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1 BLUE BIRD CORPORATION ( NASDAQ : BLBD ) FY2026 Third Quarter Results August 5 , 2026 LEADER IN SCHOOL BUS ELECTRIFICATION SCHOOL BUS BLUE BIRD BLUE BIRD
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Agenda 2 Introductions & Forward-Looking Statements Mark Benfield Investor Relations Lead Key Results and Highlights John Wyskiel President & CEO Financial Results Razvan Radulescu CFO Outlook John Wyskiel President & CEO Q&A Group This presentation includes forward-looking statements, including statements regarding full-year guidance and seasonality, that are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters we have noted in our latest earnings release and filings with the SEC. Blue Bird disclaims any obligation to update information in this presentation. Additional information regarding the use of non-GAAP financial measures is presented in the Appendix to this presentation.
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Important Disclaimers 3 Introductions & Forward-Looking Statements Financial Results Outlook and Guidance Q&A Forward Looking Statements This presentation includes forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations for future financial performance, business strategies or expectations for our business. Specifically, forward-looking statements include statements regarding guidance, seasonality, product mix and gross profits and may include statements relating to: • Inherent limitations of internal controls impacting financial statements • Growth opportunities • Future profitability • Ability to expand market share • Customer demand for certain products • Economic conditions (including tariffs) that could affect fuel costs, commodity costs, industry size and financial conditions of our dealers and suppliers • Labor or other constraints on the Company’s ability to maintain a competitive cost structure • Volatility in the tax base and other funding sources that support the purchase of buses by our end customers • Lower or higher than anticipated market acceptance for our products • Other statements preceded by, followed by or that include the words “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions • Future impacts from the novel coronavirus pandemic known as "COVID-19," and any other pandemics, public health crises, or epidemics, on capital markets, manufacturing and supply chain abilities, consumer and customer demand, school system operations, workplace conditions, and any other unexpected impacts These forward-looking statements are based on information available as of the date of this presentation, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. The factors described above, as well as risk factors described in reports filed with the SEC by Blue Bird Corporation (available at www.sec.gov), could cause our actual results to differ materially from estimates or expectations reflected in such forward-looking statements.
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Important Disclaimers Non-GAAP Financial Measures This presentation may include the following non-GAAP financial measures: “Adjusted EBITDA,” "Adjusted EBITDA Margin," “Adjusted Net Income,” “Adjusted Diluted Earnings per Share,” “Free Cash Flow” and “Adjusted Free Cash Flow.” Additional information on the calculation of some of these terms is included in the Appendix. Adjusted EBITDA is defined as net income or loss prior to discontinued operations income or loss, interest income, interest e xpense including the component of lease expense (which is presented as a single operating expense in selling, general and administra tive expenses in our GAAP financial statements) that represents interest expense on lease liabilities, income taxes, depreciation and amort ization including the component of lease expense (which is presented as a single operating expense in selling, general and administrative expen ses in our GAAP financial statements) that represents amortization charges on right -to-use lease assets, and disposals, as adjusted to add back certain charges that we may record each year, such as stock-compensation expense, as well as non-recurring charges such as (i) significant product design changes; (ii) transaction related costs; (iii) discrete expenses related to major cost cutting initiatives; or (iv) costs directly attributed to the COVID-19 pandemic (3). We believe these expenses are not considered an indicator of ongoing company performanc e. