NFI provides update for the third quarter of 2025
NFI Group (OTC: NFYEF), a leading bus and coach solutions provider, announced operational challenges in Q3 2025, including a significant battery recall affecting approximately 680 delivered buses. The company reported delivery delays shifting to Q4 2025, primarily due to the battery recall, zero-emission bus timing issues, and ongoing seat supply challenges.
Despite these setbacks, NFI maintains a strong backlog of $13.5 billion as of June 30, 2025, and expects Q4 to be a significant contributor to its 2025 financial performance. The company maintains its guidance to deliver approximately 60% of annual Adjusted EBITDA ($320-360 million) in H2 2025. NFI will record a material warranty provision in Q3 2025 related to the battery recall but maintains strong total liquidity of over $370 million.
NFI Group (OTC: NFYEF), fornitore leader di soluzioni per autobus e bus, ha annunciato sfide operative nel terzo trimestre 2025, tra cui un richiamo significativo delle batterie che interessa circa 680 autobus consegnati. Le consegne hanno subito ritardi e sono state riposizionate al quarto trimestre 2025, principalmente a causa del richiamo delle batterie, di problemi di tempistiche per i bus a zero emissioni e di continui problemi di fornitura dei sedili.
Nonostante questi ostacoli, NFI mantiene un robusto backlog di $13.5 miliardi al 30 giugno 2025 e si aspetta che il Q4 contribuisca in modo significativo alla performance finanziaria del 2025. L’azienda mantiene la guidance per consegnare circa 60% dell’EBITDA rettificato annuo ($320-360 milioni) nel secondo semestre 2025. NFI registrerà una significativa voce di garanzia nel Q3 2025 relativa al richiamo delle batterie, ma mantiene una liquidità totale solida superiore a $370 milioni.
NFI Group (OTC: NFYEF), un líder proveedor de soluciones para autobuses y autocares, anunció desafíos operativos en el tercer trimestre de 2025, entre ellos un importante retiro de baterías que afecta aproximadamente a 680 autobuses entregados. La empresa comunicó que las entregas se retrasaron y se moverán al cuarto trimestre de 2025, principalmente debido al retiro de baterías, a la gestión de la disponibilidad de autobuses de cero emisiones y a problemas continuos en el suministro de asientos.
A pesar de estos contratiempos, NFI mantiene un sólido backlog de $13.5 mil millones al 30 de junio de 2025 y espera que el cuarto trimestre contribuya de manera significativa al desempeño financiero de 2025. La compañía mantiene su guía para entregar aproximadamente el 60% del EBITDA ajustado anual ($320-360 millones) en la segunda mitad de 2025. NFI registrará una provisión de garantía sustancial en el Q3 2025 relacionada con el retiro de baterías, pero mantiene una liquidez total sólida de más de $370 millones.
NFI Group (OTC: NFYEF), 버스 및 코치 솔루션의 선두 공급 업체는 2025년 3분기에 배터리 리콜 등 운영상의 도전을 발표했습니다. 약 680대의 인도된 버스가 영향을 받습니다. 배터리 리콜, 순수전기 버스의 시기 문제, 좌석 공급 문제로 인해 배송 지연이 2025년 4분기로 이동했다고 보고했습니다.
그럼에도 불구하고 NFI는 2025년 6월 30일 기준으로 $13.500억의 강력한 백로그를 유지하고 있으며, 4분기가 2025년 재무 성과에 상당한 기여를 할 것으로 기대합니다. 회사는 2025년 연간 조정된 EBITDA의 약 60%를 2H 2025에 달성한다는 가이던스를 유지합니다 ($320-360백만). NFI는 배터리 리콜과 관련된 대규모 보증충당금을 2025년 3분기에 인식하겠지만, $370백만 이상의 총 유동성을 유지합니다.
NFI Group (OTC: NFYEF), fournisseur leader de solutions pour bus et autocars, a annoncé des défis opérationnels au cours du T3 2025, dont un rappel important de batteries touchant environ 680 bus livrés. L’entreprise a signalé que les livraisons seraient décalées au T4 2025, principalement en raison du rappel de batteries, de soucis de synchronisation des bus zéro émission et de difficultés continues liées à l’approvisionnement en sièges.
Malgré ces contretemps, NFI conserve un solide carnet de commandes s’élevant à $13.5 milliards au 30 juin 2025 et s’attend à ce que le T4 contribue de manière significative à la performance financière 2025. La société confirme son objectif de livrer environ 60% de l’EBITDA ajusté annuel ($320-360 millions) au S2 2025. NFI enregistrera une provision importante pour garantie au T3 2025 liée au rappel des batteries, tout en maintenant une liquidité totale robuste supérieure à $370 millions.
NFI Group (OTC: NFYEF), ein führender Anbieter von Bus- und Reisebuslösungen, meldete im dritten Quartal 2025 operationelle Herausforderungen, einschließlich eines bedeutenden Batterie-Rückrufs, der etwa 680 ausgelieferte Busse betrifft. Das Unternehmen berichtete Verzögerungen bei den Lieferungen, die voraussichtlich ins vierte Quartal 2025 verschoben werden, primär bedingt durch den Batterie-Rückruf, Verzögerungen bei emissionsfreien Bussen und anhaltende Sitzplatz-Lieferprobleme.
