Slide 1: NFI Group Inc. 2025 Q2 Results
NFI Group Inc. 2025 Q2 Results August 1, 2025
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 Have an NFI vehicle in service bus and coach mobility vehicles 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 Q2 LTM Revenue by Geography 60+ Models with various United Kingdom propulsion offerings North and Europe (battery electric, America 18% hydrogen, hybrid, CNG, 81% and diesel) Asia Pacific 275M+ 1% Electric service miles driven 2025 Q2 LTM Revenue by Prod
Slide 6: 2025 Q2 Results
2025 Q2 Results We Move People
Slide 7: 2025 Q2 Financial Summary
2025 Q2 Financial Summary Strong 2025 Bid 822 119.9% 74.9% $619K 28,624 EUs in total new 2025 Q2 LTM Option conversion Avg. sale price of new EUs in North Environment orders in 2025 Q2 Book-to-Bill2 rate orders American Total Bid Universe Financial +27.0% 13.4% +19.2% $10.7M 7.9% YoY increase in Q2
Slide 8: NFI Group: High and Moderate Risk Suppliers
NFI Group: High and Moderate Risk Suppliers Currently only 1 High Risk Supplier in NFI top 800 Significant reduction in high and moderate risk suppliers from 2022 through Q2-2025 Supply chain performance overall continues to improve with many problem suppliers resolved and sustaining performance Cur
Slide 9: New Flyer Seat Disruption Update
New Flyer Seat Disruption Update New Flyer Buses offline EUs Missing Seats1 NFI continues to see progress in improving seat supply performance with a target for full recovery in the second half of 2025. 181 170 During the second quarter the following activities took place: A new Buy America complian
Slide 10: Refinancing Strengthens Long-Term Capital Structure
Refinancing Strengthens Long-Term Capital Structure NFI completed the following refinancing activities in 2025: Capital Structure Pre-and Post Transaction Reported at face value Entered into a new four-year $700 million First Lien Facility March 30, 2025 June 30, 2025 (2025 First Lien Facility), wit
Slide 11: Q2 Impacted by Non-Recurring and Unusual Items
Q2 Impacted by Non-Recurring and Unusual Items Q2 Net Loss bridge to Adjusted Net Earnings1 $0.09 ($1.35) 40.0 Per Share Per Share $10.7 20.0 $6.7 $139.9 ($2.5) 0.0 (20.0) (40.0) (60.0) (80.0) (100.0) (120.0) $27.4 (140.0) (160.0) ($160.8) (180.0) Net Loss 2025 Alexander Seat Supply Other Items Adj.
Slide 12: 2025 Q2: Deliveries by Product
2025 Q2: Deliveries by Product Low-Floor Cutaway Transit Bus Motorcoach 915 and Medium-Duty Bus 747 179 197 132 152 -18% -26% YOY +30% YOY YOY 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 Year-over-year decline driven by Coach delivery decline driven by Continuing strong momentum from UK transit
Slide 13: NFI Segment Quarterly Gross Margins
NFI Segment Quarterly Gross Margins (Includes Depreciation and Amortization) 1 30.4% 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% 22.5% 11.2% 10.6% 7.0% 6.6% 8.0% 7.5% 7.0% 7.4% Manufacturing 3.2% GM% 12
Slide 14: Adj. EBITDA Year-over-Year
Adj. EBITDA1 Year-over-Year Manufacturing Aftermarket Corporate $53 $35 $31 -30% $34 +55% YOY -13% YOY YOY ($9) ($12) 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 Manufacturing Adjusted EBITDA1 Aftermarket Adjusted EBITDA1 Corporate Adjusted EBITDA1 improved by $18.7 million, or 55.2%, decreased
Slide 15: Q2 LTM Segment Adjusted EBITDA
Q2 LTM Segment Adjusted EBITDA1 $M Manufacturing Aftermarket $134 $138 $131 $96 $100 $29 +$135M +$109M Manufacturing Manufacturing improvement improvement ($87) ($106) 2022 2023 2024 2025 Note: Corporate segment results are not included in the above. Corporate segment would need to be added to Manuf
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 Free Cash Flow Free Cash Flow with Change in Working Capital $28.1 $15.7 $4.4 $1.1 $2.0 $0.6 ($6.3) ($11.9) ($21.5) ($21.0) ($28.6) ($33.4) 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 1. Free Cas
Slide 17: Outlook
We Move People
Slide 18: New Orders in 2025 Q2
New Orders in 2025 Q2 Strong additions to the backlog in Q2 with 782 EUs of Firm Orders, representing 95.1% of new orders Sold out in North American public transit markets for 2025 and now sold well into 2026. Options now out to 2030 5,477 EU 822 EU 6,299 EU New Awards New Awards New Awards LTM 2024
Slide 19: Quarterly Backlog: 2020 Q2 to 2025 Q2
Quarterly Backlog: 2020 Q2 to 2025 Q2 NFI Quarterly Backlog1 in EUs (2020 Q2 – 2025 Q2) 45% Firm Option Backlog $ Value (RHS - $B) $16 ZEB % of Backlog (LHS) 40% $14 35% $12 30% 9,275 9,235 9,074 $10 9,190 10,291 10,116 25% 5,161 4,714 4,693 $8 20% 4,610 5,604 4,352 5,574 5,308 $6 5,220 4,851 15% 5,
Slide 20: Backlog Average Sale Price/EU Continues to Increase
