Federal Signal Corporation · NYSE:FSS
Federal Signal — Investor Presentation (May 2026)
29 slides from Federal Signal's investor presentation, May 20, 2026
Slide 1: Investor Presentation: May 2026
Investor Presentation: May 2026 Moves. Cleans. Protects.
Slide 2: Forward-Looking Statements
2 This presentation contains unaudited financial information and forward-looking statements. Statements that are not historical are forward-looking statements and may contain words such as “may,” “will,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “project,” “estimate,” and “objective” or s
Slide 3: Federal Signal at a Glance: Leading Safety Equipment & Specialty Vehicle OEM
1) Average cash conversion for the five years from 2021 to 2025, with cash conversion computed as net cash provided by operating activities divided by net income. Non- GAAP Measure. See appendix V for additional information, including reconciliation to GAAP measure 2) ESG and SSG segment net sales a
Slide 4: Net Sales by Distribution Channel & End Market Exposure
Consolidated Net Sales by Distribution Channel1 Exclusive Dealer ~30% Direct ~40% Third-Party Distribution ~30% 4 Net Sales by Distribution Channel & End Market Exposure M&A 71% Capex 13% Dividends 10% Share Repurchases 6% Cash Deployment (2023-2025)3 1) Source: Management estimates 2) Other Special
Slide 5: Federal Signal Product & Service Offerings
5 5 Federal Signal Product & Service Offerings ESG (84% of 2025 Net Sales)1 SSG (16% of 2025 Net Sales) Vacuum Trucks Street Sweepers Industrial Cleaning Dump Truck Bodies & Trailers Refuse Collection Multi- Purpose Maint. Vehicles Road Marking Metal Extraction Support Aftermarket Public Safety Equi
Slide 6: Backlog Intensity by Product & Service Offerings
6 Backlog Intensity by Federal Signal Product & Service Offerings Vacuum Trucks Street Sweepers Metal & Mineral Extraction Support Road-Marking and Line- Removal Refuse Collection Vehicles Multi-Purpose Maintenance Vehicles Dump Truck Bodies & Trailers Waterblasting Equipment Safety & Security Syste
Slide 7: Delivering on our Growth Strategy
7 $708 $899 $1,090 $1,221 $1,131 $1,213 $1,435 $1,723 $1,861 $2,181 $2,342 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM (Q1:26) Net Sales CAGR (’16A – ’25A) Total: ~13% Organic: ~7% ➢ Low double-digit annual net sales growth ➢ Adjusted EBITDA margins: 16-22%1 ➢ ROIC > Cost of Capital (U S $
Slide 8: ESG: Growing A Best-In-Class Specialty Vehicle Platform
8 Vehicle Product Market Share Rank2 Vacuum Trucks #1 Street Sweepers #1-2 Industrial Cleaning (Waterblasting Equipment) #2 Dump Truck Bodies & Trailers #1 Multi-Purpose Maintenance Vehicles #1 Road-Marking and Line-Removal #1 Metal & Mineral Extraction Support #1 Refuse Collection Vehicles #3-4 Man
Slide 9: ESG: Resilient End-Market Characteristics
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9 ESG: Resilient End-Market Characteristics Water Taxes1 Funding – United States CAGR (’10A – ’25A): ~4.6% Industrial Recession: +1.7%YoY COVID: +3.7%YoY Source: St. Louis Federal Reserve 1) Includes total net sales gene
Slide 10: SSG: Industry Leader in Audible & Visual Safety Equipment
10 Product Market Share Rank2 Public Safety Equipment #2 Industrial Signaling Equipment #1 Warning Systems #1 ➢ Strategically positioned in end-markets with high barriers to entry given stringent regulatory requirements for safety equipment ➢ The increase in natural and man-made disasters drives inc
Slide 11: Strategic Pillars: Aftermarket Ecosystem Optimization
11 Strategic Pillars: Aftermarket Ecosystem Optimization New Vehicle / Equipment Sales Parts & Services Rental Offerings Used Vehicle / Equipment Sales Parts & ServicesAftermarket Snapshot Used Equipment Sales Rental Offerings ➢ Size: ~25% of ESG Net Sales (FY 2025) ➢ 2015-2025 Net Sales CAGR: ~14%
Slide 12: Strategic Pillars: Safe Digging
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 12 ➢ Vacuum excavation or “Safe Digging” involves the use of pressurized air or water (“hydro-excavation”) to dig (coupled with a vacuum system) as an alternative to the use of traditional equipment such as backhoes, shovels,
Slide 13: Strategic Pillars: Innovation & Product Development
13 Strategic Pillars: Innovation & Product Development Elgin RegenX1® Regenerative Air Street Sweeper Select Product Development Highlights: ➢ Launched several product offerings across Vactor, Elgin, TRUVAC & New Way that allow operation without a CDL2 ➢ Scaling production for new RegenX (air sweepe
Slide 14: Strategic Pillars: Harnessing the Power of Our Specialty Vehicle Platform
14 Strategic Pillars: Harnessing the Power of Our Specialty Vehicle Platform U n lo ck in g G ro w th O pport uniti es Best-In Class Customer Service O peration al E xcellen ceSpecialty Vehicle Platform Aftermarket Support & Footprint Dealer Development Supply Chain Optimization FS Operational Syste
