Blue Bird Corporation · NASDAQ:BLBD
Blue Bird — Investor Presentation (August 2026)
36 slides from Blue Bird's investor presentation, August 2026
Slide 1: Blue Bird Corporation Investor Presentation
BLUE BIRD CORPORATION (NASDAQ: BLBD) Investor Presentation August 2026 1
Slide 2: Important Disclaimers: Forward Looking Statements
Important Disclaimers 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,
Slide 3: Important Disclaimers: Non-GAAP Financial Measures
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
Slide 4: Agenda
Agenda 1. Investment Highlights 2. School Bus Industry Overview 3. Company & Product Highlights 4. FY2025 Objectives 5. Growth Runway 4
Slide 5: Investment Highlights
Investment Highlights Countercyclical Strong industry growth ahead with a backdrop of healthy funding and an aging school bus fleet National Commitment Beneficiary of Federal and State subsidies for the electrification of school buses The Leader Leading market position in alternative power and elect
Slide 6: School Bus Industry Overview
School Bus Industry Overview 6
Slide 7: Industry Highlights
Industry Highlights OEMs School Bus Customers ~3,400 Contractors 500k+ Thomas Blue Bird ~10,000 School Districts IC High barriers to entry Highly specialized product -- Complex state and customer requirements -- Dealer and service network -- Customer relationship driven business Demand Drivers Popul
Slide 8: Type C & D School Bus Industry
Type C & D School Bus Industry 31,020 Mean: 30,532 Historical Registrations Long Term Avg. ('85-'24) • Industry avg size is 30,500 new units annually based on S&P Global Mobility registrations (formerly Polk) • Total fleet of school buses is ~552,000 units and average age is about 11 years • Industr
Slide 9: Fleet Age Profile Supports Elevated Replacement Demand
Fleet Age Profile Supports Elevated Replacement Demand ~552K School Buses on the Road as of Sept 2025 Low replacements due to 40,000 supply chain challenges Average fleet age ~11 years 35,000 30,000 25,000 45% of School Buses are 20,000 11 years and older! 15,000 10,000 5,000 - 1 2 3 4 5 6 7 8 9 10
Slide 10: Company & Product Highlights
Company & Product Highlights 10
Slide 11: Introduction to Blue Bird
Introduction to Blue Bird Dedicated Manufacturing Micro Bird Facility • Headquartered in Macon, Georgia (Drummondville, Quebec, Canada) Micro Bird Facility • Leader in alternative power; #1 in electric & propane school buses (Plattsblurgh, NY) Footprint • 60%+ of Blue Bird sales are non-diesel; <10-
Slide 12: Micro Bird Acquisition
Micro Bird Acquisition By The Numbers Strategic Value Proposition Buy America Commercial Shuttle Bus Growth • Established in 2009 • Future growth, expands Blue Bird TAM • Two facilities: • Market dominated by one player, entrance opportunities • Drummondville, Quebec • Plattsburgh, New York Technolo
Slide 13: Proven Leadership in Clean Technologies
Proven Leadership in Clean Technologies Diesel Gas / Propane CNG Electric Alt-Power mix 14,000 70% 62% • Proven track record of leadership 58% 58% in new technologies; more than 12,000 56% 60% 60% of unit sales are non- diesel 50% 10,000 48% • Leader in electric and propane- 50% 48% powered school b
Slide 14: FY2026 Objectives
FY2026 Objectives 14
Slide 15: FY2026 Guidance Raised to $247M (Post-MB Consolidation)
FY2026 Guidance Raised to $247M (Post-MB Consolidation) Rev. $333 $353 $395 ~$440 $1,740 - $1,760 (~$95) (~$95) +$122 +$110 $M $517 ~$550 247 1 Adj. EBITDA 245 - 250 ➢ Micro Bird JV Unconsolidated ➢ Consolidating Micro Bird Revenue ➢ Includes 50% JV Adj. EBITDA ➢ Adding other 50% of Adj. EBITDA 75 -
Slide 16: FY2026 Guidance Updated – Raised to $247M
FY2026 Guidance Updated – Raised to $247M FY2025 FY2026 FY2026 B/(W) $ Millions Actuals Guidance Updated Vs. Prior Year (May 2026) Guidance 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 $125 -
Slide 17: Solid Growth Runway
Solid Growth Runway 17
Slide 18: Key Elements of Strategic Positioning
Key Elements of Strategic Positioning Business Putting the Continuity & Profitable Margin Balance Sheet to Long Term Growth Expansion Work Stability Positioning the Company for the Long-Term 18
Slide 19: Manufacturing Strategy: Fort Valley New Plant
