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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 EUs), with a 108.5% LTM book-to-bill ratio and a 71.8% option conversion rate, reflecting robust demand and strong government funding.
Liquidity improved to $386M, up 169% year-over-year, supported by new credit facilities and working capital improvements.
Supply chain health improved, aided by a joint venture to stabilize seat supply, though some disruptions persist.
Financial highlights
Q3 2025 revenue was $879.9M, up from $711.3M in Q3 2024, with gross loss of $114.3M due to the recall; excluding this, gross profit would have been $115.6M (13.1% margin).
Adjusted EBITDA rose 52.1% year-over-year to $80.9M, with manufacturing segment adjusted EBITDA up 209% to $53.4M.
Free cash flow was $14.8M, and net cash from operating activities was $83.9M.
ROIC improved to 9.1%, up 380 basis points from Q3 2024.
Leverage ratio improved to 4.28x, with senior secured leverage at 0.89x.
Outlook and guidance
Revenue guidance for 2025 tightened to $3.5–$3.7B, with adjusted EBITDA expected between $320–$340M and ROIC at 9%.
Q4 expected to deliver the highest quarterly adjusted EBITDA in company history, supported by higher deliveries and improved sales mix.
Most 2025 vehicle sales are already produced or will be finalized in November, limiting tariff risk for the year.
Management expects continued improvement in revenue, gross profit, and cash flow into 2026, with most public market production slots filled.
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?
What is the expected net cash cost of battery recall?
Long-term strategy for American Seating ownership?
What is the unmitigated 2026 tariff impact?
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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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