Backlog Average Sale Price/EU Continues to Increase Increasing transit sale prices driven by North American market with pricing improvements, increased number of ZEBs and improved market dynamics; coach sales price primarily driven Average Sales Price (ASP) per EU of NFI Backlog1 by increasing publi
Slide 21: Canadian/U.S. Public Market Bid Universe Remain Strong
Canadian/U.S. Public Market Bid Universe Remain Strong Avg. timeline from bid release to production = 12 to 18 months Bids in Process Bids Submitted 5 Year Forecast New Awards (RHS) 35,000 6,000 30,000 5,000 25,000 4,000 20,000 3,000 15,000 2,000 10,000 1,000 5,000 - - 2018 2018 2018 2018 2019 2019
Slide 22: 2025 FTA Apportionments Provides Clarity
2025 FTA Apportionments Provides Clarity 2025 US FTA Funding 2025 Notice of Funding Opportunity (NOFO) Apportionments Composition (US$mm) (1) Program Update On May 14, 2025, the FTA opened the application window for $2,148 competitive grants under two key transit-oriented programs $2,206 10% A Dedic
Slide 23: Book-to-Bill Recovery Continues Above 100%
Book-to-Bill Recovery Continues Above 100% Book-to-Bill1 and Option Conversion1 (2014 – Q2 2025) 2018-2019: Declines driven by ZEB order timing/trials 133.9% 128.2% Bid volume driving order increase 2020-2021 FAST Act expiry and impact of the pandemic 121.4% 119.9% 111.4% 115.1% 113.0% 105.6% 95.8%
Slide 24: 2025 Guidance Unchanged
2025 Guidance Unchanged Revenue ($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 12.9% 10.4% 6.5% 7.0% (2.8%) 2.6% 6.8% $4,200 $326 $331 $360 $3,172 $3,122 $2,685 $3,800 $2,519 $2,419 $2,344 $158 $164 $214 $2,054
Slide 25: Macro Environment – Tariffs
Macro Environment – Tariffs Incurred costs related to tariffs on the imports of steel and aluminum into the U.S., and tariffs associated with imports of certain goods from outside of North America used in Canadian and U.S. manufacturing, and aftermarket. Monitoring the impacts of tariffs and updatin
Slide 26: Recap
Recap Strong momentum in H1 2025 and greater capital visibility following refinancing Backlog of $13.5B, firm orders very strong for 2025 and 2026 Second highest quarterly ZEB deliveries in company history during Q2 2025 Aftermarket H1 experienced volume headwinds, remains a strong contributor with
Slide 27: Appendix
Appendix We Move People
Slide 28: 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 29: Increasing Production Rates
Increasing Production Rates 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 1,054 1,017 1,032 990 962 929 819 813 858 832 796 $88 589 714 $88 $80 $77 $107 $166 $84 $103 $
Slide 30: Non-IFRS Reconciliation: 2025 Q2
Non-IFRS Reconciliation: 2025 Q2 Reconciliation of IFRS to non-IFRS In '000 June 30, 2025 June 30, 2024 Net Earnings (Loss) ($M) Net Sales $ 868,170 $ 851,233 Net Earnings (Loss) $ (160,773) $ 2,547 2024 Q2 $2.5 $0.02 per share % of net sales -18.5% 0.3% Adjustment, Gross 2025 Q2 ($160.8) ($1.35) pe
Slide 31: 2025 Q2: Income Statement, Cash Flow, Liquidity
2025 Q2: Income Statement, Cash Flow, Liquidity 2025 Q2 Performance 2025 Q2 Free Cash Flow 1 & Liquidity1 2025 Q2 2024 Q2 Sales $868.2M $851.2M 8.2% 7.0% ROS ROS $70.8 Adjusted $59.4 EBITDA ($M)1 EPS (reported) ($1.35) $0.02 EPS (Adjusted) 1 $0.09 $0.03 Adjusted 2025 Q2 Revenue EBITDA1 Manufacturing
Slide 32: NFI Quarterly Adjusted EBITDA
NFI Quarterly Adjusted EBITDA NFI Segment Quarterly Adjusted EBITDA1 $M Manufacturing Aftermarket $53 $38 $35$33 $32 $34$35 $34 $33 $33 $30 $30 $30 $31 $25 $26 $25 $21 $23 $22 $23 $18 $17 $11 $2 ($2) ($8) ($16) ($14) ($23) ($31) ($40) ($37) ($42) 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022
Slide 33: 2025 First Lien Credit Facility Covenants
2025 First Lien Credit Facility Covenants New First Lien Covenants Total Leverage Ratio and Forward Covenant1 Period Total Leverage Senior Secured Interest Coverage Ratio Leverage Ratio Ratio (“TLR”)1 (“SSLR”)2 (“ICR”)3 14.10x Q2 2025 < 4.75x =< 3.00x > 1.25x Q3 2025 < 4.75x =< 3.00x > 1.50x Q4 2025
Slide 34: 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 35: Key Financial Definitions
Key Financial Definitions Non-IFRS Measures – see NON-IFRS AND OTHER FINANCIAL MEASURES section of the MD&A Dated March 13, 2025 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 36: Credit Agreement Covenant Definitions
Credit Agreement Covenant Definitions TLR is calculated as aggregate indebtedness of the Company, not including the Company’s 5.0% convertible debentures and certa in non-financial products, but including the First Lien Facility, senior unsecured and second lien indebtedness, less unrestricted cash
Slide 37: We Move People