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net sales. Adjusted Net Income is net income or loss as adjusted to add back certain costs as mentioned above. Adjusted Diluted Earnings per Share represents Adjusted Net Income or loss available to common stockholders divided by diluted weighted average common shares out standing (as if we had GAAP net income during the respective period). Adjusted Net Income and Adjusted Diluted Earnings per Share are calculated net of taxes. Free cash flow represents net cash provided by/used in operating activities minus cash paid for fixed assets, Adjusted Free C ash Flow represents Free Cash Flow minus cash paid for (i) significant product design changes; (ii) transaction related costs; or (iii) discrete expenses related to major cost cutting initiatives. There are limitations to using non-GAAP measures. Although Blue Bird believes that such measures may enhance an evaluation of Bl ue Bird’s operating performance and cash flows, (i) other companies in Blue Bird’s industry may define such measures differently than Blue Bird does and, as a result, they may not be comparable to similarly titled measures used by other companies in Blue Bird’s industr y and (ii) such measures may exclude certain financial information that some may consider important in evaluating Blue Bird’s performance and cash flows. 4
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KEY RESULTS & HIGHLIGHTS John Wyskiel President & CEO 5
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Key FY2026 Q3 Takeaways Strong market demand, alternative-power leadership and profit margins at record levels 6 Beat Guidance on All Metrics Higher Bus Price Compared with Last Year and Competitive with Market Continued Plant Operational Performance with More Stability Investing in the Business – Closed the Micro Bird Acquisition Managing and Responding to Impact of Tariffs Blue Bird backlog remains seasonally strong at 3.6k units EV Overall Demand Strong; Undisputed Leader in Alt. Power
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FY26 Q3 Financial Results and Business Highlights 2026 Q3 Adj. EBITDA of $71M and 14% Margin Beating Guidance 7 BUSINESS HIGHLIGHTS 776 EV’s in firm order Backlog1 ($214M) Backlog of 4.9k Units1 ($748M) BB Alt. Power sales mix of 54%; Incl. MB, 70% BB Parts Sales of $25.5M BB ASP up $10k/unit; Blended ASP $(12)k/unit 355 EVs booked Ford Pro Partnership, Detroit Chassis Acquisition FY2026 Q3 Results UNITS SOLD 3,525 +1,058 vs.’25 NET SALES $517M +$119M vs.’25 Adjusted EBITDA $71M +$13M vs.’25 Adjusted FCF $28M $(24)M vs.’25 HIGHLIGHTS 1As of quarter-end See appendix for additional detail regarding non-GAAP measures Micro Bird Consolidated
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• Blue Bird will assume design, manufacturing and sales responsibility for the next generation medium duty F53 /F59 chassis Tremendous Opportunity for Growth, Technology, Collaboration 8 Agreement & Transaction Summary Strategic Value Proposition Expanded TAM • Future growth, expands TAM by $1.4B • Access to last mile, commercial and RV Growth Technical Synergies & Scalability • Technical platform read across to Bus • Future scalability and platform expansion Technology Collaborative Transfer Into the Market • Ease of entry into marketplace • Low risk, low-cost entry Collaboration Ford Collaboration / Detroit Chassis Acquisition • Blue Bird will integrate Ford’s next generation medium duty gas powertrain through 2033 / 2036 • Blue Bird will acquire the Detroit Assembly Plant assets of Detroit Chassis Products, long time manufacturer of the current F53 / F59 chassis • Ford and Blue Bird intend to collaborate on the seamless customer transfer of Fleet, RV, and Specialty Body manufacturers • $90M investment in 2027 (t/o $50M CapEx) with production is anticipated to start Q1 2028
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FINANCIAL RESULTS Razvan Radulescu CFO 9
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FY2026 Q3 AND YTD FINANCIAL RESULTS 3,525 Units Sold +1,058 vs.’25 $517M Net Sales +$119M vs.’25 $71M Adj. EBITDA +$13M vs.’25 $28M Adj. FCF $(24)M vs.’25 Record Adj. EBITDA Q3 results, incl. Micro Bird consolidation, beating guidance QUARTERLY HIGHLIGHTS 10 7,808 Units Sold +916 vs.’25 $1,203M Net Sales +$132M vs.’25 $172M Adj. EBITDA +$19M vs.’25 $100M Adj. FCF +$7M vs.’25 YTD HIGHLIGHTS
