Canada · Delayed Price · Currency is CAD NFI Group Earnings Call Transcripts
Fiscal Year 2026
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Record financial results and a CAD 13B+ backlog highlighted the year, with all shareholder motions passed. Board renewal and leadership transitions were completed, and strategic investments in new products and facilities support future growth.
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Q1 saw strong revenue, margin, and EBITDA growth, driven by backlog conversion and operational improvements. Guidance for 2026 is reaffirmed, with robust demand, stable backlog, and ongoing deleveraging. Tariff and supply chain risks are managed, and restructuring in the U.K. is expected to improve margins.
Fiscal Year 2025
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Record Q4 and full-year results driven by strong backlog, improved margins, and operational execution. 2026 guidance anticipates continued growth, with focus on production ramp-up, cost management, and deleveraging, despite supply chain and tariff headwinds.
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Adjusted EBITDA rose 52% year-over-year, with strong backlog and liquidity gains. A $229.9M battery recall provision impacted reported results, but guidance for 2025 remains robust, with Q4 expected to set a record for adjusted EBITDA. Majority of 2026 production slots are already filled.
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Strong year-over-year financial improvement driven by robust demand, record backlog, and improved supply chain health. Liquidity increased following refinancing, while guidance for 2025 is reaffirmed despite ongoing U.K. market and tariff risks.
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The meeting highlighted strong financial recovery, a record $13.8B backlog, and board renewal with new directors. All motions, including director elections and compensation, passed. Strategic initiatives include Project True North and expanded electric vehicle offerings, while challenges such as supply chain and contract reforms were addressed.
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Q1 2025 saw strong year-over-year financial improvement, record backlog, and highest-ever zero-emission bus deliveries. Guidance for 2025 is reaffirmed, with ongoing supply chain and tariff risks being actively managed. U.K. market remains challenging, but North American demand is robust.
Fiscal Year 2024
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Achieved record orders, backlog, and strong financial recovery in 2024, with robust demand and improved margins despite supply chain disruptions. 2025 guidance projects continued growth, though risks from tariffs and funding changes remain.
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Q3 saw strong year-over-year financial improvement, with adjusted EBITDA up 375% and a record $12B backlog, despite supply chain disruptions from a key seat supplier impacting deliveries and guidance. Leverage ratios improved, and robust demand for zero-emission buses supports a positive 2025 outlook.
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Year-over-year financial performance improved with positive net earnings, strong revenue and EBITDA growth, and record aftermarket results. Backlog value and ZEB share increased, while supply chain and labor risks are being actively managed. Guidance for 2024 and 2025 remains strong.