Mr. Stephen King reports

NFI SUBSIDIARY NEW FLYER SECURES TWO MARYLAND TRANSIT ADMINISTRATION ORDERS FOR A TOTAL OF 117 LOW- AND ZERO-EMISSION XCELSIOR® BUSES

NFI Group Inc. subsidiary New Flyer of America Inc. has received new firm orders from the Maryland Transit Administration (the agency) for a total of 117 buses (127 equivalent units or EUs). These awards consist of:

• 50 Xcelsior 40-foot hybrid-electric buses (50 EUs) and 20 Xcelsior Charge NG 40-foot battery-electric buses (20 EUs) awarded in the fourth quarter of 2024;
• An additional 37 Xcelsior 40-foot hybrid-electric buses (37 EUs), and 10 Xcelsior Charge NG 60-foot battery-electric buses (20 EUs) awarded in the first quarter of 2025.

The combination of orders further solidifies New Flyer's role in delivering sustainable, high performance transit solutions to one of the nation's leading transit agencies.

"NFI and its subsidiaries have delivered over 1,200 buses to the agency over the past 30 years," said Chris Stoddart, president, North American bus and coach, NFI. "The combination of hybrid and battery-electric buses offers a seamless implementation process, an opportunity to significantly reduce emissions in the short term, and a scalable pathway to achieving their sustainability goals. Additionally, all models are built on our proven Xcelsior platform and feature a high degree of commonality in parts and service operations, ensuring efficiency and reliability across their fleet."

The Maryland Transit Authority plays a critical role in operating a range of transportation services in the metropolitan Baltimore region while also directing funding and providing statewide support to locally operated transit systems across Maryland. Through its local bus services (CityLink, LocalLink, QuickLink and Express BusLink) the agency delivers more than 75 million passenger trips annually, serving as a cornerstone of Maryland's transit infrastructure.

NFI is a leader in zero-emission mobility, with electric vehicles operating (or on order) in more than 150 cities in six countries. NFI offers the widest range of zero-emission battery and fuel cell-electric buses and coaches, and its vehicles have completed over 240 million EV (electric vehicle) service miles.

About NFI Group Inc.

Leveraging 450 years of combined experience, NFI is leading the electrification of mass mobility around the world. With 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 over 9,000 team members in 10 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 Ltd. (single-deck 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 (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 under the symbol NFI and its convertible unsecured debentures trade on the TSX under the symbol NFI.DB.

About New Flyer of America Inc.

New Flyer is North America's heavy-duty transit bus leader and offers the most advanced product line under the Xcelsior and Xcelsior Charge brands. It also offers infrastructure development through NFI Infrastructure Solutions, a service dedicated to providing safe, sustainable and reliable charging and mobility solutions. New Flyer actively supports over 35,000 heavy-duty transit buses (New Flyer, NABI and Orion) currently in service, of which 8,600 are powered by electric motors and battery propulsion and 1,900 are zero emission.

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