Federal Signal Corporation · NYSE:FSS
Federal Signal — Investor Presentation (January 2026)
31 slides from Federal Signal's investor presentation, January 2026
Slide 1: Investor Presentation: January 2026
Moves. Cleans. Protects. Investor Presentation: January 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement 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,”
Slide 3: Federal Signal at a Glance: Leading Safety Equipment & Specialty Vehicle OEM
Federal Signal at a Glance: Leading Safety Equipment & Specialty Vehicle OEM Environmental Solutions Group (“ESG”) 1901 Founded Downers Grove, IL 84% of Headquarters FY24 Net Sales2 ~5,800 Global Employees5 26 Manufacturing Locations5 14 Acquisitions Since 20165 106% 5-Year Cash Conversion1 Avg. Saf
Slide 4: Net Sales by Distribution Channel & End Market Exposure
Net Sales by Distribution Channel & End Market Exposure Net Sales by Category (FY 2024)1 Net Sales by End Market (FY 2024)1 Industrial Warning Systems 2% Other Signaling Aftermarket Oil & Gas 4% 1% 22% 2% Utility Publicly Funded Public Safety 3% 10% 53% Other Specialty Equipment(2) 24% Vacuum Trucks
Slide 5: Federal Signal Product & Service Offerings
Federal Signal Product & Service Offerings ESG (84% of 2024 Net Sales)1 SSG (16% of 2024 Net Sales) Dump Multi- Metal Public Vacuum Street Industrial Truck Refuse Purpose Road Warning Extraction Aftermarket Safety Signaling Trucks Sweepers Cleaning Bodies & Collection Maint. Marking Systems Support
Slide 6: Delivering on our Growth Strategy
Delivering on our Growth Strategy Key Financial Targets ➢ Low double-digit annual net sales growth ➢ Adjusted EBITDA margins: 16-22%1 (raised in Q3:25) ➢ ROIC > Cost of Capital $2,055 Net Sales CAGR (’16A – ’24A) $1,861 Total: ~13% $1,723 Organic: ~7% $1,435 (US$ in millions) $1,221 $1,213 $1,090 $1
Slide 7: ESG: Growing A Best-In-Class Specialty Vehicle Platform
ESG1: Growing A Best-In-Class Specialty Vehicle Platform Vehicle Product Market Share Rank2 Vacuum Trucks #1 Street Sweepers #1-2 Industrial Cleaning (Waterblasting Equipment) #2 Headquarters Dump Truck Bodies & Trailers #1 Manufacturing Facility (23)3 Aftermarket Site (40)3 Multi-Purpose Maintenanc
Slide 8: ESG: Resilient End-Market Characteristics
ESG: Resilient End-Market Characteristics Water Taxes1 Funding – United States CAGR (’10A – ’24A): ~4.4% Water taxes are a significant funding mechanism for sewer cleaners COVID: +3.7%YoY Industrial Recession: +1.7%YoY 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM (Q
Slide 9: SSG: Industry Leader in Audible & Visual Safety Equipment
SSG1: Industry Leader in Audible & Visual Safety Equipment Market Share Key Multi-Year Trends: Product Rank2 ➢ Strategically positioned in end-markets with high barriers to entry given stringent regulatory requirements for safety equipment Public Safety Equipment #2 ➢ The increase in natural and man
Slide 10: Strategic Pillars: Aftermarket Ecosystem Optimization
Strategic Pillars: Aftermarket Ecosystem Optimization Aftermarket Snapshot Parts & Services ➢ Size: ~26% of ESG Net Sales (FY 2024) ➢ Sale of parts/services/refurbishment ➢ 2015-2024 Net Sales CAGR: ~14% New Vehicle / ➢ ~40 locations across US + Canada Equipment Sales ➢ Targeting all FSS customers r
Slide 11: Strategic Pillars: "Safe Digging" Market Acceleration
Strategic Pillars: “Safe Digging” Market Acceleration Sewer Cleaners Ordered with a Hydro-Excavation Package1 Safe Digging Use Cases CAGR (’11A – ’24A): ~7.3% Airports Environmental Construction Gas Industry Industrial Landscaping Military 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 12: Strategic Pillars: Innovation & Product Development
Strategic Pillars: Innovation & Product Development New Product Examples 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 sweeper) ➢ Introduced the Guzzler m
Slide 13: Strategic Pillars: Harnessing the Power of Our Specialty Vehicle Platform
Strategic Pillars: Harnessing the Power of Our Specialty Vehicle Platform s itie n tu r po O pe Op ra New Product th tio Procurement row Development nal ng G Exc ellence Unlocki Data & Market FS Operational Intelligence Specialty System Vehicle Platform Sales Channel Supply Chain Alignment Optimizat
Slide 14: Strategic Pillars: Executing on our M&A Pipeline
Strategic Pillars: Executing on our M&A Pipeline Specialty Vehicle Market – North America Safety and Security Systems Market Includes North America and Europe Surgically evaluating opportunities that meet our criteria Other Specialty Vehicles The broader safety and Refuse security Public Safety syst
