Mr. Ben Werth reports

NFI SUBSIDIARY ALEXANDER DENNIS RECEIVES ORDER FROM STAGECOACH FOR 41 NEXT-GENERATION ELECTRIC BUSES DESTINED FOR LONDON

NFI Group Inc. subsidiary Alexander Dennis Ltd. has received the first order from London operator Stagecoach for 41 next-generation electric buses. Stagecoach will receive 24 Enviro100EV small buses and 17 Enviro400EV double-decker buses in early 2025 for routes operated on behalf of the British capital's transport authority Transport for London (TfL).

The next generation of Alexander Dennis meets the latest iterations of TfL's pioneering bus safety standard. Alexander Dennis was the first manufacturer to receive a positive result from independent impact testing of the buses' revised front geometry, which protects vulnerable road users and improves direct vision for drivers.

In London specification, the next-generation Enviro400EV is 10.5 metres (34.5 feet) long and can accommodate up to 62 seated passengers. The Enviro100EV big small bus fits TfL's smallest class of single-decker buses, providing 21 seats in vehicle that can navigate narrow residential streets thanks to its short 8.5-metre (28.9-foot) length and narrow 2.35-metre (7.7-foot) width.

With benchmark energy efficiency of 0.67 kilowatt-hour per kilometre over the United Kingdom Bus Cycle for the Enviro400EV bus and 0.54 kilowatt-hour per kilometre for the Enviro100EV bus, plus class-leading warrantable energy throughput of up to 1.6 gigawatt-hours and 1.2 gigawatt-hours, respectively, Alexander Dennis's next-generation electric buses have been designed to go farther for longer at lower cost of ownership.

"This new order further confirms the incredible success of our next-generation vehicle platform, which we've designed in-house from the ground up to drive value for the U.K. bus industry through efficiency, longevity and flexibility," said Ben Werth, group sales and business development manager, Alexander Dennis. "Before the first London-specification demonstrators have even hit the road, orders are in place from Stagecoach as the group recognizes our next-generation buses' potential to deliver outstanding total cost of ownership with an electric drive system that could last two full TfL route contract terms without a need for battery replacement."

"London has the largest zero-emission bus fleet in western Europe, with more than 1,400 buses, and we look forward to welcoming these 41 new Alexander Dennis electric buses on our routes. When the entire fleet is zero-emission, we will have saved around five million tonnes of carbon," said Nick Owen, director of buses at TfL. "These new zero-emission buses all comply with our bus safety standards for safer journeys for all road users and will also support vital jobs across the U.K. in various stages of their production."

Paul Lynch, managing director of Stagecoach London, said: "We're looking forward to operating these buses, which promise a step forward in range and longevity. They add to our rapidly growing electric bus fleet as we play our part in delivering TfL and the mayor's targets for London as well as our own Stagecoach commitments on carbon reduction."

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.

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 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-deck 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 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 United Kingdom, Ireland, Europe, Hong Kong, Singapore, New Zealand, Mexico, Canada and the United States.

We seek Safe Harbor.