Mr. Paul Soubry reports

NFI ANNOUNCES UPDATES TO BOARD LEADERSHIP

NFI Group Inc. has appointed Colin Robertson, previously vice-chair of the board, as chair of the board, succeeding Chan Galbato, who has decided to step down from the board to pursue other opportunities. NFI vice chair Larry Edwards will assume the role of lead independent director.

"On behalf of the company, I would like to thank Mr. Galbato for his service, dedication, and the significant effort and energy that he devoted to NFI," said Paul Soubry, president and chief executive officer of NFI.

Mr. Robertson has served on NFI's board since 2020 and brings over 30 years of global manufacturing and leadership experience, including 13 years as chief executive officer of Alexander Dennis Ltd. (AD), acquired by NFI in 2019. Mr. Robertson previously held executive positions with global engine and power generation leader Cummins Inc., and Terex Corp., a leading manufacturer of lifting and material handling equipment.

"NFI is uniquely positioned to capitalize on compelling market opportunities as it advances its leadership in bus and coach technology, manufacturing, and aftermarket services," said Mr. Robertson, NFI's new board chair. "The company is poised to deliver significant value creation, and I look forward to working closely with my fellow directors and the leadership team as we drive NFI forward."

Given that Mr. Galbato has stepped down from the board, his nomination has been removed from the slate of directors proposed to be elected at the upcoming meeting of company's shareholders and the company will proceed to nominate the other 10 candidates.

About NFI Group Inc.

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 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 (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 (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.

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