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NFI Group (NFI) investor relations material
NFI Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Revenue increased 23.7% year-over-year to $879.9M in Q3 2025, with adjusted EBITDA up 52.1% to $80.9M, but a $229.9M battery recall provision led to a reported net loss of $140.9M.
Backlog stands at $13.2B (15,606 equivalent units), with a 108.5% LTM book-to-bill ratio and a 71.8% option conversion rate, reflecting robust demand and pricing power.
Liquidity improved to $386M, up 169% year-over-year, with working capital days reduced to 49.
Supply chain health improved, aided by a joint venture to stabilize seat supply, though some disruptions persist.
ZEB deliveries remain strong, with 27.6% of Q3 units and 35.1% of backlog being zero-emission buses.
Financial highlights
Gross loss of $114.3M in Q3, primarily due to the battery recall; excluding this, gross profit would have been $115.6M (13.1% margin).
Free cash flow was $14.8M, up from $2.0M in Q3 2024, and net cash from operating activities was $83.9M.
Manufacturing segment adjusted EBITDA increased by 209% year-over-year to $53.4M, driven by higher deliveries and improved pricing.
Aftermarket segment adjusted EBITDA declined 17.5% year-over-year to $28.3M, impacted by sales mix and tariffs.
ROIC improved to 9.1%, up 380 basis points from Q3 2024.
Outlook and guidance
Revenue guidance for 2025 tightened to $3.5–$3.7B, with adjusted EBITDA expected between $320–$340M and ROIC targeted at 9%.
Q4 expected to deliver the highest quarterly adjusted EBITDA in company history, supported by higher deliveries and improved sales mix.
ZEBs expected to be about 35% of 2025 manufacturing sales.
CapEx projected at $26M–$50M, lower than initially expected, despite investments in new facilities.
Majority of 2026 public market production slots are filled, with strong visibility from firm orders and options.
How does NFI mitigate XALT exit risk for FCEBs?
What is the private coach market demand outlook?
How will WIP inventory be reduced by NFI?
XALT recall: update on cost recovery negotiations
2026 tariff impact on pricing and demand
American Seating JV: long-term strategic intent?
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Frequently asked questions
NFI Group Inc., manufactures and sells buses in North America, the United Kingdom, Europe, the Asia Pacific, and internationally. The company operates through two segments, Bus and Coach; and Motorcoach. It provides low floor transit buses and commuter coaches under the New Flyer brand; mid-sized transit buses under the ARBOC brand; heavy-duty transit buses under the MCI brand; and motorcoaches for charter and tour applications under the Prevost brand. NFI Group Inc.'s buses range from 18 to 60 feet in length.
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