Washington Metro continues to modernize its fleet with New Flyer hybrid and battery-electric buses ST. CLOUD, Minn., Feb. 10, 2026 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) New Flyer of America Inc. (New Flyer), a leader in the transit industry and a subsidiary of NFI Group Inc. (NFI), today announced that Washington Metropolitan Area Transit Authority (“Metro”) has exercised options for 75 Xcelsior® hybrid-electric forty-foot transit buses and 25 Xcelsior CHARGE NG™ battery-electric forty-f ...

Core Viewpoint - New Flyer of America Inc. has received an order from the Regional Transportation Commission of Southern Nevada for 19 sixty-foot and 31 forty-foot Xcelsior compressed natural gas buses, valued at approximately $56 million, which will enhance sustainable transit solutions for the region's 64 million annual riders [2][3]. Group 1: Company Overview - New Flyer is a leading provider of diverse and sustainable mobility solutions and a subsidiary of NFI Group Inc. [2] - The company has over 450 years of combined experience and offers a wide range of propulsion-agnostic bus and coach platforms, including electric models [5]. - NFI supports an installed base of over 100,000 buses and coaches globally, with a focus on sustainable drive systems [6]. Group 2: Contract Details - The order for the buses is part of two five-year contracts with RTC, supported by local and Federal Transit Administration funds, and complies with Buy America requirements [3]. - The low-emission buses will replace end-of-life vehicles, ensuring efficient, safe, clean, and sustainable transit [3]. Group 3: Partnership and Impact - New Flyer and RTC have partnered for over three decades, delivering more than 900 buses, with over 500 utilizing low-emission CNG propulsion [4]. - RTC's mission includes promoting sustainability, improving air quality, enhancing mobility, and elevating the quality of life in Southern Nevada [4]. Group 4: Product Features - Xcelsior CNG buses offer an extended range of 350-400 miles, making them suitable for the demands of Southern Nevada commuters [4]. - New Flyer actively supports over 35,000 heavy-duty transit buses currently in service, with a significant portion powered by electric motors and battery propulsion [8].

Core Insights - NFI Group Inc. has received an order for 375 Xcelsior 40-foot clean-diesel transit buses from New Jersey Transit Corporation, part of a larger fleet replacement program [3][4] - The original contract included a base order of 550 buses with options for an additional 750 units, now fully completed [4] - The new buses are designed to enhance safety, accessibility, and reliability for NJ TRANSIT, supporting the modernization of its fleet by 2031 [5][6] Company Overview - NFI Group is a leader in bus and coach mobility solutions, with a focus on clean-diesel and electric buses, and operates under various brands including New Flyer and MCI [10][12] - The company supports over 100,000 buses and coaches globally, emphasizing sustainable transportation solutions [10] - NFI's Vehicle Innovation Center has hosted over 590 events since its opening in 2017, focusing on advancing bus technology and workforce development [8] Industry Context - NJ TRANSIT is the largest statewide transit system in the U.S., providing essential transportation services to hundreds of thousands of daily riders [6] - The investment in new buses is part of a broader strategy to modernize public transit infrastructure, improving service reliability and community connectivity [6][7] - The partnership with New Flyer reinforces the importance of domestic manufacturing and job security in the public transit sector [7]

Core Viewpoint - NFI Group Inc. is set to release its fourth quarter 2025 financial results on March 11, 2026, with a subsequent conference call on March 12, 2026, to discuss the results [1]. Group 1: Financial Results Announcement - The fourth quarter 2025 financial results will be announced after market close on March 11, 2026 [1]. - A conference call and webcast to discuss the results will take place on March 12, 2026, at 8:30 a.m. Eastern Time [1]. Group 2: Webcast and Call Details - Attendees can join the conference call via webcast without registration, and a results presentation will be available [2]. - For those wishing to join by phone, pre-registration is required to receive call-in details [3]. - A replay of the call will be accessible from March 12, 2026, until March 12, 2027 [4]. Group 3: Company Overview - NFI Group Inc. is a leader in bus and coach mobility solutions, offering a wide range of propulsion-agnostic bus and coach platforms, including electric models [5]. - The company employs over 9,000 team members across ten countries and supports an installed base of over 100,000 buses and coaches globally [6]. - NFI provides various sustainable drive systems, including zero-emission electric, natural gas, electric hybrid, and clean diesel [6].

