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Investor Relations14 Oct 2025
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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.Q2 2025 earnings summary1 Aug, 2025
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.
Assess UK cost reduction actions impact.
Explain the nature of seat supply issues.
Detail tariff impact on private coach demand.
What actions address Alexander Dennis' cost?
When will NFI likely reach leverage of 1.5x-2.5x?
Describe the tariff impact on NFI.
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Next NFI Group earnings date
Q3 20257 Nov, 2025
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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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