Manufacturing Strategy Fort Valley New Plant: Key Facts ▪ Approx. 90% of market; 80% Type C Direction BB sales & 70% of workforce ▪ Aligns cost reduction with the most competitive segment ▪ Just under one million sq ft manufacturing facility ▪ Lowest volume risk, & overall long-term cost, with the m
Slide 20: Ford Collaboration / Detroit Chassis Acquisition
Ford Collaboration / Detroit Chassis Acquisition Agreement & Transaction Summary Strategic Value Proposition • Blue Bird will assume design, manufacturing and sales responsibility Expanded TAM Growth for the next generation medium duty • Future growth, expands TAM by $1.4B F53 /F59 chassis • Access
Slide 21: Strong Outlook
Strong Outlook Type C & D School Bus Growth Continued New Segment TAM Expansion NA School Bus Industry 42.1 Class 6-7* 39.9 38.8 36.8 36.1 35.8 35.5 34.2 31.7 30.5 29.6 29.3 26.4 25.7 ~6% CAGR FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 ACT Class 6/7 School Bus Retail Sales
Slide 22: Blue Bird Long-Term Outlook (incl. Micro Bird)
REMINDER: Blue Bird Long-Term Outlook (incl. Micro Bird) Full YR 2024 2025 2026-27 Outlook Outlook Rev. Strategic Considerations Units Proforma Proforma Proforma Mid Term Long Term US$M 20,000 20,000 Chassis Gas/Prop//MB 18,000 1,500 3,000 Diesel EV 16,000 1,000 ➢ Full School Bus Type A/C/D lineup —
Slide 23: Blue Bird Expands Its Collaboration with Ford
Blue Bird Expands Its Collaboration with Ford Next Gen F53/F59 Commercial Full YR 2027 2028 2029 2030 Outlook Rev. Stripped Chassis by Blue Bird Units Invest SOP Ramp-up Full Year Longer Term US$M 15,000 Rev $M Chassis 1,000 12,500 ➢ From 2028: next-gen F53/F59 stripped chassis 11,500 800 10,000 $70
Slide 24: Updated Blue Bird Long-Term Outlook (incl. BB Gas Chassis)
Updated Blue Bird Long-Term Outlook (incl. BB Gas Chassis) Outlook Full YR 2024 2025 2026-27 2028-29 2030+ Rev. Strategic Considerations Units Proforma Proforma Proforma Mid Term Long Term US$M Chassis Gas/Prop//MB 30,000 30,000 6,000 ➢ Full School Bus Type A/C/D lineup — Diesel EV 24,500 20,500 11,
Slide 25: Investment Highlights
Investment Highlights Countercyclical Strong industry growth ahead with a backdrop of healthy funding and an aging school bus fleet National Commitment Beneficiary of Federal and State subsidies for the electrification of school buses The Leader Leading market position in alternative power and elect
Slide 26: Appendix
Appendix 26
Slide 27: Key FY2026 Q3 Takeaways
Key FY2026 Q3 Takeaways Beat Guidance on All Metrics Blue Bird backlog remains seasonally strong at 3.6k units Continued Plant Operational Performance with More Stability Higher Bus Price Compared with Last Year and Competitive with Market EV Overall Demand Strong; Undisputed Leader in Alt. Power In
Slide 28: FY26 Q3 Financial Results and Business Highlights
FY26 Q3 Financial Results and Business Highlights FY2026 Q3 Results BUSINESS HIGHLIGHTS UNITS NET BB Alt. Power sales SOLD SALES mix of 54%; Ford Pro Backlog of Incl. MB, 70% 3,525 $517M HIGHLIGHTS Partnership, 4.9k Units1 Detroit Chassis ($748M) Acquisition +1,058 vs.’25 +$119M vs.’25 355 EVs booke
Slide 29: FY2026 Q3 and YTD Financial Results
FY2026 Q3 AND YTD FINANCIAL RESULTS 3,525 $517M 7,808 $1,203M Units Sold Net Sales Units Sold Net Sales +1,058 vs.’25 +$119M vs.’25 +916 vs.’25 +$132M vs.’25 $71M $28M $172M $100M Adj. EBITDA Adj. FCF Adj. EBITDA Adj. FCF +$13M vs.’25 $(24)M vs.’25 +$19M vs.’25 +$7M vs.’25 QUARTERLY HIGHLIGHTS YTD H
Slide 30: Quarterly Income Statement
QUARTERLY INCOME STATEMENT ($ 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 $12.9 Adj. EBITDA Margin1 13.8% 14.7
Slide 31: FY25-Q3 to FY26-Q3 Adj. EBITDA Walk
FY25-Q3 to FY26-Q3 Adj. EBITDA Walk 1 Adj. EBITDA +12.9 ($M) 7.8 71.4 6.2 4.7 63.6 BB Unit Volumes 58.5 FY25-Q3 2,467 FY26-Q3 2,290 (5.5) (0.3) Micro Bird Delta (177) Lower Volume, MB JV YoY Consolidation offset by Healthcare Costs, Flat Parts Flat SG&A t/o BB EV Volumes Net Pricing and OH absorptio
Slide 32: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW ($ 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) Strong cash flow and li
Slide 33: Adj. EBITDA Reconciliation
Adj. EBITDA Reconciliation 33
Slide 34: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 34
Slide 35: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation 35
Slide 36: Investor Relations Contact Information
Investor Relations Contact Information Mark Benfield Mark.Benfield@Blue-Bird.com 36