NFI Group (NFI) AGM 2025 summary

Opening remarks and agenda

• The meeting opened with a welcome, territorial acknowledgment, and an outline of the agenda, including a Q&A session at the end of management presentations.

• Both in-person and virtual participation were facilitated, with clear instructions for voting and submitting questions.

• Meeting commenced with opening remarks, followed by formal voting, a business presentation, a Q&A session, and closing remarks scheduled for May 9, 2025.

Board and executive committee updates

• Colin Robertson was introduced as the new Chair, highlighting board renewal with retirements and new appointments to reflect current market needs.

• Krystyna Hoeg retired after 11 years of service; Maryse Saint-Laurent and Aziz Aghili joined as independent directors, bringing expertise in governance, capital markets, manufacturing, and global supply chain.

• The board renewal strategy aims to bring diverse skills and experience aligned with the company’s growth and sustainability goals.

• Election of directors included a diverse slate with backgrounds in finance, operations, and governance.

Financial performance review

• 2024 saw significant improvements in deliveries and financial results, with a record backlog of nearly $13.8 billion and a strong aftermarket segment.

• Achieved record new orders in 2024, totaling 9,489 equivalent units.

• Demonstrated significant financial recovery, with manufacturing improvements of $112M in 2023 and $141M in 2024.

• Revenue guidance for 2025 is $3.8–$4.2 billion, with Adjusted EBITDA guidance of $320–$360 million.

• CapEx for 2025 is expected to be $50–$60 million, supported by a new credit agreement.