NFI Group (NFI) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with a territorial acknowledgment and recognition of Indigenous peoples' contributions.

• Outlined meeting logistics for both in-person and virtual attendees, including voting and Q&A procedures.

• Introduced board members and executive team present.

• Meeting commenced with opening remarks, followed by formal voting, business presentation, Q&A, and closing statements.

Financial performance review

• Achieved record revenue and adjusted EBITDA in 2025, with strong performance in the low-floor cutaway and New Flyer businesses.

• Maintained a robust backlog exceeding CAD 13 billion, providing long-term visibility.

• Reported a 37% year-over-year increase in profitability and strengthened the balance sheet.

• Provided 2026 guidance: revenue CAD 3.9–4.2 billion, adjusted EBITDA CAD 370–410 million, CapEx CAD 50–60 million.

• Completed refinancing in 2025, including a new $700M first lien facility and $600M second lien notes, improving liquidity to over $350M; leverage ratios at 1.21x senior secured and 4.90x total net debt.

Board and executive committee updates

• Executed a multi-year board renewal strategy, with two retirements (Larry Edwards and Katherine S. Winter) and two new independent directors (Daniel Barclay and John Scannell) appointed in 2026, both bringing over 30 years of industry experience.

• Leadership transition with John Sapp appointed as President & CEO and a new president for the MCI business.