NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES WINNIPEG, Manitoba, May 30, 2025 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. (“NFI” or the “Company”), a leader in propulsion agnostic bus and coach mobility solutions, today announced that its subsidiary, New Flyer Holdings, Inc. (the “Issuer”), has entered into a binding purchase agreement with a syndicate of initial purchasers and priced its previously announced private offering of senior secu ...

Core Viewpoint - NFI Group Inc. announced a private offering of $600 million in second lien senior secured notes to repay existing indebtedness and related expenses [1][2]. Group 1: Offering Details - The offering will consist of $600 million in aggregate principal amount of second lien senior secured notes [1]. - The net proceeds will be used to repay certain indebtedness under existing credit facilities, including a portion of the $180 million second lien credit facility [2]. - The notes will be fully guaranteed by NFI and its subsidiaries on a senior second lien basis [3]. Group 2: Credit Facility Adjustments - Upon completion of the notes offering, the existing first lien senior credit facility will be extended to May 7, 2029, with maximum commitments reduced to $700 million [4]. - The minimum liquidity covenant of $50 million under the first lien senior credit facility will no longer apply [4]. Group 3: Company Overview - NFI is a leader in propulsion-agnostic bus and coach mobility solutions, offering a wide range of sustainable drive systems [7][8]. - The company employs nearly 9,000 team members across ten countries and supports an installed base of over 100,000 buses and coaches globally [8].

Core Viewpoint - NFI Group Inc. successfully elected ten nominees to its Board of Directors during the annual and special meeting of shareholders held on May 9, 2025, reflecting strong shareholder support for the management team [1][2]. Group 1: Election Results - Aziz Aghili received 87,281,414 votes, representing 99.07% in favor, with 820,823 votes withheld [2]. - Larry Edwards garnered 86,510,766 votes, or 98.19% support, with 1,591,471 votes withheld [2]. - Adam Gray had 80,511,713 votes, equating to 91.38% in favor, with 7,590,524 votes withheld [2]. - Paulo Cezar da Silva Nunes received 87,196,294 votes, or 98.97% support, with 905,943 votes withheld [2]. - Anne Marie O'Donovan achieved 87,134,115 votes, representing 98.90% in favor, with 968,122 votes withheld [2]. - Colin Robertson received 87,144,256 votes, equating to 98.91% support, with 957,981 votes withheld [2]. - Maryse Saint-Laurent garnered 87,247,607 votes, or 99.03% in favor, with 854,630 votes withheld [2]. - Paul Soubry achieved 87,158,525 votes, representing 98.93% support, with 943,712 votes withheld [2]. - Jannet Walker-Ford received 87,320,307 votes, equating to 99.11% in favor, with 781,930 votes withheld [2]. - Katherine Winter garnered 87,332,026 votes, or 99.13% support, with 770,211 votes withheld [2]. Group 2: Company Overview - NFI Group Inc. is a leader in propulsion-agnostic bus and coach mobility solutions, offering a wide range of sustainable drive systems including zero-emission electric, natural gas, electric hybrid, and clean diesel [3][4]. - The company employs nearly 9,000 team members across ten countries and supports an installed base of over 100,000 buses and coaches globally [4]. - 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 [4].

