Mr. Chris Stoddart reports

NEW JERSEY ORDERS ADDITIONAL 375 XCELSIOR® CLEAN-DIESEL BUSES FROM NEW FLYER

NFI Group Inc. and subsidiary New Flyer of America Inc. have received an additional order from New Jersey Transit Corp. (NJ Transit) for 375 Xcelsior 40-foot, clean-diesel transit buses. This order is part of a larger, previously announced multiphase fleet replacement program, with orders placed in the third and fourth quarters of 2025.

The original contract, awarded in the first quarter of 2024, included a base order of 550 Xcelsior 40-foot, clean-diesel transit buses to be delivered in three distinct lots, along with options for an additional 750 units. With this newly announced order, NJ Transit has now completed the full base order of 550 buses, leaving all 750 option buses available for future procurement.

"The Xcelsior buses included in this contract deliver dependable, cost-effective performance while improving safety and accessibility for passengers," said Chris Stoddart, president, North American bus and coach, NFI. "Built for durability and long service life, these new buses will help NJ Transit continue providing the reliable, essential transportation services that keep communities and economies moving every day."

With this additional portion of the contract, NJ Transit can continue replacing aging buses without compromising service. Building and deploying these replacement vehicles strengthens domestic manufacturing, secures good local jobs and ensures taxpayers get maximum utility from their investment in public transit.

"This additional order underscores NJ Transit's unwavering commitment to our customers and to delivering the safe, reliable service they depend on every day," said NJ Transit president and chief executive officer Kris Kolluri. "Modernizing our bus fleet is a critical investment in our riders, our employees and the communities we serve. These new buses move us closer to our goal of a fully modernized bus fleet by 2031 -- improving reliability, accessibility and comfort while ensuring we can continue meeting the needs of hundreds of thousands of daily trips across New Jersey."

NJ Transit is fundamental to New Jersey's connectivity. As the nation's largest statewide transit system, it serves hundreds of thousands of trips daily across its extensive bus, rail and light rail networks. Over the past several years, buses have made up a substantial share of that ridership, helping tens of millions of New Jersey residents reach work, school and services.

This award reinforces New Flyer's position as a reliable, long-term partner to public transit systems nationwide by providing proven buses that keep communities connected, support American manufacturing and deliver dependable service regardless of propulsion type or route demands.

Today, NFI supports growing North American cities solutions through its mobility solution ecosystem, which includes buses and coaches; infrastructure; parts and service; technology; work force development and training; and vehicle financing. NFI also operates the Vehicle Innovation Center (VIC), the first innovation lab of its kind dedicated to advancing bus and coach technology and providing work force development. Since opening in late 2017, the VIC has hosted over 590 interactive events, welcoming 12,300 industry professionals for EV (electric vehicle) and infrastructure training.

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 over 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 Ltd. (single- and double-deck buses), 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.

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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