Core Viewpoint - NFI Group Inc. has amended its Investment Agreement with Coliseum Capital Management, allowing Coliseum to increase its ownership stake in NFI up to 25% from the previous 20% [1][2] Group 1: Investment Agreement Details - The Amended Agreement grants Coliseum the flexibility to raise its total ownership to a maximum of 25% of NFI's issued and outstanding common shares, with the flexibility expiring no later than December 31, 2026 [2] - Coliseum currently owns approximately 19.9% of NFI's shares, equating to 23,742,937 shares [2] - NFI will not issue new shares or receive proceeds from any increase in Coliseum's investment, as purchases will be made from existing shareholders [2] Group 2: Voting and Support - Coliseum has agreed to vote any additional shares purchased above its current holdings in favor of management and Board recommendations, and against any other matters [3] - NFI's Board and management express appreciation for Coliseum's long-term partnership and support in driving shareholder value [4] Group 3: Company Overview - NFI is a leader in bus and coach mobility solutions, offering a range of propulsion-agnostic platforms, including electric models [5] - The company employs over 9,000 team members across ten countries and supports an installed base of over 100,000 buses and coaches globally [6] - NFI's common shares trade on the Toronto Stock Exchange under the symbol NFI, and its convertible unsecured debentures trade under the symbol NFI.DB [6]

Core Viewpoint - NFI Group Inc. has appointed John Sapp as the new President and CEO, succeeding Paul Soubry, who is retiring after 16 years, marking a significant leadership transition aimed at driving the company's next phase of growth and operational execution [2][3][5]. Leadership Transition - John Sapp will officially take over as President and CEO on January 1, 2026, and will also join the Board of Directors on the same day [6]. - Paul Soubry, who has been with NFI since 2009, will step down from the Board but will continue to support the company in an advisory role for the next year to ensure a smooth transition [6][7]. John Sapp's Background - John Sapp brings extensive experience from Eaton Corporation, where he was President of the Aerospace division, leading a global team of over 12,000 employees and achieving record revenue and operating profits in 2025 [3]. - His previous roles include Vice President and General Manager at Collins Aerospace and over 11 years at GE Aviation, showcasing a strong background in complex manufacturing and aftermarket services [3][4]. Company Performance and Strategy - Under Paul Soubry's leadership, NFI transformed into a market leader in bus and coach solutions, expanding into new markets and strengthening relationships with major transit agencies [5]. - NFI currently has a backlog of $13 billion, reflecting its strong market position and commitment to innovation and customer focus [7]. - The company emphasizes enhancing customer experience, improving operational performance, and driving growth as key focus areas under the new leadership [5]. Company Overview - NFI Group is a leading global manufacturer of mass mobility solutions, operating under various brands including New Flyer, MCI, and Alexander Dennis Limited [9]. - The company offers a wide range of propulsion agnostic bus and coach platforms, including electric models, and supports an installed base of over 100,000 buses and coaches worldwide [8][9].

Core Viewpoint - NFI Group Inc. has entered into a master settlement agreement with XALT Energy to address costs related to a battery recall, which is expected to enhance NFI's zero-emission bus capabilities and financial position [1][2][3] Financial Impact - The settlement includes cash payments, personnel transfers, and asset contributions, providing approximately 75% to 80% recovery against NFI's original $229 million provision for the recall [2][5] - NFI recorded a warranty provision expense of $229 million during Q3 2025 for the replacement of batteries on about 700 vehicles affected by the recall [5] - The cash payment from the settlement, expected by December 31, 2025, will increase NFI's total liquidity of $386 million by approximately 26% on a pro-forma basis [7] Operational Enhancements - The settlement will facilitate a smooth transition for the battery recall program and improve visibility in NFI's battery supply chain [3] - NFI plans to utilize XALT's inventory of new battery cells for a new electric bus battery offering in 2027, supporting its significant electric bus backlog [7] - The agreement includes the hiring of 21 personnel from XALT to oversee the recall and support NFI's electric bus operations [7] Future Outlook - NFI anticipates that cash outflows related to the battery replacement will occur over 18 to 24 months, with 35% to 45% of expenses (approximately $70 to $90 million) expected in 2026 [8] - The settlement will be reflected in NFI's fourth quarter financial results, improving quarterly net earnings and total liquidity [6][8]