Core Insights - NFI Group Inc. reported a record backlog of $13.7 billion and significant improvements in revenue, adjusted EBITDA, and return on invested capital (ROIC) for Q1 2025, reaffirming its guidance for 2025 [1][4][20] Financial Performance - Deliveries for Q1 2025 totaled 1,028 equivalent units (EUs), a decrease of 9% year-over-year, while total deliveries over the last twelve months (LTM) increased by 3% to 4,448 EUs [3] - Revenue reached $841.4 million, reflecting a 16% increase compared to Q1 2024, with a gross margin of $94.0 million, up 36.3% year-over-year [3][6] - The company reported a net loss of $6.5 million, an improvement of 31% from the previous year, with adjusted net earnings of $2.9 million, a 119% increase year-over-year [3][6] - Adjusted EBITDA for Q1 2025 was $62.7 million, an increase of 84% year-over-year, while free cash flow improved to $4.4 million, a 121% increase [3][6] Operational Highlights - The company achieved the highest zero-emission bus deliveries in its history, with 33.9% of total deliveries being battery- and fuel cell-electric buses [4][6] - NFI added over 2,500 EUs to its backlog during the quarter, indicating strong demand in North American markets [4][6] - The total liquidity position at the end of Q1 2025 was $127.9 million, with a new $845 million credit agreement entered into in May 2025 to support liquidity growth [6][13] Market Outlook - Management anticipates improvements in revenue, gross profit, net earnings, adjusted EBITDA, free cash flow, and ROIC as the company executes its backlog and increases production of buses and coaches [14][20] - The company is well-positioned to meet growing demand for low and zero-emission buses and coaches, supported by its broad offering of propulsion-agnostic solutions [15][19] - NFI's UK and international business has faced slower demand compared to North America, prompting a review of production and overhead costs [16] Challenges and Responses - NFI continues to navigate seat supply disruptions affecting its North American transit business, maintaining lower production rates and working closely with suppliers to recover [17][18] - The company has seen improvements in overall supplier health, with a significant decline in high-risk suppliers, although challenges remain in seat supply performance [19] - NFI is taking actions to mitigate the impacts of U.S. and Canadian tariffs, leveraging localized production and regionalized service networks [21][22]

New agreement replaces existing first lien senior facilities and enhances NFI's flexibility to execute on record backlogWINNIPEG, Manitoba, May 07, 2025 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. (NFI), a leader in propulsion-agnostic bus and coach mobility solutions, today announced that it and certain of its subsidiaries (collectively, the Company) have entered into a new revolving credit facility (the First Lien Facility) with a total borrowing limit of $845 million, which inc ...

Core Viewpoint - NFI Group Inc. has appointed Colin Robertson as the new Chair of the Board, succeeding Chan Galbato, who has stepped down to pursue other opportunities [1][4]. Group 1: Leadership Changes - Colin Robertson, previously Vice Chair, has been appointed as Chair of the Board, bringing over 30 years of global manufacturing and leadership experience [1][3]. - Chan Galbato has stepped down from the Board, and his nomination has been removed from the upcoming shareholder meeting [4]. Group 2: Company Overview - NFI Group Inc. is a leader in propulsion-agnostic bus and coach mobility solutions, offering a wide range of sustainable drive systems, including electric and natural gas options [5][6]. - The company employs nearly 9,000 team members across ten countries and supports an installed base of over 100,000 buses and coaches globally [6].

Core Viewpoint - NFI Group Inc. has secured two firm orders from Durham Region Transit, including seven battery-electric buses and 36 clean-diesel buses, emphasizing its commitment to sustainable transit solutions in Canada [1][3]. Company Overview - NFI Group Inc. is a leading independent bus and coach manufacturer, specializing in zero-emission electric mass mobility solutions [1][8]. - New Flyer Industries Canada ULC, a subsidiary of NFI, has been a trusted partner to DRT since 1988, focusing on safe and reliable public transit solutions [3]. Orders and Manufacturing Initiatives - The orders from DRT include seven Xcelsior CHARGE NG™ 40-foot battery-electric buses and 36 Xcelsior 40-foot clean-diesel buses, enhancing DRT's fleet [1][7]. - The Xcelsior CHARGE NG buses will be among the first manufactured under New Flyer's All-Canadian Build initiative, which aims to increase production capacity by up to 240 equivalent units annually and create 250 new green jobs in Manitoba [4]. Technological Advancements - The Xcelsior CHARGE NG bus features high-energy batteries, advanced protective battery packaging, and a lightweight electric traction drive system with up to 90% energy recovery [5]. Industry Position - NFI leads the electrification of mass mobility globally, offering a wide range of sustainable drive systems, including zero-emission electric, natural gas, electric hybrid, and clean diesel [8][9]. - NFI supports an installed base of over 100,000 buses and coaches worldwide, with a workforce of over 9,100 team members across ten countries [9].