Slide 15: M&A – Recently Closed Acquisitions: Hog Technologies (February 2025)
M&A – Recently Closed Acquisitions: Hog Technologies (February 2025) Florida-based manufacturer of truck- M&A Target Criteria mounted road-marking and water- Return on capital greater than cost of capital, risk adjusted Rationale: blasting equipment Niche market leader (product, geography, end marke
Slide 16: M&A – Recently Closed Acquisitions: New Way Trucks (November 2025)
M&A – Recently Closed Acquisitions: New Way Trucks (November 2025) Iowa-based manufacturer of refuse M&A Target Criteria collection vehicles and aftermarket parts Return on capital greater than cost of capital, risk adjusted Rationale: Niche market leader (product, geography, end market) ➢ Acquisiti
Slide 17: Update on Current Environment
Update on Current Environment Tight Commercial Driver’s License Labor Pool ➢ The qualified CDL driver market for many specialty vehicle applications remains tight, exacerbated by the legalization of marijuana across North America. This is leading to rising customer needs for ease in equipment functi
Slide 18: Targeting Best in Class Growth & Continued Margin Expansion
Targeting Best in Class Growth & Continued Margin Expansion Source: Company Filings 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 using publi
Slide 19: Industry-Leading Margin Performance Through the Business Cycle
Industry-Leading Margin Performance Through the Business Cycle Margin Targets: ➢ Consolidated EBITDA Margin Target: 16 – 22% (new; raised in Q3:25) ➢ ESG EBITDA Margin Target: 18 – 24% (new; raised in Q3:25) $409 ➢ SSG EBITDA Margin Target: 18 – 24% (raised in Q4:24) $351 $286 19.9% 18.8% $215 $191
Slide 20: Financial Performance
Financial Performance Net Sales & Orders Free Cash Flow Generation1 $2,021 $220 Net Sales Orders $2,055 $1,870 $1,848 $191 $1,692 $1,723 $1,861 $1,539 $164 Facility $1,435 investments & supply chain related working $1,269 capital $1,173 $1,213 headwinds (US$ in millions) (US$ in millions) $1,131 $1,
Slide 21: 2025 Financial Outlook
2025 Financial Outlook1 ➢ On November 26, 2025, we raised the Full-Year Adjusted EPS2 Outlook to a new range of $4.12 to $4.20 ➢ Increased from the prior range of $4.09-$4.17 ➢ We also raised the Full-year Net Sales Outlook to a new range of $2.12 B to $2.16 B ➢ Increase from the prior range of $2.1
Slide 22: Appendix
Appendix 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 22
Slide 23: Appendix I: Our Portfolio of Brands & Products
Appendix I: Our Portfolio of Brands & Products ESG SSG Source: Management 23
Slide 24: Appendix II: Extensive Geographic Footprint Across North America
Appendix II: Extensive Geographic Footprint Across North America Manufacturing Facility Aftermarket Site Dealers1 1) Defined as dealer-managed locations from dealers that sell Elgin, New Way, Truvac, and Vactor products 24
Slide 25: Appendix III: Federal Signal Operating System
Appendix III: Federal Signal Operating System Material Cost Reduction Manufacturing Efficiency ➢ Waste reduction ➢ Lean manufacturing focus ➢ SKU rationalization ➢ Throughput flexibility ➢ Savings through volume aggregation ➢ Labor pool management ➢ Sourcing optimization ➢ Flexible manufacturing mod
Slide 26: Appendix IV: Sustainability Initiatives
Appendix IV: Sustainability Initiatives ➢ Community Engagement ➢ Resource Consumption ➢ Sustainability Report o Active participation with local o Ongoing energy consumption o Published 2025 Sustainability Report charities, promoting and assessments and adopting energy in Q2 2025 participating in edu
Slide 27: Appendix V: Non-GAAP Measures (Adjusted EBITDA)
Appendix V: Non-GAAP Measures (Adjusted EBITDA) Adjusted EBITDA and Adjusted EBITDA Margin The Company uses adjusted EBITDA and the ratio of adjusted EBITDA to net sales (“adjusted EBITDA margin”), as additional measures which are representative of its underlying performance and to improve the compa
Slide 28: Appendix V: Non-GAAP Measures (Cash Conversion, Net Debt Leverage and Free Cash Flow)
Appendix V: Non-GAAP Measures (Cash Conversion, Net Debt Leverage and Free Cash Flow) 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 pr
Slide 29: Appendix VI: Executive Compensation Aligned with Long-term Objectives
Appendix VI: Executive Compensation Aligned with Long-term Objectives ➢ 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
Slide 30: Appendix VII: Investor Information
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 30
Slide 31: Federal Signal – Moves. Cleans. Protects.
[e FEDERAL SIGNAL Moves. Cleans. Protects.
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