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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.
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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.

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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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