Mr. Chris Stoddart reports

NFI SUBSIDIARY NEW FLYER ANNOUNCES CONTRACT WITH BC TRANSIT FOR 33 BATTERY-ELECTRIC BUSES

New Flyer Industries Canada ULC, a subsidiary of NFI Group Inc., has won a contract with BC Transit Corp. for 33 next-generation Xcelsior Charge NG 40-foot battery-electric buses (BEBs). The contract was added to New Flyer's firm backlog in Q2 2024.

BC Transit oversees municipal transit services for over 130 communities across the province of British Columbia and has an annual ridership of more than 47 million passenger trips. In 2019, BC Transit announced its low-carbon fleet program, which outlined the agency's plan to expand its fleet and replace aging fleet vehicles with a focus on reducing greenhouse gases. BC Transit's current goal is to transition to an entirely electric fleet by 2040.

"We are pleased to partner with New Flyer to electrify our fleet, which is a significant part of our plan to reduce GHG emissions," said Erinn Pinkerton, president and chief executive officer for BC Transit. "With other active procurements under way and work advancing on charging infrastructure designs in communities, it's an exciting time for BC Transit, New Flyer and our partners!"

NFI and BC Transit's partnership spans more than 45 years, during which the agency has operated a wide variety of vehicles from different companies under the NFI umbrella. Currently, more than 600 of the vehicles operating as part of BC Transit's fleet of over 1,100 buses are from NFI subsidiaries, including New Flyer, Alexander Dennis and Arboc.

"New Flyer and BC Transit have a long-standing relationship and a shared dedication to taking bold steps in moving towards a zero-emission future, and this Xcelsior Charge NG purchase builds on both," said Chris Stoddart, president, North American bus and coach, NFI. "The next-generation battery-electric buses included in this purchase incorporate our latest technology advancements, but they also share a high level of commonality with the Xcelsior buses already operated by BC Transit which will streamline training and maintenance requirements as the agency transitions to a greener fleet."

New Flyer's Xcelsior Charge NG bus incorporates three distinct technology advancements: high-energy batteries, advanced protective battery packaging for easy installation and simpler serviceability, and a lightweight electric traction drive system with up to 90-per-cent energy recovery.

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 180 million EV service miles.

Today, NFI supports growing North American cities with scalable, clean and sustainable mobility 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 and only 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 400 interactive events, welcoming over 9,000 industry professionals for EV and infrastructure training.

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 8,750 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 (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 (TSX) under the symbol NFI and its convertible unsecured debentures trade on the TSX under the symbol NFI.DB.

About New Flyer Industries Canada ULC

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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