Trotz dieser Rückschläge behält NFI eine starke Auftragsreserve von $13.5 Milliarden zum 30. Juni 2025 bei und erwartet, dass das vierte Quartal einen signifikanten Beitrag zur finanziellen Leistung 2025 liefert. Das Unternehmen bestätigt seine Prognose, im zweiten Halbjahr 2025 rund 60% des jährlichen bereinigten EBITDA (€320-360 Millionen) zu liefern. NFI wird im dritten Quartal 2025 eine wesentliche Garantie-Rückstellung im Zusammenhang mit dem Batterie-Rückruf buchen, hält aber eine robuste Gesamtkash-Position von über $370 Millionen bei.
NFI Group (OTC: NFYEF)، مزود رائد لحلول الحافلات والحافلات السياحية، أعلن عن تحديات تشغيلية في الربع الثالث من 2025، بما في ذلك سحب بطاريات واسع النطاق يؤثر على نحو 680 حافلة مُسلَّمة. ذكرت الشركة أن عمليات التوريد تأخرت وتؤجل إلى الربع الرابع من 2025، ويرجع ذلك في المقام الأول إلى سحب البطاريات ومشاكل توقيت حافلات الصفر انبعاثاً ومشاكل مستمرة في إمداد المقاعد.
على الرغم من هذه الخلفيات، يحافظ NFI على سِجل عمل قوي قدره $13.5 مليار حتى 30 يونيو 2025 ويتوقع أن يسهم الربع الرابع بشكل كبير في الأداء المالي لعام 2025. تحافظ الشركة على توجيهها لتسليم نحو 60% من EBITDA المعدلة السنوية (320-360 مليون دولار) في النصف الثاني من 2025. ستسجل NFI مخصص ضمان مادي في الربع الثالث من 2025 متعلق بسحب البطاريات، لكنها تحافظ على سيولة إجمالية قوية تفوق $370 مليون.
NFI Group (OTC: NFYEF)，作为领先的巴士和客车解决方案提供商，宣布在2025年第三季度遇到运营挑战，其中包括影响约680辆交付巴士的重大电池召回。公司表示交付延迟将转移至2025年第四季度，主要原因是电池召回、零排放巴士时序问题以及座椅供应持续挑战。
尽管如此，NFI在2025年6月30日仍保持强劲的待售订单背书，达到$13.5亿美元，并预计第四季度将对2025年的财务表现做出重要贡献。公司维持其指引，即在2025年下半年实现约60%的年度经调整EBITDA（3.2-3.6亿美元）。NFI将在2025年第三季度确认与电池召回相关的大额保修准备金，但总流动性仍维持在超过$3.7亿美元的水平。
- Strong backlog of $13.5 billion showing robust market demand
- Total liquidity position remains strong at over $370 million
- Marked improvement in UK market demand expected to support backlog growth
- Successfully diversified seat supplier base to reduce supply chain risks
- Material warranty provision required for Q3 2025 due to battery recall affecting 680 vehicles
- Q3 2025 vehicle deliveries delayed to Q4 due to multiple operational challenges
- Ongoing seat supply chain challenges affecting production
- Battery recall may impact financial performance pending cost recovery from supplier
WINNIPEG, Manitoba, Sept. 26, 2025 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. (NFI or the Company) a leader in propulsion-agnostic bus and coach solutions, today provided an update on its deliveries and operations for the third quarter of 2025, including a battery recall filed with the National Highway Traffic Safety Administration and Transport Canada. All figures quoted in U.S. dollars unless otherwise noted.
Operational and Supply Chain Update
- Deliveries: Some of NFI’s planned third quarter vehicle deliveries have shifted into the fourth quarter of 2025. The majority of these delayed deliveries are from NFI’s firm backlog and are nearly complete for delivery to customers. These delays are related to the recently announced battery recall and delivery timing of certain other zero-emission buses, as well as ongoing seat supply challenges and timing of some private coach deliveries.
- Fourth Quarter Results: NFI expects the fourth quarter will be a strong contributor to overall 2025 financial results with significant year-over-year improvements in delivery volumes and financial performance metrics. This is in-line with the Company’s guidance to deliver approximately
60% of its annual Adjusted EBITDA1 of$320 million to$360 million in the second half of the year. - Backlog: NFI continues to have near-record levels of backlog (
$13.5 billion as of June 30, 2025) and strong market demand for its vehicles and services. The third quarter is typically a seasonally slower period for new awards in North American markets, followed by a busier fourth quarter. The Company is actively responding to numerous bids in all its markets and has seen a marked improvement in UK market demand that is expected to support backlog growth in that market into 2026. - Seat Supply: NFI continues to work closely with a challenged seat supplier on their recovery. NFI has diversified the sourcing of a significant number of seats from alternative suppliers who will represent a higher proportion of total bus seats in the fourth quarter of 2025.
