Mr. Paul Davies reports

NFI'S ALEXANDER DENNIS PROPOSES TO MAINTAIN BUS MANUFACTURING IN SCOTLAND

Following intensive engagement with internal and external stakeholders, NFI Group Inc. subsidiary Alexander Dennis Ltd. intends to keep its Scottish manufacturing sites open and operational.

The proposal to maintain operations was made possible through the advocacy and intervention of the Scottish government and Scottish Enterprise, combined with the company's trade union partners taking a constructive, solution-focused approach.

A key element in creating this viable path forward for Alexander Dennis's Scottish manufacturing operations is a furlough scheme for roles that are required to sustain future manufacturing capacity. This scheme will run for 26 weeks to enable the required lead times to get manufacturing back on-line.

Scottish First Minister John Swinney confirmed the support from the Scottish government in a speech to workers as part of a visit to Alexander Dennis's Larbert site on Sept. 15, 2025, alongside key stakeholders including Scottish Enterprise.

Alexander Dennis has seen increased demand for its single- and double-deck buses in recent weeks, and the company is confident in the placement of further orders to support Scottish manufacturing. Details of this remain commercially sensitive at this stage.

Paul Davies, Alexander Dennis president and managing director, said: "We are deeply grateful for the Scottish government's commitment to preserving jobs, skills and industrial capability in the region.

"Today's announcement marks a turning point. The Scottish government's support allows us to propose a new outcome to our statutory consultation today. Together with our team members' acceptance of new terms and conditions through the trade union ballot, and the confidence we have in securing new orders, we will be able to keep our manufacturing sites in Larbert and Falkirk open and operational. This decision saves hundreds of jobs within Alexander Dennis and supports our 1,000 suppliers throughout the U.K.

"This has been made possible by collaboration, determination and a shared belief in the value and future of domestic manufacturing, which is a critical driver of Scotland's economy."

Scottish Enterprise chief executive Adrian Gillespie said: "This welcome announcement signals a strong commitment to supporting and retaining vital Scottish manufacturing expertise in an important, growing market.

"We've reached this outcome through partnership working at its best, and I'd like to thank everyone involved for their dedication. Scottish Enterprise looks forward to working with the company to build a successful future in Scotland."

Alexander Dennis's original consultation process was launched in June in response to a rapidly changing competitive landscape. The proposal announced today allows manufacturing operations in Scotland to continue and significantly limits the expected role reductions.

However, to improve its competitive position, Alexander Dennis continues to propose further changes to its business structure, with expectations that 11 roles not directly linked to Scottish manufacturing remain at risk of redundancy in the continuing statutory consultation.

Today's announcement does not change NFI's financial guidance for 2025. With Scottish manufacturing operations continuing, NFI expects to reduce a $14.9-million restructuring provision originally recorded in the second quarter of 2025 with its third quarter 2025 financial results.

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 (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 (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 under the symbol NFI, and its convertible unsecured debentures trade on the TSX under the symbol NFI.DB.

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