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QUARTERLY INCOME STATEMENT 11 ($ Millions) FY2026-Q3 FY2025-Q3 B/(W) Unit Volume 3,525 2,467 1,058 Backlog Units 4,854 3,900 954 Net Revenue $517.2 $398.0 $119.2 Bus Rev./Unit ($000's) $139.1 $150.9 $(11.8) Gross Margin 20.0% 21.6% (160) bps Adj. EBITDA1 $71.4 $58.5 $12.9 Adj. EBITDA Margin1 13.8% 14.7% (90) bps Adj. Net Income1 $45.0 $38.7 $6.3 Adj. Diluted EPS1 $1.28 $1.19 $0.09 Strong pricing and Micro Bird consolidation drive Q3 record results 1See appendix for additional detail regarding non-GAAP measures
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FY25-Q3 to FY26-Q3 Adj. EBITDA Walk 12 Strong pricing and MB offset Q3 healthcare costs and drive Q3 record results 58.5 63.6 71.4 6.2 4.7 7.8 FY25-Q3 Adj. EBITDA Bus Vol., Price-Mat. (5.5) Operations and Quality Parts Gross Profit OPEX/ Other Micro Bird Conso. FY26-Q3 Adj. EBITDA (0.3) FY26-Q3 Adj. EBITDA Pre-MB Conso. +12.9 BB Unit Volumes FY25-Q3 2,467 FY26-Q3 2,290 Delta (177) 13.8% Lower Volume, offset by Net Pricing and higher EV mix MB JV YoY Flat SG&A t/o BB EV Volumes FY25-Q3 271 FY26-Q3 300 Delta 29 14.7% Healthcare Costs, OH absorption, Freight Costs Flat Parts Gross Profit 1 See appendix for additional detail regarding non-GAAP measures Adj. EBITDA ($M) 1 Micro Bird Consolidation MB Unit Volumes FY26-Q3 1,235 t/o MB EV Volumes FY26-Q3 55 16.1%
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BALANCE SHEET AND CASH FLOW 13 Strong cash flow and liquidity in FY26-Q3, post Micro Bird acquisition ($ Millions) FY2026-Q3 FY2025-Q3 B/(W) Cash $116.8 $173.1 $(56.3) Debt $(86.8) $(91.5) $4.7 Liquidity $258.5 $314.8 $(56.3) Operating Cash Flow $31.0 $56.9 $(25.9) Adj. Free Cash Flow1 $28.4 $52.3 $(23.9) Trade Working Capital2 $(20.4) $4.8 $(25.2) 1See appendix for additional detail regarding non-GAAP measures; 2 Inventories, accounts receivable and accounts payable
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FY2026 Guidance Raised to $247M (Post-MB Consolidation) 14 Accelerated profitable growth in FY26-H2, Guidance raised to $247M / 14% FY26-Q1 Actual FY26-Q2 Actual FY26-Q3 Actual FY26-Q4 FY26 Total $M $1,740 - $1,760Rev. Adj. EBITDA 50 (t/o MB ~5) 15.0% 247 245 - 250 ~14% 1 2,135 121 (~6%) ~11,700 ~1,000 (~9%) Units t/o EV 2,148 201 (~9%) 51 (t/o MB ~5) 14.4% 71 13.8% 3,525 349 (~10%) 75 - 80 ~14% ~3,900 ~350 (~9%) 1 See appendix for additional detail regarding non-GAAP measures $333 (~$95) $353 (~$95) $395 +$122 $517 ~$440 +$110 ~$550 ➢ Micro Bird JV Unconsolidated ➢ Includes 50% JV Adj. EBITDA ➢ Consolidating Micro Bird Revenue ➢ Adding other 50% of Adj. EBITDA
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FY2026 Guidance Updated – Raised to $247M 15 FY2026 expected to be another record year for Blue Bird for both top-line and bottom-line $ Millions FY2025 Actuals FY2026 Guidance (May 2026) FY2026 Updated Guidance B/(W) Vs. Prior Year Net Revenue $1,480 $1,725 - $1,775 $1,740 - $1,760 $260 - $280 Adj. EBITDA1 $221 $235 - $255 $245 - $250 $24 - $29 Adj. Free Cash Flow1 $153 $100 - $125 t/o New Plant $(25) $125 - $135 t/o New Plant $(5) $(28) - $(18) t/o New Plant $(5) 1 See appendix for additional detail regarding non-GAAP measures
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REMINDER: Blue Bird Long-Term Outlook (incl. Micro Bird) 16 500 1,000 1,500 2,000 2,500 3,000 0 5,000 10,000 15,000 20,000 $1,624 873 2024 Proforma $1,808 1,129 2025 Proforma $1,950 1,000 2026-27 Proforma $2,050 500 15,500 Mid Term $2,300 1,000 17,000 Long Term (Low) $2,550 1,500 18,500 Long Term (High) 12,316 13,264 14,500 16,000 18,000 20,000 $202 $241 $260 $275 $325 100 200 300 400 ~12.5% 2024 Proforma ~13.0% 2025 Proforma ~13.0% 2026-27 Proforma 13.5% Mid Term 14.0% Long Term (Low) 15.0%+ $375+ Long Term (High) Outlook2024 Proforma Long Term Outlook Mid Term Full YR Rev. US$M 2025 Proforma 2026-27 Proforma Adj. EBITDA % Adj. EBITDA $M Units Chassis Diesel Gas/Prop//MB EV Strategic Considerations ➢ Full School Bus Type A/C/D lineup — Diesel, Gas, Propane, Electric ➢ New markets: Commercial Stripped Chassis and Shuttle Bus ➢ Revenue triples by 2030 vs 2019 → ~$2.5B ➢ EBITDA margin doubles vs 2019 → 15%+ and $375M+ ➢ Strong Balance Sheet & Cash Flows ➢ Shareholder returns via profitable growth & BLBD share buybacks Path to 20k units, $2.5B Revenue, $375M+ Adj. EBITDA Incl. USA plant Startup ~$(10)M