- Battery Recall: NFI’s subsidiaries, New Flyer and MCI have issued a recall on certain vehicles equipped with battery modules from one of its suppliers. The recall impacts approximately 680 delivered buses (and a small number of motor coaches), and is expected to impact only 37 vehicles currently in production for planned delivery in 2025.
- Warranty Provision: NFI expects that the battery recall will result in a material warranty provision being recorded in NFI’s third quarter results. This provision is still being finalized as NFI is working closely with the supplier and independent experts to develop a permanent solution for the recall and on a cost recovery plan for the warranty campaign.
“Following a strong first half of 2025, where we continued to capitalize on our improved backlog to drive margin performance, we’ve experienced delivery delays in the third quarter that we expect to adversely impact our quarterly results,” said Paul Soubry, President and Chief Executive Office, NFI. “We expect that most of these essentially complete vehicles will be delivered in the fourth quarter driving significant volume growth and margin improvements as we end the year.
“We recently launched a recall for certain zero-emission bus models that include batteries from one of our suppliers, due to the potential of a cell short circuit or other cell fault. As the safety of our customers and their passengers remains a top priority, we felt it was necessary to issue this recall. We have provided immediate guidance to customers on interim safety measures, including actions to reduce battery stress and enhance monitoring, while we work with the supplier and our independent experts on developing a permanent solution,” Soubry added.
NFI expects to record a warranty provision in the third quarter of 2025 to reflect future costs associated with the recall and is working with the battery supplier on a cost recovery plan for the warranty campaign. NFI is confident that its strong Total Liquidity1 position of over
The recall primarily impacts buses in operation and is not expected to have a material impact on NFI’s remaining 2025 bus and coach deliveries or its current financial guidance.
NFI Third Quarter Results
NFI will provide more details regarding vehicle deliveries and the warranty charge in its third quarter 2025 financial results which will be released on November 6, 2025, after market close, with a conference call and webcast to discuss the results on November 7, 2025, at 8:30 a.m. (Eastern Time, ET).
About NFI
Leveraging 450 years of combined experience, NFI offers a wide range of propulsion agnostic bus and coach platforms, including market leading electric models. Through its low- and zero-emission buses and coaches, infrastructure, and technology, NFI meets today’s urban demands for scalable smart mobility solutions. Together, NFI is enabling more livable cities through connected, clean, and sustainable transportation.
With nearly 9,000 team members in ten countries, NFI is a leading global bus manufacturer of mass mobility solutions under the brands New Flyer® (heavy-duty transit buses), MCI® (motorcoaches), Alexander Dennis Limited (single- and double-deck buses), Plaxton (motorcoaches), ARBOC® (low-floor cutaway and medium-duty buses), and NFI Parts™. NFI currently offers the widest range of sustainable drive systems available, including zero-emission electric (referring to propulsion systems that do not utilize internal combustion engines, such as trolley, battery, and fuel cell), natural gas, electric hybrid, and clean diesel. In total, NFI supports its installed base of over 100,000 buses and coaches around the world. NFI’s common shares trade on the Toronto Stock Exchange (TSX) under the symbol NFI and its convertible unsecured debentures trade on the TSX under the symbol NFI.DB. News and information is available at www.nfigroup.com, www.newflyer.com, www.mcicoach.com, nfi.parts, www.alexander-dennis.com, arbocsv.com, and carfaircomposites.com.
Forward-Looking Statement
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws, which reflect the expectations of management regarding the Company’s future growth, financial performance and liquidity and the Company’s strategic initiatives, plans, business prospects and opportunities, including the impact of ongoing seat supply challenges, the battery recall program and plans to address them as well as expectations regarding financial guidance. The words “believes”, “views”, “anticipates”, “plans”, “expects”, “intends”, “projects”, “forecasts”, “estimates”, “guidance”, “goals”, “objectives”, “targets” and similar words or expressions of future events or conditional verbs such as “may”, “will”, “should”, “could”, “would” are intended to identify forward-looking statements. These forward-looking statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. By their very nature, forward-looking statements require management to make assumptions and involve significant risks and uncertainties, should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, assumptions, expectations or conclusions will not prove to be accurate. In particular, it is possible that the seat supply issues and battery recall program will have an impact on the Company that is significantly more adverse than is currently expected and that the Company’s financial guidance will not be achieved.
Specific reference is made to the factors described above in this press release and in the section entitled “Risk Factors” in the Company’s Annual Information Form for a discussion of the factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended or to occur or be achieved at all. The forward-looking statements and information contained herein are made as of the date of this press release (or as otherwise indicated) and, except as required by law, the Company does not undertake to update any forward-looking statement or information, whether written or oral, that may be made from time to time by the Company or on its behalf. The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers and investors should not place undue reliance on forward-looking statements and information.
For investor and media inquiries, please contact:
Stephen King
P: 204.792.1300
Stephen.King@nfigroup.com
Footnotes:
- Adjusted EBITDA, Adjusted Net Earnings represent non-IFRS measures; and Total Liquidity is a supplementary financial measure. Such measures are not defined terms under IFRS and do not have standard meanings, so they may not be a reliable way to compare NFI to other companies. Readers are advised to review NFI’s filings for additional details on these non-IFRS measures.
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