Improvements in Revenue, Gross Margin, Adjusted EBITDA1 and Liquidity with a total backlog of $13.5 billion WINNIPEG, Manitoba, July 31, 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 its unaudited interim condensed consolidated financial results for the second quarter of 2025. All figures quoted in U.S. dollars unless otherwise noted. Second Quarter Highlights Key financi ...

CEO Comments "The second quarter was a busy period across NFI as we strengthened our balance sheet and continued to execute on operational objectives to drive margin growth," said Paul Soubry, President and Chief Executive Officer, NFI. "Completing our refinancing leaves us well positioned to deliver on our multi-year backlog, increase cash flow generation and lower total leverage." "We're encouraged by the improvements we're seeing across our North American supply chain, including a new seat supplier comin ...

Core Insights - NFI Group Inc. has secured a second order from Metrolinx for 97 additional 45-foot D45 CRT diesel commuter coaches, expanding its partnership and reinforcing its leadership in North America's commuter coach sector [2][3] - The total commitment from Metrolinx now stands at 177 MCI coaches, aimed at enhancing transportation in the Greater Toronto and Hamilton Area [3] - MCI's coaches are recognized for their safety, durability, and passenger experience, supporting Metrolinx's goals of improving regional transit access and rider satisfaction [4] 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 [5][6] - The company operates under various brands, including New Flyer, MCI, and Alexander Dennis Limited, and supports an installed base of over 100,000 buses and coaches globally [6] - MCI is recognized as North America's public and private market motor coach leader, providing a range of products including luxury and zero-emission coaches, along with maintenance and training services [8]

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]