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Blue Bird Expands Its Collaboration with Ford 17 Expanding by 10k+ units, $600M+ Revenue, 12%+ EBITDA 5,000 7,500 10,000 11,500 12,500 0 200 400 600 800 1,000 0 5,000 10,000 15,000 $-0 2027 Invest $300 2028 Partial Year $450 2029 Ramp- up Year $600 2030 Full Year $700 Long Term (Low) $750 Long Term (High) 0 $30 $50 $70 $100 $110 -50 0 50 100 150 0.0% 2027 Invest (Prelim.) 10.0% 2028 Partial Year 11.0% 2029 Ramp- up Year 12.0% 2030 Full Year 14.0% Long Term (Low) 15.0% Long Term (High) $(40) 2027 Invest Outlook Longer Term 2030 Full Year Full YR Rev. US$M 2028 SOP 2029 Ramp-upUnits Rev $M Chassis Adj. EBITDA % Adj. EBITDA $M Next Gen F53/F59 Commercial Stripped Chassis by Blue Bird ➢ From 2028: next-gen F53/F59 stripped chassis designed & commercialized by Blue Bird with Ford powertrain ➢ Expands Blue Bird stripped chassis market to gas power, and allows us to enter RV Class A segment ➢ ~$90M investment (~$40M OpEx, ~$50M CapEX) → 10,000+ units, $600M+ revenue mid-term ➢ Manufacturing via Detroit Chassis, LLC asset acquisition in 2027
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Updated Blue Bird Long-Term Outlook (incl. BB Gas Chassis) 18 5,000 7,500 0 2,000 4,000 6,000 0 10,000 20,000 30,000 $1,624 873 2024 Proforma $1,808 1,129 2025 Proforma $1,950 1,000 2026-27 Proforma $2,300 15,500 Mid Term $2,750 17,000 Long Term (Low) $3,300 11,500 18,500 Long Term (High) 12,316 13,264 14,500 20,500 24,500 30,000 $202 $241 $260 $400 100 200 300 400 500 ~12.5% 2024 Proforma ~13.0% 2025 Proforma ~13.0% 2026-27 Proforma ~13.5% Mid Term 14.5% Long Term (Low) 15.0%+ $500+ Long Term (High) $300+ Outlook 2024 Proforma 2030+ Long Term 2028-29 Mid Term Full YR Rev. US$M 2025 Proforma 2026-27 Proforma Adj. EBITDA % Adj. EBITDA $M Units Chassis Diesel Gas/Prop//MB EV Strategic Considerations ➢ Full School Bus Type A/C/D lineup — Diesel, Gas, Propane, Electric ➢ New markets: Commercial Stripped Chassis and Shuttle Bus ➢ Revenue outlook ~$2.75B, upside to $3.3B ➢ EBITDA margin doubles vs 2019 → 15%+ and $500M+ ➢ Strong Balance Sheet & Cash Flows ➢ Shareholder returns via profitable growth & BLBD share buybacks Path to 30k units, $3.3B Revenue, $500M+ Adj. EBITDA Incl. USA plant Startup ~$(10)M Before ’27 invest in Chassis and New Products Before ’28 invest In New Products
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19 OUTLOOK John Wyskiel President & CEO
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Key Elements of Strategic Positioning Positioning the Company for the Long-Term 20 Business Continuity & Long Term Stability Profitable Growth Margin Expansion Putting the Balance Sheet to Work
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Strong Outlook Market Growth, Consolidated Growth and New Segment TAM Expansion 21 Type C & D School Bus Growth Continued New Segment TAM Expansion 36.8 35.8 36.1 29.6 26.4 25.7 30.5 29.3 31.7 34.2 35.5 38.8 39.9 42.1 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 NA School Bus Industry Class 6-7* ~6% CAGR ACT Class 6/7 School Bus Retail Sales as of July 2026
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Wrap Up – Key Messages From John Wyskiel • An almost century old company, an iconic brand and a great American story • Delivered $517M in revenue and Adjusted EBITDA of $71M / 13.8% in Q3 • Completed acquisition of Micro Bird ▪ Growth, Technology & Efficiencies • Announced a partnership with Ford, and acquisition of Detroit Chassis Plant ▪ Growth, Technology & Collaboration • Our strategy positions the company for the future, and delivers value An iconic history, a pioneer in School Bus, and a growing player in Specialty Vehicle! 22
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Q&A 23
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APPENDIX 24
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Adj. EBITDA Reconciliation 25
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Free Cash Flow Reconciliation 26
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Adjusted EPS Reconciliation 27
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