Mr. Stephen King reports

HONG KONG'S MTR CORPORATION ORDERS 35 ENVIRO500EV ELECTRIC DOUBLE-DECK BUSES FROM NFI SUBSIDIARY ALEXANDER DENNIS

NFI Group Inc.'s subsidiary Alexander Dennis Ltd. has been chosen in a competitive tender by Hong Kong's MTR Corp. to supply 35 battery-electric Enviro500EV double-deck buses.

MTR provides Hong Kong's Mass Transit Railway urban rail system, including a network of feeder bus services, for which it operates a fleet of 172 buses. Most of them have been supplied by Alexander Dennis from its Enviro200, Enviro400 and Enviro500 vehicle ranges.

MTR's new fleet of zero-emission buses will be delivered throughout 2025 and 2026.

The Enviro500EV has been fully designed in-house by Alexander Dennis's engineering team as part of the manufacturer's next generation of zero-emission buses. The new fleet can substantially reduce the carbon footprint compared with traditional diesel buses, contributing to a greener environment.

Its 472-kilowatt-hour batteries are supplied by Impact Clean Power Technology to a future-proof design that allows for upgrades to benefit from advances in battery technology without structural modifications. Power is transmitted through the heavy-duty Voith electrical drive system, which at 410-kilowatt peak and 310-kilowatt continuous output has ample reserves to cope with Hong Kong's topography.

Andy Boulton, managing director, Asia Pacific, for Alexander Dennis, said: "We are delighted to have been chosen by the MTR Corp. as partner for the transition to zero-emission bus services. Our Enviro500EV has been designed from the ground up for the demands of Hong Kong's world-class transport system, ensuring that this transformational investment in cleaner transport will deliver for the MTR Corp."

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 140 million 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 8,200 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 (motor coaches), Alexander Dennis (single- and double-deck buses), Plaxton (motor coaches), 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 Alexander Dennis Ltd.

Alexander Dennis is a global leader in the design and manufacture of double-deck buses and is also the United Kingdom's largest bus and coach manufacturer. Alexander Dennis offers single-deck and double-deck vehicles under the brands of Alexander Dennis and Plaxton, and has over 31,000 vehicles in service in the U.K., Ireland, Europe, Hong Kong, Singapore, New Zealand, Mexico, Canada and the United States.

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