Slide 15: Strategic Pillars: Executing on our M&A Pipeline
15 Strategic Pillars: Executing on our M&A Pipeline Safety and Security Systems MarketSpecialty Vehicle Market – North America Current FSS specialty vehicle product portfolio directly addresses ~15-20% of the overall specialty vehicle market, resulting in a $5.5bn-$6.5bn annual Total Addressable Mar
Slide 16: Targeting Best in Class Growth & Continued Margin Expansion
16 Targeting Best in Class Growth & Continued Margin Expansion Source: Company Filings, Factset Specialty Vehicle & Industrial Consolidator Peers Included (Listed in alphabetical order): ALG, AME, DOV, GGG, IEX, IR, ITW, OSK, PLOW, SPXC, TEX, TTC and WAB, with information presented herein calculated
Slide 17: Industry-Leading Margin Performance Through the Business Cycle
$85 $112 $159 $191 $182 $181 $215 $286 $351 $439 $480 12.0% 12.4% 14.6% 15.7% 16.1% 14.9% 15.0% 16.6% 18.8% 20.1% 20.5% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM (Q1:26) 17 Industry-Leading Margin Performance Through the Business Cycle (U S $ in m il li o n s) Adjusted EBITDA1 Adjusted E
Slide 18: Financial Performance: Net Sales, Orders & Free Cash Flow
$21 $66 $79 $68 $107 $64 $19 $164 $191 $227 $291 $0 $50 $100 $150 $200 $250 $300 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM (Q1:26) $708 $899 $1,090 $1,221 $1,131 $1,213 $1,435 $1,723 $1,861 $2,181 $2,342 $674 $1,018 $1,173 $1,269 $1,047 $1,539 $1,692 $1,870 $1,848 $2,222 $2,276 2016 2017
Slide 19: 2026 Financial Outlook
19 2026 Financial Outlook1 ➢ Raised Full Year Adjusted EPS2 Outlook to a new range of $4.80 to $5.05 on Q1:26 earnings call ➢ Increased from prior range of $4.50 to $4.80 ➢ At midpoint, new range would represent another year of double-digit growth, and the highest adjusted EPS level in our history ➢
Slide 20: Appendix
20 I. Our Portfolio of Brands & Products II. Extensive Geographic Footprint Across North America III. Federal Signal Operating System IV. Sustainability Initiatives V. Non-GAAP Measures VI. Executive Compensation VII. Investor Information Appendix
Slide 21: Appendix I: Our Portfolio of Brands & Products
21 Appendix I: Our Portfolio of Brands & Products ESG SSG Source: Management
Slide 22: Appendix II: Extensive Geographic Footprint Across North America
22 Dealers1 Manufacturing Facility Aftermarket Site 1) Defined as dealer-managed locations from dealers that sell Elgin, New Way, Truvac, and Vactor products Appendix II: Extensive Geographic Footprint Across North America
Slide 23: Appendix III: Federal Signal Operating System
23 Appendix III: Federal Signal Operating System Material Cost Reduction ➢ Waste reduction ➢ SKU rationalization ➢ Savings through volume aggregation ➢ Sourcing optimization Manufacturing Efficiency ➢ Lean manufacturing focus ➢ Throughput flexibility ➢ Labor pool management ➢ Flexible manufacturing
Slide 24: Appendix IV: Sustainability Initiatives
24 Appendix IV: Sustainability Initiatives ➢ Resource Consumption o Ongoing energy consumption assessments and adopting energy efficient measures to reduce CO2 emissions and energy intensity o During 2024, our electricity, water, and natural gas consumption intensity, along with our CO2 production i
Slide 25: Adjusted EBITDA Reconciliation
LTM ($ in mil l ions) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Net income 39.4 60.5$ 93.7$ 108.4$ 96.1$ 100.6$ 120.4$ 157.4$ 216.3$ 246.6$ 270.7$ Add (less): Interest expense, net 1.9 7.3 9.3 7.9 5.7 4.5 10.3 19.7 12.5 14.1 18.0 Pension settlement charges - 6.1 - - - 10.3 - - 3.8 -
Slide 26: Non-GAAP Measure Definitions
26 Cash Conversion Cash conversion is a non-GAAP measure that is computed by dividing net cash provided by operating activities by net income (represented as a percentage). The Company believes that cash conversion provides management and investors with a view of the Company’s ability to convert its
Slide 27: Appendix VI: Executive Compensation
27 ➢ The Company continues to focus on executing against a number of key long-term objectives, which include (i) creating disciplined growth; (ii) improving manufacturing efficiencies and costs; (iii) leveraging invested capital; and (iv) diversifying our customer base Cash Bonus (STIP) ➢ Earnings (
Slide 28: Appendix VII: Investor Information
28 Appendix VII: Investor Information Stock Ticker: NYSE: FSS Company website: federalsignal.com/investors HEADQUARTERS 1333 Butterfield Road, Suite 500 Downers Grove, IL 60515 Felix Boeschen VP Corporate Strategy & Investor Relations fboeschen@federalsignal.com
Slide 29: Federal Signal: Moves. Cleans. Protects.
f. FEDERAL SIGNAL Moves. Cleans. Protects.