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NFI Group (NFI) investor relations material
NFI Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved strong year-over-year financial improvements, with record ZEB deliveries, robust demand, and a $13.5B backlog supporting momentum into 2025 and 2026.
Completed $1.3B refinancing, significantly increasing liquidity to $326.7M and improving capital structure.
UK market faced competitive headwinds, prompting restructuring at Alexander Dennis and a formal consultation process.
Supply chain health improved, with only one high-risk supplier remaining and new seat suppliers diversifying risk.
Macro environment remains fluid due to tariffs, evolving U.S. policy, and inflationary pressures.
Financial highlights
Q2 2025 sales reached $868.2M, up 2% year-over-year, with gross margin at 13.4%.
Adjusted EBITDA increased 19% year-over-year to $70.8M; adjusted net earnings improved by $7.6M to $10.7M.
Free cash flow for Q2 was $15.7M, up from $1.1M in Q2 2024.
Net loss of $160.8M due to $167.6M in non-recurring items, including refinancing, impairments, and restructuring.
Total liquidity reached $326.7M, driven by refinancing activities.
Outlook and guidance
2025 guidance reaffirmed: revenue of $3.8B–$4.2B, adjusted EBITDA of $320M–$360M, and ROIC of 9–12%.
ZEBS expected to comprise 35–40% of manufacturing sales in 2025.
Management expects continued growth in revenue, gross profit, adjusted EBITDA, free cash flow, and net earnings into 2026.
Approximately 60% of annual adjusted EBITDA expected in the second half of 2025.
Targeting total leverage ratio of 1.5–2.5x, with achievement expected in 2026.
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