basis +100% improvement in Manufacturing Aftermarket Manufacturing $276 Adj. EBITDA on an LTM basis $134 $138 $131 $136 $96 $100 $29 ($87) ($106) 2022 2023 2024 2025 2026 Note: Corporate segment results are not included
Slide 31: Operational Performance Improvements Driving Earnings Momentum
Operational Performance Improvements Driving Earnings Momentum NFI Quarterly Net Earnings and Adjusted Net Earnings1 ($M) 2024 Q1 to 2026 Q2 Net Earnings Adjusted Net Earnings $168 $60 $19 $14 $22 $28 $11 $12 $12 $18 $3 $3 $3 ($9) ($16) ($5) ($7) ($15) ($141) ($161) 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2
Slide 32: Book-to-Bill Above 100%, with Order Timing Impacting Order Conversion
Book-to-Bill Above 100%, with Order Timing Impacting Order Conversion Book-to-Bill1 and Option Conversion1 (2022 – LTM Q2 2026) Bid volume driving order increase 133.9% Book-to-Bill1 anticipated to remain strong 121.4% throughout 2026 driven by strong public bid 113.0% 113.7% universe 106.0% Lower o
Slide 33: nfigroup.com
nfigroup.com 33