Core Insights - NFI Group Inc.'s subsidiary, New Flyer Industries Canada ULC, received an order from OC Transpo for 50 clean-diesel buses valued at approximately $75 million CAD, which will enhance transit reliability in Ottawa [2][3] Group 1: Company Developments - The order will replace aging buses and is part of a Metrolinx contract, adding 100 equivalent units to New Flyer's Q2 backlog [2] - This marks the fourth order from OC Transpo in two years, indicating a strong partnership and commitment to modernizing the fleet with high-capacity buses [3] - NFI's mobility solution ecosystem includes buses, infrastructure, parts, technology, and workforce development, showcasing its comprehensive approach to mass mobility [5] Group 2: Industry Context - OC Transpo operates an integrated transit system in Ottawa, facilitating nearly 100 million customer trips annually, highlighting the demand for reliable transit solutions [4] - NFI is positioned as a leader in the electrification of mass mobility, offering a wide range of sustainable drive systems, including zero-emission options [6][7] - New Flyer supports over 35,000 heavy-duty transit buses in service, with a significant portion powered by electric and zero-emission technologies, reflecting the industry's shift towards sustainability [9]

Core Insights - NFI Group Inc. reported significant improvements in deliveries, revenue, free cash flow, adjusted EBITDA, and liquidity, with a total backlog of $13.2 billion [1][5][15]. Financial Performance - Deliveries reached 1,114 equivalent units (EUs), a 12.1% increase from 994 EUs in Q3 2024 [3][5]. - Revenue for Q3 2025 was $879.9 million, representing a 23.7% year-over-year increase from $711.3 million in Q3 2024 [3][5]. - The company recorded a net loss of $140.9 million, compared to a net loss of $15.0 million in Q3 2024, primarily due to warranty provisions related to a battery recall [3][5]. - Adjusted EBITDA increased by 52.1% year-over-year to $80.9 million [3][5]. - Free cash flow was $14.8 million, up from $2.0 million in Q3 2024 [3][5]. Operational Highlights - The backlog increased by 7.0% year-over-year, with 5,774 firm EUs and 9,832 EUs as options, indicating strong future demand [5][15]. - The company’s liquidity improved significantly to $386.0 million, a 169.0% increase from Q3 2024 [5][15]. - Return on Invested Capital (ROIC) rose to 9.1%, up from 5.3% in Q3 2024 [5][15]. Market and Strategic Outlook - NFI's strategy focuses on providing a broad range of propulsion-agnostic buses and coaches, positioning the company well to meet diverse customer needs [15][16]. - The company anticipates continued revenue and margin growth, expecting to achieve its highest quarterly adjusted EBITDA performance in Q4 2025 [15][21]. - Management has narrowed its 2025 guidance, reflecting year-to-date performance and expected fourth-quarter results [19][20]. Challenges and Risks - The company initiated a voluntary recall affecting approximately 700 battery-electric buses, leading to a warranty provision of $229.9 million for full battery replacements [7][8]. - Tariff impacts on imports of steel and aluminum are being actively managed, with a new 10% tariff on buses and coaches expected to affect pricing [24][25].

Core Points - NFI Group Inc. has been awarded the Employer of the Year - Large Business by the Alabama Governor's Committee on Employment of People with Disabilities, recognizing its commitment to accessibility and support for employees with disabilities [1][4] - The award highlights New Flyer's efforts in promoting disability employment and building a culture of diversity and inclusion within the company [3][4] Company Overview - NFI Group Inc. is a leader in propulsion-agnostic bus and coach mobility solutions, with a focus on sustainable transportation through low- and zero-emission buses and coaches [5][6] - The company operates under various brands, including New Flyer, MCI, Alexander Dennis Limited, ARBOC, and NFI Parts, and supports an installed base of over 100,000 buses and coaches globally [6][8] - New Flyer is recognized as North America's heavy-duty transit bus leader, offering advanced product lines and infrastructure development services [8]