NFI Group Inc.

Good day and thank you for standing by. Welcome to the NFI 2025 Q1 Financial Results Conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Alternatively, you may submit your question via the webcast. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Stephen King. Please go ahead.

Thank you, Sandra. Good morning and welcome to NFI Group's 2025 First Quarter Conference Call. Joining me today are Paul Subri, President from Chief Executive Officer, and Brian Dusnip, Chief Financial Officer. On today's call, we will give an update on our quarterly results, highlighting year-over-year improvement across numerous financial metrics, the strong demand environment for our products, and another increase to our record backlog. We'll also provide an update on the operating environment, including our current assessment of tariff and government funding dynamics, and some insights into our near and longer-term outlook. This call is being recorded, and a replay will be made available shortly. We will be referring to a presentation that can be found in the investor section of our website. As we move through the slides via the webcast link, we will also call out the slide number as we go. On slide two, we provide our cautionary or forward-looking statements and note that certain financial measures referenced today are not recognized earning measures and do not have standardized meanings prescribed by International Financial Reporting Standards, or IFRS. We advise listeners to view our press releases and other public filings on CDAR for more details. In the appendix of this presentation, we have provided a list of key terms and definitions that will be used on today's call. A reminder that NFI statements are presented in U.S. dollars, the company's reporting currency, and all amounts referred to are in U.S. dollars unless otherwise noted. Slides three and four provide a brief overview of our company. NFI is a global, independent bus and motor coach mobility solutions provider. We offer a wide range of propulsion-agnostic buses and coaches on proven platforms, and we hold leading market share positions in transit and coach markets. More detailed information is available on our website. Slide 5 provides some brief insight into NFI's product and geographic mix and other milestones. I will now pass it over to Paul to provide an overview of NFI's results for the first quarter.

Thanks, Stephen. Good morning, everyone, and thank you for joining us today. Before we go through our Q1 results, I'd like to reflect on a few key points. We started 2025 and saw continued momentum that we experienced in the fourth quarter of 2024. Our manufacturing segment margins have improved as we expected, and the aftermarket business remains a very strong contributor. We achieved several major milestones in the quarter, including our highest ever zero emission deliveries and yet another total backlog increase driven by strong quarterly demand. We continue to work our way through this specific seed supplier related disruption and we remain confident in our detailed action plan to address this issue. As announced on Wednesday, we entered into a new $845 million senior secured credit agreement that provides us with improved covenants, increased liquidity, greater financial flexibility, and lower interest costs. We are very pleased and appreciative of the support from our syndicate banking partners on this new agreement, and we will continue to work on other opportunities to increase our total liquidity and lower our overall interest costs. I would like to take a minute to applaud the new U.S. Administration's announcement this week for funding apportionments for fiscal year 2025 programs. This announcement will support investments in transit fleets and jobs across America, while modernizing public transit systems with new buses that are more efficient and provide cleaner air for our communities. This major announcement provides greater confidence in realizing the value of our record backlog as the largest bus and coach manufacturer in the United States. With nearly 4,000 NFI team members in America, we look forward to working with our customers to manufacture, deliver, and put into service new buses and motor coaches. I'll now move to slide seven for a summary of our Q1 results. Starting with demand, in the first quarter, we recorded new orders of 2,523 new equivalent units, which highlights the continued strength in demand in our market. Our total backlog, comprised of both firm orders and options, has now reached a record $13.7 billion with a total of 16,527 equivalent units. This growth continues to be primarily driven by North American public transit agencies and coach operators with the UK market experience rather in tough conditions and had very few new awards in the quarter. Our quarterly book-to-bill ratio was 139.3%, and our option backlog conversion rate remained steady from the last quarter, reaching 76% on an LTM basis, which is exactly as we had expected. These financial results demonstrate NFI's continued momentum and growth. We achieved an 84% year-over-year increase in quarterly adjusted EBITDA, and although we experienced a net loss of $6.5 million in Q1 2025, we saw a year-over-year improvement of $2.9 million. Reducing working capital, and enhancing our liquidity continues to be a company-wide focus. Our inventory and net working capital levels dropped from the previous quarters, helping support a slight increase in overall liquidity. On slide A, we show our supply chain health from the end of 2020 until now, highlighting high and moderate risk, high impact suppliers. We continue, sorry, we currently have just two companies considered high risk, high impact, down from 50 at the peak in 2022. This is also down one supplier from the previous quarter as a supplier that we are monitoring has addressed much of our risk concerns. On slide nine, we provide an update to one of these high risk suppliers and the most disruptive over the last number of quarters for NFI, our largest North American transit bus seat supplier. Our action plan remains focused on helping the supplier get back to full health. NFI, along with one of our key competitors, in cooperation, and external consultants have dedicated on-site resources at the supplier's facility to help them recover. While there have been improvements since the November peak, with buses missing seats down to 91 equivalent units at the beginning of May, the disruption has required that new flyers run at lower line entry rates in the first quarter. Thankfully, some of this challenge has been offset by a new Buy America compliant seat supplier coming online earlier than expected. This new supplier, which is new to North America but not new to the world, is now delivering to our manufacturing lines with a significant ramp-up planned in the second half of 2025. The result is that we'll have three North American Buy America suppliers helping diversify our risk going forward for this critical supply component. It is important to reiterate that changing a seat supplier once a bus has been engineered, is on the production line or nearly complete and offline is not an option, as each bus order and the parts related to the seats are very different. We had originally hoped for a full require from the supplier by the end of the second quarter, but unfortunately, as expected, this may drag a bit longer. This supplier issue does not change our overall expectations or guidance for our 2025 results. I'll now turn the call over to our CFO, Brian Dusnip, to discuss the results in a little bit more detail. Brian?